It's funny how people who have no direct business dealings with dollars, end up going to buy dollar to keep as a way of making money, or salvaging their savings, and still complain that the naira is losing value. It's either you guys are outrightly stupid, or suffer from gross ignorance. If every Nigerian decides to save their naira in dollar, how much do you guys think the naira will be worth? Yes, the government has its own faults but average Nigerians too are a problem to the country. Everyone is now trying to price their goods to the dollar even when they don't have a reason to. Only people who are trading with the dollar regularly, should have a business with it. You are earning naira as a person, you are not doing any imports, yet you want to buy dollar to keep as a way of defending your naira, aren't you part of the problem? There's a fictitious/unnecessary demand for the dollar which in turn, drives the value of the naira down.

@op: sorry you listened to the advice of most people here. You would be shocked to know majority of them are kids in real life, or people who get their information from beer parlor and market women cos I don't know why any sensible person would advise you to buy dollar to store, knowing fully well that it's already around 1300. That's a very risky and bad advice. Even if you want to trade forex, you don't buy when the price is that high, knowing fully well that the government is looking for ways to crash price down cos if they don't, they would be forced to deal with an army of hungry jobless Nigerians, as a lot of businesses would crash if the slide is not arrested. The only people who should buy it at that price, are people who need it urgently. Yesterday, I asked aboki for dollar and he said 1150. I told him I wanted as much as 10k and he offered to do it 1100 even without me pricing. By evening, price had crashed to about 1000 or 950 as it was reported elsewhere. He's going to be very desperate to sell now before it crashes further and this is what would happen to most speculators. The ripple effect of this is that more dollars would be available for sale and drive price further down. My advice is to not hold it further if you still have it.

Illegal1:
omoh..........fear not,dollar will kip increasing as long as tinubulation is on the throne.

u shall smile again..

See them enemy of our dear country .God is puting you guys to shame

NapoleonHill:



Did you read from the back or what? She said she was advised a last week on a thread and that was when she invested.

That means she is not an investor but a gambler

bemeruca:
Stop making stories out of the Dollar situation to catch Nairaland clout. If you invested, there would have been a story about that.

What story are you looking for?

Illegal1:
omoh..........fear not,dollar will kip increasing as long as tinubulation is on the throne.

u shall smile again..

I pity una. You think Wale Edun and Yemi Cardoso would just sit and allow dollar run like that without thinking of ways to control the market? okay oo.

Wujio:




The internet has noted your take. I believe i clearly gave a range 500-750 on the immediate level

Yes please

I have said it severally that naira falling to 500 on the short to medium term is a mirage and a pipe dream
700 to 800 is where it is LIKELY to settle

But if the govt mishandles things
It will slip further

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 😫

FX is not for the Feeble mind, the real gainers are the ones can afford to invest and look away,
But for those that are checking every minute for gain, i will advice remove your money go play 2odds on sportybet make satan catch you

So far the govt as done nothing to ensure the Naira sustains the rebound, it is most likely naira will fall, roger that

Paramount01:



See them enemy of our dear country .God is puting you guys to shame

omoh.........i dn give up for dis ur dear country since..

EconFinance:


Yes please

I have said it severally that naira falling to 500 on the short to medium term is a mirage and a pipe dream
700 to 800 is where it is LIKELY to settle

But if the govt mishandles things
It will slip further

Oga stop the wokeness. I said 750 range. I only cited 500-600 from extreme measures. Find something meabingful to do ymwith your time

Wujio:



Na who you be ? I send you ?

I think he agrees with you
He's on your side .

Read what he wrote again.

Willie2015:
if it falls to N375, thats 50 percent of your fund.

LOL. Nehi. I didn't start today. I started at N360. 😄😄😄. I saw ahead before the restrictions placed by the CBN governor.

Besides I earn Salary in Naira too. So if it even falls to N1 all the better for me. I might be tempted to remain in Nigerian.

yahoodetector:


You are not an investor!

The naira will fall horribly this December at close to N2,000 per $ (I can bet my 2 kidneys to it). Be steadfast.

When BTC was falling, impatient peeps like you cashed out with losses but instead, I put my investments on the stable coin USDT...then one day, the BTC began to soar high and I smiled.

I will bookmark this not because of anything but your 2 kidneys

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 😫

Exactly what happened to me in 2022 in same month

Exact same shiit



Read and learn also sell your coin now now

https://www.nairaland.com/7426846/crypto-not-just-me-massive

Illegal1:
omoh..........fear not,dollar will kip increasing as long as tinubulation is on the throne.

u shall smile again..

see illegal human being talk

dawnomike:
It is a speculative market... You had the duty of following the news keenly!!!
In the crypto world, we say "do your own research" and in Forex we say "Follow the news".

You failed to do any of the above

Exactly boss

It was all over the news last week when the government said they have 10Billion dollars in their line of sight [/b]which they are accessing in coming weeks.

Everyone in the speculation business knew it was time to dump the naira on the gullible public.

[b]Follow the news

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 😞

Why bet against your own country for your selfish reasons? You know that devaluation comes with inflation right? If you live in Nigeria, be rest assured that whatever “gains” you get from dollar increase will be wiped by inflation. Even if you don’t live in Nigeria, why not pity your family and friends that live here?

Nigerians buying and hoarding another country's currency while making theirs useless and causing rise to the price of goods and services. Everybody dey find money sha but as e bad for ona e go good for others

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 😫

No rush, give it till January. FG has injected cash from loans raised, but nothing has changed in the fundamentals. So I'll advise you hold on and give it a few months.

Athena6:


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

It would likely crash further because CBN is clearing backlogs and Dangote refinery may just start. Oil production is rising and may rise well enough to supply local refineries in naira. If all this happen before March next year, then dollar can never get back to 1300 in the foreseeable future.
When dealing with FOREX, always follow the news and the CBN/finance ministry.

[quote author=Athena6 post=126775273]
Thanks for the advice, I guess I will just cut my loses. It is very painful losing 400k in just a few days

Athena6

There is a saying that there is a stock market bubble when everybody becomes a share analyst. Why? Because the only way up for shares is up.

The same with the crypto bubble.

More often than not, these booms are fuelled by a loose monetary policy.

With the FX market, with Naira prices depreciating, everyone predicted the value would continue going down. It was like a no brainer. The Naira's depreciation was caused by a scarcity of dollars and the lack led to unfulfilled fx contracts. It seems now the CBN has dollars and it's clearing the backlog of dollar contracts, hence leading to the appreciation of the Naira.

However, monetary policy is loose. It needs to be tightened. I am losing confidence in the CBN if it continues to keeps it that way

Trojan8:


Can we place a bet on this? I don't need your kidney, just play around with a few naira. I hate it when I see comments like this that are not backed with any knowledge just vibes and Insha Allah.

Addme:

I will bookmark this not because of anything but your 2 kidneys

I'll be here by December to remind you both when it happens.

TheClassic1:
see illegal human being talk

omoh..........senior man,wetin u want make i talk nah?

dis 1 wen dis country no jst balance at all,abeg nah to give hope to each other remain lyk dis ooh..


make we jst dey give ourslf hope dey go

Benki003:


Firstly there no policy installed to checkmate naira crisis just borrowing, and secondly we are solely dependent on importation and besides we are entering festive period.




And then I just believe that the are installing fear into people holding dollar for a quick sale only for them to sell and dollar begins to increase again

Lets see shaa

Wujio:
Smh. I recall stating clearly on the orevious threwd not to biy dollar at all at the current rate that it was too late. Do people ever listen at all?


What advice is that. Did i not clearly say dollar to naira value is in uncertain levels and not to attemot buying it. Many of us kept shouting dont buy dollars anymore una no dey here.


Keep your money in your bank account and thats your best investment for now

I followed the thread to the last page aswell and I rem you comment was the reason I didn't invest on usdt

skultrick:


Stop listening to that guy he's one of the tinubu praise singers who talk without logic.

The first mistake was tinubu floating the naira for a country that's so dependent on importation.

The rebound you seeing right now is also fueled by fear, people are offloading their dollars only for one big man to mop it all up.

I have traded forex and individuals like you and me don't move the market even in our hundreds of thousands. One big man can mop it all up and determine the price.

So, unless you urgently need money now, sell. Otherwise wait, naira is no match for dollar.

No matter how big that big man is, he can't be bigger than the CBN if they clear their backlogs and then decide to control the market.

Wujio:
Smh. I recall stating clearly on the orevious threwd not to biy dollar at all at the current rate that it was too late. Do people ever listen at all?


What advice is that. Did i not clearly say dollar to naira value is in uncertain levels and not to attemot buying it. Many of us kept shouting dont buy dollars anymore una no dey here.


Keep your money in your bank account and thats your best investment for now

he was targeting 2,000 naira to a dollar.

Naira will gain some strength in December by God's grace.

Athena6:


You mean like "keke" because I don't have strength for that kind of business.

Right now I will just focus on my work and leave any business plan for next year, I have gotten too many heartbreak in just a few months

what do you about charcoal business.... presently people are leaving gas for charcoal and I feel it will make huge sales during Dec

1300 naira to a dollar exchange rate is not the true value of the naira.O should know the real value is at 800/850.If you want to speculate with the nigerian currency you should put your ears to CBN reforms.But I think it will still go up because all these cbn is doing now they haven't solved the main problem of the shortage of dollar.

IamAsiri:


Exactly! I was surprised that people advised her to invest in dollars at this point. It surely would have made more sense around that August that she was initially advised. Buying at that time and selling when it peaked would have gotten her huge profits. But that's crying over spilt milk. If OP get mind sha she fit invest like 500k into local rice as I can't see it crashing during festive season; maybe after though.

@OP
There are those who are cashing out when they get very good rice to sell. Don't just buy from anyone if you are interested. And don't buy because it is "cheap".
Wouldn't mention who you shouldn't buy from but I can recommend who you can buy from if you are interested. There are also a host of businesses to invest in that are not as volatile as this Forex market. You can contact @maryam1234 if you want to test it out (even with a very small amount).

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

[quote author=Athena6 post=126775273]
Thanks for the advice, I guess I will just cut my loses. It is very painful losing 400k in just a few days

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 😫

I don't mean to blame the victim, but I remember telling you to invest in a business, rather than the dollar. Dollar crashing was always certain, it was just a matter of when. And like someone replied, dollar is never getting there again or if it does, it will be temporal cos as soon as all the refinery (Dangote, Port-Harcourt, the many modular's ones) start working, Nigeria's FX need will dip, so will dollar.

I even gave you a business to invest in. You can't blame anyone for the choice you chose