Shell Energy Entrepreneurs banner Yudala banner
Why the naira is getting stronger: CBN

By Rachael Ishaya/Sokoto on 03/03/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 1,000

•CBN Acting Spokesman Isaac Okorafor.
•CBN Acting Spokesman Isaac Okorafor.

 

The Central Bank of Nigeria (CBN) said the recent appreciation of the Naira against other currencies was the result of its market monitoring and intervention.

The Acting Director, Corporate Communications of the CBN, Mr Isaac Okorafor, on Thursday in Sokoto refuted the claim that the allegations by Mr Babatunde Gbadamosi on the illegal sales of foreign currencies at ridiculous rates was responsible for the change in forex policy.

Babatunde Gbadamosi, a Lagos businessman and former governorship candidate, made allegations of racketeering against the CBN and favouritism in allocation of foreign exchange to cronies of the present administration

He accused the CBN of selling dollars to some people for as low as N3 to a dollar.

Later, the CBN released a statement, clarifying that the transactions in question were third party transactions like Japanese Yen to the South African Rand, or Euros to U.S Dollars.

The CBN later went further to direct banks to file returns on the sale of foreign currencies in dollars to avoid ambiguities and misinterpretations in future.

Okorafor said also that the appreciation of the Naira was in no way connected to the allegations of Gbadamosi.

“I want to state categorically that there is no relationship whatsoever between the allegations by the so called person that dollar was being sold at 61 kobo and the current appreciation of the Naira.

“What led to the appreciation of the Naira includes the following:

“The CBN has done its intelligence work on the market and we came to the realisation that much of what was driving the demand on the BDCs and parallel market was speculation.

“We reasoned that since there is a lot of pressure on the two segments from people seeking to buy foreign currencies for BTA, tuition and medical, that if we successfully address that, the pressure will come down.

“Also, before now, the level of our reserves was not enough to make us comfortable to really do the kind of intervention that is required.

“We decided to do so now because we are a bit more comfortable with our level of reserve,” he said.

Okorafor said that since the new forex policy, the CBN had intervened with about 591 million dollars in the market which had led to Naira gaining strength.

“Let me also state as proof that when we placed 500 million dollars in the market only 370 million dollars was taken.

“That tells you that the real demand is $370 million. When we placed 230 million in the market, only $221 million was taken.

“Anybody who has run foul of the law and the security agencies have caught up with him, should go and face his or her case and stop causing confusion amongst participants in the market,” he said. (NAN)

Source News Express

Posted 03/03/2017 3:35:19 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
Breaking News: Boko Haram attacks Jigawa •Soldiers, policemen...

US Presidential Primaries: Trump, Clinton win decisive victories...

Governor says Bauchi will continue to sponsor pilgrims...

Sunshine and cloudy weather to prevail today, says...

New Kogi Governor appoints principal officers

2015 Presidency: Buhari/Amaechi ticket will dismantle PDP, Ex-New...

Kabiru Sokoto: Judge lambasts SSS over shoddy prosecution...

JUST IN: Wanted Boko Haram chief nabbed boarding...

Amosun calls for protection of Nigerian child

Death toll in latest Boko Haram attack on...

DSS scuttles Dasuki’s trial again

What great leaders do in the face of...

 

Latest News Remember the poor and give back to the society, Akpabio charges politicians •Promises more constituency projects PAMO University begins admission of students, activates website Killer herdsmen unmasked Police, Army launch manhunt for Niger Delta militants who kidnapped 5 oil workers 2019: Ministers, Nnamani, Kalu launch Buhari’s South West campaign office Federal Polytechnic Kauran Namoda issuing fake results, says Senior Staff Association Phone thieves burn 12-year-old boy Fulani killings: Group berates APC governors, says visit to Benue belated Presidency defends appointment of NIA DG, says he’s qualified for the job NBA seeks justice for victims of herdsmen attacks Ukah chides Oshiomhole over threat to install APC governor in Delta State Talks to end US government shutdown end in deadlock

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (316,078 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (306,448 views) Shameless Genevieve Nnaji exposes breasts in public (245,455 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (201,728 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (190,340 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (179,737 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (155,831 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (140,198 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (136,246 views) Lagos plane crash: Journalist releases victims’ names (124,724 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (122,040 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (119,100 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,854) Business Verdict (32) Columnists (792) Complaints & Requests (94) Enterprise & Opportunities (200) Entertainment (431) Features (541) Global Business Monitor (222) International (1,751) Interviews (139) Live Commentary (28) Love Matters (100) News (32,054) Opinion (868) Pidgin (10) Politics (4,363) Religion (667) Sports (1,408) Stock Watch (26) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

Football president George Weah puts Liberian army to the test

 

APO Group Partner

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!