NwaAmaikpe:


How long will they keep boosting...


This is a very artificial form of regulating Fx..but we are in a zoo and what does the polytechnic-graduate minister know?

NwaAmaikpe:


How long will they keep boosting...


This is a very artificial form of regulating Fx..but we are in a zoo and what does the polytechnic-graduate minister know?

toyetade:

I wonder especially when the oil price is falling internationally.

Nairaboi:
This guys should stop this and think of a better measure to strengthen the naira, the huge amounts been pumped into the FX market is more than enough yo kickstart very meaning projects that will leave to the naira having a better ground.
All these measures are bullshit, Nigerian policy makers are really F ups.

dgr8truth:
They should keep injecting! We are tired of the beating the Naira is receiving.

LionDeLeo:


I hope you know the dollars being pumped is not for free?

I also hope you know the dollar earnings of the federal government is converted into naira to upset domestic financial obligations?

I also hope you know that pumping of dollars has been part of the monetary system?

Except if you are saying importers, travellers, foreign students and other legal businesses that require dollars should be barred from accessing the dollars.

That this government chooses to always make it public does not mean it has not always been so in any other administration.

HottestFire:


What else do you want them to do?

dgr8truth:
They should keep injecting! We are tired of the beating the Naira is receiving.

smartty68:
I'm doubting this injections they've given to Naira, just hope these guys ain't syphoning this monies into their accounts... Just imagine how much billions they've wasted already and yet the Naira is still struggling to gain its values... I refused to be deceived

LordAdam16:


That you think Modath is a speculator says a lot about your intelligence level.

Typically, when the value of the naira appreciates, it appreciates across the fence. Pound and Euro held steady and the dollar fell by 10 naira in one day? That hasn't happened since March.

Osinbanjo just threw out $1.2b in two weeks and our reserve fell by another $0.5b, all because he wants to be associated with appreciating naira? And when Buhari comes back and does the rational thing of purposeful spending and the naira drifts back to its correct level at this point in time, the media would call it bad luck?

The reserve has fallen for the 23rd consecutive day, by this time next week it'd be a month. The first time since December last year. By this time next week, if oil holds steady, the reserve would fall to below $30b. And oil output is increasing, meaning steady rather than rising prices?

The investor window has held steady at 380-382 regardless of the spending, whereas the black market has fallen by 25 naira? Now who is manipulating the market?

SMES, Invisibles allocations have all reduced from above $80 - $100m to less than $50m.

Left with that reckless midget, we wouldn't have a reserve.

Buhari should hold on in the UK and let this guy fall into the hole he is digging so frantically.

HAH:
Do you think the dollar is given to the banks and bdc for free by CBN? Nigeria earn majorly in dollars and it needs naira to pay for local services like salaries hence the need to change the earned dollars, thereby also at the same time stimulating the fx market by supplying dollars.

We mostly use imported goods that is bought in dollars that is why the demand is still high despite injection, but if we can make our refineries work and also dangote refineries coming on board couple with mass farming of rice and wheat I bet the dollar will seriously crash as petrol, rice and wheat eats about 70% of dollar in Nigeria

adecz:
The economic problems of this country was caused by Emefiele & Kachiku.....
IPOB ppl...

teemy:
i recently got a mail from gtb saying otherwise. they claimed they are sourcing dollars by themselves which is why card transactions now cost N390/$, way above the black market price. any other bank doing this?

mzirawo:
CBN BOOSTS FOREX MARKET WITH $413.5M
source: http://www.eyesoflagos.com/2017/06/cbn-boosts-forex-market-with-4135m.html

The Central Bank of Nigeria (CBN) has intervened in the inter-bank Foreign Exchange market to the tune of $413.5 million, further underscoring its resolve to guarantee liquidity in the market as well as shore up the international value of the naira.
Giving a breakdown of the Bank’s latest round of intervention on Monday, June 12, 2017, the CBN Acting Director in charge of Corporate Communications, Mr. Isaac Okorafor, disclosed that the CBN offered the sum of $100 million to dealers in the wholesale window, while the Small and Medium Enterprises (SMEs) window was allocated a total of $28 million. The invisibles segment was allocated the sum of $25.5 million to meet the needs of those requiring forex for Business/Personal Travel Allowances, school tuition, medicals, etc.
According to Okorafor, the Bank also yesterday released the figures for the auction sales in the retail window last week, totaling $260million.
The CBN spokesperson said the Bank was optimistic that the Naira will continue its strong run against the dollar and other major currencies around the world, considering that transparency in the market has ensured greater stability.
On the Bank’s objective to achieve convergence between the forex rates at both the inter-bank and BDC segments, Okorafor said the CBN was confident of achieving the goal soon, particularly if all stakeholders played by the rules. He therefore charged all dealers, principally licensed Bureaux De Change (BDCs), to abide by the rule, for the sake of the economy.
Meanwhile, the naira continued to maintain its stability in the FOREX market, exchanging at an average of N362/$1 in the BDC segment of the market on Monday, June 12, 2017.