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CBN Pledges To Sustain Dollar Injection In FX Market - Business - Nairaland

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Again, CBN Intervenes In FX Market With $210m / Naira Gains As CBN Injects $210m Into FX Market / CBN Pumps Fresh $80m To FX Market For School Fees, PTA (2) (3) (4)

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CBN Pledges To Sustain Dollar Injection In FX Market by Truth234(m): 4:28am On Jun 05, 2017
Basking in the euphoria of the near rate convergence achieved in the foreign exchange (forex) market, indications emerged yesterday that the Central Bank of Nigeria (CBN) would sustain its dollar injection in the market this week.

The sell side of the naira exchange rate against the dollar appreciated significantly by N12, to close at N363 to the dollar on the parallel market on Friday, as against the N375 to the dollar as was last Thursday.

Also, the buy rate of the greenback closed at N369 to the dollar on Friday, stronger than the N382 to the dollar it was the previous day.

To this end, a reliable source at the central bank revealed that the Bank was not resting on its oars and remained determined to ensure a convergence between the interbank and Bureau de Change (BDC) rates soon, hence the move to continue its intervention in the interbank market.

The CBN Acting Director, Corporate Communications, Isaac Okorafor, confirmed that there were indeed plans by the CBN to make necessary interventions in the forex market, in line with its earlier resolve to achieve forex rates convergence and liquidity in the market.

On how the bank hoped to sustain its interventions, Okorafor said the CBN has enough forex to meet the requirements of all customers, who had genuine need for the dollar.

He also expressed optimism that the current policy of the bank and the cooperation of all stakeholders would check the unwholesome activities of speculators.

CBN Governor, Mr. Godwin Emefiele, while commenting recently on how far the CBN would go in sustaining its market interventions, had said: “I have said it and I will repeat myself that the interventions will be more vigorous than before to underscore the fact that we are determined to ensure that the Nigerian economy recovers, by making sure that foreign exchange is being made available to operators of the economy to conduct their businesses.”

http://investorsking.com/cbn-pledges-to-sustain-dollar-injection-in-fx-market/
Re: CBN Pledges To Sustain Dollar Injection In FX Market by LionDeLeo: 5:51am On Jun 05, 2017
Good one from cbn.

But withdrawal limit from Naira-denominated account abroad needs to be activated and increased from $100/month.

Or are they still suspecting round-tripping even if the amount is increased to $1k/month?

3 Likes

Re: CBN Pledges To Sustain Dollar Injection In FX Market by lovelove2323: 7:56am On Jun 05, 2017
Nice one smiley smiley smiley
Re: CBN Pledges To Sustain Dollar Injection In FX Market by SirHouloo(m): 7:56am On Jun 05, 2017
I still find it difficult to comprehend why Emefiele under Osinbajo is the opposite of Emefiele under Buhari.

10 Likes

Re: CBN Pledges To Sustain Dollar Injection In FX Market by Edopesin: 7:56am On Jun 05, 2017
embarassed this one dah they say buhari will come b4 nxt week with his depreciating curse

2 Likes

Re: CBN Pledges To Sustain Dollar Injection In FX Market by meezynetwork(m): 7:57am On Jun 05, 2017
Dollar wahala
Re: CBN Pledges To Sustain Dollar Injection In FX Market by smartty68(m): 8:01am On Jun 05, 2017
I'm tired of hearing about this manipulators called CBN o

1 Like

Re: CBN Pledges To Sustain Dollar Injection In FX Market by seunlly(m): 8:01am On Jun 05, 2017
I don't take pledges from u guys
Re: CBN Pledges To Sustain Dollar Injection In FX Market by CellTabRepairs: 8:01am On Jun 05, 2017
Has it really been effective? The fact is that where it is now is at the actual value of the currency.

Work for your money!
Click Signature, view and get immediately what you need!

1 Like

Re: CBN Pledges To Sustain Dollar Injection In FX Market by Nobody: 8:02am On Jun 05, 2017
Where's that dunce that'll accuse his father of speculating on near worthless currency cheesy
Re: CBN Pledges To Sustain Dollar Injection In FX Market by feldido(m): 8:10am On Jun 05, 2017
CBN ko Dollars ni... I don tire, man need continue importations abeg
Re: CBN Pledges To Sustain Dollar Injection In FX Market by Solar2power(m): 8:12am On Jun 05, 2017
LionDeLeo:
Good one from cbn.

But withdrawal limit from Naira-denominated account abroad needs to be activated and increased from $100/month.

Or are they still suspecting round-tripping even if the amount is increased to $1k/month?
Yes, is really affecting us..

1 Like 1 Share

Re: CBN Pledges To Sustain Dollar Injection In FX Market by supereagle(m): 8:13am On Jun 05, 2017
Edopesin:
embarassed this one dah they say buhari will come b4 nxt week with his depreciating curse


Re: CBN Pledges To Sustain Dollar Injection In FX Market by oyienootieno: 8:22am On Jun 05, 2017
SirHouloo:
I still find it difficult to comprehend why Emefiele under Osinbajo is the opposite of Emefiele under Buhari.

Simple President Buhari is merciful....
Re: CBN Pledges To Sustain Dollar Injection In FX Market by Sammiejokes(m): 8:22am On Jun 05, 2017
SirHouloo:
I still find it difficult to comprehend why Emefiele under Osinbajo is the opposite of Emefiele under Buhari.
What changed, same policy was introduced since january and dollar has been crashing, or are now buying things at cheap prices since osibanjo came into power?
Re: CBN Pledges To Sustain Dollar Injection In FX Market by famosh: 8:27am On Jun 05, 2017
Sammiejokes:

What changed, same policy was introduced since january and dollar has been crashing, or are now buying things at cheap prices since osibanjo came into power?
Bros, you get time answer these unintelligent otondos!

1 Like

Re: CBN Pledges To Sustain Dollar Injection In FX Market by Nobody: 8:28am On Jun 05, 2017
okay.
Re: CBN Pledges To Sustain Dollar Injection In FX Market by onatisi(m): 8:30am On Jun 05, 2017
SirHouloo:
I still find it difficult to comprehend why Emefiele under Osinbajo is the opposite of Emefiele under Buhari.
What is the sense in injecting billions of dollars into the market and there is no effect on the people. They have pumped over 5billion dollars already and yet fuel price increase is coming,inflation is coming down , so what is the purpose?

1 Like

Re: CBN Pledges To Sustain Dollar Injection In FX Market by Nobody: 8:33am On Jun 05, 2017
Una no get choice ohhh, u Av to continue till Dangote riferany and oda means of production is at a sustainable state
Re: CBN Pledges To Sustain Dollar Injection In FX Market by Edubrazilnwa(m): 8:40am On Jun 05, 2017
NAwa oo and still price of goods no dey come down
Re: CBN Pledges To Sustain Dollar Injection In FX Market by LionDeLeo: 8:40am On Jun 05, 2017
onatisi:

What is the sense in injecting billions of dollars into the market and there is no effect on the people. They have pumped over 5billion dollars already and yet fuel price increase is coming,inflation is coming down , so what is the purpose?

The government always shore up the Naira even from the beginning of times.

The dollars being pumped is not for free, it is just being exchanged for naira and that is very necessary since govt internal financial obligations are in Naira.

Before now, don't students pay school fees abroad? Were travellers not entitled to the present exchange privilege? Were registered importers not getting dollars from cbn at the official rate? Or is it because this administration chooses to always announce it?

3 Likes

Re: CBN Pledges To Sustain Dollar Injection In FX Market by supereagle(m): 8:46am On Jun 05, 2017
SirHouloo:
I still find it difficult to comprehend why Emefiele under Osinbajo is the opposite of Emefiele under Buhari.
Loyalty to whomever is the head of the affairs.
Re: CBN Pledges To Sustain Dollar Injection In FX Market by onatisi(m): 8:48am On Jun 05, 2017
LionDeLeo:


The government always shore up the Naira even from the beginning of times.

The dollars being pumped is not for free, it is just being exchanged for naira and that is very necessary since govt internal financial obligations are in Naira.

Before now, don't students pay school fees abroad? Were travellers not entitled to the present exchange privilege? Were registered importers not getting dollars from cbn at the official rate? Or is it because this administration chooses to always announce it?
Ok no problem. Time will tell.
I wish nigeria the best.
Re: CBN Pledges To Sustain Dollar Injection In FX Market by supereagle(m): 8:48am On Jun 05, 2017
Edopesin:
embarassed this one dah they say buhari will come b4 nxt week with his depreciating curse


We shall enter one chance again.
Re: CBN Pledges To Sustain Dollar Injection In FX Market by DropShot: 8:53am On Jun 05, 2017
SirHouloo:
I still find it difficult to comprehend why Emefiele under Osinbajo is the opposite of Emefiele under Buhari.
It's hatred for PMB that has confused you and your reasoning. If not, you'd know that all CBN policies have been ON for long time even when a dollar was N500.

That is what blind hatred does to reasoning!

3 Likes

Re: CBN Pledges To Sustain Dollar Injection In FX Market by Firgemachar: 8:58am On Jun 05, 2017
.
Re: CBN Pledges To Sustain Dollar Injection In FX Market by aolawale025: 9:14am On Jun 05, 2017
Dumb! For how long would cbn have to spoon feed the market? Why can't cbn liberalise the in flow of dollars?

1 Like

Re: CBN Pledges To Sustain Dollar Injection In FX Market by Ijaya123: 9:18am On Jun 05, 2017
Edopesin:
embarassed this one dah they say buhari will come b4 nxt week with his depreciating curse



Hatred and ignorance are the foundation of your problem.

Just hope it is not a curse.

1 Like

Re: CBN Pledges To Sustain Dollar Injection In FX Market by Ijaya123: 9:20am On Jun 05, 2017
aolawale025:
Dumb! For how long would cbn have to spoon feed the market? Why can't cbn liberalise the in flow of dollars?

Hope you know the implication of that?

Or you just typed that for the sake of comment?

1 Like

Re: CBN Pledges To Sustain Dollar Injection In FX Market by Edopesin: 9:24am On Jun 05, 2017
Ijaya123:

Hatred and ignorance are the foundation of your problem.
Just hope it is not a curse.
u must be a fulani herdsman :/

1 Like

Re: CBN Pledges To Sustain Dollar Injection In FX Market by Ijaya123: 9:28am On Jun 05, 2017
Edopesin:

u must be a fulani herdsman :/

You just confirmed it. Ignorance is part of your problem.
Re: CBN Pledges To Sustain Dollar Injection In FX Market by aolawale025: 9:35am On Jun 05, 2017
Ijaya123:


Hope you know the implication of that?

Or you just typed that for the sake of comment?

What's the implication of generating more streams of dollar in flow? For how long must CBN be the major source?

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