BIGERBOY1:
As at this morning it's 281. I bought at 360 last week

martineverest:
its a gradual process:it will flunctuate and mellow down after a while.the demand is very high,esp now that the xchange rate of dollars have fallen.with time,the demand will fall and naira wll appreciate....lets be optimistic.i know some wailers are happy about the news.

latinoKingdom:
can't you just show little respect
1. He is your president
2. He is old enough to be your father, if not grand father
Don't be so disrespectful, moreover you voted for him

BlackSeptember:
Apart from all these dogo turenchi does it mean that I will be buying things on Amazon at an exchange rate of 346 or 288


Buhari s the worst thing to have happened to Nigeria.


I stand naked and place a curse on that man that's ruining this economy cos of his pride and arrogance

Shym3xx:
LOL.

In just one day?

By December, $1 = 500/600 naira.

And when proper inflation hits - I won't be surprised when the people hit the road and start protesting.

Voodoo/paper economists will also join the protests...that's when shiit has hit the fan.

I expect these clowns to announce a new policy by latest August/September and peg the naira with something/somewhere. This lousy policy is not sustainable with the big hole the country is. It's just a trial and error method - to see where naira will settle at. No sane person would willingly float a currency as weak as that against the dollar. You're better off pegging it to the dollar.

Anyway, I think Adeosun needs to resign and jump off the sinking boat before she destroy's her career/CV. She's surrounded by dunderheads in a country where everything is done based on sentiments and where slaves love worshipping the slave masters, despite how inhumane the slave masters treat them.

SeverusSnape:
Buharinomics - The worst form of economic policy in the whole wide world.

Rule 1: Don't expect much from a dullard.

Buhari is an economic terrorist. #fact

GworoChewinMaga:


The value of the naira was moved from 199 to 258 by the CBN at the begining of monday

what is it with you zombies? It's almost like your average zombie IQ is less than that of a field mouse.

greenpasture:


I think the market started well. What most people don't understand is that this is not a straight forward surrender to devaluation but a BRAND NEW market with forward and spot prices. PMB and his admin have created a whole new playing field that did not exist before. The CBN also showed their hand by wiping out all obligations in one day! Meaning less accumulated pressure going forward. With the $6bn Chinese currency swaps kicking off next month, the outlook for a stronger naira looks good. There is still some way to go but it looks good.

This might even become the defacto currency market for the W.A region.

greenpasture:


I think the market started well. What most people don't understand is that this is not a straight forward surrender to devaluation but a BRAND NEW market with forward and spot prices. PMB and his admin have created a whole new playing field that did not exist before. The CBN also showed their hand by wiping out all obligations in one day! Meaning less accumulated pressure going forward. With the $6bn Chinese currency swaps kicking off next month, the outlook for a stronger naira looks good. There is still some way to go but it looks good.

This might even become the defacto currency market for the W.A region.

greenpasture:


I think the market started well. What most people don't understand is that this is not a straight forward surrender to devaluation but a BRAND NEW market with forward and spot prices. PMB and his admin have created a whole new playing field that did not exist before. The CBN also showed their hand by wiping out all obligations in one day! Meaning less accumulated pressure going forward. With the $6bn Chinese currency swaps kicking off next month, the outlook for a stronger naira looks good. There is still some way to go but it looks good.

This might even become the defacto currency market for the W.A region.

donsteady:
Naira started trading at 253 and closed at 288 so 35naira lost in first day. Not a positive sign for a layman like me. Your grammar can not convince me
So naira will start trading 288 this morning right and now add another 40 Naira... I predict closing at 328 at the end of today. Thumb down! Sad

989900:


Is the yuan deal really going to happen, I mean next month?

BTW, good points chipped in.

Shym3xx:
LOL.

In just one day?

By December, $1 = 500/600 naira.

And when proper inflation hits - I won't be surprised when the people hit the road and start protesting.

Voodoo/paper economists will also join the protests...that's when shiit has hit the fan.

I expect these clowns to announce a new policy by latest August/September and peg the naira with something/somewhere. This lousy policy is not sustainable with the big hole the country is. It's just a trial and error method - to see where naira will settle at. No sane person would willingly float a currency as weak as that against the dollar. You're better off pegging it to the dollar.

Anyway, I think Adeosun needs to resign and jump off the sinking boat before she destroy's her career/CV. She's surrounded by dunderheads in a country where everything is done based on sentiments and where slaves love worshipping the slave masters, despite how inhumane the slave masters treat them.

Leopard2A7:


This is a very sound message for omenka, vedaxcool, tbaba1234, Passingshot, Modath, Obailala and others.

HAH:


Very sensible post, it is your type need here not those juveniles that throw abuses.

Every financially literate person knows since the creation of CBN FX market this is the best decision taken where pure economic that will determine price

The most interesting part of your post to me is the takeof of the China currency deal next month and the clearing of FX demand backlog. Kudos guy

4stylz:
What happened to the Chinese yuan they introduced ? Since we buy mostly from china

SeverusSnape:
Buharinomics - The worst form of economic policy in the whole wide world.

Rule 1: Don't expect much from a dullard.

Buhari is an economic terrorist. #fact

Checked86:
As far as the importers of those banned goods are not allowed to source for fx at official market, the war between naira and the dollar will remain one sided...naira being a the receiving end. I am not against the embargo placed on those goods because they are products we can produce ourselves. But, since the embargo was placed, what are the necessary steps taken by either the government or the private sectors in making sure they are being produced domestically? The products are just banned without corrective measures,it will surely create artificial inflation. An importer that source his fx in the black market will surely place black-market price tag on the product(s), and without alternative, Nigerians will still buy them, unfortunately. Official market exchange rate is a function of parallel market exchange rate and the forces of demand and supply. This is because BDCs get their dollar from the official market(banks) and sell at the parallel market.

GworoChewinMaga:


The value of the naira was moved from 199 to 258 by the CBN at the begining of monday

what is it with you zombies? It's almost like your average zombie IQ is less than that of a field mouse.

HAH:


Yes we buy household goods from China but the truth is 70% of dollar demand are mainly for, petrol, rice and wheat, now when dangote refinery comes to production petrol import will stop, that alone is 50% of dollar demand, then by 2018 the government intents banning the import of rice and wheat that will lesson dollar demand by 20% .

Everything looks good on paper hope we will get it right, cos if what I explained above come to fruition dollar may be as low as 100 naira

Clone2020:
I have $2000 PayPal @N320/$ or $6000 @N330/$ wire transfer from my Chase bank account to your U.S account or TD bank to your dorm account in Nigeria, you will have to pay the $40 wire fee.
Mention me and drop your phone number. Scammers beware.

BlackSeptember:
Apart from all these dogo turenchi does it mean that I will be buying things on Amazon at an exchange rate of 346 or 288


Buhari s the worst thing to have happened to Nigeria.


I stand naked and place a curse on that man that's ruining this economy cos of his pride and arrogance