May it keeps nosediving till $1 equal =N=100.

grandstar:


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.

deal with specualor and hoaders severely

The naira doesn't have strong fundamentals, it's just a temporary swing.

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

If Efcc has dollars to sell at 520, let them bring it out. This one won't work.

The fundamentals that have made dollar hover at 700 haven't changed.
Let CBN even forget PTA and BTA, let them supply USD to manufacturers and let us see how much is left.

MelesZanawi:



If Efcc has dollars to sell at 520, let them bring it out. This one won't work.

The fundamental that have made dollar hover at 700 haven't changed.
Let CBN even forget PTA and BTA, let them supply USD to manufacturers and let us see how much is left.

calm down it beyond nairaland discuss .the Hausa /fulani has been made to understand that obidents are speculating on the Naira so that the president a fellow hausa /fulani will look bad ! In moques and all cleric on last jummat ! Obidient should open their own 890 BDC and buy . aboki own na 580 from Monday .decree

Munamoqel:
calm down it beyond nairaland discuss .the Hausa /fulani has been made to understand that obidents are speculating on the Naira so that the president a fellow hausa /fulani will look bad ! In moques and all cleric on last jummat ! Obidient should open their own 890 BDC and buy . aboki own na 580 from Monday .decree

The President already looks bad. Met it at 197, selling at 580 makes the President look bad.
If Hausa/Fulani want to help the President not look bad, dont you think they should sell at 197 that the Fulani President met it.

MelesZanawi:


The President already looks bad. Met it at 197, selling at 580 makes the President look bad.
If Hausa/Fulani want to help the President not look bad, dont you think they should sell at 197 that the Fulani President met it.

they have to.start buying or you can sell to obidents BDC or ipob BDC at 1000 .

Munamoqel:
they have to.start buying or you can sell to obidents BDC or ipob BDC at 1000 .

Lolz. I have my assets in USD, got in for far less.
With 580, ready to stock up USD again.
Since fulani currency dealers are doing promo, na to dey stock up.

Gragra can only go so far. The fundamentals point that USD will still go higher.
If they remove subsidy today, that is one of the major steps that will wreck speculators. Unfortunately, if you remove subsidy, where will fulanis in Niger and Chad see cheap fuel?

Most economies are dumping or reducing dia dollar reserves in anticipation to the end of the petrodollar

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

Make him just return am to where he meet am.

hustla:


LOL

Dey deceive yourself. It Will still go up as they haven't solved the deep rooted issues causing the disparity

We are still over reliant on oil money

They don't know the power of speculators..lol. They will mop all the dollars for cheap prices and then start speculating again to make profits..

The problem lies with our political office holders. They lack the political will to carry out economic policies that ensure the growth of the naira.

Decentdave:
Should our economy depend on dollar..Nawa o ,when we have highly educated economist in Nigeria and we can't feel their impact

loswhite:
They don't know the power of speculators..lol. They will mop all the dollars for cheap prices and then start speculating again to make profits..

Facts

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. 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 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.

The Economist magazine called the nation's recovery from the 2017 recession as a dead cat bounce. I found the illustration very amusing. It was true.

Let's be frank with ourselves. Buhari has completely messed up the economy. At a time the economy should be flush with so much dollars, the currency is experiencing a free fall. It's shows poor managemwnt

The prime problem has been Buhari fixing the Naira at a rate that is not market reflective. This he has done since he assumed office. 80% of the economic malaise the economy has faced since his assumption of office in 2015 is down to this. It has already encouraged massive round-tripping. The corruption associated with it is staggering.

As for the Naira, I doubt it will hit N1,000 to a dollar. The CBN governor reaction indicates he'll fight it tooth and nail to defend it. He will still leave office as one of the worst serving heads of the Cbn, one who allowed the president push him around.

Worse, this Naira redesign is just compounding the economic mess the economy is in. This is sheer wickedness. The CBN is throwing the baby out with the bath water in order to make sense of Buharinomics.

A columnist in the Punch newspapers doubts a stimulation was conducted by the CBN to determine what would happen in the event of a Naira redesign. If it had, it would have postponed the measure. I loved such informed education.

No economist so far as praised the Naira redesign which is a strong indication of its flawed timing and execution. This isn't the first time a redesign was done between 1999 till now and it went smoothly.

Nigeria does not need a ministry of forex. One prime reason why the Naira will continue losing value is that crude oil export accounts for at least 75% of forex inflows. Any time, crude oil drops, the Naira goes south with it. Non-oil exports simply need to boom

The higher your inflation rate, the more likely for your currency to lose value. Inflation is a Form of devaluation. If inflation is 10% yearly, that means your currency can buy 10% less by the end of the year. If your currency does not depreciate, your goods and services will become uncompetitive. If you want to keep your currency relatively stable, keep inflation low. The lower your inflation rate, the less likely for your currency to depreciate.

The higher your budget deficit as a percentage of GDP, the higher the possibility your currency looses value. Thats why government must do its best to keep budget deficits low

There are more reasons. Nigeria's problem for years has been its inflation rate which has either been in high single digits or in double digits. If the Naira doesn't lose its value, the currency will become overvalued.

To understand this better, let's use salaries. Nigeria and America

Imagine $1 =N1

Further imagine the minimum wage in both countries is $1,000 and N1, 000 respectively. That means workers in both countries earn the same.

Nigeria has yearly inflation of 10% yearly over 4 years while the US has 2% of the same period.

Let's now input the figures. I am not even compounding it.

America Nigeria
Year 1 $1,020 N1, 100
Year 2 $1,040 N1, 200
Year 3 $1,060 N1, 300
Year 4 $1,080 N1, 400

So, by the 4th year, the American worker is earning $1,080 while the Nigerian is earning N1,400

Remember the exchange rate is $1-N1
Thats means the American is earning $1,080 while the Nigerian is now earning $1,400.

Can you see the problem? Why do you think Nigerian workers always fight for high salary increases every few years?

Im Germany, inflation has for decades been low, usually under 2%

Salary increments are carried out yearly.

If inflation is 1.6% this year, the government will increase salaries by 2.5%. So, your salary will grow by 0.9% in real terms.

Af0nja:


Global thing?? What other country's currency is appreciating against the dollar?

https://abokiforex.app/show_news.html?dollar-extends-fall-after-inflation-data-knock-reuters?type=market




NEW YORK, Nov 11 (Reuters) - The dollar fell across the board for a second straight day on Friday, as investors favoured riskier currencies following signs U.S. inflation is cooling that boosted the case for the Federal Reserve to ease off its hefty interest rate hikes.

Friday's dollar weakness was an extension of the move set off after Thursday's data showed U.S. consumer inflation rose in October, its slowest rate since January and below forecasts for 8%.

Against a basket of currencies , the dollar was down about 3.8% over two sessions, on pace for its largest two-day percentage loss since March 2009.

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.

I think most people like me were only worried about the cost of redesigning the naira at this point in time(even though its not a bad idea). I would have proposed buhari instead scrap 200,500, 1000 notes. Would have achieved the same thing with minimal cost

Af0nja:


Global thing?? What other country's currency is appreciating against the dollar?

Other countries currency don't necessarily need to appreciate but effort are in place to curb hoarding of currencies. US did it last week and UK lauded the development.
READ:
...... “The restriction implies that any US Dollar note below 2021 printed date will no longer be accepted or be a legal tender anywhere in the world… This effort is to curb billions of illegal monies in dollar bills warehoused around African continent emanating from drug-related, terrorism, kidnapping and money from corrupt politicians,” the post reads.

The claim is coming over a week after the Central Bank of Nigeria (CBN) announced the redesign of some naira notes including N200, N500 and N1,000 notes, which will be effective from mid-December 2022.

According to Godwin Emefiele, the Central Bank of Nigeria (CBN) governor, one of the factors that influenced the redesign of the naira notes is the “significant hoarding of banknotes by members of the public”.
...... This checks hoarding of dollars, Naira redesign checks hoarding of Naira!

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.

What happened in those few days wasn’t global. We no be novice. Thanks

Babaibeji2020:

Other countries currency don't necessarily need to appreciate but effort are in place to curb hoarding of currencies. US did it last week and UK lauded the development.
READ:
...... “The restriction implies that any US Dollar note below 2021 printed date will no longer be accepted or be a legal tender anywhere in the world… This effort is to curb billions of illegal monies in dollar bills warehoused around African continent emanating from drug-related, terrorism, kidnapping and money from corrupt politicians,” the post reads.

The bolded is fake news. Thank you.

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.

I pray it crashes further to 120. It will be so good that we will be able to buy gadget and lower prices.

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

If he can do that, I will keep praising him baje, baje.

adekolaelect:
We pray it comes down to #200.

100 we pray. Even further to 50 naira.

MelesZanawi:


The bolded is fake news. Thank you.

Hmmmmmm

MelesZanawi:


The bolded is fake news. Thank you.

Ok

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

Long term, naira will always continue to slide, because the economy is built on nothing but crude oil. The population is exponentially growing while revenue from crude is not.

Furthermore, our politicians continue to embezzle our commonwealth. So anyone who has dollars should hold.

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.

Global really? What countries do you know that’s seeing this ? Major currencies are currently falling against dollar, I wonder where you got your statistics from.

Af0nja:


Global thing?? What other country's currency is appreciating against the dollar?

Abeg let’s ask him o

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

Example of the major currencies that are regaining against dollar ?

Keep on dreaming guys ....I changed today at the rate of 730/$

BDC will continue to lose. This trend is unstoppable. Officially the exchange rate is returning to 199naira per Dollar. BDC has contributed to the artificial scarcity of dollars that has impacted negatively on Nigeria economy. This is payback time.

Babaibeji2020:

Other countries currency don't necessarily need to appreciate but effort are in place to curb hoarding of currencies. US did it last week and UK lauded the development.
READ:
...... “The restriction implies that any US Dollar note below 2021 printed date will no longer be accepted or be a legal tender anywhere in the world… This effort is to curb billions of illegal monies in dollar bills warehoused around African continent emanating from drug-related, terrorism, kidnapping and money from corrupt politicians,” the post reads.

The claim is coming over a week after the Central Bank of Nigeria (CBN) announced the redesign of some naira notes including N200, N500 and N1,000 notes, which will be effective from mid-December 2022.

According to Godwin Emefiele, the Central Bank of Nigeria (CBN) governor, one of the factors that influenced the redesign of the naira notes is the “significant hoarding of banknotes by members of the public”.
...... This checks hoarding of dollars, Naira redesign checks hoarding of Naira!

This is big falsehood, the US have disclaimed it. They never proposed to reject old dollars. What are you talking about?? Are Nigerians hoarding more dollars than Mexican drug Lords?

matify83:



https://abokiforex.app/show_news.html?dollar-extends-fall-after-inflation-data-knock-reuters?type=market




NEW YORK, Nov 11 (Reuters) - The dollar fell across the board for a second straight day on Friday, as investors favoured riskier currencies following signs U.S. inflation is cooling that boosted the case for the Federal Reserve to ease off its hefty interest rate hikes.

Friday's dollar weakness was an extension of the move set off after Thursday's data showed U.S. consumer inflation rose in October, its slowest rate since January and below forecasts for 8%.

Against a basket of currencies , the dollar was down about 3.8% over two sessions, on pace for its largest two-day percentage loss since March 2009.

The door fell or the Naira appreciated against dollar?