Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ - Business (2)

Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ - Business (2) - Nairaland

Nairaland Forum › Nairaland General › Business › Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ (17305 Views)

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Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by ifytrik(m): 6:29am On Apr 13, 2024

God1000:
I'm happy our currency is finally gaining strength

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by Realist777: 6:31am On Apr 13, 2024

jkpbestseries:
funny People. Let it come down to 200 naira

It is very obvious that you don't understand economy.
If it goes up you complain, if it goes down you find a way to still make no sense out of the effort they put in.
Are you ever grateful at all?

11 Likes 1 Share

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by FireUpNow(m): 6:33am On Apr 13, 2024

I haven't seen it's effect on rice, garri, groundnut oil, palm oil, fish, meat, Chicken, eggs etc

1 Like

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by Cj4charles(m): 6:33am On Apr 13, 2024

What is holding it from getting to 700?? I thought they say he is the master planner, he should take it back to where he met it the way he brought it up

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by Blaze14k: 6:36am On Apr 13, 2024

helinues:
Tell the truth, are you happy or sad about this news?

It's not about being happy or sad but it's obvious the cbn is subsidising the dollar rate so there's nothing special, it's normal. Buh my problems why make us suffer inflation when he could have continued subsidising the naira. The problem the country is currently having is production.

1 Like

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by Slytiger: 6:38am On Apr 13, 2024

FreeStuffsNG:
Awesome!! God did not allow their prophesy of doom to come to pass.

May God bless Nigeria for ever! Check my signature for free stuffs!

Rufai is a mumu. An embarrassment to the body of journalism in Nigeria.

7 Likes

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by lionshare: 6:39am On Apr 13, 2024

DMerciful:
Emefiele's policy of defending the naira!
Only thing is that the naira is foolishly being defended at a higher price that does not favour the govt nor the citizens.

How can the illegitimate president damage his presidency by himself?!

Could you please elaborate on how the Naira is being protected? We are eager to benefit from your extensive expertise and insights.

9 Likes 1 Share

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by Khyrvxjzy: 6:40am On Apr 13, 2024

laurel03:
Naija people sha.... so USD was #490 last year

dont mind them

3 Likes 1 Share

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by Khyrvxjzy: 6:41am On Apr 13, 2024

socialmediaman:
USD/Naira was N490 = $1 when Tinubu became president less than one year ago.

We need to get there first, then celebrate any value gain from that point

which 490, if you want to talk negative you use official but positive you use bdc

keep up the hatred

6 Likes 1 Share

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by lionshare: 6:41am On Apr 13, 2024

Blaze14k:
It's not about being happy or sad but it's obvious the cbn is subsidising the dollar rate so there's nothing special, it's normal. Buh my problems why make us suffer inflation when he could have continued subsidising the naira. The problem the country is currently having is production.

Are you saying we are subsidizing the naira now? Any fact to buttress this view?

3 Likes 2 Shares

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by abbey621(m): 6:43am On Apr 13, 2024

Cj4charles:
What is holding it from getting to 700?? I thought they say he is the master planner, he should take it back to where he met it the way he brought it up

He can even bring it down to 200 Naira, na your old age or born and unborn children go suffer am......The magic/artificial deflation that Buhari performed for 8 years is what led to the drastic measures we see now. Hope say you don dey practice Chinese.....谢谢

6 Likes

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by lionshare: 6:45am On Apr 13, 2024

FireUpNow:
I haven't seen it's effect on rice, garri, groundnut oil, palm oil, fish, meat, Chicken, eggs etc

It’s only a matter of time prices will drop eventually but it won’t while the rate is not yet stable.

3 Likes

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by InvertedHammer: 6:48am On Apr 13, 2024

NaijaCowFarm:
Sincerely, I hope the CBN can push $ to N500 before June 2024. I have need to buy $10K

/

Some people are busy making noise while others are strategizing with arbitrage in their mind cool

. That's what separates wheat from chaffs.
Anything below N1000 (even temporarily) is a big opportunity to DCA the sucker like crazy.

/

1 Like

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by Almunjid: 6:48am On Apr 13, 2024*

Alexlalax1:
Their official mantra "some people are not happy about this news" what is there to be happy for? For Christ sake, baba go slow left dollar at the rate of #700. They should bring it down to that price first before they can start reducing it. Then, "some people" will be happy about this news.

No matter what Tinubu accomplishes, it seems it will never bring you joy, especially since your favoured candidate, Obi, isn’t the president. Your discontent will likely persist because our collective vote "will never" align with your "personal preference". grin

12 Likes 2 Shares

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by Blaze14k: 6:49am On Apr 13, 2024

lionshare:
Are you saying we are subsidizing the naira now? Any fact to buttress this view?

Ain't you aware? You guys are not paying attention https://www.thecable.ng/nigerias-fx-reserves-fell-by-1-2bn-in-18-days/amp/

Do you actually think its easy to crash the dollar without pumping money into the system is Nigeria producing anything? The cbn is simply giving back what they made during the inflation

2 Likes

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by zinaunreal(m): 6:53am On Apr 13, 2024

This is not how you met the naira ooo. Return it back to the way you met it. Don't be deceived by thinking our economy is improving. It has to first return to the way he met it then we can actually see what he is doing.

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by Riskymarvelous(m): 6:54am On Apr 13, 2024

Sannisege:
Rufai Oseni and his Igbo blodas will not like this news. Enemies of the state.

there is nothing special here brother tell me the party that took the dollar to that level huh

At least APC met the dollar #216 so if they can't take it back to that level they are failure even you yourself you lack integrity for supporting them

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by Cj4charles(m): 6:57am On Apr 13, 2024

abbey621:
He can even bring it down to 200 Naira, na your old age or born and unborn children go suffer am......The magic/artificial deflation that Buhari performed for 8 years is what led to the drastic measures we see now. Hope say you don dey practice Chinese.....谢谢

Oga stop speaking grammar, if bringing it down to 200 will make Nigerians suffer so be it.. under Buhari, suffering was never like this and you are here talking bullsh*t

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by Sannisege: 6:59am On Apr 13, 2024

I hope Rufai Oseni will not get a heart attack after reading this good news.

4 Likes 1 Share

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by SunMusk(m): 7:02am On Apr 13, 2024

If Emefiele defend the naira the way this present cbn is doing, using BDC as a control merchant, naira will not have reach 750 in the black market. But let see how this goes sha. Every currency in the world is defended, even the US DOLLAR IS control by the fed. Pounds, yen and others. Like I used to say naira is in this state bcs of corruption, Argentina devalue to 850 almost same time as Nigeria, the lowest it has gone to is 865 peso. Corruption is what is killing us in Nigeria.

DMerciful:
Emefiele's policy of defending the naira!
Only thing is that the naira is foolishly being defended at a higher price that does not favour the govt nor the citizens.

How can the illegitimate president damage his presidency by himself?!

6 Likes 1 Share

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by femi4: 7:02am On Apr 13, 2024

Sannisege:
Rufai Oseni and his Igbo blodas will not like this news. Enemies of the state.

But they are right. No indices justify this artificial rise from economy point of view.

What did Nigeria do differently?

Prices of goods are still expensive
Imported goods are on the high side

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by Ubdavis(m): 7:07am On Apr 13, 2024

Can they sustain it??

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by Almunjid: 7:07am On Apr 13, 2024

Blaze14k:
Ain't you aware? You guys are not paying attention https://www.thecable.ng/nigerias-fx-reserves-fell-by-1-2bn-in-18-days/amp/

Please consider a different rationale. The Naira has been performing robustly for approximately six weeks prior to the release of this news. Furthermore, a sum of 1 billion dollars is insufficient to stabilize the Naira. According to Punch Newspapers, the CBN once expended $11.24 billion in a span of seven months to bolster the Naira as reported on December 1, 2022. Therefore, your presumptions appear to be unfounded.

4 Likes

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by lexy2014: 7:15am On Apr 13, 2024

Sannisege:
Rufai Oseni and his Igbo blodas will not like this news. Enemies of the state.

are you not aware that tinubu through the same is defending the naira against the dollar and regulating the price of the dollar in the forex market but openly claim that they are floating the dollar and that market forces are responsible for determining the price?

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by phemray(m): 7:17am On Apr 13, 2024

Juliusganduje:
So I should believe anything that is written on a pages of newspaper? I haven't seen any reduction in the price of commodities to show that naira is improving.

How did u expect price of goods being sold by Nigerian to come down? Even if dollar is #300 they will find another excuses of insecurity or dangote didn't sell his fuel at #65/ litre etc. They are expecting prices to go up again for Thier personal gains. Patriotism is not in Nigeria, they claim to still be selling old stock but if dollar is 1500 tomorrow the price of old stock will follow immediately. most evil people prefers bad news on Nigeria everyday but God is disappointing them.

5 Likes

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by Blaze14k: 7:17am On Apr 13, 2024

Almunjid:
Please consider a different rationale. The Naira has been performing robustly for approximately six weeks prior to the release of this week’s news. Furthermore, a sum of 1 billion dollars is insufficient to stabilize the Naira. According to Punch Newspapers, the CBN once expended $11.24 billion in a span of seven months to bolster the Naira as reported on December 1, 2022. Therefore, your presumptions appear to be unfounded.

Bro it's not up to 8 months since the dollar crashed from 1900 to 1130 as of today. The cbn was simply buying time for dangote refinery to start work that is why they have pumped money the made through the inflation to crash the dollar. Don't forget it brought a negative effect on the economy

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by lionshare: 7:22am On Apr 13, 2024

Blaze14k:
Bro it's not up to 8 months since the dollar crashed from 1900 to 1130 as of today. The cbn was simply buying time for dangote refinery to start work that is why they have pumped money the made through the inflation to crash the dollar. Don't forget it brought a negative effect on the economy

God gave us all brains to think; pls let’s use it. Can you tell us how much exactly was pumped vs the turnover in the fx market in march ?

2 Likes

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by Blaze14k: 7:28am On Apr 13, 2024

lionshare:
God gave us all brains to think; pls let’s use it. Can you tell us how much exactly was pumped vs the turnover in the fx market in march ?

Bros you are the one to answer that question. I already gave you the answer to your question. So go ahead and prove me wrong with a substantial evidence

1 Like

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by Almunjid: 7:36am On Apr 13, 2024

Blaze14k:
Bro it's not up to 8 months since the dollar crashed from 1900 to 1130 as of today. The cbn was simply buying time for dangote refinery to start work that is why they have pumped money they made through the inflation to crash the dollar. Don't forget it brought a negative effect on the economy

In your initial comment, you attributed the dollar’s decline to the deployment of 1 billion dollars from our "foreign exchange reserves". However, your subsequent statement suggests that the dollar’s fall was due to channeling funds generated from "inflation". These conflicting statements highlight a "discrepancy" in your explanations.

2 Likes

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by GoldHorse(m): 7:42am On Apr 13, 2024

ogododo:
https://nairametrics.com/2024/04/12/breaking-naira-on-the-march-to-below-n1000-1-as-official-exchange-rate-close-at-n1142-1/

This is good. Government now need to back this up with serious price control policy and its implementation so that all those things that went up and have refused to come down will be forced to come down so the people can get the benefits too.

2 Likes

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by NwaliE01: 7:42am On Apr 13, 2024

This butterfly effect of spending from our foreign reserve to cushion the naira is only but white washing. It's not sustainable and certainly, the naira will go up when significant amount of the FR has been depleted.
We need to revamp our economy through our economic policies. We need to attract foreign investors. Improve our infrastructures and business climate. For now, we are just deceiving ourselves.

Re: Naira Rises By 7.7% As Official Exchange Rate Close At ₦‎1,142/$ by Ashawoman82: 7:45am On Apr 13, 2024

phemray:
How did u expect price of goods being sold by Nigerian to come down? Even if dollar is #300 they will find another excuses of insecurity or dangote didn't sell his fuel at #65/ litre etc. They are expecting prices to go up again for Thier personal gains. Patriotism is not in Nigeria, they claim to still be selling old stock but if dollar is 1500 tomorrow the price of old stock will follow immediately. most evil people prefers bad news on Nigeria everyday but God is disappointing them.

I agree with you on this..

1 Like 1 Share

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