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Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market - Business (4) - Nairaland

Nairaland Forum / Nairaland / General / Business / Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market (27243 Views)

Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window / Dollar Sells For N445 As Forex Scarcity Persists / Dollar Sells For N420, Naira Crashes In Value (2) (3) (4)

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Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by TheOgaBoss: 4:54pm On Mar 20
seborrhic:
It wans pure speculation that was driving that alarming slide and because of it,people were withholding their dollars,even Nigerians abroad and those they sent dollars down here,believing it was heading to 2k and even beyond when they would then release it.
Many even did it at the risk of not getting the essentials it was sent for.
Also some bought to hoard for same reasons.
Seeing now that it's been falling and fearing their dollars is relatively losing value and may continue doing so,they are gradually releasing it,while still watching.
If it falls to say 1400 or even 1300,I foresee a panic dump of dollars into the market
yes any free market product is always driven by speculative demand and supply, the fact that apc policy makers do not understand this basic law of economics is worrisome, when you allow a product to frrely float, it is the forces of demand and supply that determines prices, wheck the price of any commodity in the international market.,
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by Vind4favor(m): 4:59pm On Mar 20
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Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by vRendoh(m): 5:02pm On Mar 20
[quote author=seborrhic post=129022833]It was pure speculation that was driving that alarming slide and because of it,people were withholding their dollars,even Nigerians abroad and those they sent dollars down here,believing it was heading to 2k and even beyond when they would then release it.
Many even did it at the risk of not getting the essentials it was sent for.
Also some bought to hoard for same reasons.
Seeing now that it's been falling and fearing their dollars is relatively losing value and may continue doing so,they are gradually releasing it,while still watching.
If it falls to say 1400 or even 1300,I foresee a panic dump of dollars into the market[/qu


Dem don start o...Mallam no gree buy again
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by drimzsmoke(m): 5:03pm On Mar 20
Paraman:
don't be depress, It's a 50/50 thing. You haven't lose much like this, you can sell a little out of it while you keep on following the news. I know someone who bought a dollar for more than #1800 thinking it will get to #3000.

Lolz, don't mind me. I'm just kidding
I bought at 1,520 naira. Moreover, I invested the money in a 6 months investment plan, so I can't just go to the app and withdraw my money now. Ko possible!!!
But thanks for the help sha!!!😁😁😁😁😁😁
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by fortune1968: 5:03pm On Mar 20
papiwyte:
Enemies of Nigeria won't like this news
I swear .
We know them . Nigeria can go into blazes since their candidate in the last election didn't win .

4 Likes

Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by TheOgaBoss: 5:04pm On Mar 20
Winning123:


They will sell that dollar for N500 very soon. God go deal with them and their collaborators.
nobody is collaborating anything, it is simply demand and supply, when there is more supply of a product, the price goes down, same when demand is more than supply. should there be a sudden dip in Nigeria's dollar earnings, the supply will reduce and prices may go up. f.y.
I . crude oil is currently at a ten month high of about $86. overall the value of a countries currency is determined by the overall economy of the country not some imaginary speculators created by the ruling politicians to conveniently put the blame on.
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by Treadway: 5:05pm On Mar 20
Angelfrost:


Just celebrate small wins...!

Buhari was merely buffering the currency with lots of loans, same as his predecessors.

For Naira to have been floated yet is managing to gain against the Dollar... That's good.

If we improve other parameters that will increase demand for the Naira and less need for Dollars, it will gain further.


Whether you like or hate Tinubu, once you see good things, celebrate them...!

Nigeria needs to be overhauled all over.

Buhari plundered 8 good years doing absolutely fvck all.

Tinubu has to clean up his monumental mess, and still find a way to keep the nation surging forward economically.


Y'all should understand... If Tinubu succeeds, Nigeria succeeds!

If he fails or performs as abysmally as his predecessor, the nation is doomed! Not Tinubu or his family... Nigeria is doomed!

Whoever takes over after that will never be able to salvage the nation, not even Peter Obi or Atiku.
brozay I get you ooo, and you are largely right per usual, but if I dump my dollar stash make I bend😁.

Like Gerrard59's much publicised axiom, which I now 💯 agree, you largely can't lose betting against Naija. Until that/those refineries come on stream at least, all this one na window dressing.


One thing that is slowing this down thankfully (that most havent paid attention to) is japa wave that is kinda really at low ebb right now, if not ehn.....

But I ain't selling that stash at least until we have ceased importation of refined petroleum product. I can't work this hard for my money and watch it burn unto optimism or patriotism lai lai ka mari ni Paul wi.

I bought at 735 by the way, right before balablu enter

1 Like

Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by morgstreme: 5:11pm On Mar 20
Kaycee9242:
Wake me when it gets to 700 that Buhari left it, then we will rejoice when it gets to 260 that Apc met it

Anything bad with it getting to 28naira where PDP met it?

3 Likes 1 Share

Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by cornelman: 5:13pm On Mar 20
Angelfrost:


Just celebrate small wins...!

Buhari was merely buffering the currency with lots of loans, same as his predecessors.

For Naira to have been floated yet is managing to gain against the Dollar... That's good.

If we improve other parameters that will increase demand for the Naira and less need for Dollars, it will gain further.


Whether you like or hate Tinubu, once you see good things, celebrate them...!

Nigeria needs to be overhauled all over.

Buhari plundered 8 good years doing absolutely fvck all.

Tinubu has to clean up his monumental mess, and still find a way to keep the nation surging forward economically.


Y'all should understand... If Tinubu succeeds, Nigeria succeeds!

If he fails or performs as abysmally as his predecessor, the nation is doomed! Not Tinubu or his family... Nigeria is doomed!

Whoever takes over after that will never be able to salvage the nation, not even Peter Obi or Atiku.

Tinubu and his family, APC and all those politicians are no saints. Stop talking as if they are fighting for the common man. Jonathan spoiled Nigeria but Buhari and Tinubu spoiled it more.

Do not paint Tinubu as a saint to us.

As Buhari failed in economic policies and used Jonathan's government as excuse for 8 years which you applauded, so also is Tinubu failing and you have started to blame Buhari for the next 8 years.

It baffles me why a lot of Nigerians don't think deeply when it comes to national matters. Instead of holding the government by the jugular to be accountable, you're here defending failing policies. This is not democracy we have in Nigeria, it is foolocracy.

Many Nigerians don't know that rulers are not to be pampered or worshipped but be scrutinized and supported when the are walking in the right path for the common good. A leader is a citizen just like everyone. Anyone who applies to lead is like applying for paid employment. You don't become stronger than your employer. The maximum a leader should get is respect, which is even reciprocal.

In short, stop taking sides with Tinubu. He has not even performed to Buharis level yet. Purchasing power has dwindled, banditry increased, naira to dollar high, no infrastructure yet, no effect of savings of subsidy removal on the economy and so on.

Rest...

2 Likes 1 Share

Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by Ebubu2: 5:17pm On Mar 20
omoadeleye:
This isn't supposed to be right
government may have started defending the Naira again with dollars.
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by Omoapena(m): 5:18pm On Mar 20
It's going to 1600 back in 2days time

1 Like

Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by Astra101: 5:19pm On Mar 20
Raylight2:


Something CBN pegged at 1300

How did they pegged something that is being floated? Do you understand what you are saying

5 Likes

Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by drimzsmoke(m): 5:19pm On Mar 20
Paraman:
don't be depress, It's a 50/50 thing. You haven't lose much like this, you can sell a little out of it while you keep on following the news. I know someone who bought a dollar for more than #1800 thinking it will get to #3000.

But the money don spoil true true, I don dey lose money!!!!😡😡😡😡😡😡😡😡

1 Like

Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by Omoapena(m): 5:19pm On Mar 20
papiwyte:
Enemies of Nigeria won't like this news


It will pass, but let's hope it doesn't blow everyone away before it passes...
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by MrNipplesLover(m): 5:20pm On Mar 20
In 2015, GEJ left it below N300...

These stupid APChit bastards should return it to its original form that they met it...

Stupid people...

2 Likes

Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by omoadeleye(m): 5:20pm On Mar 20
Ebubu2:
government may have started defending the Naira again with dollars.


I just checked the chart now and i saw that the dollar to naira deep to 1400

2 Likes

Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by Chicagograduate(m): 5:21pm On Mar 20
chaddy16:
We will all witness a better Nigeria together in our live lifetime. Insha Allah
E go better na poor man prayer.
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by holluwizzy: 5:21pm On Mar 20
Starve the people then give them crumbs, dollar that was released was not for govt but for looting purpose.

Know this and know peace.

1 Like

Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by Chicagograduate(m): 5:22pm On Mar 20
papiwyte:
Enemies of Nigeria won't like this news
Politicians are the enemies of Nigeria
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by themanderon: 5:23pm On Mar 20
Let us know when it returns to 216 where Apc met it before it began it's free fall.
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by GeneralDae: 5:25pm On Mar 20
Hollyharjii:
Please, someone should inform me when it becomes #300 to $1
It can never go back to 300 even if Nigeria becomes like China today in production . 500? maybe.
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by Putindbutt: 5:27pm On Mar 20
Ebubu2:
government may have started defending the Naira again with dollars.
You have problems, you guys have big problems, i swear. What's the difference between the official and blackmarket rate that govt would be spending billions to defend?, abi una no understand the meaning of floating.

1 Like

Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by Calitoscassius(m): 5:27pm On Mar 20
Yankee101:
It’s 1550 not 1400
1400 is what aboki is negotiating for you to sell your own
Stop confusing and deceiving nigerians. Can you buy it for 1400 if you want to travel abroad? No. The price is what you will pay to get it, not what an aboki is trying to get it from you. Infact if you sell to him for 1000 he’ll buy happily and resell at almost 1600
Abeg, tell dem! %98 of all the people on here have never done any transactions in dollars, so they not understand any of it. All they know is naira is appreciating or dollar is falling
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by Believeintruth: 5:28pm On Mar 20
seborrhic:
It was pure speculation that was driving that alarming slide and because of it,people were withholding their dollars,even Nigerians abroad and those they sent dollars down here,believing it was heading to 2k and even beyond when they would then release it.
Many even did it at the risk of not getting the essentials it was sent for.
Also some bought to hoard for same reasons.
Seeing now that it's been falling and fearing their dollars is relatively losing value and may continue doing so,they are gradually releasing it,while still watching.
If it falls to say 1400 or even 1300,I foresee a panic dump of dollars into the market

There was a retail bid by the CBN to settle outstanding FX issues. that was the reason for the slide in FX rates, this has made a lot of USD in circulation which has pumped down the dollar value. This is still a short term measure.
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by Thislifee: 5:31pm On Mar 20
Yankee101:
It’s 1550 not 1400
1400 is what aboki is negotiating for you to sell your own
Stop confusing and deceiving nigerians. Can you buy it for 1400 if you want to travel abroad? No. The price is what you will pay to get it, not what an aboki is trying to get it from you. Infact if you sell to him for 1000 he’ll buy happily and resell at almost 1600
it's #1481 naira to a dollar.
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by Astra101: 5:32pm On Mar 20
iLegendd:
It was stronger than that before.

Your response isn't bright enough, the strength of a currency is a zone, not the height.
If it moves from 12400 to 12800 and retrace to 12755, would you call that weak? Absolutely not. 12400 to 12500 is now it base zone. Going by this analysis dollar is strong against most currencies right now.
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by Treadway: 5:35pm On Mar 20
Believeintruth:


There was a retail bid by the CBN to settle outstanding FX issues. that was the reason for the slide in FX rates, this has made a lot of USD in circulation which has pumped down the dollar value. This is still a short term measure.
I don't even need to have any insider info, all I need to know is the refineries are still not functioning and nothing fundamentally has changed. That is how I know this is just window dressing, not to mention we have been here many many times before, even in the last 6months. Nothing new.😎

3 Likes

Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by VanuatuWycombe: 5:36pm On Mar 20
Is it possible and legal to be paying states’ monthly allocation in USD?

I just wan check something.
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by drimzsmoke(m): 5:39pm On Mar 20
Yankee101:
It’s 1550 not 1400
1400 is what aboki is negotiating for you to sell your own
Stop confusing and deceiving nigerians. Can you buy it for 1400 if you want to travel abroad? No. The price is what you will pay to get it, not what an aboki is trying to get it from you. Infact if you sell to him for 1000 he’ll buy happily and resell at almost 1600

Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by RealEzee(m): 5:39pm On Mar 20
Angelfrost:


Just celebrate small wins...!

Buhari was merely buffering the currency with lots of loans, same as his predecessors.

For Naira to have been floated yet is managing to gain against the Dollar... That's good.

If we improve other parameters that will increase demand for the Naira and less need for Dollars, it will gain further.


Whether you like or hate Tinubu, once you see good things, celebrate them...!

Nigeria needs to be overhauled all over.

Buhari plundered 8 good years doing absolutely fvck all.

Tinubu has to clean up his monumental mess, and still find a way to keep the nation surging forward economically.


Y'all should understand... If Tinubu succeeds, Nigeria succeeds!

If he fails or performs as abysmally as his predecessor, the nation is doomed! Not Tinubu or his family... Nigeria is doomed!

Whoever takes over after that will never be able to salvage the nation, not even Peter Obi or Atiku.
so now buhari is to blamed and apc did not prepare well since dey took over from pdp ok na

But calling out atiku n obi is lame cos no b dem dey dia now
Lets face d pple way dey dia
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by VeeVeeMyLuv(m): 5:40pm On Mar 20
omoadeleye:



That's why currency is being floated, it can dump to ₦1/$1
shocked grin grin grin
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by BigBashiru: 5:43pm On Mar 20
Verbtips:
Nigeria money wey no stable moving zig-zag
like trading chart
no shock when you hear say
naira to dollar
na
10k/$1
wetin una dey produce,invent,export wey una want strong naira.
sha na over ambition make lizard talk say one day em go be like crocodie

Well said. Naira can't strength against other currencies unless Nigeria starts production and export drive and reduce love for foreign products.

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