The Acting Governor of the Central Bank of Nigeria, Folashodun Shonubi, has said the apex bank will repay banks all outstanding forward contract debts in the next one to two weeks.

Although he did not disclose the total amount of the outstanding dollar debts, a report by JPMorgan, a United States-based bank in a recent report put the total amount of forward contract debt owed by the CBN at $6.84bn.

The acting CBN governor who also dismissed the JPMorgan report, however, said the apex bank had been discussing with banks for a while, adding that the forward contract debts would be repaid in one or two weeks.

Shonubi, who spoke in Lagos, said, “There is no outstanding $7bn as claimed by JP Morgan. It was just their opinion that was put on paper, and many people jumped on it

“In response to questions about the backlogs, the banks have been working with the CBN on various structures to clear them. So, what happens is that at maturity, they make the foreign exchange available to those that need it.

“We are discussing with them so we can structure their own. So, we are working towards clearing them in the next one or two weeks. It is something we have been discussing for a while.”


CBN clamps down

Meanwhile, the CBN governor also said the apex bank was probing one Crown Agent, a Bureau De Change operator, for bringing forex into the country illegally and selling it to Nigerians.

He vowed that the apex bank would deal with all erring BDC operators in the country.


He said, “For the last few weeks, we have been investigating and quite a few players have been bringing in money and selling at less than the official rate. One of those we have investigated recently is Crown Agent.

“We have reason to believe that, we have been working with international agencies on this. We are looking at those who do not follow through the normal system, send it through them, and sell it to Nigerian companies. They can expect to hear from us shortly. And they will not be the only ones.”

The CBN governor said the lender was still intervening in the market to stabilise the forex rate.

Shonubi, while reaffirmed the CBN’s ongoing intervention in the market, emphasised its commitment to stabilising exchange rates despite contributing less than 25 per cent of the market volume.

According to him, the CBN’s intervention goes beyond regulatory oversight, noting that it aims to ensure rate stability.

This approach, he said, allowed the CBN to effectively manage the flow of foreign exchange and ensure a balanced supply to the financial sector.

“Today, we are still intervening in the market. It is not as if it has affected our ability to make money available in the I&E market. When you look at the volumes, the CBN contributed less than 25 per cent.

“The CBN doesn’t aim to be a regulator player but wants to stabilise the rate. There is so much foreign exchange that people don’t talk about that is being made available that banks are selling to their customers. It doesn’t appear as demand to CBN, but it is significant,” he added.

donjazzet:
I hope nigerians are aware that many of the pro-tinubu accounts here are paid agents and not casual users like you and I?

These people are a coordinated propaganda group paid to try and shape and manipulate public opinions.
Look at the "likes" on their posts, you see how it majorly corresponds with the likes on the "pro obi" posts. If on any topic, a pro obi commenter makes a post and it gets 20 likes, you see that the pro-apc posts will get that very same range. 15-25 likes.
Please more people should speak up about this seeing as Seun is not tackling this adequately.

Don't let yourself be manipulated.

dre11:


https://punchng.com/dollar-debts-cbn-repays-banks-next-week-naira-may-rebound/?amp

I’ll make naira equal to dollar, says Buhari

MARCH 23, 2015

Muhammadu Buhari, presidential candidate of the All Progressives Congress (APC), has promised to ensure that the naira would be equal to the dollar in value if voted into office.

NAN reports that Buhari said this on Monday during the south-east presidential rally of the party at Dan Anyiam Stadium, Owerri.

“It is sad that the value of the naira has dropped to more than N230 to one dollar. This does not speak well for the nation’s economy,” he said.

He urged the people to vote for APC, noting that he would ensure that corruption was tackled headlong if elected.

https://www.thecable.ng/ill-make-naira-equal-dollar-says-buhari/amp

donjazzet:
I hope nigerians are aware that many of the pro-tinubu accounts here are paid agents and not casual users like you and I?

These people are a coordinated propaganda group paid to try and shape and manipulate public opinions.
Look at the "likes" on their posts, you see how it majorly corresponds with the likes on the "pro obi" posts. If on any topic, a pro obi commenter makes a post and it gets 20 likes, you see that the pro-apc posts will get that very same range. 15-25 likes.
Please more people should speak up about this seeing as Seun is not tackling this adequately.

Don't let yourself be manipulated.

SmartPolician:
This sounds like some good news, but borrowing dollars from Afreximbank to stop the naira from experiencing a free fall won't fix the problem.

Tinubu should look for sustainable, long-term solutions to the problem. Unfortunately, I don't see him doing that.

donjazzet:
I hope nigerians are aware that many of the pro-tinubu accounts here are paid agents and not casual users like you and I?

These people are a coordinated propaganda group paid to try and shape and manipulate public opinions.
Look at the "likes" on their posts, you see how it majorly corresponds with the likes on the "pro obi" posts. If on any topic, a pro obi commenter makes a post and it gets 20 likes, you see that the pro-apc posts will get that very same range. 15-25 likes.
Please more people should speak up about this seeing as Seun is not tackling this adequately.

Don't let yourself be manipulated.

donjazzet:
I hope nigerians are aware that many of the pro-tinubu accounts here are paid agents and not casual users like you and I?

These people are a coordinated propaganda group paid to try and shape and manipulate public opinions.
Look at the "likes" on their posts, you see how it majorly corresponds with the likes on the "pro obi" posts. If on any topic, a pro obi commenter makes a post and it gets 20 likes, you see that the pro-apc posts will get that very same range. 15-25 likes.
Please more people should speak up about this seeing as Seun is not tackling this adequately.

Don't let yourself be manipulated.