CENTRAL BANK LIFTS FOREIGN EXCHANGE MARKET WITH $210M
source: http://www.eyesoflagos.com/2018/02/central-bank-lifts-foreign-exchange.html

The Central Bank of Nigeria (CBN) has provided fresh 210 million dollars to meet customers’ requests in various segments of the foreign exchange market.
Eyes Of Lagos gathered that, The Bank’s Acting Director, Corporate Communications Department, Mr Isaac Okorafor in a statement on Monday in Abuja, said that 100 million dollars was offered to authorised dealers in the wholesale segment of the market.
Okorafor said that the Small and Medium Enterprises (SMEs) segment got 55 million dollars, while customers in need of foreign exchange for tuition fees, medical payments and Basic Travel Allowance (BTA), were allocated 55 million dollars.
Okorafor reiterated the CBN’s commitment to continuous intervention in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.
He said that the CBN would continue to strategically manage the foreign exchange market with a view to reducing the country’s import bills and halting depletion of its foreign reserves.
On Feb. 12, the CBN had intervened to the tune of 210 million dollars to cater for requests in the various segments of the market.
Meanwhile, the naira continued its stability in the foreign exchange market, exchanging at an average of N360 to a dollar in the Bureau De Change segment of the market.

good

H

at last 1naira wan equal 1dollar. make I go order for Walmart....

And so fucking wat
















??

For How long

Make them lift me too with just 1M only

See Money!!! 210 Million Dolapo Chai...Keep doing what you're doing oooo. God os watching .....

Good Morning Nairalanders. It's gonna be a fab Tuesday.

..........

And yesterday, i received tonnes of mentions for disputing the claim of increase in reserves was as a result of Rice exports, they claimed it was the inflow of FX via exports that increased the reserve..

If the inflow of exports are that profitable to increase the nations reserve to its current level, how come we are still injecting funds to lift the Naira..

Nations are not ruled with sentiments..

3html:
For How long

For as long as oil price does not drop, and militants dont vandalise pipe lines.

Hope is gonna help the masses.

AdolfHitlerxXx:
A lot of past governments did exactly this...it's not solely a Buhari problem.

But it's not a sustainable practice. The fear is just that when the CBN stops intervening, the true value of Naira might be 2000 to $1

Lol

TheGoodJoe:
Another money for a Modular refinery gone that would yield a Longer and better dividend. It is clear we are our problem.

NAH GOD GO BLESS UUUUU

Esseite:
And yesterday, i received tonnes of mentions for disputing the claim of increase in reserves was as a result of Rice exports, they claimed it was the inflow of FX via exports that increased the reserve..

If the inflow of exports are that profitable to increase the nations reserve to its current level, how come we are still injecting funds to lift the Naira..

Nations are not ruled with sentiments..

you're getting things muddled up here cos I've not read anywhere where it was said that rice exports increased forex inflow rather what happened was that we got more revenue from crude sales due to stabilized crude oil prices and supply,also,we had increased inflows of forex from investors into our stock market especially portfolio investors who took away their dollars at the peak of the recession but are now returning their investments cos Nigeria is now the toast of investors. As regards rice,probably what you meant is that we have reduced our food import bill on rice importation which has freed up foreign exchange that could have been drafted into it. Also on the stability of the naira,the cbn has always been doing this from times past,we use our foreign reserves to stabilize the naira by making sure it doesn't fall below a certain level hampering the practice of free market system but this became extremely difficult when recession set in cos we weren't getting enough dollars from oil revenues to grow a depleting reserves to be able to defend naira as we have been doing since we don't have thriving sectors like manufacturing that can bring in the dollars,besides,it was further complicated when portfolio investors took away their dollars at the slightest hint we were in a recession necessitating cbn carrying out some policies to restrict access to forex but they later relaxed it after opec and russia cut a deal to stabilize crude price by cutting supply,this led to cbn making interventions in forex market from February 2017 till date to stabilize the naira which was falling scandalously due to the activities of black marketers who sold dollars at exorbitant rates when buyers couldn't get it to buy in banks

You took the guy to the cleaners with your apt explanation......kudos!

princejenks:
you're getting things muddled up here cos I've not read anywhere where it was said that rice exports increased forex inflow rather what happened was that we got more revenue from crude sales due to stabilized crude oil prices and supply,also,we had increased inflows of forex from investors into our stock market especially portfolio investors who took away their dollars at the peak of the recession but are now returning their investments cos Nigeria is now the toast of investors. As regards rice,probably what you meant is that we have reduced our food import bill on rice importation which has freed up foreign exchange that could have been drafted into it. Also on the stability of the naira,the cbn has always been doing this from times past,we use our foreign reserves to stabilize the naira by making sure it doesn't fall below a certain level hampering the practice of free market system but this became extremely difficult when recession set in cos we weren't getting enough dollars from oil revenues to grow a depleting reserves to be able to defend naira as we have been doing since we don't have thriving sectors like manufacturing that can bring in the dollars,besides,it was further complicated when portfolio investors took away their dollars at the slightest hint we were in a recession necessitating cbn carrying out some policies to restrict access to forex but they later relaxed it after opec and russia cut a deal to stabilize crude price by cutting supply,this led to cbn making interventions in forex market from February 2017 till date to stabilize the naira which was falling scandalously due to the activities of black marketers who sold dollars at exorbitant rates when buyers couldn't get it to buy in banks

TheGoodJoe:
Another money for a Modular refinery gone that would yield a Longer and better dividend. It is clear we are our problem.

They abandoned modular refineries for dangote refinery, let's see if fuel price reduces once dangote refinery comes on board

I sometimes envy south africa and there rand. $1-9rand
$1- 360 naira
Who we offend