₦airaland Forum

CBN Crashes Dollar, Releases $6.7 Billion to Banks With Special Instructions on Forex Debts

legit.ngNov 3, 2023 12:39 PM

The naira is experiencing a resurgence against the dollar as the federal government begins to clear backlogs

The Foreign exchange market witnessed a significant turnover of $2.23 billion in October

The naira also rebounded on the parallel and official markets as CBN reportedly supplied banks with $6.7 billion to clear backlogs

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

The volume of dollars traded in the Nigerian Foreign Exchange Market (NAFEM) window increased by 23.8% monthly to $2.23 billion in October 2023 from $1.8 billion in September, showing an increase in Forex inflows.

Data shows that weekly transactions in the official NAFEM showed that turnover recorded upswings across the four weeks in October from $326.44 million in the first week of October to $642.89 million in the last week but thawed to $163.04 million in the previous two trading day in October.

Just like that. What happens when our insatiable guests for import exhaust that dollar supply?

CodeTemplar:
Just like that. What happens when our insatiable guests for import exhaust that dollar supply?

Forces of demand and supply will prevail especially for elastic goods while inelastic goods will be import-substituted.

With our long stretch of coastal waters and huge marine asset, it's unacceptable for us to keep importing fish. That's why Asiwaju Tinubu is focused on the marine economy too. Check my signature for free stuffs!

CodeTemplar:
Just like that. What happens when our insatiable guests for import exhaust that dollar supply?

no it simply can't. Dollar is going down. And now is the best time to sell off any dollar you might be keeping so you won't lose

FreeStuffsNG:
Forces of demand and supply will prevail especially for elastic goods while inelastic goods will be import-substituted.

With our long stretch of coastal waters and huge marine asset, it's unacceptable for us to keep importing fish. That's why Asiwaju Tinubu is focused on the marine economy too

okay BMC.

Those who doubt will lose massively if they don't dump their hoarded dollars

PARADIZEPRIEST:
Those who doubt will lose massively if they don't dump their hoarded dollars

All these propaganda to make people to rush and sell their dollars won't work, for CBN to release 6 billon dollars to strenghten the naira show the naira has no other source of strength , this is just temporary solution

The never satisfied what if brigade.

CodeTemplar:
Just like that. What happens when our insatiable guests for import exhaust that dollar supply?

lexylaw40:
no it simply can't. Dollar is going down. And now is the best time to sell off any dollar you might be keeping so you won't lose

Have you asked yourself why dollar went up in the first place and going down now?

I really don't get why Zombies keep threatening people with "losing" if they don't sell their "hoarded" dollars.

Look up Zombies. The hoarders are your political god and his acolytes and not your average Joe on SM who is just looking to get by!!

Lies, deceit & propaganda will take the emilokan government of stolen mandate nowhere.

Mrfeel:
All these propaganda to make people to rush and sell their dollars won't work, for CBN to release 6 billon dollars to strenghten the naira show the naira has no other source of strength , this is just temporary solution

All BATist just don't know how economic works.
They're praising Tinubu thinking that this'll last.
CBN didn't solve the problem,they just threw money at the problem.

gabbytabby:
The never satisfied what if brigade.

mumu comment. All the dollars of yesteryears were exhausted so why not this one?

Mrfeel:
All these propaganda to make people to rush and sell their dollars won't work, for CBN to release 6 billon dollars to strenghten the naira show the naira has no other source of strength , this is just temporary solution

This olodo does not know the meaning of clearing FX backlog. The only thing dem sabi is to open their empty mouth on social media. shiorr

Pakute:
This olodo does not know the meaning of clearing FX backlog. The only thing dem sabi is to open their empty mouth on social media. shiorr

No I don't know kid , tell me what clearing of FX backlog means ?

Mrfeel:
No I don't know kid , tell me what clearing of FX backlog means ?

abeg shift

Pakute:
abeg shift

Please answer the simple question, what does is mean for CBN to clear FX backlog ?

What is the special instruction, Mr half-baked journalist?

At what rate is the government giving out the dollar?

Kukutente23:
I really don't get why Zombies keep threatening people with "losing" if they don't sell their "hoarded" dollars.

Look up Zombies. The hoarders are your political god and his acolytes and not your average Joe on SM who is just looking to get by!!

I pray they understand what you are saying here. The hoarders are the clueless treasury looters in government coffers

I don't know why some people hate their country like this? But they love others country as long as their country is not progressing. If dollar rate is over 2k all social media, news outlets, even the price will reflect on ordinary pure water but when good news like this is coming they will keep mute, you wont even notice it in the economy, that is why I always says Nigerian are the enemy of our self not the government. If 90%/people blaming the government are given the opportunity today, they would be worse than this government.

lexylaw40:
no it simply can't. Dollar is going down. And now is the best time to sell off any dollar you might be keeping so you won't lose

You are the dumbest agbadorian if you think this is a sustainable strategy. You probably think everyone is a dumb buffoon to hand you their dollars..

If you have money, just buy dollars now that is cheap.

Weak journalism, but we got the gist.
Thank you.

Mrfeel:
All these propaganda to make people to rush and sell their dollars won't work, for CBN to release 6 billon dollars to strenghten the naira show the naira has no other source of strength , this is just temporary solution

If CBN clears their backlog then those foreign banks and investors would be allowed once more to bring in hard currency which would stabilise the naira in the long run.

I don't think up to $6 billion was release at once. It will be release in batches.

GeneralDae:
If CBN clears their backlog then those foreign banks and investors would be allowed once more to bring in hard currency which would stabilise the naira in the long run.

Is this the first time CBN is clearing FX backlog?

How sustainable is this, in next 1 month

Kukutente23:
I really don't get why Zombies keep threatening people with "losing" if they don't sell their "hoarded" dollars.

Look up Zombies. The hoarders are your political god and his acolytes and not your average Joe on SM who is just looking to get by!!

People who are MENT. We never see propaganda yet,they just dey bring am from their pocket

Awon werey people

Another propaganda made in ogbomosho

Temporary measure until dangote refinery starts printing dollars..but Hope we don't have white men who are behind the scene cos they would be moving their profits in dollars back to their home countries.

THAT'S BETTER. THAT'S NOMINATION DENOMINATION AND REGULATION JUST BEGINNING. WE SHALL ARRIVE. JAGABAN WILL FIX NIGERIA.