odiks:
…As BDCs back Buhari’s no devaluation stance

THE naira gained about 30 per cent on Wednesday against the dollar at the parallel market to trade between N250 and N280 from N364 at which it sold on Tuesday ending two weeks of free fall when it peaked at N403 against the greenback at the parallel market last week Thursday.

The local currency had begun a gradual recovery on Friday, firmed sharply at the parallel market yesterday as retail traders, having anticipated a cut in its official rate and stocked up on dollars, bought the local currency back after the government said it would not devalue.

The naira rate closed at N197.50 on Wednesday at the official interbank market, where the CBN limits introduced late last year to defend a currency peg have restricted access to dollars.

That has funnelled demand for dollars on to the parallel market, a flow further fuelled by speculation of a possible weakening of the peg.

The Acting President of the Association of Bureau de Change of Nigeria (ABCON), Aminu Gwadabe, said the market was reacting to President Muhammadu Buhari’s ‘no devaluation’ stance.

He, however, expressed ABCON’s support for President Buhari not to allow further devaluation of the naira.
Gwadabe, who said the association was in partnership with the authorities to step up efforts to rid the market of illegal currency traders stated: “Like the President indicated recently, since the only significant thing we export is crude oil, devaluation will do more harm to the economy than good. So we also say no to further devaluation of the naira!” he stated.

He also affirmed ABCON’s backing to ensure its members comply with the Central Bank of Nigeria’s regulation as well as operate within the approved margin of 3.5 per cent with the hope that the demand and supply situation would improve to restore calm and stability in the market.

http://sunnewsonline.com/new/naira-gains-30-sells-for-n250dollar/

Glory be 2 God.Nigeria must succeed in beating the hell out of this evil conspiracy against it.As we look forward to more fall in the value of the US dollar over the Nigeria naira to equate a dollar for a naira,I emplore my fellow citizens to be prayerful and continue to trust that our country would excel in the president Buhari led administration.Peace and blessing to our great and rightful citizens.The Lord is with us.

Holyman3:
J

Here is what he did. After weeks of keeping quiet, he decided to talk. He went all out on a national TV and said, "The dollar scarcity is artificially created to enrich some powerful people. If the government appoint me as a consultant, without payment, the dollar will fall to 200 naira under one month". Cool right.

He went further to stake his over 500Billion assets on it.
Immediately after his tv show, dollar fell from 400 to 350. That's 50 naira of your money there.

Two days after his speech, the cabals convened an emergency meeting, in attendance were Osinbajo, Saraki, Atiku etc. The sophisticated people told us the meeting was for Saraki to beg them not to probe him further. How on earth would Saraki call a public meeting to lobby people against this probe? Such things are done in secret.

To cemetery Uba's claims, the chairman of BUA group said that Federal government is selling our national dollars/fx to Dangote alone to build factories outside Nigeria. It's here on nairaland.

Less than 24 hours later, Dollar tumbled from over 350 to 250.

Are you still asking what he did?

hahahaha correct talk.no mind d dem APC fanatics.
Cc: Bevista

1 US dollar = 3.9650 Ghanaian cedis

manneger2:

Why nairaland no get FO0L tab d same way they have LIKE

Ask them not me.

Mftivi:
Out of all the comments here no one knows exactly what is happening. I just pity Nigerian youths, why won't they mess with our resources when you low nothing about the economy. Buy dollar now that it's cheap don't relax at home and be singing Kumbaya all day cos when supply falls again dollar will shuttle. This is what we call consolidation in forex.

I know say u get dollar wey you wan sell. continue hoarding until it drops to #200. economic jargons can't save u

Where are all those economic professors here telling us that its due to drop in oil price. Some people will be here quoting their economic textbooks while others are making millions. If u must succeed in life u must drop ur note and textbooks and do some things u were not taught in d class else u will remain a poor man looking for people to blame

Burger01:
Lecture us on exactly the 'work' Uba did

During Fuel scarcity, Ifeanyi Ubah said he could single
handedly end the scarcity & he did; few days ago he also
said that about the Dollar.

The cause of Naira Crash is artificial caused by some Cabals. Ifeanyi is ready to name them in order to stop their activities .

the fear of being exposed made them to released the hoarded Dollar.

During Fuel scarcity, Ifeanyi Ubah said he could single
handedly end the scarcity & he did; few days ago he also
said that about the Dollar.

The cause of Naira Crash is artificial caused by some Cabals. Ifeanyi is ready to name them in order to stop their activities .

the fear of being exposed made them to released the hoarded Dollar.

hip hip hip hurray. dollar don fall for ground o macham macham2ce. am celebrating with a bottle of swahilian kaikai. hahahaha

What would have happened if PMB had bowed to the pressure coming from all quarters that he needs to devalue the naira?

I salute his stealth and courage. These are qualities of a President.

Mftivi:

It's simple bro. CBN don't sell dollar to nobody. The guys at BDC have to source for dollar and if they go through all the trouble to get it you don't expect them to sell 250. Now what changed? Some big boys dumped a lot of dollars in the parallel market.

degenius3 no mind am. na speculator...dem no dey add value to our economy.

Holyman3:


I have one good question for you Mr Economics.

Is this the first time Buhari said he will not devalue?

It is the timing that makes the difference.

But then, you can go ahead and hero-worship whoever that gives you the feel-good disposition.

Have a nice day.

dunkem21:
..All hail Ifeanyichukwu Uba ..

I thought people said that the free fall of dollar is connected to the fall in oil price ..

All kudos to Ifeanyi Uba. What he said is the truth and is now paying off. He made a threat to those behind the shady deal of the exchange rate palava, I watched him live on Channels when he threatened to expose them and challenge the FGN with EFCC by his side to bring the naira down to 200/$ within one month.

Another day Another dollar!!

/
Kudos to Ifeanyi Uba.

When the parabolic slide started, I beckoned on the CBN governor to borrow a leaf from the Japanese and Swiss--both countries are notorious for verbal interventions. In verbal intervention, the only thing he has to do is to make a serious statement that will shake the confidence of speculators and they will liquidate their holdings. Uba made that call on national tv backed with N500b asset. No sane speculator will stand in the way of such bold move. And naira appreciated. Some people may never understand the implications of the statement by Uba.

The question is: Where do we go from here? When the dust settles, naira is heading back down towards N300/$ before the end of the year when economic fundamentals will thrive over emotions.

/

rawpadgin:
ur post was making sense until u mentioned Jonathan
Let the man be please

Yaay! From N400 to N250/$? Ifeanyi Ubah is working, Buhari is traveling.

Ijaya123:


And you think you're making sense here? Smh...

The gains by naira in the last few days was an instant reaction to the categorical statement made by Buhari that naira will not be devalued. Speculators has no choice than to start offloading the dollars.

You need to learn about some economics. Not the sentimental crap you put up there.

hahahahhahahaha see dis one Dey dia dey decieve urself. naira has been slidding downwards foreva since buari assume office 9 months ago. infact it was buari's manipulation of currency dat led to d slide of d naira. didn't financial times international not condem buari for manupulating d nations currency weeks afta d expulsion of nigeria by JPMorgan d con3 was starved of foriegn currency investment, as a result of dat coupled with buari's cluelessness in banning dollar deposition in banks dat led to pipul offloading their dollars, artificial dollar scarcity was created.
as innocent nigerians sold their dollars for naira, dollar cabals took ova n started stockpilling dollars to cash in on buari's policy of currency manipulation through speculation, thereby further worsening d naira situation. Buari was totally clueless on wat to do about d sliding naira for 8 months. only for infeanyi ubah to send shock waves on national tv dat he knows those responsible for stockpilling dollars. den gbam!!! in less dan 48hrs, naira gain N150 against d dollar, just 38hrs after ubah's revelation. u tink say d sudden appreciation in wake of ubah's statement na just coincidence wat ifeanyi did is exactly wat d minister of finance should have don. hold press conferences n workshops like d days of NOI n declare dat d slide in naira was artificial. but wat did they do they were busy blaming GEJ n falling oyel price as d cause of d falling naira. wat exactly did buari do notin. do u now see dat falling oyel price was not d cause of naira depreciation
give thanks to infeanyi ubah for saving buari buttts.

kodded:
I thought apc Yoruba sycophants claim that it is impossible for the naira to go up within a month .?here you are preaching against what u are guilty of,cant u make ur point without making reference to the yoruba's.with what i see on nairaland all the ethnic groups in this country are guilty of one form of tribalism or another.












I keep saying it untill e remove tribalism from us we will be going round the circle

my frnd making reference to a particular ethnic group makes u guilty of thesame thing u preach against.with what i see on nairaland every ethnic group in this country is guilty of one form of tribalism of another.

mrvitalis:
One thing I love about Buhari is once he has taken a stand there is no going back

That was why I voted for him

Young man leave Gej alone.

Burger01:
I love my president's 'doggedness'...no room for bullshiiits

You can't rule a country as complex as Nigeria if ain't gat balls..... Jonathan had no balls

gpmorgan:


Yaay! From N400 to N250/$? Ifeanyi Ubah is working, Buhari is traveling.

Kindly confirm where someone can see to buy ASAP

DeGenius3:


since he made some little revelations as to the
"Dollar Cabal" (Me Calling them that) seems like
the FG have since swinged into action

Maybe they didn't have any answer to the dollar
issue!

The Man I Learned Even Staked N500bn of his assets
just to prove that his recommendations will work

me also thinks that even the FG might have an insider
knowledge, otherwise, who are the guys benefiting from
this mayhem?

so it was a sabotage and not bubus economic policy right

Burger01:
I love my president's 'doggedness'...no room for bullshiiits

You can't rule a country as complex as Nigeria if ain't gat balls..... Jonathan had no balls

the only "balls" grand-uncle Jona knows are the ones in his boxers!!!

To God be thy glory.

Dudeweedlmao:


He induced fear on greedy nigerians.
Imagine staking $2billion dollar asset just to prove a point. Lol

gpmorgan:


During Fuel scarcity, Ifeanyi Ubah said he could single
handedly end the scarcity & he did; few days ago he also
said that about the Dollar.

The cause of Naira Crash is artificial caused by some Cabals. Ifeanyi is ready to name them in order to stop their activities .

the fear of being exposed made them to released the hoarded Dollar.

These were just mere speculations

dunkem21:
..All hail Ifeanyichukwu Uba ..

I thought people said that the free fall of dollar is connected to the fall in oil price ..

Shut it, what does this has to do with one ifeanyi uba, i thought he said he should be contacted and needs 30 days .

It is a simple demand and supply situation. Demand for dollars dropped drastically when it peaked at 400. Very few importers of foreign goods could afford to buy dollar at 400+, so they closed shop. The cloud is still heavy, and as long as crude oil price stays low, the crisis is not over. The demand for dollar will increase as price of dollar falls to naira, and sooner there would be a tilt in the equilibrium.

Ijaya123:


It is the timing that makes the difference.

But then, you can go ahead and hero-worship whoever that gives you the feel-good disposition.

Have a nice day.

Let us Substitute Ifeanyi Uba with Tinubu here.
If it was Tinubu who said what Uba said, would you have given him some credit on the dollar fall or not?

Ifeanyi Ubah is officially the new face of FX in Nigeria

Thanks to ifeanyi ubah

wetin Uba don do sef? He actually said he wanted an appointment to be able to do something. He was not appointed and it still happened. So we should be saying without his input dollar fell. Abegi

MhizEndy:
ifeanyi ubah.. the man of the moment

brightology3:
Young man leave Gej alone.

Old man, leave Buhari alone

Sunnycliff:
I think Ifeanyi Ubahs words was a lifeline to the recovery of the naira. He voiced out and that sent cold shivers down the spines of the speculators and staked his assets and that made speculators to have a rethink. Ifeanyi Ubah saving Nigerians since the days of Abacha. #nwaigbo

Thats true, he was absolutely sure it was speculators & the shylock called Dangote that was responsible for the dollar spike against the naira. He said the true worth of a dollar is 200 naira & he threatened to expose those behind it, since he understood the game very well, he went ahead to put his 500 billion naira assets on the line if the naira does not appreciate & viola within 24 hours, naira made significant gains!! We need more Ifeanyi Uba type of selfless businessmen & not those shylock types that want to control the whole economy at the expense of the masses. God will continue to enrich Ifeanyi Uba.