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Naira Makes U-turn, Drops To N385 - Business (3) - Nairaland

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Nigeria: Inflation Rate Drops To 11.37% In January - NBS / Nigeria’s Inflation Drops To 16.25% In May - NBS / BREAKING: Naira Makes Further Gain, Returns To N500/$ (2) (3) (4)

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Re: Naira Makes U-turn, Drops To N385 by tuniski: 8:08pm On Mar 30, 2017
austinvsb1:
You Hoarders & speculators should really hold on to your dollars yeah?? Dont worry, dollar will be N3000 naira soon!!! Whatever rebound this is, i can assure most of y'all that in 3 months max, no one would buy your dollars for more than $/N180.

Source: Authoritative!
Crap!

2 Likes 1 Share

Re: Naira Makes U-turn, Drops To N385 by permit(m): 8:18pm On Mar 30, 2017
austinvsb1:
You Hoarders & speculators should really hold on to your dollars yeah?? Dont worry, dollar will be N3000 naira soon!!! Whatever rebound this is, i can assure most of y'all that in 3 months max, no one would buy your dollars for more than $/N180.

Source: Authoritative!
i'll keep observing Nigeria with her currency, its obvious C.B.N is weak to save naira******
Re: Naira Makes U-turn, Drops To N385 by hollywater: 8:22pm On Mar 30, 2017
If only they allowed Osibanjo to continue the good work he started.

1 Like

Re: Naira Makes U-turn, Drops To N385 by robotix: 8:24pm On Mar 30, 2017
eph12:

When was it ever floated?

Anyways I don't agree it should be left to float. The CBN should continue to defend it till it drops significantly. Afterall no difference in infrastructure and capital development when they allowed naira to drop.
lol. Google can help you do that, it even hit nairaland front page last year and the news was all over
Re: Naira Makes U-turn, Drops To N385 by fuckyoumhen: 8:24pm On Mar 30, 2017
989900:
This situation as a whole is fluid, it is back to 375-380 now, even Ab0kiFX is reporting 383.

Nothing much here to 'foam' about.
Allahu Akbar!
Re: Naira Makes U-turn, Drops To N385 by Slimpotter(m): 8:34pm On Mar 30, 2017
ESDKING:
See how Buhari is gradually destroying what Osibanjo has fixed. Reno Omokiri was correct.
Is buhari an economist churning out monetary policies for the CBN, stop being redundantly irrational
Re: Naira Makes U-turn, Drops To N385 by metallisc(m): 8:47pm On Mar 30, 2017
austinvsb1:
You Hoarders & speculators should really hold on to your dollars yeah?? Dont worry, dollar will be N3000 naira soon!!! Whatever rebound this is, i can assure most of y'all that in 3 months max, no one would buy your dollars for more than $/N180.

Source: Authoritative!

Re: Naira Makes U-turn, Drops To N385 by Abagworo(m): 8:52pm On Mar 30, 2017
wristbangle:
The smart ones knew already that the CBN policy will not be sustainable enough to defend our currency as oil price in the market is dropping and our reserve is indicating red signal to us. It may tumble to N400 before Monday from the look of things

Earlier today or yesterday CBN were boasting they will fight it to N305. So now what's going on?

Anyway speculators has purchased all the cheap dollars available hence ready to sell when it tumble to all time low.

The unstable nature of our currency is one of the reason foreign investors are scared of investing in nigeria.

Modath and lordadam, over to you. cool

Lalasticlala, naira don make U turn again 4 lagos-Ibadan expressway

No Sir they said they want it to revolve around 380. Let us see how it goes but they can bring it down to 350 in a week.
Re: Naira Makes U-turn, Drops To N385 by wristbangle: 8:56pm On Mar 30, 2017
Abagworo:


No Sir they said they want it to revolve around 380. Let us see how it goes but they can bring it down to 350 in a week.

Okay sir. Let's see how it goes cool
Re: Naira Makes U-turn, Drops To N385 by modath(f): 9:05pm On Mar 30, 2017
Abagworo:


No Sir they said they want it to revolve around 380. Let us see how it goes but they can bring it down to 350 in a week.

Not true...they never did...350 will mean they have to intervene intermittently which is suicidal...Underground gist is that they are cool with 400-420 so that reserves doesn't kick the bucket... The 520 rate was not only scary, it was capable of toppling the present admin so they had to arrest it.

3 Likes

Re: Naira Makes U-turn, Drops To N385 by delawal: 9:16pm On Mar 30, 2017
let speculators keep hoarding. d next move now by CBN will see dollar fall to 310 in a week. this one wy happen dn burn me wells, goods we bought at 465 now gree us sell again o

1 Like

Re: Naira Makes U-turn, Drops To N385 by southpawy2k3: 9:17pm On Mar 30, 2017
To all you wailers and naysayers...do not be fooled...the Naira is even going to appreciate more than before...everytime the CBN is about to announce a new policy...coincidentally the Naira starts depreciating before it appreciates massively..this means that moves that the CBN is about to make is being leaked to BDCs ie Speculators ...before it is announced...in this case...today..the CBN announced that it is increasing dollar sales to BDCs starting next week Monday and will sell BDCs twice a week...the reason the Naira depreciated today is because greedy black market dealers want to take advantage from now till Monday when the dollar begins to crash...mark my words

1 Like

Re: Naira Makes U-turn, Drops To N385 by delawal: 9:24pm On Mar 30, 2017
this fall Don teach me lesson, if I see dollar to run run I dey run o. I think CBN can sustain d appreciation of d naira well
Re: Naira Makes U-turn, Drops To N385 by chloedogie(m): 9:45pm On Mar 30, 2017
eph12:

Lol Mr stay positive. . You sound like a man living in a hut but staying positive waiting for manna to drop from heaven. I'm he is attracting positive things with his staying positive in life


Kk
Re: Naira Makes U-turn, Drops To N385 by jessicahardman: 10:07pm On Mar 30, 2017
austinvsb1:
You Hoarders & speculators should really hold on to your dollars yeah?? Dont worry, dollar will be N3000 naira soon!!! Whatever rebound this is, i can assure most of y'all that in 3 months max, no one would buy your dollars for more than $/N180.

Source: Authoritative!

Uninstall your brain From your ass

2 Likes

Re: Naira Makes U-turn, Drops To N385 by being(m): 10:26pm On Mar 30, 2017
There is really no reason dollar should go back up to N450. Except due to lower oil production or oil price. This is just a temporary deficit caused by some gaps in CBN disbursements. Don't forget, BDCs refused to take everything CBN offered d last time. This has created some artificial scarcity at this time.
Re: Naira Makes U-turn, Drops To N385 by LordAdam16: 10:58pm On Mar 30, 2017
southpawy2k3:
To all you wailers and naysayers...do not be fooled...the Naira is even going to appreciate more than before...everytime the CBN is about to announce a new policy...coincidentally the Naira starts depreciating before it appreciates massively..this means that moves that the CBN is about to make is being leaked to BDCs ie Speculators ...before it is announced...in this case...today..the CBN announced that it is increasing dollar sales to BDCs starting next week Monday and will sell BDCs twice a week...the reason the Naira depreciated today is because greedy black market dealers want to take advantage from now till Monday when the dollar begins to crash...mark my words

And you think anyone cares about what the CBN gives the BDCs? Some of the BDCs still sell in the Parallel market. The dollars sold by BDC is inconsequential in the market.

Dollars sold by BDCs come from IMTOs, not CBN directly. I'm patiently waiting for the new rate they want to give the BDCs.

Increasing dollar allocations to BDC will not crash the naira sustainably, increasing sales in the interbank market is what crashes the naira (and that too is an unsustainable crash). And the CBN is unwilling to do that soon because the reserves are in free fall.

Propaganda has a limit. If you have the ears of anyone in the CBN, ask them to float the Naira.

Winter is coming.

PS: The amount to be sold to BDC is still $10,000 weekly (a mere $2k increase). They just want to sell it twice (two tranches of $5k, instead of one tranche of $8k). If that's what you're expecting to crash the rate, don't hold your hopes high.

-Lord

3 Likes

Re: Naira Makes U-turn, Drops To N385 by LordAdam16: 11:02pm On Mar 30, 2017
being:
There is really no reason dollar should go back up to N450. Except due to lower oil production or oil price. This is just a temporary deficit caused by some gaps in CBN disbursements. Don't forget, BDCs refused to take everything CBN offered d last time. This has created some artificial scarcity at this time.

Get your info straight.

BDC, Banks, Institutional buyers of wholesale funds, bought all the dollars CBN offered last time.

Dollar scarcity is in the horizon. There is panic in CBN.

-Lord
Re: Naira Makes U-turn, Drops To N385 by LordAdam16: 11:29pm On Mar 30, 2017
wristbangle:
The smart ones knew already that the CBN policy will not be sustainable enough to defend our currency as oil price in the market is dropping and our reserve is indicating red signal to us. It may tumble to N400 before Monday from the look of things

Earlier today or yesterday CBN were boasting they will fight it to N305. So now what's going on?

Anyway speculators has purchased all the cheap dollars available hence ready to sell when it tumble to all time low.

The unstable nature of our currency is one of the reason foreign investors are scared of investing in nigeria.

Modath and lordadam, over to you. cool

Lalasticlala, naira don make U turn again 4 lagos-Ibadan expressway

I'm just sipping tea.

Talk from now until tomorrow, people will not learn.

-Lord

2 Likes

Re: Naira Makes U-turn, Drops To N385 by ramalot(m): 11:39pm On Mar 30, 2017
MsFaith:
sometimes I imagine how life would be if it can just fall back to #100 - $1

In 2007, it was about NGN110/$1.

Were Nigerians "prosperous" and free from poverty? No!

Think back to your life in 2007, and that's what you can expect. There's nothing to "imagine."

4 Likes

Re: Naira Makes U-turn, Drops To N385 by LordAdam16: 11:48pm On Mar 30, 2017
ramalot:


In 2007, it was about NGN110/$1.

Were Nigerians "prosperous" and free from poverty? No!

Think back to your life in 2007, and that's what you can expect. There's nothing to "imagine."

Abeg leave the madam mk she dream. Josephine!

That's why politicians keep using them as mops.

-Lord

2 Likes

Re: Naira Makes U-turn, Drops To N385 by stagger: 11:57pm On Mar 30, 2017
austinvsb1:
You Hoarders & speculators should really hold on to your dollars yeah?? Dont worry, dollar will be N3000 naira soon!!! Whatever rebound this is, i can assure most of y'all that in 3 months max, no one would buy your dollars for more than $/N180.

Source: Authoritative!

Na only akamu full your head. Nothing else! See analysis...

4 Likes

Re: Naira Makes U-turn, Drops To N385 by LordAdam16: 12:00am On Mar 31, 2017
stagger:


Na only akamu full your head. Nothing else! See analysis...

Very poor attempt at using propaganda.

He neck go soon stretch like streetlight (I think it's the fourth time I'm using this reference this week, Onatisi don change my vocabulary ooo)...

-Lord

2 Likes

Re: Naira Makes U-turn, Drops To N385 by Abudu2000(m): 12:24am On Mar 31, 2017
chloedogie:


When it's a bad news why are u guys always happy to make comments and turn prophets of doom? It goes up to 200 u say it's a fake rise, it falls to 500 u say you knew it. If Nigeria were to be ur personal business will u always speculate bad tins for her? No white man will come here to repair tins for us we will. Learn to stay positive In life so as to lways attract positive things. Cheers all d same.
u need deliverance!!

1 Like

Re: Naira Makes U-turn, Drops To N385 by tonee45: 3:53am On Mar 31, 2017
All that money they are foolishly putting in the forex to tackle BDC/so called speculators (selfish interest) if they channel it to power supply (light issue)it will make a great impact on the nation and increase foreign investors. They can rehabilitate our roads. But instead they are taking us on a wild rollercoaster ride of coming back to square one. Who this their system don epp. Prices of things are still dsame and even getting worst.

1 Like

Re: Naira Makes U-turn, Drops To N385 by Fanjay(m): 5:38am On Mar 31, 2017
Issokay ...Abeg,when is Baba Buhari going on medical tourism again oo??..

1 Like

Re: Naira Makes U-turn, Drops To N385 by Chiboyz40(m): 5:56am On Mar 31, 2017
alrahmanonline:

You're laughing because you believed those bad dreams of yours for this nation are coming through, but i have to say this, i hope you wont cry when the naira regain it's strength..

I hardly reply to people here but I have to for now. Now read very carefully, I'm not one of those ppl who wish d nation bad, whether the naira strengthens or not, I'm a big beneficiary of it cos I only Kom into Nigeria whn i want to rest/hv a break. As for ur "bad dreams", don't mistake mine 4 ur bad dreams for Nigeria ok cos I pray for my country. I only said I was laughing cos of the double mouth dis government have, so please next time you don't understand the reason behind someone's post don't "quote" the prsn pls cos YOU CAN'T KNOW A BOOK BETTER THAN THE AUTHOR. I dnt hv tym 4 insulting games ok, do hv nyc tyms here on nairaland, fnkz.
Re: Naira Makes U-turn, Drops To N385 by leo2020: 7:01am On Mar 31, 2017
Emefiele is a biafran saboteur. .
Re: Naira Makes U-turn, Drops To N385 by murmee: 8:54am On Mar 31, 2017
LordAdam16:


I'm just sipping tea.

Talk from now until tomorrow, people will not learn.

-Lord
Lord, what do you do for a living? I'm just curious because you are so
Chiboyz40:


I hardly reply to people here but I have to for now. Now read very carefully, I'm not one of those ppl who wish d nation bad, whether the naira strengthens or not, I'm a big beneficiary of it cos I only Kom into Nigeria whn i want to rest/hv a break. As for ur "bad dreams", don't mistake mine 4 ur bad dreams for Nigeria ok cos I pray for my country. I only said I was laughing cos of the double mouth dis government have, so please next time you don't understand the reason behind someone's post don't "quote" the prsn pls cos YOU CAN'T KNOW A BOOK BETTER THAN THE AUTHOR. I dnt hv tym 4 insulting games ok, do hv nyc tyms here on nairaland, fnkz.
LordAdam16:


I'm just sipping tea.

Talk from now until tomorrow, people will not learn.

-Lord
Lord, what do you do for a living? I'm just curious because you are so knowledgeable on this exchange rate matters. You even sound like an 'insider' sometimes.
Re: Naira Makes U-turn, Drops To N385 by paschu: 8:59am On Mar 31, 2017
Even the US will soon tighten their dollar supply as they fix domestic jobs and infastructure. So I pressume your "authoritative source" has acquired a shopload of printing press to roll out dollars from your backyard? grin Bunch of clowns.

austinvsb1:
You Hoarders & speculators should really hold on to your dollars yeah?? Dont worry, dollar will be N3000 naira soon!!! Whatever rebound this is, i can assure most of y'all that in 3 months max, no one would buy your dollars for more than $/N180.

Source: Authoritative!
Re: Naira Makes U-turn, Drops To N385 by irepsuccess: 9:06am On Mar 31, 2017
SuperSuave:
Yeye dey smell. Dollar wey dey below 200# wen you took over ran to over 500# and now that its below #400 you want us to start dancing abi? Mediocrity at it's peak
get your facts right! dollar was selling at 260naira plus before GEJ left office
Re: Naira Makes U-turn, Drops To N385 by agitator: 9:20am On Mar 31, 2017
chloedogie:


When it's a bad news why are u guys always happy to make comments and turn prophets of doom? It goes up to 200 u say it's a fake rise, it falls to 500 u say you knew it. If Nigeria were to be ur personal business will u always speculate bad tins for her? No white man will come here to repair tins for us we will. Learn to stay positive In life so as to lways attract positive things. Cheers all d same.

Hmmmmmmmmm, abeg go church and do fasting and prayer make he change. People dey talk reality u dey talk wetin one pesin dey think. When dem no do the correct thing na wetin pesin think go correct am?

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