₦airaland Forum

Blitzking:
10 billion dollars wey 10 to 20alhajis go tidy 2 sec. We go retun to shortage.

todugo:
So Nigerians should celebrate 1113 to 1 dollar🤮🤮

The naira within a span of hours appreciated by N166 to the dollar in the P2P market, as currency traders re-evaluate their strategies.

The naira peaked at N1279/$ on Thursday evening but settled at N1113/$ as of this writing.

Feelers across markets suggest the gains may be due to lack of buyers as very few people are inclined to pay around N1300/$ sensing a potential strengthening of the local currency.

Finance Minister Wale Edun also stated that the country was set to receive $10 billion in foreign currency inflows over the next several weeks to help improve liquidity in the foreign exchange market, which has stifled growth in Africa’s largest economy.

The minister of finance added that President Tinubu signed two executive orders permitting the issuance of domestic financial instruments denominated in foreign currencies as well as the transfer of all cash outside the banking system into banks.

The impression among traders especially speculators is that the exchange rate could gain against the dollar in the coming days and as such no avoid losing their shirts, they have to sell lower.

His remarks were made just after President Tinubu had assured summit attendees that he would clear the backlog and that he had taken action to address liquidity in the foreign exchange market.

He says that every transaction in the foreign exchange market, from the official to the money changers, where large amounts of arbitrage have regularly happened, will be closely watched, and those who transgress will be found out and dealt with.

He acknowledged that illiquidity is the reason Nigeria’s foreign exchange market isn’t operating efficiently, but the government is willing to take all necessary steps to alter the current situation.

The foreign exchange market will be streamlined and restructured so that all rightful and proper transactions will be covered by the government and take place in the official foreign exchange market. Anything beyond that will be punished, considered a criminal offense, and illegal, according to Edun.

Meanwhile the US. S dollar hit a near one-week high versus a basket of currencies on Wednesday as investors’ desire for riskier currencies decreased in the wake of disappointing corporate results that heightened concerns about the state of the economy and as Treasury yields increased.

Risk sentiment also took a hit as tech giant Alphabet fell after its cloud division failed to meet revenue projections, and other large-cap stocks also eased because of lower earnings and rising US Treasury bond yields.

Reaching its highest level in almost a week, the dollar index, which gauges its strength against a basket of six competitors, saw a 0.3% increase to 106.05 points.

Fed Chairman Powell’s speech sent Wall Street into a tailspin. Powell largely agreed with other officials when he said that policy might not be “too tight” and that further rate increases might be required.

Although Powell’s remarks reinforce their long-term bullish mantra, they don’t go far enough to suggest that a rate hike in December is likely.

The Fed will attempt to persuade the market that more increases are possible until inflation declines significantly.

Validated:
Sometime in the life of last regime, the former CBN governor said that Abokifx was a contributor to Naira decline. People, especially a section of the country went frenzy with accusation of ethnic bias.

Then they blamed Emefiele for it, now Abokifx has closed its parallel (black) market report. Noone is talking, but when Emefiele said they were part of the problem, ethnic champions went to market.

Soon they will come back to their senses. Dollar is now N1300 and I hear that Black Market has been outlawed.

NothingDoMe:
Just saw. Maybe the FG is trying to curb speculation by restricting sites like abokifx

abhosts:
Has anyone noticed that AbokiFX has gone silent again. Has new government followed Emefiele's modus operandi to silence the website or are they now behind a paywall and no longer free?

kunkelhanspeter:
My thought exactly they might have told hold to relax without breaking the news of ban just like Buhari did.

Solofresh2:
Renewed shege is here

anungangampu:
The owner happens to be from Southwest

Artiiclebeast:
They can no longer keep up with the speed of ascent and descent....

IAmHim1:
It doesn't matter where dangote dollars stay.

All that matters is which currency he's converting his dollars to.
If he's converting it to yen, he's be using a yen trader who'd take the dollar back to the US invariably while dangote takes the yen to China...a transaction which is of little to no benefit to us

Now imagine he was converting his dollars to naira through govt channels.



Now the govt can claim it as theirs NOT BEFORE


SADLY our naira is not really accepted 'outside' but on the bright side, we'd have his dollar$ from the exchange!

Lolz
The govt doesn't own dangote MONEY so they can claim it's part of their reserves.

IAmHim1:
Only if he needs to purchase things in naira.
You don't expect dangote to buy things in dollars BY CONVERTING HIS NAIRA TO DOLLARS AT A LOSS when YOU claim HE'S EARNING IN DOLLARS. A straight path

Pakute:
According to the SC,
- the deposition Atiku tendered was obtained from the office of the Attorney representing him.
- that the court in the US did not put a stamp or a seal on the deposition and that no signature of a judicial officer was appended on it, therefore, the document was useless and can never be admissible as evidence in any court of law.
- that Atiku failed to write CSU requesting for a letter to authenticate that Tinubu's certificate was not the document of the school.
Atiku went on a jamboree, fishing expendition, fruitless exercise, amounting to vanity.

Pakute:
Atiku went to the US to obtain a deposition that was not signed by any court in the US. A mere sheet of paper that was obtained from his lawyer's office during a tea party.
Shallout to Atiku's lawyers, they are the real MVP.. dollar don enter pocket.
I predicted on my previous thread that it will end in tears for Atiku.

Melezenawii:
Obi's petition was dismissed in less than 120 seconds.

MrEverest:
Lol, all you bigots will lead the certificate forger to his doom. A criminal like him can't do more than a dead rat.

Cromagnon:



There's always shit to buy
Jmmjt2t people buying iPhone with their school fees
We used to eat rice only on Sunday now its everyday
We imported wheat now its a mainstay
We will simply divert the money To different consumption
You think 6tp Per capita income 4p that much
We will spend on more phones, more computers, more bosscars, more houses (We import all the fixtures), more furniture, vacations, more more more
None of which we produce
We will still need dollar and no one needs Naira in Return as we export nothing of significance

2BabaNairaland:
Their tears go give you money in order to buy fuel @10 Naira and sachet of pure water @10 Kobo.


Keep fooling yourself !