The Central Bank of Nigeria (CBN) will this weekend, again, pump more dollars into the foreign exchange market in continuation of its strategy to further strengthen the value of the Naira.

A source in the apex bank, said that the CBN has planned the release of an additional $350 million bringing the total to $570 million in this week alone to further crash the value of the Dollar. Already this has generated panic among currency traders who are yet to recover from the losses some of them have suffered in the last two weeks owing to sharp and sudden appreciation of the Naira. Confirming the development, the Acting Director, Corporate communications, Isaac Okorafor, told our correspondent that, with improving reserve levels, the Bank was determined to continuously make forex available to all genuine customers through their banks

The nation’s foreign reserve hit about $29 billion as at Tuesday, last week, a position that has given comfort to the CBN Governor, Mr. Godwin Emefiele, and his team to massively intervene in the forex market. With the current position, those hoarding the hard currencies would have to quickly off-load to reduce their losses. Informed sources speak of the likelihood of a liquidity glut as banks are beginning to send out salespeople to scout for customers to buy the dollar in an effort to avoid losses arising from the expected further appreciation of the naira. It will be recalled that since last Tuesday the CBN has so far supplied a total of $570 million to the market made up of $80 million for Personal Travel Allowance (PTA), Medicals and school fees, $100 million in wholesale forwards, an additional $350 million planned for injection on Friday or Saturday.


Read more at: http://www.vanguardngr.com/2017/03/cbn-pump-350m-forex-market/

Already this has generated panic among currency traders who are yet to recover from the losses some of them have suffered in the last two weeks owing to sharp and sudden appreciation of the Naira.

Bullshit. They have had enough time already to enjoy the depreciation of naira.

Ha.... e don be oooo I love this Osibande... sorry, I mean daddy Osibanjo

Currency traders, speculators and hoarders are all economic saboteurs and economic terrorists.

The release of such fund will further drop the exchange rate.

With our reserves, CBN can afford to defend the Naira in the interim.

Full liberalisation of of FX will see the economic terrorists taking advantage of the policy to form a cabal that will guide exchange rate to USD 1 to N5,000.

This CBN momentous vigour to address the FX shortfall 'dey sweet my belle'.

Mynd44 neva buy dollars yet...wait small when e go reach N400/$

Uuhhh

Samhay is typing

reAlly

If we use all this time and energy we use in praying for buhari, to pray for our dear economy, I bet God will heed to our prayers.... Besides, he's already a vegetable...

If the speculators and hoarders like, but make dem hug transformers

its fire for fire.

This is d way to go.....pump in more money in dollars continuously.the price will fall further,despite some resilience xperienced on friday.

The first target was achieved by the first influx...by the time the second and third influx of dollars is achieved naira will stabilise at below 400

Una just dey push things enter here and there. The day una go mistakenly push am enter my account... Mtcheeeeew

CBN flexing oil money from the Niger Delta!! They want us to believe that they are working for the Naira.. So much for one Naijiria!!

Super1Star:
Currency traders, speculators and hoarders are all economic saboteurs and economic terrorists.

The release of such fund will further drop the exchange rate.

With our reserves, CBN can afford to defend th Naira in the interim.

Full liberalisation of of FX will see the economic terrorists takin advantage of the policy to form a cabal that will Dr exchange rate to USD 1 to N5,000.

Defend the naira in the interim . So what happens in few weeks time when they need to release such huge fund to defend the naira again and again . Then I'll ask how much will be left in the reserve in the next 2years .

The problem is we are cutting the tree from the top

Bring out all the dollars, it is now useless

Where's d 350m$

It's nice but not too good.

I am are waiting for it to reach at least N320/$

Super1Star:
Currency traders, speculators and hoarders are all economic saboteurs and economic terrorists.

The release of such fund will further drop the exchange rate.

With our reserves, CBN can afford to defend th Naira in the interim.

Full liberalisation of of FX will see the economic terrorists takin advantage of the policy to form a cabal that will Dr exchange rate to USD 1 to N5,000.

The bolded is the summary for naira depreciation in addition with the CBN flawed policies.

Good move

They should not allow yakubu Andrew close to the market Ooooooooo to avoid long stories Plz......No whistles again in the market.
Osibanjo cleaning PMB mess.... #Reaspect Sir

sleeknick:
Una just dey push things enter here and there. The day una go mistakenly push am enter my account... Mtcheeeeew

Stop waiting for free money!!

Hoddor:
If we use all this time and energy we use in praying for buhari, to pray for our dear economy, I bet God will heed to our prayers.... Besides, he's already a vegetable...

Successful people work hard and pray!! They don't pray and fold hands!!

keep pumping

Those hoarding dollars continue.

Some people will serve as scapegoat soon. Very soon.


#whistleblowers

#efccraid.

God help this country with this interim measures

For how long will they keep pumping?

Let the games begin.

Its CBN versus these greedy capitalists making the the masses suffer.

Nigeria's producing more barrels of crude than it ever did in a while and the price of crude is also rising.

I am very optimistic that the CBN can keeop this up on the mid to long run before the dollar hoarders give up.