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

cptshiver:


3) Make the country an easier place to do business (e.g by removing barriers such as visa)

wristbangle:


I agree with your points but this particular point, I think it is necessary to have visa as requirement to do business in another country. Without it, we will have influx of some foreigners manufacturing substandard products and tracing them will be difficult because such policy wasn't on ground before.

What I feel is necessary is to make the visa barrier more flexible for genuine investors.

oyinkinola:

...stop nonsense, it's Osinbajo not Osibanjo! ok?

stagger:
Russia spent $75billion trying to defend the Ruble in 2015 and the currency still ended that year close to 13% weaker. I don't know where our central bankers get their wisdom from.

Introduce a free float and let us know the true value of the Naira. From that point, we will know it cannot get any worse than it will get.

nairaman66:
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!!

NubiLove:
They would need to increase import duties and outright ban some items from being imported to prevent indiscriminate importation.

DCTrendy:
If we have $29B in reserve, let the government pump about $1B to the market! Yes! 1Billion!

And make the product so available in every corner. Force it down back to the 250 arena. The oil price is already raising and it ll keep going back. It will trade around 89$ by the end of this year. Pamper the milliants and call cows uncle so that they ll allow us to sell the oil in peace.

This can be sustained! If you re hoarding your dollars, you re on your own.

Dangote refinery ll soon be ready, demand for dollar ll be drastically reduced. Several states like Kebbi re planting rice, Dangote Cement is being exported at the moment. Before you know what is happening, people will only need $$ for school fees abroad, PTA and raw materials for the manufacturing firms.

It is very much possible and it ll happen. If you think you re going to keep selling your dollars at N500, u re joking and u will soon be MMMed again.

Cheers.

futurism:
fork off. I don't know about your miserable existence!!!

Ibusho:
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/

toyetade:


Why do we worry too much about Dollar exchange rate. Japanese Yen is 140 to a £, Iranian 40,000 to a pound, Indonesia 16,000 to a pound. The people in these countries are not dying. Instead of using the Foreign reserve to defend the Naira, we should be using that to develop our countries infrastructures- electricity, rail infrastructures, establish good security, good hospital and do everything that we make life easy for a common man. It is then foreigners can come and invest in the country. Defending the naira is only serving some sectional interest like those who pay school fees abroad. How long are we going to be defending the Naira

bigtt76:
@embolden... Wrong assumption. The dollar is universal and cannot expire or lose its value against the local currency.

The hoarders would persevere knowing that the battle being fought by CBN depends largely on her forex reserve.

How long can CBN maintain this battle before it succumbs? Venezuela is now down to last 10 billion dollars. Nigeria is only $19bn richer

At this rate its only a matter of time before we find ourselves in similar position. CBN should stop the restrictions and let the dollar float on its own. Arik and others have fallen victim yet they're giving emphasis to school fees SMH

989900:
Production closing in on target (2.2million barrels), @$50+ per barrel CBN can afford it.

We need to harmonize rates to increase Forex inflow from FDI ( that peaked at roughly $10b some 3-4 years ago), and Forex inflow into and through the system (that peaked @ $35b last year . . . roughly 3 times our Forex earnings from oil last year).

The weekly interventions will have to be sustained in a 'hit target' mode. The volume is averagely cool, but smarter policies and tweaking here and there would be needed to reap the full effect . . . with accompanying smart policies, it can harmonize to between N300 and N350 or less, in few weeks -- I know how.

To the guy that mentioned Russia, and his co-travelers, shake my head @ you.

stagger:
Russia spent $75billion trying to defend the Ruble in 2015 and the currency still ended that year close to 13% weaker. I don't know where our central bankers get their wisdom from.

Introduce a free float and let us know the true value of the Naira. From that point, we will know it cannot get any worse than it will get.

abhosts:
Very Hilarious Reading comments. Those making money in dollars are calling it bad policy because it shortens their ration. People can be so self centered.

amunites19:
If CBN will also be demanding a dollar transactions reports from the banks they gave the dollar to, on who and who they sold their dollar to? I think this will really help.

MENTORCH:


Venezuela doesn't produce as much barrels as Nigeria does, the only way CBN can lose the battle is if the oil price goes down to 30, but if it remains in its 50s those people hoarding the dollar will lose. As CBN is auctioning the dollar they making profit too and getting billions of naira that will be injected back into the economy.

haywire07:


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

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 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.

Ibusho:
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/