Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,153,280 members, 7,818,942 topics. Date: Monday, 06 May 2024 at 08:44 AM

CBN Pumps $210m Into Forex Market - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / CBN Pumps $210m Into Forex Market (4884 Views)

Naira Depreciates By N64 Against Dollar At FOREX Market / CBN Injected $18bn Into Forex Market In 2022 / Naira Weakens At Forex Market As Foreign Reserves Drop To $43b (2) (3) (4)

(1) (2) (Reply) (Go Down)

CBN Pumps $210m Into Forex Market by buttlover(m): 6:12am On Mar 20, 2018
The Central Bank of Nigeria (CBN), on Monday, March 19, injected 210 million dollars into the inter-bank Foreign Exchange Market, in its bid to sustain liquidity in the foreign exchange market.

The acting director, corporate communications department, Isaac Okoroafor in a statement said that the move would ensure the continuous availability of foreign exchange to customers.

Giving a breakdown, Okoroafor said that the bank offered 100 million dollars to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises segment received 55 million dollars. He said also that customers requiring foreign exchange for invisibles such as
tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated 55 million dollars.

Okoroafor reassured the public that the bank would continue to intervene in the interbank foreign exchange market in line with its desire to sustain liquidity in the market and maintain stability.
He also said that the steps taken so far
by the apex bank in the management of
foreign exchange was paying off, as reflected by reduction in the country’s import bills and accretion to its foreign reserves. It will be recalled that the CBN had recently injected 210 million dollars into the Wholesale segment of the foreign exchange market.
Meanwhile, the naira continued its stability in the foreign exchange market, exchanging at an average of N360 to a dollar in the Bureau de Change segmentof the market.

https://t.guardian.ng/news/cbn-sustains-liquidity-in-forex-market-with-210-million/

Re: CBN Pumps $210m Into Forex Market by Blakjewelry(m): 6:14am On Mar 20, 2018
Yet the thing still balance for where e dey

9 Likes

Re: CBN Pumps $210m Into Forex Market by wwwtortoise(m): 7:19am On Mar 20, 2018
Temporary solution to a persistent problem.

For how long will they continue to do same thing and expect a different result in the long-run.

CLOWNS.

13 Likes 2 Shares

Re: CBN Pumps $210m Into Forex Market by Nwaohafia1: 7:20am On Mar 20, 2018
We advised APC last year that this is not the solution, they didn't listen. It is equivalent to when you have malaria, and you keep taking paracetamol.

They will keep pumping more into the system.

2 Likes

Re: CBN Pumps $210m Into Forex Market by dukeprince50: 7:20am On Mar 20, 2018
they should just put some money into bet9ja to sustain liquidity, its not lucrative recently

8 Likes

Re: CBN Pumps $210m Into Forex Market by josephobaro(m): 7:20am On Mar 20, 2018
How do the pumping affect the ordinary man on the street?

2 Likes

Re: CBN Pumps $210m Into Forex Market by Buffalowings3(m): 7:21am On Mar 20, 2018
grin grin grin

Ozugo, you sure say no be home economics these yeye people sTudy in the uni grin grin

7 Likes

Re: CBN Pumps $210m Into Forex Market by Fanatique: 7:22am On Mar 20, 2018
That's good
Re: CBN Pumps $210m Into Forex Market by ThatCEO: 7:25am On Mar 20, 2018
The way CBN is announcing this foolishness, you will think it's some political or economic achievement that we are meant to applaud.

Just pump all the whole Treasury and let everyone rest.

13 Likes 1 Share

Re: CBN Pumps $210m Into Forex Market by easyfem(m): 7:25am On Mar 20, 2018
*�FOR THOSE THAT REALLY WANTS MONEY WORK FOR THEM �*

Hello Everyone,

My name is ISA, i want to introduce to you a company that has been making people millionaires in short time..
kindly read this �

I want to multiply my bitcoin by 300%
I want to be paid daily
I want to multiply my Naira by 300%
I want all these but I don't want to refer anyone
I have plans for 2018
I want to refer and have additional bonus that will make me get more than 300%
Am in search of a very reliable Platform to invest in...
I like investing only on reliable and credible Company
I have money to invest... So my money can work for me..

If you answer to all these or any of it is yes then join *Bitclub Advantage*

Join us today and become financially free

If you are interested. Check my signature now!! and you will be added to our closed membership group... Where you meet other like minds..
��
Re: CBN Pumps $210m Into Forex Market by Nobody: 7:26am On Mar 20, 2018
Blakjewelry:
Yet the thing still balance for where e dey

The thing just weak me.. Sometimes i wonder if they are really pumping this money at all, cos I'm not seeing any difference.

3 Likes

Re: CBN Pumps $210m Into Forex Market by TheGoodJoe(m): 7:26am On Mar 20, 2018
Another Modular refinery gone. Weldone. Keep on treating malaria with Paracetamol.

1 Like

Re: CBN Pumps $210m Into Forex Market by StoneLucifer: 7:27am On Mar 20, 2018
dukeprince50:
they should just put some money into bet9ja to sustain liquidity, its not lucrative recently

bet9ja ko, bet9ja ni....Rubbish!!!!
Re: CBN Pumps $210m Into Forex Market by Nobody: 7:28am On Mar 20, 2018
Great one!
Re: CBN Pumps $210m Into Forex Market by frankmoney(m): 7:28am On Mar 20, 2018
Nwaohafia1:
We advised APC last year that this is not the solution, they didn't listen. It is equivalent to when you have malaria, and you keep taking paracetamol.

They will keep pumping more into the system.
what is the solution then , can you explain in detail so we can understand

3 Likes

Re: CBN Pumps $210m Into Forex Market by CodecJay(m): 7:29am On Mar 20, 2018
Hmmm. Owk

1 Like

Re: CBN Pumps $210m Into Forex Market by josephubah111(m): 7:29am On Mar 20, 2018
I no trust this government all this pumping yet no show.....

2 Likes

Re: CBN Pumps $210m Into Forex Market by herraph: 7:30am On Mar 20, 2018
wwwtortoise:
Temporary solution to a persistent problem.

For how long will they continue to do same thing and expect a different result in the long-run.

CLOWNS.

Our leadership is incompetent

1 Like

Re: CBN Pumps $210m Into Forex Market by TheGoodJoe(m): 7:33am On Mar 20, 2018
frankmoney:
what is the solution then , can you explain in detail so we can understand

“The biggest Forex consumer in Nigeria today, is the Petroleum Product (Downstream), of which I am the leader. Petroleum products take over 75 per cent of the Forex that Nigeria generates. Therefore, if you want to attack the difference between the Naira and the Dollar and of which no expert has been able to find out a solution, what you need to do is to find an alternative that you need to energize in Nigeria, so that the demand for Forex needed for the importation of petroleum products will crash.

“If you do that, you have taken away 75 per cent of that cancer that is taking away our dollars. And how do you do this? There’s what is called top-up refineries. Some top-up refineries can cost us as little as $200million.... Ifeanyi Ubah

5 Likes 1 Share

Re: CBN Pumps $210m Into Forex Market by AlexCk: 7:39am On Mar 20, 2018
they keep pumping the money, things keep getting 'not better'(don't wanna use that word)



honestly, what the heck is going on?? undecided undecided

1 Like

Re: CBN Pumps $210m Into Forex Market by kam1992: 7:43am On Mar 20, 2018
Steps On How To Use Your National Identification Card To Withdraw From Any ATM In Nigeria
Re: CBN Pumps $210m Into Forex Market by lincolnj88: 7:54am On Mar 20, 2018
grin grin kerosene economics continue

1 Like

Re: CBN Pumps $210m Into Forex Market by Nwakannaya1: 7:56am On Mar 20, 2018
So these people still dey waste our money... grin grin grin grin

1 Like

Re: CBN Pumps $210m Into Forex Market by hardywaltz(m): 8:08am On Mar 20, 2018
TheGoodJoe:


“The biggest Forex consumer in Nigeria today, is the Petroleum Product (Downstream), of which I am the leader. Petroleum products take over 75 per cent of the Forex that Nigeria generates. Therefore, if you want to attack the difference between the Naira and the Dollar and of which no expert has been able to find out a solution, what you need to do is to find an alternative that you need to energize in Nigeria, so that the demand for Forex needed for the importation of petroleum products will crash.

“If you do that, you have taken away 75 per cent of that cancer that is taking away our dollars. And how do you do this? There’s what is called top-up refineries. Some top-up refineries can cost us as little as $200million.... Ifeanyi Ubah
So why haven't you opened ur own refinery?
Why hasn't any of the 22 persons (including Akwa Ibom and Delta State Governments) given licenses by Obj government opened any refinery?
Why is it Dangote who just collected license the other day that is almost throu with his refinery?
All we know how to do is criticize

5 Likes

Re: CBN Pumps $210m Into Forex Market by YEsHYsE: 8:32am On Mar 20, 2018
princepet
Re: CBN Pumps $210m Into Forex Market by Jethrolite(m): 8:33am On Mar 20, 2018
TheGoodJoe:


“The biggest Forex consumer in Nigeria today, is the Petroleum Product (Downstream), of which I am the leader. Petroleum products take over 75 per cent of the Forex that Nigeria generates. Therefore, if you want to attack the difference between the Naira and the Dollar and of which no expert has been able to find out a solution, what you need to do is to find an alternative that you need to energize in Nigeria, so that the demand for Forex needed for the importation of petroleum products will crash.

“If you do that, you have taken away 75 per cent of that cancer that is taking away our dollars. And how do you do this? There’s what is called top-up refineries. Some top-up refineries can cost us as little as $200million.... Ifeanyi Ubah
Where is your source that claims 75% of forex is spent on Petroleum Products.

1 Like 1 Share

Re: CBN Pumps $210m Into Forex Market by frankmoney(m): 8:35am On Mar 20, 2018
TheGoodJoe:


“The biggest Forex consumer in Nigeria today, is the Petroleum Product (Downstream), of which I am the leader. Petroleum products take over 75 per cent of the Forex that Nigeria generates. Therefore, if you want to attack the difference between the Naira and the Dollar and of which no expert has been able to find out a solution, what you need to do is to find an alternative that you need to energize in Nigeria, so that the demand for Forex needed for the importation of petroleum products will crash.

“If you do that, you have taken away 75 per cent of that cancer that is taking away our dollars. And how do you do this? There’s what is called top-up refineries. Some top-up refineries can cost us as little as $200million.... Ifeanyi Ubah
ok sounds reasonable , I think if dangote refinery comes n stream it will address the situation
Re: CBN Pumps $210m Into Forex Market by frankmoney(m): 8:36am On Mar 20, 2018
hardywaltz:

So why haven't you opened ur own refinery?
Why hasn't any of the 22 persons (including Akwa Ibom and Delta State Governments) given licenses by Obj government opened any refinery?
Why is it Dangote who just collected license the other day that is almost throu with his refinery?
All we know how to do is criticize
exact same thing I want to say , if it was that cheap we should have a lot of refineries by now
Re: CBN Pumps $210m Into Forex Market by Jaytecq(m): 9:35am On Mar 20, 2018
nice... best news ever
Re: CBN Pumps $210m Into Forex Market by izzyboi(m): 10:26am On Mar 20, 2018
Read 7 Powerful Ways To Keep Your Information Safe And Secure. https://didyouknowthesefacts./2018/03/20/7-powerful-ways-to-keep-your-information-safe-and-secure/

(1) (2) (Reply)

Price Of Deep Cycle Battery / Transfer From Nigeria Naira Account To Barclays Bank PLC (UK) Naira Account / Nigeria’s October Manufacturing PMI Expands To 58.2 Points

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 36
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.