₦airaland Forum

Wow! So naira can bounce back this much?

It will still go back to falling

Ikaeniyan0:
He was given dollars to build his refinery.

The FG under tinubu won't waste dollars on frivolous thing. He has talked about how he will spend most of this money

keep deceiving yourself. this PR stunt is not working dude.

Ikaeniyan0:
I'm not ranting kid

Oga you are behaving like a kid.

Irony1:
Oga you are behaving like a kid.

k

Irony1:
keep deceiving yourself. this PR stunt is not working dude.

I was not talking to you

Ikaeniyan0:
https://nairametrics.com/2023/10/27/naira-gains-against-dollar-trades-at-n1113-at-the-p2p-market/?amp=1

Please always refer to the exchange rate when this Tinubu resumed office, and do your comparison from thence.
The naira has lost ,ore than 50% since this government came to office, in just 6 months!
That is what matters to me.

Make e come down to 900 naira first, then I might begin to have hope

spiSeyi:
With this development, there will be panic selling, in the long run, there will be more sales of the USD which will eventually crash the rate of USD according to the law of demand and supply. The Naira will gain more against the USD by December due to the diaspora remittance (people will troop in for the holiday season), furthermore the Naira will fully bounce back as soon the 3 proposed refineries + the Dangote refinery begins operation at a full scale. In six months the official USD rate will be around 300-400 Naira

Dey play

Many of you would be shocked when the rate falls to less than 800 but many would be even more shocked to see that sellers refusing to lower prices....9ja what goes up must not come down

Ikaeniyan0:
https://nairametrics.com/2023/10/27/naira-gains-against-dollar-trades-at-n1113-at-the-p2p-market/?amp=1

yinmu....gain N5 today to lose N100 tomorrow

1154 now

It has nothing to do with govt. intervention or announcement of the finance minister regarding the clearance of the forex backlog for now, rather USD tumble against its rivals after the release of personal consumption expenditure (PCE). Those that trade will understand better.

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

20 alhadjis will mop up 8 trillion abi?
You're out of touch with reality.
The thing you all fail to realise is the parallel market is a very small market, $1B will mop up all their naira but guess what ?
Tinubu no want that market to exist again.
This $10B is to clear backlogs which is what is pressuring the naira,not inflows.
Because some people that have been backlogged for a while might get desperate and look for fx by any means and turn to aboki,further heating the little market up.
NAFEM is enjoying relative stability already,clear backlogs and watch parallel market demand crash and comatose.
Then not to also talk of citizen confidence which clearing backlog will bring, which will also crash speculative demand,further dipping aboki market
Abi una think say na that una $50 una dey buy upandan dey crash naira for aboki?

Ikaeniyan0:
I was not talking to you

avoidant mentality. Oga your PR stunt has failed

BadCuntry:
No matter how much the Naira appreciates against the dollar... one thing is sure: before Christmas the Naira will trade above 1300 against the $$$

You will not know peace

Good news for parallel (black) market traders

Voodoo gain! It's commendable from N1300 yesterday to N133 today that's a voodoo gain its a welcome development. Bitcoin chief is in a sever pain and he's frabricating a falsehood on X twitter https://twitter.com/gaiuschibueze/status/1717688731526640104?t=wvdELtJDWmqfD52gxFkizg&s=19

Please what happened to abokifx that they no longer display rates

SeaTrade:
20 alhadjis will mop up 8 trillion abi?
You're out of touch with reality.
The thing you all fail to realise is the parallel market is a very small market, $1B will mop up all their naira but guess what ?
Tinubu no want that market to exist again.
This $10B is to clear backlogs which is what is pressuring the naira,not inflows.
Because some people that have been backlogged for a while might get desperate and look for fx by any means and turn to aboki,further heating the little market up.
NAFEM is enjoying relative stability already,clear backlogs and watch parallel market demand crash and comatose.
Then not to also talk of citizen confidence which clearing backlog will bring, which will also crash speculative demand,further dipping aboki market
Abi una think say na that una $50 una dey buy upandan dey crash naira for aboki?

u think say na for street dey control fx..those ones na pawn..when some alhajis hoard the dollar after buying it.. ppl wey wan travel or import machinery no go see anything even politicians dey hoard am.

The USD will soon climb #1400/$ very soon.

yemmit90:
It is currently 1065.

Really? Good news

Irony1:
avoidant mentality. Oga your PR stunt has failed

k

initial gra gra.

AllDModsAreMaad:
I will give you just 3, I think it should be ok and we can start from their.

•Lack of FX revenue generator: FG over rely on international remittance by Nigerians in diaspora to generate FX, even the small one wey they generate sef, oil import, certain individuals businesses dey sap am,making the demand always high.
•Unfavourable/Unfriendly/ unsustainable business environment or policies which can improve export or FDI to boost the inflow of FX.
•Insincerity on the side of the political class: For example, they save or store their stolen money in dollars, so any FX that enters the country no go last or go round. They recieve bribe in dollars, they give bribe in dollars and so on.

I no wan mention JAPA matter that will always be there to reduce the small FX wey dey enter the country.

All the above mentioned did not start today. Lack of FX generator did not start in this administration. Politicians did not start to save in dollars today. It has been there for a long time. The question you refuse to answer is exactly what I was waiting for. How do aboki in the black market determine the exchange rate? If you have the answers I am sure you would have typed it here. A speculative market is not the true value of the naira.

@spiSeyi mark this post.

exchange rate will never be 300-400 again.
1. the refineries will require crude oil. Nigeria-s current production is about 1.2 M deduct the amount for the refineries Nigeria will only be able to export about 900K barrels of oil.
2. Dangote the refineries will sell petrol to the government in dollars. remember the debts are in dollars as well. Even the price of cooking gas is benchmarked against the dollar. Expect the same of petrol.
3. Dangote produces cement, fertilizer. Did this improve the forex rate ?
4. Nigeria is one of the largest exporters of gas. Did this improve the forex rate ?
5/ Why do you think the refinery of oil will improve the exchange rate. ?
 
The impact of the refineries will be this:

Nigeria's revenue from crude oil will reduce ( supply of dollars will reduce) - produced sale of crude byproducts will be benchmarked against dollars. or possibly sold in dollars to the government or distributors.

there won't be a net gain from the refineries. the same way most of our gas is sold, this is what will happen to the processed crude oil by products.

spiSeyi:
With this development, there will be panic selling, in the long run, there will be more sales of the USD which will eventually crash the rate of USD according to the law of demand and supply. The Naira will gain more against the USD by December due to the diaspora remittance (people will troop in for the holiday season), furthermore the Naira will fully bounce back as soon the 3 proposed refineries + the Dangote refinery begins operation at a full scale. In six months the official USD rate will be around 300-400 Naira

I want to be hearing such news..all time

BadCuntry:
No matter how much the Naira appreciates against the dollar... one thing is sure: before Christmas the Naira will trade above 1300 against the $$$

dont mind dem

spiSeyi:
With this development, there will be panic selling, in the long run, there will be more sales of the USD which will eventually crash the rate of USD according to the law of demand and supply. The Naira will gain more against the USD by December due to the diaspora remittance (people will troop in for the holiday season), furthermore the Naira will fully bounce back as soon the 3 proposed refineries + the Dangote refinery begins operation at a full scale. In six months the official USD rate will be around 300-400 Naira

Fool of a took

There was a country!

I sell all kinds of bracelets, wrist watches, necklace, human hair, breast pumps

I teach mini importation.

Kindly, reach out to me on 0.9.0.6.9.1.7.7.7.1.7.