Nairametrics| In what appears to be the CBN’s next chapter in the handling of the forex policy, the Apex Bank is planning to release about $1 million to meet the demands for payment of school fees, travel allowances and medical expenses. This is according to an article by the Leadership Newspaper.
The paper reports that the CBN “will henceforth give weekly allocations of $1million to Deposit Money Banks (DMB) in the country, while the banks would be expected to sell to their customers at the rate of N375 per dollar.” Quoting what it called a “reliable source”, it said that the CBN was currently “perfecting plans to effect weekly allocations of $1million for the DMB.”
Sources suggest the CBN could be issuing a new policy as early as the next MPC meeting, which will be aimed at solving some of the liquidity issues currently being experienced at the parallel market space. The exchange rate to the dollar depreciated to a record N516/$1 last week as scarcity in the black market persisted. A lot of this is blamed at demand for forex
If the CBN goes on with this plan, then it is likely that we see an appreciation of the Naira. Data from the CBN reveal the CBN had reduced sales to BDC’s by as much as 98% since 2014, dropping from $4.4 billion to just $58 million. See below;
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Farewell Mr. Governor, Farewell Mr president,Farewell Minister of finance.now look at the governor’s action.he started this floating of naira.WHAT FOR ?he started to disallowing bureau de changes from accessing forex through the cbn.THE NAIRA BEGINS TO DEPRECIATE AND HE CREATED MORE PROBLEM FOR MIGHTY NAIRA.after some mild constructive criticism,he mould his view slightly.
A few months later,he started this floating of the naira. some might think “is the man alright” ? I do not know or not ?,if you ask a nigerian primary school graduate what you think of how the governor is handling the monetary side of the economy,or how do you rate him ?.his or her reply will be unprinted.
Now we have a monetary guideline by the cbn,which one of them said “Nigerian banks should not hold foreign currency above $10000, and you should not lend any money in Nigeria except in naira,i am for this naira as the only legal tender in Nigeria,but if you want Nigeria bank be big or go international,you must think outside your shell.
Before 2019.if care is not taken,in 2yrs time,this present govt will have a minimum foreign debt of about 70 billion dollar to about $ 200 billion.How will it come ?it’s going to happen this way.you have kemi’s imf loan at about 2 %,but I do not know how much,but we know this Chinese another loan about 20 billion dollar for rail,and there is nothing extraordinary about this railway,speed or comfort.we will see in hell.
Once kemi float this Eurobond on the London stock exchange.it’s going to raises.it’s going to be british investor,and a bond is a secured debt, which must be paid.THE MINISTER OF FINANCE OF NIGERIA IS ENRICHING BRITISH INVESTOR AT THE EXPENSE AND PAIN OR HAPPINESS OF NIGERIAN INVESTORS.will any Nigeria investor access this Eurobond.he need a visa to brtain, and he have to pays legal visa fee.i have read in nairametric that fed govt wants to eases investors into Nigeria.may I ask you ” with what” ?for a start govt have not created the atmosphere or auspeci…. for anybody to invest in Nigeria.are they not putting the cart/wagon before the horse
Now the germans and the british govt are deporting some Nigerians for overstaying their visa. about 30 yrs ago.a Nigerian passport allows entry into Britain without a visa for about 2 weeks.When the british govt noticed that Nigerian govt was experiencing ( EVERY NATION MUST PROTECT THEIR INTEREST EXCEPT NIGERIA) problem or nigeria,they started to restrict entry into british,such privilege was removed.
we have a president in exile.the man is not bedridden or in hospital.i wishes the president the best.i am not the only Nigeria to noticed Mr buhari for his height and bodymass.His weight is not appropriate for him so is his age