If they like they should keep selling it at #500 per dollar. Just make sure you don't go withdrawing the foreign reserves and borrowing to do that.

.

It’s simply means Naira can equate Dollar in few months to come.

Good one

Panic sales would soon start now

Nice one
But my problem is that the prices of goods are still high

This is just fire brigade artificial stability.

Very good one from Mr. Cardo

APC should bring dollar back to 215 per dollar they met it n 2015 ...or atleast 650 buharia left it just last year...anything above that will continue to make life difficult for low income citizens and salary dependent citizens.... like Sanusi said greed , stealing of public funds and wickedness is worse than homosexuality...

clarocuzioo:
Dollar going down is a welcomed development. Its just unfortunate the CBN is using our foreign reserve to defend the Naira.

We are depleting our foreign reserves.

Tinubu simply returned to Emefiele's policies they criticized.

You clearly don’t know what you are saying.

CBN can do intervention in the FX market, they are the major source of forex into the country through oil sale.

There is no gap between official and parallel market and that is a spectacular thing.

Contrast this to Emefiele era where he sells at 450 at the official and BDC sells at 750. That is what people are complaining because CBN intervention is just subsiding corruption and making some people rich overnight.

Anyone that believe CBN won’t intervene in the FX market anyway is a joker.

Meaning the government has backtracked from floating the naira. Begs the question; why inflict all the pain on Nigerians ab initio?
The current naira appreciation is pure market manipulation by the govt. Fingers crossed the govt can sustain it.

hisgrace090:
Any move to bring down the dollar is accepted.

✓✓

But how long will this last. Not sure if it's a lasting solution. Nigeria need to export more. Thars all

clarocuzioo:
Dollar going down is a welcomed development. Its just unfortunate the CBN is using our foreign reserve to defend the Naira.

We are depleting our foreign reserves.

Tinubu simply returned to Emefiele's policies they criticized.

What's the use of the foreign reserve? What they will use for rubbish empowerment programme

If this trend is sustained by CBN, naira will appreciate below #600 by december

iykepromotions:
But how long will this last. Not sure if it's a lasting solution. Nigeria need to export more. Thars all

Which yeye export? Exporters that dont remit dollars back to bank or cb

clarocuzioo:
Dollar going down is a welcomed development. Its just unfortunate the CBN is using our foreign reserve to defend the Naira.

We are depleting our foreign reserves.

Tinubu simply returned to Emefiele's policies they criticized.

If you don’t know anything just shut the f up .

Your head de there. CBN was following them to increase official rate as they were increasing their black-market rate. So when they bought at 900 and sold at 1300, by the time they came back to buy the official rate at 900, CBN had also moved it to 1250, then they went to 1600, official rate followed them to 1550... So even though many of them thought they were making a profit, in the real sense they were not, especially those who wanted to do round tripping. Only those who bought and held with no intention to buy again can be said to have made profit.

Not only that, when they were doing their misdemeanor, CBN was using that time to clear their FX backlog to businesses. It was not until they were done with that did they start selling to the BDC.

CBN did 2 can play the game with them.

inoki247:
Gbese



Omo people don too enter gbese like this....


They made sure they unified the rate before they start defending...


All the Save in Dollar crew like this will be doing testimony right now...

If you have dollars that you hoard sell them out now. It will crash beyond anybody's imagination. My two cents.

Yeah. Nice move by Yemi. Don't give them chances to take the advantage again. Maybe by June we will have the dollar around #800.

Obidients have stopped giving us dollar update, wetin dey happen, or are they tired already?

INTEGRITYA1:
This approach is working and it seems federal is targeting a benchmark at which dollar will stabilize.

Since when the speculators have been successfully caged, we've been seeing Naira gaining more value gradually.

Calm down Mr. Man

rinzaugustine:
They pumped in borrowed billions of dollars into the forex market how long can they sustain borrowing to stabilize the dollar?

Be positive for ones. Just cos someone lost election, u have decided to be bitter all through your life. For me , am happy cos our money is appreciating for now even if they cannot sustain it tomorrow.

INTEGRITYA1:
This approach is working and it seems federal is targeting a benchmark at which dollar will stabilize.

Since when the speculators have been successfully caged, we've been seeing Naira gaining more value gradually.

K

grandstar:
Rather than praise this development, it should be queried.

The foreign reserves recently went down by $900m. Would a stronger Naira not lead to an increase for Dollars, simply adding more pressure to the foreign reserves?

Too late.
Allow him to peg the rate at whatever he sees fit.

He knows he cannot defend any rate he sets.
Whether it is 1200, 900, 500, 200 or N1:$1.
The goal is to drive it as low as possible to set a deep floor for the naira before the inevitable depreciation resumes.
This time I expect there to be a touch of speculative attack.

-Lord

clarocuzioo:
Dollar going down is a welcomed development. Its just unfortunate the CBN is using our foreign reserve to defend the Naira.

We are depleting our foreign reserves.

Tinubu simply returned to Emefiele's policies they criticized.

Proof Please

Owon:
Wow! So low and cheap, yet these greedy abokì people will sell it to us @1,300 and above.

Government is responsible for all these inflation and FX instability.

Give the Dollars to banks. Monitor and mandate them to sell to people who needs it.

It's ridiculous that one can't use the naira ATM cards to make any online foreign purchase as it used to be before. Government made access and demand for FX very difficult, yet they want the naira to appreciate.

The naira ATM card is extremely useless beyond Nigeria market and this is the main reason why people are desperate for dollars and will buy at any amount.

Calm down, you are not the only frustrated dude in this country

clarocuzioo:
Dollar going down is a welcomed development. Its just unfortunate the CBN is using our foreign reserve to defend the Naira.

We are depleting our foreign reserves.

Tinubu simply returned to Emefiele's policies they criticized.

It's good to use foreign reserve to protect our economy than leave it perpetually, with Goldman Sachs or HSBC, via IMF/World bank and they will use it to run their commerce, at very low interest to us. Let's use it to expand our economy.

Rate fixing is obsolete

Currency subsidy in vogue now, wait for the boomerang effect on the reserves as well as other areas when the wheels turn full circle

Ebeano49:
Meaning the government has backtracked from floating the naira. Begs the question; why inflict all the pain on Nigerians ab initio?
The current naira appreciation is pure market manipulation by the govt. Fingers crossed the govt can sustain it.

It's all right process taken. They did that to unify the exchange rate unlike it was during emefiele time.

gulfer:
Currency subsidy in vogue now, wait for the boomerang effect on the reserves as well as other areas when the wheels turn full circle

You go wait tire!