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Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market - Business (7) - Nairaland

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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 368aderiyike: 8:48pm On Mar 20
OkOk...
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by udomonday: 8:51pm On Mar 20
predictor1:
#700 yes, but #260? Maybe you should go back to earning the same amount you earned before buhari came 9 years ago.
some people are still earning the same amount they earned then.

1 Like

Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by galadima77(m): 8:57pm On Mar 20
chaddy16:
We will all witness a better Nigeria together in our live lifetime. Insha Allah

A better Nigeria for those who wish her well.

Whatever anyone wishes our dear country shall befall the person, amin.

1 Like

Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by Paramount01(m): 8:57pm 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


Very easy to do, FG will just be defending dollar with naira, which is not the best, that was how they have been doing it before, but TINUBU promise to do what is Bea for the country

1 Like

Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by Paramount01(m): 9:00pm On Mar 20
SYSTEM222:
I was surprised when I found out it was sold for 1400 against 1580 as of yesterday. The dip is too sporadic and it's not normal.


Why the dip of 180naira in 24hrs?

If something can push it down so quick. Something can also push it up quickly as well.

We need a stabilized system here


How did you check it
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by omoadeleye(m): 9:06pm On Mar 20
hansomb:

It can be a bad thing and it can be a good thing. Depending on which scale u are. Imagine someone that has a million in his account, he will become a trillion naira overnight. Imagine how many people will become trillion naira. We will get to a point where no one will want to work for anyone. Imagine if your Mai guard is a millionaire, he won't work again



Everything will balance bro.

Everything will surely balance

3 Likes

Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by Oshin56(m): 9:13pm On Mar 20
Please, Is this the best time to buy dollar keep if not now please when?
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by Blitzking: 9:15pm 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
Ur sleep go long gann

1 Like

Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by Blitzking: 9:17pm On Mar 20
papiwyte:
Enemies of Nigeria won't like this news
u av no storm..enjoy ya snow in peace
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by Paraman: 9:26pm On Mar 20
Omoapena:
It's going to 1600 back in 2days time
i will quote you again in 2 days time

1 Like

Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by Manager001: 9:57pm On Mar 20
Inform me when it is N1/$
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by GeneralDae: 10:39pm 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.
What do you mean by retail bid?
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by GeneralDae: 10:43pm On Mar 20
BigBashiru:


Well said. Naira can't strength against other currencies unless Nigeria starts production and export drive and reduce love for foreign products.
So what was Nigeria producing in 2021 when dollar was 500? Did Nigeria suddenly stop producing 3 times over?

1 Like

Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by Vision101(m): 11:14pm On Mar 20
SYSTEM222:
I was surprised when I found out it was sold for 1400 against 1580 as of yesterday. The dip is too sporadic and it's not normal.


Why the dip of 180naira in 24hrs?

If something can push it down so quick. Something can also push it up quickly as well.

We need a stabilized system here
Speculators are dumping their dollar. The informed ones have grapevine information about policy direction. The American outfit that predicted #1200 in the first half might be right.

I have never doubted the economic brains in this regime. From the president to the vice president, finance minister and CBN leadership.

Things went haywire because of the realignment of the economy that happened suddenly.

The lazy state governors will earn more without their efforts - increased crude sale, removal of subsidy on PMS and fx and demand for TCC for fx transactions.

Without sentiments, we are on track.

3 Likes

Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by porthouse7(f): 11:27pm On Mar 20
SYSTEM222:
I was surprised when I found out it was sold for 1400 against 1580 as of yesterday. The dip is too sporadic and it's not normal.


Why the dip of 180naira in 24hrs?

If something can push it down so quick. Something can also push it up quickly as well.

We need a stabilized system here
naira is undervalued, by 600, expect more deep

1 Like

Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by porthouse7(f): 11:28pm On Mar 20
reiddecuti:
The agbadorians will romance their d*ck now.

The truth is APC is a failure as a party.
time for us to make noise, ur time to wail don past

3 Likes

Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by porthouse7(f): 11:31pm 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.
they want Tinubu to fail so people can have reason to vote for obi next election, is that not wickedness

4 Likes

Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by micxwell(m): 2:04am On Mar 21
hansomb:

It can be a bad thing and it can be a good thing. Depending on which scale u are. Imagine someone that has a million in his account, he will become a trillion naira overnight. Imagine how many people will become trillion naira. We will get to a point where no one will want to work for anyone. Imagine if your Mai guard is a millionaire, he won't work again
And with your knowledge of economics, you actually think that's a good thing right?
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by micxwell(m): 2:16am On Mar 21
Paramount01:



Very easy to do, FG will just be defending dollar with naira, which is not the best, that was how they have been doing it before, but TINUBU promise to do what is Bea for the country
This will be bad in the long run. The 'Dollar Supply' method is not sustainable. I just hope that it won't deplete our foreign reserves further. The 'Naira Demand' tactic is best. We need to make moves that will make foreigners demand the Naira, where they'll have to pay more to get our currency. This is far better than what the CBN is doing now.
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by Konquest: 3:21am On Mar 21
EcoBrick:


https://nairametrics.com/2024/03/20/naira-strengthens-to-n1400-on-the-parallel-market-as-speculators-sell/?amp=1
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by predictor1: 5:54am On Mar 21
GeneralDae:

So what was Nigeria producing in 2021 when dollar was 500? Did Nigeria suddenly stop producing 3 times over?
The nairA then was being supported by foreign currency reserve. That 500 wasn't the true value of the naira

1 Like

Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by GeneralDae: 6:25am On Mar 21
predictor1:
The nairA then was being supported by foreign currency reserve. That 500 wasn't the true value of the naira
Aren’t all currencies in the world supported by their foreign currency reserves? Where did the reserves come from in the first place?
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by predictor1: 6:28am On Mar 21
GeneralDae:

Aren’t all currencies in the world supported by their foreign currency reserves? Where did the reserves come from in the first place?
Or foreign loans.
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by maasoap(m): 7:44am On Mar 21
SYSTEM222:
I was surprised when I found out it was sold for 1400 against 1580 as of yesterday. The dip is too sporadic and it's not normal.


Why the dip of 180naira in 24hrs?

If something can push it down so quick.

Panic selling by hoarders. Simple as ABC

Something can also push it up quickly as well.

We need a stabilized system here
Only if the CBN and FG relax

1 Like

Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by Believeintruth: 9:33am On Mar 21
GeneralDae:

What do you mean by retail bid?

CBN put in a bid with Banks that have customers with FX claims so the banks bid for the USD to use. with CBN giving the banks the dollars after the successful bid. This dollars now is pumped into the market to use. so that is what is causing the slide down in dollars, but can CBN sustain it? they are still importing fuel, and Dangote refinery is fast becoming a mirage, so my thought, this is just a temporary fix, if the dollar supply is exhausted, we are back again.
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by Believeintruth: 9:35am On Mar 21
lionshare:


Please can you explain what you mean by retail bid? when & where? any links?

You will not find any links on this, it was done by the banks and the CBN. There is a bid for USD so that the banks can use it to settle FX claims. now these funds are given for valid FX claims which now leads to the market having more USD than demand, which pushes down the USD value. The real issue here is this is actually not sustainable in the long run. i am very sure the funds used for this are actually borrowed funds.
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by GeneralDae: 10:57am On Mar 21
Believeintruth:


CBN put in a bid with Banks that have customers with FX claims so the banks bid for the USD to use. with CBN giving the banks the dollars after the successful bid. This dollars now is pumped into the market to use. so that is what is causing the slide down in dollars, but can CBN sustain it? they are still importing fuel, and Dangote refinery is fast becoming a mirage, so my thought, this is just a temporary fix, if the dollar supply is exhausted, we are back again.
Hmm CBN would raise interest rate again next week and FPI’s would again start buying naira bonds the following week. That would bring in inflow. CBN has allowed IMTO’s quote competitive rates by making the official rate competitive, this means more inflows from remittances into official channels.

CBN has struck a deal with IOC’s to at least leave 50% of their remits from sales of crude in Nigerian Banks for 3 months before remitting it back (in a bid to ensure stability and liquidity in Banks). Remember NNPC only makes 30% of our oil exports and IOC’s make the rest. CBN also strategically told Banks not to have long positions on the naira which means this liquidity should always be available in the market.
So we wait and see but these are other things the CBN has done as well.

1 Like

Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by Believeintruth: 1:38pm On Mar 21
GeneralDae:

Hmm CBN would raise interest rate again next week and FPI’s would again start buying naira bonds the following week. That would bring in inflow. CBN has allowed IMTO’s quote competitive rates by making the official rate competitive, this means more inflows from remittances into official channels.

CBN has struck a deal with IOC’s to at least leave 50% of their remits from sales of crude in Nigerian Banks for 3 months before remitting it back (in a bid to ensure stability and liquidity in Banks). Remember NNPC only makes 30% of our oil exports and IOC’s make the rest. CBN also strategically told Banks not to have long positions on the naira which means this liquidity should always be available in the market.
So we wait and see but these are other things the CBN has done as well.

well they have done well in terms of fiscal management, but make no mistake these are short term measures. Raising interest rates will have a negative effect on the real sector who need loans to grow their business, that is another flip side. Concerning the IOCs, with the low crude oil production and they difficulty in clearing our previous cargo due to competitive pricing in the oil futures market, are they making more revenues in sales like before?
to me it is still short term, but CBN has done well on the Fiscal side.
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by GeneralDae: 3:37pm On Mar 21
Believeintruth:


well they have done well in terms of fiscal management, but make no mistake these are short term measures. Raising interest rates will have a negative effect on the real sector who need loans to grow their business, that is another flip side. Concerning the IOCs, with the low crude oil production and they difficulty in clearing our previous cargo due to competitive pricing in the oil futures market, are they making more revenues in sales like before?
to me it is still short term, but CBN has done well on the Fiscal side.
Well no matter what the IOC’s are making, having them retain 50% in our Banks every 3 months before repatriating would still provide some liquidity in the market or wouldn’t it?
Raising interest rates has its pros and cons like in everything about economics but how many Nigerian Businesses (especially in the Informal sector) borrow? We may hike by 200 basis points.

1 Like

Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by being(m): 3:53pm On Mar 21
predictor1:
The nairA then was being supported by foreign currency reserve. That 500 wasn't the true value of the naira
True and false..For the pdp years $ was 120- 200.. what happened ? Of course our naira will be supported by cbn reserves cos 90% of our fx inflow is by crude which is mainly govt.. d IOCs repatriate most of theirs... so who else do u expect to supply $ to the market if not govt ? Now, by 2020, our production had really dropped and fx wasn't coming in as b4, so d supply of $ was from previous $ in d reserves and loans--that was d problem...Now with govt doing loan repayments and importing fuel they have nothing to supply d market hence d astronomical increase to N1,600
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by Hollyharjii: 5:40pm On Mar 21
GeneralDae:

It can never go back to 300 even if Nigeria becomes like China today in production . 500? maybe.

#500 is still fair enough though, if ONLY
Re: Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market by hansomb: 7:17pm On Mar 21
omoadeleye:




Everything will balance bro.

Everything will surely balance
Yea, surely. It's in the process of balancing/calibration that some people becomes richer while some falls down the cliff. To remain steady one has to find a good point and hold strong. One has to have a plan, execution and backups.

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