CBN Sells Another $250m To Prop Up Naira Value - Business - Nairaland
Nairaland Forum / Nairaland / General / Business / CBN Sells Another $250m To Prop Up Naira Value (6023 Views)
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| CBN Sells Another $250m To Prop Up Naira Value by Truth234(m): 5:48am On Aug 29, 2017 |
The central bank of Nigeria on Monday sold another $250 million to reduce market illiquidity and prop up the Naira value. The Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, said $100 million was injected into the interbank market, while both the Small and Medium Enterprises and Invisible segments were appropriated $85 million and $65 million respectively. Okorafor further stated that the apex bank would inject more liquidity into the foreign exchange market in the coming days, noting that the intervention was necessary to enhance Naira stability by ensuring that pressures on the market from those seeking forex for school fees and vacation were eased. The Naira improved by N3 from N370 per US dollar to N367 on the parallel market. On the Investors’ window, the local currency closes at N359.58 against the US dollar, better than the N366.79 recorded on Friday. Also, the Naira remain moderately stable against the British pound and the Euro-single currencies, traded at N478 and N433 respectively. Traders were optimistic that the Naira would remain stable in the days ahead. “While intermittent intervention is imperative to forex stability, reviving the manufacturing sector through the federal government diversification agenda remains key to long term sustainability and economic growth,” said Samed Olukoya, a foreign exchange research analyst at Investors king Ltd. Inflation rate declined for a sixth consecutive month in July to 16.05 percent from 16.10 percent in June. The lowest since July 2016. http://investorsking.com/cbn-sells-another-250m-prop-naira-value/ |
| Re: CBN Sells Another $250m To Prop Up Naira Value by Dottore: 5:56am On Aug 29, 2017 |
I strongly believe that Naira will have a significant triple digit growth/appreciation when the government stops providing forex subsidy to meaningless religious pilgrimages and having a meaningful direct currency flow agreement with countries like China and India who are Nigeria's major import/Export partners 10 Likes |
| Re: CBN Sells Another $250m To Prop Up Naira Value by FemiEddy(m): 6:40am On Aug 29, 2017 |
Dottore:I totally agree with you 3 Likes |
| Re: CBN Sells Another $250m To Prop Up Naira Value by henryobinna(m): 7:27am On Aug 29, 2017 |
they should continue pumping. While this seems like a good option it'll leave mo significance on the currency once they stop pumping especially since the government is still involved in providing forex for senseless activities such as Months of medical vacation in London Meanwhile do you know you can Update To Android 8 Oreo With Really updating 1 Like |
| Re: CBN Sells Another $250m To Prop Up Naira Value by enimooko: 7:27am On Aug 29, 2017 |
mtchewwwww |
| Re: CBN Sells Another $250m To Prop Up Naira Value by Joshmedia1: 7:28am On Aug 29, 2017 |
Ok, we have heard you Check my signature |
| Re: CBN Sells Another $250m To Prop Up Naira Value by fait10(m): 7:28am On Aug 29, 2017 |
Dottore:sense spotted 8 Likes
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| Re: CBN Sells Another $250m To Prop Up Naira Value by burkingx(f): 7:29am On Aug 29, 2017 |
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| Re: CBN Sells Another $250m To Prop Up Naira Value by kings09(m): 7:30am On Aug 29, 2017 |
Artificial pumping, no pumping in production of goods. Na to pump n comsume 1 Like 1 Share |
| Re: CBN Sells Another $250m To Prop Up Naira Value by ruffhandu: 7:33am On Aug 29, 2017 |
Let them not hoard anything, saturate the market with the currency, and you'll see the price drop. |
| Re: CBN Sells Another $250m To Prop Up Naira Value by Nobody: 7:38am On Aug 29, 2017 |
How long will they keep selling dollars. This needs a better long term solution. |
| Re: CBN Sells Another $250m To Prop Up Naira Value by didfy: 7:38am On Aug 29, 2017 |
This pumping it too much and might affect the country in the long run. Watching shaa |
| Re: CBN Sells Another $250m To Prop Up Naira Value by dfrost: 7:43am On Aug 29, 2017 |
Dottore: Honestly. I don't understand this issue of sustaining the forex market. |
| Re: CBN Sells Another $250m To Prop Up Naira Value by kaymart: 7:44am On Aug 29, 2017 |
I fear for what will happen to Nigeria economy in 5years time..... This methodology of pumping is so scary, superbly devastating on the long run. 1 Like |
| Re: CBN Sells Another $250m To Prop Up Naira Value by Danny287(m): 7:46am On Aug 29, 2017 |
All the ones they injected into the economy before now has it changed anything? Keep hearing of wrong policies all the time 1 Like |
| Re: CBN Sells Another $250m To Prop Up Naira Value by Oladipo1166(m): 7:51am On Aug 29, 2017 |
nice one, i pray naira remain 250 |
| Re: CBN Sells Another $250m To Prop Up Naira Value by SWORD419(m): 7:55am On Aug 29, 2017 |
pumping wey no dey reduce d price of garri is dat one pumping  1 Like |
| Re: CBN Sells Another $250m To Prop Up Naira Value by wildchild02: 7:56am On Aug 29, 2017 |
This $ better drop to 250 ooo  Check my signature to order your football jerseys and get FREE CUSTOMIZATION, YES you heard me right FREE CUSTOMIZATION |
| Re: CBN Sells Another $250m To Prop Up Naira Value by buffalowings: 8:03am On Aug 29, 2017 |
I don't understand this country Whenever I hear US fed chair Yellen talk, it is always about how low the interest rate in banks should be. Should it be low or even kept a tad bit lower. That's how you grow the economy. But here emefiele and that finance minister, all they know is pumping dollars I wonder how we came to employ the dumb fu..cks They should just employ me as well, I did economics in secondary school. |
| Re: CBN Sells Another $250m To Prop Up Naira Value by obailala(m): 8:16am On Aug 29, 2017 |
Dottore:But that isn't done anymore, I mean the subsidy to pilgrims. |
| Re: CBN Sells Another $250m To Prop Up Naira Value by verygudbadguy(m): 8:17am On Aug 29, 2017 |
kaymart:Do not be afraid. The government is buying time. One of the reasons why we experience scarcity of FX is because we spend a large portion of our revenue(FX) on importation. We import PMS, we import rice, furnitures and a lot of other consumables. Come 2019, importation of PMS and other refined products would stop. All thanks to Dangote that is building a world class refinery. The level of crash that dollar would experience after we would have started refining crude oil locally would now depend on you and I. We need to learn to patronize our local stuffs. Made in Aba wears, Abaliki, Kebbi and Lagos rice, holiday in Nigeria where you won't need dollars. We shall get there soon. 1 Like |
| Re: CBN Sells Another $250m To Prop Up Naira Value by obailala(m): 8:19am On Aug 29, 2017 |
Danny287:What is the right policy?.... The only right policy is for Nigeria to increase its forex supply (i.e. boost exports) or for Nigerians to kill forex demand (i.e. start using only locally made goods). |
| Re: CBN Sells Another $250m To Prop Up Naira Value by obailala(m): 8:21am On Aug 29, 2017 |
buffalowings:The interest rate issue has been talked about a lot. Nigeria's economy has peculiar problems and cannot be directly compared to the US where they can easily adjust interest rates at will. 1 Like |
| Re: CBN Sells Another $250m To Prop Up Naira Value by obailala(m): 8:26am On Aug 29, 2017 |
kaymart:1. Reducing the demand for forex (by Nigerians consuming locally made stuff) 2. Increasing the inflow of forex (by boosting exports) Above are the two main things that can fix the economy. Until Number 1 & 2 can be achieved, there's really nothing that can be done to stabilise things besides pumping forex into the economy. The main problem we've had for decades is that instead of proactively taking steps to achieve 1 & 2, several governments have just settled for the lazy option of pumping forex, and it becomes easy when forex inflow from oil is high. |
| Re: CBN Sells Another $250m To Prop Up Naira Value by buffalowings: 8:27am On Aug 29, 2017 |
| Re: CBN Sells Another $250m To Prop Up Naira Value by uviesa(m): 8:28am On Aug 29, 2017 |
Now wey I dey plan to send Money go Nigeria. Na waaa |
| Re: CBN Sells Another $250m To Prop Up Naira Value by obailala(m): 8:35am On Aug 29, 2017 |
ruffhandu:You cant give what you dont have. Saturate the market today with everything in the reserves, of course the price of the dollar would drop today. But the real question you should ask is, if you empty your account today for food to be plenty in thine house today, what will happen tomorrow when you no longer have anything in the reserves to even pump the little bits anymore? |
| Re: CBN Sells Another $250m To Prop Up Naira Value by chris31(m): 8:36am On Aug 29, 2017 |
Nairalanders PH branch i am in need of help i just
relocated to ph having successfully completed
Nysc & i need to get myself busy pls anyone
willing to help me get a job i will appreciate a lot.
Thanks my people |
| Re: CBN Sells Another $250m To Prop Up Naira Value by Nobody: 8:40am On Aug 29, 2017 |
kaymart: U be Prof? Expand your Business online with a Website of your own. N20k only. Check my signature for details. |
| Re: CBN Sells Another $250m To Prop Up Naira Value by ruffhandu: 9:02am On Aug 29, 2017 |
obailala: I agree with you. But many of us know they have not done enough on this. How do you reconcile the fact that govt makes some people pay differently for fx at "official rate"? |
| Re: CBN Sells Another $250m To Prop Up Naira Value by obailala(m): 9:11am On Aug 29, 2017 |
ruffhandu:While it makes no sense, I would assume it's in a bid to ensure easier access to forex for more important things. For instance, we all know the importation of fuel is more important than the importation of fabrics; but at the end, the methodology for prioritising what is more important than the others is where the real debate should be. |
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