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Nairaland Forum / Nairaland / General / Business / Currency Speculators ‘to Lose N700m (20395 Views)
Speculators Get Their Fingers Burnt, Naira Strengthens To N310/$(2016) / Speculators Lose N100m As CBN Pumps Dollars Into Interbank / I See Speculators Losing Billions Of Naira To New FX Policy – BDC Chief (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/
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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 |
3 Likes 2 Shares |
Re: Currency Speculators ‘to Lose N700m by MrGreenMavro: 10:01am On Mar 21, 2017 |
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
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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: 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: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:N250... can't wait 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 |
Re: Currency Speculators ‘to Lose N700m by danthamccoy(m): 10:17am On Mar 21, 2017 |
vizkiz: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: 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: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: |
Re: Currency Speculators ‘to Lose N700m by ULSHERLAN(m): 10:24am On Mar 21, 2017 |
danthamccoy: 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:hope it will continue appreciating till it gets to #1=$1 |
Re: Currency Speculators ‘to Lose N700m by Nobody: 10:26am On Mar 21, 2017 |
olapluto: ...you guys said this 3 months ago... This tactic is poor for propping up the currency in a DEVELOPED COUNTRY with infrastructure in place for industrial revolution. But in a DEVELOPING COUNTRY like ours, temporary measures must be taken while we set down the skeleton for long-term development. Otherwise, 1$ 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: Wetin happen who vex you, mehn this one weak me ooooo
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Re: Currency Speculators ‘to Lose N700m by yomalex(m): 10:33am On Mar 21, 2017 |
Great |
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