Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,194,118 members, 7,953,441 topics. Date: Thursday, 19 September 2024 at 04:18 PM |
Nairaland Forum / Nairaland / General / Business / Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ (22210 Views)
Naira Gains On Better Than Expected Economic Growth / Naira Improves On Parallel Market, Sells At N501/$ / Naira Maintains Gain On Parallel Market (2) (3) (4)
(1) (2) (3) (4) (5) (Reply) (Go Down)
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by bellenornor(f): 8:12am On Feb 25, 2017 |
Truth234:Big big grammar.. |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by Nobody: 8:12am On Feb 25, 2017 |
seunmsg:Exactly, I do not like the subsidy on Naira. We use our forex largely to satisfy our appetite for foreign products. 1 Like |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by opribo(m): 8:17am On Feb 25, 2017 |
It's been a downward trend for the forex since prof took over. A testimony that he is doing something right. To hell with the cattle tester president. |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by alizma: 8:18am On Feb 25, 2017 |
Truth234:Oga the whole thing started with the oil cut deal by OPEC which push the price of crude oil up to mid $50 pb, then the relative peace in Niger delta, down to increase in reserve. as for output per day, we are already pumping 1.9bpd. |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by tishbite41(m): 8:19am On Feb 25, 2017 |
Dis Buhari na badluck true true 1 Like |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by Bevista: 8:20am On Feb 25, 2017 |
Truth234:Your first paragraph gives the impression that the CBN is only spending about $600m from $2.8b. Kindly note that prior to the new policy, the apex bank was already spending a lot to fund critical sectors of the economy like fuel imports, equipment & machinery for agriculture and manufacturing, raw materials for critical sectors, military hardware, etc. So you see, when you add this new monthly spend to the existing spending, then the NET balance left for the Reserves might not be that much. --- Secondly, considering that monthly FAAC sharing is less than N500b (about $1.5b), I'm curious to know whether, indeed, the country gets as much as $2.8b from crude oil sales. 2 Likes |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by Firstcitizen: 8:21am On Feb 25, 2017 |
Truth234: Nigerians! smh |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by MutantMetahuman: 8:22am On Feb 25, 2017 |
gowaga68:yes The dollar horders are also rushing to market to sell. Awon werey. 1 Like |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by powerfulsettingz: 8:22am On Feb 25, 2017 |
alfredfrddy:According to the source |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by Nobody: 8:23am On Feb 25, 2017 |
This morning 1 Like
|
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by nwabobo: 8:25am On Feb 25, 2017 |
seunmsg: Where will the supply to sustain the momentum come from? Even at $100 per barrel of oil, it can't be sustained. 1 Like |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by agarawu23(m): 8:25am On Feb 25, 2017 |
Lalasticlala, update the topic, $-# is presently 460/$ |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by AlphaStyles(m): 8:26am On Feb 25, 2017 |
o my |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by Emassive(m): 8:29am On Feb 25, 2017 |
I think this is the best time to enjoy Nairaland. What a meaningful and insightful argument. Am learning some things here. 1 Like |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by mars123(m): 8:29am On Feb 25, 2017 |
seunmsg:You are saying people shouldn't attribute the success to the acting president and you're also saying peace negotiations in the ND is responsible for increase in oil production. But you're forgetting that the VP is the one currently leading peace talks over there. Can't you see how wrong you are when you say the vice president shouldn't get some well deserved credit. 5 Likes |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by kolaaderin: 8:31am On Feb 25, 2017 |
Truth234: It has changed a lot, tried to change the little hundreds of dollar $500 on me yesterday Friday and be hold those mallams got no chill, I was offered N400 at federal Palace Hotel with warning that by Monday it might be selling at N350. I could not hold my anger because I will be losing about 100k from the Money which I should have changed last week. Drove angrily out of the compound straight to Eko hotel hence the same horror music to my hear and it was done on me I have kept this for a bit too long. Called a colleague who deals in forex more regular if he could get me a deal from his numerous abokis and at last he told me to go to Ikoyi southern sun hotel where the aboki offers N430 believe me I droped the dollar and ran out of the place before the mallam go they speak in aliens language too. He also said by Tuesday the money is crashing more. 7 Likes 2 Shares |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by natznext(m): 8:32am On Feb 25, 2017 |
seunmsg: PMB no sabi weytin be diplomacy, He go soon come back come dey rattle everything up. Hence crude production may drop n.... 2 Likes |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by Nobody: 8:33am On Feb 25, 2017 |
author=kolaaderin post=54037929] That's correct at the rate we dumping Petrodollars into the market without a strong influx God Help Us All. |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by 989900: 8:33am On Feb 25, 2017 |
kolaaderin: |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by jaybim: 8:33am On Feb 25, 2017 |
Well put OP...I've tried to explain this to people but sentiments won't let some see. The fall of the Naira or its rise is simply hinged on demand and supply. The more FX in circulation the stronger the Naira, which is what the new policy is doing. Also the lower the demand for the available FX will strengthen the Naira even further and send the rates tumbling faster. To put things in perspective. Oil is our major FX earner. The drop in prices which this government met as they assumed office was cog number 1. Cog number 2, militant attacks. 3, low foreign reserves. While 1 and 2 above explain themselves, 3 now meant the the government could not withdraw from the foreign reserves to ensure FX liquidity (what they refer to as defending the Naira). This explains why the Naira weakened so dramatically when the present administration came in. They either keep depleting the reserves to satisfy the FX demand or ration the available FX, which they did. As explained earlier by OP... Now the reserves are fairly fat, so the CBN can afford to defend the Naira by flooding the market with dollars. The higher the supply the lower the price. So it's really nothing to do with Buhari or PYO. There is however a limit to which it can drop IMO. Demand is still too high. We are still importing too much. Too many unnecessary items. Imagine people going to import gari, egusi soup, jollof rice... Haba!!! This here is the biggest problem if you ask me. 4 Likes 1 Share |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by Firstcitizen: 8:34am On Feb 25, 2017 |
agarawu23: They placed the misleading figures on FP on purpose as some form of psychological intervention to sabotage CBN efforts. This thread was opened early morning yesterday b4 the Naira appreciation yet it was put on FP today. |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by nwosu35: 8:36am On Feb 25, 2017 |
Lie, fat lie |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by urpee28(m): 8:37am On Feb 25, 2017 |
I got it at N450 to a $ on Friday.positive change 1 Like |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by Pro2makx(m): 8:42am On Feb 25, 2017 |
Let's hope it does not come falling like gravity again. If they can sustain this and naira keeps gaining against dollar. I might be force to defect from the Republican party to APShit |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by martineverest(m): 8:46am On Feb 25, 2017 |
its 450 as of this morning |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by ephi123(f): 8:49am On Feb 25, 2017 |
989900: Exactly. Which is where dialogue comes in rather than the aggressive stance Buhari was taking. Diplomacy is a key skill for any leader who wants to be successful. Crude has been hovering at the $55 mark for a number of weeks now, but that is majorly because of the cuts OPEC implemented, if they change their stance then a free fall to the $30s may begin 1 Like |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by martineverest(m): 8:50am On Feb 25, 2017 |
nwabobo:naysayer and bad belle...the crude oil is pegged at 38 dollars and its been sold at 53-58 dollars.dats about 15-20 dollars in xcess...if it moves to 70-100 dollar/barrell,it will signal the end of recession.CBN will float our markets with dollars |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by Nobody: 8:51am On Feb 25, 2017 |
The d.umb nomad/cohorts should just take naira BACK to the BUS/STOP they picked her!.... #200 to 1$, no more, no less! 1 Like |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by kolaaderin: 8:56am On Feb 25, 2017 |
urpee28: Where pls I sold for N430 around 4.30 pm yesterday. |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by Nobody: 8:56am On Feb 25, 2017 |
*2 steps forward, 4 steps backward.... *motion without movement! *buhari is a total FAILURE! |
Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by martineverest(m): 8:57am On Feb 25, 2017 |
kolaaderin:so,u have been hoarding dollars.na God catch u 1 Like |
Whats The Fastest Selling Commodity In Nigeria? / 12 Young Entrepreneurs Who Make Me Feel Optimistic About Nigeria's Future / CBN Denies Introducing Policy To Make $1 To ₦1.25
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 58 |