CBN to inject more dollars into FOREX market to strengthen naira

In continuation of its intervention in the foreign exchange market aimed strengthening the Naira against other international currencies, the Central Bank of Nigeria, CBN, plans to inject another $350 million to the market this weekend.

The bank says its recent intervention overwhelmed the market’s ability to absorb the injected funds.

Despite the placement of about $500 million in the first intervention by the bank shortly after the policy review was announced last week, the market could only absorb $350 million, the bank said.

In the foĺlow up placement of about $270 million, only $221million was taken up in the market.

CBN spokesperson, Isaac Okorafor, who spoke with PREMIUM TIMES in Sokoto on Friday, said the inability of the market to absorb the entire supply of dollars to the market was an indication that the supposed high demand for foreign exchange was artificially induced by speculators to spike the price for selfish reasons.

Following the CBN intervention in the market in the last two weeks, the value of Naira has strengthened significantly, from about N515 to the dollar to about $485 to the dollar in the first week.

The value has since been boosted to about N450 to the dollar in the second week.

A senior official of the CBN told PREMIUM TIMES the bank was committed to continuing its policy to supply more dollars into the foreign exchange market in continuation of its strategy to strengthen the value of the Naira.

The official, who requested that his name should not be disclosed because of the sensitive nature of the information, said the CBN planned to inject additional $350 million to the market this weekend.

The Naira lost about N7 to exchange at about N465 to the dollar after closing stronger at about N458 to the dollar on Thursday, while pound sterling and the Euro exchanged for N542 and N480 respectively.

With the planned fresh injection of foreign currency into the market, the total amount of supply of dollars would rise to about $570million this week alone, to further boost the value of the Naira against the dollar.

The CBN spokesperson said the sudden improvement in the value of the Naira, coupled with improving national reserve levels to about $29.6billion, showed the bank was determined to continuously make foreign exchange available to all genuine customers through their banks, advising those hoarding the greenback to reduce their losses by selling their dollar stock.

Part of the intervention with CBN in the last one week was $80million for Personal Travel Allowance, PTA, Medical fees and school fees, $100million wholesale forwards, while another $350 million would be placed in the market this weekend.

On Sat, Mar 4, 2017 at 9:18 AM, Ini Ekott wrote:
CBN to inject more dollars into FOREX market to strengthen naira

By Bassey Udo
Business
Abstract: The bank says its recent intervention overwhelmed the market’s ability to absorb inject funds.

Pix: Emefiele

In continuation of its intervention in the foreign exchange market aimed strengthening the Naira against other international currencies, the Central Bank of Nigeria, CBN, plans to inject another $350 million to the market this weekend.

The bank says its recent intervention overwhelmed the market’s ability to absorb the inject funds.

Despite the placement of about $500 million in the first intervention by the bank shortly after the policy review was announced darker last week, the market could only absolve $350 million, it said.

In the foĺlow up placement of about $270 million, only $221million was taken up in the market.

CBN spokesperson, Isaac Okorafor, who spoke with PREMIUM TIMES in Sokoto on Friday, said the inability of the market to absorb the entire supply of dollars to the market was an indication that the suposed high demand for foreign exchange was artificially induced by speculators to spike the price for selfish reasons.

Following the CBN intervention in  the market in the last two weeks, the value of Naira has strengthened significantly, from about N515 to the dollar to about $485 to the dollar in the first week

The value has since been boosted to about N450 to the dollar in the second week.

A senior official of the CBN told PREMIUM TIMES the bank was committed to continuing its policy to supply more dollars into the foreign exchange market in continuation of its strategy to strengthen the value of the Naira.

The official, who requested that his name should not be disclosed because of the sensitive nature of the information, said the CBN planned to inject additional $350 million to the market this weekend.

The Naira lost about N7 to exchange at about N465 to the dollar after closing stronger at about N458 to the dollar on Thursday, while pouns sterling and the Euro exchanged foe N542 and N480 respectivelyq

With the planned fresh injection of foreign currency into the market, the total amount of supply of dollars would rise to about $570million this week alone, to further boost the value of the Naira against the dollar.

The CBN spokesperson said the sudden improvement in the value of the Naira, coupled with improving national reserve levels to about $29.6billion, showed the bank was determined to continuously make foreign exchange available to all genuine customers through their banks, advising those hoarding the greenback to reduce their losses by selling their dollar stock.

Part of the intervention with CBN in the last one week was $80million forpetent PTA, Medical fees and school fees, $100million wholesale forwards, while anothee $350 million would be placed in the market this weekend.

Continue Reading

Ag. President Osibanjo Visits Kaduna, Says Without Forgiveness Southern Kaduna Killings Will Consume Communities

Nigeria’s Acting President, Professor Yemi Osibanjo, on Friday committed himself to being part of a process of dialogue to end the conflict in Southern Kaduna.

He was speaking in Kaduna State to religious and traditional leaders, including Fulani leaders, after receiving situation reports from heads of military and police formations.

Prof. Osinbajo appealed to them to embrace dialogue, noting that failure to accept the path of peace would deepen the crisis, which could consume the Southern Kaduna communities.  He advocated forgiveness among the communities so that they can agree to live in peace irrespective of religion and ethnic differences.

“I'm a Christian, and you all know that I'm not just a Christian but a pastor and we know that whenever there is a bloodletting in the land evil continues until it consumes everyone (Christian and Muslim),” he stated.  “In the Bible when Cain killed Abel, the blood of Abel cried for vengeance that led to a continuous circle of bloodletting. Any life lost in the conflict whether Christian or Muslim will bring this kind of continuous evil in the land.”

The Acting President noted that in conflicts around the world the tool of dialogue is used through which all the parties agree to live in peace.  “How many more lives are we going to lose before we can sit like this and agree to live in peace?” he asked.  “We must accept to forgive and agree to live in peace, but if we allow vengeance to set in, there will be a continuous circle of killings that may consume all of us.”

Committing to a gradual process of dialogue that would bring everlasting peace to Southern Kaduna, he said there was no limit to the amount of time he was willing to spend in the process to see peace return to the area in honor of the lives of all those that have died in the conflict.

Continue Reading

President Buhari’s Doctors Also Treating Crohn’s Disease, An Intestinal Malady

A source familiar with President Muhammadu Buhari’s medical treatment in London has revealed to SaharaReporters that, apart from a lingering prostrate flare-up and other chronic conditions, the Nigerian leader has also recently been battling with a persistent “internal organ” problem, a fact this website reported on Sunday.

The source attributed President Buhari’s inability to eat as well as his progressive loss of weight to Crohn’s Disease, a medical condition that has affected his digestive system.

According to the source, Mr. Buhari had had parts of his colon removed in 2013 and also had another operation to have hemorrhoids, swollen veins near the human rectum, removed in 2016 in London during one of his secret trips to seek urgent medical treatment.

The latest revelation appears to validate a claim by Mr. Buhari’s wife, Aisha Buhari, to the effect that her husband was dealing with “internal organ failure.”

In interviews, several doctors in Nigeria and the UK told Saharareporters that the fact that Mr. Buhari was an outpatient indicated a condition consistent with Crohn’s disease. Two of the doctors stated that it was likely that President Buhari’s course of treatment for his prostrate and other issues led to a complication and worsening of his Crohn’s disease. SaharaReporters had reported that Mr. Buhari also has prostate cancer that was first treated by UK doctors shortly after the Nigerian leader lost the 2011 presidential election to former President Goodluck Jonathan. 

Crohn's disease is an inflammatory bowel disease (IBD) that causes inflammation of the lining of the digestive tract, leading to abdominal pain, severe diarrhea, fatigue, weight loss and malnutrition. Inflammation caused by the disease can affect different areas of the digestive tract in different patients, but doctors interviewed for this report disclosed that it usually occurs in the intestines, where the inflammation caused by Crohn's disease often spreads deep into the layers of affected bowel tissue. 

Doctors also revealed that Crohn's disease can be both painful and debilitating, and sometimes may lead to life-threatening complications. “When it occurs in younger people, there is a higher chance of future complications than in older patients,” one doctor told our correspondent. He added that the disease “often worsens with age.”

According to the doctors consulted for this report, while there is no known cure for Crohn's disease, palliative therapies can greatly reduce its signs and symptoms and even bring about long-term remission. Some of the doctors stressed that, with proper treatment and management, many patients with Crohn's disease are able to function well.

The doctors stated that the cause of Crohn's disease is largely unknown. However, one doctor said the condition was likely due to an abnormal response of the immune system. Food or bacteria in the intestines, or even the lining of the bowel, may cause the uncontrolled inflammation associated with Crohn's disease.

The doctors disclosed that the inheritance pattern of Crohn’s disease was also unclear, noting that several genetic and environmental factors are often at play in the occurrence of the disease. According to one doctor, the condition tends to “cluster in families.” He explained that having an affected family member was deemed to constitute a significant risk factor for the disease.

Continue Reading