₦airaland Forum

Yea right! Naira that was 220 to $1 last year, now it is good news that it is at 1300 to $1, fools are rejoicing.

Naigeria confused Zoo.

nnewsnjobs:
Go and sell your dollar, the peak time for dollar to go up was August, September and October, because we had very high demand during these period since most traders source for more dollars within these period to place order for good they want to sell during this December period.
So from November, dollar demand tends to reduce a little bit, also by December many people abroad will come home with some dollars as well.

So I don't think we will have a very sharp further increase again, rather we should have a stagathering drop.

layman's analysis and thought.

Fugazy2023:
Olodo. Go school you no go. Just making noise on SM and constituting nuisance.
Look at the chart below. Hope you can read or look for someone educated to interpret for you. I took the screenshot at past 6 this morning. Looking now, it has further crashed. Bid and ask price is now 996.80 and 968.08 respectively. Olodo

Sbeg, which broker be this? I wan
do analysis.

Elliotwaveforec:
Sbeg, which broker be this? I wan
do analysis.

I'm using Exness

Fugazy2023:
I'm using Exness

Ok, thanks for the reply!

Our politicians may be corrupt ( same can be said for others who are not politicians though) but I do not think they are inhumane to the extent of watching things deteriorate without any plans for intervention. Those who have held leadership position at any level would understand how sometimes the good things you want to do are hampered by other factors beyond your control most of which are unknown to the average followership. A Yoruba proverb translates as " the fowl is actually sweating but its wings are obscuring this from our sight"

Anyone with the sincere love of Nigeria should just pray that our leaders get it right and not be praying for hardship just because your candidates lost, there is no perfect system anywhere in the world. Let us not forget also that leadership of the country does not start and end with the presidency, what about our governors and elected representatives. As far as I am aware the recall procedure for house of rep and senate members has only been activated once in Nigeria for DIno Melaye and even then people failed to turn out to vote for or against. How will it be if those pompous reps know that we have the power to recall them anytime and we are ready to use it if they fail to meet our expectations.

Layman's analysis truly, who travels with foreign currency in cash on them again these days?, most transfers are now done online with money transfer apps and also most Nigerians in diaspora already have Nigerian bank account and would have taken advantage of the peak of the exchange rate to send some money to their account. All these analysis about December spending is valid in the days when people moved around with forex in cash

crackhouse:
layman's analysis and thought.

We knew it that Nigeria would go back to being the 'Zoo' once Obi lost the election. For your information any improvement in the current situation is a good news for right minded people. IF you are expecting dollar to go back to N220, you can always time-travel back to those days and stay there because the present government is not going to continue to subsidise dollar for the exotic tastes of Nigerians. In six months alone over $340 million in Forex was required to pay school fees abroad alone, and I bet that is the amount that went through official means. I guess it is needless to try to explain to your kind because to you,the cost of dollar is the only measure of performance and is the only national anthem you sing daily

https://businessday.ng/news/article/nigerians-spent-340m-on-foreign-school-applications-in-6-months-cbn/#:~:text=Breaking%20down%20the%20numbers%2C%20the,million%20going%20towards%20foreign%20education.

Calitoscassius:
Yea right! Naira that was 220 to $1 last year, now it is good news that it is at 1300 to $1, fools are rejoicing.

Naigeria confused Zoo.

Jashub:
It will still crash...

Let's pray and hope so. Let it return to the 150-180 those apc misfits met it.
Imagine how our purchasing power will increase.

Teenaira:
But government did not do anything to make Naira depreciate astronomically. It is all the handy work of speculators warehousing dollar. After all Nigeria has not embark on any major project requiring significant dollar injection in the last 3 months.

On the bolded. More reason to know that it's only the borrow borrow money that's just strength the naira. Once it is depleted, back to where we are before. No false hope here.

https://www.reuters.com/markets/currencies/nigerias-nnpc-secures-3-billion-loan-stabilize-fx-market-2023-08-16/

Bluntemperor:
The 1-$Dollar should dropped to N650 because those who are Speculative, especially the 'Big Men' in Nigeria are taking an undue advantages of a New Govt that is just settling down,not that these men have anything tangible to add to the Nigeria's fortune.
For instance - how many of them are into Productive Sector and if they are- they will be involved in Exports and Dollars repartration will be easy!
•Do you know a Stick of Agbado( Maize) is 1€(Euro) in France? Recently - a month ago and is Trending -you see a Nigerian frying Fresh Maize in the high browl -Paris!
•Can our big men be serious and Cultivate Large Farming to Employ thousands of Nigerian Workers,so that they can make cool money from abroad,instead of being speculative,as if they are playing a lottery?
•Also,govt should break the back of all those Mallams across our Major Streets and Cities- who are not Productive but are just speculators-and are the Footsoldiers of the o called Bigmen!

What a brilliant idea. But everything still boil down to govt policy. One thing is to grow the corn another is to be able to export it without issues waiting for you at the airport. When u have to settle every agancy there before your produce will be allow to fly.

Ikaeniyan0:
https://punchng.com/bdc-operators-caution-currency-speculators-as-naira-strengthens-further/?utm_source=auto-read-also&utm_medium=web

For real!

nnewsnjobs:
Go and sell your dollar, the peak time for dollar to go up was August, September and October, because we had very high demand during these period since most traders source for more dollars within these period to place order for good they want to sell during this December period.
So from November, dollar demand tends to reduce a little bit, also by December many people abroad will come home with some dollars as well.

So I don't think we will have a very sharp further increase again, rather we should have a stagathering drop.

Well said.

Dcoy:
Reading through all these comments shows the low intellectual level of many nairalanders....
I use to think nairalanders make some comments because of allegiance and sentiments but now I have realized that they are actually very dumb...

Sorry Sir, with all due respect sir, you ended up making no single point sir.

Fugazy2023:
Olodo. Go school you no go. Just making noise on SM and constituting nuisance.
Look at the chart below. Hope you can read or look for someone educated to interpret for you. I took the screenshot at past 6 this morning. Looking now, it has further crashed. Bid and ask price is now 996.80 and 968.08 respectively. Olodo

True that.
By the way @Fugazy2023, what Moving Averages (EMAs or SMAs?) do you have on your attached currency chart?
Thanks.

Good development

Baatunde:
Layman's analysis truly, who travels with foreign currency in cash on them again these days?, most transfers are now done online with money transfer apps and also most Nigerians in diaspora already have Nigerian bank account and would have taken advantage of the peak of the exchange rate to send some money to their account. All these analysis about December spending is valid in the days when people moved around with forex in cash

Indeed.

sukkot:
Y’all just don’t understand the genius of Emile o corn. You see those billions of dollars pumped into the banks ? That’s a 2 to 3 months effect and within that time space they are going to fire up the Dangote refinery in December ( they already allocated close to a million barrel of oil in december to fire it up ) which would be a huge source of forex being the biggest refinery in the world every country would come refine in naija and would pay in dollars and then coupled with detty December when all japarians bring in forex, am afraid by this December there will be a huge crash to like 400 or 500 and it will never rise up again ever. It will just slowly start to decline till it gets to like 100 over an 8 year period

I guess all am saying is if you didn’t cash out when it hit 1300 you lost forever.

Lol ! Sukkot is now a voodoo economist .
Can't wait though...

ConfidentialDoc:
Lol ! Sukkot is now a voodoo economist .
Can't wait though...

hehe bro. i wear many hats

Dollar will be so useless to the extend that,one dollar will be equivalent to #250 or below by the grace of God!!!

Currency speculators are ENEMIES THE STATE.GET NOW!

zinaunreal:
Artificial cure

Those are things they refused to do all along that made everything went south. Buhari and Tinubu wanted to do things differently. Floating naira in an economy with deficit exportation!

maasoap:
Those are things they refused to do all along that made everything went south. Buhari and Tinubu wanted to do things differently. Floating naira in an economy with deficit exportation!

So far we are big chronic consumers, God help the naira

Oritna94:
This is only a temporary measure. Shey the 7billion dollars they borrowed to back the naira will finish? Just give it 2 months highest and we go back to status quo. I pray Nigeria can start producing so as to earn the much needed Forex to back the naira.

It will saturate the market and quench everybody's thirsty. Why was CBN itself hoarding the dollars?

Teenaira:
The reason for the rate increase is because of those warehousing dollars to create artificial scarcity. It is not the demand for dollar. Let them continue, some people will really burn their fingers quite badly.

You are right, dollar/currency warehousing was part of it, also note that dollar is always in demand within this period, from traders and even companies because every company is trying to close their financial year and budget, so you need to execute your budget and close it for major import between August and October because November and December is closing and financial balancing period for budget and capex.

one4GOD:
I have screenshot your comment and am praying that by the end of this month I can say 3gbosa for you because am one of those who really need it to go down and most expectantly to reflect in the cost of things in the market at least food

It will surely go down, mark my word, even the Government is not happy with this trend and is working seriously to see that is go down, also the demand will naturally go down in November and December plus Government intervention, meaning it will surely go down gradually. Even companies are cutting down on expenses within November and December to be able to meet up with budget and Capex, so we will have less demand for dollar for importation within these two months and dollar will drop gradually against the naira. Am not even considering Dangote refinary and others.

PaulH07:
Perhaps one should buy around that December and keep for the rainy days next year early 2024, when it would risk up again.

Wetin you think?

Don't buy, the naira to dollar exchange rate you are seeing is not the actual rate, you need to wait till middle 2024 to know if there will be stability.

nnewsnjobs:
Don't buy, the naira to dollar exchange rate you are seeing is not the actual rate, you need to wait till middle 2024 to know if there will be stability.

Do you think the naira is still gonna fall further or what?

Fugazy2023:
Olodo. Go school you no go. Just making noise on SM and constituting nuisance.
Look at the chart below. Hope you can read or look for someone educated to interpret for you. I took the screenshot at past 6 this morning. Looking now, it has further crashed. Bid and ask price is now 996.80 and 968.08 respectively. Olodo

Keep deceiving yourself with charts...