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Currency Speculators ‘to Lose N700m - Business - Nairaland

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Speculators Lose N100m As CBN Pumps Dollars Into Interbank / Speculators Get Burnt As Naira Gains Value / Speculators Get Their Fingers Burnt, Naira Strengthens To N310/$ (1) (2) (3) (4)

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Currency Speculators ‘to Lose N700m by Islie: 6:27am On Mar 21, 2017
•CBN lifts supply with $180m, invisibles get $80m

Currency speculators and those hoarding the dollar are expected to lose N700 million this week, as the Central Bank of Nigeria (CBN) sustains its dollar interventions in the interbank market.

Speaking on the impending loses, President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, said speculators were losing an average of N20 per dollar, with transaction volumes running into several billions of naira.

The CBN continued its intervention in the interbank market, where it yesterday offered $180 million to meet bids for forwards. The offer includes requests for invisibles, such as medicals, school fees and personal travel allowances valued at $80 million, through the inter-bank window.

Confirming the figures, the Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, said the wholesale requests will be settled today, even as the interbank rate closed at N307.5 to dollar.

With the development, it is expected that the naira will further gain in the foreign exchange market in the days to come.

While disclosing that the Bank had so far met all the legitimate demands from genuine customers, Okorafor reiterated that the CBN would ensure sustainable forex liquidity and transparency to enable as many customers as possible get access to the foreign exchange they genuinely demand.

He advised eligible individuals with genuine foreign currency needs to freely approach their banks and authorised dealers with their request, stressing that the CBN had made adequate provisions of foreign currency for all such legitimate purposes.[/quote]



http://thenationonlineng.net/currency-speculators-lose-n700m/

Re: Currency Speculators ‘to Lose N700m by 989900: 9:17am On Mar 21, 2017
Good, we told them the party was coming to an end soon, probably they will hold on to it to sell @ N250 or less when Dangote refinery and other private ones come on stream, or when our other exports increases.

Edit: It is N430 now.

In another news, news about snakes, toto decay, and other nonsense are more valuable than this thread, hence why this shouldn't be on FrontPage.

52 Likes 5 Shares

Re: Currency Speculators ‘to Lose N700m by Vickiweezy(m): 10:01am On Mar 21, 2017
Where all this money dey go?





meanwhile


GreenMavro:
angry

Bros no vex 4 me na my 4G LTE cause am.

3 Likes 2 Shares

Re: Currency Speculators ‘to Lose N700m by GreenMavro: 10:01am On Mar 21, 2017
angry
Re: Currency Speculators ‘to Lose N700m by vizkiz: 10:02am On Mar 21, 2017
100m from that amount will be deposited in someone's account. Not the exact estimate

2 Likes

Re: Currency Speculators ‘to Lose N700m by Flexherbal(m): 10:02am On Mar 21, 2017
Hope this will do our economy good!

1 Like

Re: Currency Speculators ‘to Lose N700m by habex005(m): 10:02am On Mar 21, 2017
what is the current rate?

1 Like 1 Share

Re: Currency Speculators ‘to Lose N700m by Jengem: 10:02am On Mar 21, 2017
Hmmm
Re: Currency Speculators ‘to Lose N700m by Greatbeard(m): 10:02am On Mar 21, 2017
Keep hoarding and speculating.

you hear?

you will soon pack to the village.

9 Likes

Re: Currency Speculators ‘to Lose N700m by abumeinben(m): 10:03am On Mar 21, 2017
Waiting for 150.

This has sprung too far.

Common Liberian Dollar sef pass

4 Likes

Re: Currency Speculators ‘to Lose N700m by Nobody: 10:03am On Mar 21, 2017
May they lose and not recover like MMM victims

15 Likes

Re: Currency Speculators ‘to Lose N700m by Samexdx(m): 10:03am On Mar 21, 2017
Lols
Re: Currency Speculators ‘to Lose N700m by RoyalBoutique(m): 10:03am On Mar 21, 2017
Vickiweezy:
Where all this money dey go?

Importers, exporters, traders, those with children schooling abroad, bank transactions, hoarders, embezzlers, bureau de change, oil marketers, etc

In fact, the money being released by cbn is not enough.

They should just let the dollar flow through like before.

5 Likes

Re: Currency Speculators ‘to Lose N700m by olapluto(m): 10:03am On Mar 21, 2017
I think I will sell my dollar today, although economics tells me that this CBN policy is not sustainable over a period of 2 months max.

9 Likes

Re: Currency Speculators ‘to Lose N700m by Twallace: 10:03am On Mar 21, 2017
I will still hoard them dollars,....... APC won't sustain it

8 Likes

Re: Currency Speculators ‘to Lose N700m by smartty68(m): 10:04am On Mar 21, 2017
CBN against SPECULATORS. But make sure you're able to sustain it. Kwontinu

1 Like 2 Shares

Re: Currency Speculators ‘to Lose N700m by XendersPride(f): 10:05am On Mar 21, 2017
Not bad
Re: Currency Speculators ‘to Lose N700m by smartty68(m): 10:05am On Mar 21, 2017
habex005:
what is the current rate?
Abokifx.com

1 Like 1 Share

Re: Currency Speculators ‘to Lose N700m by maxiuc(m): 10:06am On Mar 21, 2017
When 5naira is still useless












































Five hectares of land for sales. U must pay in dollars

1 Like

Re: Currency Speculators ‘to Lose N700m by XendersPride(f): 10:06am On Mar 21, 2017
989900:
Good, we told them the party was coming to an end soon, probably they will hold on to it to sell @ N250 or less when Dangote refinery and other private ones come on stream, or when our other exports increases.
N250... can't wait smiley

1 Like 1 Share

Re: Currency Speculators ‘to Lose N700m by chukzyfcbb: 10:15am On Mar 21, 2017
story, as long as naira exist dollar will always thump on them.
people are already converting thier fiat currency to bitcoin, how much more the dollar?

one thing I do know since I was born is that, when u save dollars it will always rise against the naira. always will, maybe its a curse but always will. The speculators that will lose are those quick to sell, if na me I go hold am till thy kingdom come he he

4 Likes

Re: Currency Speculators ‘to Lose N700m by AjalaJ(m): 10:16am On Mar 21, 2017
At least, the market has a knack for going against people's expectations.



Perfect Money/Payeer here: .com.ng
Re: Currency Speculators ‘to Lose N700m by rozayx5(m): 10:16am On Mar 21, 2017
XendersPride:

N250... can't wait smiley


good old days
Re: Currency Speculators ‘to Lose N700m by danthamccoy(m): 10:17am On Mar 21, 2017
vizkiz:
100m from that amount is currently deposited in someone's account.
Lol. Maybe you should stick to commenting on topics you actually understand. No offence intended.

5 Likes

Re: Currency Speculators ‘to Lose N700m by vizkiz: 10:21am On Mar 21, 2017
danthamccoy:

Lol. Maybe you should stick to commenting on topics you actually understand. No offence intended.

I am only implying that the 700m is not the actual figure. Probably exaggerated. Maybe you should stick to quoting comments you actually understand

6 Likes

Re: Currency Speculators ‘to Lose N700m by danthamccoy(m): 10:22am On Mar 21, 2017
vizkiz:


I am only implying that is not the actual figure. Probably exaggerated. Maybe you should stick to quoting comments you actually understand
Lol. Right. Of course that's what you meant.

1 Like

Re: Currency Speculators ‘to Lose N700m by dokunbam(m): 10:23am On Mar 21, 2017
rozayx5:



good old days
wink
Re: Currency Speculators ‘to Lose N700m by ULSHERLAN(m): 10:24am On Mar 21, 2017
danthamccoy:

Lol. Maybe you should stick to commenting on topics you actually understand. No offence intended.

Lol like Romance and Se.x.uality

2 Likes

Re: Currency Speculators ‘to Lose N700m by VanBommel(m): 10:25am On Mar 21, 2017
danthamccoy:

Lol. Maybe you should stick to commenting on topics you actually understand. No offence intended.
hope it will continue appreciating till it gets to #1=$1 undecided undecided
Re: Currency Speculators ‘to Lose N700m by Nobody: 10:26am On Mar 21, 2017
olapluto:
I think I will sell my dollar today, although economics tells me that this CBN policy is not sustainable over a period of 2 months max

...you guys said this 3 months ago... grin

This tactic is poor for propping up the currency in a DEVELOPED COUNTRY with infrastructure in place for industrial revolution.

But in a DEVELOPING COUNTRY like ours, temporary measures must be taken while we set down the skeleton for long-term development.

Otherwise, 1$ would be equal to N2,000 if the Naira is freely floated as some have suggested. We are not simply exporting enough

By the way... during the global economic recession, CBN was doing exactly this in 2009 - 2014. It wasn't just so evident

6 Likes 1 Share

Re: Currency Speculators ‘to Lose N700m by DollarAngel(m): 10:29am On Mar 21, 2017
yourexcellency:
May they lose and not recover like MMM victims

Wetin happen who vex you, mehn this one weak me ooooo

Re: Currency Speculators ‘to Lose N700m by yomalex(m): 10:33am On Mar 21, 2017
Great

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