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CBN Disburses $240 Million Forex to BDCs, Others Today

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The Central Bank of Nigeria (CBN) resumes this week’s foreign exchange market intervention today with a disbursement of $240 million.

Of the sum, $90 million is for invisibles – business/personal travel allowances, medical, school fees, among others, while $150 million goes to interbank wholesale auction window targeted at real sector operators.

The move, meant to stabilise the interbank market and weaken speculators by strengthening the naira at the parallel market, would also help to return all rates to near convergence.

CBN’s Acting Director of Corporate Communications, Isaac Okorafor, who confirmed the development, added that the apex bank had adjusted the planned sale of dollars to bureaux de change (BDCs).

According to him, the bank now offers dollar auction to the BDCs only on Tuesdays to reduce logistical difficulties, while they will, from today, be offered $10,000 each for resale to end users.

To ease access to customers, he confirmed that the CBN had directed banks to make cash available to desirous foreign exchange customers at over-the-counter transactions.

Warning commercial banks and other dealers against sabotaging the efforts, he advised customers to report infractions to the CBN through 07002255226 or email to cpd@cbn.gov.ng, with the name and branch of the bank.

The financial institutions had mid last week refused to sell dollars to some customers seeking to buy forex for business/personal travel allowances, medical and school fees, citing insufficient allocation. But the apex bank described the claim as false.

The CBN has in the recent months made offers and releases to the inter-bank foreign exchange market in its bid to sustain forex rule supply to different categories of users.

Meanwhile, the South Africa-based Renaissance Capital has insisted that the resultant convergence of the interbank and parallel rates, coming after six weeks of foreign exchange injections, was a precursor to a devaluation of the naira with the NGN350-390/$1.

“CBN’s fixation on a stable foreign exchange rate implies it will need to sustain its interventions to contain the parallel market premium. We estimate reserves will begin to fall when the CBN’s quarterly injections exceed $3.7 billion.

“We consider this ‘convergence optics’ a signal that a naira devaluation is in the offing. In reducing the parallel market premium (N380/$ vs. N520/$), we believe the CBN is hoping the market is now less inclined to think the naira should be at NGN500/$.

“Nigeria’s oil receipts – the country’s biggest source of foreign exchange – by far, will be a key determinant of how much the CBN can inject into the market, while keeping reserves flat,” the sub-Saharan Africa Economist at RenCap, Yvonne Mhango, said.

However, based on assumptions of oil price projection of $55 per barrel for 2017 and the current level of reserves, the apex bank is reiterating its readiness to sustain efforts at stabilising the local currency and prices nationwide.

Source: Guardian

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I Was Three Years Old When I Met My Wife – Nigerian Man Narrates

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A Nigerian identified as Nanpon narrates how he met his wife at age three.

Taking to his Tittwer hndle, he wrote;

“You asked for the full story so here it is: @Heeldarh
’s parents and mine had been friends since before either of us were born and they are till now. So when her mum was pregnant for her, she came to my house one day ( I was three years old at that time). I was told that I reached”

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Nigeria Army Officials Allegedly Beat Lady For Refusing To Greet Them (Video)

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A Nigeria lady in a video said he was beaten by some officials of the Nigerian Army because she refused to greet them.

According to the lady in the video, ”they were wearing Army uniform and whipping me kobokobo because I did not greet them”.

The aggrieved lady in rage said should she kneel down to greet them because they were soldiers?.

It was reported that the incident happened at Eti Osa Local Government Area in Lagos State.

Watch the video below;

P

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‘Ned Nwoko Dey Chop Better Things’ – Fan Gushes Over Regina Daniels New Photos

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Fans have hailed politician, Ned Nwoko, saying that he is really enjoying after his wife, Regina Daniels shared new adorable photos.

The young Nollywood actress took to her official Facebook page and shared some stunning photos of herself, which got some of her fans praising her beauty.

After sharing the photos, one of her fans who couldn’t just like the photos and keep on scrolling his phone took to the comment section to say his mind.

According to the fan identified as Anthony Boadu, the Nigerian lawyer, politician, and humanitarian, Prince Ned Nwoko, is lucky for having Regina Daniels as his wife because she is very beautiful and he is really enjoying something better.

He wrote; “Old man dey chop better things”

 

Another fan also took to the comment section and asked the mother of one of her billionaire husband marrying another lady to become his 7th wife, as reported.

See the photo below:

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