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Nairaland Forum / Nairaland / General / Politics / CBN To Pump Fresh $350m Into Forex Market Again (15913 Views)
El-Rufai Curses Senators Shehu Sani, Hunkuyi, La’ah For Opposing $350M Loan / Nigerians Criticise Senate For Asking CBN To Give Dollars At N200 For Pilgrimage / Ambode To Pump $60m Into Lekki Free Zone Project (2) (3) (4)
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Re: CBN To Pump Fresh $350m Into Forex Market Again by DCTrendy(m): 9:17am On Mar 04, 2017 |
If we have $29B in reserve, let the government pump about $1B to the market! Yes! 1Billion! And make the product so available in every corner. Force it down back to the 250 arena. The oil price is already raising and it ll keep going back. It will trade around 89$ by the end of this year. Pamper the milliants and call cows uncle so that they ll allow us to sell the oil in peace. This can be sustained! If you re hoarding your dollars, you re on your own. Dangote refinery ll soon be ready, demand for dollar ll be drastically reduced. Several states like Kebbi re planting rice, Dangote Cement is being exported at the moment. Before you know what is happening, people will only need $$ for school fees abroad, PTA and raw materials for the manufacturing firms. It is very much possible and it ll happen. If you think you re going to keep selling your dollars at N500, u re joking and u will soon be MMMed again. Cheers. 7 Likes 1 Share |
Re: CBN To Pump Fresh $350m Into Forex Market Again by juman(m): 9:22am On Mar 04, 2017 |
In this kind of situation, if you are friend to the government its very easy to be billionaire. May be buhari would be later claiming of creating of hundreds of billionaires. APC forex thing is a thieving thing. |
Re: CBN To Pump Fresh $350m Into Forex Market Again by oyinkinola: 9:23am On Mar 04, 2017 |
futurism:...stop nonsense, it's Osinbajo not Osibanjo! ok? |
Re: CBN To Pump Fresh $350m Into Forex Market Again by wristbangle: 9:25am On Mar 04, 2017 |
cptshiver: I agree with your points but this particular point, I think it is necessary to have visa as requirement to do business in another country. Without it, we will have influx of some foreigners manufacturing substandard products and tracing them will be difficult because such policy wasn't on ground before. What I feel is necessary is to make the visa barrier more flexible for genuine investors. |
Re: CBN To Pump Fresh $350m Into Forex Market Again by cptshiver: 9:31am On Mar 04, 2017 |
wristbangle: You can be selective in removing visa barriers. There's nothing wrong with an influx of swiss//german//british//american//japan immigrants etc. This is how you introduce valid technical skills into a country that lacks it. 1 Like |
Re: CBN To Pump Fresh $350m Into Forex Market Again by Nobody: 9:31am On Mar 04, 2017 |
They would need to increase import duties and outright ban some items from being imported to prevent indiscriminate importation. |
Re: CBN To Pump Fresh $350m Into Forex Market Again by Youngzedd(m): 9:33am On Mar 04, 2017 |
Seems our CBN is going gaga. Using the foreign reserve to defend the Naira is a short term measure which isn't the best step to take now. The question is, how long will they continue to defend the Naira for a country that solely depends on oil for forex. China defended yaun with $1Trillion and nothing changed in a long term. They shouldn't deplete the reserve on their quest to defend the Naira. This our country nawaa. |
Re: CBN To Pump Fresh $350m Into Forex Market Again by futurism: 9:35am On Mar 04, 2017 |
oyinkinola:fork off. I don't know about your miserable existence!!! |
Re: CBN To Pump Fresh $350m Into Forex Market Again by Youngzedd(m): 9:36am On Mar 04, 2017 |
stagger: China defended yaun with $1Trillion and nothing changed. |
Re: CBN To Pump Fresh $350m Into Forex Market Again by 989900: 9:37am On Mar 04, 2017 |
Production closing in on target (2.2million barrels), @$50+ per barrel CBN can afford it. We need to harmonize rates to increase Forex inflow from FDI ( that peaked at roughly $10b some 3-4 years ago), and Forex inflow into and through the system from diaspora remittances (that peaked @ $35b last year . . . roughly 3 times our Forex earnings from oil last year). The weekly interventions will have to be sustained in a 'hit target' mode. The volume is averagely cool, but smarter policies and tweaking here and there would be needed to reap the full effect . . . with accompanying smart policies, it can harmonize to between N300 and N350 or less, in few weeks -- I know how. To the guy that mentioned Russia, and his co-travelers, shake my head @ you. 1 Like 2 Shares |
Re: CBN To Pump Fresh $350m Into Forex Market Again by SWORD419(m): 9:42am On Mar 04, 2017 |
nairaman66: |
Re: CBN To Pump Fresh $350m Into Forex Market Again by 989900: 9:44am On Mar 04, 2017 |
NubiLove: Correct, increase duties astronomically, then support local alternatives. Ban in Nigeria mostly creates m/billionaire officers. |
Re: CBN To Pump Fresh $350m Into Forex Market Again by 989900: 9:49am On Mar 04, 2017 |
DCTrendy: On the long run (2018-2019), the racketeering bubble will soon burst . . . I think CBN thinks it can continue to intervene for that long, I think they can, but smarter policies and transparency are needed for full effect. 1 Like 1 Share |
Re: CBN To Pump Fresh $350m Into Forex Market Again by oyinkinola: 9:55am On Mar 04, 2017 |
futurism:...you can't know and you can never see it, because I've resigned from that stupid age....youth age! |
Re: CBN To Pump Fresh $350m Into Forex Market Again by bigtt76(f): 9:58am On Mar 04, 2017 |
@embolden... Wrong assumption. The dollar is universal and cannot expire or lose its value against the local currency. The hoarders would persevere knowing that the battle being fought by CBN depends largely on her forex reserve. How long can CBN maintain this battle before it succumbs? Venezuela is now down to last 10 billion dollars. Nigeria is only $19bn richer At this rate its only a matter of time before we find ourselves in similar position. CBN should stop the restrictions and let the dollar float on its own. Arik and others have fallen victim yet they're giving emphasis to school fees SMH Ibusho: |
Re: CBN To Pump Fresh $350m Into Forex Market Again by MENTORCH(m): 10:24am On Mar 04, 2017 |
toyetade: CBN using our foreign reserves to defend naira is not a waste of money, they auction this dollar and get naira in return which will be injected back into the economy. 3 Likes |
Re: CBN To Pump Fresh $350m Into Forex Market Again by MENTORCH(m): 10:32am On Mar 04, 2017 |
bigtt76: Venezuela doesn't produce as much barrels as Nigeria does, the only way CBN can lose the battle is if the oil price goes down to 30, but if it remains in its 50s those people hoarding the dollar will lose. As CBN is auctioning the dollar they making profit too and getting billions of naira that will be injected back into the economy. 1 Like |
Re: CBN To Pump Fresh $350m Into Forex Market Again by MENTORCH(m): 10:34am On Mar 04, 2017 |
989900: Well said. |
Re: CBN To Pump Fresh $350m Into Forex Market Again by donprinyo(m): 10:40am On Mar 04, 2017 |
A building built under a poor foundation can never stand no matter hw much money u pump into it. Compared to dis article, this is mere a temporary solution. I pray dat the underworld vampires will not take advantage of this measure. |
Re: CBN To Pump Fresh $350m Into Forex Market Again by gare2510(m): 10:54am On Mar 04, 2017 |
I will think this is a short term plan, guess initially the plan was to grow our depleted forum reserve to a comfortable point then begin to pump a percentage whatever we then make into the market. Guys Nigeria is too corrupt if we say we will try to grow other sectors of the economy and leave speculators, hardship will kill us before the economy finish growing that is if the speculators allow them to grow with the amount of foreign exchange in their possession. On the other hand, speculators will keep selling their dollars to sustain the policy while CBN tactically withdraws its funding. In summary CBN has started speculating too 1 Like 1 Share |
Re: CBN To Pump Fresh $350m Into Forex Market Again by amunites19(m): 11:16am On Mar 04, 2017 |
If CBN will also be demanding a dollar transactions reports from the banks they gave the dollar to, on who and who they sold their dollar to? I think this will really help. 2 Likes |
Re: CBN To Pump Fresh $350m Into Forex Market Again by Nobody: 11:25am On Mar 04, 2017 |
stagger: They get their economic wisdom from Sai Buhari. Quote me when it happens: "Naira will crash to 600/$ after Xmas this year" |
Re: CBN To Pump Fresh $350m Into Forex Market Again by Firstcitizen: 11:26am On Mar 04, 2017 |
abhosts: So you too noticed. 1 Like |
Re: CBN To Pump Fresh $350m Into Forex Market Again by VeeVeeMyLuv(m): 11:37am On Mar 04, 2017 |
amunites19:lol this guy, this your eagle eye na dye if you by chance become president, corrupt citizens and corrupt leaders starve and starve and suffer. |
Re: CBN To Pump Fresh $350m Into Forex Market Again by bigtt76(f): 11:38am On Mar 04, 2017 |
Trust me, the CBN has a limit it can get to before they succumb. MENTORCH: |
Re: CBN To Pump Fresh $350m Into Forex Market Again by dumodust(m): 11:57am On Mar 04, 2017 |
haywire07:first sensible statement... more grey matter to your brain |
Re: CBN To Pump Fresh $350m Into Forex Market Again by Nobody: 12:21pm On Mar 04, 2017 |
Super1Star: Lol, you naive little boy how long can they keep this up? except they have some hidden $190 billion reserve somewhere we don't know about this is not feasible. |
Re: CBN To Pump Fresh $350m Into Forex Market Again by Nobody: 12:32pm On Mar 04, 2017 |
Pumping money should only be a containment as it can't be sustained What's the long term plan for the economy |
Re: CBN To Pump Fresh $350m Into Forex Market Again by Blue3k(m): 12:38pm On Mar 04, 2017 |
Nigeria's are too hilarious blaming speculation and capitalism because your stupid economic policies turned your currency into trash. Did the world tell you fix your money at unsustainable rate? Did the capitalist tell u to be mono-economy? Lol look in mirror everyone could see this train wreck coming except your economist... 1 Like |
Re: CBN To Pump Fresh $350m Into Forex Market Again by CellTabRepairs: 1:08pm On Mar 04, 2017 |
Like I wrote previously on the unsustainability of this and in few days Naira lost few of the gains itade again, how sustainable is this ? Anyway Remember this; It is not enough to earn & carry about a certificate! That's phase 1. Life is about relevance & providing solutions. Someone right now somewhere is looking for someone who can do something for him/her & get paid! Opportunity Meets with preparation! Is your worth only in that paper certificate even though you hardly have a REAL skill? Therefore; EACH DAY , LET YOUR CAPITAL BE YOUR KNOWLEDGE, SKILL & BARE HANDS! **Click My Name & View That Resource You Need!** Don't wait in perpetuity for job invitations after applying! March is here already! The thief you harbour is PROCRASTINATION! Therefore don't wait until the whole year runs out! Great dreamers don't stay idle at home. They take steps! |
Re: CBN To Pump Fresh $350m Into Forex Market Again by Rhea(f): 2:41pm On Mar 04, 2017 |
Ibusho: Are they now printing money like Abacha? |
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