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Nairaland Forum / Nairaland / General / Business / Naira Continues Recovery, Strengthens To ₦950 (34317 Views)
Naira Continues Appreciating Against Dollar, Sell At ₦1,100 / Naira Continues Appreciation Against USD At Forex Market / Naira Continues Free Fall On Official Window, Trades N1482.57/$ (2) (3) (4)
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Re: Naira Continues Recovery, Strengthens To ₦950 by GoodRocks: 7:44am On Nov 04, 2023 |
flokii: Will this reduce the price goods currently in the market? Will this reduce fuel price? How about gas price? 1 Like |
Re: Naira Continues Recovery, Strengthens To ₦950 by talkreal: 7:45am On Nov 04, 2023 |
SoNature: Whatever short term strategy that can pulse the further decline of the naira for now should be welcome. Because the rate things were going we where heading to a bottomless pit. Many people for just quench from now till December. Note I'm apolitical 1 Like |
Re: Naira Continues Recovery, Strengthens To ₦950 by maasoap(m): 7:48am On Nov 04, 2023 |
Dubetex96:If Tinubu couldn't do it, is it Obi that will do it? The man with zero idea. Did you know how many youths were extrajudicially murdered in Anambra state under him as a governor? He had to obtain injunction from court to prevent him from explaining what happened to those youths whose bodies were found in akwusu river or whatever it is called 2 Likes |
Re: Naira Continues Recovery, Strengthens To ₦950 by JagabanB: 7:50am On Nov 04, 2023 |
Mayeldah:U clearly displayed ur shallow knowledge. The subsidy paid to keep fuel at #200 is equal to subsidy paid is keeping it #600? No wonder u all blab on social media too much. Tinubu in a speech said they will intervene when necessary in the fuel issue, same thing ur propaganda machine in Rufai Oseni confirmed and praised on Arise TV. Seems u forgot that, if we ask u how much is used in subsidizing fuel now. U will begin to stutter because u basically have no idea. Naira is floating, continue to moan, foreign reserves wón't be used to defend it anymore. I see u are struggling to understand these policies but emotions wón't allow u to accept it. 1 Like |
Re: Naira Continues Recovery, Strengthens To ₦950 by JagabanB: 7:51am On Nov 04, 2023 |
Dubetex96:U always like to tell lies like ur principal typical of yes daddy lie. |
Re: Naira Continues Recovery, Strengthens To ₦950 by maasoap(m): 7:53am On Nov 04, 2023 |
Uchesis:It looks like you are stuck with the past my friend. This is 2023, not 2015. No one is okay with 750 to a dollar. What we're saying is that as long as the gains is sustained no matter how small it is, we're okay. It is you that should brush up your comprehending ability. Naira can't jump from 1300 to 250 overnight 1 Like |
Re: Naira Continues Recovery, Strengthens To ₦950 by MN07: 7:57am On Nov 04, 2023 |
maasoap: Your father was always useless and your mother was always a whor3 so it's understandable how you turn out to be a this useless. Even Donating your organs is an embarrassment to sick people. |
Re: Naira Continues Recovery, Strengthens To ₦950 by gloryman91: 8:12am On Nov 04, 2023 |
Alhamdulilahi Robil Alamin adupe fun Allah. Ya Allah ease our task and upset our debts for us all. |
Re: Naira Continues Recovery, Strengthens To ₦950 by Allisgud: 8:16am On Nov 04, 2023 |
The naira strengthening is not affecting any market values,but if it rises up it will affect,border has been open yet rice is where it is,even badagry the border community are still buying derica for 900 |
Re: Naira Continues Recovery, Strengthens To ₦950 by NothingDoMe: 8:22am On Nov 04, 2023 |
ElSudani:Makes no sense to celebrate N900 when dollar was N460 at the beginning of the year. Also baba said he would never defend the dollar as he said he would never subsidise fuel. Moral of the story is make your words soft because you'll never know when you'd have to eat them. 2 Likes |
Re: Naira Continues Recovery, Strengthens To ₦950 by emonis88: 8:34am On Nov 04, 2023 |
Let d Naira continue to strengthen like this o! Who like suffering? |
Re: Naira Continues Recovery, Strengthens To ₦950 by emonis88: 8:38am On Nov 04, 2023 |
Allisgud:Over time, it will, as long as the Naira/ dollar rate remains favourable n stable. 1 Like |
Re: Naira Continues Recovery, Strengthens To ₦950 by EvangelistChuks(m): 8:40am On Nov 04, 2023 |
Thai God |
Re: Naira Continues Recovery, Strengthens To ₦950 by Dubetex96(m): 8:45am On Nov 04, 2023 |
JagabanB: lmoa who lie pass Emilokan First class graduate wey dey forge certificate home and abroad. Tue Tue |
Re: Naira Continues Recovery, Strengthens To ₦950 by reddingtonblack: 8:58am On Nov 04, 2023 |
SeaTrade: You make some points, But the black market can not be criminalize, nothing is wrong with the parallel market except for the players, Nigerians are the criminal everybody wants to make fast money Besides the official fx window bandwidth is throttled in such a way it can't even meet 40% of our total FX demand, with bearly $3billion in our foreign treasury we can't afford to scrap parallel market. whatever intervention FG/CBN pumps into the FX market the spectators/sharks are waiting to mop it up in no time, but the govt can bait the sharks to identify them i think Nigerians need resensitization, the FX window is so saturated with Speculators, if the govt may digitalize the parallel market and set up agencies to monitor inflows & outflows and then go after the criminals. desperate times require desperate measures if only Govt can prohibit money-stashing it will go a long way to curb "hoarding". |
Re: Naira Continues Recovery, Strengthens To ₦950 by RenaissanceGuy: 9:00am On Nov 04, 2023 |
Thundafireseun:It's not true. Prices of commodities have crashed in Nigeria in the past. In 2017, prices of beans crashed from N700 to around N250; that of garri crashed from N400 to around N150, and a whole lot of others, until Covid19 came and they went up the roof. 1 Like |
Re: Naira Continues Recovery, Strengthens To ₦950 by bluefilm: 9:03am On Nov 04, 2023 |
Recovery from what exactly? From COVID-19 abi? Nonsense 1 Like |
Re: Naira Continues Recovery, Strengthens To ₦950 by Thundafireseun: 9:25am On Nov 04, 2023 |
RenaissanceGuy: Lol … I agreeee with you…. Buh do you think the price of PMS , AGO … and a whole bunch of things like electronics, clothes etc that have already gone up could come down just because Dollars moved slightly?? It should rather remain where it is oooo… 1300 for heaven’s sake …. We are already getting used to it |
Re: Naira Continues Recovery, Strengthens To ₦950 by alizma: 9:27am On Nov 04, 2023 |
Thundafireseun:One enemy of the Nation sighted under a mango tree. Since the naira started it's recovery, we have reviewed price downward twice and preparing for the third one. 1 Like |
Re: Naira Continues Recovery, Strengthens To ₦950 by RenaissanceGuy: 9:34am On Nov 04, 2023 |
Thundafireseun:Yes, they'll ALL crash in due course. It's food inflation that usually influences all other categories of inflation. 1 Like |
Re: Naira Continues Recovery, Strengthens To ₦950 by SeaTrade(m): 9:36am On Nov 04, 2023 |
reddingtonblack:First of all,reserves are way more than $3B. Secondly,If you take away speculative demand,you'd find out that Nigeria's fx consumption can be very well catered for by the official markets. Thirdly,if parallel market didn't exist,they won't be sharing inflows with CBN and damaging their fx earning potential.Or where do you think the fx aboki is selling comes from? Those are monies destined for Nigeria but rather than go through official channels, senders will go through aboki cos they'd pay higher.Also if you cancel aboki,where then do speculators get from to hoard?You see na.Then nationalise all dorm accounts,you have no business saving in other currencies in another country,that in itself is speculation. You're right about digitising fx transactions and cut out middlemen(banks) to starve the parallel market of supply,then start hunting down those bastards cos they'd still find a way to be relevant if you don't use deadly force. What they need to do is bring the entire naira in circulation to the banking system by any means ,then put stringent measures in place that won't have currency flying all over the place. 2 Likes |
Re: Naira Continues Recovery, Strengthens To ₦950 by Thundafireseun: 9:37am On Nov 04, 2023 |
RenaissanceGuy: Lol Give or take two weeks The price will go up again don’t be too happy |
Re: Naira Continues Recovery, Strengthens To ₦950 by reddingtonblack: 10:19am On Nov 04, 2023 |
SeaTrade: Bro no let dem decieve you, our fx reserve is NOT more than $3bn thanks to JP morgan that revealed the truth 2ndly for the official window to cater for the FX demannd, our balance of trade must have reflected favorable or something close to plus We bearly make money through trading and majority of the inflows are redirected to land in the parallel market, remove speculation stil on still official FX window can't meet the market demand. In as much as Demand overwhelms supply naira will keep falling. i get your drift against the parallel market, but you are forgetting the CBN/official window is not open to all items/people that necessitated the existence of parallel market, From reality check, on many occassions you will visit the banks/official channels and they disappoint giving you stories upon stories and when they finally oblige, you applied for $20000 they might give you just $5000 or $8000, situations like these fosters the parallel market cos the importer has no choice, funnily the bank officials are ready to give you aboki contact I understand the black market is much of a burden, however if the govt is sincere and committed we can solve these problem, bait the big sharks in the parallel market with intervention funds monitor and go after the sharks. who are these sharks, naa puzzle bah ?? |
Re: Naira Continues Recovery, Strengthens To ₦950 by dacool1(m): 10:47am On Nov 04, 2023 |
I don't understand why people are celebrating this as an achievement of the government. Though it's better the naira appreciates but let's not forget, some months ago it was just about 700 naira so why sing praises because it's 950naira. |
Re: Naira Continues Recovery, Strengthens To ₦950 by JagabanB: 11:32am On Nov 04, 2023 |
Dubetex96:Yes daddy, who denies reality. |
Re: Naira Continues Recovery, Strengthens To ₦950 by Primusinterpares(m): 11:37am On Nov 04, 2023 |
Truth be told. This is not a real crash. The can only crash if and only if Nigeria becomes productive. Increase in exports of process products and reduced imports. Every other ways na just for a very little while |
Re: Naira Continues Recovery, Strengthens To ₦950 by cyrusmillz: 12:22pm On Nov 04, 2023 |
flokii: This isn't about prayer mate. |
Re: Naira Continues Recovery, Strengthens To ₦950 by Dubetex96(m): 12:54pm On Nov 04, 2023 |
JagabanB: stop deviating from the topic. EMILOKON is busy with his try and error economic palliative |
Re: Naira Continues Recovery, Strengthens To ₦950 by Uchesis: 1:04pm On Nov 04, 2023 |
maasoap:Meaning that Tinubu is not a magician abi? . Na now una eye clear. . I thought you guys said he is a master strategist. . Una go explain tire |
Re: Naira Continues Recovery, Strengthens To ₦950 by richysam(m): 1:52pm On Nov 04, 2023 |
. |
Re: Naira Continues Recovery, Strengthens To ₦950 by Zxcvbnmghtr: 3:12pm On Nov 04, 2023 |
nedekid: Lol 'IMPORTERS' are always crying on Nairaland. Increased price equals to a decrease in patronage. |
Re: Naira Continues Recovery, Strengthens To ₦950 by Olaideolayemi(m): 3:27pm On Nov 04, 2023 |
By the Grace's of God,Naira is coming back to #250 to a dollar..... 1 Like |
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