Yourprick:
them go hear m I swr 🤣🤣

So, they said about those that bought at 680 then 860...

See where we are now, rejoicing over 1k dollar to naira.

Things will change substantially once we get our export game on point...everything else is a stop gap measure.

SoNature:


Every competent government works hard to grow its foreign reserves, not spend from it. If former presidents who came before Tinubu started spending that money, what would have Tinubu met?

Oops! I guess he didn't promise Nigerians anything; he's only enjoying his turn and has hired tons of online scallywags to defend his rascality.

I think you should study these before commenting, economics and dynamics of foreign reserves, debt servicing, currency rate dynamics, the meaning of forex backlog and it's effects.

ChatGPT would enlighten you on these. Thank you.

seborrhic:

Even in the most developed countries,central banks intervene in the currency market when it starts spiralling out of control.
If the government and CBN don't intervene in the market,at the rate the ₦ is sliding,by January or April next year,we might be looking at $1 to ₦3000!

You have a solid point.

Ikaeniyan0:
This should have a positive effect on the naira. I pity Nigerians who bought dollars above 1k.

Yea right! You can only keep hopping, nothing wrong with keeping up hopes.


Go and find out for yourself how much dollar is.

fatboyslym007:


I think you should study these before commenting, economics and dynamics of foreign reserves, debt servicing, currency rate dynamics, the meaning of forex backlog and it's effects.

ChatGPT would enlighten you on these. Thank you.

Sorry, I won't. Believe whatever you like. Someone like myself built ChatGPT from neutral feedback.

Calitoscassius:
Yea right! You can only keep hopping, nothing wrong with keeping up hopes.


Go and find out for yourself how much dollar is.

You can't expect to start seeing the effect immediately. Dollar is presently selling below 1200/$. I and other Nigerians hope it gets better

Geovanni412:


So, they said about those that bought at 680 then 860...

See where we are now, rejoicing over 1k dollar to naira.

Things will change substantially once we get our export game on point...everything else is a stop gap measure.

Don't mind these goons, some of them have never exchanged 1 dollar before, let them go find out for themselves how much dollar exchanged today.


They are not even excited about the so called naira appreciation, they are rejoicing in sheer believes that people will lose money, more like envy and hatred.

Gajagojo:
Ypu clearly don't understand what is gping on and you have zero understand what foreigh reserves are

That is patently obvious

There is nothing like "Nigeria's foreign reserves"

It is the CBN that owns and keeps foreign reserves and so if the CBN is owing any backlog it will pay from its (The CBN's foreign reserves)

will you keep quiet and stop spewing rubbish.

Ikaeniyan0:
You can't expect to start seeing the effect immediately. Dollar is presently selling below 1200/$. I and other Nigerians hope it gets better

So you said.


As i said, nothing wrong with keeping up hope. If only hope works practically.

Hello .
If you wish to learn or become profitable trading the financial market(Forex ) .
Kindly send me a DM

My worry is whether there'll be forex to service new obligations.

What steps are the CBN and the finance ministry taking that new inflows of dollars come so as to fill up the foreign reserves to at least 3 months cover?

My worry is that the present loose monetary policy by the CBN will create a situation where demand for FX will always be greater supply.

Calitoscassius:
So you said.


As i said, nothing wrong with keeping up hope. If only hope works practically.

Base on the intervention of the CBN, naira is no more falling badly. If the money the FG is expecting starts coming in and the Dangote refinery starts working, naira will keep on strengthening against the dollar.

optimusprime2:
At this rate...

By January 1usd may equal 2000NGN

You can't tell me that this clearance is not made from foreign reserves... in the midst of all the debt.

I'm not sure this one even finished secondary school

LordAdam16:


They leaked to the press that they'd receive funds this week from foreign lenders and start clearing the backlog.
They made this inaccurate disclosure because they had to stem the drop in the parallel market.

If this week had ended without any action on the backlog, it'd have led to a surge next week.
That's why they're tapping into the reserves.
Preliminary reports state they took out $1B.

I guess they'll stagger it every two weeks or thereabout until they receive the funds which they'll then use to plug the leaking reserve.
Meanwhile the downward pressure on rates will hold.
Ensuring a near-term band of 900-1100.

All of this is contingent on those funds coming in before the end of the year.
If they don't, we'd have a negative net reserve and rates will crash with a vengeance.
It'd have been great if the Dangote Refinery had commenced gasoline refining.
But while it may yet kick off before the end of the year. It'll take a while to ramp up.
Most of our crude is earmarked for export to secure prized $.

The CBN is trying to restore belief and confidence in their capacity to meet institutional obligations.
To that end, this is helpful.

-Lord

@lord, law is law, u cant deep hands into foreign reserve without the consent of the senate..its naija's money and not presidency money..so tinubu by doing such even if it meant well has committed an impeachable offence...

again, FG being the main supplier of FX into a country madly in need of it is just a jimmick nd cant hold the pressure on the local currency " the naira" down for so long...

the country needs to pet talk firms like naija international banks nd big multinationals like dangote international to please bring their hard earned FX home to hrlp FG solve the problem of FX supplies

the dangote refiniery will indeed help reduve pressure but only at the demand side.nd this may not b at a significant level...

the economy is on a free fall nd at a very difficult stage..tinubu ought not be appointing very bogus cabinet or announing very financially reckless lifestyle..

truth is tinubu is too engrossed with politics we need an economy very concious leader..not him

Let me go and sell all my dollar o🏃🏃🏃

Ikaeniyan0:
Base on the intervention of the CBN, naira is no more falling badly. If the money the FG is expecting starts coming in and the Dangote refinery starts working, naira will keep on strengthening against the dollar.

Yes, more wishes and hopes, if, if and more if. Dangote will perfom magic.

We wait for that day! Meanwhile??

Gajagojo:
Ypu clearly don't understand what is gping on and you have zero understand what foreigh reserves are

That is patently obvious

There is nothing like "Nigeria's foreign reserves"

It is the CBN that owns and keeps foreign reserves and so if the CBN is owing any backlog it will pay from its (The CBN's foreign reserves)

Kai don't say what you don't know.

Which CBN foreign reserves? Is CBN now an independent body?

Can CBN spend a dime of the foreign reserves without approval? If the FX deficit was the problem why has CBN not just debited the FX reserves all this while to flood the market? Why is the FG securing a $10bn loan to meet its matured FX obligations then?

Calitoscassius:
Yes, more wishes and hopes, if, if and more if. Dangote will perfom magic.

We wait for that day! Meanwhile??

Yea, we are already seeing the positive results already

I bought $5k at 1090, I will not panic because it's going to rise again.i will buy again if it drops again because am targeting ,$15k.

Ikaeniyan0:
Yea, we are already seeing the positive results already

Show me proofs of the positive results please? The price of a bag of cement is still 6500 naira today.

Calitoscassius:
Show me proofs of the positive results please? The price of a bag of cement is still 6500 naira today.

This thread is not about the price of cement

Hakeem66:
I bought $5k at 1090, I will not panic because it's going to rise again.

Don't panic man! December it will hit 2500 naira if not more.

LordAdam16:


They leaked to the press that they'd receive funds this week from foreign lenders and start clearing the backlog.
They made this inaccurate disclosure because they had to stem the drop in the parallel market.

If this week had ended without any action on the backlog, it'd have led to a surge next week.
That's why they're tapping into the reserves.
Preliminary reports state they took out $1B.

I guess they'll stagger it every two weeks or thereabout until they receive the funds which they'll then use to plug the leaking reserve.
Meanwhile the downward pressure on rates will hold.
Ensuring a near-term band of 900-1100.

All of this is contingent on those funds coming in before the end of the year.
If they don't, we'd have a negative net reserve and rates will crash with a vengeance.
It'd have been great if the Dangote Refinery had commenced gasoline refining.
But while it may yet kick off before the end of the year. It'll take a while to ramp up.
Most of our crude is earmarked for export to secure prized $.

The CBN is trying to restore belief and confidence in their capacity to meet institutional obligations.
To that end, this is helpful.

-Lord

You claimed CBN leaked the news to the press yet the both BAT & Wale Edun mentioned it during the NESG event recently. How is that still a leak?

How do you know for certain that the anticipated funds are yet to come in? Please provide proof otherwise you are only assuming! Why are you implying your personal assumptions to be fact??

Hakeem66:
I bought $5k at 1090, I will not panic because it's going to rise again.i will buy again if it drops again because am targeting ,$15k.

Q
Country fit good forever, lol

It's obvious.

Calitoscassius:
Don't panic man! December it will hit 2500 naira if not more.

yes for sure.

Naira Keep Appreciating: Dollar Rate Today , November 2, 2023 https:///naira-keep-appreciating-dollar-rate-today-november-2-2023/

SocialJustice:
Novice People who bought dollar above N1k to hoard are about to lose massively.

The only news that matters is whether the government has started earning more dollars.
Since the answer is no, then the "hoarders" only need to wait.

Ikaeniyan0:
This thread is not about the price of cement

You always argue against yourself you claimed you are seen the positive result of the naira appreciations i ask you for proofs, gave you an example with the price of cement. You carefully avoided providing proofs and then tries to divert the to the same line, "this thread is not about the price of cement"


Fine, show me the proofs of the positive outcome that you claim to have seen. forget cement price, high food and commodities prices

Yourprick:
Goan sell those $$$, Naira appreciating to 1k hopefully 900 before year end

What app is this?

LordAdam16:


They leaked to the press that they'd receive funds this week from foreign lenders and start clearing the backlog.
They made this inaccurate disclosure because they had to stem the drop in the parallel market.

If this week had ended without any action on the backlog, it'd have led to a surge next week.
That's why they're tapping into the reserves.
Preliminary reports state they took out $1B.

I guess they'll stagger it every two weeks or thereabout until they receive the funds which they'll then use to plug the leaking reserve.
Meanwhile the downward pressure on rates will hold.
Ensuring a near-term band of 900-1100.

All of this is contingent on those funds coming in before the end of the year.
If they don't, we'd have a negative net reserve and rates will crash with a vengeance.
It'd have been great if the Dangote Refinery had commenced gasoline refining.
But while it may yet kick off before the end of the year. It'll take a while to ramp up.
Most of our crude is earmarked for export to secure prized $.

The CBN is trying to restore belief and confidence in their capacity to meet institutional obligations.
To that end, this is helpful.

-Lord

Gbamsulotely, end of thread, Succinctly put and spot on

ivolt:

The only news that matters is whether the government has started earning more dollars.
Since the answer is no, then the "hoarders" only need to wait.

Country that rellies on the value of dollar has no hope. As you have rightly asserted, all they have to do is wait till the inevitable happens.