•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/

Where all this money dey go?





meanwhile

GreenMavro:

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

Hope this will do our economy good!

what is the current rate?

Hmmm

Keep hoarding and speculating.

you hear?

you will soon pack to the village.

Waiting for 150.

This has sprung too far.

Common Liberian Dollar sef pass

May they lose and not recover like MMM victims

Lols

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.

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.

I will still hoard them dollars,....... APC won't sustain it

CBN against SPECULATORS. But make sure you're able to sustain it. Kwontinu

Not bad

habex005:
what is the current rate?

Abokifx.com

When 5naira is still useless












































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

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

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

At least, the market has a knack for going against people's expectations.



Perfect Money/Payeer here: .com.ng

XendersPride:

N250... can't wait

good old days

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.

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.

rozayx5:



good old days

danthamccoy:

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

Lol like Romance and Se.x.uality

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

yourexcellency:
May they lose and not recover like MMM victims

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

Great