This is what we can achieve with little patience. Those arm twisting the govt have failed. Let's stick with a less corrupt government and make Nigeria great again

One Mallam was telling me its 220 this evening

It sells for 240 at Eko Hotel this afternoon...

#Confirmed

NDI IGBO KWENU!!!! KWENU!!!!!! KWEZUENU!!!!!!!! IFEANYI UBAH HAS DONE IT... SEKEM

Many Thanks to Dr Mba and Rabiu for exposing the evil of some few

Ubah, Buhari should appoint him...

Exchanged at 250naira this morning too. But my boss just changed his at a rate of 290.

wetin dey do una for dis country?
Yesterday 3 shipping lines that normally berth several container ship each in lagos- they all stopped shipping to us!
This is the major cause and you guys are rejoicing?!
Shey when nigeria's current stock of essential commodities have run out is when we'll understand-
IMPORTERS CAN'T BRING GOODS IN BECAUSE THERE ARE FEWER SHIPS COMING TO NIGERIA- SO LESS FOREX DEMAND.
Now, our troubles begin...

klexycole:
Let's Keep Our Fingers Crossed And See What Happens Next.

Honestly, the news has both good and eerie feeling to it

it will definitely crash.
God will alleviate the pains of the masses
monopoly is bad for an economy.
God bless Ubah for voicing out.
more surprises will spring up, sit back relax and watch!

Wow! People will still lose money. Thank God Buhari didn't bend to their whim and devalue the naira.

ProudOlodo:

Honestly, the news has both good and eerie feeling to it

Its Too Early To Celebrate,I Pray It Turn Out Well.

klexycole:
Its Too Early To Celebrate,I Pray It Turn Out Well.

Yea

Nichobabe:
Many Thanks to Dr Mba and Rabiu for exposing the evil of some few

Like someone said, the black man is wicked.

I believe there is a sort of conspiracy theory at work here... but no shaking, the change train must move on.

chinchum:
It is not entirely artificial, demand of dollar for import has actually declined. Many importers of goods simply stopped demanding at 400, as there is little possibility they can make profit at that margin.

Exactly, retailers can't increase prices, ad infinitum just to make a profit. I'm glad the madness is over..I think.

Watching closely...

asha80:
Nigeria is a funny country where economic theories are defied.So exactly what policy trust or pronouncement happened between when dollar was 400n Las Friday to Wednesday that is now mid 200n?

Ask Ifeanyi Uba and am not surprise that up to now nobody has credited him for that.

koboko69:
His submissions are 100% correct. Weather artificial or super ficial or whatever. It was clearly stated that demand was also greater than supply....the supply was the one being hoarded to force Buhari to devalue.Drop in oil price still plays a major role. Our forex is mostly gotten from oil sales.
So where did he ere in what he was saying?

Yes, Demand could be REAL or SPECULATIVE, but as long as it exceeds Supply, Price will go up. Speculative demand or not, there are real and legitimate demand out there that the CBN cannot fill (e.g. the 41 de-listed items), and these demand will continue to put pressure on the parallel market - pushing price away from the official rate.
---
We do not know the factors responsible for the sudden appreciation of the Naira but I can bet that it won't be sustainable. The economic fundamentals have not changed, and price will find its true value soon (N250 - N300 in my opinion). What ever magic Ifeanyi Ubah would have done would have had a similar cosmetic effect and then rate will quickly revert back to its fair value. But he is a smart guy - he requested for only a 30 day mandate.
---
@AngryNigerian, @irynterri

amokeme:
I'm happy about this really...
A banker friend just told me it's 220 now

Really? Where can I get dollars at such rate?

Bevista:
Yes, Demand could be REAL or SPECULATIVE, but as long as it exceeds Supply, Price will go up. Speculative demand or not, there are real and legitimate demand out there that the CBN cannot fill (e.g. the 41 de-listed items), and these demand will continue to put pressure on the parallel market - pushing price away from the official rate.
---
We do not know the factors responsible for the sudden appreciation of the Naira but I can bet that it won't be sustainable. The economic fundamentals have not changed, and price will find its true value soon (N250 - N300 in my opinion). What ever magic Ifeanyi Ubah would have done would have had a similar cosmetic effect and then rate will quickly revert back to its fair value. But he is a smart guy - he requested for only a 30 day mandate.
---
@AngryNigerian, @irynterri

bros shey na ECONOMICS you study for school?

I have never worry about the naira fallen as low as this artificial level we witnessed recently.
However, we must all learn from the mess we knowingly created for our country.
Greediness of Nigerians rich elites was the main reason our currency falls so low against the United states dollars
But thank God our president refused to fell for their tricks.
I have always know that our stolen wealth is what the few prodigal children of Nigeria are using to pauperize the majority of the good citizens .
We will witness the betterment of Nigeria soonest.

choi kinda sad nd happy about it

Buhari is a mess

Eh?

Lols... But dollar to naira is still very high. $1 = N475 at the black market