₦airaland Forum

…despite CBN’s intervention on banks’ dollar payment


The naira yesterday could not sustain the gains recorded on Wednesday, as it depreciated against the US dollar in the parallel market, closing at N222 to a dollar. This represents a depreciation of N7 from Wednesday when a dollar exchanged for N215 in Lagos and Kano, and N220 to a dollar in Abuja.

Also, the Central Bank of Nigeria, CBN yesterday directed that banks should pay for their dollar purchases 48 hours in advance.

Sources from the Bureaux De Changes (BDCS) said that the gains recorded on Wednesday could not be sustained yesterday due to the fact that the dollar sold to them by the CBN was bought by people that felt that the naira would fall as the CBN may not be able to sustain the sale of more dollar to the parallel market.

Meanwhile, CBN has directed commercial banks to pay for their dollar purchases 48 hours in advance, after banning them from accepting foreign currency cash deposits to curb dollar demand and stem illicit financial flows.

Reacting to the *development, BDC operators said banks would struggle to buy dollar on behalf of customers, while the ban on dollar cash deposits would stem speculation.

The CBN in June curbed access to the interbank currency market to preserve its foreign reserves. The move led to the diversion of dollar demand to the black market, weakening the local currency.

“We are now required to deposit the naira equivalent of our total forex bids to the central bank 48 The measures led to a sharp increase in interest rates on the interbank market, traders said.
“The new measure has taken out some huge naira liquidity in the market and putting pressure on the cost of funds among banks,” one dealer said.

The overnight lending rate jumped to 50 percent on Thursday from 12 percent the previous day, amid low liquidity as some banks scrambled to stock up on the naira to back up their forex demand with the central bank.

Ugo Okoroafor, communications adviser to the CBN Governor had explained that the ban on dollar cash deposits with commercial banks was aimed at curbing the “increasing dollarisation of the economy.”

Meanwhile, on Wednesday , it was gathered that the CBN issued a circular to sell additional $30,000 to all licensed bureaux de change (BDCs) in the country on Friday, apart from the weekly sale of $30,000 that the apex banks normally makes to each BDC.

Earlier in the day on Wednesday , naira exchanged for as high as 235 to a dollar, but a parallel market source noted that the news of the CBN circular prompted various firms to hurriedly sell off the dollars in their possession leading to increase in supply of dollars to the market and thus crashing the exchange rate. The hurried sale is in anticipation that the market would be flooded by dollars when the additional sale is made by the apex bank on Friday. The official exchange rate remains pegged by CBN at N197 to a dollar.

Vanguard investigations on Tuesday had revealed that the naira depreciation was as a result of panic buying of the dollar in the hope that it would further depreciate. Sources said that there was hoarding of foreign currency going on at the unofficial market. They said that the appreciation of the naira last week was temporary and that the exchange rate was most likely to return to its previous level. The naira had last week appreciated by N35 fromN245 per dollar to N210, due to excess dollars in the market, occasioned by refusal of banks to allow foreign currency deposits into domiciliary accounts.

vizkiz:
its always a friend

XavierBlue

misspicy:
Stupidity I know you are lying about collecting ur food and chasing her out buh dont u get tired of all d mentions with ur moniker on it?
Eg...you are stupid like stupidity

wicked



XavierBlue

Andrew114:
9ice one xavier blue

MhizDeedy:
Ok

ggrin:
mr basher

i don bash you before?



XavierBlue

MhizDeedy:
Nyc writeup Op, how abt lists of characters that makes guys Undateable?

starlingslimnet:
Haha boss. .......

ggrin:
This one no go reach that promise land o

oya buttress your reason



XavierBlue

starlingslimnet:
Chop knuckle.....

Cc Farano

. It a rare words which depicts "dateless".



XavierBlue

starlingslimnet:
Oga OP Abeg, what is undateable? Is it an English word or Swahili?

carzola:

They are trait, characters or acts some women show which make them undatable, especially if it overly done.

1. BLOATED EGO

The beautiful and wealthy ladies are guilty of this, their physical look or material possession gets into their head, bloating their ego. Feeling on top of the world wouldn't take you anywhere, rather it makes you appaling, hiding your charming qualities.

2. ALWAYS WANTING THINGS THEIR WAY

This character can be very irritating. Some ladies, perhaps they posses the beauty or money, they will go any length to make things fall their way. Acting like your perfect and without flaws will chase potential suitors away, how can that be when every human is fallible?

3. ALWAYS BUSY

Working round the clock will definitely chase men away as you have no time for them. Working hard is on it own path as every one loves a hardworking woman, but being busy is different, it like a barricade between partners.

4. BEING TOO CLINGY

Some nigerian ladies are guilty of this irritating act, though the desperate ones are the "owners" of this acts. Being too clingy is a great turn off for some felas, it depicts you're being desperate or having insecurity issues.

5. NOT CARING ABOUT THEIR LOOK

I know of a female friend who doesn't give a hoot about how she look. Not caring or little about how you look do chase men away. A lot of girls act nonchalantly about their look, which rather make them appalling.

6. BEING INTROVERTED

Don't quote me wrong, being an introvert, loving spending Time with yourself or thoughts isn't appalling. But some girls tend to overdo it, keeping to theirselves. Which relay a message to their partners and making them undatable as the relationship is boring.

7. LIVING A SPURIOUS LIFE

Some ladies can lie for Africa. And so a relationship built on fallacious utterances wouldn't last long. Especially is the lies are very cheap and uncalled for, it one of the things that makes most nigerian ladies undatable.

8. BEING COMPETITIVE

Some Ladies turn their romantic relationships into argumentative relationships by arguing and competiting in every conversation. Abi relationship na competition? Or sport? 95% of nigerian ladies are guilty of this. Perhaps they argue to show they are learned, but it risible to know that most of them that turns innocent conversation to competitive argument don't know any or little. The act makes them undatable especially for guys Wey no know book.

9. LOVE FOR MATERIAL THINGS/MONEY

Virtually all the girls in this country posses this act or habit. Their love for material things, e,g, iphone6 and money is a thing of concerned. They even love it more than their guys, why then do they maga them?
Excessive show of love for this things makes them undateable as guys take them to be leaches, who will suck them dry.

MuhdG:
Funny siggy

i need to ward em off you know, am allergic to people getting on my nerves.



XavierBlue

INTROVERT:
na kiss and tell them sabi pass.


IT's noon..... before 3pm I expect a counter thread for the opposite sex.....









please mention me when posting it

rudestmcblaze:
I sight my professor XavierBlue

KINGSAMURAI:
negro dnt take those words up there personal, i was just playing with u, now iv realise hw stvpid and kolomentated u are.

hope well get to continue this tomorrow. Catch ya. And hey, don't forget to learn new wacky lines, you can Google them up or check the dictionary, simian specie.



XavierBlue

ShutTheFhuckUp:

#nytzzz, fuccck well.

. Nyt nigga



XavierBlue

KINGSAMURAI:
i will b waiting 4 ur burial