Exchange rate as at this morning, Saturday 20th April is 1$ = N1,200.
It's clear some individuals are mopping up the Dollars released by CBN for reasons best known to them.
An unverified info stated that banks are the ones mopping up the Dollars in circulation in the name of clearing the backlog of the aviation industry.
It's obvious these banks are working against the CBN goal to strengthen the Naira.
CBN needs to step up its game because the banks are ready to use the loop holes in the CBN policies to their own advantage.


https://www.nairablackmarket.com/

Una don start again

Not until the bank executives are jailed for sabotaging the Nigerian state, all government policies will end up becoming a waste

I noticed most of this site most especially crypto app are very reluctant to reduce their exchange rate even when the dollar dropped to ₦1000/$.
I'm thinking majority of Nigerians including me prefer swapping currency digitally than going to aboki shop. And since the digital BDC or crypto apps are not following the street trend they sell and buy dollar at a higher rate.
So more transaction is been done in usdt.
I charged someone in dollar yesterday and when I got paid I got to exchange to naira immediately and got higher Dan my expectation.
Maybe CBN will have to digitalize the process of this exchange rate against that of the usdt so we can also do this stuff at ease from our room.
The BDC operators are not even needed to be honest, anyone that need forex should be able to apply online and get what he wants from his room if he met the requirements.
I think it'll be easier to track the dollar flow through this method, the CBN should create a model that will override both the BDC and the usdt crypto apps.
If not the usdt against the naira and those acquiring forex illegally will continue to depreciate the naira at will.

Production, use of local content are the sure ways to stabilize the floating naira other policies wont do nada

Oh, not again!
Why na?
.
Call 07035095205 for permanent solution to internal or systematic halitosis which is commonly called MOUTH ODOUR.
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You won't buy any product from me. No!
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It's just a prescription / direction l will give to you from this end, and you will get the solution. That's all.

Aboki again?

Please this bad news should not occur oooo

We told agbadorians is all propangandic falluting noise

Blame, blame blame

Tinubu and his white powder economics.

No wonder they call u guys haters of Nigeria

I'm happy I'm not from that side

Shame on u all

Still hoarding my $20k since last year

Na my wedding money be that

Finquas:
We told agbadorians is all propangandic falluting noise

It's not propaganda, some people are hell-bent on destroying the economy.

The CBN should be alive to its responsibilities
Have your agents in all banks
CBN must know about every Dollar transaction in this country
It's a lot of work and I believe we will get there

Chipass cash sell at $/1350 today or more

From 1220/$ last week to $/1300 then $/1350

lwise:
Exchange rate as at this morning, Saturday 20th April is 1$ = N1,200.
It's clear some individuals are mopping up the Dollars released by CBN for reasons best known to them.
An unverified info stated that banks are the ones mopping up the Dollars in circulation in the name of clearing the backlog of the aviation industry.
It's obvious these banks are working against the CBN goal to strengthen the Naira.
CBN needs to step up its game because the banks are ready to use the loop holes in the CBN policies to their own advantage.


https://www.nairablackmarket.com/

Why won’t they mop up dollar when CBN made it soo cheap?

I wish it went to 500/usd. With how high inflation is, you dare make dollar that cheap? Especially now people wan japa.

I pray they bring it down again 🙏

It's all about speculation. Since the CBN governor claims he is not supporting the Naira from reserves and does not plan to. He has given the speculators power to control the market again.

CBN should on Monday sell dollar to BDC at N1,000 and make it public that they are intervening in the market.

Prices will come down to 1,000 or less.

tollyboy5:
I noticed most of this site most especially crypto app are very reluctant to reduce their exchange rate even when the dollar dropped to ₦1000/$.
I'm thinking majority of Nigerians including me prefer swapping currency digitally than going to aboki shop. And since the digital BDC or crypto apps are not following the street trend they sell and buy dollar at a higher rate.
So more transaction is been done in usdt.
I charged someone in dollar yesterday and when I got paid I got to exchange to naira immediately and got higher Dan my expectation.
Maybe CBN will have to digitalize the process of this exchange rate against that of the usdt so we can also do this stuff at ease from our room.
The BDC operators are not even needed to be honest, anyone that need forex should be able to apply online and get what he wants from his room if he met the requirements.
I think it'll be easier to track the dollar flow through this method, the CBN should create a model that will override both the BDC and the usdt crypto apps.
If not the usdt against the naira and those acquiring forex illegally will continue to depreciate the naira at will.

This won’t work except you ban dollar from Nigeria,
Which will doom the country.

You cannot control who can buy dollar because diasporians will bring in their dollar and sell at higher rate due to too much restriction by CBN.

You will create a black market that even CBN
has no control over and if Nigerians get used to it, there’s no going back.

Fibonacci88:
Una don start again

very useless set of people.

SenecaTheYonger:


Why won’t they mop up dollar when CBN made it soo cheap?

I wish it went to 500/usd. With how high inflation is, you dare make dollar that cheap? Especially now people wan japa.

I pray they bring it down again 🙏

Lol, naira is cheap at 1100 per dollar. You can't get a meal with one dollar in the US but you get a solid meal with 1100 naira in Nigeria. Cheaper dollars brings inflation down in Nigeria.

God abeg, make ee no rise again ejoor!

It’s a lie. You just wanna start your speculation again, it won’t work.

Babalegba:
Lol, naira is cheap at 1100 per dollar. You can't get a meal with one dollar in the US but you get a solid meal with 1100 naira in Nigeria. Cheaper dollars brings inflation down in Nigeria.

Nigerians have adjusted to 1700/usd and then you reduce it to 1100? It means they will have more money (Naira) to buy up dollar. Somebody that bought dollar high to import goods, and then sold off all their goods now come and meet dollar at current price? It’s very cheap for them. They can import double of what they used to. And here’s the funny thing, their price will never come down. They’ll still sell their goods as if they bought dollar at 1700/usd and tell you it’s old stock. You can’t beat them. You must buy from them.

So yea, let them keep dropping the rate.
A lot of people are going to be stinkingly rich from importation.

Importation is the new gold.

lwise:
Exchange rate as at this morning, Saturday 20th April is 1$ = N1,200.
It's clear some individuals are mopping up the Dollars released by CBN for reasons best known to them.
An unverified info stated that banks are the ones mopping up the Dollars in circulation in the name of clearing the backlog of the aviation industry.
It's obvious these banks are working against the CBN goal to strengthen the Naira.
CBN needs to step up its game because the banks are ready to use the loop holes in the CBN policies to their own advantage.


https://www.nairablackmarket.com/

The banks are doing business. They know the policy of selling low to BDCs by the CBN is not sustainable on the long run. Ordinarily shouldn't it be the CBN giving banks forex? Why is the CBN giving forex to 3rd party agents (BDCs)

Wirepay was 1k 2days ago. This is the current price today 04/20

haggai247:
Chipass cash sell at $/1350 today or more

From 1220/$ last week to $/1300 then $/1350

lwise:
Exchange rate as at this morning, Saturday 20th April is 1$ = N1,200.
It's clear some individuals are mopping up the Dollars released by CBN for reasons best known to them.
An unverified info stated that banks are the ones mopping up the Dollars in circulation in the name of clearing the backlog of the aviation industry.
It's obvious these banks are working against the CBN goal to strengthen the Naira.
CBN needs to step up its game because the banks are ready to use the loop holes in the CBN policies to their own advantage.


https://www.nairablackmarket.com/

I said this same thing 2 months ago and i made a thread on it.

While the dollar was still falling then, i received more request for dollar funds and even USDT up to the tune of $1million. I began to wonder what is it they wanted to use it for until i finally understood.

"The same people who were forcing and coercing individuals having dollars in their possession are the same people mopping it up."

Bro don't be deceived, the banks are mopping up the dollar and keeping it for the real hoarders which happens to be the business moguls running the economy of Nigeria.

The old man in Aso rock knows this and he knows them but he can't do anything to them for secret private reasons.

DeGods007:


Still hoarding my $20k since last year

Na my wedding money be that

Keep holding onto it and you would be happy you did.

I can buy all your dollar funds though and more if you ever wanna sell.

Tinubu and his armchair approach to real issues.

lwise:
Exchange rate as at this morning, Saturday 20th April is 1$ = N1,200.
It's clear some individuals are mopping up the Dollars released by CBN for reasons best known to them.
An unverified info stated that banks are the ones mopping up the Dollars in circulation in the name of clearing the backlog of the aviation industry.
It's obvious these banks are working against the CBN goal to strengthen the Naira.
CBN needs to step up its game because the banks are ready to use the loop holes in the CBN policies to their own advantage.


https://www.nairablackmarket.com/

this is what I have been preaching since. I even tagged cardoso on twitter but they never listen. The banks have laundered all the dollars to drive their profit margin.

maziemeka2024:
It's all about speculation. Since the CBN governor claims he is not supporting the Naira from reserves and does not plan to. He has given the speculators power to control the market again.

CBN should on Monday sell dollar to BDC at N1,000 and make it public that they are intervening in the market.


Prices will come down to 1,000 or less.

this will not work anymore

nawaforyouo:



this will not work anymore

It will. Market is always about speculation. CBN should use speculation as a tool.