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Nairaland Forum / Nairaland / General / Politics / CBN Still Short Of Forex To Clear Backlog- Fitch (437 Views)
CBN Sells Forex To BDCs At N1,251/$1as Naira regains strength / Datti-Ahmed: Fitch Statistics On Nigeria’s Economic Growth Misleading / Fitch Predicts That Bola Tinubu Will Win 2023 Presidential Election (2) (3) (4)
CBN Still Short Of Forex To Clear Backlog- Fitch by Mateco556: 2:25pm On Jan 22 |
Fitch, a prominent global credit rating agency, has highlighted that the Central Bank of Nigeria (CBN) continues to grapple with insufficient foreign exchange (forex) reserves to address the existing backlog of demand within the country. The dire situation was brought to light by Gaimin Nonyane, Director of Middle East and Africa Sovereigns at Fitch, who also cautioned about Nigeria’s vulnerability due to a high interest payment to revenue ratio. “Nigeria’s central bank still lacks the foreign exchange to clear the backlog of demand, and the country’s high interest payment to revenue ratio weighs on its sovereign credit........ https://ratecaptain.com/cbn-still-short-of-forex-to-clear-backlog-fitch/ 1 Like |
Re: CBN Still Short Of Forex To Clear Backlog- Fitch by matify83: 3:13pm On Jan 22 |
Blame it on Aboki fx and BDCs Wetin we never hear for dis country. Even Cardoso has joined in the cluelessness to say diaspora remittances are not coming through our banking system. I just wonder if NNPCL is not remitting dollars into the federation account. |
Re: CBN Still Short Of Forex To Clear Backlog- Fitch by nairavsdollars(f): 3:13pm On Jan 22 |
Dey play |
Re: CBN Still Short Of Forex To Clear Backlog- Fitch by Validated: 4:06pm On Jan 22 |
matify83: Patriotism is not "Stupidity". Why should I translate my $ at N880, when I can get N1350 for same $? Una never ready for governance. 3 Likes |
Re: CBN Still Short Of Forex To Clear Backlog- Fitch by Tochi3(m): 4:20pm On Jan 22 |
Thief'nubu a fraudulent "first" class non graduate of Accountancy will handle the economy like he did in the fathom development of Lagos. ..while .. Shittima will handle security like he did to his home grown boko boys as a governor.. Dey play..Just continue playing.. 1 Like |
Re: CBN Still Short Of Forex To Clear Backlog- Fitch by Paraman: 4:44pm On Jan 22 |
matify83:Provide the evidence cardoso said this please |
Re: CBN Still Short Of Forex To Clear Backlog- Fitch by Mrexcell(m): 4:45pm On Jan 22 |
matify83: Buhari and tinibu have mortgaged nigeria's crude oil deposits over 90% oil revenues is currently been used for debt servicing so where will the fx be coming from? |
Re: CBN Still Short Of Forex To Clear Backlog- Fitch by matify83: 7:00pm On Jan 22 |
Paraman: “The World Bank said for 2023, our diaspora remittance was about $20 billion. We estimate that more than 90 percent of that did not get to Nigeria, they are being externalized. We have spoken to loads of Nigerians almost everywhere, in the US, UK, etc. They told us how they send remittance. They use Apps, and we have tried some of those Apps, they use parallel market rates. So, you take $1,000 in New York, and tap on your phone that you are sending $1,000 to someone, a Fintech, they pay the Naira equivalent in Nigeria without bringing the dollars, unless of course if the source of the money is illicit.” Taiwo Oyedele, Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, has said. 2 Likes |
Re: CBN Still Short Of Forex To Clear Backlog- Fitch by Paraman: 7:22pm On Jan 22 |
matify83:I don't want to believe you're a clown please. Show me where Cardoso said what you claim he said 1 Like |
Re: CBN Still Short Of Forex To Clear Backlog- Fitch by Ozommadu: 7:32pm On Jan 22 |
Paraman: Cardoso is a failure like his principal Ebola. You support them like you defended clueless buhari for 8 wasted years |
Re: CBN Still Short Of Forex To Clear Backlog- Fitch by Paraman: 7:33pm On Jan 22 |
Ozommadu:Tinubu and Cardoso are both on the right track. Things will soon start turning around for good base on the works going on. |
Re: CBN Still Short Of Forex To Clear Backlog- Fitch by Ozommadu: 7:34pm On Jan 22 |
Paraman: Keep deceiving yourself 1 Like |
Re: CBN Still Short Of Forex To Clear Backlog- Fitch by Babalegba(m): 7:38pm On Jan 22 |
Tochi3:You must be a poorly educated petulant child. There was no sense in your post. Grow up. 1 Like |
Re: CBN Still Short Of Forex To Clear Backlog- Fitch by matify83: 11:24pm On Jan 22 |
Paraman: I read that piece some few weeks back and in all honesty may have gotten the above quote wrongly attributed to Cardoso. I had to paste it all the same since it's a reflection of the policy statement of this government even though it was not Cardoso's exact wordings. I could have ignored your request to show proof and in that wise spare myself any embarrassment but that's not my training. HOWEVER , a slip does not warrant the jab you took at me. Its all well! 1 Like |
Re: CBN Still Short Of Forex To Clear Backlog- Fitch by donmaxman: 11:34pm On Jan 22 |
Naira is gone for good. For long CBN, Western Union, Money gram and the Nigerian banks kept giving our families money at the official rates and seized our hard earned dollars without thinking of the long term impact. Now we in the diaspora have decided to supplant them completely by using peer to peer and apps. CBN will not see one dollar from us. Nigerian policy makers are foolish and don't think long term. That is how the capital market was destroyed and no business can raise any serious money from it. Nigeria era is over! Tinubu cannot defend it. They have run out of lenders.. 2 Likes |
Re: CBN Still Short Of Forex To Clear Backlog- Fitch by Konquest: 5:48pm On Feb 20 |
Mateco556: |
Re: CBN Still Short Of Forex To Clear Backlog- Fitch by Konquest: 5:53pm On Feb 20 |
matify83: |
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