For their mind! They can boost of 200 to 1 dollar


There is GOD oooo

osigiepurr:
I am still searching for the Prophet that said dollar will rise to 600 naira before falling rate will occur. Nigeria with different species...

Don't worry. I will quote you again when it happens...

LordAdam16:


I no dey quote anybody wen mention me sef.

Most Nigerians are dumb. And the best thing is to profit from their dumbness not enlighten them, because that is a waste.

-Lord

dignify me this one simple query : Do you suggest we start buying dollars now that the exchange rate to the naira is low? I'm not a forex exchange savvy but i see reasons to believe that your predictions have elements of truth in them.

younglleo:
dignify me this one simple query : Do you suggest we start buying dollars now that the exchange rate to the naira is low? I'm not a forex exchange savvy but i see reasons to believe that your predictions have elements of truth in them.

The CBN spokesperson has indicated that they MAY start another round of interventions soon. When is still open to debate. It may even be a smokescreen, to simply quell demand (but I wouldn't be quick to dismiss it).

But for now, expect the rate to continue to depreciate (it's 385 now and moving to 400). So, if you are in for quick profits (usually reserved for big players), buy now (but not excessively, so you can sell off quickly when the next round of intervention starts).

-Lord

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LordAdam16:


The CBN spokesperson has indicated that they MAY start another round of interventions soon. When is still open to debate. It may even be a smokescreen, to simply quell demand (but I wouldn't be quick to dismiss it).

But for now, expect the rate to continue to depreciate (it's 385 now and moving to 400). So, if you are in for quick profits (usually reserved for big players), buy now (but not excessively, so you can sell off quickly when the next round of intervention starts).

-Lord

Boss, I disagree with you here. Anybody buying dollar now thinking it will appreciate this year is doing so at his/her own peril.

The rate won't move to 400. I rather see it approaching 300-330 before the end of April.

menama:


Boss, I disagree with you here. Anybody buying dollar now thinking it will appreciate this year is doing so at his/her own peril.

The rate won't move to 400. I rather see it approaching 300-330 before the end of April.

Many people will buy dollar 390 today.

Know when to differentiate between propaganda and common sense.

-Lord

menama:


Boss, I disagree with you here. Anybody buying dollar now thinking it will appreciate this year is doing so at his/her own peril.

The rate won't move to 400. I rather see it approaching 300-330 before the end of April.

Look at the screenshot.

That is the reason why economics is not black magic.

-Lord

LordAdam16:


Look at the screenshot.

That is the reason why economics is not black magic.

-Lord

Yes, economics isn't black magic. It may however interest you to know that I am knowledgeable in at least a little bit about both economics and black magic.

Your attached pic says 395 and I he attached pic below says 383.

I still stand by my prediction: The rate won't move to 400. I rather see it approaching 300-330 before the end of April.

menama:


Yes, economics isn't black magic. It may however interest you to know that I am knowledgeable in at least a little bit about both economics and black magic.

Your attached pic says 395 and I he attached pic below says 383.

I still stand by my prediction: The rate won't move to 400. I rather see it approaching 300-330 before the end of April.

Try again now. Look at the recent screenshot of abokifx.

There is a lot of activity in the parallel market today, which means not everyone buys at the same price. The prices you see quoted are average prices based on feedback from different sources and locations.

Note that I said, some people will buy at N390 today. And my prediction is right on the mark. Abokifx, nairametrics, and fxmallam all quote at or above 390. The only sites quoting below 390 are guardian and maloofx. So yeah, some people will buy at 390 today, some lucky few will buy below 390.

You said it won't move to 400. Now that it's appreciated from 365/370 (some actually bought 360 in the height of the frenzy), to 383/390; I'm beginning to think you are unable to express yourself clearly with the English language.

It wouldn't move to 400 meant it wouldn't depreciate. That it has depreciated already renders that statement null and void. If you had said, it wouldn't get to 400, I would have said let's wait until next week. But using the word move makes that wait needless because the parallel rate is already moving to 400.

Think of it. Rate moves to 400,420 or even 450 before it crashes to 320/330 by another round of intervention. Means that speculators who bought at 370 will make a gain of at least N30 per dollar and then quickly sell off, waiting to buy another round of cheap dollars.

A speculator who buys $10,000 at 370 on Monday (some may even go as far as using fake PTA/Student Fees to buy at 360 from the banks) and sells at 395 (today), would make N250,000 for doing absolutely nothing. Now tell me, how many businesses give that kind of return in five days? A man working at minimum wage rate would need to work for at least 1 year and 3 months to earn that kind of money.

That my friend is why a float is necessary. This back and forth is a perfect breeding ground for corruption and speculation. Price of goods remain high, scarce dollars is used to fuel people's greed, and the masses continue suffering.

-Lord

LordAdam16:


Try again now. Look at the recent screenshot of abokifx.

There is a lot of activity in the parallel market today, which means not everyone buys at the same price. The prices you see quoted are average prices based on feedback from different sources and locations.

Note that I said, some people will buy at N390 today. And my prediction is right on the mark. Abokifx, nairametrics, and fxmallam all quote at or above 390. The only sites quoting below 390 are guardian and maloofx. So yeah, some people will buy at 390 today, some lucky few will buy below 390.

You said it won't move to 400. Now that it's appreciated from 365/370 (some actually bought 360 in the height of the frenzy), to 383/390; I'm beginning to think you are unable to express yourself clearly with the English language.

It wouldn't move to 400 meant it wouldn't depreciate. That it has depreciated already renders that statement null and void. If you had said, it wouldn't get to 400, I would have said let's wait until next week. But using the word move makes that wait needless because the parallel rate is already moving to 400.

Think of it. Rate moves to 400,420 or even 450 before it crashes to 320/330 by another round of intervention. Means that speculators who bought at 370 will make a gain of at least N30 per dollar and then quickly sell off, waiting to buy another round of cheap dollars.

A speculator who buys $10,000 at 370 on Monday (some may even go as far as using fake PTA/Student Fees to buy at 360 from the banks) and sells at 395 (today), would make N250,000 for doing absolutely nothing. Now tell me, how many businesses give that kind of return in five days? A man working at minimum wage rate would need to work for at least 1 year and 3 months to earn that kind of money.

That my friend is why a float is necessary. This back and forth is a perfect breeding ground for corruption and speculation. Price of goods remain high, scarce dollars is used to fuel people's greed, and the masses continue suffering.

-Lord

Thanks for the correction with respect to my statement. My point is it won't get to 400. Not next week, not anytime soon. So it's just as you say; let's wait till next week.

menama:


Thanks for the correction with respect to my statement. My point is it won't get to 400. Not next week, not anytime soon. So it's just as you say; let's wait till next week.

For the record, this is what you said:

Boss, I disagree with you here. Anybody buying dollar now thinking it will appreciate this year is doing so at his/her own peril.

The rate won't move to 400. I rather see it approaching 300-330 before the end of April.

Even if you say you intended to use get instead of move, it doesn't take away the fact that your analysis is blatantly wrong.

You said dollar WILL NOT APPRECIATE this year. It has already appreciated this week. Some bought 365/370 on Monday and selling 390 today (this morning when you made the statement it was 385, this evening it is 390). It has already added millions to many people's accounts.

Your poor attempt at speculating where the Naira will or will not get to is an epic disaster. Not simply because it's 390/395 now, but because you made unfounded statements initially and are now eating back your words.

You simply cannot say Dollar will not appreciate this year, when it was already appreciating as at the time you were making that fallacious statement. It's like saying the Sun will not set today, when it is already setting. It's like one other idiot (in another thread) saying the reserve was UNCHANGED after the intervention, when it had already started falling since last week.

What kind of people are you? If you can't communicate effectively in correct English, use pidgin.

We would have avoided all of this if you had simply said:

"Boss I disagree with you here. The rate won't get to 400. I rather see it approaching 300-330 before the end of April."

I wouldn't even quote you, I'll wait until it's 400 and then post a screenshot.

PS: And by the way, that your statement was your reply to this post of mine;

The CBN spokesperson has indicated that they MAY start another round of interventions soon. When is still open to debate. It may even be a smokescreen, to simply quell demand (but I wouldn't be quick to dismiss it).

But for now, expect the rate to continue to depreciate (it's 385 now and moving to 400). So, if you are in for quick profits (usually reserved for big players), buy now (but not excessively, so you can sell off quickly when the next round of intervention starts).

-Lord

So you clearly know I meant moving (as in on its way to) and not an authoritative (it will get to). And you can't simply chicken out that you did not intend to use move, when I was the one who first introduced the word 'move(-ing)' to the conversation. I applied caution because of the clear first paragraph. The person got my point, because I expressly said if he was in for QUICK profits he should buy now but not excessively.

Unless, you're trying to be a smart ass, I don't see how you want to meander your way out of your obvious error.

Today is Friday. Throughout the weekend, a few desperate people will buy at 400 (even if there will be no update on sites as official market closes 4 PM Friday), which is not far off from 395 (remember that the quoted rate is an average and the market is volatile) because many abokis are hoarding dollars and refusing to sell. So, theoretically, your "it will not get to" 400 is up in flames already.

Everybody has a right to an opinion, but an obvious silly statement is not an opinion. It is a disgrace.

-Lord