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Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs - Business (3) - Nairaland

Nairaland Forum / Nairaland / General / Business / Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs (14242 Views)

CBN formalises dollar sales to BDCs as naira improves / Naira Falls After CBN Stops Forex Sales To BDCs / $46.7b Foreign Reserves Keep Naira Stable (2) (3) (4)

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Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by Tranquility2345: 10:17pm On Mar 01
post=128730721:
First To Comment

It Means, This Month Of March, will Favour me

Don't Forget, I'm Following The Dollar Thread.

Upon your first to comment na only 13 likes you come get. Na wa o undecided

1 Like

Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by Paramount01(m): 10:20pm On Mar 01
Elvictor:
Tinubu 'causing pains and agony to every Nigerian, yesterday two days ago 1450naira, today another price, prices of goods all over the country is going up without looking at the new price of dollar.

But I will still vote him in 2027


Anything that makes Obi contest again, I must vote for Tinubu otherwise is PDp
Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by J3susFr3ak: 10:25pm On Mar 01
Kukutenla:

In one breath you want a free market
In another breath you want a regulated market

Well...a Mixed Economy never really hurt anyone. Even the USA and the European Markets are not pure 100 percent free markets. If you follow the ideological differences between the American Democrats and Republicans there is always this tension with regards to if the free market can be trusted enough to efficiently control certain industries e,g. Sensitive utilities, certain types of public construction for instance.

The private markets could never have benevolently created your public roads, nuclear power plant or some mass public housing without being initially subsidized by tax dollars.

Canada and even the UK have a housing crisis because the pace of large subsidized housing construction has not kept pace with privately led housing construction (by the private markets which prefer more luxury type constructions) and thus the poor suffer the most.

My point is that a Mixed Economy allows for the utilization of both models to varying degrees in such a way both internal production and consumption are subsidized by accruing massive economies of scale that helps the poor in the long run.

2 Likes 1 Share

Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by Scientheosopher(m): 10:31pm On Mar 01
HayTerran:
Retailers and vendors who had the products before hike in dollar will automatically match price with the current dollar. But when naira gains weight, they still sell high, saying they bought high. However, you didn't sell low when you bought low and dollar hiked o. Nigerians are so wicked. God punish all of you doing that. Na salary earning and non-business individuals suffer pass.

But to be honest, it's hard to be a Cardoso right now. That guy is working crazily hard! Kudos to him. I hope everything turns out good eventually.
It's not a Nigerian thing, and it's not wickedness. It may be called intelligent/adaptive trading. Let me explain.

If they sell at the former price, they will not be able to restock at the increased current market price. If they sell at a lower price because the current market price has reduced, they would run at loss.

2 Likes

Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by mbaise1000: 10:32pm On Mar 01
Coolestguy2023:
The condemned children of hate will still wail for sure.
They were the children of hate when the one you support now promised you that it is supposed to be 1 dollar to one naira. Tell yourself the truth bros, how much was the exchange rate that tinubu said is not good enough, and you possibly agreed with him then and called those people who were okay with I dollar to 150 naira then children of hate, today those ones are saying that 1500 to 1 dollar is too much and they are still the children of hate?
So you want it to go higher or lower?
Who exactly is the child of hate here? I don't expect you to answer though

3 Likes 1 Share

Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by hopexter(m): 10:42pm On Mar 01
HeadNigga:
heis my president even though I didn't vote for him. I can criticize him constructively

I hear you, do your thing angry
Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by Mopolchi: 10:43pm On Mar 01
4getluv:

Obtain ur relevant degree first....u that the way forward
Write good English language or you should have replied in pidgin. I did not understand what you have just written. undecided
Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by webhostbiz: 10:43pm On Mar 01
After 2 weeks, we shall see the effect.
Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by Truthshotcrazy: 10:46pm On Mar 01
HeadNigga:
$1 to 216 naira is the benchmark. Achieve that and get my kudos.

Please don't quote me to say he doesn't need my kudos
$1 to 700/750 he met it less than 8months ago, is still better & more manageable than this 100% depreciation/devaluation in less than one year, to $1= N1550 .
Barely few days ago, it was almost $1/NGN 1900naira. shocked
At this Tinubulation rate , won't be surprised if it falls back to 2500 naira to one dollar or even 3000naira before his first 4years tenure is over.
Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by fabian063: 10:51pm On Mar 01
Is there anything to be happy about with the value of the naira?
Coolestguy2023:
The condemned children of hate will still wail for sure.

1 Like

Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by Gbogbowa: 10:55pm On Mar 01
Even if dollar should come to 1k things will still be difficult
Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by OALandAgents: 11:01pm On Mar 01
I am a fan of Buhari and think he tried his best and performed well. But I never thought a day would come when Nairalanders who usually abuse him, would reference economic conditions in his era as a goal to be attained.
iconicceo:
Can y’all stop these “stability” talk? You call 1,580 stability?

If this man can’t help us, he should at least take us back to how things are during Buhari era.

It’s better than these suffering and smiling we are currently experiencing
Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by Vision101(m): 11:03pm On Mar 01
Procashtips:
From ₦981 in November to ₦1580 and they are mentioning stability?

Stability?
Our naira was overvalued back then. Stability means that the rates are no longer volatile. When rates become stable planning and forecasting becomes easy. Whatever the rate is let it be stable over a range of time. Everything will then adjust.

1 Like

Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by Greenfaces: 11:27pm On Mar 01
These are non sustainable strategies.
Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by Nuzo1(m): 11:44pm On Mar 01
Kukutenla:

In one breath you want a free market
In another breath you want a regulated market

Please pay NO attention to those guys making noise about petty traders selling their indomie with gain.

You buy a product at N1,000 to sell at N1,200. Naira depreciates and the current cost price of the same product is N2,000.

And this emergency economic analysts would want the same trader to keep selling at N1,200. So when he exhausts his product, he can look for who will lend him N800 to start building up another capital of N2,000 for another product.

What kind of wicked economic system is that?

I hear a lot of naive Nigerians calling these petty traders wicked and I laugh so hard.

Once there’s no monopoly, many traders will be willing to sell their goods with just a little profit margin so far the cost price is steady and guaranteed.

How do you sell off at old price while the new cost price is double the price of your old price?

The other one even suggested they hand over to multiple nationals like Tesco or ShopRite for easy price regulation and thereby leaving millions of petty traders jobless. He doesn’t even know that the countries he mentioned are having issues with these monopolistic shopping centers.

There’s no magic or wickedness there; once the cost price is stable; any trader who sells with an indiscriminate price margin will automatically loose customers and be out of business in no time.

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Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by jaxxy(m): 12:09am On Mar 02
FG dictating the value of the Naira. grin

1 Like

Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by Naijanascam: 12:14am On Mar 02
It's like you don't know the meaning of the word Stable... Under 8 months from 750 to what you called stable now.... Hongkong is stable since the year 2000 @ 7Hkd per USD

1 Like

Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by Procashtips(m): 12:17am On Mar 02
Vision101:

Our naira was overvalued back then. Stability means that the rates are no longer volatile. When rates become stable planning and forecasting becomes easy. Whatever the rate is let it be stable over a range of time. Everything will then adjust.

Overvalued by who?

So now that they have returned back to "pegging" the naira like before but at a much higher rate, what has it changed except that it has brought more problems to the nation?

Before May last year, it was below ₦500, From May to November, went up to ₦981.

From November to now (4 months), went as high as ₦1900+, until the govt decided to cushion it again at ₦1580.

So how is this a good news?

3 Likes

Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by J3susFr3ak: 12:25am On Mar 02
Nuzo1:


Please pay NO attention to those guys making noise about petty traders selling their indomie with gain.

You buy a product at N1,000 to sell at N1,200. Naira depreciates and the current cost price of the same product is N2,000.

And this emergency economic analysts would want the same trader to keep selling at N1,200. So when he exhausts his product, he can look for who will lend him N800 to start building up another capital of N2,000 for another product.

What kind of wicked economic system is that?

I hear a lot of naive Nigerians calling these petty traders wicked and I laugh so hard.

Once there’s no monopoly, many traders will be willing to sell their goods with just a little profit margin so far the cost price is steady and guaranteed.

How do you sell off at old price while the new cost price is double the price of your old price?

The other one even suggested they hand over to multiple nationals like Tesco or ShopRite for easy price regulation and thereby leaving millions of petty traders jobless. He doesn’t even know that the countries he mentioned are having issues with these monopolistic shopping centers.

There’s no magic or wickedness there; once the cost price is stable; any trader who sells with an indiscriminate price margin will automatically loose customers and be out of business in no time.

Pardon me, I was only inferring that Nigeria could organically evolve its own Local Trading Center that resembles the type of market aggregators like a Tesco or Shoprite for the sole reason of increasing their bargaining power with regards to price when buying wholesale from food manufacturers and farmers. Russia is currently facing multiple sanctions/currency crisis and a war but they have so far maintained stable lower prices for their food products because of the same aggregations in their production chains and farms to retail chain.

Even a local cooperative pooling the capital of their members together can create a better edge in bargaining for better competitive wholesale prices that they can choose to retail at lower prices to their members.

I agree to the potential of creating job losses in certain sections of the retail sector if that route is taken. What they call Mom and Pops have become relics. Current day Bodegas in NY thrive in niche local markets. But compared to the larger stores, smaller shops hold expensive prices.

But there is a reason too why most local farmers in developed countries are rich and well off. It is because they know that even before they put a single seed in the ground, a lot of interested food manufacturers, large Department stores etc., will likely bid for their harvests and pay up a year or more ahead of time.

In the Middle and pre industrial ages (before oil and gas) large cities and towns around the world were built based on this model. If you had a farm a few miles away from a large city population center you were guaranteed to be rich because of a guaranteed market. Except a natural disaster comes along. But the total reverse is the case in Nigeria. Why?

What type of economy do you really want in the long run?

1 Like

Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by Father4all: 2:22am On Mar 02
So na Bilance dey do us since for Nigeria
Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by Kingrshd3: 2:43am On Mar 02
Mopolchi:
Cardoso dey confused! He no know wetin he dey do. He dey lie give us and dollars still dey grow.

When d dollar was 700 don't u know buhari is busy borrowing and borrowing
Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by Obinoscopy(m): 2:58am On Mar 02
What happens when that money that was borrowed is exhaused? Borrow more money? And then when that one is exhausted what happens? Back to square one?
Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by iLegendd(m): 3:19am On Mar 02
Hezzyluv:
Good...

But let the prices of goods sha come down. Ordinary futu #100 you can't see in my area again. A wrap of it is #200 and the weight gan... you go fear fear. undecided

Those ones are up forever. Remove body. cheesy
Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by Kayclite: 3:21am On Mar 02
...
Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by dikings(m): 4:51am On Mar 02
Naira will fall even more badly this time.. This are just trial and error regulations
Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by Riskymarvelous(m): 5:02am On Mar 02
Etinemideri:
Let dollar go back to 700 naira not this type of fake hope
which kind #700? Nah there they meet am when Apcshit took over from PDP in 2015 Or e be like say you still Dey heaven that time Dey never born you
Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by SpiritedCheer(f): 5:03am On Mar 02
How do these people not know that the strength of your currency depends on the range, diversity and quality of your export? Nigeria has one main product on the spot market.
Meanwhile, we are still practicing the same retrogressive economic system that was introduced in the 60s to benefit Northern Nigeria. Nigeria needs to diversify her economy. To do so, the economy has to be restructured. But they will not do the necessary restructuring. Instead, they will be chasing shadows with removal of subsidies and removal of citizen's flexibility with the dollar. Meanwhile, lack of economic opportunities will worsen insecurity, which will destroy Nigeria.
Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by Amount(m): 5:13am On Mar 02
HayTerran:
Retailers and vendors who had the products before hike in dollar will automatically match price with the current dollar. But when naira gains weight, they still sell high, saying they bought high. However, you didn't sell low when you bought low and dollar hiked o. Nigerians are so wicked. God punish all of you doing that. Na salary earning and non-business individuals suffer pass.

But to be honest, it's hard to be a Cardoso right now. That guy is working crazily hard! Kudos to him. I hope everything turns out good eventually.

When I see people like you, I wonder how the economics studies you learnt in secondary school was a wasted time and material.
Do you even understand inflation?
Did you even understand the effect of printing more money on the economy?

How dumb are you all having such low IQ?
Ignorance is prerequisite to Stupidity.

And you typed according to your knowledge, that I understand.

It's too bad

2 Likes

Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by NOwazobia: 5:21am On Mar 02
Stable?


That is a disaster waiting to happen, cause how long can it hold?


You guys should keep fooling undecided

1 Like

Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by Johnjustice: 5:29am On Mar 02
1500naira for dollar is way too high...the real value is within N500.
Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by Franking: 5:36am On Mar 02
Imagine if Jonathan was president. Those SW and Northern hypocrites would have occupied Ojota and almost every other space by now. But look where they have led the country to and not a sound from any where. If you talk they will say it's because your candidate lost.

Well, we will all bear the consequences together.
Re: Naira Stable At ₦1550 - ₦1580 In Parallel Market After CBN’s $7.85M Sale To BDCs by Konquest: 6:49am On Mar 02
nlfpmod:


https://businessday.ng/business-economy/article/naira-stable-in-parallel-market-after-cbns-7-85m-sale-to-bdcs/

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