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Nairaland Forum / Nairaland / General / Business / Traders Lose As Naira Rebounds To 720/Dollar (26875 Views)
Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ / Naira Rebounds As Banks Offload Excess Dollars / Adamawa BDC Operators Reject Dollars As Naira Rebounds At Parallel Market (2) (3) (4)
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Traders Lose As Naira Rebounds To 720/Dollar by adioolayi(m): 4:24am On Nov 11, 2022 |
The naira has rebounded by 20.8 per cent to 720/dollar at the parallel market, findings by The PUNCH have shown. https://punchng.com/traders-lose-as-naira-rebounds-to-720-dollar/ 8 Likes 1 Share
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Re: Traders Lose As Naira Rebounds To 720/Dollar by WibusJaga: 4:28am On Nov 11, 2022 |
. Good Development. The clampdown on dollar Black Market dealers should be sustained. 47 Likes 4 Shares |
Re: Traders Lose As Naira Rebounds To 720/Dollar by adioolayi(m): 4:33am On Nov 11, 2022 |
Naira with a deep fall as if it will crash into #1000 to a $.... Speculators at the FX market are one of the major enemies of this country... although, one cannot blame them though..untill CBN is serious to have a single FX window...CBN should urgently close the huge gap between the official bank rates and the BDC rates. In the meantime....the BDC and hoarders should begin to lick their wounds. Emiefiele is winning this time and should try and sustain whatever is working right now.., possibly, the collaboration with EFCC on BDC clampdown 43 Likes 2 Shares |
Re: Traders Lose As Naira Rebounds To 720/Dollar by SALIMAN(m): 4:51am On Nov 11, 2022 |
Spectators expecting further loss are evil to the Country 19 Likes 3 Shares |
Re: Traders Lose As Naira Rebounds To 720/Dollar by Peterobi90: 4:58am On Nov 11, 2022 |
The moment pictures of the new designed naira is released, dollar might get as low as 500.. 43 Likes 3 Shares |
Re: Traders Lose As Naira Rebounds To 720/Dollar by Penguin2: 5:04am On Nov 11, 2022 |
Where are the idiots who were arguing with me that the Naira redesign is useless? 72 Likes 7 Shares
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Re: Traders Lose As Naira Rebounds To 720/Dollar by Nbote(m): 5:16am On Nov 11, 2022 |
adioolayi: It was all artificial and expected... The rise to over 800 was after the announcement by CBN of the new naira notes and eligibility of old ones. Those hoarding stashed cash flooded the forex market offering to buy at whatever rates possible. They'll rather buy up forex at a loss than deposit naira in the bank because they can stash dollars and pounds but not naira 50 Likes 2 Shares |
Re: Traders Lose As Naira Rebounds To 720/Dollar by Nbote(m): 5:18am On Nov 11, 2022 |
Penguin2: Dollar was around the 700+ mark before the announcement of the new naira notes. The announcement drove up the price as politicians and their cronies stashing and hoarded naira flooded the market to buy up forex which was what drove up the price to over 800 12 Likes 2 Shares |
Re: Traders Lose As Naira Rebounds To 720/Dollar by Kingspin(m): 5:18am On Nov 11, 2022 |
ManInflation 4 Likes 2 Shares |
Re: Traders Lose As Naira Rebounds To 720/Dollar by Acidosis(m): 5:19am On Nov 11, 2022 |
Penguin2: They are not f00ls. The Naira redesign is still useless to the FX market. Forex exchange is not Ponzi scheme. A productive economy is the only way to achieve a sustainable Fx rate. There is NO other way. So if nothing has happened to our productive capacity and earning power, any gain you see now at the street market is only a reaction to market uncertainties. Moreover, we are approaching the Christmas era where Nigeria traditionally earn the highest remittances from Nigerians abroad. Finally, the Naira has not gained at the official window yet so even that remittance thing is debatable. Any gain or loss you see now at the street market is part of the reaction to the uncertainty that surrounds the CBN announcement. It is not sustainable. 69 Likes 12 Shares |
Re: Traders Lose As Naira Rebounds To 720/Dollar by sonature1: 5:20am On Nov 11, 2022 |
All these things make it difficult to do business in this country. Even foreign investors will be scared to bring their businesses here. I cannot wait for May 29th to come. Even though I feel that a cow will make a better president than Buhari, I don't see how Tinubu will be any better than the tall oldie. The only difference between Tinubu and Buhari is height. 52 Likes 7 Shares |
Re: Traders Lose As Naira Rebounds To 720/Dollar by adioolayi(m): 5:28am On Nov 11, 2022 |
Nbote: You are very correct... I don't understand much economies, but, using logic and commonsense...I will suggest CBN should intentionally back the new Naira note with very strict and stringent conditions towards enforcing cashless Economy....maybe this will prevent the foreign currency hoarders from re-buying the new Naira notes and hoard naira again. 26 Likes 1 Share |
Re: Traders Lose As Naira Rebounds To 720/Dollar by Penguin2: 5:54am On Nov 11, 2022 |
Acidosis: Your point is clear and understood. Until Nigeria increases its production capacity which will increase its export volume and consequently increase the FX it earns, the problem of dollar exchanging at exorbitant rates against the naira will not be solved. But there’s a factor you are overlooking which is what CBN is trying to tackle. That factor is maliciousness of some people and FX marketers who either hoard the dollar or engage in the sabotage that further increases the stress on the naira. Or are you going to rule that out? 25 Likes 4 Shares |
Re: Traders Lose As Naira Rebounds To 720/Dollar by sonofthunder: 5:59am On Nov 11, 2022 |
adioolayi: I've thought about this but given our Nigerian standards, it's the common man that will suffer for this the most. 4 Likes 2 Shares |
Re: Traders Lose As Naira Rebounds To 720/Dollar by Penguin2: 6:00am On Nov 11, 2022 |
adioolayi: CBN said there’s about 3trillion Naira currently in circulation. What I suggest they do is to now regulate the volume of the naira they put out after recalling the old Naira notes. Let’s assume they are able to recall about 2.5trillion Naira, being the amount in 1000, 500 and 200 denominations, then they should release just about 1trillion Naira back into the economy as replacement. That way, banks will not even have enough to service their branches before they talk of releasing billions to one politician alone. 38 Likes 5 Shares |
Re: Traders Lose As Naira Rebounds To 720/Dollar by Acidosis(m): 6:11am On Nov 11, 2022 |
Penguin2: It's hard to see the connection between the current fx rate and the cbn announcement. I believe the announcement, however, has addressed and still addressing the hoarding of Naira notes. People are now putting their monies into use either directly or through the banks (investments), rather than simply hoarding in the house or saving up in piggy banks. 14 Likes |
Re: Traders Lose As Naira Rebounds To 720/Dollar by Mjshexy(f): 6:12am On Nov 11, 2022 |
I really hope it drops further 3 Likes 1 Share |
Re: Traders Lose As Naira Rebounds To 720/Dollar by Acidosis(m): 6:14am On Nov 11, 2022 |
Penguin2: So what purpose would the CBN want to achieve with this? A cashless economy, right? India did the exact thing the CBN is trying to do now a few years back so we can use that as a case in point. The only success we saw was the growth in the number digital banks and fintechs. 14 Likes 3 Shares |
Re: Traders Lose As Naira Rebounds To 720/Dollar by tamdun: 6:16am On Nov 11, 2022 |
Continue fooling yourself, u guys will come online and start giving us aboki exchange rate, na d govt I blame, thay have to ban BDC, CBN 1 dollar =440 naira BDC 1 dollar =900 Ur choice 6 Likes 1 Share |
Re: Traders Lose As Naira Rebounds To 720/Dollar by Yankee101: 6:17am On Nov 11, 2022 |
Good news Let it recover |
Re: Traders Lose As Naira Rebounds To 720/Dollar by Yankee101: 6:20am On Nov 11, 2022 |
It’s likely to still decline 3 Likes |
Re: Traders Lose As Naira Rebounds To 720/Dollar by Viscuz: 6:22am On Nov 11, 2022 |
tamdun: Naira is now useless you can argue or blame any third party you like . It is DEAD !!! 6 Likes |
Re: Traders Lose As Naira Rebounds To 720/Dollar by Penguin2: 6:35am On Nov 11, 2022 |
Acidosis: Nigeria already has loads of digital banks and fintechs. If this policy succeeds in only helping them grow even more in their market shares, then so be it. But there are other gains. As the elections approach, politicians will be starved of cash for vote buying and other electoral malfeasance. 17 Likes 1 Share |
Re: Traders Lose As Naira Rebounds To 720/Dollar by Nobody: 6:40am On Nov 11, 2022 |
Acidosis: Very good but you know many useless think naira will gain without a productive economy. Most Nigerians are just too daft. 5 Likes |
Re: Traders Lose As Naira Rebounds To 720/Dollar by Nobody: 6:41am On Nov 11, 2022 |
Mjshexy: Is that how it will drop? What's the rate as of this morning? It will keep declining until you have a strong economy 2 Likes 1 Share |
Re: Traders Lose As Naira Rebounds To 720/Dollar by Mustiboy(m): 6:45am On Nov 11, 2022 |
It's a huge loss for me really. I was going to withdraw a sum of $2k last week at the rate of ₦860 but decided to keep it because I wanted to use it for something important in December. It's not because I was hoping the Naira would crash even further. I just didn't want to waste the money as I had no need for it at the time. Now that Dollar has crashed to 720, I've lost ₦280,000. But no shaking; anything to better the economy and lives of people around me is welcomed. I'm actually in for it. 37 Likes 1 Share |
Re: Traders Lose As Naira Rebounds To 720/Dollar by Nobody: 6:46am On Nov 11, 2022 |
At the end, Nigeria has to earn more dollars. 3 Likes 1 Share |
Re: Traders Lose As Naira Rebounds To 720/Dollar by ALTERNATEID: 6:47am On Nov 11, 2022 |
All the unpatriotic elements must keep losing. 6 Likes 1 Share |
Re: Traders Lose As Naira Rebounds To 720/Dollar by Nobody: 6:51am On Nov 11, 2022 |
tamdun: So, where will CBN gets the dollar? Apply for the 100 USD at your bank and let me know if your bank gave it to you and how many weeks or months it was approved? 12 Likes 2 Shares |
Re: Traders Lose As Naira Rebounds To 720/Dollar by MasterJayJay: 6:51am On Nov 11, 2022 |
SALIMAN: ALTERNATEID: But it was Jonathan fault when it was 216 naira. Now you are blaming spectators and unpatriotic elements. 8 Likes 2 Shares
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Re: Traders Lose As Naira Rebounds To 720/Dollar by Mjshexy(f): 6:52am On Nov 11, 2022 |
Ddworld:Lets just be hopeful that the right policies are put in place for a stronger naira, things have really gone out of hand and it's biting harder 3 Likes 1 Share |
Re: Traders Lose As Naira Rebounds To 720/Dollar by Nobody: 6:56am On Nov 11, 2022 |
ALTERNATEID: Blinded rats. Is this the issue of been unpatriotic or a weak economy? Nigeria is a goner if a primary student should think like yours. It is either you are extremely daft or just a born folly. Did you know the rate as of this morning? 3 Likes |
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