cjudy:

As at today, dollar is exchange at 851 keep playing

Is moving to N1000.
Smart businessmen are Investing &
saving in dollars (USDT)

We dey here dey collect wotowoto, Dem dey thr dey talk obata...nonsense. God punish all those idiots

DomPerignon:
FG should begin recalling most of the currency in circulation printed from thin air by Emefile through this Forex window.

This how the FG can utilize the Forex to remove excess liquidity from circulation and drive down inflation.

The only people betting against the naira are Buhari looters who , without Emefile's protection, are now moving their loot through the Forex window .

No genuine business will bid so high for Forex in such a challenging economy. What do they want to import that they are desperate to bid so high for Forex?

In a few months, if the FG compels the CBN to withdraw all excess liquidity from funds raised through the FX open window bidding, the naira will regain to about 350-400 to a dollar.

When I see comments like this that get likes I just know that most Nigerians are plain ignorant about the economy and how it works. What's making the exchange rate worse is not some money kept somewhere it's simply that there's no supply meanwhile demand is outrageous.
As at yesterday almost all Nigerian banks have billions of dollars of backlogs of matured fx obligations yet to be settled dating back to as far back as 2016.
Until all that backlog is cleared there's no hope for the naira in a floating regime. Even when the backlog is cleared there still won't be hope cos everyone has lost hope in naira and dollar supply will still not be adequate .

wealthyvic1:

Is moving to N1000.
Smart businessmen are Investing &
saving in dollars (USDT)

They don’t no.

XtraFortunes:
Bulaba and propaganda na 5 and 6

Dollar N742?

Aboki dey say something different

The rates will fall naturally when the IPOB developers stop wasting our scare foreign money to import all manner of rubbish to Nigeria. Government should treat them as economic terrorist and treat them as such. Just go to any typical market in Nigeria and see all manner of imported rubbish being sold. God save Nigeria.

DomPerignon:



Concentrate on your useless Biafra .

When we chase you away we will not have parasitic importers who demand for FX to import cheap crap at the expense of local producers .

you are not serious

Nothing to be excited about. I&E closed at =N=793.70 today. The market is still very volatile. It peaked at over =N=800 last week Friday. Until the supply side liquidity is addressed, any appreciation in NGN will be short lived and not worthy of news.

DomPerignon:
FG should begin recalling most of the currency in circulation printed from thin air by Emefile through this Forex window.

This how the FG can utilize the Forex to remove excess liquidity from circulation and drive down inflation.

The only people betting against the naira are Buhari looters who , without Emefile's protection, are now moving their loot through the Forex window .

No genuine business will bid so high for Forex in such a challenging economy. What do they want to import that they are desperate to bid so high for Forex?

In a few months, if the FG compels the CBN to withdraw all excess liquidity from funds raised through the FX open window bidding, the naira will regain to about 350-400 to a dollar.

Lol, in your dreams. Something that’s is headed to 1k

Roger3D:
Yes I observed that the Naira gained about N18 Naira on the Euro today. It was N920.18 this morning but now it's N902.52 at closing. Let's hope for the best

Please what platform do you use for this verification ?

Khyrvxjzy:



i just type dollar to naira na 791 e show bro

That's not the current street value of dollars. I get the current minute by minute naira to dollar rate by checking the USDT to naira rate on binance. It always almost correspond to the street value.

Cyoung4real:



Lol, in your dreams. Something that’s is headed to 1k

Gbam! You are very well informed.

coleon:

When I see comments like this that get likes I just know that most Nigerians are plain ignorant about the economy and how it works. What's making the exchange rate worse is not some money kept somewhere it's simply that there's no supply meanwhile demand is outrageous.
As at yesterday almost all Nigerian banks have billions of dollars of backlogs of matured fx obligations yet to be settled dating back to as far back as 2016.
Until all that backlog is cleared there's no hope for the naira in a floating regime. Even when the backlog is cleared there still won't be hope cos everyone has lost hope in naira and dollar supply will still not be adequate .

Normally I won't reply to ignorant posts like this but for sake that others will be infected with your brand of stupidity I must clarify certain issues you raised.

Firstly , this is the second time the naira has been allowed to float freely .

The first time was under IBB after the disaster known as Buhari had wrecked the economy .

Buhari hid under protectionism to hide the dwindling FX reserves which greeted his treason on our polity.

A simple check on FX reserves from CBN archives will show you a significant dip in FX holdings between December 1983 to January 1984.

As Buhari carried out his coup on our polity on behest of the then struggling Thatcher govt that was battling a recession, huge amounts of money was moved by Buhari to pay our creditors in London . This was a debt that was hanging from the senseless civil war which you guys instigated.

Shagari had insisted on debt rescheduling due to a slump in oil price and huge theft by the Obasanjo govt - notably, the missing oil money scandal by the Buhari headed NNPC.

Britain at this time was dead broke and was facing waves of coal and rail workers strike. This was when Baron Victor Rothschild as adviser to the Thatcher govt and head of MI6 instigated another coup in Nigeria. The first being your senseless coup of Jan 15, 1966 that turned Nigeria from zero debt to owing Jewish Banksters in London which Rothschild was a major creditor.


IBB was forced to float the naira in other to reopen the economy. The naira was fixed at #4 to a $1 and after its first trade closed at about #12. That's a whooping 300% devaluation and nothing compared to the current drop we are witnessing

By the time Abacha took over it was at above #20 to a dollar. Abacha will borrow some buharimonics for political reasons only and despite this, the naira was forced to crash to about #40 to a dollar on Obasanjo being sworn in. So between 1983 to 1999, the naira devalued by over 1000% despite all artificial attempts to prop it up through fixed pricing.

You must also understand that the naira is one of very few currencies that has never been traded internationally, thereby making it a non convertible currency outside it's soverign borders. You can only convert naira at Nigeria's land borders. Outside this, you will not see anyone willing to touch it.


You argument is based on continuing the failed system that only promotes a parallel market which insider traders are the only beneficiaries.


You know nothing.

CondenseMilk:


Please what platform do you use for this verification ?

google send
flutterware

Is that the rate tinubu meet it

DomPerignon:
FG should begin recalling most of the currency in circulation printed from thin air by Emefile through this Forex window.

This how the FG can utilize the Forex to remove excess liquidity from circulation and drive down inflation.

The only people betting against the naira are Buhari looters who , without Emefile's protection, are now moving their loot through the Forex window .

No genuine business will bid so high for Forex in such a challenging economy. What do they want to import that they are desperate to bid so high for Forex?

In a few months, if the FG compels the CBN to withdraw all excess liquidity from funds raised through the FX open window bidding, the naira will regain to about 350-400 to a dollar.

Dey play

Cyoung4real:



Lol, in your dreams. Something that’s is headed to 1k

It will crash because there is no money to support any import based business that utilizes the current high rate.

You don't even know that floating the naira benefits local manufacturers as they are the ones who will recapture the market from importers .


More FX will flow to manufacturing firms to import critical production inputs than will go to importers .


Tinubu has even hinted on opening the borders for imports,thereby removing any protectionism.

When importers see they can't compete with high FX they will switch to local manufacturing.

crismark:

Dey play

Actually, the importers are the ones set to lose.

Ikaeniyan0:
It's over #820/$ in the black market.

It's 843

DomPerignon:
FG should begin recalling most of the currency in circulation printed from thin air by Emefile through this Forex window.

This how the FG can utilize the Forex to remove excess liquidity from circulation and drive down inflation.

The only people betting against the naira are Buhari looters who , without Emefile's protection, are now moving their loot through the Forex window .

No genuine business will bid so high for Forex in such a challenging economy. What do they want to import that they are desperate to bid so high for Forex?

In a few months, if the FG compels the CBN to withdraw all excess liquidity from funds raised through the FX open window bidding, the naira will regain to about 350-400 to a dollar.

350-400? Just perish the thought. This will deprive government of lots of revenue. Don't forget the bulk of government revenue comes from crude oil dollars. A very low exchange rate means very low Naira income.

Bismark Rewane has said 640-680 range and it seems accurate, that is if government does everything right.

grandstar:


350-400? Just perish the thought. This will deprive government of lots of revenue. Don't forget the bulk of government revenue comes from crude oil dollars. A very low exchange rate means very low Naira income.

Bismark Rewane has said 640-680 range and it seems accurate, that is if government does everything right.

I still stand on my projection.

All that Buhari era loot will soon be converted at such a high rate.

They are closing accounts before Tinubu appoints a substantive CBN governor who will freeze these accounts that normally would have been flagged .

DomPerignon:
FG should begin recalling most of the currency in circulation printed from thin air by Emefile through this Forex window.

This how the FG can utilize the Forex to remove excess liquidity from circulation and drive down inflation.

The only people betting against the naira are Buhari looters who , without Emefile's protection, are now moving their loot through the Forex window .

No genuine business will bid so high for Forex in such a challenging economy. What do they want to import that they are desperate to bid so high for Forex?

In a few months, if the FG compels the CBN to withdraw all excess liquidity from funds raised through the FX open window bidding, the naira will regain to about 350-400 to a dollar.

PLS CAN YOU EXPLAIN MORE.....THX

I honestly cannot point at any factor presently that can help the naira rebound.

nighthawk1:


PLS CAN YOU EXPLAIN MORE.....THX

I honestly cannot point at any factor presently that can help the naira rebound.

Recalling excess liquidity through the open FX market.

All monies raised from this, should be recalled and destroyed .

This will curb inflation .

DomPerignon:
FG should begin recalling most of the currency in circulation printed from thin air by Emefile through this Forex window.

This how the FG can utilize the Forex to remove excess liquidity from circulation and drive down inflation.

The only people betting against the naira are Buhari looters who , without Emefile's protection, are now moving their loot through the Forex window .

No genuine business will bid so high for Forex in such a challenging economy. What do they want to import that they are desperate to bid so high for Forex?

In a few months, if the FG compels the CBN to withdraw all excess liquidity from funds raised through the FX open window bidding, the naira will regain to about 350-400 to a dollar.

Oga, I predicted naira will fall against the dollar despite subsidy removal and other moves after Emefiele left. The reason is that all the warehoused funds kept by politicians for the last elections, but could not be spent due to the cbn new naira policy will now flood the forex market.
A prominent politician was alleged to have over 150b, some governors, 30,50,70b etc all in cash. Obviously, those monies will now be changed to fx for easy handling, for export etc. Funny enough, this administration has lifted the cap on domiciliary transaction, it even makes it easier for the money "warehousers" to change and keep some in their dom acct.
As you said also looters from the old admin are also doing theirs.

Ikaeniyan0:
It's over #820/$ in the black market.

Like we are dunces who do not have info on the day to day in our country

DomPerignon:
FG should begin recalling most of the currency in circulation printed from thin air by Emefile through this Forex window.

This how the FG can utilize the Forex to remove excess liquidity from circulation and drive down inflation.

The only people betting against the naira are Buhari looters who , without Emefile's protection, are now moving their loot through the Forex window .

No genuine business will bid so high for Forex in such a challenging economy. What do they want to import that they are desperate to bid so high for Forex?

In a few months, if the FG compels the CBN to withdraw all excess liquidity from funds raised through the FX open window bidding, the naira will regain to about 350-400 to a dollar.

smh!

Smithwilliams826:
It's currently #850 now.

I sold dollars today at 850 to a BDC operator at Kano. He is selling it to buyers at 860.

Fake news. The damage was done in 2015 when we used our own hand to bring in change.....now we can see the change

It is going to be better

The greed of the banks is fatal to the health of Naira. They get all the dollars at the current rate and and start selling to BDC at higher rate. Central bank is supposed to policy that dollar is available to all at current rate instead of only banks.

The Nigerian economy is so bad that even the slightest move upward is celebrated.