The naira yesterday appreciated to N1,430 per dollar in the parallel market from N1,470 per dollar last weekend.


Similarly, the naira yesterday appreciated to N1,408. 04 per dollar in the Nigerian Foreign Exchange Market (NAFEM).


Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,408.04 per dollar from N1,431.49 per dollar last week Friday, indicating N23.45 appreciation for the naira.

Consequently, the margin between the parallel market rate and NAFEM narrowed to N21.96 per dollar from N38.51 per dollar last week Friday.

https://www.vanguardngr.com/2024/03/naira-up-to-n1430-in-parallel-market/

And what's the equilibrium rate?

Kudos. For those who don't understand. This is without defending the naira.

Dollar is #1300 now. It dumped from 1440 yesterday

Who are we to believe now,CBN said ₦1,269 yesterday.
Despite all the dropping prices of commodities remain high .

forgiveness:
Kudos. For those who don't understand. This is without defending the naira.

stop lying bro. CBN has for the past one month consistently defended the naira by injecting fx into the market

TheLastProphet:
stop lying bro. CBN has for the past one month consistently defended the naira by injecting fx into the market

How is injecting forex into the market defending the naira?

TheLastProphet:
stop lying bro. CBN has for the past one month consistently defended the naira by injecting fx into the market

oga, wetin you dey talk

magoo10:
Who are we to believe now,CBN said ₦1,269 yesterday.
Despite all the dropping prices of commodities remain high .

prices can't just automatically drop because sellers and manufacturers need to be assured of the stability of the currency before they start adjusting price however this slight reduction will not lead to halving of the prices of goods and services. Just understand that things will still be very expensive unless we go back to how buhari left naira which is at about 780 Naira in the parallel market

forgiveness:
Kudos. For those who don't understand. This is without defending the naira.

You are deeply ignorant.

It is being defended already technically. The govt sells so low and are always willing to go lower in order to keep inflation in check.

Lol! APC MORONS Doesn't know that injecting dollars into the market is thesame as defending the naira.

TheLastProphet:
prices can't just automatically drop because sellers and manufacturers need to be assured of the stability of the currency before they start adjusting price however this slight reduction will not lead to halving of the prices of goods and services. Just understand that things will still be very expensive unless we go back to how buhari left naira which is at about 780 Naira in the parallel market

is going back to ₦780 going to be possible from the statistics you have

forgiveness:


How is injecting forex into the market defending the naira?

Cbn stop the sale of dollar to bdc for over one year and recently resumed doing so. This is the reason for the perceived gain in the value of the currency.

CodeTemplar:
You are deeply ignorant.

It is being defended already technically. The govt sells so low and are always willing to go lower in order to keep inflation in check.

Selling lower from speculative figures?

Is the FG also into speculation or selling according to the real value?

magoo10:
Who are we to believe now,CBN said ₦1,269 yesterday.
Despite all the dropping prices of commodities remain high .

That's the price they are selling to BDC. BDCs will add their own profit according to the margins CBN has set and sell within range.

Lol wetin don dey 1290 for Cryptoo market person no come see this rate to by dip before the bull run...

TheLastProphet:
Cbn stop the sale of dollar to bdc for over one year and recently resumed doing so. This is the reason for the perceived gain in the value of the currency.

Meaning they have taken up there responsibility after Emefiele stylishly left it in the hands of spectators in some people's favor. Remember, he was defending the naira ooooooo.

CodeTemplar:
That's the price they are selling to BDC. BDCs will add their own profit according to the margins CBN has set and sell within range.

we cant wait to see things go back to normal

magoo10:
is going back to ₦780 going to be possible from the statistics you have

well i don't really see that happening because Nigeria is an import dependent nation however its possible to see it go below 1000 per dollar if refineries start functioning and we become self sufficient in the production of refined crude. I believe cutting import of crude product will save Nigeria huge forex

forgiveness:


Selling lower from speculative figures?

Is the FG also into speculation or sell according to the real value?

the real value is arrived at when demand starts pushing supply, once the govt goes beyond that price, defence of naira is fully back.
One thing favouring the defence is limited cash to buy manufactured goods and thus fewer manufacturérs to demand forex. Some manufacturers even have goods already produced that they are trying to sell and just sitting idle in warehouses. The reduction in forex demand means naira can be artificially strengthened a little after hitting its true value.

CodeTemplar:
You are deeply ignorant.

It is being defended already technically. The govt sells so low and are always willing to go lower in order to keep inflation in check.

You're the most ignorant.

TheLastProphet:
well i don't really see that happening because Nigeria is an import dependent nation however its possible to see it go below 1000 per dollar if refineries start functioning and we become self sufficient in the production of refined crude. I believe cutting import of crude product will save Nigeria huge forex

to achieve that a lot of hardwork and dedication needs to be applied not for those who have come to corruptly enrich themselves.

forgiveness:
Kudos. For those who don't understand. This is without defending the naira.

That's a lie
The naira is being defended
What do you guys gain from lying so openly just to defend govt
Are you part of govt media team?

TheLastProphet:
Cbn stop the sale of dollar to bdc for over one year and recently resumed doing so. This is the reason for the perceived gain in the value of the currency.

Then to you, this means 'defending'?, smh

forgiveness:


How is injecting forex into the market defending the naira?

Yeah
See them
They don't know anything just to defend with ignorance

DCmonster:
Lol! APC MORONS Doesn't know that injecting dollars into the market is thesame as defending the naira.

Don't mind the dullards

forgiveness:


Selling lower from speculative figures?

Is the FG also into speculation or selling according to the real value?

I swear, this is the question these dumb guys can't answer, they just open their mouths to talk ignorantly.

TheLastProphet:
stop lying bro. CBN has for the past one month consistently defended the naira by injecting fx into the market

Werey... How does providing fx to those that genuinely need it bad? Shey you dey ok?

CodeTemplar:
the real value is arrived at when demand starts pushing supply, once the govt goes beyond that price, defence of naira is fully back.
One thing favouring the defence is limited cash to buy manufactured goods and thus fewer manufacturérs to demand forex. Some manufacturers even have goods already produced that they are trying to sell and just sitting idle in warehouses. The reduction in forex demand means naira can be artificially strengthened a little after hitting its true value.

See mental laziness at its peak, Lol. it is no longer importation that is driving demand for dollars, it is manufacturing abi?

forgiveness:


Meaning they have taken up there responsibility after Emefiele stylishly left it in the hands of spectators in some people's favor. Remember, he was defending the naira ooooooo.

We gone past this era of blaming Emefiele

What ever we are experiencing today are as a result of Tinubu's calamitous economic policies.