Laredojohn:
Who is actually benefiting from this gain We still buy online as high as 340dollars to a Naira..when will this translate and affect online purchases.

its now 320 in black market

I believe we will get there ...

Laredojohn:
Who is actually benefiting from this gain We still buy online as high as 340dollars to a Naira..when will this translate and affect online purchases.

please help me ask o

So did d CBN and govt suddenly start printing dollars they claimed was scarce and dey didn't have? After granting a few access to the nation's forex and dey in turn hoarded it to enrich themselves over the past few months? Trial and error policies as usual. Wen several analysts called for dis same move, bootlickers kept making all the noises and praising d stance of d govt and now dey have eventually swallowed d hard pill and done d needful I can't help but ask, to what end was d initial suicidal policy on forex restrictions?

Laredojohn:
Who is actually benefiting from this gain We still buy online as high as 340dollars to a Naira..when will this translate and affect online purchases.

People have to be patient.. As investors start returning and the market gains stability, there will be more visible impacts in the parallel market.. There have already been gains in the parallel market.

The Nigerian Stock exchange is making strong gains..

visijo:
please what is the meaning of OP? I have been seeing it on any thread.

Original poster

visijo:
please what is the meaning of OP? I have been seeing it on any thread.

OP = original poster. The person who posted the thread/topic for others to comment.

Well, maybe you can call all other posters counterfeit posters?

OgaTheTop2:
Wailers won't like this..

tell me why exactly waivers won't like this? What turned them to wailers in the first placebif not the crumbling economy...

martineverest:
its now 320 in black market

Did you buy at that rate or you are just quoting hearsay

We are watching

Koolmexxi:
So did d CBN and govt suddenly start printing dollars they claimed was scarce and dey didn't have? After granting a few access to the nation's forex and dey in turn hoarded it to enrich themselves over the past few months? Trial and error policies as usual. Wen several analysts called for dis same move, bootlickers kept making all the noises and praising d stance of d govt and now dey have eventually swallowed d hard pill and done d needful I can't help but ask, to what end was d initial suicidal policy on forex restrictions?

They won't like your comments ts.watch out for name callers

I really still don't understand wat is going on , y hasn't this fx rate been enforced in banks as at yesterday I was charged 340 for an online payment ..who then is benefiting from this interbank rates

Koolmexxi:
So did d CBN and govt suddenly start printing dollars they claimed was scarce and dey didn't have? After granting a few access to the nation's forex and dey in turn hoarded it to enrich themselves over the past few months? Trial and error policies as usual. Wen several analysts called for dis same move, bootlickers kept making all the noises and praising d stance of d govt and now dey have eventually swallowed d hard pill and done d needful I can't help but ask, to what end was d initial suicidal policy on forex restrictions?

Most people in 9ja are stark economic illiterate. Many are also praise singers. Not to mention bigotry.
Many praising him genuinely had no idea how flawed the policy was.

Therefore, when your child is 18 years old, give him/her some money to buy stock/shares. That will help interest them in economy, finance, etc.

Voodoo economics. The real value of naira to a dollar stands between N450-N600. All these behind-the-scene manipulations are unsustainable.

When Nigeria start exporting Manufactured good in high demand, we can talk about 1$ = N100.

visijo:
please what is the meaning of OP? I have been seeing it on any thread.

I don't know d meaning either

This is a no brainer really. Its just simple law of demand and supply. Like crude oil crashing from over 100 dollars to below 40 dollars when there was relative peace all round and excess crude on the market.

The fact that only cbn is the determining factor at the moment is not a long term fix..anyway one step at a time.

AreaFada2:
Most people in 9ja are stark economic illiterate. Many are also praise singers. Not to mention bigotry.
Many praising him genuinely had no idea how flawed the policy was.

Therefore, when your child is 18 years old, give him/her some money to buy stock/shares. That will help interest them in economy, finance, etc.

It's really annoying wen u try to make sense of d nonsense, d illiterates resort to insults and name calling.

erico2k2:

They won't like your comments ts.watch out for name callers

Who gives a ratsass about their name callings. We can't force dem to reason but atleast we can try to make dem see reason.

TooNoisy:
We have heard. I only wonder why it took CBN sooo long to come to this conclusion.

However, CBN is still pumping in dollars to stabilise the naira but I wonder for how long will they do this. Pumping dollars alone will not stabilise the naira. Diversifying the economy will and I can't see any major steps in that direction.

Spot on. Let's see how long they will continue to pump dollars . These guys lack foresight.

Even the talk of diversification of the economy Na talk talk talk....no action.

TooNoisy:
We have heard. I only wonder why it took CBN sooo long to come to this conclusion.

However, CBN is still pumping in dollars to stabilise the naira but I wonder for how long will they do this. Pumping dollars alone will not stabilise the naira. Diversifying the economy will and I can't see any major steps in that direction.

Good thinking....

I don't get all these folklore about the naira appreciation, the naira 1D chart shows a currency that is obviously doing poorly. It opened trading around the N250 level on Monday and stands around N281.50 in the interbank market. More is yet to be seen, as we have to keep our hands crossed. We all are hoping the Naira appreciates, but at the moment that's yet to be seen.

You can monitor the USDNGN parity on Bloomberg at http://www.bloomberg.com/quote/USDNGN:CUR

Cheers House

Only if Buhari was proactive in dealing with this forex issue, the investors would have still been around right now.
There wouldn't have been much hoarding and speculating on the value of the dollar, which has led to astronomical rates.

Seriously, Buhari will end up as an ineffectual president too.

SmithHumble50:
Intresting...

So the floating of the Naira is yielding results?

Nice!

It's yielding results ''on paper'' not for every Nigerian.

@eleojo23 have reported GT bank is still charging N340/$1 just like other banks. The common man will never feel the impact.

In fact, our situation have gone from bad to worse!.

The Naira gain is expected, cause what the CBN is doing now is like a thief who just had a successful robbery and is lavishing his money. Eventually, the (thief) CBN will run out of dollar and will no longer be able to pump dollar into the market. It's a matter of time!.

The Naira is heading back up in the hood of N500/$1 - N1,000/$1. I know this for sure because every other country; Venezuela, Zimbabwe, Angola, Egypt, have all tried what the CBN is experimenting now, and the result was failure in all mentioned countries. History of economics of nation states is not on our side!

TooNoisy:
We have heard. I only wonder why it took CBN sooo long to come to this conclusion.

However, CBN is still pumping in dollars to stabilise the naira but I wonder for how long will they do this. Pumping dollars alone will not stabilise the naira. Diversifying the economy will and I can't see any major steps in that direction.

You are pretty smart to understand the situation the way you do.

OgaTheTop2:
Wailers won't like this..

Mor*on, you obviously do not understand economic fundamentals. CBN is manipulating the value of Naira by burning forex i.e. selling it. The true value of Naira relative to the dollar is much lower, i.e. Naira would exchange at much higher rate than currently reported if CBN were not propping it up. This kind of stupidity is appalling. You have access to internet but can not critically read and think before you make zombie comments. And more fools even like your comment! Shi*t!

The problems of nigerians is not the strength of naira against dollar...the question is...how much are they still selling things by your area after the strength against dollar...if it's still same price...you have no reason to be happy for the rise of naira...against dollar.

darocha1:
ok
How is this different from what Okonjo did, Naira gains today, Naira strengthens tomorrow. Bank still charges 310-330 for online payment. The common man still eats egusi daily cos he cant afford to buy pepper stuff.
Oh my dear country!

please which bank charges 31o?

martineverest:
bad day for wailer

guy stop all the childish tantrums, both "wailers" and "zombies" are all affected by the dip in naira against the dollar, and forget about the theories still bandied about until it translates to results for the common masses, how many people here can have access to the #283 naira to the dollar exchange?........unless you are a minister or multinational company...........i still made some transactions online at the rathe of 342 naira yesterday evening. leave party affillaition out of this issue first bro, we are talking survival here.

i dont know if to convert all my nairas to dollars co the thing keeps jumping up and down

Strengthened only on online media and applicable only when it's a bank to bank or cbn to bank transaction. How does the common man benefit from that? Yet some "Zombies" 'll shout Yaaaa, buhari is working... where did Nigerians started with the exchange rate in this administration again that they now rejoice a 2naira gain? folly is everywhere. I am too ashamed to be called a Nigerian. Thank God I can switch nationality.

Angoni:


Mor*on, you obviously do not understand economic fundamentals. CBN is manipulating the value of Naira by burning forex i.e. selling it. The true value of Naira relative to the dollar is much lower, i.e. Naira would exchange at much higher rate than currently reported if CBN were not propping it up. This kind of stupidity is appalling. You have access to internet but can not critically read and think before you make zombie comments. And more fools even like your comment! Shi*t!

Thanks for forcing his eyes open but it's not every time you waste precious time on some people. Party affiliation and ignorance has robbed a lot of Nigerians of God given common sense. Sometime I wonder how people think.

This administration is so clueless. Wasn't this exactly what the last administration was doing (managing to keep things afloat) these brainless minions forget that Nigeria is like a HIV patient that is treated for what ever side of the body that feels pain @ a time since there is not drug for the total cure. But they want to treat it all @ once forgetting that it will just die of complication.