Dollar Makes "U" Turn, Begins To Appreciate Against Naira - Business

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Dollar Makes "U" Turn, Begins To Appreciate Against Naira - Business - Nairaland

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Dollar Makes "U" Turn, Begins To Appreciate Against Naira by Ezeama400: 6:32am On Apr 17

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April 17, 2024

Naira down to N1,100$ in parallel market
Naira
Naira

By Elizabeth Adegbesan

The Naira, yesterday, depreciated to N1,100 per dollar in the parallel market, from N1,080 per dollar on Monday.
Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,148.14 per dollar.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,148.14 per dollar from N1,136.04 per dollar on Monday, indicating N12.1 depreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N48.14 per dollar from N56.04 per dollar on Monday

https://www.vanguardngr.com/2024/04/naira-down-to-n1100-in-parallel-market/?

Nlfpmod mynd44 nlfpmod

Re: Dollar Makes "U" Turn, Begins To Appreciate Against Naira by Ezeama400: 6:33am On Apr 17

The way dollar will jump 🦘🦘🦘 back to 2000 like a kangaroo will be brutal this time because what they have been doing is artificial depreciation of the dollar. Once the reserves they used in servicing the forex finishes, it will go back to high. It's not the first time, Buhari did the same thing. That's the reason Nigerian foreign reserves went down recently. If the naira is naturally appreciating against the dollar, it will instantly reflect on the prices of Products in the country

Have you asked yourself why dollar is going down yet prices of goods in the market are going up ? Where does such thing happen ?

The only thing that can make Naira to gain naturally is high exportation/productivity, unfortunately Nigeria as a country depends and relies so much on importation..

FG should stop deceiving the guilible masses ..

Nigerians deserve to know the truth

Nigerians deserve better..

Enough of these lies and deceits by the FG undecided

15 Likes

Re: Dollar Makes "U" Turn, Begins To Appreciate Against Naira by burp18: 6:48am On Apr 17

Ezeama400:
The way dollar will jump 🦘🦘🦘 back to 2000 like a kangaroo will be brutal this time because what they have been doing is artificial depreciation of the dollar. Once the reserves they used in servicing the forex finishes, it will go back to high. It's not the first time, Buhari did the same thing. That's the reason Nigerian foreign reserves went down recently. If the naira is naturally going down, it will instantly reflect on the prices of Products in the country

Have you asked yourself why dollar is going down yet prices of goods in the market are going up ? Where does such thing happen ?

The only thing that can make Naira to gain is high exportation/ productivity, unfortunately Nigeria as a country depends and relies so much on importation..

Tinubu should stop deceiving the guilible masses

very unpatriotic and low even for you. Naira gained massively from almost 1900-950/$ but it is not worth commending . The minute it falls against the dollar by 1naira you'd be here to tell us how you told us so We are all in it together. E go reach everybody 😄 At least una no dey shout It will favor me and my family again. E go favor everybody you and me both. Stop with the negativity already

15 Likes 3 Shares

Re: Dollar Makes "U" Turn, Begins To Appreciate Against Naira by Namaster: 6:51am On Apr 17

Anyone with a basic understanding of economics will understand that the recent appreciation in the value of Naira is a FLUKE.

The government keeps pumping dollars to "government-approved" BDCs. That's why there is a post on FP about BDC association praising the government.

Draining the foreign exchange reserves to defend the Naira is like using petrol to put out a fire. Sooner or later, it's going to blow up in your face.

By the time the reserves get dangerously low, investors trust in Nigeria will be shaken. Fear that Nigeria would be unable to fulfill its Dollar commitments and obligations.

Then companies in Nigeria would be falling over themselves to quickly repatriate whatever Dollars they can. The resulting pressure on Naira would be unprecedented.

Plus, there is no visible plan of action to generate MORE forex. Meanwhile, our reserve is DEPLETING at an alarming rate.

The Dangote Refinery that was touted as a cure is no longer feasible. FG has opted to sell crude oil to Dangote in Naira.

Conclusion is that the current exchange rate is UNSUSTAINABLE. It'll even get worse than before when the new minimum wage is implemented.

9 Likes

Re: Dollar Makes "U" Turn, Begins To Appreciate Against Naira by garykoeman: 6:51am On Apr 17

Another negative post from haters of the country.

4 Likes 1 Share

Re: Dollar Makes "U" Turn, Begins To Appreciate Against Naira by agabusta: 6:54am On Apr 17

Ezeama400:
If the naira is naturally going down, it will instantly reflect on the prices of Products in the country

Have you asked yourself why dollar is going down yet prices of goods in the market are going up ? Where does such thing happen ?

From this part in bold, your level of reasoning does not worth any sensible engagement.

5 Likes 2 Shares

Re: Dollar Makes "U" Turn, Begins To Appreciate Against Naira by Paraman: 6:54am On Apr 17

Ezeama400:
The way dollar will jump 🦘🦘🦘 back to 2000 like a kangaroo will be brutal this time because what they have been doing is artificial depreciation of the dollar. Once the reserves they used in servicing the forex finishes, it will go back to high. It's not the first time, Buhari did the same thing. That's the reason Nigerian foreign reserves went down recently. If the naira is naturally going down, it will instantly reflect on the prices of Products in the country

Have you asked yourself why dollar is going down yet prices of goods in the market are going up ? Where does such thing happen ?

The only thing that can make Naira to gain is high exportation/ productivity, unfortunately Nigeria as a country depends and relies so much on importation..

FG should stop deceiving the guilible masses ..

Nigerians deserve to know the truth

Nigerians deserve better..

Enough of these lies and deceits by the FG

Look at this guy comment just because dollar appreciated yesterday.

And they will claim to love Nigeria

8 Likes 1 Share

Re: Dollar Makes "U" Turn, Begins To Appreciate Against Naira by Naira20: 7:15am On Apr 17

Lol...what Tinubu and his minions will learn soon is no matter how fast a lie runs, it'd be overtaken by the truth.
Obidients style of opposition is very strong because they present the truth howbeit in a brutal way.

If tinubu likes let him employ 100million liars to defend his lies. Just one Obidient is sufficient to render their propaganda useless.

Truth is power

5 Likes

Re: Dollar Makes "U" Turn, Begins To Appreciate Against Naira by Antiurchins: 7:15am On Apr 17

We no warn una?? We did but we were called unprintable names.... Enjoy your renewed hope.

This morning I bought Three crown milk for 700naira...... I didn’t shout, I paid and moved on. I said in my heart, Thank God that I can afford it. Thank God I can take care of myself in this hyperinflation.

May God save people and provide for people who voted against this calamity but if you voted Tinubu.... Suffering and pain will be ur portion.... Ndị mgbu

2 Likes

Re: Dollar Makes "U" Turn, Begins To Appreciate Against Naira by PointZerom: 7:26am On Apr 17

garykoeman:
Another negative post from haters of the country.

Show me one investment you have in Nigeria and your tax clearance.

Unfortunately you don't know that you are an enemy of Nigeria.

6 Likes

Re: Dollar Makes "U" Turn, Begins To Appreciate Against Naira by tophempire: 7:26am On Apr 17

ONA NEVER SEE ANYTHING YET 😂😂😂😂

Re: Dollar Makes "U" Turn, Begins To Appreciate Against Naira by laivwire(m): 7:27am On Apr 17

People reacting based on emotións. This forex issue is a direct battle between the FG and hoarders. As long as crude oil is being sold, they will always have money to fight the USD. If USD falls below a certain benchmark, be sure people will buy more and the price will rise again, if it risses to a certain level as well, people will rush and sell to recoup their naira. That equilibrum point is what everyone is on the look out for.

The question is; what value does the FG want the USD to max out at? We would keep watching the price at which the CBN sells to BDCs. From my observations however that value still lies around #1300 per Dollar in a worst case scenario.

2 Likes

Re: Dollar Makes "U" Turn, Begins To Appreciate Against Naira by PlayerMeji: 7:52am On Apr 17

See the news that give some people happiness in this country...

Wow...to learn that your country money is losing value against a foreign currency and you are getting a kick out of that...

That's another level of low..

8 Likes 2 Shares

Re: Dollar Makes "U" Turn, Begins To Appreciate Against Naira by DonBenny77(m): 7:56am On Apr 17

burp18:
very unpatriotic and low even for you. Naira gained massively from almost 1900-950/$ but it is not worth commending . The minute it falls against the dollar by 1naira you'd be here to tell us how you told us so We are all in it together. E go reach everybody 😄 At least una no dey shout It will favor me and my family again. E go favor everybody you and me both. Stop with the negativity already

It's not worth commending, how much was it before Tinubu came in? Are you foolish or patriotic? It hasn't even gone down to where buhari left it. Why should we commend them when the price of goods hasn't dropped.
How do you even think?
Everywhere don spoil, you dey talk about negativity.

3 Likes

Re: Dollar Makes "U" Turn, Begins To Appreciate Against Naira by Peakdesign23(m): 8:12am On Apr 17

They should keep deceiving themselves. Mtcheww…

1 Like

Re: Dollar Makes "U" Turn, Begins To Appreciate Against Naira by jasent(m): 8:23am On Apr 17

burp18:
very unpatriotic and low even for you. Naira gained massively from almost 1900-950/$ but it is not worth commending . The minute it falls against the dollar by 1naira you'd be here to tell us how you told us so We are all in it together. E go reach everybody 😄 At least una no dey shout It will favor me and my family again. E go favor everybody you and me both. Stop with the negativity already

Your types have refused to accept the truth because of your new found rhetoric "unpatriotic " word . If you genuinely love Nigeria you should ask what policy is making the naira to gain massively,but no everything is politics to you

1 Like

Re: Dollar Makes "U" Turn, Begins To Appreciate Against Naira by fortunez1(m): 8:31am On Apr 17

Re: Dollar Makes "U" Turn, Begins To Appreciate Against Naira by CrossRhodes: 8:38am On Apr 17

garykoeman:
Another negative post from haters of the country.

Lover of nigeria, I hail thee

Re: Dollar Makes "U" Turn, Begins To Appreciate Against Naira by SocialJustice: 9:04am On Apr 17

Ezeama400:
The way dollar will jump 🦘🦘🦘 back to 2000 like a kangaroo will be brutal this time because what they have been doing is artificial depreciation of the dollar. Once the reserves they used in servicing the forex finishes, it will go back to high. It's not the first time, Buhari did the same thing. That's the reason Nigerian foreign reserves went down recently. If the naira is naturally appreciating against the dollar, it will instantly reflect on the prices of Products in the country

Have you asked yourself why dollar is going down yet prices of goods in the market are going up ? Where does such thing happen ?

The only thing that can make Naira to gain naturally is high exportation/productivity, unfortunately Nigeria as a country depends and relies so much on importation..

FG should stop deceiving the guilible masses ..

Nigerians deserve to know the truth

Nigerians deserve better..

Enough of these lies and deceits by the FG

Stop typing rubbish.

1 Like

Re: Dollar Makes "U" Turn, Begins To Appreciate Against Naira by Freedomman1960: 9:17am On Apr 17

Ezeama400:
The way dollar will jump 🦘🦘🦘 back to 2000 like a kangaroo will be brutal this time because what they have been doing is artificial depreciation of the dollar. Once the reserves they used in servicing the forex finishes, it will go back to high. It's not the first time, Buhari did the same thing. That's the reason Nigerian foreign reserves went down recently. If the naira is naturally appreciating against the dollar, it will instantly reflect on the prices of Products in the country

You go cry tire you just want things to go bad for your own Country

Have you asked yourself why dollar is going down yet prices of goods in the market are going up ? Where does such thing happen ?

The only thing that can make Naira to gain naturally is high exportation/productivity, unfortunately Nigeria as a country depends and relies so much on importation..

FG should stop deceiving the guilible masses ..

Nigerians deserve to know the truth

Nigerians deserve better..

Enough of these lies and deceits by the FG

Re: Dollar Makes "U" Turn, Begins To Appreciate Against Naira by Charmingrascal(m): 10:26am On Apr 17

Dear God shame all the enemies of Nigeria,
ncrease their woes.
Those who wish this beautiful Nigeria country bad luck should fail.
Dear Lord let Nigeria prosper, let Nigeria succeed so that things will be easy for all.

God bless Nigeria

Re: Dollar Makes "U" Turn, Begins To Appreciate Against Naira by Eecho(m): 2:01pm On Apr 17

burp18:
very unpatriotic and low even for you. Naira gained massively from almost 1900-950/$ but it is not worth commending . The minute it falls against the dollar by 1naira you'd be here to tell us how you told us so We are all in it together. E go reach everybody 😄 At least una no dey shout It will favor me and my family again. E go favor everybody you and me both. Stop with the negativity already

He has a point . You are just an illiterate. His point is , why is the gain not affecting prices . As we type here , it has not even affected importation yet . Let's say people imported what they are selling now when dollar was high , good . But as we speak , prices of importation are still high . Equip your empty brain . What are you buying cheaper now as a result of Naira gaining against dollar ? Is it Car ? Or funitures? Or petrol ? Mumu

2 Likes

Re: Dollar Makes "U" Turn, Begins To Appreciate Against Naira by 99thEnemy(m): 10:43pm On Apr 17

Ezeama400:
The way dollar will jump 🦘🦘🦘 back to 2000 like a kangaroo will be brutal this time because what they have been doing is artificial depreciation of the dollar. Once the reserves they used in servicing the forex finishes, it will go back to high. It's not the first time, Buhari did the same thing. That's the reason Nigerian foreign reserves went down recently. If the naira is naturally appreciating against the dollar, it will instantly reflect on the prices of Products in the country

Have you asked yourself why dollar is going down yet prices of goods in the market are going up ? Where does such thing happen ?

The only thing that can make Naira to gain naturally is high exportation/productivity, unfortunately Nigeria as a country depends and relies so much on importation..

FG should stop deceiving the guilible masses ..

Nigerians deserve to know the truth

Nigerians deserve better..

Enough of these lies and deceits by the FG

To clear forex backlogs don become crime again? grin

Re: Dollar Makes "U" Turn, Begins To Appreciate Against Naira by Babysho(m): 8:14am On Apr 18

As much as I dislike Obidients, I think the Tinubu supporters are even worse especially when it comes to Economics.

What most have said on this thread is true, we're only clearing forex backlogs but what happens when the forex hits an all time low and it becomes even more difficult to acquire the dollar.

And so, it is an artificial appreciation. The dollar is still scarce that's why the prices of imported goods are still very high. When our forex runs lower, it'll go back to deprecation unfortunately.

Again, I'm begging you to join The Movement Of The People (MOP CENTRE) on social media before the next election cycle. The entirety of Tinubu tenure will be used to pursue shadows of the dollar ; aboki, Binance, BDC, When the real problem is that our leaders are not willing to elevate themselves from position of civil servants for white men to actual bourgeoise. We need to quit consuming foreign products and MAKE OUR OWN OURSELVES!

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