The Central Bank of Nigeria (CBN) injected another $180 million into the foreign exchange market, prompting the Naira to further appreciate by N10 against the dollar in the parallel market.
Details of the foreign exchange supply showed that the apex bank injected $100m into the wholesale forwards segment of the market and sold an additional $80m into the banks specifically for the settlement of dollar demand for school fees, medicals and Personal Travel Allowance (PTA), among others.
Consequently, the CBN has injected about $541 million into the foreign exchange market since last week, when it unveiled new measures to boost dollar supplies in order to halt Naira depreciation in the parallel market.
In a statement announcing the additional dollar supplies, Acting Director, Corporate Communication Department, CBN, Mr. Isaac Okorafor, said: “The CBN’s commitment to providing enough forex for legitimate business remains unshaken, reiterating that it would do “everything possible” to ensure the steady supply of forex to the market.
Edited from Vanguard
Wow thank goodness for this news. Just woke up now and seeing dis means a lot to me😀😀😀😀 I hope it get to 25k
ReplyDeleteA lot of ignorant people saying dollar is falling because Buhari is in London,SMH. Let me school you.1. Buhari put a freeze on access to Forex (dollar)so corrupt looters would have no way to buy dollars and siphon stolen funds out of the country 2. Dollar became scarce and the Black market and bureau de change set high prices for dollar purchase claiming scarcity.3. The laws of demand and supply ensured the price of dollar skyrocketed. 4. With the whistle blower policy now effective in exposing corrupt politicians and the international cooperation the government is regulating forex less and now releasing dollars into the market by the million. So people, everything that happened was planned for.
DeleteGood to know
ReplyDeleteGood news
ReplyDeleteGood morning Stella * killzes *
As of yesterday it was 460 to a dollar
ReplyDeleteMiss Ese,440 in black market
DeleteGood job!
ReplyDeleteThis is good news for me!
Tremendously Good News💃🏼
Hello @ The General! I Got You where I want u babyyy😉 LMAO😂
Buhari can stay longer in London ....keep falling dollar ....he won't be back anytime soon
ReplyDelete😍😘
DeleteWonderful!
ReplyDeleteI hope they are not doing the more you look, the less you see. Because it affected most of the big men that their children are schooling abroad, so that is why they are trying to bring the dollars low.
ReplyDeleteIt should be N145 per dollar then i will know we are serious in this country.
The pains is just too much. Imagine you cant get good stuff
@yori don't think it will fall down to 145 again maybe it will stop at 200.Great news though atleast there is hope afterall
DeleteMake e dey fall dey go
ReplyDeleteI hope and pray it stabilizes
ReplyDeleteThank God o
ReplyDeleteGREAT NEWS!!👍👍👍👍
ReplyDeleteNice...osin knows what he is doing unlike the dunce
ReplyDeletedollar should fall flat Abeg. traders have taken advantage of it to the extreme. even tomatoes is expensive, as if they are importing farm produce.
ReplyDeleteMy dear traders are not to blame oooi they're just suffering and smiling #zeroprofit
DeleteTraders aren't taking advantage
DeleteStandard of living is high
So whether they import things or not, at the end of the day, when they want to tend to their families, they will need to buy those things that were imported.
Wawwuuu
ReplyDeleteIt's a start
Let me start preparing to resume my hair business. Packed up shop since. Buhari abeg remain where you are
ReplyDeleteU are an illiterate so u think d acting president will take decisions witout d presidents consents,face ur book no u won't u blive once u ave internet subscription u are smart,ode u sound dumb lol
DeleteGreat news!!!
ReplyDeleteBuhari should just remain where he is cos since he left there have been a positive turnaround for the nation's economy. Its making me believe he is jinxed cos same hardship happened during his military regime.
However, I wish him a quick recovery abi a splendid stay as he is vacationing.
U are an illiterate so u think d acting president will take decisions witout d presidents consents,face ur book no u won't u blive once u ave internet subscription u are smart,ode u sound dumb lol
DeleteIt's was 435 parallel mkt as of ystday
ReplyDeletePeople are shouting great news! I wonder what is great about ds? When dollar to 1naira is still @460, it can only be great news, when one dollar to naira goes back to 190 or even downward, then i can celebrate, but with ds 400 n something, its no great news abeg!
ReplyDeleteLet it continue to fall, it's the Lord's doing and marvellous in our eyes.
ReplyDeleteThis isnt the solution o. This is a temporary solution. When we stop pumping external reserves into the market, what happens?
ReplyDeleteThis is exactly what GEJ did for 5 years that wiped our external reserves.
I hope this will be sustained if that olodo president come back with his archaic policies.......Hope he stays wherever he is
ReplyDeleteU are an illiterate so u think d acting president will take decisions witout d presidents consents,face ur book no u won't u blive once u ave internet subscription u are smart,ode u sound dumb lol
DeleteI hope we know that the parallel rate can not be lower than the official rate. This is a good development but we need to improve on our foreign earnings to bring the official rate to a desired level
ReplyDeleteThis is the real deal.
ReplyDelete