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Nairaland Forum / Nairaland / General / Business / CBN Sells $230 Million To 16 Banks, Boosts Financial Market (15052 Views)
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CBN Sells $230 Million To 16 Banks, Boosts Financial Market by Lautechgossip(m): 7:23am On Feb 27, 2017 |
Sixteen banks shared in the $230 million foreign exchange (forex) mart by the Central Bank of Nigeria through the forward contract agreement. This forms part of the fulfillment of the apex bank’s pledge to ensure liquidity in the interbank market under the latest policy announced last week. Of the 16 financial institutions, 13 are commercial banks, one is a development financing establishment, while two are merchant banks. An analysis of the auction’s participants showed that nine commercial banks and one merchant got $162.85 million at bid rates ranging from N325/$ to N360/$, while six others got $58.52 million at bid rates between N315/$ and N320/$. However, the first 10 banks with a total request of $162.85 million in the forwards contract have the maturity date of March 27, 2017, while the other six have a maturity date of April 24, 2017. Consequently, the parallel market strengthened to N460 per dollar, its highest level in more than three months, following the series of interventions by the apex bank. Last week, the regulator offered $500 million in 60-day forward contract, but ended up selling $370 million, as some banks could not back up their bids with naira equivalent or provisions. A sub-Saharan economist for RenCap, Yvonne Mhango, said: “There are rays of light in Nigeria’s outlook…foreign reserves have risen over 20 per cent to $29 billion and a more comfortable CBN has this week announced changes to its foreign exchange policy and injected more dollars into the local market. Since Monday (February 20), the parallel market rate has strengthened,” she said. Research analyst at FXTM, Lukman Otunuga, said that though Monday’s new foreign exchange policy, which made more dollar available for the few at 20 per cent above the official rate is already easing some pressures, it does little to solve the major problem of multiple exchanges. According to Otunuga, Nigeria’s five adopted exchanges continue to add to the uncertainty with both firms and investors constantly left confused. The bearish combination of depressed oil prices, foreign exchange scarcity and tepid economic fundamentals continue to expose the Nigerian economy to downside risks. Analysts at Afrinvest said: “In our view, while the implementation of the revised foreign exchange market guideline has been greeted with much optimism, we do not believe this move can sustainably address the lingering foreign exchange liquidity challenges in the economy without relaxing forex rate peg and review of list of items ineligible for forex transactions in the parallel market.” http://www.kikiotolu.com/2017/02/cbn-sells-230-million-to-16-banks.html Lalasticlala Mynd44 seun Dominique |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by Jeffrey12(m): 7:25am On Feb 27, 2017 |
Nice move,.. Nigeria will be great someday.. #GodBlessPmb. #GodBlessNigeria. 16 Likes 3 Shares |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by Presh900(m): 7:29am On Feb 27, 2017 |
lalasticlala 7 Likes 1 Share
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Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by Ty207: 7:31am On Feb 27, 2017 |
Good development |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by olaolulazio(m): 7:31am On Feb 27, 2017 |
God bless Nigeria. 1 Like |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by Nobody: 7:31am On Feb 27, 2017 |
We definitely coming outta recession soon God bless PYO 6 Likes 1 Share |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by hrhobi1(m): 7:31am On Feb 27, 2017 |
How much will the banks sell dollars to ordinary Nigerians ? 18 Likes |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by Benjom(m): 7:31am On Feb 27, 2017 |
Wonderful |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by sarrki(m): 7:32am On Feb 27, 2017 |
Good one |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by ULSHERLAN(m): 7:32am On Feb 27, 2017 |
Dollar crashing further is imminent 4 Likes |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by rozayx5(m): 7:32am On Feb 27, 2017 |
nice one please try fix things a bit before the dollard comes back.. thats if he does 4 Likes |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by Becoted001(m): 7:32am On Feb 27, 2017 |
Nice development |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by ugochukwufrenzy: 7:32am On Feb 27, 2017 |
Why ıs naıraland too serıous dıs mornıng?pls brıng back our tonto nd bbn threads back. 1 Like |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by Flexherbal(m): 7:32am On Feb 27, 2017 |
We are gradually moving forward... |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by Flets: 7:33am On Feb 27, 2017 |
If only the cabals will let Nigerians be. The sudden improvements after Buhari's exit have proven he is a recurring failure and his cabal ain't happy about these developments. They would attempt to spoil it all. 5 Likes |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by UTILITYMAY(m): 7:34am On Feb 27, 2017 |
I think Osinbajo is making the right moves in recent times. When Buhari was suppose to travel intra country to consolidate every regions and states with love and bring about proper utilization of all the resources God have blessed us with, he was busy traveling inter country. Now what is the result of all his traveling to many countries for many months. It is not easy to be traveling up and down at old age... See the result on his health. Osinbajo will definitely make a better President if eventually the baton is passed to him. In few wee :-Xks, his moves brings no panic. Well only God knows the best, I don't pray for Buhari's death, but I think he can't continue, so he should handover to a better mind to drive and sail the country to a favorable destination. The pace at which Osinbajo is moving, even if he is not excellent on his performance, his rule won't be a bad one. God bless Nigeria. 15 Likes |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by abumeinben(m): 7:34am On Feb 27, 2017 |
Hacker Whomever has got JP Morgan contact should kindly inform them they can come back now. 1 Like 1 Share |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by koladebrainiac(m): 7:34am On Feb 27, 2017 |
God if OIL output can be increase and stability in Niger delta plus increase in crude oil price... i think nigeria will have good story to tell. but thats only for short time gain . FG need to still block the importation of perishable goods and some other import foods that we can easily produce here . By the time Dangote start producing fertilizer n increase the production of CEMENT and his 600 PER BARREL OIL REFINERY- I THINK THIS WILL ALL BOOST OUR FOREIGN EARNING AND REDUCING OUR IMPORTATION. I BELIEVE FG ARE WORKING ROUND THE CLOCK TO IMPROVE ON OUR OTHER MINERAL RESOURCES AND LOCAL CONTENT PRODUCTION . IF THEY CAN MAINTAIN THAT MOMENTUM, I SWEAR OUR FOREIGN EXCHANGE WILL BE HUGE AND RIVAL ANY COUNTRY IN THE WORLD. THIS WILL INCREASE OUR STANDARD OF LIVING . ITS NOT ROCKET SCIENCE . ITS JUST COMMITMENT AND EASE OF DOING BUSINESS. THO I WONT SUPPORT ONLY DANGOTE DOING ALL THESE BUT I THINK THIS SHOULD ONLY BE IN PLACE COS HE IS THE ONLY ONE ON GROUND FOR NOW 6 Likes |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by Dclique(m): 7:34am On Feb 27, 2017 |
Why na wen I wan change my own dollar al ds improvement com dey happen!. |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by Kennitrust(m): 7:34am On Feb 27, 2017 |
F |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by Mostwanted7: 7:34am On Feb 27, 2017 |
Paste your drops.... Add up... 7acb8e10 |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by pinkkystel(f): 7:35am On Feb 27, 2017 |
I See light at the end of the tunnel for Nigeria 2 Likes |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by PassingShot(m): 7:36am On Feb 27, 2017 |
Dollar will fall further to N350 soon. Better days ahead. 9 Likes 1 Share |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by buoye1(m): 7:36am On Feb 27, 2017 |
God bless Nigeria |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by czarr(m): 7:37am On Feb 27, 2017 |
Great job |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by Kennitrust(m): 7:37am On Feb 27, 2017 |
Good news But the north should come out plain and announce the peaceful passed away of our number-one-man nah instead trying to hold us aground we want to move forward at speed |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by money121(m): 7:37am On Feb 27, 2017 |
Good move |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by mykelmeezy: 7:37am On Feb 27, 2017 |
osinbanjo my guy |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by CoolFreeday(m): 7:38am On Feb 27, 2017 |
God bless Nigeria #This is how its suppose to be, dollars should be given to banks and other financial institutions not hidden in their houses. |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by 3RNEST(m): 7:38am On Feb 27, 2017 |
nice move... |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by RealLordZeus(m): 7:39am On Feb 27, 2017 |
hope we can sustain this |
Re: CBN Sells $230 Million To 16 Banks, Boosts Financial Market by prinsam30: 7:40am On Feb 27, 2017 |
Really Osinbajo is working just twenty- eight days on the throne, he has done what the king of daura has failed to do in TwO years. Nigeria will be great again 2 Likes 1 Share |
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