LordAdam16:


No one will fight the CBN during the intervention.
In financial markets, this phenomenon is called "Don't fight the tape" or "Don't catch a falling knife" or "The market can remain illogical longer than you can remain solvent."
The prevailing trend right now is downward and this is not a free market.
The duel will commence when the CBN does the victory dance after hitting its rate target.

As you'd notice, buyers and sellers in all FX windows rapidly change their prices immediately after every CBN peg.
No one will waste their resources when they know they'd be able to get the $ cheaper by waiting and make bigger profit afterwards.
The US Dollar is backed by $3 TRILLION worth of exports. And Nigeria is an economic basket case.
In the medium term, everyone on this thread will buy $ at above 2500.
Water seeks its own level.

-Lord

Nigerians will probably be privately
importing scud missiles and WMD, to be needing so much dollars.
Dollar failed to go above 1500, no demand or sabotage will stop dollar from going below that 1000 mark.
Check my posts on this issue on nairaland, if not corruption and sabotage, is naira supposed to be more than #250, to a dollar?.

karkinase:

You are correct .. the next direction depends on the economic policy of the government

Already a home run for Cardoso.

DeNovo:
How is it a blow to people who bought dollars at 360?

Look a vast majority of people change their Naira to Dollars TO PRESERVE THE VALUE and not necessarily to make pprofit.

On that count they succeeded and are still succeeding.

Lies.
America saves dollar in gold, gold is the surebet, this is the reason behind Fort Knox.
Those who saved in dollars do so to exploit the weak naira.
Now that dollar is crashing in Nigeria, is gold also crashing in Nigerian market?.
Speculators will learn a hard lesson from Cardoso.
They don't mind killing the naira, let them also prepare 'cause the hangman is here.

Mynd44:

Refined petroleum is our major import taking most than 65% of our FOREX.

see attached picture

Na people like you still makes me visit nairaland.
The quality of discussions here shows the qualities of brains on parade.

karkinase:
#1000 is the last support .. @ this point CBN and speculators will have a huge battle for price next direction.. anyone who wins we will follow

Thank you for this chart.
But which demand will speculators use to push the dollar?.
Haj or Jerusalem?, because apart from petroleum products, the only available option is WMD.
Omo the crash go mad gan o.

advanceDNA:


It will not be hugely significant....that's what I said earlier.....crude oil products is not our only imports.....we are still heavily importing every other thing even toothpick, used clothes, food, ..... and not exporting anything to drive the demand of naira

In that case tell me the volume of these imports compare to petroleum products.
Let me be honest with you, it's game over for Dollar in Nigeria economy.
Dangote and PH refineries are the game changers.

taiwotimitt:
Mr. President is working but if dollar is more than where he met it.....no no

You still don't get it do you?.
People managing CBN are ruthless economists.
Naira is returning to below 200, watch the event unfold.
Speculators o ni ro aso buruku se Oro mo.

tuoyoojo:
It is all cheering news

But how long are we going to defend the dollars using our foreign reserves

The only way to truly improve the value of the Naira is to increase exportation....what are we exporting and what industries are we encouraging

Factor demand and supply into consideration, who and who needs dollars again?.
What was Nigeria producing and exporting when naira was 85k to a dollar?.
Fuel importion is no longer gulping Nigerian dollars, anyone having issues with the current exchange rate should keep their dollars, and sell it when Dangote and PH refinery stops selling petroleum products.

ppogba:
I am yet to see the comment of the clown whose sister works at DANGOTE refinery and has confirmed that year 2026 is the take off date.

If you are the one, please reply and quote me.

She's with Rufai Werey Oseni, they are discussing the next line of action.
Their mind no go ever touch ground.

Biodun556:



It will crash because oil marketers and dangote himself don't need to buy dollars from CBN again for importation, dollars will now be in excess.

As simple as abc.

Yourprick:
Ph refinery this month and some people thinks dollar won't crash lol

Don't blame them, most of them don't know jack.

Biodun556:
Good News

Hopefully, the price will come down as more forex enter the economy

And Nigeria's external reserve grows.
I'm looking for the day Nigeria forex reserve will cross the $100 billion Mark.
If this happens, $$ will go below #200.

SoNature:
This is mind-blowing! Sanwo-Olu is doing an excellent job! 👌👌👌

What are the governors of Akwa Ibom and Rivers States doing?

They shouldn't take those states backwards. Their predecessors did awesome infrastructural jobs!

Some never do wells will soon come and call this a propaganda.
If only their eraser is big enough to clean the beautiful achievements in Lagos.
No peace for the wicked, their mind no go ever touch ground.

OfoIgbo:


We already know Tinubu can never get the naira to the 500 mark. That is something people like Peter Obi can achieve,

We are only praying for Tinubu to get the naira down to Buhari's worst. Let him bring it down to 800. We will be happy with that.

Propaganda no longer works at this level. Propaganda cannot mask the hunger in the land. Propaganda cannot mask the complete incompetence of this Tinubu government.

If only you understand the meaning of propaganda and incompetence, there's a big difference between facts and fiction.
People like us understands how things work, naira will go below #500 before the end of this year.
Check nairaland for my posts on this issue, I said speculators will be played by BAT, are they not gnashing their teeth now?.
Those who are smart among speculators are already selling off to cut their losses while numbskulls are hoping dollar will rise again.
The more they hold, the more they lose, there's a big difference between those who sabi, and those wey dey make noise

Nice.
The era of idle capacity relatives breeding like rats, is over.
Breed quality not quantity.

OfoIgbo:


Obidients are praying that Tinubu's best will match Buhari's worst.

Buhari brought down the naira to 800 - 1 dollar, and this is one of Buhari's worst records in the economic sphere.

Tinubu has further destroyed the naira as it is now more than 1000 - 1 dollar.

Obidients are now praying that Tinubu should do his very best, to match Buhari's worst. Let Tinubu get the naira back to the 800 - 1 dollar that Buhari left it at.

Dollar should be going below #500 before the end of this year.
Macro economic indicators, technical and fundamental analysis indicators shows that naira is on a bull run.
Naira bears are in for a very loooonnng yawa.

psucc:
I don't understand the kind of people we are in Nigeria. So OP, is prasing Cardoso for the crash in FX even at N1300/$1?

In the first place, who was responsible for its fall? Buhari/Emefiele? No. They handed the Naira at N700/$1 to Tinubu/Cardoso. So what have they done to deserve any accolades?

another Reno Omokri!

Are you still in this country?
Aboki is now selling below official rate.
$$ is now 900.
By the end of this week, it should be below 800.
The mayhem that's about to be unleashed on speculators no be here o.

Johnjustice:
Are you angry that you unpatriotic hoarders and speculators will soon be out of business?

Will soon or are already out of business.
The speculators needs to cut their losses now.
I know most of them will be waiting for price to go up, it's just a pity.
The macro indicators favours naira at the moment.
I wrote about this in February,

Engrbee:
Dollar go still rise, no be naija we dey so

Macro economic factors says otherwise.

orikoku:
This thing will hit a lot of people. How on earth will you be buying dollars as an asset. People will cry, I swear.

But they were warned na, gold is their best bet, but they just don't get it.

NOwazobia:
Nothing can develop Nigeria until we reduce corruption to the very minimum.


I mean Nothing on earth, not even your science.


You guys tend to put the horse before the cart, largely due to your fantasy, and less rationalization of reality... 😂

We are talking thick skulls not understanding mathematics, you're talking corruption.
If this country is full of inventors, who will have time for nonsense?.
You better go and understand the relationship between the first class and the remaining classes.
The first class are the inventors, financed and bankrolled by the remaining classes.
It's a win win for all of them as everyone gets paid.

@ Gerrard 59, you've said it all.
Thanks God bless you.

OneCandleAway:
The black man excels mostly in the arts.

Singing, dancing, then athletics.

When it comes to critical thinking, he is behind (few exceptions are obviously available but majority are guilty and overwhelm the few )

Black man loves too much enjoyment and also have excuse in religion.
The Bible said a thousand years is like a day before God, and black man still believes that God created the world in seven days.
Black man can't think this really makes me sad.
The reason why other races of human are doing well is due to their level of intelligence.
This continent needs thinkers, especially mathematicians and engineers, where are they?.
Okay black man is dumb, is this why we don't know how to produce foods that we eat again?.
Africa was never hungry before the coming of white man, so what exactly happened?.
Half of West Africa is hungry as am typing this, Nigerians blame Tinubu who are we going to blame for the hunger in the remaining west African countries?.
Black man wants easy life and easy ways out of every challenges.
Unfortunately, there are no easy ways.
There have never been and there will never be.

Iseoluwani:
i have a question

does trading affects forex?

if it does, does that mean that trading market can crash?

for a trader, which one is good


dollar should rise
or

dollar should fall

You will profit up or down, if you understand how the market works.

Tareq1105:


Your wish would never come to pass. Unfortunately for you, you don't even have the money to buy in June July. Enemy of good news.

No vex for am, he's a speculator in pains at the moment.

Nickelodeon93:
the dollar is just not in demand now, I hope by June/July when Naira is 2000/$ you will still say kudos to CBN

Relax and watch the events unfold, hope you've also heard that Nigeria's foreign reserve has risen to above 31 billions.

Birniwa:
In the past, every time Naira appreciates, the Dollar fights back even harder. But this time I tell you, we won't see anything like that. Thanks to Cardoso and his efforts of decimating the Binance's dollar speculators who have always been the driving force of out currency woes.

It's called trend, read about Dow theory of trend.
The highest dollar can go now against naira is 1600.
If there's a spike, it may go as far as 1680, and it will immediately drop below 1600 before the end of that day.
USD/ NGX is on a downward trend and it's a long journey.
Those who have dollars should seize the opportunity of dollars rally to sell off and not buy.
Whoever buy waiting for price to hit the previous high, will loose heavily.

DrAkpamudehe:

I can't be deceived. Until it goes below 800$ then I will give tunubu a pass mark. Until then, Apc and agbadorians should furck off

The moment the PH refinery begins to sell products, $$$ will go below 500.

tefishy:
wonderment. Naira no wan gree again.

Make it 1 naira to $500

Nigeria no gree for anybody, naira is 9ja currency.

santaclaws:


I just debunked this on my previous post where I copied you, though the response wasn't meant for you originally.

You cannot dredge the Atlantic ocean across the length of 2 states, it has a vast ecological and fiscal implication, especially since Akwa Ibom, Rivers already have ports close to the SE. The reason most of you are bent on this is because of secession... You believe that's the only thing you need to be self-sufficient, whereas, nobody made the SE geography but God himself.

While it's an impossible mission to dredge the ocean into the SE, if such did happen, when ocean levels rise, your region may be entirely submerged. You may think lightly of this, but it's not a joke... Also, the amount of financial resources it would take is something that would never be worth such an investment even in the long run.

The wise thing for your region to demand is a good rail network and working dry ports in each state... But I know this argument won't end.

I hoped you get paid for this consultancy services, 'cause they don't deserve it.
Let them end up landless, let the ocean finish the work started by erosion, let them dredge their land.
People that don't appreciate what God has given them will eventually end up with nothing.
Leave them jor.

santaclaws:
The fact that some people actually believed that a seaport could be built in Abia state baffles me... Is there any state in Nigeria that has a seaport without a sea? Some people think they can dredge the ocean from Niger Delta into the SE, it's all just comical...

Anyways, I think Otti is an honest man. He debunks all lies told on his behalf by overzealous party fanatics. The Geometric power plant issue comes to mind...

I support them, let them have their own port, even if na raft or canoe make dem dey paddle am enter their port.
Anything that will gradually take them away from SW is okay with me.

Ola9ja23:


Has God not disgrace you people enough 😁🤣🤣

What type of humiliation remain that God has not put evil energy people of dot in a circle republic?

God is not human being

They are liars, now I understand why things are stacked against them.