NewStats: 3,264,150 , 8,182,785 topics. Date: Monday, 09 June 2025 at 09:31 PM 64323x

Basking in the euphoria of the near rate convergence achieved in the foreign exchange (forex) market, indications emerged yesterday that the Central Bank of Nigeria (CBN) would sustain its dollar injection in the market this week.

The sell side of the naira exchange rate against the dollar appreciated significantly by N12, to close at N363 to the dollar on the parallel market on Friday, as against the N375 to the dollar as was last Thursday.

Also, the buy rate of the greenback closed at N369 to the dollar on Friday, stronger than the N382 to the dollar it was the previous day.

To this end, a reliable source at the central bank revealed that the Bank was not resting on its oars and remained determined to ensure a convergence between the interbank and Bureau de Change (BDC) rates soon, hence the move to continue its intervention in the interbank market.

The CBN Acting Director, Corporate Communications, Isaac Okorafor, confirmed that there were indeed plans by the CBN to make necessary interventions in the forex market, in line with its earlier resolve to achieve forex rates convergence and liquidity in the market.

On how the bank hoped to sustain its interventions, Okorafor said the CBN has enough forex to meet the requirements of all customers, who had genuine need for the dollar.

He also expressed optimism that the current policy of the bank and the cooperation of all stakeholders would check the unwholesome activities of speculators.

CBN Governor, Mr. Godwin Emefiele, while commenting recently on how far the CBN would go in sustaining its market interventions, had said: “I have said it and I will repeat myself that the interventions will be more vigorous than before to underscore the fact that we are determined to ensure that the Nigerian economy recovers, by making sure that foreign exchange is being made available to operators of the economy to conduct their businesses.”

http://investorsking.com/cbn-pledges-to-sustain-dollar-injection-in-fx-market/

Good one from cbn.

But withdrawal limit from Naira-denominated abroad needs to be activated and increased from $100/month.

Or are they still suspecting round-tripping even if the amount is increased to $1k/month?

Nice one

I still find it difficult to comprehend why Emefiele under Osinbajo is the opposite of Emefiele under Buhari.

this one dah they say buhari will come b4 nxt week with his depreciating curse

Dollar wahala

I'm tired of hearing about this manipulators called CBN o

I don't take pledges from u guys

Has it really been effective? The fact is that where it is now is at the actual value of the currency.

Work for your money!
Click Signature, view and get immediately what you need!

Where's that dunce that'll accuse his father of speculating on near worthless currency

CBN ko Dollars ni... I don tire, man need continue importations abeg

LionDeLeo:
Good one from cbn.

But withdrawal limit from Naira-denominated abroad needs to be activated and increased from $100/month.

Or are they still suspecting round-tripping even if the amount is increased to $1k/month?

Yes, is really affecting us..

Edopesin:
this one dah they say buhari will come b4 nxt week with his depreciating curse

SirHouloo:
I still find it difficult to comprehend why Emefiele under Osinbajo is the opposite of Emefiele under Buhari.

Simple President Buhari is merciful....

SirHouloo:
I still find it difficult to comprehend why Emefiele under Osinbajo is the opposite of Emefiele under Buhari.

What changed, same policy was introduced since january and dollar has been crashing, or are now buying things at cheap prices since osibanjo came into power?

Sammiejokes:

What changed, same policy was introduced since january and dollar has been crashing, or are now buying things at cheap prices since osibanjo came into power?

Bros, you get time answer these unintelligent otondos!

okay.

SirHouloo:
I still find it difficult to comprehend why Emefiele under Osinbajo is the opposite of Emefiele under Buhari.

What is the sense in injecting billions of dollars into the market and there is no effect on the people. They have pumped over 5billion dollars already and yet fuel price increase is coming,inflation is coming down , so what is the purpose?

Una no get choice ohhh, u Av to continue till Dangote riferany and oda means of production is at a sustainable state

NAwa oo and still price of goods no dey come down

onatisi:

What is the sense in injecting billions of dollars into the market and there is no effect on the people. They have pumped over 5billion dollars already and yet fuel price increase is coming,inflation is coming down , so what is the purpose?

The government always shore up the Naira even from the beginning of times.

The dollars being pumped is not for free, it is just being exchanged for naira and that is very necessary since govt internal financial obligations are in Naira.

Before now, don't students pay school fees abroad? Were travellers not entitled to the present exchange privilege? Were ed importers not getting dollars from cbn at the official rate? Or is it because this istration chooses to always announce it?

SirHouloo:
I still find it difficult to comprehend why Emefiele under Osinbajo is the opposite of Emefiele under Buhari.

Loyalty to whomever is the head of the affairs.

LionDeLeo:


The government always shore up the Naira even from the beginning of times.

The dollars being pumped is not for free, it is just being exchanged for naira and that is very necessary since govt internal financial obligations are in Naira.

Before now, don't students pay school fees abroad? Were travellers not entitled to the present exchange privilege? Were ed importers not getting dollars from cbn at the official rate? Or is it because this istration chooses to always announce it?

Ok no problem. Time will tell.
I wish nigeria the best.

Edopesin:
this one dah they say buhari will come b4 nxt week with his depreciating curse

We shall enter one chance again.

SirHouloo:
I still find it difficult to comprehend why Emefiele under Osinbajo is the opposite of Emefiele under Buhari.

It's hatred for PMB that has confused you and your reasoning. If not, you'd know that all CBN policies have been ON for long time even when a dollar was N500.

That is what blind hatred does to reasoning!

.

Dumb! For how long would cbn have to spoon feed the market? Why can't cbn liberalise the in flow of dollars?

Edopesin:
this one dah they say buhari will come b4 nxt week with his depreciating curse

Hatred and ignorance are the foundation of your problem.

Just hope it is not a curse.

aolawale025:
Dumb! For how long would cbn have to spoon feed the market? Why can't cbn liberalise the in flow of dollars?

Hope you know the implication of that?

Or you just typed that for the sake of comment?

Ijaya123:

Hatred and ignorance are the foundation of your problem.
Just hope it is not a curse.

u must be a fulani herdsman :/

Edopesin:

u must be a fulani herdsman :/

You just confirmed it. Ignorance is part of your problem.

Ijaya123:


Hope you know the implication of that?

Or you just typed that for the sake of comment?

What's the implication of generating more streams of dollar in flow? For how long must CBN be the major source?