Naira To Sell At N415/$ As CBN Sustains Intervention - Food

Naira To Sell At N415/$ As CBN Sustains Intervention - Food - Nairaland

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Naira To Sell At N415/$ As CBN Sustains Intervention by straneur(op): 4:00pm On Mar 21, 2017

The naira will trade at N415 to a dollar as the series of intervention by the Central Bank of Nigeria are sustained.

The President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, on Tuesday in Lagos said that the new Forex policy had eliminated frivolous demand for the dollar.

According to him, frivolous demand for dollar has been responsible for the weakness of the naira.

The ABCON chief said that CBN’s continued intervention at the Forex market would soon spell doom for speculators and currency hoarders.

“Currency speculators and hoarders would suffer more losses as the CBN injects more dollars to the interbank market.

“The sustained intervention by the CBN will technically take speculators out of business.

“My expectation is that if both volumes and applicable exchange rates are reviewed for the BDC sub-sector, the naira would be trading at N415 to a dollar,’’ Gwadabe said.

The ABCON chief said that the CBN had recorded a huge success because of its new policy, adding that the naira had continued to strengthen at the parallel market, exchanging at N435 to a dollar.

He told said that granting of more access to the BDCs at the International Money Transfer Services Operators window would help to further strengthen the naira against the dollar.

The CBN has injected over $1.5bn since February when it started its intervention at the interbank market.

The apex bank said that its aim was to bring stability to the foreign exchange market and provide easy access of foreign currencies to businesses and individuals.

The CBN had on Monday injected additional $180m into the market to meet bids for wholesale auction and requests for invisibles such as medicals, school fees and personal travel allowances.

(NAN)

http://investorsking.com/naira-sell-n415-cbn-sustains-intervention-abcon/

1 Like 1 Share

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by femi4: 4:07pm On Mar 21, 2017

Good move...no joy yet until it gets to N250

44 Likes 1 Share

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by Dottore: 4:08pm On Mar 21, 2017

Make I go sell my dollar. I'm already at 11naira loss

28 Likes 1 Share

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by smartty68(m): 4:08pm On Mar 21, 2017

Lol! Speculators will be rushing to sell their dollars. Keep on the fight CBN.

39 Likes 2 Shares

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by LordBaelish: 4:08pm On Mar 21, 2017

I'm neither for or against.

If it goes down I'll focus on imports, if otherwise, I'll just focus on earning more dollars.

Buh, wait oo.. this money they're pumping hope say e no go finish?

Make we know oo before hoarders FC come finish us for second leg.

35 Likes 2 Shares

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by eminikansoso(m): 4:08pm On Mar 21, 2017

The best solution is when we have excess supply of dollar over its demand. grin

4 Likes 2 Shares

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by blowedfish: 4:08pm On Mar 21, 2017

I hope this intervention is sustained.

12 Likes

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by femolii: 4:08pm On Mar 21, 2017

ok oo

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by 9japrof(m): 4:08pm On Mar 21, 2017*

I pray the exchange rate comes down to what it used to be before or something less self, Buh the truth still remains that what ever they are doing now is a cosmetic approach that can't be sustained for a long time.

Economies are not being built using this template. I don't know why successsive governments have not been able to solve Nigeria's oldest parochial problem which is power generation and effective transmission and distribution. Solve Nigeria's energy needs, you have solved 50% of our needs, solve it and see a lot of things fall into place

4 Likes

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by boardmem(m): 4:08pm On Mar 21, 2017

It is well with Nigeria Naira!

4 Likes 1 Share

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by Sunbassen(m): 4:08pm On Mar 21, 2017

That's fine!

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by Vicboi1(m): 4:09pm On Mar 21, 2017

wow

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by AUSVINS(m): 4:09pm On Mar 21, 2017

OK,small small we go reach there.

2 Likes

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by helinues: 4:09pm On Mar 21, 2017

good news

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by Obeseke: 4:09pm On Mar 21, 2017

Let the downward free flow continue. Don't speculate too

1 Like

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by NotNairalandi(m): 4:09pm On Mar 21, 2017

who is fooling who huh

POST NO BILL

1 Like

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by alabosian(m): 4:09pm On Mar 21, 2017

mtcheeeeeew this one na news? #1/$1 na wetin we want b dat

3 Likes

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by Dammyomatic(m): 4:10pm On Mar 21, 2017

3MMT9V3 BOOKED

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by mangala14(m): 4:10pm On Mar 21, 2017

Not good enough

1 Like

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by latest90: 4:10pm On Mar 21, 2017

Great.

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by naijacentric(m): 4:10pm On Mar 21, 2017

the cabals don calm down ni hoarding don tire dem ni

1 Like

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by Benekruku(m): 4:10pm On Mar 21, 2017

God bless His Excellence, President Mohammadu Buhari (GCFR)

God bless The Federal Republic of Nigeria

18 Likes 2 Shares

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by Nusaf: 4:11pm On Mar 21, 2017

God bless The President and C-in-C
Long live Fed Rep of Nigeria.

Meanwhile, someone said if the Naira crash upon the return of His Excellency, the blame should fall on him, the question now is; who should take the credit for this appreciation?

13 Likes 2 Shares

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by Nobody: 4:11pm On Mar 21, 2017

Dottore:
Make I go sell my dollar. I'm already at 11naira loss

Wait small, e go soon reach 550.
Una never see chunchin. grin

24 Likes 1 Share

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by emmyw(m): 4:11pm On Mar 21, 2017

1 Like

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by isbish(m): 4:11pm On Mar 21, 2017

Make I go sale my own

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by seguno2: 4:11pm On Mar 21, 2017

AUSVINS:
OK,small small we go reach there.

Thanks to the rising price of crude oil.
Not groundnut oil oh.

1 Like

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by ogapatapata24: 4:11pm On Mar 21, 2017

the day i polluted/mess in my dad's presense...

https://www.youtube.com/watch?v=WZ6nPV9Jgg4

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by martineverest(m): 4:11pm On Mar 21, 2017

femi4:
Good move...no joy yet until it gets to N250

it will never be possoble....CBN wont even do it.

300 will be ok,so as to protect/encourage local manufacturers/producers..

This upshoot of dollar is a blessing in disguise

3 Likes 2 Shares

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by smartty68(m): 4:11pm On Mar 21, 2017

Hoarders please continue hoarding your dollars grin

2 Likes

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by 989900: 4:12pm On Mar 21, 2017*

N405 @ Ikeja right now.
N400 @ Ibadan.

Time for speculators and hoarders to count their gains and losses and move on, or remain adamant and lose all.

Once black market merges with close to Western union, trust me, we are headed for N320 to a dollar in few weeks at the minimum!

I wrote the below some weeks back.

1. Oil is no longer our largest source of Forex inflow since 2015, rather remittances from diaspora @ $35b in 2016, which was between 3-4 times more than Forex from oil in 2016 (and that is not even taking into account the ones brought in physically and unaccounted for)!!
Nigeria is the 3rd largest recipient of Forex remittances from overseas in the world!
Diaspora remittances practically supports the Philippines Forex market.

2. Inflows from FDIs are no longer what they used to be . . . those have fallen by over 50% at around $4b in 2016 . . . not basically a situation peculiar to Nigeria thing, nor PDP vs APC thing, though we could have done better.

VERDICT:

Our issues largely complicated by a chronically ill Naira was largely fueled by either complicity or incompetence or both, by our policy makers.

You don't have to be a genius to realize that the large discrepancies between exchange rates created by whack policies got us here.
It ensured people no longer send money anymore via Western union and e.t.c (which would have come in through the CBN and filtered into the system), rather, they do directly to their dorm accounts and other means where they hoard and speculate on the Naira creating artificial scarcity.

Going forward, after the 'technical devaluation' to N375 to a dollar for hospital, school and other bills, the best policy would be to continue to support the Naira until western union and other remittance platforms rates merges with parallel market or within N5-N10 of the parallel market say in the next few weeks, thereby encouraging inflows coming in thru the CBN and speculators dumping their 'stash', which would further help the Naira appreciate considerably to around N350 or less, even with less inputs from 'petro-dollars'.

On the longer term, we pray our 'wild wild south-south' brothers would relax small about this bombing things, so that we can have more power supply which would help reduce our Forex consumption for refined fuel imports, while the CBN and FG intensifies efforts on reducing our over $4b per annum demand on rice imports and other food imports, hoping we can do something in the steel sector to reduce the billions of dollars we waste in importing those every year too. As we pray for Dangote and other new refineries coming up to deliver.

45 Likes 3 Shares

Re: Naira To Sell At N415/$ As CBN Sustains Intervention by bettercreature(m): 4:12pm On Mar 21, 2017

femi4:
Good move...no joy yet until it gets to N250

Lol its going to be difficult to see a currency that appreciates higher than central bank rate

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