FreeStuffsNG:
Hmmm Most of the funds was used to pay back the billions in forex backlog debts incurred more than 4 years ago.
You can support your national currency in the short run to ensure that others see that you have a skin in the game. That decision of paying back international airlines alone has led to drastic fall in airfares and increased confidence in the naira.
From the chart below, the dates when our reserve fell tally with the period we cleared this massive backlog from early March till when CBN announced it in late March which lagged into April. We are barely in mid April. May God bless Nigeria for ever! Check my signature for free stuffs!

“If they say they have cleared the trapped funds, they should show us figures. They should tell us how much have been cleared. The last I checked, the status quo still remains the same,” Nwokoma said.
Hakama Sidi Ali, acting director of corporate communications at CBN, on Wednesday disclosed in a statement that the financial regulator recently concluded the payment of $1.5 billion to settle obligations to bank customers, effectively settling the residual balance of the FX backlog.
But Bankole Bernard, chairman of Airlines and Passengers’ Joint Committee (APJC) of the International Air Transport Association (IATA) told BusinessDay that CBN’s claim is true, adding that the airlines’ trapped funds have been cleared.
https://businessday.ng/news/article/foreign-airlines-dispute-cbns-claim-of-settled-fx-backlog/

OkayDaddy:


Don't only hold dollars, buy more dollars.

OkayDaddy:


Don't only hold dollars, buy more dollars.

Dennisochampa:


Bros easy na... U no want make obidients sleep well this night

Goodvibes007:
The Nigerian reporter of the article should also explain why there is a convergence between the parallel and official markets.

Ps




It was written by a Nigerian for Bloomberg Africa. There are two of them that usually write for Bloomberg Africa. Anthony Osae and Emele Onu. Onu is a Peter Obi supporter. I can't say for Osae.

garykoeman:
Even with their propaganda obi will not be president.

Clemostical:
"My assumption is they hope to encourage others – local and foreign investors – to start investing in the local currency, and return private sector liquidity to the foreign exchange market.” Nigeria still has a sizable cushion of foreign-exchange reserves, buoyed by a rally in oil prices and inflows from multi-lateral loans. Gross reserves of around $32.6 billion cover about six months’ worth of imports, according to the International Monetary Fund"
It appears Nigerians no longer read. The report is speculative. The reporter was only making assumptions l.

LegendHero:
Bloomberg themselves said this in the report.

So if CBN clear FX backlogs, where do you guys expect them to see the money before? Will it not be from loans and FX reserve?

How does this translates to defending naira? She na all those $10k wey them dey give BDC go amass $2bn in a month?

This is just using a clickbait topic to attract people, reading the content did not show anywhere that the did was because naira was defended except if clearing backlog is now seen as “Naira defense” too.

unclejb2:


For how long can Tinubu sustain this? Hold your dollar closely. If the government reserve gets depleted, e go red for naira

Goodvibes007:
The Nigerian reporter of the article should also explain why there is a convergence between the parallel and official markets.

Ps




It was written by a Nigerian for Bloomberg Africa. There are two of them that usually write for Bloomberg Africa. Anthony Osae and Emele Onu. Onu is a Peter Obi supporter. I can't say for Osae.

unclejb2:
For how long can Tinubu sustain this? Hold your dollar closely. If the government reserve gets depleted, e go red for naira

Resonance2019:
∆ Nigerians are there very own problems. Are you praying that naira should continue to go to all time low in the Fx market?

adioolayi:
Leave us alone Bloomberg...

E se ..

E se oo

E se opo

E wa ma lo!

Lizzysamuel:


And you call yourself a patriot?

My Goodness

Resonance2019:

Nigerians are there very own problems. Are you praying that naira should continue to go to all time low in the Fx market?

Believeintruth:


Is that what you are saying advising people to buy more dollars to worsen an already bad situation?

MEGAWATCH:


My happiness is that you will remain where you are suffering and smiling even if obi will not be president.

Unperturbedpota:

Does being a Peter obi supporter make him less professional? You illiterates always talk like hooligans

stagger:


I am sure if we have a peek into your own accounts, you have zero savings.

Do you know what is the meaning of "reserve"?

Biodun556:
What is the reserve doing there?

Let's spend it

If this report is true, where did the CBN sees the 7 billion dollars to use to pay foreign airlines and others when Nigeria foreign reserve was 32 billion dollars

FreeStuffsNG:
Hmmm

Most of the funds was used to pay back the billions in forex backlog debts incurred more than 4 years ago.

You can support your national currency in the short run to ensure that others see that you have a skin in the game. That decision of paying back international airlines alone has led to drastic fall in airfares and increased confidence in the naira.

From the chart below, the dates when our reserve fell tally with the period we cleared this massive backlog from early March till when CBN announced it in late March which lagged into April. We are barely in mid April.

May God bless Nigeria for ever! Check my signature for free stuffs!

OkayDaddy:


Very very.
Obidients talk like blockheads no matter how professional they are supposed to sound.

See this Igbo Obidient for instance. Would you believe someone sounding so stupid works in Western Union?
Check his posts history for yourself. All he does is commit treason and set himself up for serious trouble.

OkayDaddy:


Very very.
Obidients talk like blockheads no matter how professional they are supposed to sound.

See this Igbo Obidient for instance. Would you believe someone sounding so stupid works in Western Union?
Check his posts history for yourself. All he does is commit treason and set himself up for serious trouble.

Goodvibes007:
The Nigerian reporter of the article should also explain why there is a convergence between the parallel and official markets.

Ps




It was written by a Nigerian for Bloomberg Africa. There are two of them that usually write for Bloomberg Africa. Anthony Osae and Emele Onu. Onu is a Peter Obi supporter. I can't say for Osae.