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Nairaland Forum / Nairaland / General / Business / CBN Begins To Clear FOREX Backlog (20898 Views)
CBN Releases $500m To Clear Verified FOREX Backlog / CBN May Not Clear FOREX Backlog — Report / Old Notes Circulation: CBN Begins Monitoring Today, Banks Set Two-week Target (2) (3) (4)
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Re: CBN Begins To Clear FOREX Backlog by bennyflipy(m): 8:29pm On Nov 02, 2023 |
gbemishile:I just tire. |
Re: CBN Begins To Clear FOREX Backlog by nedekid: 8:29pm On Nov 02, 2023 |
SocialJustice:Let's hope so. The important thing is let naira appreciate massively. How can I buy pounds at 1450? For over 16 years it was below 240. Infact 1m got you 4k pounds, now 1m cannot get you 900 pounds, no be juju be that? This that bought as you said to "hoard" only did the rational thing to protect the value of their money. Nothing bad in that. 4 Likes |
Re: CBN Begins To Clear FOREX Backlog by LordAdam16: 8:31pm On Nov 02, 2023 |
grandstar: It was either this or 1500 by middle of November. Nigerians overwhelmingly demand cheap forex. You could say their hands were forced. About securing new dollar inflows, there's not much else that can be done. Cutting the outflow by the refineries coming online would have been perfect. Clearing this backlog should have a positive effect on FDI. But that wouldn't be immediate and it's too early to tell if that'd occur or to what degree. -Lord 2 Likes 1 Share |
Re: CBN Begins To Clear FOREX Backlog by baralatie(m): 8:32pm On Nov 02, 2023 |
SoNature: |
Re: CBN Begins To Clear FOREX Backlog by VULCAN(m): 8:35pm On Nov 02, 2023 |
You know nothing about the game. Nobody who buys and holds dollar can lose. There are no fundamentals to back a permanently low exchange rate. Nigeria has destroyed its SMEs so there are no tangible exports. Crude is not enough as all of that gets siphoned by those in power. No country can maintain its currency value without exporting more than it's importing. None. Under Tinubu dollar will get to N2k because he has no economic blueprint outside taxation and when the people can no longer earn what do you tax? SocialJustice: 1 Like |
Re: CBN Begins To Clear FOREX Backlog by LordAdam16: 8:41pm On Nov 02, 2023 |
nedu666: Well, the reserves stopped shrinking mid October. That'll obviously reverse after the latest intervention. Our inflow from crude sales is fuzzy. How much we're producing. The discounts. What percentage is earmarked for pending obligations (like the crude oil swap agreement). All of those are hard to make out if you're not an insider. -Lord 2 Likes |
Re: CBN Begins To Clear FOREX Backlog by lionshare: 8:47pm On Nov 02, 2023 |
LordAdam16: You have no business discussing this topic if you do not know how much oil we are producing. There is nothing fuzzy about it our production has been marginally increasing for the past few months. Again you are pushing your opinion with no fact. 1 Like |
Re: CBN Begins To Clear FOREX Backlog by seborrhic: 8:59pm On Nov 02, 2023 |
optimusprime2:I detest Tinubu because see him as another utterly corrupt man hyped up by propaganda of lies about not just his educational history,but his capacity,but anyone residing in Nigeria,that does business and earns income in Nigeria,should not wish that the horrifying depreciation in the value of the ₦ continues and would so wish that Tinubu revives the economy. The effects,even at this ₦1000/$1 are already devastating all round.What happens if it continues getting worse! |
Re: CBN Begins To Clear FOREX Backlog by OYEDIPE(m): 8:59pm On Nov 02, 2023 |
LordAdam16:A very good analysis. 1 Like |
Re: CBN Begins To Clear FOREX Backlog by LordAdam16: 9:00pm On Nov 02, 2023 |
lionshare: I ignored you the first time. Please avoid me. If I ask you to tell me how much NNPCL sent to the Federation Account last month as crude oil net income, you'll start stammering. That's how you asked the stupid question about the leak that put inflow of the borrowed funds to start this week. There it is in black and white. https://www.thisdaylive.com/index.php/2023/10/27/fg-moves-to-securitise-nlng-dividends-for-7bn-cash If you're ignorant, try to seek out information independently. Not become a public irritant. I'm not responsible for your education. You're a grown man. Now if you'll excuse me... -Lord 2 Likes |
Re: CBN Begins To Clear FOREX Backlog by OYEDIPE(m): 9:01pm On Nov 02, 2023 |
lionshare:Maybe he is one of those speculators causing artificial surge in value of dollar as against naira. |
Re: CBN Begins To Clear FOREX Backlog by OYEDIPE(m): 9:02pm On Nov 02, 2023 |
VULCAN:Time will tell. |
Re: CBN Begins To Clear FOREX Backlog by OYEDIPE(m): 9:05pm On Nov 02, 2023 |
seborrhic:Continue detesting. Rather, strategize on how to adapt into the new economic reality. 1 Like |
Re: CBN Begins To Clear FOREX Backlog by Ikaeniyan0: 9:06pm On Nov 02, 2023 |
Calitoscassius:it was almost crossing over #1320 before, but now is falling. The government is on track, I hope they keep on the good work 2 Likes |
Re: CBN Begins To Clear FOREX Backlog by obi58: 9:07pm On Nov 02, 2023 |
Gajagojo: Read what you earlier wrote before this diatribe. Don't they contradict themselves? It is the CBN that owns and keeps foreign reserves and so if the CBN is owing any backlog it will pay from its (The CBN's foreign reserves) This is what you wrote.... So in trying to sound smart you ending up stupidly lecturing yourself about the foreign reserves. This is what happens when you write from a brain infused and eroded from excessive alcohol intake. In one hand you claim CBN can PAY from their foreign reserves to cover backlogs then on the other hand claim that these are not savings that can be spent. Take it easy on the alcohol. Drinkers are liable to die young. 1 Like |
Re: CBN Begins To Clear FOREX Backlog by Gajagojo: 9:08pm On Nov 02, 2023 |
obi58:What is the contradiction? Your problem is gratuitous belligerence and illiteracy The CBN is redeeming its paper/debt(Naira) by exchaging dollars for naira Kindly educate the forum HOW that is spending? Entities like Emirates Airlines hold billions of Naira on forward contract that the CBN is contracted to redeem based on a futures contract at a specified rate I am not here to educate you about futures contract or how reserves work You don't know and should keep quiet 1 Like |
Re: CBN Begins To Clear FOREX Backlog by Calitoscassius(m): 9:18pm On Nov 02, 2023 |
Ikaeniyan0:I asked how much it was last year. From how much it was last year to 1320 that is progress? Yea! the government are really on track on track to destruction and oblivion |
Re: CBN Begins To Clear FOREX Backlog by Menclothing: 9:20pm On Nov 02, 2023 |
Sell your dollars now |
Re: CBN Begins To Clear FOREX Backlog by Ikaeniyan0: 9:22pm On Nov 02, 2023 |
Calitoscassius:How much it was last year does not matter. Focus on the thread or create your own thread about how much it was,last year 2 Likes |
Re: CBN Begins To Clear FOREX Backlog by Calitoscassius(m): 9:37pm On Nov 02, 2023 |
Ikaeniyan0:Oh! It doesn't matter? i am not surprised at your ussual response, it is always the same redundant response, if it is not the topic is not about it, it is it doesn't matter or create your own thread. always hopless response. Please, don't tell me what to do or what thread i should focus on or how i should comment. I don't take orders from you, last time i checked this site doesn't belong to you. If you cannot answer my question that is fine, but don't disrespect me, i have not disrespected you since this silly arguement between you and I. How much it was last year may not matter to you but it matters to me and other people. |
Re: CBN Begins To Clear FOREX Backlog by JOemmy(m): 9:47pm On Nov 02, 2023 |
This might be true I noticed the naira appreciated in binance p2p trading today. But how sustainable is this is another thing entirely. 1 Like |
Re: CBN Begins To Clear FOREX Backlog by Teenaira: 10:00pm On Nov 02, 2023 |
Hez143: Why would you continue to beg the saboteurs, let them continue to warehouse dollars, soon and very soon they will meet their Waterloo. 2 Likes |
Re: CBN Begins To Clear FOREX Backlog by loswhite(m): 10:23pm On Nov 02, 2023 |
SoNature:Kolo. You don’t even know what a forex reserve is...lol. it is meant for balance of payment. |
Re: CBN Begins To Clear FOREX Backlog by commoditiesnig: 10:50pm On Nov 02, 2023 |
Excellent development |
Re: CBN Begins To Clear FOREX Backlog by obi58: 11:07pm On Nov 02, 2023 |
Gajagojo: If you're positing that the CBN fulfils it's fx backlogs from the same foreign reserves that you say it is not spending. Will you keep quiet? |
Re: CBN Begins To Clear FOREX Backlog by Mustack: 11:10pm On Nov 02, 2023 |
SocialJustice: That will be there reward for predicting bad for a grrat nation like Nigerian |
Re: CBN Begins To Clear FOREX Backlog by haybhi1(m): 11:10pm On Nov 02, 2023 |
LordAdam16: Lord Adam, I've been your keen follower for a long time, and never doubted your stances. My own question is I bought $ at 1161 with hope to see this rise, slept and woke to see it depreciate to 900, and now it's back to 1024. What do you advise, chief? Sell or hold. 1 Like 1 Share |
Re: CBN Begins To Clear FOREX Backlog by Candidate004: 1:55am On Nov 03, 2023 |
M |
Re: CBN Begins To Clear FOREX Backlog by lionshare: 2:47am On Nov 03, 2023 |
LordAdam16:Here is a link to oil receipts in September 2023 https://businessday.ng/energy/oilandgas/article/nigerias-crude-oil-revenue-soars-by-%E2%82%A6274bn-in-september-on-improved-output/?amp=1 I asked for a source of your acclaimed leak you provided an article which reference a public statement by the president. Perhaps you need to read through the article; how on earth is a statement credited to the president still a leak? Referring to me as ignorant is quite ridiculous but as long as it does not reduce my bank account it’s just tantrums. Since you’re the learned one kindly provide proof of a leak that does not reference the president. I mean can you call a public statement by policy makers a leak days after their statement. |
Re: CBN Begins To Clear FOREX Backlog by Ikaeniyan0: 3:25am On Nov 03, 2023 |
Calitoscassius:k |
Re: CBN Begins To Clear FOREX Backlog by LordAdam16: 4:43am On Nov 03, 2023 |
lionshare: I asked you to tell me the exact amount NNPCL remitted to the Federation Account. You're giving me a shitty, inaccurate estimate. We don't sell our crude at the exact average brent crude price. That figure you shared does not account for PSC deductions. It also does not account for oil swap liabilities or other obligations of the NNPCL. You just take figures at face value and go on the offensive without understanding what it is you're talking about. NNPCL resumed remittances to the Federation Account in June of this year after 18 months of zero remittance. https://www.thecable.ng/nnpc-payment-of-n123bn-to-faac-shows-were-moving-in-right-direction That's what I'm asking for. Tell me what they remitted for September 2023. I asked for a source of your acclaimed leak you provided an article which reference a public statement by the president. Perhaps you need to read through the article; how on earth is a statement credited to the president still a leak? Do you have trouble understanding the English language? Read that writ again and identify who said the loan funds will be disbursed this week. -Lord 1 Like |
Re: CBN Begins To Clear FOREX Backlog by Gajagojo: 7:30am On Nov 03, 2023 |
obi58: What is the backlog? Do you know? What is a futures contract? Instead of politely asking for enlightenment you are exhibiting villager stubbornness How is exchanging dollars for Naira SPENDING? What you don't know you don't know . Do not come online to argue blindly and stupidly Investors came into this country with their dollars and took naira from the CBN which entered a contract to guarantee an exchange rate for exit All said the bottom line is that the foreign reserves belong to the CBN those are its assets and they are not enough to cover its liabilities(naira) that is why the Naira is under pressure FOREIGN RESERVES DO NOT BELONG TO GOVERNMENT BUT THE CBN ALL NAIRA IS SIMPLY A DEBT OF THE CBN if you own any naira then the CBN owes you and big players who don't think the. CBN will pay seek to exit the Naira zone to the dollar zone The Dollar is also A DEBT of the US Teasury It is really stupid to enter an argument on the basis of strong head when you are so obviously ignorant 1 Like |
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