The Central Bank of Nigeria (CBN) said yesterday that the currency’s appreciation against others was the result of its market monitoring and intervention.
Its spokesman Isaac Okorafor refuted the claim that illegal sale of foreign currencies at ridiculous rates was responsible for the change in Forex policy.
Okorafor, who spoke in Sokoto, also explained that the appreciation of the Naira was in no way connected to the allegations of illegal sale of foreign currencies.
“I want to state categorically that there is no relationship whatsoever between the allegations that dollar was being sold at 61 kobo and the current appreciation of the Naira.
“What led to the appreciation of the Naira was that the CBN did an intelligence on the market and realised that what was driving the demand on the Bureau De Change (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 medicals, that if we successfully addressed that, the pressure will come down.
“Also, before now, the level of our reserves was not enough to make us comfortable enough 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 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 dollars. When we placed 230 million dollars in the market, only 221 million dollars was taken.
“Anybody who has gone 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 among participants in the market,” he said.
Why am I finding it difficult to believe you, Sir?
ReplyDeleteIf you doubt yourself you doubt others. That is why you find it difficult to believe him. Let us have confidence on each other until the other party proves otherwise.
ReplyDeleteBunch of liers and thieves. From where did you get dollars that accounted for the relative stability? You fail to realize that we have friends and relatives working in CBN and hence could get classified information. The scarcity was artificially caused by CBN agents in collaboration with some criminal elements in power to enable them profit from inflates dollars to the detriment of our economy. Having looted so .Uxh as such and being exposed, the fraud was halted and that is why the reversal started. It's well with Nigeria.
ReplyDeleteGod bless you naira and. Why did he go to Sokoto to talk that rubbish? He should have come to Lagos and tell his folklore and we will believe him. They always think that the whole Nigeria is full of brainless almajiris! Mtscheeew!
ReplyDeleteThe magical stability didn't happen until BOG exposed them and it went viral and the attorney general wrote them a letter of allegation, that's when all of a sudden, with nothing changing in status quote, a miraculous 'the-more-you-look-the-less-you-see' stability just happened for them and naira started appreciating. Liars!
You are very correct! Naijaman. We brand and believe so much lies in this country. We love lies too much because we always want to cover up and preserve many evil ways of doing things in the system. CBN could have done this long time ago. May God help this unrepentant nation.
ReplyDeletei dont think it's really appreciating at all
ReplyDeleteYou are a rogue, it's unfortunate that u are being used to hurt your people. PMB is the greatest criminal so far among our leaders, he knew all these were going on and kept mute indicating that he is in support of it, Sanusi blew the lid yet he refused to act. Thank God for Tunde Gbadamosi who blew the lid again but now with concrete evidence gotten through a whistle blower in the CBN and also thank God for Osinbajo who partially acted upon the information.
ReplyDeleteGEj still remains the best president ever to have ruled nigeria, Jega was the only criminal he refused to fire just to douse tension during his tenure.