₦airaland Forum

The dollar has crashed to N1,390 on Binance after FG BAN

I wish

serious prayer against enemy within

Let's see what tomorrow brings because I strongly want the betterment of Nigeria but with this people in power nanananah I don't see that coming

True, 2 hours ago, it was 1630 averagely..

If you know how to read charts, you'd know what happened is called a dip. It will find a base at an equilibrium that balances those betting for the naira (government) and those for dollar (market speculators). What you should ask yourself is "How many people are willing to support the naira at this price through production and earning the dollar? And how many people are hungry for the dollar to escape impending naira crash and to do business (politicians, the rich and importers). As long as the underlying causes are not tackled, it's merely an entry point for speculators because many deep pockets will gain positions at this point only to cash out when it goes right up. That dip is a mere consolidation phase. In fact, this dip fools no one but shows desperation and market action based on fundamental factors. A real recovery happens slowly. What you see on that chart is just an opportunity for the rich to make more money off further impending naira crash. It's primary economics. If you don't produce and export, it's hopeless hoping.

It just crashed to 1$= 1 naira on binance few minutes ago

Good one FG, Bag of rice is now 50k.

makemoneywbsite:
If you know how to read charts, you'd know what happened is called a dip. As long as the underlying causes are not tackled, it's merely an entry point for speculators because many deep pockets will gain positions at this point only to cash out when it goes right up. That dip is a mere consolidation phase. If you don't produce and export, it's hopeless hoping.

Exactly. Produce or forget about it.

Agbado economics. 🤣🤣🤣

Are you agbadorians now depending on Binance for the Naira to gain value wonders shall never end! if you don't produce and export to gain more dollars, how will your naira gain value after buhari's 8 worthless years
Nigeria is in for a hard time, no thanks to your white powder govt's trial and error bulabu economics. Tinubu is good at barking. He's completely empty in the head. Infact, the only thing Tinubu is good at is politics of treachery and deceit. He knows nothing about economics.

At this point, anything other than production and export for Nigeria is as good as nothing. Tell that to your drug lord.

Just now!

https://dailytrust.com/forex-crisis-were-working-with-fg-to-block-dollar-naira-exchange-binance/

Some economy saboteurs will be busy buying the dip right now 😡 it might still shoot up before 12am

Lol I hope it's for good this time

Paraman:
Some economy saboteurs will be busy buying the dip right now 😡

They have blocked the website....MTN in particular.

Nigeria market have never respected the law of demand and supply.

Not for dollar/naira, not for food, not even for cement.

Some people just sit somewhere, finish eating eba, sweat hard, then speculate, and say today, we will sell for this amount.

Kenneth4u205:
It just crashed to 1$= 1 naira on binance few minutes ago

imagination kee u.

Binance accused of manipulating Nigerian Naira as ‘glitch’ impacts P2P traders

https://cryptoslate.com/binance-accused-of-manipulating-nigerian-naira-as-glitch-impacts-p2p-traders/

makemoneywbsite:
If you know how to read charts, you'd know what happened is called a dip. It will find a base at an equilibrium that balances those betting for the naira (government) and those for dollar (market speculators). What you should ask yourself is "How many people are willing to support the naira at this price through production and earning the dollar? And how many people are hungry for the dollar to escape impending naira crash and to do business (politicians, the rich and importers). As long as the underlying causes are not tackled, it's merely an entry point for speculators because many deep pockets will gain positions at this point only to cash out when it goes right up. That dip is a mere consolidation phase. In fact, this dip fools no one but shows desperation and market action based on fundamental factors. A real recovery happens slowly. What you see on that chart is just an opportunity for the rich to make more money off further impending naira crash. It's primary economics. If you don't produce and export, it's hopeless hoping.

If reading chart is that important everyone would learn how to read charts and become unbelievably rich.
Reality is all that chart reading carp is no better than going tons babalawo.
Not relevant in the real world

Gajagojo:
If reading chart is that important everyone would learn how to read charts and become unbelievably rich.
Reality is all that chart reading carp is no better than going tons babalawo.
Not relevant in the real world

Kindly crawl back to your cave
Thank you

shortgun:
Kindly crawl back to your cave
Thank you

You feel small and want to lash out to manage your ego
No vex

Chart reading is no different from palm. reading
With a lot of "experts" and gullible disciples
If it had any substance to it everyone would do it

Gajagojo:
If reading chart is that important everyone would learn how to read charts and become unbelievably rich.
Reality is all that chart reading carp is no better than going tons babalawo.
Not relevant in the real world

Wrong. Not everyone can read charts. Even those that can may not have the state of mind to risk money. Some of the richest people on earth read stock market charts and invested. Even those that can't read them employ people who can, otherwise you won't have trillion dollar stock brokerage industry.

LegendHero:
Nigeria market have never respected the law of demand and supply.

Not for dollar/naira, not for food, not even for cement.

Some people just sit somewhere, finish eating eba, sweat hard, then speculate, and say today, we will sell for this amount.

You're on point

Thank God for this ban

Binance really took control of the naira

makemoneywbsite:
If you know how to read charts, you'd know what happened is called a dip. It will find a base at an equilibrium that balances those betting for the naira (government) and those for dollar (market speculators). What you should ask yourself is "How many people are willing to support the naira at this price through production and earning the dollar? And how many people are hungry for the dollar to escape impending naira crash and to do business (politicians, the rich and importers). As long as the underlying causes are not tackled, it's merely an entry point for speculators because many deep pockets will gain positions at this point only to cash out when it goes right up. That dip is a mere consolidation phase. In fact, this dip fools no one but shows desperation and market action based on fundamental factors. A real recovery happens slowly. What you see on that chart is just an opportunity for the rich to make more money off further impending naira crash. It's primary economics. If you don't produce and export, it's hopeless hoping.

May Almighty God bless you. Do you see the bolded in your comment. That's the solution. But Nigerians are not ready, we want short cut to success. When Naira was so strong in the 70s and 80s there was local production every where. It's simple economics. God bless you once again

makemoneywbsite:
If you know how to read charts, you'd know what happened is called a dip. It will find a base at an equilibrium that balances those betting for the naira (government) and those for dollar (market speculators). What you should ask yourself is "How many people are willing to support the naira at this price through production and earning the dollar? And how many people are hungry for the dollar to escape impending naira crash and to do business (politicians, the rich and importers). As long as the underlying causes are not tackled, it's merely an entry point for speculators because many deep pockets will gain positions at this point only to cash out when it goes right up. That dip is a mere consolidation phase. In fact, this dip fools no one but shows desperation and market action based on fundamental factors. A real recovery happens slowly. What you see on that chart is just an opportunity for the rich to make more money off further impending naira crash. It's primary economics. If you don't produce and export, it's hopeless hoping.

You just posted copy copy western economic theory.
Non sense

nairalanda1:
Exactly. Produce or forget about it.

This is not true. Stop believing IMF western economic theory.
Just as western democracy is not working in Nigeria so is there western economic theory.

makemoneywbsite:
Wrong. Not everyone can read charts. Even those that can may not have the state of mind to risk money. Some of the richest people on earth read stock market charts and invested. Even those that can't read them employ people who can, otherwise you won't have trillion dollar stock brokerage industry.

Guy tell me one billionaire that made his money reading charts
The Lionel Messi of chart reading

We'are talking about human behaviour that is irrational,often corrupt criminal and unpredictable. Charts work

In classrooms

PEACE2023:
This is not true. Stop believing IMF western economic theory.
Just as western democracy is not working in Nigeria so is there western economic theory.

So tell us the solution.

eteebanky1:
You're on point

Thank God for this ban

Binance really took control of the naira

The people who took control of Naira are your Bank MDs and Politicians. CBN will release millions of dollars to the banks and when you go to bank the next day you won't find any. Who are they selling it to?

N5000 to $1 is ok

Zxcvbnmghtr:
May Almighty God bless you. Do you see the bolded in your comment. That's the solution. But Nigerians are not ready, we want short cut to success. When Naira was so strong in the 70s and 80s there was local production every where. It's simple economics. God bless you once again

are you trying to tell me that our importation has almost trippled in the last 3 months when we know subsidy removal has reduced our petrol importation by over 20%
The major consumer of our forex?