skultrick:


Go read about Warren Buffet, his a market maker in the gold market. Also research about market makers.

I can say with all certainty naira can never below 1k by February. Go write it down.

Let's bet 100k Naira will not rise above 1000 this year

oluayebenz:


Seriously 😳

You no get mind Sha, pls don't go near FX ever again.

Dollar will still rise a lil bit soon but by mid next year, it will stable at 750 or so.

these dudes are fickle. Anyone who knows just a little economics knows that this is just much needed gbajue to create FUD in the market (which even I advised in one of my previous posts). Yea he/she bought the high which kinda sucks no doubt, but if he/she wasn't so fickle he/she should have held out a bit longer. It will definitely still go Up, not a matter of IF but WHEN.

When has the naira ever won since the creation of the universe? Why think that will start now? I have stopped believing and faced tha facts. I am holding this stash, and thankfully now that they have created the FUD in the market and the rate is lowering, I will patiently wait for the bottom and buy with any spare naira I can lay my hands on by then.

If I no buy dollar wetin I gain??

Simple sturvs, if I buy $5000 at a realistic rate of 800, and it rallies to just 1k lasan, that is 1mil that I won't make if I put it in a bank, bought FD, Tbills or Bonds. Easy 1million. The question then is, based on your experience how long do you estimate it will take for 800 to climb to 1k...and above, WHEN it is again time to rally? 1 week, 2 weeks tops. Seems like very good odds to me💯

Athena6:
Last week I created a thread talking about how my japa plans have been crushed due to the increase in dollar.

Many adviced me to invest in dollar, this was the advice they gave me months ago but I did follow through because I wasn't sure.
My last thread hit front page and 90% of the comments were advising me to invest in dollars, one even quoted that in the past 10 years, the dollar haven't fallen but it increases every year.

One even called me a weak minded person and I am scared to take risks.
After everything I thought to myself, since so many people felt this dollar will keep on rising, maybe I should invest afterall life is all about risks.

Well guess what, dollar have decreased, I invested 3M in buying dollars and now in today exchange rate. I have 2.6M now and I either cash out now or hope it will increase.

Right now, I am very angry.
Those giving me advice should come and contribute the 400k for me o

Another thing, do you think the dollar will increase or should I just cut my loses.
I am so tired 😫

Keep it till next year and see the wonders

Athena6:


Do you think it will even get to 1100 because I don't want to lose anymore money.

I am just feeling like a failure 😞

dollar ain't rising no more in Nigeria... Sell now or better remain silent... Electioneering and court processes are over and it's time for the president to GOVERN... Take note...

Zakiwhite:

@maryam1234 Wassup, how can I get your contact for the rice… u can as well WhatsApp me on 08034960870 thanks 🙏

I will do that sir,
Thank you.

FlyingKing:


Please, let talk business about this Rice business. More interested

We're still selling at 40k Sir
Company Standard Rice

kellybently:



CBN told you this or how did you get the information.

Internal source

TheOgaBoss:
cbn buy from binance? doubt it.

100%

ppogba:


Sorry to disagree with you sir.
Even when the US reserve bank has been moving it's rate up and down, the Naira has been crashing.
For now, the CBN' effort at clearing the backlog of forex due the banks in solely responsible. The securitization of the NLNG 7 billion dollars will do more.

No be today US dey maintain rate abeg.

/
Argue with your keyboard. I just informed you what crashed naira since July and the recovery you witnessed this week.

/

InvertedHammer:

/
Argue with your keyboard. I just informed you what crashed naira since July and the recovery you witnessed this week.

/

Naira already started appreciating from Thursday before news came out on friday that U.S would be maintaining rate.

Naira is actually currently the best performing currency in the World since Wednesday, moving from around 1300 to around 950.

So the major reason for naira appreciation is the news on Thursday that CBN cleared some backlogs.

Athena6:
Last week I created a thread talking about how my japa plans have been crushed due to the increase in dollar.

Many adviced me to invest in dollar, this was the advice they gave me months ago but I did follow through because I wasn't sure.
My last thread hit front page and 90% of the comments were advising me to invest in dollars, one even quoted that in the past 10 years, the dollar haven't fallen but it increases every year.

One even called me a weak minded person and I am scared to take risks.
After everything I thought to myself, since so many people felt this dollar will keep on rising, maybe I should invest afterall life is all about risks.

Well guess what, dollar have decreased, I invested 3M in buying dollars and now in today exchange rate. I have 2.6M now and I either cash out now or hope it will increase.

Right now, I am very angry.
Those giving me advice should come and contribute the 400k for me o

Another thing, do you think the dollar will increase or should I just cut my loses.
I am so tired 😫

Naira will gain against dollar. I exchanged at 1k yesterday against #1170 the previous day.

I'm sure it will be less today

Dshocker:


Internal source

Mumu.. That fat yellow pig said this on twitter and you're claiming internal source.
Hold USD and see what happens by January

Athena6:


Thanks for the advice, I guess I will just cut my loses.
It is very painful losing 400k in just a few days 😢

If you are into crypto trading, you will know that you buy low and sell high,but in your own case you buy high and about to sell low.
Next time you DYOR before delving into the financial market,I won't ask you to sell now and I won't ask you to hold so that you won't blame me for your woes, the market is unpredictable. Sorry for your lose dear...

InvertedHammer:

/
Argue with your keyboard. I just informed you what crashed naira since July and the recovery you witnessed this week.

/

The last time rate was maintained, did Naira gain? No.
I have people in banking who predicted this would happen. They specifically mentioned that interventions would come and here we are.
I want people like you to hold the dollar and see what happens.

GeneralDae:

Naira already started appreciating from Thursday before news came out on friday that U.S would be maintaining rate.

Naira is actually currently the best performing currency in the World since Wednesday, moving from around 1300 to around 950.

So the major reason for naira appreciation is the news on Thursday that CBN cleared some backlogs.

/
I exchanged US$ for N1165 on October 30th (Monday) and N1060 at exactly 2.37pm on Friday. By the end of the day it was N950. Currently it is at N987. Facts no emotion. Apparently you don't understand how currency performance outlook works and how it is tied to rates and US10Y bond.

/

Athena6:


I am not doing again, I have lost 100k in a ponzi scheme now I have lost another 500k.
If I use the money to buy clothes, I would have 3 big boxes of clothes than wasting it on those investments.

See mentality.
You are not meant to be wealthy in life.

3ice9ce:


The last time rate was maintained, did Naira gain? No.
I have people in banking who predicted this would happen. They specifically mentioned that interventions would come and here we are.
I want people like you to hold the dollar and see what happens.

/
I look at US10Y bond on when to buy US$ and not Buhari, Tinubu, APC, LP, PDP nor CBN governor. So far it has worked for more than 15 years.

As inter alia stated, you can argue with your keyboard.

/

PoliteActivist:


Dangote refinery is a private, profit-maximizing business. Why must they sell you fuel in Naira?

The agreement before being granted a refinery license says so.

InvertedHammer:

/
I exchanged US$ for N1165 on October 30th (Monday) and N1060 at exactly 2.37pm on Friday. By the end of the day it was N950. Currently it is at N987. Facts no emotion. Apparently you don't understand how currency performance outlook works and how it is tied to rates and US10Y bond.

/

What was value of naira on Tuesday and Wednesday? Also, what in my post shows I don't understand currency performance outlook and that you understand it?

oliverwrites:
I am only guessing. I am a digital marketer and earn in dollars. Just got a payment in and I am not converting it till maybe Wednesday. I think it will settle at 750 eventually but that will be dependent on dangote refinery.

If you don’t mind , I have interest in digital marketing.. can I Dm you

Lol I have lost more than 500k and still counting but I ain't moved. I ain't withdrawing shit.

I just dey laff people wey still believe in naira thriving over dollar. Yall will keep fooling yourselves till it's too late. For as long as tifnubu is here to stay dollar will hit 3k before 2025.

Come back in 2025 and read this again and say I told you.

Drops pen*

3ice9ce:


The agreement before being granted a refinery license says so.

Agreement according to Emefiele whonis currently in jail, and who made so much money from what he cooked up with Dangote that he started running for president! Has anybody seen this agreement? And Dangote will pay his 11000 Indian workers in naira!

Athena6:
Last week I created a thread talking about how my japa plans have been crushed due to the increase in dollar.

Many adviced me to invest in dollar, this was the advice they gave me months ago but I did follow through because I wasn't sure.
My last thread hit front page and 90% of the comments were advising me to invest in dollars, one even quoted that in the past 10 years, the dollar haven't fallen but it increases every year.

One even called me a weak minded person and I am scared to take risks.
After everything I thought to myself, since so many people felt this dollar will keep on rising, maybe I should invest afterall life is all about risks.

Well guess what, dollar have decreased, I invested 3M in buying dollars and now in today exchange rate. I have 2.6M now and I either cash out now or hope it will increase.

Right now, I am very angry.
Those giving me advice should come and contribute the 400k for me o

Another thing, do you think the dollar will increase or should I just cut my loses.
I am so tired 😫

Who told you dollar is rising. Hahahaha.
It's crashing gradually. And Biden is inflating and spending carelessly. When the Dollar crashes or bubble bursts it will be sudden. And alll currencies pegged to dollar will be worthless.
Go for gold and silver.

leokid866:
lol continue deceiving oga, be like say you never hear say 150M$ from abacha is on the way.......

On its way to private pockets

Go and sit down

Their bad habits hasn't changed, therefore it will continue to devalue, this is just a minor correction/retracement. This acts as a spring.

It is gathering momentum/fuel to fly

Athena6:


Thanks for the advice, I guess I will just cut my loses.
It is very painful losing 400k in just a few days 😢

I'm one of those people who advised that you buy dollar. I took out 8m out of my savings and bought USDT (Crypto) and now I'm currently losing about 1.4m. So madam, don't sell yet. It's going back up next week. It will first rebound back to where it's coming from and then even go a little higher before crashing back again. Just hold on a little. I promise to give you back your money if you lose. Trust me.

By the way, be careful of broke Nairaland guys who might want to take advantage of you by sending you DMs. They will look for ways to chop the remaining 2.4m

saasala:


I'm one of those people who advised that you buy dollar. I took out 8m out of my savings and bought USDT (Crypto) and now I'm currently losing about 1.4m. So madam, don't sell yet. It's going back up next week. It will first rebound back to where it's coming from and then even go a little higher before crashing back again. Just hold on a little. I promise to give you back your money if you lose. Trust me.

By the way, be careful of broke Nairaland guys who might want to take advantage of you by sending you DMs. They will look for ways to chop the remaining 2.4m

You can't be so sure this time except CBN is yet to get the billions of dollars they are expecting. If CBN gets huge inflow it can't go up this year again.

GeneralDae:

You can't be so sure this time except CBN is yet to get the billions of dollars they are expecting. If CBN gets huge inflow it can't go up this year again.

Bro, many Nigerians don't get the exchange rate on weekends. I get it per second. It's currently going back up as I speak. It's 995 this night. Let's see what happens on Monday.

And as for the money CBN is expecting, it's not a sustainable way to keep the currency stable. It's just a makeshift. And we don't even know when the money is coming. They said in weeks, but you know Naija. Weeks might turn to months

It will go back to 1000 or 1100 and then crash down to 600...


So i feel you should wait a while so it goes back up and then sell off..

Hoping to buy at 600

PoliteActivist:


Please explain HOW

......ok what causes dollars to rise is when there is scarcity of dollars in the country and high demand for dollars for importation....and what causes dollars to fall is when there is high supply of dollars into the country. when the country is earning dollars.. generating revenue in dollars from producing goods and exportation of goods and low demand for dollars.,so when Dangote refinery start by December 2023 and start to refine crude oil and produce fuel, disel, Kerosene and other petroleum products in nigeria .. through Dangote refinery nigeria will not be importing fuel,disel, kerosene anymore into the country which will save nigeria dollars because nigeria uses dollars to import fuel disel kerosene and other petroleum products into the country....so with the Dangote refinery nigeria will start to export this fuel ,disel, Kerosene and other petroleum products for sell to other countries inorder to earn dollars, generate revenue in dollars into the country and the supply of dollars into the country will be more and dollars will not be scarce which will make the dollar rate to fall the more and the naira will have value and appreciate against the dollars

Wujio:




Let's bet 100k Naira will not rise above 1000 this year

I wouldn't bet that, you have diaspora money coming in. Wait till February to confirm.

ufotunang:
......ok what causes dollars to rise is when there is scarcity of dollars in the country and high demand for dollars for importation....and what causes dollars to fall is when there is high supply of dollars into the country. when the country is earning dollars.. generating revenue in dollars from producing goods and exportation of goods and low demand for dollars.,so when Dangote refinery start by December 2023 and start to refine crude oil and produce fuel, disel, Kerosene and other petroleum products in nigeria .. through Dangote refinery nigeria will not be importing fuel,disel, kerosene anymore into the country which will save nigeria dollars because nigeria uses dollars to import fuel disel kerosene and other petroleum products into the country....so with the Dangote refinery nigeria will start to export this fuel ,disel, Kerosene and other petroleum products for sell to other countries inorder to earn dollars, generate revenue in dollars into the country and the supply of dollars into the country will be more and dollars will not be scarce which will make the dollar rate to fall the more and the naira will have value and appreciate against the dollars

But Dangote is a PRIVATE capitalist company intent on maximizing profit. Example (see below), it hired 11000 Indian workers not Nigerians, and they won't be paid in naira. In other words, just because Dangote happens to be located in Nigeria doesn't mean it will sell refined products cheaper to Nigeria, neither is Nigeria obligated to buy from it if it can find cheaper price elsewhere

Wujio:
Now it will keep falling into this weekend, fall into next week till next week friday, it will keeo crashing. Hit the withdrawl now, it wont rise back to that 1,300 level again. It wont from this year end into next year, it is crashing towards 750/Naira. Ive been saying this for a while now

By the tim the policies on dollar progress from the gestation period, it could hit as low as 450. It was rising too quickly and it's bound to fall. They have some loans they're expecting to hit the forex space and some forward backlogs are being paid - this would drive it down.

When Dangote refinery start producing, a chunk of the dollar we spend to import would be saved and retained in the economy. This would further drive it down. When we have enough liquidity to meet demand, the value of naira improves.