Orinechi:
Be positive for ones. Just cos someone lost election, u have decided to be bitter all through your life. For me , am happy cos our money is appreciating for now even if they cannot sustain it tomorrow.

did I stop you from being happy afterall nad people dancing in the streets are happy too

clarocuzioo:
Dollar going down is a welcomed development. Its just unfortunate the CBN is using our foreign reserve to defend the Naira.

We are depleting our foreign reserves.

Tinubu simply returned to Emefiele's policies they criticized.

Are you working in CBN learn to appreciate good thing not everytime on a bad side.

Paraman:
Gbese for people who bought the dollar above 1200.

I know few friends who bought it at over 1700/$.

One of them bought USDT at over 1800.

Lol the Guy go don Dey buy eba and egusi with chicken thigh with the dollars sef

Owon:
Wow! So low and cheap, yet these greedy abokì people will sell it to us @1,300 and above.

You can't get $ at 1300 anywhere in Nigeria. Dollar is below 1160.

BDC can't sell dollars above 1117.

Abido shaker power is doing wonders ..🤔

That is very sheep

LegendHero:
Cardoso the headmaster!

Please take it to #700 in the next few months and let’s maintain stability at that price.

We have always said Naira is undervalued, na those BDC just carry us trabaye during Emefiele era. Now thy are counting their loss and selling even lesser than the official market.

You are ignorant of what is happening. You borrow to defend naira, going back to the very thing they rightly criticised and how long can it be systained?

Obioma the tailor......is that you 😁

rinzaugustine:
They pumped in borrowed billions of dollars into the forex market how long can they sustain borrowing to stabilize the dollar?

its now the turn of the BDCs to see SHEGE

Happy Viewing

BTW, Those of you that are against japaing. This is one of the ways government policies can change your life,status etc

Accumulate as much of it as you can, as it goes down. Wisdom!

TO ALL OF UNA WEY DEY WISH NAIJA BAD,UNA EVIL DON WASH THRO WAY,UNA BADMOUTHING DON BACKFIRE,
NIGERIA IS GETTING BETTER WITH GOD HELPING PTINUBU TO MAKE IT BETTER IFSHA

PARADIZEPRIEST:
TO ALL OF UNA WEY DEY WISH NAIJA BAD,UNA EVIL WASH THRO WAY,UNA DON BADMOUTHING DON BACKFIRE,
NIGERIA IS GETTING BETTER WITH GOD HELPING PTINUBU TO MAKE IT BETTER IFSHA

all the accumulated problems from past misrule of over40years will be soaked and solved

abc115:
CBN sells dollars to BDCs below market rate at N1,101/$1



https://nairametrics.com/2024/04/08/cbn-sells-dollars-to-bdcs-below-market-rate-at-n1101-1/

Goodnews!

Why should there be bdc in the first place?

maasoap:
Economists say that we have to wait for three months before we start seeing decline in the prices of goods. But even at that, CBN must sustain the momentum and gains

By then,importers must have brought in new goods.

Omo, black market don crash immediately . CBN dey press their button wells.

LegendHero:
Cardoso the headmaster!

Please take it to #700 in the next few months and let’s maintain stability at that price.

We have always said Naira is undervalued, na those BDC just carry us trabaye during Emefiele era. Now thy are counting their loss and selling even lesser than the official market.

It's going to stabilize between $600 and $650

LegendHero:


You clearly don’t know what you are saying.

CBN can do intervention in the FX market, they are the major source of forex into the country through oil sale.

There is no gap between official and parallel market and that is a spectacular thing.

Contrast this to Emefiele era where he sells at 450 at the official and BDC sells at 750. That is what people are complaining because CBN intervention is just subsiding corruption and making some people rich overnight.

Anyone that believe CBN won’t intervene in the FX market anyway is a joker.

So what was the wisdom behind floating the naira abi na sinking

Great!

inoki247:
Gbese



Omo people don too enter gbese like this....


They made sure they unified the rate before they start defending...


All the Save in Dollar crew like this will be doing testimony right now...

They should hold their dollar tight 😀

It going below $900 in 2 to 3 weeks.

Piiigggs are in serious pains
Continue sponsoring fake CBN reports of foreign reserve depletion.
Tinubu is the last person that will subsidize dollar

inoki247:
Gbese



Omo people don too enter gbese like this....


They made sure they unified the rate before they start defending...


All the Save in Dollar crew like this will be doing testimony right now...

They unified it and then started defending it.

After a while the borrowed dollar they use to defend it will finish and then there will be an increase again in price of dollar say to 1,500-1,700

What do you think sir ?

Kukutenla:

So what was the wisdom behind floating the naira abi na sinking

One of the main wisdom is to collapse the gap between BDCs and Banks.

Mind you, CBN implemented a managed float and not a full float.

Naira currently don’t have the resources to go head to head with the USD, which explained why CBN did a managed float.

You can see Tinubu always mention the rate gap in his speeches. It is one of the reason Emefiele failed, he is just subsiding some group of people at 450 and they reselling at 750 which made CBN intervention a failure.

grandstar:
Rather than praise this development, it should be queried.

The foreign reserves recently went down by $900m. Would a stronger Naira not lead to an increase for Dollars, simply adding more pressure to the foreign reserves?

You forgot that they repaid loans, pay back trapped funds

routed:


It's going to stabilize between $600 and $650

Let’s hope so. That will be fantastic.

LegendHero:


One of the main wisdom is to collapse the gap between BDCs and Banks.

Mind you, CBN implemented a managed float and not a full float.

Naira currently don’t have the resources to go head to head with the USD, which explained why CBN did a managed float.

You can see Tinubu always mention the rate gap in his speeches. It is one of the reason Emefiele failed, he is just subsiding some group of people at 450 and they reselling at 750 which made CBN intervention a failure.

That's not true
Stop selling lies
Floating the naira is to trade it at its real market value more to close gap between official and parallel rates.
What is on ground now is the managed float. That's why CBN is pegging the rates against the lower band of the quoted rates.
To close the gap simply entails selling directly to BDCs and not floating. You can see that the rates never converged while the float lasted and only converged when CBN started selling directly to BDCs.
Your Tinubu bleeped the naira up with his policies

iamdynamite:
Obidients have stopped giving us dollar update, wetin dey happen, or are they tired already?

Yeyenatu people! They are enemy of State.

I suspect that is now happening but time will tell .

laivwire:
I hope they're not robbing peter to pay Paul just to trigger hoarders. Time will always tell.

MrSly:

You are ignorant of what is happening. You borrow to defend naira, going back to the very thing they rightly criticised and how long can it be systained?

You are the ignorant one here. Who borrowed to defend naira? Are you the one that help CBN borrow?

If you don't understand the basic economy of fiscal and monetary effects on nation currency, kindly stop from making ignorant comments.

laivwire:
I hope they're not robbing peter to pay Paul just to trigger hoarders. Time will always tell.

Peter is robbing Atiku to pay Tinubu

Kukutenla:

That's not true
Stop selling lies
Floating the naira is to trade it at its real market value more to close gap between official and parallel rates.
What is on ground now is the managed float. That's why CBN is pegging the rates against the lower band of the quoted rates.
To close the gap simply entails selling directly to BDCs and not floating. You can see that the rates never converged while the float lasted and only converged when CBN started selling directly to BDCs.
Your Tinubu bleeped the naira up with his policies

It has always been managed float. The rates have always converged compared to what was obtainable during Emefiele. The difference is not that much even before now. Anytime parralel increase, Cardoso increase it at official.

Lol 😂 fuvked up with policy? Was Emefiele not selling to bank who inturn sell to BDC that created up to 40% differentials?

Don’t you know what is currently happening is making naira goto some true rate? At some point it will stabilize, that’s Cardoso end game.

Give Cardoso time till the end of the year and come back to review your comment and that’s when you’ll know what’s up. I hope you don’t have $$ at hand, it’s better you sell it off or use it for productive enterprise or else you go cry when it falls down flat.

Una go cry whin all you naysayers.

Hopefully we'll get lower than N900 per $1 before August