As far as the country keeps earning petrodollars it can be sustained, with our daily out hitting 2.1million barrels per day and D Avengers and d odas seem to have gone to sleep and d price of crude hitting $55 per barrel, it's bad news for hoarders of the dollars

Hoarders must go back to village if they can't adjust to market trend.

Truth234:
The Central Bank of Nigeria on Tuesday injected another sum of $100m into the interbank foreign exchange market, its acting Director, Corporate Communications, Isaac Okorafor has said.

Okorafor said the measure became necessary as part of the initiatives to make Forex easily accessible, thereby crashing demand at the black market.

The director made this known to newsmen in Abuja on Tuesday.

He said that the measure was to fund the commercial banks with enough Forex to cater for the request of customers and to meet basic travelling allowance, medicals and tuition fees.

This fresh injection by the apex bank brings the amount so far pumped into the interbank Forex market within the last two weeks to $1.14bn for both forwards and invisibles.

A former Economic Adviser to former President Olusegun Obasanjo, Prof. Ode Ojowu said the measure would further create problems for currency speculators who had not recover from the sudden appreciation of the Naira.

“It appears this time around, the CBN has decided to become smarter than the market manipulators by putting on its cap of authority to look beneath the market forces,” he said.

Ojowu also commended the efforts of the CBN in ensuring the continuous appreciation of the Naira.

He attributed this to good policy and effective communication strategy, which had increased dollar supply to the market.

http://investorsking.com/forex-cbn-pumps-additional-100m-market/

Cc:
Onatisi

It's like this People no dey hear word oo.

E gba mi ke

ToriBlue:
Till they no longer can.

Are u sure you know what CBN is ? They have the resources to consistently supply the market. They sell and buy dollars not from black market.

Miles300:
With all this money Cbn is pumping week in , week out interbank fx rates is still at 305 , atleast with all this injections it should av been about 280 or there about ..

The only way for this to reflect is if the banks start meeting demands on time. The BDC operators allowed a 20 naira difference between buy and sell which means they are already price fixing.

If the banks play their part, fewer people will patronize BDC and they will be forced to bring down their price or eat their dollars.

9jakohai:


Not going to happen for the following reasons

1.Government is not earning enough dollars from oil to buffer the naira. We were able to keep the naira below N200 simply because then we were earning enough forex to buffer the dollars.

2.Part of the reason why govt is not earning enough forex is the fall in oil prcies . As a result, CBN is forced to restrict the dollar outflows from the country.....so as to have dollars to buffer the naira and meet our financial obligations. This has the bad effect of driving away foreign investors....since they cannot remit their dollars to their home countries easily.....unlike during the time when oil prcies were sky high ...and there were enough dollars flowing in .....which meant no need for restrictions.(And for the GEJ did not save crowd....saving lots of money won't have stopped CBN from restricting forex outflows....since every savings has a finite lifespan when you begin eating from it).

3.If you want the naira to go down to N1=$1, you do either of these two things

a) Diversify the export base...ie export more agric products and more solid minerals (Nickel in Kaduna state loading...) . Back in 1978...when N1=$1...Nigeria was a world leader in the export of cotton, groundnut, palm oil, benninseed, tin, columbite, and we had an oil boom going on. Enough dollars flowing in.

b) Ramp up domestic manufacturing...with the aim of exporting more manufactured goods...which is what China, Japan and many developed countries do.

And this measures take time...and money.(We may have to take a loan, in my opinion, to boost power, water and transport....and even agric production specifically....in the short term.)

Apt response

Where is CBN getting all this money? Is it because Buhari isn't around CBN is trying to make the Economic better? Buhari won't like this....

Macaulish:



Cc:
Onatisi

It's like this People no dey hear word oo.

E gba mi ke

I said it last week,the maximum they can pump into the market is 100 million which isn't even enough ,they dare not pump more than that and by next week maybe just 80million.

Am inspired

princemillla:



Ur signature tho, better start preparing something like BMC. May be AMC(ayanwu media center)

Lol surely soon bro

onatisi:

I said it last week,the maximum they can pump into the market is 100 million which isn't even enough ,they dare not pump more than that and by next week maybe just 80million.

Make dem try pump more so we naysayers can be put to shame!! I however hope it ends well cos this is gidigan!!!

I don't get how people find it hard to understand that you can like people/something & still be critical of their actions!!

plainol:
Just return the dollar to 185 naira, at least that was what these guys met before scattering everything with their visionless policies.

beamtopola:
The dollar was 175
Jux return it to tht

The stupid lies u people tell will bury u one day.

See both of u contradicting ur selves and talking like kids that u are. For the records, ur useless god already depreciated the Naira to 197/$ before he left and it was selling 235/$ in the black market. Oil was still well above $60/barrel then.

So u can keep living in self deceit!

modath:


Make dem try pump more so we naysayers can be put to shame!! I however hope it ends well cos this is gidigan!!!

I don't get how people find it hard to understand that you can like people/something & still be critical of their actions!!

I am sure the dollar price will rise by Friday all through the weekend .
Now the politicians have converted all their stolen billions of naira into cheap dollars. They will gradually stop all these pumping pumping rubbish by saying that they need funds to finance the budget and carry out this year projects. Just wait and see

9jakohai:


Not going to happen for the following reasons

1.Government is not earning enough dollars from oil to buffer the naira. We were able to keep the naira below N200 simply because then we were earning enough forex to buffer the dollars.

2.Part of the reason why govt is not earning enough forex is the fall in oil prcies . As a result, CBN is forced to restrict the dollar outflows from the country.....so as to have dollars to buffer the naira and meet our financial obligations. This has the bad effect of driving away foreign investors....since they cannot remit their dollars to their home countries easily.....unlike during the time when oil prcies were sky high ...and there were enough dollars flowing in .....which meant no need for restrictions.(And for the GEJ did not save crowd....saving lots of money won't have stopped CBN from restricting forex outflows....since every savings has a finite lifespan when you begin eating from it).

3.If you want the naira to go down to N1=$1, you do either of these two things

a) Diversify the export base...ie export more agric products and more solid minerals (Nickel in Kaduna state loading...) . Back in 1978...when N1=$1...Nigeria was a world leader in the export of cotton, groundnut, palm oil, benninseed, tin, columbite, and we had an oil boom going on. Enough dollars flowing in.

b) Ramp up domestic manufacturing...with the aim of exporting more manufactured goods...which is what China, Japan and many developed countries do.

And this measures take time...and money.(We may have to take a loan, in my opinion, to boost power, water and transport....and even agric production specifically....in the short term.)

Brilliant Expressions!

saintmark88:
As far as the country keeps earning petrodollars it can be sustained, with our daily out hitting 2.1million barrels per day and D Avengers and d odas seem to have gone to sleep and d price of crude hitting $55 per barrel, it's bad news for hoarders of the dollars

And good news for round trippers. The spread between the interbank market and the parallel market is still 100+ NGN. Round trippers would make more money as there is now increased volume to sell.

DMarvel:
Brilliant Expressions!

That was exactly what kalu idika kalu said.that this government is only giving ppl false hopes and playing on their intelligence unfortunately many Nigerians lack adequate intelligence anyway. That all this osinbajo gimmicks wont solve anything infact it is counter productive. I have said it that if osinbajo becomes the president he will be the final destruction to the economy.
God should please please bring back buhari

modath:


Make dem try pump more so we naysayers can be put to shame!! I however hope it ends well cos this is gidigan!!!

I don't get how people find it hard to understand that you can like people/something & still be critical of their actions!!

Sincerely,

O gidigan oo!!!

onatisi:

That was exactly what kalu idika kalu said.that this government is only giving ppl false hopes and playing on their intelligence unfortunately many Nigerians lack adequate intelligence anyway. That all this osinbajo gimmicks wont solve anything infact it is counter productive. I have said it that if osinbajo becomes the president he will be the final destruction to the economy.
God should please please bring back buhari

Oya

Sai Baba !!

RealLordZeus:

Been thinking of that too bro! But I think the logic behind this is that if the naira keep appreciating for some time, the speculators and hoarders will be forced to release their grip on their withheld cash hence increasing the amount of forex in circulation.

You are very correct ...Alot of FX still trapped with people ..The more naira appreciates ,the need for them to release the funds else they run at loss

I just pray this works ..alot in Nigeria is tied to FX transactions

Macaulish:



Oya

Sai Baba !!

Yes oo
Sai baba
Sai buhari

CBN don turn to pumping machine.... sha continue to pump until it gets to 200# to a dollar.

fagin1982:


You are very correct ...Alot of FX still trapped with people ..The more naira appreciates ,the need for them to release the funds else they run at loss

I just pray this works ..alot in Nigeria is tied to FX transactions

You will understand the game better but unfortunately by then things may have gone out of control

progress69:


The stupid lies u people tell will bury u one day.

See both of u contradicting ur selves and talking like kids that u are. For the records, ur useless god already depreciated the Naira to 197/$ before he left and it was selling 235/$ in the black market. Oil was still well above $60/barrel then.

So u can keep living in self deceit!

The dollar was selling at the rate of 172

nony43:
A paint of Garri is now 1k is dollar affecting it too?

We buy in kongo here

GogetterMD:
Is this sustainable on the long run?

Yes it is with the current over 2.1 million barrel per day of crude oil we will be making over $125million daily..

plainol:
Just return the dollar to 185 naira, at least that was what these guys met before scattering everything with their visionless policies.

Whoever tell you that lies go and sue the person, Dollar was 285/$ when they take over power..



Oh.. how will you know when you might have not even seen or touch dollar before...

ToriBlue:
Till they no longer can.

What an hatred filled heart you are, So you are praying for them not to be able to anymore? hahahah sorry your prayer won't work except you are praying for crude oil to dry up hahaha.. We are making over $125million daily from crude and we get paid in dollars hahah..

ToriBlue:
Till they no longer can.

But why now? What has CBN done to you?

beamtopola:

The dollar was selling at the rate of 172

Ok..

Maybe in your village sha.

https://www.nairaland.com/2166138/cbn-officially-devalues-naira

onatisi:

I said it last week,the maximum they can pump into the market is 100 million which isn't even enough ,they dare not pump more than that and by next week maybe just 80million.

hahahah sorry sorry over the weekend they pump in $367million are you in pluto?

onatisi:

I am sure the dollar price will rise by Friday all through the weekend .
Now the politicians have converted all their stolen billions of naira into cheap dollars. They will gradually stop all these pumping pumping rubbish by saying that they need funds to finance the budget and carry out this year projects. Just wait and see

LOL wishing the country to go down more is an evil don't you ever think about that? You never wish the Govt to succeed so i never take you serious..


Putting you guys to shame will make me happy...


Wailing wailers how market?

einsteine:


And good news for round trippers. The spread between the interbank market and the parallel market is still 100+ NGN. Round trippers would make more money as there is now increased volume to sell.

I can c ur still living n d past, d dollar traded for 399 to a dollar at the parallel market......it D interbank it traded for 305, isn't that less than 100??....abi u no sabi maths