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Nairaland Forum / Nairaland / General / Business / CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. (8848 Views)
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CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. by Blue3k(m): 1:54am On May 18, 2019 |
The Central Bank of Nigeria sold a whopping $36.6 billion in forex in 2018 according to a report released during the week on its website. This compares to $15.8 billion sold in 2017, a whopping 130% rise. Source: https://nairametrics.com/2019/05/17/central-bank-of-nigeria-blows-36-billion-defending-the-naira-in-2018-up-130-from-2017/#comments Front Page: Lalasticlala |
Re: CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. by iammo(m): 2:00am On May 18, 2019 |
![]() i thought CBN was meant to sell Forex, as when they stoped selling forex Nigerian luxury import addicted market started feeling the pain as every retailer complained bitterly of forex shortage been the factor for increased pricing |
Re: CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. by AkataYeriYeri: 4:47am On May 18, 2019 |
Highly commendable 1 Like |
Re: CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. by Blue3k(m): 4:47am On May 18, 2019 |
I still think they should just float the currency. Maintaining this position seems to be getting more expansive. Rumours that the CBN might devalue something this year will likely persist. Where'd yall hear this? 1 Like |
Re: CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. by anambraamaka: 4:48am On May 18, 2019 |
Hope they know what they are doing 1 Like 2 Shares |
Re: CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. by michlins(m): 4:49am On May 18, 2019 |
Hmmmm. This ship never steady oh. The sea is still having a fun time with it 8 Likes 1 Share |
Re: CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. by Ekpekus(m): 4:50am On May 18, 2019 |
See money.... still naira nor gree rise 3 Likes |
Re: CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. by ablelin: 4:53am On May 18, 2019 |
That is huge but the question is how long we can sustain that. Our inability to produce anything even to nylon condom is really affecting us negatively. we need to be known and exporting something very important to get foreign currency exchange, we would still have to support naira with more billion dollars.... Do you want to learn to get motivated, learn about skills and strategies in business or academics, or you want to learn from the likes of Lee Yuan Kew, Bill Gates, Steve Jobs, Thomas Sankara, Robert Kiyosaki, you need counseling and guidance to success in life, or you want to take an introvert or IQ test, then visit here 8 Likes 1 Share |
Re: CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. by Nobody: 4:55am On May 18, 2019 |
AkataYeriYeri: Highly unsustainable 16 Likes 1 Share |
Re: CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. by AkataYeriYeri: 4:56am On May 18, 2019 |
maybachmusic:Can you type this without shedding tears? 1 Like 1 Share |
Re: CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. by wirinet(m): 4:57am On May 18, 2019 |
Blue3k:Float currency ke, when we import over 80% of our consumables, including fuel. That would have disastrous socioeconomic consequences. Before the government can attempt to float the naira, we muse stop the importation of the following items; 1. Fuel - petrol, diesel, kerosene and aviation fuel. 2. Rice 3. Chicken and other poultry products 4. Steel. 5. Bitumen. 6. Fish 29 Likes 6 Shares |
Re: CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. by Nobody: 4:58am On May 18, 2019 |
4 Likes |
Re: CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. by Nobody: 4:58am On May 18, 2019 |
9 Likes |
Re: CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. by jaxxy(m): 5:01am On May 18, 2019 |
They sell to keep black mArket speculators at bay based on the level of demand. It’s artificial bt necessary however costing us alot in foreign reserves. |
Re: CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. by Blue3k(m): 5:02am On May 18, 2019 |
wirinet: The currency and the inflation would stabilize. It worked for Egypt and Turkey who recently did it. They both had to give up strong currency policy since itgot too expensive. 5 Likes 1 Share |
Re: CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. by dfrost: 5:03am On May 18, 2019 |
Blue3k: Blue, this ain't rumour. I asked my company's CFO last year and he confirmed it. 2 Likes |
Re: CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. by wirinet(m): 5:11am On May 18, 2019 |
Blue3k:The value of a floating currency is the equilibrium point between demand and supply. With us importing everything with dollars, there will always be upward pressure on the naira. That means even if dollars sell at N1000, we will have no choice but to buy to import fuel, rice, wines, orange juice (concentrate ), etc. This will cause runaway inflation. 23 Likes 1 Share |
Re: CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. by Nobody: 5:11am On May 18, 2019 |
We are said to have passed the reccession period, why is the sustainance fund increasing? 1 Like |
Re: CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. by chigoziri2403(m): 5:14am On May 18, 2019 |
Nigeria, a country where the dollar is more valuable and earns more respect than our own currency 1 Like |
Re: CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. by wirinet(m): 5:15am On May 18, 2019 |
jaxxy: These are the painful prices we have to pay to stabilize the economy, while working at reducing our dependence on imported items. The government had attempted floating the naira at the initial stage of the global oil crash of 2015, and the dollar jumped to 500 naira. It cause a lot of panic. 7 Likes 1 Share |
Re: CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. by jaxxy(m): 5:20am On May 18, 2019 |
wirinet: Do we even have a road map to reducing dependence on imported items? We just talking as usual no definite plan. We need to export more or be more self sufficient. There is no economic plan... A country with no economic plan is going Nowhere. 11 Likes |
Re: CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. by gnykelly(m): 5:27am On May 18, 2019 |
Blue3k: No country on earth float their currency. 5 Likes |
Re: CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. by Erolow(f): 5:43am On May 18, 2019 |
Okay |
Re: CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. by eedriyz(m): 5:44am On May 18, 2019 |
So, we're living fake lives. Emefiele sef 2 Likes |
Re: CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. by Blue3k(m): 5:45am On May 18, 2019 |
wirinet: Ok they can keep defending it to they run out of cash. If they're actually thinking of devaluing currency they know unsustainable. I wouldn't think its a big deal considering Nigeria has a trade supplus most of the time. Then imports will drop after refineries come online. Lastly floating naira didn't kill Nigerians in the past and it lead to better growth using the two examples as reference. dfrost: Alright I wait and see. Give u credit if yall called it.. |
Re: CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. by wirinet(m): 6:00am On May 18, 2019 |
Blue3k: It almost did. Floating your national currency was the main fulcrum the IMF condition of SAP, which IBB tried to implement. It failed woefully. IBB Babangida met the exchange rate at one Naira to a Dollar in 1984, after SAP induced devaluation, he left it at N22 to the dollar. That's a 2100% increase over a period of about 6 year. Was the economy any better off? No, it was far worse. 14 Likes 2 Shares |
Re: CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. by fineboynl(m): 6:02am On May 18, 2019 |
![]() 2 Likes |
Re: CBN Blows $36 Billion Defending The Naira In 2018, Up 130% From 2017. by mekussa(m): 6:10am On May 18, 2019 |
devaluation or floating? The government will do one of the two... But not this year. The moment Dangote refinery is finished, expect a tweaking of the dollar rates because petroleum products are the MAJOR consumer of dollars from the system. If you float the naira when you are a net importer of petrol, inflation SKYROCKETs if you float when you have full domestic production, the impact of price rise of other imported products like rice and fish can be reduced by government policies to encourage domestic production. 10 Likes 1 Share |
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