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.

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.

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.

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.

7lives:


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.

Below 200?

Lol such bold claims😹😹😹😹

7lives u funny ooo

Angelfrost:
This is good news...!

However, if you people are secretly subsidizing the currency with loans, thunder go faya una.

^^^

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.

7lives:


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.

Even a former cbn gov told u people that expecting the dollar to go back to even 600 is a pipe dream, and you can't claim to know better.

Even me that is not an economist knows taking dollar back to even 400 will destroy the naija economy.

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.

karkinase:

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

Already a home run for Cardoso.

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?.

blacknp:
Holding the dollars as a souvenir or what? because in reality, you are not making any sense.

You bought dollars @ 500 last year, it got to 1500 but you didn’t sell, you held it, until it fell back to 1200?

Because if you make your money In dollars, there will be no reason for you to hoard it , since your inflow is regular, weekly or monthly?

Did you really believe him?.
As a 14 years old I was pulling this stunt at Daleko market.
The moment I arrived at the market and see excess demand for rice, I will lock our shop and sat beside it.
The price will continue to rise, most times between 200 and 230, 235 is extreme.
I normally come to sell early next day, because by 2pm of that day, trailers of rise will surely enter the market.
I know when to take my profit and run, at 225 I begin to sell, the few bags I have left my mum will hold and sell for 231.
This guy you quoted is a liar.
Whatever stock he has at the moment are stocks he bought of recent, hoping the price will be heading up again.
Unfortunately Cardoso is on the beat.

7lives:


Did you really believe him?.
As a 14 years old I was pulling this stunt at Daleko market.
The moment I arrived at the market and see excess demand for rice, I will lock our shop and sat beside it.
The price will continue to rise, most times between 200 and 230, 235 is extreme.
I normally come to sell early next day, because by 2pm of that day, trailers of rise will surely enter the market.
I know when to take my profit and run, at 225 I begin to sell, the few bags I have left my mum will hold and sell for 231.
This guy you quoted is a liar.
Whatever stock he has at the moment are stocks he bought of recent, hoping the price will be heading up again.
Unfortunately Cardoso is on the beat.

omo this your PR drive no be here o

dreamxhaser:


Even a former cbn gov told u people that expecting the dollar to go back to even 600 is a pipe dream, and you can't claim to know better.

Even me that is not an economist knows taking dollar back to even 400 will destroy the naija economy.

Ever heard of a CYCLE in forex?.
Look for a crude oil chart, may be you will understand what am taking about.
The moment Dollar drop below the one thousand naira mark, the next target will be #500.
And when this happens, what do you think will happen next?.
Water must surely finds it's level.
Before the dollarization of the Nigerian economy, how much was a dollar?.

7lives:


Ever heard of a CYCLE in forex?
Look for a crude oil chart, may be you will understand what am taking about.
The moment Dollar drop below the one thousand naira mark, the next target will be #500.
And when this happens, what do you think will happen next?
Water must surely finds it's level.
Before the dollarization of the Nigerian economy, how much was a dollar?.

Forgive My typos, no time to edit

The way you are claiming to know it all is disgusting.

Guy, there is more all these things you are saying.

Going by your logic, Buhari should have further pushed the dollar below #400 when they were defending it at that time.

Most economic experts in your country, have said it times without number that the real value of your naira is btw 650-700.

Anything below that will chase investors away. Overvaluing your currency will make the country more import dependent. Even Dangote refinery will crash because at a point it will become cheaper to import than patronize your local products.

Dollar can never go back to #200, that's wishful thinking na. What was your salary when USD was #200 compared to now? If it was so, the government should have increased your salary at that time instead of waiting for the currency to crash first. They will end up running at a loss boss.

One of the reason, the Nigerian economy is in this mess today is because we overvalue our currency in the 70s and 80s.

Even when oil was selling at it's highest, the government never pushed for the naira to be overvalued. For what na?


Soludo said, when of the ways he increased the foreign reserves was by even under valuing the naira. IMF that told CBN that naira should be drop when buhari and co were defending it are not stupid na.


Instead of hoping for dollar to crash, pray your govt does the basic things that will help improve the life of a common man. Go check the Value of South Korean currency to the dollar, but they are still comfortable.

All my 6 years on NL, I have seen many wishful thinking and 99.9% never came to pass, because you guys are looking at things from an optimistic POV, instead of weighing things from both sides.

If all those things you were saying are easy, naija for don better now.

Even that Dangote and PH refinery you see talking about. The positive effects won't be as huge as you guys make it seem. Most operation cost in Dangote refinery will be in USD, so whatever he makes will pure back into his business. Expect for his profits. Or do you think dangote will sell PMS to you people in naira? Okay assuming he does, and he needs dollars to run one or two, where will he convert his naira for dollars?

Na private refinery una dey put hope on ooooh.

nawaforyouo:


omo this your PR drive no be here o

No be small thing guy. Very confident with his claims like say e easy like that.

7lives:


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?.

Nigeria's productivity can not sustain a #250 rate.
This is not rocket science.

We are a country of 200m people pushing less than $5B in non-oil exports.
That's like an entire local government producing one tuber of yam.
Yet you want to build houses, you want to buy cars, you want to vacation and go to college abroad.
You also want subsidy on gasoline, electricity, and what not.

Who do you want to steal dollars from to purchase these things you need and want on the international market.

The CBN can peg the rate at whatever it likes. No one is stopping it from pegging at $1:N1.
After the peg though, it'll have to sustain the intervention when they need to provide a lot of dollars for few naira.
We'll see at that point if the NSA will go kidnap Jerome Powell, the Federal Reserve Chairman, to force the US to print dollars for Nigeria.

-Lord

7lives:


Ever heard of a CYCLE in forex?.
Look for a crude oil chart, may be you will understand what am taking about.
The moment Dollar drop below the one thousand naira mark, the next target will be #500.
And when this happens, what do you think will happen next?.
Water must surely finds it's level.
Before the dollarization of the Nigerian economy, how much was a dollar?.

Some of your postulations/ assertions are simply not realistic

Currency value is driven more than all these crypto/ forex analogy you are using here. Not to talk of Nigeria for that matter

The following are still missing and need to be addressed:
1- Boosting Investor confidence ( Do you know how much Investments in USD that was pulled of the Nigerian economy due to Buhari's inactive body language of 2015?) This has started but more effort is still needed to make then stay for good and not for short term bonds as usual
2. Take the fight to politicians- Those who amassed great wealth in Naira, but due to the advent of BVN, ended up converting billions of Naira to USD, straining our FX reserves)?
3. Address the issue of insecurity once and for all- Very important to allow investors to bring in their much needed USD and setup industries and therefore boost exportation

I will not talk about power generation, but it still a worthy mention.

4. Having a clear path regarding our refineries - how many times have the startup of PH refinery been pushed back?

emkz:
What he did is called speculation. There is no sense in it

Dollar actually got to N1,910. Without the current interventions, it would have crossed N2,000. Like I said, you can't blame him after the fact.

advanceDNA:


As usual U just came to be condescending .that's all

For onces you did not advance in making your point, maybe its just in your DNA to argue without facts learn

iamtoofan:



For onces you did not advance in making your point, maybe its just in your DNA to argue without facts learn

because all u are doing is being condescending, there's no point dialoguing....u are even using moniker to make point...its childish to me

Optimism with anything related to Nigeria will disappoint you. Instead of hoping, better open your head and think of how Naija will never affect you.


People who said this in 2006 turned out to be right in 2015. People who said this in 2015 turned out to be right in 2️019.

Now we that are telling you this in 2024 will be right in 2030. Mark my words

A country of more than 200 million people but earns less than SA, and you have high hopes?

Come on, economic diversification takes decades and with the corruption in this country. It will talk about almost 100 years in Nigeria.

7lives:


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.

May God preserve us.....we will see just how huge Dangote's operation will help the exchange rate without subsidy from cbn

advanceDNA:


because all u are doing is being condescending, there's no point dialoguing....u are even using moniker to make point...its childish to me

Oga tell me i did not made sense, you don't know and you don't wana Learn, haba

When you come online and made baseless claims its an insult to our collective intelligence , from myndd to me you couldnt even advance in any form

iamtoofan:



Oga tell me i did not made sense, you don't know and you don't wana Learn, haba

When you come online and made baseless claims its an insult to our collective intelligence , from myndd to me you couldnt even advance in any form

Lol...this one is look for who to teach..
This is funny...
Oga. We have seen u..

charlsecy:
Dollar actually got to N1,910. Without the current interventions, it would have crossed N2,000. Like I said, you can't blame him after the fact.

Where and when did dollar peak to N1,910?

Welcome to the USD NGN history summary. This is the US Dollar (USD) to Nigerian Naira (NGN) exchange rate history summary page, detailing 180 days of USD NGN historical data from Thursday 12/10/2023 to Sunday 7/04/2024
Highest: 1611 NGN on 15 Mar 2024.
Average: 1062 NGN over this period.
Lowest: 763.9 NGN on 20 Oct 2023.

https://www.exchangerates.org.uk/USD-NGN-exchange-rate-history.html

christejames:



Why are you quoting me? Do I look like your father?

You can never be!

emkz:


Where and when did dollar peak to N1,910?


https://www.exchangerates.org.uk/USD-NGN-exchange-rate-history.html

You are funny o

Who you conveniently forgot that we have both official and black market rates

He is right. It peaked 1900 at the parallel market

fortune1968:
Learn to hear good things . Nigeria gave Dangote crude oil .

Nigeria gave

So, na free abi

You should learn to hear correct information next time.

IamCookie:



Nigeria gave

So, na free abi

You should learn to hear correct information next time.

7lives:


Did you really believe him?.
As a 14 years old I was pulling this stunt at Daleko market.
The moment I arrived at the market and see excess demand for rice, I will lock our shop and sat beside it.
The price will continue to rise, most times between 200 and 230, 235 is extreme.
I normally come to sell early next day, because by 2pm of that day, trailers of rise will surely enter the market.
I know when to take my profit and run, at 225 I begin to sell, the few bags I have left my mum will hold and sell for 231.
This guy you quoted is a liar.
Whatever stock he has at the moment are stocks he bought of recent, hoping the price will be heading up again.
Unfortunately Cardoso is on the beat.

Believe that confused Thing? Person way call themselves JapaPrince fit save anything, na how em one take escape from Nigeria dey em head.

charlsecy:
Prediction was based on prevailing circumstances. You can't condemn him after the fact.

See how you're using your education to defend stupidity.
SMH