The Central Bank of Nigeria (CBN), yesterday, further intervened in the foreign exchange market with a $195 million auction to its three segments.The move followed a major stride last week, where it sold $462.3 million, made up of $267.3 million for the Retail Secondary Market Intervention Sales (SMIS) while $100 million went to wholesale interventions; $50 million for the Small and Medium Enterprises (SMEs) forex window and $45 million going to invisible items – Business/Personal Travel Allowances, tuition and medical fees.

The latest aid comes barely three days after reports from the apex bank indicated that it had grown the country’s reserves back to $31 billion, with rates now trending at N364/$ for the parallel market; N362 at the BDC segment while the investors and exporters’ window stays at N363.

The Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, reaffirmed the bank’s commitment to sustain liquidity in the market to ensure that genuine requests are met as well as improve flexibility in the market.
He said the leadership of the apex bank was upbeat about the positive impact its foreign exchange management was having on the manufacturing and agriculture sectors as well as the general economic activities nationwide.He also reiterated the CBN Governor’s desire to achieve stability and ultimately ensure convergence of rates in the market.
full details at http://www.akelicious.com/2017/08/cbn-further-boosts-forex-market-with.html

Keep up d good work.We must recover from 16 years of misrule.

Dem go still tire

Our economy team has actually tried in keeping d dollar stable in d mist of our current situation. Gud work dia

Na so so boosting.....
When there is no more money to boost nko?
What next?

Why did Baba did not want to release it? We thank God Osibande.

so Nigeria has this money to maintain the price of dollars naim we let am get to this level before implementing....God Bless Osibanjo and Punish all the cabals, imagine if this process has been on since January, who knows $$ might be 1naira

It's not yet uhuru

CBN reduce FORM A rate from 360 to 330 joor aboki is now 362

I cringe whenever I see this type of news.

What happens when the country has no money?As it happened during the fall of oil price.

It is no news that oil and gas importation takes a lot of forex for importation.

Why not fix the refineries,which will reduce the demand for forex?

Why not fix power and other infrastructures so that some of the imported goods can be produced locally?

This is a cosmetic solution.

Nigerian leaders are myopic.

To all those celebrating; what do you say about the actual value of the Naira in international markets w.r.t services like www.xe.com

We are being deceived!!!

cbn+don+turn+Lcozade+boost

thats what NOI did during Gej tenure, but they did it codedly. the good part of current one is that our external reserve is increasing while the former one was depleting. Kudos to the Current government.

dayleke:
Na so so boosting.....
When there is no more money to boost nko?
What next?

That will never happen!

Speculators must go find other things to keep them busy.

Really?

And there is still no improvement in the exchange rate Something's missing

rockiedink:
To all those celebrating; what do you say about the actual value of the Naira in international markets w.r.t services like www.xe.com

We are being deceived!!!

You guys just like raising alarm unnecessarily. I checked the rate as per your link and the difference compared to what was reported in the news is just 2naira. The news reported 364naira as the parallel rate which is not static anyways, it can move up and down that range within hours and it can also be different as per location. It might be 364 in Lag and 365 or 366 in other places within Nigeria.


You are the one that is deceiving yourself by having a closed mind.

forex is a ponzi scheme!

guterMann:
I cringe whenever I see this type of news.

What happens when the country has no money?As it happened during the fall of oil price.

It is no news that oil and gas importation takes a lot of forex for importation.

Why not fix the refineries,which will reduce the demand for forex?

Why not fix power and other infrastructures so that some of the imported goods can be produced locally?

This is a cosmetic solution.

Nigerian leaders are myopic.

I think it goes beyond fixing the refineries, av u read about d NA summoning kechukwu over the refineries dat avnt produced a bucket of pms six months after it was fixed.


Part of our challenge is the effect of the importers Ho don't want the nig refineries to be functional bcus it's gonna be a loss on der part.

dayleke:
Na so so boosting.....
When there is no more money to boost nko?
What next?

my brother, common sense is not common. We are finished as a country

agabusta:



You guys just like raising alarm unnecessarily. I checked the rate as per your link and the difference compared to what was reported in the news is just 2naira. The news reported 364naira as the parallel rate which is not static anyways, it can move up and down that range within hours and it can also be different as per location. It might be 364 in Lag and 365 or 366 in other places within Nigeria.


You are the one that is deceiving yourself by having a closed mind.

It seems you're new to platforms like xe.com

Ok since you're so intelligent and sharp, can you do a historical search and see the trend of what the exchange rate for NGN/USD has been over the past say...6 months?

If the rate can plunge from under 330 less than two months ago to even higher than the parallel market what does that tell you?

Besides where in the world is the parallel market lower than the official exchange rate? Doesn't that tell you something interesting is going on?

Bros, there's more to this thing than meets the eye... Study well before assuming that everyone who complains are enemies of progress...

Those mudersfuckers, what they are doing is not helping anybody but the thieves that wants to make the best of their looted naira in exchange for low dollar rate. Aswell as making it easy for rogue to bring in cheap and counterfeit goods to sell at uncontrollable prices. It is not encouraging indigenous productivity and job creations at all.

Joshmedia1:


I wonder Oooh

From the escrow group

An extremely stupid policy by a bunch of economic illiterates. If they wanna improve the value of Naira, the route is quite simple:

Expand your export - foreign currency generators (i.e. your balance of trade of trade. Export more than you import). That would improve your economy and your foreign reserve. Then the value of naira would automatically improve. You don't need govt intervention or any artificial Central Bank intervention. That's voodoo economics.


O pari

Inanna:
They keep on boosting but we aren't seeing any effects on the exchange rate.

Okoroawusa:
Keep up d good work.We must recover from 16 years of misrule.

At what rate did they meet the forex? They still have a long way to returning it to what it was in 2014. They only deserve to be commended if they fulfill their campaign promise, $1 at #1.

Nigerians are so used to being cheated and taken for granted. They take our food and feed us mere crumbs and we grovel at their feet?

Until Forex is reduced below what APC met, they should just hush and stop celebrating mediocrity and poor performance.

pressplay411:


At what rate did they meet the forex? They still have a long way to returning it to what it was in 2014. They only deserve to be commended if they fulfill their campaign promise, $1 at #1.

Nigerians are so used to being cheated and taken for granted. They take our food and feed us mere crumbs and we grovel at their feet?

Until Forex is reduced below what APC met, they should just hush and stop celebrating mediocrity and poor performance.

Did PDP leave forex,price of food,price of fuel, where they met dem in 1999?

Okoroawusa:

Did PDP leave forex,price of food,price of fuel, where they met dem in 1999?

They didn't make sure audacious promises.

Ok

pressplay411:


They didn't make sure audacious promises.

can u swear wit ur life on dat?