Nairametrics|The Central Bank of Nigeria (CBN) will this weekend release $350 million into the market, to meet demand for FX both by individuals and firms. So far about $570 million was sold last week by our records. About $600 million was sold the week before.
Despite this dollar “rain”, the exchange rate failed to drop below N400 and closed the week at about N470/$1, per Nairametrics parallel market exchange rate tracker.
Analysts who spoke to Nairametrics indicate that the challenge for the CBN still remains the supply factor. How long will it continue to supply the market with forex at an exchange rate that’s still trading at a huge discount to the parallel market rate. Currently, it sells to commercial banks at about N315 while the banks offload at a premium of 20% to that rate.
The CBN’s reported last week that commercial banks in the country sold about $1.7 billion based on its 60:40 rule in the month of January. It is likely that February figures might top $3 billion, if it is to reduce the pressure at the black market. Reports reaching us also suggest foreign investors are watching closely at the new forex policy with one eye at the rate disparity and the other at the CBN reserves.
One other closely watched metric is the volumes of crude oil supplied by Nigeria. The National Bureau of Statistics puts this figure at 1.833mb/day in 2016 compared to 2.13mb/day in 2015. At some point in 2016, Nigeria produced as low as 800kbpd. That was at the height of the Niger Delta bombings. With Buhari currently out of the picture and Osinbajo running the show, some Nigerians believe the acting President has for now done enough to quiet the boys at the creek. But how long with this tranquility last?
You know by tradition that Nigerians are very clever when it comes to manipulation! You can not beat Nigerians along with their unpatriotic foreign agents. Let us face reality, corruption has gone viral and it is only God that can put it under control! We have in our mist, the so called manufacturers who work hand in hand with foreign looters of our forex. Most of these unpatriotic Nigerians are holding very sensitive government position and they careless because of their secret oaths with their foreign lords and partners in crime. The Federal Government needs to set up a powerful body that will take care of these culprits. To identify them needs courage and absolute commitment. These evil people are very much in our mists. They are in the church, mosque,and every social circles. They all must be fished out and openly disgraced. The only way to end corruption in Nigeria is to work closely with God. You and I should be aware of the influence of these wicked people and how they secretly sell out the country to foreigners. Nigerians must stand out to fight corruption by exposing the evils among us. We know and accord them respect rather than disgracing them in the public. Enough of their leadership in a county that needs good leadership. President Buari has done his best but he can not do it alone. He needs your full cooperation in this unique venture. Whistle blowers must be encouraged and protected. They have unique roles to stamp out corruption. Ask yourself as a full fledged Nigerians, what contributions have I made to reduce or eliminate corruption in the country? This is the opportune time to contribute your own quota to the well being of the country. All hands must be on the deck and success must come the way of Nigeria as a forward looking nation.
“Ask not what your country will do for you,but what you can do for your country” by American president kenedy “,if you cannot stand the heat in the kitchen,you better not enter the kitchen in first place” by American president Truman,if sought the postion of the president of Nigeria,you must have the moral courage,the transdental spirituality,the intellect for the job.the Nigerian president does not want to fire some incompetent and deadwood minister,maybe he is suffering fron tired and stress, tuface dibia saw president buhari in London.Mr tuface dibia should tell us Nigerians an honest idea of our president health,tuface is not a politician.he should tell us the truth.
I think his supply of forex in Nigeria is being slowly being handle.i never thought the cbn will release a second batch of forex, last week it looks the cbn have some information which they have not released, they have more confidence in themselves and knowledge which they have now,which they do not had before.i thought they are dribbling us.if Govt float this Eurobond or call it afridollarbond on the NSE,as nome suggested.it will create about 3 levela of economic and financial activities,a domino effect