DOLLAR TO CRASH FURTHER AS CBN REITERATE DETERMINATION TO SUSTAIN FOREIGN EXCHANGE LIQUIDITY
source: http://www.eyesoflagos.com/2017/04/dollar-to-crash-further-as-cbn.html

The Central Bank of Nigeria on Sunday reiterated its determination to sustain the provision of foreign exchange with a view to ensuring liquidity in the market and enhance accessibility and affordability for genuine end users.


The apex bank’s acting Director, Corporate Communications, Mr. Isaac Okorafor in a statement said the bank wants to disabuse the notion by market speculators that it wouldn’t be able to sustain its forex intervention.

He said that the bank would again, early this week, inject more foreign exchange into the market, leading to a further weakening of the dollar.

“This is in addition to the further increase in the sale of dollars to the Bureau de change operators from 8,000 dollars to 10,000 dollars per week,’’ he said

Okorafor warned commercial banks and other dealers to desist from sabotaging the efforts aimed at making life easier for foreign exchange end users.

According to Okorafor, the CBN had received complaints from customers over frustrations in getting foreign exchange for invisible items like tuition fee, medicals, personal and basic travel allowance.

The Bank urged the general public to report any bank that failed to meet customers’ needs after due documentation.

It once again reiterated its determination to deal with any official or institution found to be sabotaging the operations of foreign exchange market in whatever guise.

It would be recalled that the Naira closed at N394 to a dollar on Friday, which translated to 10 per cent depreciation of what was recorded earlier in the week.

The depreciation was attributed to the alleged hoarding of forex by banks rather than selling to genuine customers.

Analyst believe that with the twice weekly sale to BDCs up to 20,000 dollars, the Naira is likely to appreciate in the coming week.

I hope so o

Abeg, they better do because I need that hard currency this week like oxygen to my system.

Oil prices falling
Reserves dwindling
What we should ask ourselves - is this sustainable?

When the thing start to go up like rocket our eye go clear

Naija never see something

Oh my sweet dollars, CBN don spoil big boy for me ooooo

my only fear is the posibility of sustaining it in the long run.



I dey hear say global crude oil prize is falling.

Okay .... Thank God that they have finally waken up

What of those companies that closed shop because of forex

I don't want to hear to gain.... What I want is it has gained. Silly promises and hope

If 1naira = 1 Dollar and it hv no effect on our goods n services den it has no meaning, upon say naira appreciate from 580-360 things are still on d high side, no effect of it on common man on d street........

Let's see the result

Cc : lordadams16

just keep pumping dollars when you know your only source of it is not stable...

Ndi trial and error policy.

Please can dollar remain at 400? at least.. cost of things in the market are still overpriced, these traders/sellers are still singing their fallback tone.. Dollar don high.... now that it's low price of things still refuse to reform.

Hoarders will be like...

kabayomi:
Oil prices falling
Reserves dwindling
What we should ask ourselves - is this sustainable?

When the thing start to go up like rocket our eye go clear

Did you ask Jonathan whether stealing forex was sustainable in the long term?

cc Modath, LordAdam413

Time for speculators to get their fingers burnt again.

This is good news

I know online earners would be praying 4 it not to drop..Dem love #500 per dollar ehhhhhhh

Make dollar be equal to #1

ok

Rapsainot:


Sometimes the way our leaders think baffles me. For Christ sake why can't we increase the rate of production and stop the fucking dollar fight that will not even benefit the masses? After you finished all the reserves on the war , I wonder what will be left for you to use again. Grrrr this is damn annoying. I'm ashamed of the leaders we have.

This is democracy ..majority won't understand and who wants to lose votes??

kabayomi:
Oil prices falling
Reserves dwindling
What we should ask ourselves - is this sustainable?

When the thing start to go up like rocket our eye go clear

thanks. It's funny how u failed simple economics in secondary school but suddenly becomes an analyst for Nigeria...

Kindly take ur negative life and....

Rapsainot:


Sometimes the way our leaders think baffles me. For Christ sake why can't we increase the rate of production and stop the fucking dollar fight that will not even benefit the masses? After you finished all the reserves on the war , I wonder what will be left for you to use again. Grrrr this is damn annoying. I'm ashamed of the leaders we have.

is it the leaders or the idiots who riots when govt tries to ban importation of things we can produce locally?

Suddenly, all blames goes to the presidency and their 'anti-masses' policy, instead of us accepting the hardship, once and for all!

How much is a barrel of crude today ?

We should all go Back and start using our ancient currencies such as BONES COWERIES and SHELLS and If possible we should engaged in trade by Barter just like how we have being doing at KiVuKi Land cos this will discourage corruption and hoarding such means of payment.

KINGwax007:
thanks. It's funny how u failed simple economics in secondary school but suddenly becomes an analyst for Nigeria...

Kindly take ur negative life and....

Lol PhD Economics, Professor ITK what have you achieved with ya life.

The reality of the price for Niger Delta oil does not support their goal.