Foreign exchange (forex) speculators have lost over N100 million in the last three days after the Central Bank of Nigeria (CBN) injected fresh dollars into the interbank market.

Many of them panicked as news about the CBN’s intervention hit the market. This was in continuation of its strategy to strengthen the value of the naira.

According a source in the apex the bank, there is a planned release of an additional $350million bringing the total to $570 million in this week alone to further crash the value of the dollar.

Already, there are heightened fears among traders and other market participants who are yet to recover from the losses of the last two weeks owing to sharp and sudden appreciation of the Naira.

CBN’s Acting Director, Corporate Communication, Isaac Okorafor, confirmed this development, reiterated that with improving reserve levels, the Bank was determined to continuously make forex available to all genuine customers through their banks, advising those hoarding the greenback to reduce their losses by selling their dollar stock.

Market watchers said there was the likelihood of a liquidity glut as banks were beginning to send out salespeople to scout for customers to buy off their dollars to avoid losses arising from the expected further appreciation of the naira.

The CBN has in the last one week supplied a total of $570 million to the market made up of $80 million for Personal Travel Allowances, medical fees and school fees, $100 million in wholesale forwards, while another $350 million was injected into the interbank market at the weekend.

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EgunMogaji:
It simply won't work.

At some point the well that they're getting the dollars from will run dry because we know that we're not earning nearly enough in exports.

Businessideas:

I am not sure your pessimism allowed you to give a honest view. With our daily oil output of over 2.1m barrels of oil and rising exports from recent data, sustained anticorrosion fight in public finance, you will soon realize what terrible fate await you if you are one of the unpatriotic speculators.
Government is clearly not sleeping with it's eyes closed and when the full reality of what Kemi Adeosun said last year hits some of the speculators,they will consider suicide or declare bankruptcy.

Businessideas:

I am not sure your pessimism allowed you to give a honest view. With our daily oil output of over 2.1m barrels of oil and rising exports from recent data, sustained anticorruption fight in public finance, you will soon realize what terrible fate await you if you are one of the unpatriotic speculators.
Government is clearly not sleeping with it's eyes closed and when the full reality of what Kemi Adeosun said last year hits some of the speculators,they will consider suicide or declare bankruptcy.

EgunMogaji:


It's my opinion.

Trust me, my fate is bountiful riches because I don't depend on one economy. 2.1m barrels at destitute price?

I have empathy for you though as you're unable to reason intelligently in a debate, at least in a financial sense. Too bad.

Businessideas:

Apparently,you didn't know or refer to the current price of crude oil.Perhaps if you do,you will know that the joke is on you.Do your simple maths of the current price of crude and Nigeria makes 60% gross earnings on a barrel and if this currently exceeds our daily US dollars demand and still left to save up in our foreign reserves and the money not looted

Businessideas:

I am not sure your pessimism allowed you to give a honest view. With our daily oil output of over 2.1m barrels of oil (fetching Nigeria a whopping over $50m dollars daily!) and rising exports from recent data, sustained anti-corruption fight in public finance, you will soon realize what terrible fate await you if you are one of the unpatriotic speculators.
Government is clearly not sleeping with it's eyes closed and when the full reality of what Kemi Adeosun said last year hits some of the speculators,they will consider suicide or declare bankruptcy.

EgunMogaji:
It simply won't work.

At some point the well that they're getting the dollars from will run dry because we know that we're not earning nearly enough in exports.

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Numero Dos.

Muy caliente cabron y cabrones