Central bank intervention this week failed to stop slide in Nigeria’s naira to a two-month low ahead of a rate decision Monday.

The Central Bank of Nigeria intervened to the tune of $80 million to $100 million, according to Samir Gadio, head of Africa strategy at Standard Chartered Bank.

This helped liquidity in the foreign exchange market more than double to $289 million on Wednesday. The central also sold dollars on Monday.

The naira however weakened 5.1% on Thursday to 1,533.99, the weakest level against the dollar since March 20, according to prices provided by FMDQ, the trading platform that sets the official rate. That reversed a 4% gain the previous day as after the central bank sold dollars in the market to boost liquidity.

The government of President Bola Tinubu, who completes a year in office on May 29, devalued the naira twice in the past year in a bid to lure investors and restore the currency’s credibility.

Still, the local unit has been has been volatile. It appreciated 40% from mid-March to early April before weakening 24% over the past month.

The central bank’s monetary policy committee meets next week and is expected to raise rates further in a bid to keep foreign investors interested in Nigerian paper.

“Market participants may still be concerned” about the $1.3 billion of naira futures contracts maturing in late May, Gadio said. “The key question now is whether most offshore investors holding the May futures contract will buy dollars or reinvest naira proceeds in local debt,” he said.

https://moneycentral.com.ng/markets/article/cardosos-100m-firepower-fails-to-stop-naira-weakness/

Cardoso has failed from the beginning

All these Lagos born and raised criminals in power. Very easy to spot them with their yeye foreign names

Cardoso, coker etc

It beats any logic and theory why these people expect the rates to reverse sustainably without real improvement on organic supply, it does seriously cause me to wonder their competence!

Deploying media propaganda will not solve the naira depreciation woes, designing a road map to having a production economy is the way out.

Propaganda has expiration time

They built Lagos, They built Lagos.

Okay, build Nigeria now, Cement finish.

Bunch of balablu Olodos.

Northern traders now listen to Aisha Yesufu now instead the grossly unqualified and incompetent gatuso

They're thought running a government is by propaganda and fire brigade approach.

reiddecuti:
They're thought running a government is by propaganda and fire brigade approach.

lies and propaganda have failed them and made them look like idiots in the eyes of Nigerians. It’s clear now to the people that believe in him that he has no plan for Nigerians

Obidients have been vindicated by the shameful failure of tinubu ..that they have now resorted To wailing daily to Obi. Their small sense doesn’t even tell them that with the abysmal performance of tinubu and destruction of Nigeria, anybody they are against is like an indirect campaign for that person

This Naira needs special prayers

I believe it will rise again

Yoruba Oluwole patch patch CBN governor

Late report.

Naira is now below N1500. Now around N1460

The speculators would always be disappointed

helinues:
Late report.

Naira is now below N1500. Now around N1460

The speculators would always be disappointed

from ₦1,000 up to ₦1,460 you claim ,do the subtraction it is ₦460 per extra and tell me if you are a friend or enemy of Nigeria.
How does being an hypocrite in the face of government failures make you a friend of Nigeria?

Just to educate you because i can see that you dont engage in any economic or financial activities,you just sit down and they send you money .

any business man or importer who buys goods at this present exchange rate and his goods doesn't come in after 1month or more will not reduce the price of his good whether dollar falls by then or not.
The agbado government have more job to do than just responding with propaganda.

Waiting for the tribalist. Wait, they are coming

magoo10:
from ₦1,000 up to ₦1,460 you claim ,do the subtraction it is ₦460 per extra and tell me if you are a friend or enemy of Nigeria.
How does being an hypocrite in the face of government failures make you a friend of Nigeria?

Why not first respond to the lateness of this thread.

Are you shocked/disappointed that the Dollar is not up to the amounts claimed by the writer?

helinues:


Why not first respond to the lateness of this thread.

Are you shocked that the Dollar is not up to the amount claimed by the writer?

continue running around doesn't make you sound reasonable because we know it has been flaunting and hovering around ₦1,500 for over a week now
Why we went to school is to be able to differentiate between what is true and false

We all knew Cardoso is highly incompetent! If not for tribalism and favouritism he isn't wordy to manage a micro finance bank, an intellectually stagnant man that can't address people off hand.

His legacy in the banking sector is still there, a man that ran two commercial banks to the ground haba!!!!!!

Emyzoloye5:
We all knew Cardoso is highly incompetent! If not for tribalism and favouritism he isn't wordy to manage a micro finance bank, an intellectually stagnant man that can't address people off hand.

His legacy in the banking sector is still there, a man that ran two commercial banks to the ground haba!!!!!!

You mean 2 banks crashed under the leadership of Cardozuor ?

Wahala

PresidObi:


You mean 2 banks crashed under the leadership of Cardozuor ?

Wahala

seriously, I suspect he also got his economics degree from Chicago oluwale university just like his boss

magoo10:
from ₦1,000 up to ₦1,460 you claim ,do the subtraction it is ₦460 per extra and tell me if you are a friend or enemy of Nigeria.
How does being an hypocrite in the face of government failures make you a friend of Nigeria?

You are rejoicing at that Tinubu messed up Naira from ₦1,000/1$ to ₦1,460/1$? I am not surprised.

"First class graduate" cannot even keep Naira where an uneducated Buhari left it?

helinues:
Late report.

Naira is now below N1500. Now around N1460

The speculators would always be disappointed

You people just wake up and sell Nigerian dollars anyhow.

Nobody knows the final destination of the dollars sold, we only hear on headline news that dollars has been sold.

Nothing new here! Lies and propaganda does not translate to good governance. The Tinubu’s led APC government never came with a good intention.

goatandyam:
All these Lagos born and raised criminals in power. Very easy to spot them with their yeye foreign names

Cardoso, coker etc

pedro, Fernandez,

Lol

Propaganda has expiration time

magoo10:
from ₦1,000 up to ₦1,460 you claim ,do the subtraction it is ₦460 per extra and tell me if you are a friend or enemy of Nigeria.
How does being an hypocrite in the face of government failures make you a friend of Nigeria?

You dey mind the mental case?
Tinubu too called out Emefiele in the heat of Naira redesign struggle. They forget so easily after submitting brains to demons.

Elusive001:




You are rejoicing at that Tinubu messed up Naira from ₦1,000/1$ to ₦1,460/1$? I am not surprised.

"First class graduate" cannot even keep Naira where an uneducated Buhari left it?

rejoicing how?
You guys don't even get it any business man or importer who buys goods at this present exchange rate and his goods doesn't come in after 1month or more will not reduce the price of his good whether dollar falls by then or not.
The present government have a lot of work to do other than responding with mere propaganda.
Dollar falls or not there is much bigger job to do

helinues:


Why not first respond to the lateness of this thread.

Are you shocked/disappointed that the Dollar is not up to the amounts claimed by the writer?

Hi, what's the meaning of the message you sent me? Hurry up ok.

helinues:


Why not first respond to the lateness of this thread.

Are you shocked/disappointed that the Dollar is not up to the amounts claimed by the writer?

Good morning

You ready to find work or not?

Why do we have dumb cbn governors? They will just sit down and empower a few people with dollars against the economy and the nation.

Nigerians are some of those people that brag that my failure is better than yours.