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24 Hours After New Policy, CBN Injects $371m Into Forex Market - Business - Nairaland

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24 Hours After New Policy, CBN Injects $371m Into Forex Market by ijustdey: 9:12pm On Feb 21, 2017
About 24 hours after The Central Bank of Nigeria (CBN) announced fresh policy actions in the foreign exchange market, the bank has pumped $370.9 million into the forex market.

On Tuesday, the apex bank carried out wholesale interventions in the interbank forex market by trading a total of $370,810,810.79 to 23 banks “to meet the visible and invisible requests of customers”.

A source at the CBN said the qualified bids ranged from N315 to N360 per dollar, adding that seven banks received full allotments of their respective bids valued at $37,500,000 each.

“Other banks received allotments ranging from $46, 512.50 to $15,578,081.51,” the source added.

Isaac Okorafor, acting director, CBN corporate communications department, said the bank’s intermediation in the forex market was the first wholesale intervention aimed at easing the pressure of access to forex by Nigerians who intend to meet obligations that fall under visible and invisible needs categories.

He explained that the CBN offered $500,000,000.00 for sale to the banks, but not all of them provided enough naira backing to pay fully for their respective bid amounts.

On Monday, the CBN unveiled new policy actions to make forex readily available for personal and business travels, medicals and school fees.

As part of its new policy action, the CBN also directed all banks in the country to open forex retail outlets at major airports as soon as logistics permit them to do such.

In line with the new policy, the CBN also made spot sales of $6 million to four banks, and sold $35 million for the payment of school fees, medical bills and personal and business travel allowances.


https://www.thecable.ng/24-hours-new-policy-cbn-injects-371m-forex-market

lalasticlala

2 Likes

Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by auntysimbiat(f): 9:17pm On Feb 21, 2017
hmmmm
Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by CoolFreeday(m): 9:21pm On Feb 21, 2017
waooo, that nice. this will make paying of school fee easier for those schooling outside the country.

10 Likes

Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by BiafranBushBoy: 9:22pm On Feb 21, 2017
Mtcheeww...

As usual, the big guns will hoard it and declare scarcity!!

They don't care about us one bit!!!!!

Failed country!!

72 Likes 3 Shares

Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by kabrud: 9:29pm On Feb 21, 2017
Waiting for the effect on naira/dollar rate.

12 Likes 1 Share

Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by hungryboy(m): 9:35pm On Feb 21, 2017
This Buhari Government mumu no be small

Even me were no go school sabi say

Selling of dollars to banks no go help

Cos bank managers go still hoard the dollars were dem buy 360 naira

Carry am go sell give their Bureau de change friends at 500 naira




Make cool millions in profit




The best thing is for the Cbn to sell dollars directly to importers and companies who are about to purchase things abroad

61 Likes 2 Shares

Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by agarawu23(m): 4:43am On Feb 22, 2017
If only the $$ will reach the "ordinary" Nigerians angry angry angry sad sad sad

8 Likes 1 Share

Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by lifter1000: 5:46am On Feb 22, 2017
NOW THE NAIRA CAN RISE. KEEP IT UP

1 Like

Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by 9japrof(m): 7:09am On Feb 22, 2017
how do the average guy on the street benefit from this.

1 Like

Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by Bitterleafsoup: 7:13am On Feb 22, 2017
Medical expenses for who?
So nobody in that administration has even small sense?

7 Likes

Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by eleojo23: 7:13am On Feb 22, 2017
Please let me know when the N1=$1.
Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by Icecomrade: 7:13am On Feb 22, 2017


Buhari and his fellow Mallams needs to stop dollar trade .

They are ripping Nigerians off by depreciating Naira value.

CBN just simply injected more dollar for them to trade with.

They keep injecting forex and Naira keeps falling.

Its 520 today, whatever CBN injected would only steady it for few days and the trend will continue.

Hiss





18 Likes 3 Shares

Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by Einl(m): 7:14am On Feb 22, 2017
Funniest thing is the people that need it will never get it.
Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by bibiking7(m): 7:15am On Feb 22, 2017



This won't work. This is just wholesale. The banks will just serve as retailers to the bureau De change mallams. And the circle continues.


11 Likes

Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by MrGreenMavro: 7:15am On Feb 22, 2017
b
Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by adioolayi(m): 7:16am On Feb 22, 2017
Those bankers will still sell to BDCs... they don swear for them.... they are the forex problem

12 Likes 1 Share

Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by Costello559(m): 7:16am On Feb 22, 2017
Very cool... Buhari the strict man no dy... Das y dem dy release money
Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by adioolayi(m): 7:17am On Feb 22, 2017
Einl:
Funniest thing is the people that need it will never get it.
the idea is for them to sell directly to end users.... but those bankers will still sell to BDC who was will sell it at higher price to the end users

3 Likes

Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by obembet(f): 7:17am On Feb 22, 2017
Abeg.. Help me tell Buhari make him stay there.... We are OK with osinbanjo. Plssssssss

2 Likes

Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by onatisi(m): 7:17am On Feb 22, 2017
kabrud:
Waiting for the effect on naira/dollar rate.
Unless they can sustain it for a week or two,there wont be any improvement. The million dollar question now is "can they"?

4 Likes 1 Share

Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by benuejosh: 7:18am On Feb 22, 2017
that's a nice move. But will it be made available for the common man.
Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by seunlayi(m): 7:19am On Feb 22, 2017
Will this make dollars to be sold @220?

4 Likes

Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by Nobody: 7:20am On Feb 22, 2017
BiafranBushBoy:
Mtcheeww...

As usual, the big guns will hoard it and declare scarcity!!

They don't care about us one bit!!!!!

Failed country!!

We were never in their thoughts. What was done by the CBN is majorly for the rich and recognized.....not we the nobody. I hate reading this kinda news....i no even know why i enta d thread this morning sef.


#RADARADA

7 Likes 1 Share

Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by ileogbenfidel(m): 7:20am On Feb 22, 2017
Confused people
Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by Nobody: 7:21am On Feb 22, 2017
So, is this good news?
Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by Pavore9: 7:21am On Feb 22, 2017
Round tripping will still not be eliminated.

2 Likes

Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by PapaBrowne(m): 7:22am On Feb 22, 2017
Hmmm!

Osibanjo is doing wonderfully.

Buhari apparently was the problem all along.

As was in 1983, so was 2016.

Buhari must be urged to attend to his health for the next 2 years let Osibanjo fix the mess he created.

4 Likes

Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by kabrud: 7:22am On Feb 22, 2017
onatisi:

Unless they can sustain it for a week or two,there wont be any improvement. The million dollar question now is "can they"?
I pray they should be able to.
Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by Omakraid(f): 7:23am On Feb 22, 2017
onatisi:

Unless they can sustain it for a week or two,there wont be any improvement. The million dollar question now is "can they"?
Ask them ooo
Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by DonCortino: 7:24am On Feb 22, 2017
Story!
Re: 24 Hours After New Policy, CBN Injects $371m Into Forex Market by netflicks(m): 7:24am On Feb 22, 2017
If they like dey can inject a trillion dollars but I tell u dis dollar is like a virus it won't rest until it hits N1000 then it can relax...as for CBN and APC endless policies, pls dey shd stop making the news coz am tired of reading their unrealistic policies.. .. sad

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