adecz:

Everything in Nigeria is risky...

To cross road sef dey risky.

IS THAT WHY NIGERIAN BANKS ONLY ISSUE $20 BILLS TO CUSTOMERS. NONSENSE

Munzy14:

Heart attack for BDC and my save your money in Dollars crew

me I no even get any dollar to save in the first place. I'm always in need of it as an importer

Kyase:
Make Buhari shock me
Give us 1$ =1 naira before e leave office
Even for for a day or two

if you are excepting that kind of shock let me just make it clear to you that it is IMPOSSIBLE

Ruggedniggaone:
Good news!we pray e go down low till e reach 100=1$

Dollar is now 780

VULCAN:
It's actually you that is an idiot because no sensible economist in the world will back up your statement.

A country that exports nothing apart from crude oil and imports expensive petrol, has 90m people in extreme poverty, with a true unemployment rate of 50% and is import dependent for everything cannot have a strong currency.

Taking panadol will not cure brain cancer

Every plane that flies in with cargo leaves empty, every ship that brings in full containers, leaves with empty ones and you think that changing the colours on the currency will suddenly make it valuable.

Jokes

Asides low export, another thing hurting the naira is dubious FX marketers who hoard dollars and do all kind of things that further strain the Naira.

Are you ruling that factor out?

What do they tend to achieve by pushing all these old and fake news to the front page? To inflate the value of naira by force? Sorry but it is a house of cards that will soon come crashing down.

Tannhauser:


I know someone who was planning on having a "detty December" on the anticipated profits on the dollar trade. He bought about $10k @about ₦840 and was hoping to sell at ₦1000+ in December. Now my guy don nearly craze...

But the dollar is appreciating agin so there still hope for that "detty December"

appreciating how? If 710, yesterday's rate is what you meant by "appreciating" it's falling further this week. Watch out!

Eriokanmi:
appreciating how? If 710, yesterday's rate is what you meant by "appreciating" it's falling further this week. Watch out!

Why would it fall.

Can you talk?

blaquemyc:
Let the naira keep rebounding. Poor man don too suffer, prices of commodities keep sky rocketing while salary just dey stagnant.

I just hope it will impact on the prices of goods too, because NIGERIANS are very wicked when it comes to inflating the price of commodities, especially during festive season.

MiaBeer:
False Rebound.

I bought 1usd @ 710 yesterday at Allen Ave

Snitch24:
Lmao
Propaganda
Its back up guys

Adamawa rate may not be same as that of lag...I bought at 710 at Allen Ave yesterday. I hope it drops further this week cos i still need more.

Eriokanmi:
Can you tell us why sir? Major currencies in the world are regaining their strength against the dollar right now. NGN isn't left out

It's because of the mid term elections.... That ran into a stalemate

But as of today the democrats gained control of the house....

So there will be a rebound in the coming days

macho44:


I just hope it will impact on the prices of goods too, because NIGERIANS are very wicked when it comes to inflating the price of commodities, especially during festive season.

It will, but will take time. Goods currently in the market were bought at old fx rates. They'd need to be exhausted before stocks are replenished

NoJoydave:
if you are excepting that kind of shock let me just make it clear to you that it is IMPOSSIBLE

Okay boss

You see that this country,s ish is ours....
Why allow charlatans make an industry so lucrative yet bizarre, wrecking havoc on our collective wealth.
Should we hail the govt now....?!
We've known all along.....
It's right time we worked with CBN and the banks and drop this fast money changing habits and rescue our situation

Next is the markets,
We can do this

Eriokanmi:
Maybe they've scammed you . Many more would still be scammed this way and that's why information is key. I bought at Allen at far less yesterday. Today na Sunday, na for where you come go buy?

The ignorance in that comment must be studied in UI

680 today..

Maybe BDC opened shop for him to scam him

Frezhkid10:

I still bought 680 today bro..no dy use Binance usdt determine the price..

Abeg tell us where u see buy at that price cause I need am ... the kind rare now eh

Kyase:
Make Buhari shock me
Give us 1$ =1 naira before e leave office
Even for for a day or two

Buhari kwa

Eriokanmi:
I bought 1usd @ 710 yesterday at Allen Ave

Friend its back to almost 800 today.

What happened to Naira after it capitulated from 740 to almost 900 is what us seasoned traders call the deadcat bounce. Its a natural phenomenon that happens when anything falls hard from a distant top. If you take a teddy and toss it down from a three story building, when the teddy hits the ground, it will have a gravitational pull upwards or what you'd call a bounce, hence the term a dead cat bounce, The teddy doesnt bounce up because its alive, Nope. In clearer terms what actually happens after such forceful capitulation is that people who bought dollars alot cheaper rush to sell at such juicy high prices, the rush to sell ultimately crashes the price and creates deadcat bounce.

I can tell you for a matter that the naira is heading north of 1000 to the dollars latest January unless their is a direct government intervention on the matter, It could also be indirect, they could/should start competing silently with traders in black market to create panic and fear against the dollar by dumping dollars at a cheaper rate randomly using infiltration fake sellers, a lot of people will abandon the dollar for naira causing the naira to gain in the black market. Its actually easier for them to silently enter the black market to discourage brute trading going on because we all know for a fact that they do not have enough dollars to meet the economic demands of nigeria,

I have been predicting the movement of the naira since the beginning of the year, I predicted the capitulation once we go past 780, read my previous post on the matter to enlighten yourself. If you have naira you want to change, you dont have much time. Take advantage of the deadcat bounce.

I recognize you as a staunch obidient . One of our hopes is when he gets to Aso Rock, Obi being a man that listens to the people, He can/will set up if possible a covert Ministry of Forex Exchange. A ministry that is dedicated to this issue to get the naira on a permanent reversal trajectory, by any means possible, be it manipulation, coercion, lies, cheating,..trust me every other country with a good head above its shoulders is doing just that. And Obi being a former Bank MD has the perfect resume to pull off that type of stint.

Penguin2:
I’m still looking for the idiots who were arguing with me that Naira Redesign will have no benefit.

People with criminal minds still think Nigeria is a Banana Republic.

redesigning has nothing to do with it, I trade forex. You can Google for yourself it's all started after news of inflation came out Thursday last week in the USA

Xbobtage:


Friend its back to almost 800 today.

What happened to Naira after it capitulated from 740 to almost 900 is what us seasoned traders call the deadcat bounce. Its a natural phenomenon that happens when anything falls hard from a distant top. If you take a teddy and toss it down from a three story building, when the teddy hits the ground, it will have a gravitational pull upwards or what you'd call a bounce, hence the term a dead cat bounce, The teddy doesnt bounce up because its alive, Nope.

I can tell you for a matter that the naira is heading north of 1000 to the dollars latest January unless their is a direct government intervention on the matter, It could also be indirect, they could/should start competing silently with traders in black market to create panic and fear against the dollar by dumping dollars at a cheaper rate randomly using infiltration fake sellers, a lot of people will abandon the dollar for naira causing the naira to gain in the black market. Its actually easier for them to silently enter the black market to discourage brute trading going on because we all know for a fact that they do not have enough dollars to meet the economic demands of nigeria,

I have been predicting the movement of the naira since the beginning of the year, I predicted the capitulation once we go past 780, read my previous post on the matter to enlighten yourself. If you have naira you want to change, you dont have much time. Take advantage of the deadcat bounce.

I recognize you as a staunch obidient . One of our hopes is when he gets to Aso Rock, Obi being a man that listens to the people, He can/will set up if possible a Ministry of Forex Exchange. A ministry that is dedicated to this issue to get the naira on a permanent reversal trajectory, by any means possible, be it manipulation, coercion, lies, cheating,..trust me every other country is doing just that. And Obi being a former Bank MD has the perfect resume to pull off that type of stint.

I will post here the rate tomorrow. No need to argue. I just spoke with my bdc agent a few minutes ago and she told me rates are still same. The below is a further proof. I bought at 710 yesterday and today, its 715 as seen below, look at the date . It will still fall further

See today's rate.

[Nice one there. Answer na!]
Na your dream?[/quote]

It will happen someday.

Eriokanmi:
I'm so happy with this news. Only importers would understand my mood tonight. Dollar will drop to around 500 Naira before end of this month as predicted. Amazingly, this isn't about Naira redesign. Its a global thing. Sorry to those who changed their Naira to Dollar at a peak price.

Check rate now... It has increased to N780 to $1 now

Apapa today .rate . Buy 630 sell.640.to crash to.590.by Monday all BDC and Efcc agree rate should drop to 520

Heard CBN is planning to close all inactive domiciliary account. These are accounts who are not active in receiving any forex from a business transaction. People just buy forex from black market and dump in their don account with the aim of collecting it when prices are up to change back to the naira again. This will happen soon, watchout
L

fados4sure:

Check rate now... It has increased to N780 to $1 now

Not true. I bought at 710 yesterday. Today, its 715 .

Eriokanmi:
I'm so happy with this news. Only importers would understand my mood tonight. Dollar will drop to around 500 Naira before end of this month as predicted. Amazingly, this isn't about Naira redesign. Its a global thing. Sorry to those who changed their Naira to Dollar at a peak price.

Naira isn't dropping to any N500.

It might only achieve that level if 3 things take place.

1. Make the Naira flexible.
That basically means Buhari must stop being the ultimate determinant of the Naira's exchange rate. That is the job of the CBN and the market.

2. End the fuel subsidy and deregulate the price.

Deregulating the price of petrol will lead to a drop in demand for petrol reducing pressure on the Naira as demand for dollars would drop. Also, the government will also earn more money

3. Increase daily crude oil production to 1.8m bpd from 1.2m bpd

This will generate lots of foreign exchange.

The above 3 things should lead to the Naira appreciating sharply I'm value. It might touch N500.

If you definitely want it to reach 500 or even 450,then government should ensure the monthly allocations from crude oil sales should be paid in dollars (using dollar certificates) to the 3 tiers of government and redeemable at commercial banks.

Now, it will be dollars chasing Naira. This will lead to a sharp appreciation of the Naira. The late Henry Boyo and Charles Soludo have both advocated for this.

Ibusho:
Heard CBN is planning to close all inactive domiciliary account. These are accounts who are not active in receiving any forex from a business transaction. People just buy forex from black market and dump in their don account with the aim of collecting it when prices are up to change back to the naira again. This will happen soon, watchout
L

very true ! The CBN has weaponise it policy tools !