The Central Bank of Nigeria (CBN) on Friday, allocated the total sum of $240 million to the Retail Secondary Market Intervention Sales (SMIS) for spot and forward deals.

The dollars were offered for the last trading day of the week and ahead of June 26 and 27, 2017 holiday declared by the federal government to commemorate the Eid-ul-Fitr.

The Bank, also on Friday, confirmed the sale of forex to dealers in the bureau de change (BDC) segment of the market to meet the needs of low-end forex users.

According to Isaac Okorafor, the acting director, corporate communications at the CBN, the $240m figure released to the Retail SMIS included deals initiated in the course of the out-going week.

While expressing delight at the stability in the forex market, Okorafor said the bank remained very optimistic that its goal of exchange rate convergence is fast becoming a reality, adding that the CBN was committed to ensuring liquidity in the forex market.

It will be recalled that the CBN, in its interventions last week, injected about $831.5 million in the inter-bank Forex market and released figures indicating that the Bank had boosted transactions at the Investors’ & Exporters’ (I&E) segment of the market to the tune of $2.2bn.

Meanwhile, the naira continued to maintain its stability in the forex market, closing at an average of N365/$1 in the BDC segment of the market on Friday, June 23, 2017.

Source; http://drinosblog..nl/2017/06/central-bank-pumps-240m-into-fx-market.html

Myndd44 Lalasticlala Dominique Fynestboi

OK

Na wa oo !! This pumping dey sweet CBN... abi some of the thing dey pump inside pocket?

What is Eid ul fitr?

Really

Government of Mecca, by the Meccans and for Mecca.

HOT!!!

Click www.metropillar.com to get Free Megabytes from MTN

Some people are already planning how to benefit from the new injection. They wait for government policies and just exploit the system and afterwards retreat to enjoy their loot and plan for the next ill-planned "pumping "

Where did they get the money from. Is it not from Central Bank and and injected it back to Central Bank?

So its not a news.

Its a rubbish thing for me. Does it change the prices of goods?

Where did CBN get the pumping machine from

Dis central bank is not hearing ooo

Ok. By the time they pump our entire $30B reserve, I firmly believe the Naira will finally settle at 250 to dollar

Artificial packaging

Good one there.

I repeat, when are they increasing the withdrawal limit from Naira-denominated account abroad from $100/month?

Islamic government

I hope they do the same during Xmas.....

@CBN pls we sell pumping machine n long hosts here I dei dei incase u still need more of it..

Nonsense

Chai is this muslim kwontr3?
Why pumping money (post title)

But if na xmass celebration
CBN will order the banks to allocate the specific withdraw amount per day for each customer...

On my way to buy shesheba

Ok

Good move

End time government

Nice one,

Dem for pump dollar since naa, cbn sef,

But the funny part is, as dollar dey drop slowly, price for market especially foodstuffs no dey go down regardless, infact even when they hv sold d old products, dey still dey increase d price of the new ones sef

What is the impact of all this dollars pumped into the economy sef? because the last time I checked, one super pack indomie is still N160.

I am a retail online forex trader,trading the international spot FX market. But this central bank FX injection policy is confusing I must say. Now,there is a form of monetary policy called quantitative easing which is a form of money supply so as to provide FX liquidity to the market. This policy was used by the Fed(American Central Bank) during the 2008 financial crisis and currently employed by the ECB(European Central Bank). This monetary policy is implemented not just to boost fx liquidity but to spur real economic growth by making fx available for businesses of all size as well as domestic fx users with strict supervision from the Central on how the commercial banks issue these funds. Mind you, the policy action has a forecasted time limit. My problem with the CBN is that they seem not to have the capacity to monitor how the retail Banks disburse these funds. They keep propping up fx liquidity,yet it hasn't been really felt by the real economic sector. Fx market is majorly operated by interbank transactions,were banks buy and sell fx with each other and only profit from spreads and later make the same fx available for retail clients. But with my observation,it seems commercial Banks are no longer interested in interbank dealings anymore.rather they wait patiently for when the CBN will inject fx liquidity into the market,buy these fx,hoard them and sell few on higher rates to retail users there by creating artificial scarcity and wait for CBN again. So they end up making excessive profit both from spreads with CBN and retail users. If this system continues,the CBN may never stop providing liquidity. Mind you,the oil market is heavily saturated with supply and prices are falling already with analyst looking at oil prices below $40 in the nearest future,which will further hit our foreign earnings. And our slow poke legislatives because of greed and corruption benchmarked crude prices at $42 /barrel. Oil closed at $43.15 as at the close of trading yesterday. Govt just signed the budget.implimentation is yet to commence and oil price is already at the budget benchmarked price. I guess they have started praying for oil prices to spike,because that is what they are good at.Economic trouble is surely coming.

Smh


Judging from the comments above, it is quite obvious that several people are bereft of how the economy works and the implications of dollar injection into the economy.

They are only here to attack and abuse based on ethnic and religion divide. And I'm of the opinion they are youths.

So who hands over leadership to such?

Evablizin:
What is Eid ul fitr?

sallah?

jericco1:
sallah?

ok thanks i wouldn't forget again

For how long na ?

lol

no wonder some of their staff look down on oil and gas workers