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.

You might be a Nigerian university trained economist with 1960 theory text books about demand/supply=price but in real life it does'nt really work that way, there are other variables involved. Ifeanyi Uba may not be a theoretical economist but he is certainly a practical one, his business interests involve monitoring of exchange rate volatility since he deals in massive importation of petroleum products, also he most likely has moles in government & BDC operators that gives him classified information you may not be priviledged to know. When he spoke on live television, I saw a man who was driven by absolute faith he has in his believe. Buhari has no hand in this, what happened is that many speculators that hoarded dollars became jittery following Uba's threat & released them which caused a glut!!

wristbangle:
I just asked from a BDC agent and it's now trading at N230.

Where please?

Ijaya123:


You still have not outlines the policy he undertook to bring down the cost of dollar

Lets give respect to him though whether hé did anything or not, cos right from thé dey hé spoke, naira have started to appreciate , maybe its a coïncidence , but i love such coïncidence

InvertedHammer:
/
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.

/

The problem with using rhetorics to drive rate is that the market must believe that you have the WILL and RESOURCES to act if needed. Soludo tried it in 2009 and the market ignored him. He, however, dipped into the Reserves to punish the speculators.
---
And yes, the parabolic movement is very artificial. Price will soon go back to where it came from - doesn't matter whether it is Emefiele, Adeosun or Ubah that threatened. The economic fundamentals and structural issues have not changed. Those who suspended imports and online purchases because of the high exchange rate will resume their activities pushing back the rate below N300/$

Onegai:


Where please?

I no even think say the BDC agent dey yan truth sef. Becos when I approached someone now, I just can't believe my eyes. Maybe he meant 330 naira.

I just called Aboki and it is 310/USD. The change is temporary.

We need to have more FX channel iinto the country to enable the market meet demand.

Let the govt get to work, strike new business deals, open new channels of transactions and not just focus on Anti-corruption which brings more uncertainty for investors.

Bevista:
I have been writing directly to you on the subject and I expect you to dispute my opinion, but you refuse and keep mentioning me when someone writes something that validates your bias.
---
How much was injected into the market and how long can such supply be sustained? What happens when the effect of the initial dollar glut wears out? Does Ubah and his fellow cabal members have enough dollars to sustain supply in the market or does Ubah have enough local substitutes to reduce demand for dollars (for imports)? What happens when all those who suspended imports and online purchases resume their activities due to the strong Naira?
---
@kodded, @Holyman3, @dunkem21, @emi14

***Modified***
There is now talk all over the place that Naira has depreciated again below N320/$

Some people do not know that correlation does not equal causation.
Just because what Ubah said seem to coincide with the fall, does not mean he caused or "did" it.

But wait o. Price of goods done go up now. So what are we saying ?

Goodnews I suppose

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

That man get mind.

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/

Ifeanyi Ubahs' magic wand has once more save the country from the hands of saboteurs that deemed it wise to bleed and milk Nigerians dry with their greed and selfishness we should remember that Ifeanyi Ubah did the same thing during the twilight of Jonathans' administration when some cabals held the government on ransom he single-handedly flooded the market with petroleum product as against the wishes of those cabals and helped the masses out of the mess, kudos to Ifeanyi Ubah for such uncommon gesture of his

Krismart:
Where are all those economic professors 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 blaim

I am one of them. Quote me anywhere, whatever parabolic movements you are seeing in the exchange rate will fizzle out within days or weeks. The economic fundamentals and structural issues have not changed. Do the so called Cabal have enough dollars to supply the market on a ssustaine basis? NO!
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We will go back below N300/$ after the initial euphoria & hysteria wears out. Ubah's N200/$ is impossible (on a sustained basis), except certain fundamental & structural issues change ifo the Naira - you can take that to the bank.

It's a gradual process. We will surely get there.

God bless Nigeria.


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Sunnycliff:



Anyway it's too painful to accept the truth. Did any other Nigerian from the Almajiri or the Brown roof region come out openly to make any comment to the falling naira?

This is a tip of the iceberg when we pple of the rising sun heads east!

Loool. U guys are just too funny. Ok its Ubah...we don gree.

250 @ old garage ado ekiti.

obailala:
The body language of Ifeanyi Uba definitely forced some forex rats to release the forex they were hiding. Just the same way his statement about flooding Nigeria with fuel forced every fuel hoarding rat to release the products they were hiding in June 2015 thereby ending Nigeria's worst fuel scarcity ever. The strong statement of Buhari that he wasnt still going to devalue even if it got to N1000, that also helped to cripple the activities of the hoarders.

The lesson from these events is that, sometimes you can get something done without necessarily doing anything.

hehehhehe! u got me laffing here, can we say this is a case of bubu's body odour and Ifeanyi Ubah's mouth odour?

HungerBAD:
Hehehehehehehehehehe.

Enemies don shame.

Nigeria is moving forward.

Where that Golden Parrot called Fayose sef?make him come run him Jangolova mouth again.

Shame on all those anti Buhari,ntoooor!

It's a somewhat illiquid market, so these price spikes are inevitable but the general trend, the fall in Naira's value, will resume in due course.

Asset prices don't move in a straight line. At one point in early April 2015, the Naira appreciated to 150/160 to the dollar due to relief over the peaceful resolution of the presidential elections. Something similar happened in early August. It's bizarre just watching how Nigerians seem to refuse to learn from history, even very recent history.

Onegai:


It's N270 in V.I. I believe the price is fluctuating and varies according to location.

Quote correct address jare. U dey tell me VI as if its a place of 1km radius

Shame on all those that wish Nigeria evil because their supposed candidate was not elected.

HungerBAD:
Hehehehehehehehehehe.

Enemies don shame.

Nigeria is moving forward.

Where that Golden Parrot called Fayose sef?make him come run him Jangolova mouth again.

Be Quiet! Why was it when Ifeanyi Ubah came out to say he will solve the situation that the Naira started bouncing back? It means the CBN, the BDCs and even possibly buhari knows something we don't know which Ubah knows!

Truly HUNGER is bad for you.

Ubahnomics working over buharinomics

Hahaha ... is plaetton seeing this .

lalastical

[color=#006600][/color] :DYes,am really happy about this we can strengthen the Naira ,lets keep praying for naira and kudus to all the people behind this #LetsDo100/USD

HungerBAD:
Hehehehehehehehehehe.

Enemies don shame.

Nigeria is moving forward.

Where that Golden Parrot called Fayose sef?make him come run him Jangolova mouth again.

''GOLDEN PARROT'' INDEED!!!!

Good News I hope dully Trump is seeing this...

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

he threatened to expose those causing the fall.

koboko69:



Loool. U guys are just too funny. Ok its Ubah...we don gree.

They can be so vain, shallow, tribalistic and egocentric. Nothing can be more pathetic as a man that thinks he has something when he actually has nothing!

KingEbukasBlog:
Hahaha ... is plaetton seeing this .

If that is the equilibrium value of the Naira at this period, then the market has spoken.

But we delude ourselves if we think that this is the intrinsic value of the Naira against other currencies.

In Captain Barbossa's voice: "This be nice".

Ijaya123:


And you think you're making sense here? Smh...he did absolutely nothing. Just mere talk.

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.

Buhari has from day one since the call for devaluation maintained he would not devalue. It didnt stop the naira free fall. Ifeanyi ubah raised the stakes when he categorically stated the dollar rise was orchestrated and artificial. The market reacted. He simply brought in a consciousness that the naira fall was fake. Then businessman rabiu camw on board to lend credencw to uba's stance. If u are an average dollar speculator, u became edgy and thinking perhapa time to offload. If u are a buyer, u relaxed a little bit and maybe become more patient. Uba sefinitely pulled this off. Not saying it wont slide furrher down but at least there is an awareness of the dark nad wicked art of dollar manipulation

Ijaya123:


And you think you're making sense here? Smh...he did absolutely nothing. Just mere talk.

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.

Buhari has from day one since the call for devaluation maintained he would not devalue. It didnt stop the naira free fall. Ifeanyi ubah raised the stakes when he categorically stated the dollar rise was orchestrated and artificial. The market reacted. He simply brought in a consciousness that the naira fall was fake. Then businessman rabiu came on board to lend credence to uba's stance. If u are an average dollar speculator, u became edgy and thinking perhaps time to offload. If u are a buyer, u relaxed a little bit and maybe become more patient. Uba definitely pulled this off. Not saying it wont slide furrher down but at least there is an awareness of the dark and wicked art of dollar manipulation