₦airaland Forum

olrotimi:
We said it times without number that the cash intervention by CBN was a school boy ad temporum practise, something we're experts at in Nigeria - firebrigade.
We need to deepen our export content, something this administration has failed to do in two years despite all the noise they made.
First they blamed PDP, then Boko Haram, then ND militants. Maybe they would blame Saraki this time.

naijaking1:
Does Nigeria have an unlimited supply of the dollar?
If the answer is no, then you'll understand that using our small foreign reserve to prop up the naira temporarily is an economic foolishness.
Good export base of products and services is the only way to boost any currency. Injecting dollar directly to prop up the naira is also another form of corruption, because those famed economists that work at the CBN know that's it useless.

naijaking1:
Does Nigeria have an unlimited supply of the dollar?
If the answer is no, then you'll understand that using our small foreign reserve to prop up the naira temporarily is an economic foolishness.
Good export base of products and services is the only way to boost any currency. Injecting dollar directly to prop up the naira is also another form of corruption, because those famed economists that work at the CBN know that's it useless.

Freiden:

zedman1:
but why should anyone be happy about this? You like as people de suffer? Just so you could say"I told them" ehn? Continue

naijaking1:
Does Nigeria have an unlimited supply of the dollar?
If the answer is no, then you'll understand that using our small foreign reserve to prop up the naira temporarily is an economic foolishness.
Good export base of products and services is the only way to boost any currency. Injecting dollar directly to prop up the naira is also another form of corruption, because those famed economists that work at the CBN know that's it useless.

Truth234:
The naira slid to 405 against the United States dollar on the parallel market on Friday amid tight supply of the greenback.

This was despite a series of currency forwards sold by the Central Bank of Nigeria this week aimed at clearing demand for the US currency on the official market, traders said.

The local unit had dropped to 397/dollar on Thursday, after hovering between 390 and 395 earlier in the week.

Following series of CBN interventions in the interbank market and fresh dollar injections for invisible transactions, the naira had appreciated to 375/dollar.

Analysts have reacted to the latest rebound of the dollar, saying speculators might be responsible for the loss recorded by the naira.

“The Nigerian economy is an import-dependent one. It is a question of demand and supply and the issue here has to do with liquidity. However, we cannot rule out the activities of speculators in this regard,” a currency expert at Ecobank Nigeria, Mr. Kunle Ezun, said.

The CBN had on Thursday offered $100m in currency forwards to be settled within 60 days.

The central bank has been selling dollars to try to narrow the spread between the naira’s official and black market exchange rates.

On Wednesday, the CBN intervened in the Bureau de Change segment of the market, selling $10,000 to operators aside the $10,000 it sold to them on Tuesday.

The central bank had also on Monday injected $240m into the foreign exchange market.

Specifically, it released the sum of $90m to meet requests for invisibles such as business travel and personal travel allowances, medical and school fees, while the sum of $150m was also made available to authorised dealers in the interbank wholesale auction window on the same day.

Economic and financial analysts said the spate of interventions and dollar supply by the central bank would determine the direction of the naira in the coming weeks.

The naira closed at 306.2 to the dollar at the interbank market on Thursday, same level it closed the previous day.

http://investorsking.com/naira-slides-405-amid-tight-dollar-supply/

naijaking1:
Does Nigeria have an unlimited supply of the dollar?
If the answer is no, then you'll understand that using our small foreign reserve to prop up the naira temporarily is an economic foolishness.
Good export base of products and services is the only way to boost any currency. Injecting dollar directly to prop up the naira is also another form of corruption, because those famed economists that work at the CBN know that's it useless.

farouk0403:
Why not tie down this naira to stop swinging like pendulum.

LordVoldemort:
On paper what u said might be right but in reality it's not so. We both know Nigeria don't produce shi shi for export. It's just recently exporting of Argo product is on the rise.

How do you encourage export? To leave the dollar to shoot up to 1000 naira to a dollar?

What CBN is doing is just a temp solution why we fix the issue of infrastructure that will help reduce the cost doing biz/production which also implies more goods to export.

You tell them to stop the intervention and focus on exporting nothing

naijaking1:
Does Nigeria have an unlimited supply of the dollar?
If the answer is no, then you'll understand that using our small foreign reserve to prop up the naira temporarily is an economic foolishness.
Good export base of products and services is the only way to boost any currency. Injecting dollar directly to prop up the naira is also another form of corruption, because those famed economists that work at the CBN know that's it useless.

dayus444:
But why is FG and the CBN always like this? Trying to use use artificial, unsustainable measures to correct abnormalities caused by our status as a strictly consuming and import-dependent economy. Are they taking us for fools or what? Or are they just all totally dumb in that organization? Which way Nigeria?

naijaking1:
Does Nigeria have an unlimited supply of the dollar?
If the answer is no, then you'll understand that using our small foreign reserve to prop up the naira temporarily is an economic foolishness.
Good export base of products and services is the only way to boost any currency. Injecting dollar directly to prop up the naira is also another form of corruption, because those famed economists that work at the CBN know that's it useless.

dayus444:
But why is FG and the CBN always like this? Trying to use use artificial, unsustainable measures to correct abnormalities caused by our status as a strictly consuming and import-dependent economy. Are they taking us for fools or what? Or are they just all totally dumb in that organization? Which way Nigeria?