₦airaland Forum

He's right, not propaganda! Many of the commenters above should ask their wives if they don't go to markets before condemning "Nuga.

Elliotwaveforec:
Sell BTC 60700 SL 65000 TP 45200

Out!

Wow! It's a great achievement by South Africa, congratulations!

The President is an idiot for throwing a jab at Nigeria.

blackjack21:
Hey, bro.
Have you left FX for and become rice merchant now

Haba! We all eat rice and cheap rice and other staple foods makes us all happy; even a millionaire like you would be happy if prices of foods crash, wouldn't you?

I eat and drink Forex! That's where I earn my living.

Sell BTC 60700 SL 65000 TP 45200

These people better surrender to Israel before hand touch them. That Iran President wey dey make mouth own dey come.

Fictitious Forex demand! These banks are the real economic saboteurs!

https://www.vanguardngr.com/2024/08/forex-cbn-disqualifies-313-69m-bids-from-6-banks/

Sells $876.26 m to authorized dealers

The Central Bank of Nigeria (CBN) said it disqualified $313.69 million foreign exchange bids from six banks on Tuesday.

According to CBN, the disqualifications were due to four banks submitting bids after the 3:00 PM cutoff time and two banks failing to provide bids in the required template. Additionally, all bids with Form Q and unverifiable Forms A and M on the Trade Portal were disqualified.

The apex bank disclosed this today in a statement signed by its Director Financial Market Department, Dr. Omolara Duke noting that the total bids came to $1.18 billion which was received from 32 authorised dealer banks.

CBN also sold a total of $876.26 million foreign exchange through a retail dutch auction to end users whose bids were submitted by 26 banks.

“The CBN undertook the sale of foreign exchange (Fx) to end users through a Retail Dutch Auction System (rDAS) to reduce the demand pressure in the Fx market, and promote price discovery on Tuesday, August 06, 2024.

“Authorised Dealer Banks were required to submit a comprehensive template that contains the details of the Forms A and M of all the outstanding trade backedunmet Fx demand of their customers via email on Tuesday, August 06, 2024, between 9:00am and 3:00pm.

“The templates were all password protected with the passwords submitted to the CBN after the deadline for the submission of the bids, thereafter, the bids were opened and collated.

“The accounts of all end users were to be funded with the naira equivalent of their bids by Wednesday, 07 August 2024. “The settlement for the successful bids is T+2, that is, Thursday, August 08, 2024.

“A total bid valued at US$1.18 billion was received from 32 Authorized Dealers Banks, of which, bids valued at $876.26 million from 26 banks qualified, while bids valued at $313.69 million from 6 (six) banks were disqualified.

Of the disqualified bids, 4 (four) banks submitted their bids after the cut off time of 3:00pm, while 2 (two) banks did not provide bids in the template submitted. All bids with Form Q, and unverifiable Form A and Form M on the Trade Portal were disqualified

By: Sami Tunji


The Central Bank of Nigeria (CBN) has unveiled plans to implement a Retail Dutch Auction System (DAS) to address the mounting unmet foreign exchange (FX) demand from end users.

According to a circular seen by Nairametrics, this initiative, scheduled for next Wednesday, aims to alleviate the growing pressure in the FX market and stabilize the naira’s exchange rate.

This move comes as the naira, which closed at N1,617.08/$1 on Friday, faces severe demand pressure.

CBN directs banks to submit list of FX demands
According to the circular, the CBN has directed all authorized dealer banks to submit a detailed and legitimate list of outstanding FX demands from their end users.

The circular read: It stated: “The CBN has noted growing unmet FX demand from end users with banks. This has continued to increase the demand pressure in the FX market with adverse impact of the exchange rate of the naira.

“Authorised dealer banks therefore are to provide to the CBN, a legitimate list of all outstanding FX demand by end users.”

According to a circular seen by Nairametrics, this initiative, scheduled for next Wednesday, aims to alleviate the growing pressure in the FX market and stabilize the naira’s exchange rate.

This move comes as the naira, which closed at N1,617.08/$1 on Friday, faces severe demand pressure.

This comprehensive list must include information such as the customer’s name, address, contact details, Bank Verification Number (BVN), account number, Tax Identification Number (TIN), transaction type, Form A or Form M, and Letter of Credit (LC) Number.

The directive mandates that all authorized dealers must submit the required information via email to EMDEXDealers@cbn.gov.ng by Tuesday, August 6, 2024, using the provided template. Additionally, accounts of prospective customers must be naira-backed to qualify for participation in the auction, ensuring immediate settlement upon confirmation of bid acceptance by the CBN.

It added: “The CBN will undertake a Retail Dutch Auction System (DAS) to mitigate the demand for eligible transactions through authorised dealers on Wednesday, 07 August, 2024

“Consequently, all authorised dealers are to provide the information above via email in the attached template to EMDEXDealers@cbn.gov.ng on or before Tuesday, August 06. 2024.
“The account of prospective customer should be naira backed as a prerequisite to participate in the auction for immediate settlement upon confirmation of bid acceptance by the CBN.”

The Retail Dutch Auction System is expected to mitigate the demand for eligible transactions through authorized dealers, thereby stabilizing the FX market and supporting the naira.

What you should know
The Retail Dutch Auction System (DAS) is a direct sale of Forex by the CBN through the banks to the end users of the forex.

It is based solely on actual demand of forex by the end users of the forex. As such, the authorised dealers will only bid for forex based on the number of actual requests it has received from its end users. For example, if an authorised dealer has received only $1million of confirmed dollar requests from its end users, it can only bid for that $1million from the CBN auction.

In July, the Nigeria’s central bank sold at least $377.17 million to authorized FX dealers.

Aside from the FX sales to authorized dealers, the CBN announced the approval of the sales of FX to eligible BDCs to meet the demand for invisible transactions in a decisive step to strengthen the naira on Thursday, July 18, 2024. The bank announced that the sum of $20,000 is to be sold to each BDC at the rate of N1,450/$1.

These sales from the CBN came at a time when the naira faced severe demand pressure and the official market struggled with dollar illiquidity.

In a recent statement, the CBN said it would continue to address the FX supply gap to ensure market stability.


https://nairametrics.com/2024/08/03/central-bank-to-reintroduce-auctions-rdas-to-address-forex-shortage/#google_vignette

Russia needs to sell weapons; Good customer, you're welcome!

So, majority who aren't public servants and aren't even beneficiaries of wage increase, will not benefit from the subsidised rice.

This is not right! FG should do something about this. In fact, public servants should be excluded from this, because they're enjoying wage increase already.

Are we non-salary earners , who are the majority, not Nigerians again?

Target go hit now!

Succhrisfx:
Boss mi, I’m there already

Your contributions are needed sir.

We have Judaism, Hinduism, and Buddhism in the UK; these religions are peaceful! But one religion is known for violence not Peace as it claims.

Succhrisfx:
Gold may have started a bearish run. Looking for OTE
next week

You're good with gold! Please join us on telegram. If you're there already, what's your username?

Useless yahooboys forming protesters.

Thank you BAT, the listening President!

Good job! All other churches and mosques should do the same. What are they doing with tithes, offerings, and Zakat sef?

They should start building factories for members to work in instead of planting branches like mushrooms

Zulum for President!

Greedy farmers are the cause! The northern farmers are weaponising food to destabilise the government of Tinubu; they deliberately and arbitrarily raised prices of foods.

The protection these greedy farmers have been enjoying is being removed through the removal of import duty on some products. They will beg the government to return the tariff, this I know.

Food inflation will surely come down and the Naira will rise to 910 from the present 1625; it will not touch the highest of 1750 before it drops to 910

A Forex technical analyst has spoken as it concerns Naira value, so shall it be! Bookmark this page for future reference.

Tinubu is covertly giving Dangote audacity to expose the rot in the NNPC! Only the wise would understand this; Dangote has never been this vociferous!

Heads will roll! The system will be cleansed.

Why is the President silent on this? Dangote should be rescued from the hands of economic saboteurs!

seeteazain:
Fundednext current leaderboard

Cheat! Why do people like cheating? They're all disqualified already.

Na wa!

Foodqueen:
Where you for de buy your beans.

Badagry! E cheap for your area?

Donsheddy:
Live account

Ok! No profit target, any profit made can be withdrawn.

Donsheddy:
Na daily bread i dey hustle...
First withdrawal on 25k incoming...
I don delete mt4 make i jejely lock down this one....

Is the profit target 0.5%?
5% of 25k is 1,250, not 125.

Nemesis0147:
Beans and roasted yam.

Beans na no go area! Even more expensive than rice.

1500 per derica - Beans
1200 per derica -. rice.

Who dey chop beans before? Na big man food now.

Chai! Nlanders no go wound person with laugh.

Country hard gan.

AGF will honour this decision by the authentic members of the house and all banks will do same.

Fubara doesn't know laws at all. Den go use law cripple him government. The federal court is more powerful than the state kangaroo courts.

Greedy farmers, go to hell! These guys are really tormenting Nigerians.

Since you people have refused to be sensible, all foods should be imported; the government has been protecting you by raising food tariff to hefty 70 percent, but you aren't reciprocating the gesture by increasing prices at will.

God punish Una!