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Nairaland Forum / Nairaland / General / Politics / CBN To Pump Fresh $350m Into Forex Market Again (16001 Views)
El-Rufai Curses Senators Shehu Sani, Hunkuyi, La’ah For Opposing $350M Loan / Nigerians Criticise Senate For Asking CBN To Give Dollars At N200 For Pilgrimage / Ambode To Pump $60m Into Lekki Free Zone Project (2) (3) (4)
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Re: CBN To Pump Fresh $350m Into Forex Market Again by chimah3(m): 7:59am On Mar 04, 2017 |
;Dg |
Re: CBN To Pump Fresh $350m Into Forex Market Again by AlmajiriAboki: 7:59am On Mar 04, 2017 |
Go bless PMB |
Re: CBN To Pump Fresh $350m Into Forex Market Again by stagger: 8:03am On Mar 04, 2017 |
Russia spent $75billion trying to defend the Ruble in 2015 and the currency still ended that year close to 13% weaker. I don't know where our central bankers get their wisdom from. Introduce a free float and let us know the true value of the Naira. From that point, we will know it cannot get any worse than it will get. 5 Likes |
Re: CBN To Pump Fresh $350m Into Forex Market Again by sleeknick: 8:03am On Mar 04, 2017 |
[quote author=EastGold post=54254280][/quote] Wetin happen. I sh*t for your dormot? |
Re: CBN To Pump Fresh $350m Into Forex Market Again by wristbangle: 8:06am On Mar 04, 2017 |
stagger: Nice analysis bro. Like I said this policy will not be sustainable for long. However floating the naira may lead to serious devaluation as it may trade for N1000 against a dollars. We need a new strategy that will keep things in balance. |
Re: CBN To Pump Fresh $350m Into Forex Market Again by dokyOloye: 8:07am On Mar 04, 2017 |
Can som1 explain to me what will happen when there's no more dollars to 'pump'? To me,this looks like treating d symptoms and ignoring d disease. 5 Likes |
Re: CBN To Pump Fresh $350m Into Forex Market Again by willibounce1(m): 8:07am On Mar 04, 2017 |
When it gets to 200 naira to a dollar, they can start bragging...but for now, all this is buuuulllsh.it |
Re: CBN To Pump Fresh $350m Into Forex Market Again by TPAND(f): 8:10am On Mar 04, 2017 |
CBN is really clueless This guy's know what to do but because they want to showboat to GEJ that they saved they are killing the economy Only an economist will understand this |
Re: CBN To Pump Fresh $350m Into Forex Market Again by pat1612(m): 8:10am On Mar 04, 2017 |
Yesterday when i checked with mallam it was exchanging at 485. CBN and policy failure |
Re: CBN To Pump Fresh $350m Into Forex Market Again by eph12(m): 8:12am On Mar 04, 2017 |
Aufbauh:I knew this was going to happen soon especially as naira began to drop again. The government would be too embarrassed to see they couldn't even keep it up for one week and so pump more $$$ into the system. But for how long will this continue? How much exactly do we need to fix power and provide mortgage plans for our citizens so we are self dependent and thereby reduce pressure on dollar? This should be the main way this naira-dollar issue is attacked. 2 Likes |
Re: CBN To Pump Fresh $350m Into Forex Market Again by eph12(m): 8:14am On Mar 04, 2017 |
wristbangle:Do you have any suggestions? |
Re: CBN To Pump Fresh $350m Into Forex Market Again by Otradearena: 8:14am On Mar 04, 2017 |
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Re: CBN To Pump Fresh $350m Into Forex Market Again by wristbangle: 8:16am On Mar 04, 2017 |
eph12: My brother, I wish I have but I am not well grounded in economics. I am still learning. |
Re: CBN To Pump Fresh $350m Into Forex Market Again by Nobody: 8:18am On Mar 04, 2017 |
wristbangle: Why do we worry too much about Dollar exchange rate. Japanese Yen is 140 to a £, Iranian 40,000 to a pound, Indonesia 16,000 to a pound. The people in these countries are not dying. Instead of using the Foreign reserve to defend the Naira, we should be using that to develop our countries infrastructures- electricity, rail infrastructures, establish good security, good hospital and do everything that we make life easy for a common man. It is then foreigners can come and invest in the country. Defending the naira is only serving some sectional interest like those who pay school fees abroad. How long are we going to be defending the Naira 8 Likes 2 Shares |
Re: CBN To Pump Fresh $350m Into Forex Market Again by emi14: 8:23am On Mar 04, 2017 |
haywire07: Brother let's forget these financial analysis since the inspection of this present administration and understand that whatever that is happening to the economy is artificial calculated by some group of saboteurs and unpatriotic imbeciles. Am not trying to undermine your points. Allow CBN and the latest economic team to tackle the situation hopefully light might shine at the end. 1 Like |
Re: CBN To Pump Fresh $350m Into Forex Market Again by wristbangle: 8:26am On Mar 04, 2017 |
toyetade: The Gross per income of those countries you mentioned is high compare to Nigeria. The Gross per income of nigeria is very low and the current inflation rate is nothing to write home about. By the time Naira hit depreciation ceilings, I wonder how people will survive. One of the way forward is pump money to critical sectors in the country(which you mentioned in your comment) that will boost our foreign earnings more but we are still depending on oil alone. 1 Like 1 Share |
Re: CBN To Pump Fresh $350m Into Forex Market Again by LockDown69(m): 8:29am On Mar 04, 2017 |
is this really working, smh |
Re: CBN To Pump Fresh $350m Into Forex Market Again by HAH: 8:32am On Mar 04, 2017 |
Shame on all pessimist and wicked people. Tell me how you float the naira in an economy that exports only oil an expect the naira to be stable, believe me if the government does that the dollar can be N2000 due to the greed , this hoarders and their cronies. More grease to the government elbow, as long as oil sells for above $50 and there is peace in ND this policy can be sustained, the only reason so of this people are saying it won't work is because they are losing their hoarded dollars. Osinbajo with the support of PMB have the backing of all well meaning Nigerians to continue with t policy of injecting FX to the economy weekly. 6 Likes |
Re: CBN To Pump Fresh $350m Into Forex Market Again by Clone2020(m): 8:35am On Mar 04, 2017 |
If you are in the US or have relatives in the US trying to send money to naija, I will exchange the funds at 400/$, simply deposit into my US bank account and receive instant funding into your Nigerian account. Don't bother with western Union and co, they exchange at 375/$ with fees and the exchange rate drops to around 345/$. See my contact below.. |
Re: CBN To Pump Fresh $350m Into Forex Market Again by cptshiver: 8:36am On Mar 04, 2017 |
stagger: Exactly! This is just another of the numerous silly measures being doled out by the incompetents running this country. Every USD that is pushed into the CBN invariably ends up on the black market where it is sold for its true value. The Central Bank cannot surely continue this indefinitely. The Central Bank should implement a free float and immediately hike local real interest rates. This is the only solution, every other measure is simply postponing the eventual pain to come. |
Re: CBN To Pump Fresh $350m Into Forex Market Again by cptshiver: 8:41am On Mar 04, 2017 |
wristbangle:You can float the naira. Think about it this way. There are only three possible means of having more dollars in the economy a) Increase exports b) Increase foreign portfolio inflows c) Cut back on wasteful spending Option A - Currently we only truly export commodities, this is not going to change within the next 12 years. Nigeria is not going to turn into an industrial manufacturing giant within the next decade. The workforce is poorly trained, infrastructure are poorly developed, and several other things that a necessary are not in place. Option B-- This is the only viable option for now. However, foreign investors have stopped investing in Nigeria because of liquidity issues. They simply can't withdraw their money when they need it. This is precisely why some airlines have also withdrawn from the country. The best way to fix this is to allow a freely floated currency, but to put incentives in place that will keep foregin investors here. Some of those incentives include 1) Increase local real interest rates - Considering that rates across the developed markets are abysmally low, this is an immediate option 2) Improving law enforcement 3) Make the country an easier place to do business (e.g by removing barriers such as visa) 4) Bring regulatory standards closer to international standards. Nigeria companies should be required to publish financial statements that are strictly in line with international norms with heavy penalties for those who refuse to do so 5) Spend more on infrastructure. |
Re: CBN To Pump Fresh $350m Into Forex Market Again by chris81964(m): 8:42am On Mar 04, 2017 |
stagger: By allowing sales at N375 to the dollar they have in effect devalued the Naira. 1 Like |
Re: CBN To Pump Fresh $350m Into Forex Market Again by Nobody: 8:42am On Mar 04, 2017 |
martineverest:And when CBN run out of $ what happens? |
Re: CBN To Pump Fresh $350m Into Forex Market Again by abhosts(m): 8:43am On Mar 04, 2017 |
Very Hilarious Reading comments. Those making money in dollars are calling it bad policy because it shortens their ration. People can be so self centered. 5 Likes |
Re: CBN To Pump Fresh $350m Into Forex Market Again by juman(m): 8:46am On Mar 04, 2017 |
The senseless apc government and their fire brigade approach. They should rather design a holistic economic approach to pull the country out of the recession they dragged the country into. |
Re: CBN To Pump Fresh $350m Into Forex Market Again by martineverest(m): 8:49am On Mar 04, 2017 |
blueseacats:my broda,they will neva run out of cash...oil sale is booming right now....thats y our reserve increased by 5billion dollars in the last 6 weeks |
Re: CBN To Pump Fresh $350m Into Forex Market Again by cptshiver: 8:58am On Mar 04, 2017 |
abhosts: No, it's not being self centred. You are thinking of this from an extremely narrow point of view. The central bank can push more dollars into the economy if it wants, but this is not a sustainable long term strategy. It will improve the value of the naira - but only for the short term (max 3-4 months) then we will be back to square one again. Even worse, we will be back to a point where the Central bank now has fewer dollars, and demand for dollars is still rising. It doesn't make any sense to pursue policies that are only short term in nature. |
Re: CBN To Pump Fresh $350m Into Forex Market Again by chukel(m): 8:58am On Mar 04, 2017 |
From responses I see, most of us are economically unsound. How long can they sustain the pumping. They are depleting foreign reserves. The other week was $300m. This week is $350m. These amounts can get our economy somewhere if truly and wisely invested. Then genuine appreciation of naira will be seen. This short interim abracadabra will lead the economy into long term doom. 4 Likes 1 Share |
Re: CBN To Pump Fresh $350m Into Forex Market Again by Rick9(m): 8:59am On Mar 04, 2017 |
I want price of foodstuffs to crash oh |
Re: CBN To Pump Fresh $350m Into Forex Market Again by Walelavender(m): 9:04am On Mar 04, 2017 |
We need to make our local contents more attractive, readily available and be able to compete favourably with imported goods. I can't fathom why Ajaokuta is still in a moribund state while we keep on importing iron rods and sheets in exorbitant rate. If you are in the construction industry, you will just be discouraged with the price fluctuations of materials every week! The infrastructure deficit is massive. I pray nothing happens in the Niger Delta, if not the FX policy of the CBN will not be sustainable. |
Re: CBN To Pump Fresh $350m Into Forex Market Again by VeeVeeMyLuv(m): 9:06am On Mar 04, 2017 |
cbn should stop pushing fx to friends in BDC starve them of scarce fx. give to people who really need them. we just gat to earn our fx. 1 Like |
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