oliverwrites:
Open another thread on inflation and tag me and I will response. What we are talking about here is how dangote refinery will impact the naira. Dumb ass.

Insult me as you wish, I refuse to call you a useless idiot who doesn't know what he's talking about and who doesn't know that if naira falls in value 30% yearly and dollar only falls 3% that it is inevitable that in the long run more and more naira will be needed to buy a dollar. I won't call you a stupid slowpoke who doesn't know that!

kellybently:


not difficult all it need is patience. is a long time investment also..

vibrantchild01@gmail.com

pls I will need what app number

Athena6:


Thanks for the advice, I guess I will just cut my loses.
It is very painful losing 400k in just a few days 😢

It won’t get lower than 700. Just F”king wait till it rises again. Are you using the money for anything urgent? If not, leave it be.

alimiadedayo1:
pls I will need what app number

I dont share my phone number is public forum like this.

send me mail. I 'll give you my number

Athena6:
Last week I created a thread talking about how my japa plans have been crushed due to the increase in dollar.

Many adviced me to invest in dollar, this was the advice they gave me months ago but I did follow through because I wasn't sure.
My last thread hit front page and 90% of the comments were advising me to invest in dollars, one even quoted that in the past 10 years, the dollar haven't fallen but it increases every year.

One even called me a weak minded person and I am scared to take risks.
After everything I thought to myself, since so many people felt this dollar will keep on rising, maybe I should invest afterall life is all about risks.

Well guess what, dollar have decreased, I invested 3M in buying dollars and now in today exchange rate. I have 2.6M now and I either cash out now or hope it will increase.

Right now, I am very angry.
Those giving me advice should come and contribute the 400k for me o

Another thing, do you think the dollar will increase or should I just cut my loses.
I am so tired 😫

Why did you buy at the highest point? Don't you read news? Do you expect the Government to sit an allow dollars to hit 2000? Do you know the implications flof that?

Trojan8:


What are you saying? Same way Buhari made some, Tinubu has also made some. It's an almost perpetual cycle, so in reality there's no income lost to the present administration.

There's nothing to read and understand in what you said. Learn and stop trying to be stubborn, you won't die if you admit that you didn't know.

Dude you are chatting AIR.

Like I wrote in my first comment, Nigeria's problem is lack of (enough) FX supply. Until that improves, Nigeria will continue to suffer the consequences (fall of the Niara).

The Oil swap isn't a bad deal, neither is whether Buhari or Tinubu initiated it rather the issue with is that Nigeria owes oil majors Co. a backlog of oil from the deal which it is yet to fulfil and that will in turn will affect the supply of FX to the Nigerian economy.

Abeg don't drag me into you, Buhari/Tinubu/Obi/APC/PDP/Labour talk as I see that's where this is headed and don't quote me again.

FYI, this is my last response to you!

Wolfdevil:
Why is everyone complaining.

If you follow the market, this thing happens every year around this time. It will eventually rise even higher. The op should just calm down. It will rise even higher than #1300

Evil citizens. The greatest problem of this country is the citizens.

FOLYKAZE:


Welcome to Nairaland where the snails give advise to cheetah on how to run...

Very funny but absolutely true.

Zakiwhite:

@maryam1234 Wassup, how can I get your contact for the rice… u can as well WhatsApp me on 08034960870 thanks 🙏

I am not Maryam1234, but I can vouch for her. She is trustworthy and very committed. Her number is +234 706 825 5790. You can reach her via that.

FlyingKing:


Please, let talk business about this Rice business. More interested

You can reach her via +234 706 825 5790. She is very trustworthy and will ensure you get the best.

pipnator00:


Dude you are chatting AIR.

Like I wrote in my first comment, Nigeria's problem is lack of (enough) FX supply. Until that improves, Nigeria will continue to suffer the consequences (fall of the Niara).

The Oil swap isn't a bad deal, neither is whether Buhari or Tinubu initiated it rather the issue with is that Nigeria owes oil majors Co. a backlog of oil from the deal which it is yet to fulfil and that will in turn will affect the supply of FX to the Nigerian economy.

Abeg don't drag me into you, Buhari/Tinubu/Obi/APC/PDP/Labour talk as I see that's where this is headed and don't quote me again.

FYI, this is my last response to you!

Clown, who's dragging you into talks about politicians. You said we have oil obligations to fulfill that Buhari signed. And I was telling you that oil contracts are made that way. As long as Nigeria keeps producing, then in reality Tinubu has not lost anything in the form of revenue because more future swaps would be signed to provide revenue now.

If you still don't understand this, then it's clearly a waste of time.

kellybently:



CBN told you this or how did you get the information.

Omo, fear catch me when I read that comment. CBN buying and selling on Binance.
There is nothing one will not read on social media now.
And when you engage people like that, na insult dem go insult you las las.

I wonder why CBN did not start the buying and selling since all these days.

Just read some comments and move on bro.

kestolove95:
My frnd bought dollar for #1300 with the hope it will rise to 2k by Dec.... Omooooo God safe me

Na that una friend dey spoil our country for us oooo....
We poor people dey here dey pray make dollar price come down so we can see garri buy in peace and breathe but they're praying that dollar should be going up up up..... Na wah oooo

kellybently:


not difficult all it need is patience. is a long time investment also..

vibrantchild01@gmail.com

check your email have sent you messages

oliverwrites:
I have lost 800k today but note that dollar isn't going high to 1300, unless dangote refinery fails. I am only waiting till it gets to about 1100 and then exit. I forsee dollar going to 750 before March unless Dangote refinery fails.

So in essence, you dey pray for Dangote refinery to fail ba??

alimiadedayo1:
check your email have sent you messages

ok

Athena6:
Last week I created a thread talking about how my japa plans have been crushed due to the increase in dollar.

Many adviced me to invest in dollar, this was the advice they gave me months ago but I did follow through because I wasn't sure.
My last thread hit front page and 90% of the comments were advising me to invest in dollars, one even quoted that in the past 10 years, the dollar haven't fallen but it increases every year.

One even called me a weak minded person and I am scared to take risks.
After everything I thought to myself, since so many people felt this dollar will keep on rising, maybe I should invest afterall life is all about risks.

Well guess what, dollar have decreased, I invested 3M in buying dollars and now in today exchange rate. I have 2.6M now and I either cash out now or hope it will increase.

Right now, I am very angry.
Those giving me advice should come and contribute the 400k for me o

Another thing, do you think the dollar will increase or should I just cut my loses.
I am so tired 😫

Don't withdrew, it will still go up, even more you will gain, I wish you are using it to trade it would have been a different issue, but you need knowledge, patient and a lot of guts to trade.. yeah.. when you are trading you don't have that fear of if NAIRA or USD will go down or up

.. you keep earning or you keep Lossing so it is just a world of trading..

chronique:
It's funny how people who have no direct business dealings with dollars, end up going to buy dollar to keep as a way of making money, or salvaging their savings, and still complain that the naira is losing value. It's either you guys are outrightly stupid, or suffer from gross ignorance. If every Nigerian decides to save their naira in dollar, how much do you guys think the naira will be worth? Yes, the government has its own faults but average Nigerians too are a problem to the country. Everyone is now trying to price their goods to the dollar even when they don't have a reason to. Only people who are trading with the dollar regularly, should have a business with it. You are earning naira as a person, you are not doing any imports, yet you want to buy dollar to keep as a way of defending your naira, aren't you part of the problem? There's a fictitious/unnecessary demand for the dollar which in turn, drives the value of the naira down.

@op: sorry you listened to the advice of most people here. You would be shocked to know majority of them are kids in real life, or people who get their information from beer parlor and market women cos I don't know why any sensible person would advise you to buy dollar to store, knowing fully well that it's already around 1300. That's a very risky and bad advice. Even if you want to trade forex, you don't buy when the price is that high, knowing fully well that the government is looking for ways to crash price down cos if they don't, they would be forced to deal with an army of hungry jobless Nigerians, as a lot of businesses would crash if the slide is not arrested. The only people who should buy it at that price, are people who need it urgently. Yesterday, I asked aboki for dollar and he said 1150. I told him I wanted as much as 10k and he offered to do it 1100 even without me pricing. By evening, price had crashed to about 1000 or 950 as it was reported elsewhere. He's going to be very desperate to sell now before it crashes further and this is what would happen to most speculators. The ripple effect of this is that more dollars would be available for sale and drive price further down. My advice is to not hold it further if you still have it.

Thanks for the advice, I have sold it this morning, I lost about 500k but it's better to have peace of mind than always checking whether the dollar will increase or not.
Anything investments, I am not doing again

Trojan8:


Clown, who's dragging you into talks about politicians. You said we have oil obligations to fulfill that Buhari signed. And I was telling you that oil contracts are made that way. As long as Nigeria keeps producing, then in reality Tinubu has not lost anything in the form of revenue because more future swaps would be signed to provide revenue now.

If you still don't understand this, then it's clearly a waste of time.

Nkita ara!!! You act like you know more yet wallow in stack ignorance!

You keep shouting about the swap all over here, at least you should have known that the last swap is different from the previous swaps.
This time, they are swapping unrefined crude for petrol, kerosene, jet fuel and all those just so there wouldn't be pressure on the limited FX reserve.

Again, from my comments, you should have known I don't have any contention with the swap, rather our inability to fulfil our part of the deal. Also, going by the nature of the present swap, where is the FX supply gonna come from when we are yet to fulfil our part of the swap deal?

You just succeeded in wasting my time schooling you. Again, don't quote me since you only read but don't understand. BLOCKHEAD!

Sometimes last year I bought dollar @695. About two weeks later it deprecated to about 650. Based on the fact that I was low on cash I couldn't buy more, as most people were rushing out. Today it's where it is.

With all the recent news about dollars losing against naira, I just look for new entry points.

So, op do what ever you like. It's all part of the learning process.

Keep the dollar if you don’t have need for it. I have dollars in my account I bought for 350, 400, 500, 700, even 1,330 before the rates went down.

Athena6:


Thanks for the advice, I have sold it this morning, I lost about 500k but it's better to have peace of mind than always checking whether the dollar will increase or not.
Anything investments, I am not doing again

This is like a baby deciding not to walk anymore because he fell at his first attempt of walking

weslay:


This is like a baby deciding not to walk anymore because he fell at his first attempt of walking

I am not doing again, I have lost 100k in a ponzi scheme now I have lost another 500k.
If I use the money to buy clothes, I would have 3 big boxes of clothes than wasting it on those investments.

Athena6:
Last week I created a thread talking about how my japa plans have been crushed due to the increase in dollar.

Many adviced me to invest in dollar, this was the advice they gave me months ago but I did follow through because I wasn't sure.
My last thread hit front page and 90% of the comments were advising me to invest in dollars, one even quoted that in the past 10 years, the dollar haven't fallen but it increases every year.

One even called me a weak minded person and I am scared to take risks.
After everything I thought to myself, since so many people felt this dollar will keep on rising, maybe I should invest afterall life is all about risks.

Well guess what, dollar have decreased, I invested 3M in buying dollars and now in today exchange rate. I have 2.6M now and I either cash out now or hope it will increase.

Right now, I am very angry.
Those giving me advice should come and contribute the 400k for me o

Another thing, do you think the dollar will increase or should I just cut my loses.
I am so tired 😫

Impatient will not kee you. Forget about the dollar crash is just a scam. Dollar will still go up. I remember in 2021 december, I invested 3millionnaira into dollar and I bought the dollar at 500naira per dollar and in 2022 January it crashed to 460 per dollar , I didn't feel bad and I had to buy another extra 500k naira making it 3.5million that I invested in dollar, I left the money there since that 2021 till date. How much do you think is the worth now, over 6million naira now.

Don't ever be in a haste to complain.

Athena6:


Thanks for the advice, I have sold it this morning, I lost about 500k but it's better to have peace of mind than always checking whether the dollar will increase or not.
Anything investments, I am not doing again

Seriously 😳

You no get mind Sha, pls don't go near FX ever again.

Dollar will still rise a lil bit soon but by mid next year, it will stable at 750 or so.

Persephone1:
Like!! any small thing go and buy dollar, go and buy dollar as if they are in control of dollar rate . It's just a chance of luck for those who have money saved in USD already not a business venture. I'm sad Op finally fell for nonsense advise.

Later they will blame their leaders for everything.

Hello my run wife who is fighting with me. I want to send you to the UK. Hope you won't leave me at the airport and run away. There is cold and I don't want to freeze to death.

Amicable24:

So in essence, you dey pray for Dangote refinery to fail ba??

I don't do those APC vs PDP shiit with you guys. I am pro Nigeria. Whether good or bad, I will make money regardless, I am a very high intelligent person who has GOD on his side so regardless of what happens, I will ALWAYS HAVE MORE THAN ENOUGH ( mind the caps ).

Athena6:


Thanks for the advice, I have sold it this morning, I lost about 500k but it's better to have peace of mind than always checking whether the dollar will increase or not.
Anything investments, I am not doing again

This "thing" you did, na investment for your eye??

queenblossom:



Impatient will not kee you. Forget about the dollar crash is just a scam. Dollar will still go up. I remember in 2021 december, I invested 3millionnaira into dollar and I bought the dollar at 500naira per dollar and in 2022 January it crashed to 460 per dollar , I didn't feel bad and I had to buy another extra 500k naira making it 3.5million that I invested in dollar, I left the money there since that 2021 till date. How much do you think is the worth now, over 6million naira now.

Don't ever be in a haste to complain.

The question you fail to ask yourself is this:
From 1999 till 2015, how come there was just little increase of the dollar. Also from 2017 until 2020 (COVID-19), dollar was somewhat stable at around 360 naira.

In 2020 and 2021, Nigeria had trade deficit due to lower exports of oil. In 2022, our oil production was worse. This is what we have been suffering but in 2023, production has been a bit better and the prices have not been that low compared to 2021.

This means if CBN can clear all the backlogs they owed since 2020, they would start intervening hugely in the market again and we go back to 2018 and 2019 stability levels.

So those trading in FX market must follow financial news and not just trade with naira. Not all conditions are thesame.

I lost over 600k in just two days,omo i quickly lose weight but life goes on

GeneralDae:

No matter how big that big man is, he can't be bigger than the CBN if they clear their backlogs and then decide to control the market.

Go read about Warren Buffet, his a market maker in the gold market. Also research about market makers.

I can say with all certainty naira can never below 1k by February. Go write it down.

skultrick:


Go read about Warren Buffet, his a market maker in the gold market. Also research about market makers.

I can say with all certainty naira can never below 1k by February. Go write it down.

Okay let's remind each other by February.