Please consider this a layman's question.
Last night before I went to bed, at about 11PM I checked dollar to naira rate and it was #1,151/$. Waking up this morning (in less than 7 hours) I checked again and it has plummeted to #1,075/$.

What exactly happened over the night while I was sleeping? I've got like $5K cash and it's reason I've been monitoring the rate even tho I'm absolutely a layman who has no idea what's happening. I only had the money last year and a colleague advised me to convert to dollar and keep which she claimed to be the safest way to retain my money's worth but as it stands, I'm at loss already. What happened please? Or is google not reliable?

When you are matching your exporting rate with importing rate, your local currency should gain strength.

It's all about which one is demanded most at the moment

Other factors are also involved

Qwertyuiop1:
Please consider this a layman's question.
Last night before I went to bed, at about 11PM I checked dollar to naira rate and it was #1,151/$. Waking up this morning (in less than 7 hours) I checked again and it has plummeted to #1,075/$.

What exactly happened over the night while I was sleeping? I've got like $5K cash and it's reason I've been monitoring the rate even tho I'm absolutely a layman who has no idea what's happening. I only had the money last year and a colleague advised me to convert to dollar and keep which she claimed to be the safest way to retain my money's worth but as it stands, I'm at loss already. What happened please? Or is google not reliable?

It is a mistake to have held on to your dollar this long. You should have offloaded it a long time ago as you noticed the appreciation of Naira over time.

Now, you are merely playing a game of chance and hopeful speculation.

dawnomike:
It is a mistake to have held on to your dollar this long. You should have offloaded it a long time ago as you noticed the appreciation of Naira over time.

Now, you are merely playing a game of chance and hopeful speculation.

Are you even sure the op get ordinary $1 bill?

Aren’t you happy?

Qwertyuiop1:
Please consider this a layman's question.
Last night before I went to bed, at about 11PM I checked dollar to naira rate and it was #1,151/$. Waking up this morning (in less than 7 hours) I checked again and it has plummeted to #1,075/$.

What exactly happened over the night while I was sleeping? I've got like $5K cash and it's reason I've been monitoring the rate even tho I'm absolutely a layman who has no idea what's happening. I only had the money last year and a colleague advised me to convert to dollar and keep which she claimed to be the safest way to retain my money's worth but as it stands, I'm at loss already. What happened please? Or is google not reliable?

Check the rate on the CBN website

Qwertyuiop1:
I only had the money last year and a colleague advised me to convert to dollar and keep which she claimed to be the safest way to retain my money's worth but as it stands, I'm at loss already. What happened please? Or is google not reliable?

That means u don't understand ur colleague

Ur own aim is to convert back to naira to have a feel of plenty naira...... but the conversion technically makes only little difference because the naira u want to convert to has a very low purchasing power now.. e.g 2.7M tokunbo now goes for 8.5-9M..

But if u can understand ur colleague....T.M shirt is still 3 for 135$ since last year....if u dont gerrit, fogerrit....because this is not about T.M shirts

helinues:
When you are matching your exporting rate with importing rate, your local currency should gain strength.

It's all about which one is demanded most at the moment

Other factors are also involved

And your economy is going down

What kind of vodoo economics is that?

Cindypresh:


And your economy is going down

What kind of vodoo economics is that?

How is your economy going down Mr wailer.

Una no even dey proud of una gender without hiding under who you are not

helinues:


How is your economy going down Mr wailer.

Una no even dey proud of una gender without hiding under who you are not

How has your economy faired since 2015 Mr 30k stipend??

If there aren't bold women in your generation, there're plenty of them everywhere else.

Op please u beg you convert that dollar to naira rn

Cindypresh:


How has your economy faired since 2015 Mr 30k stipend??

If there aren't bold women in your generation, there're plenty of them everywhere else.

If you are envying the N30k job, oya come and take it.

No be us send some people to be labouring in vain

helinues:


If you are envying the N30k job, oya come and take it.

No be us send some people to be labouring in vain

Envy your 30k? Never

It isn't easy defending a failure like tinubu morning afternoon and night on nairaland for a meagre 30k stipend.

Carry go, I can never Envy such thing

Qwertyuiop1:
Please consider this a layman's question.
Last night before I went to bed, at about 11PM I checked dollar to naira rate and it was #1,151/$. Waking up this morning (in less than 7 hours) I checked again and it has plummeted to #1,075/$.

What exactly happened over the night while I was sleeping? I've got like $5K cash and it's reason I've been monitoring the rate even tho I'm absolutely a layman who has no idea what's happening. I only had the money last year and a colleague advised me to convert to dollar and keep which she claimed to be the safest way to retain my money's worth but as it stands, I'm at loss already. What happened please? Or is google not reliable?

It very simple sir. Let me explain as a lay man too.
What you did at bolded is called speculations which many other Nigerian are doing
For example assuming you bought $1 @N1600 then, you will be eager to sell it when you see someone who is willing to buy from you @ N1650, thereby you made an abritage gain of N50 on the volume of $ you bought. This looks very easy right, its like free money, and you don not even have to lift a finger, you just need to punch some keys on your phone
Just as you are involve are thousand others too involved, thus the value of the Naira depreciates further. Note that this is profitable for you speculating with the Naira, but it is hurting the nation and millions of Nigerians, A clear example is the skyroketting cost of foodstuffs and electronics, which naturally could have only been marginally affected by the removal of subsidy.

On the flip side, the CBN has cracked down on aiders of such speculations, now there is a bit of sanity, and the Naira is gradually and consistently fighting back, Here what happens is they make the black market rate cheaper so those who hoard $ now will have no choice than to dispose it at a loss. Because I can not see aboki who is ready to sell $ for me @ 1,075, and you expect me to come to you and buy for N1650 because you bought yours for N1600 and we are friends

In simple englis, its the survival of the fittest, while speculators are fighting to make gains from the Naira, the regulators too are fighting to strengteen it, so brother, the fear of uncertainty will make many dispose off the $ they keep, this will further bring down the value against the Naira, thus the reason why the Naira is appretiating.

The decision is yours bro, you can sell it off now and count your loss
or with for a miracle that it will somehow magically go toward the 2k mark before ending of May as many have speculated

Dollar wet dey go 830! Impulsive way on the daily chart.

Convergrnce of Aboki and official rate dey sweet my belle wella.
.
We shall deal with the cryptorians soon! I trust EFCC on this

You're losing boss

it is 1200 now

check the real (black market) rate

Qwertyuiop1:
Please consider this a layman's question.
Last night before I went to bed, at about 11PM I checked dollar to naira rate and it was #1,151/$. Waking up this morning (in less than 7 hours) I checked again and it has plummeted to #1,075/$.

What exactly happened over the night while I was sleeping? I've got like $5K cash and it's reason I've been monitoring the rate even tho I'm absolutely a layman who has no idea what's happening. I only had the money last year and a colleague advised me to convert to dollar and keep which she claimed to be the safest way to retain my money's worth but as it stands, I'm at loss already. What happened please? Or is google not reliable?

don't take weekend dollar serious, the best time to check the dollar is when the market opens around 10am

At original Op, what this means is you can buy things of dollar in dollar value on dollar based websites...thats if you don't plan on converting your dollar to naira BUT if you plan to convert your dollar to naira, you will be at a loss


But by buying things in direct dollar value having dollar price tag, you will make dollar leave the country ie make Nigeria lose forex so it really is up to you

In between the devil 😈 and the deep blue sea ⛵

advanceDNA:


That's means u don't understand ur colleague

Ur own aim is to convert back to naira to have a feel of plenty naira...... but the conversion technically makes only little difference because the naira u want to convert to has a very low purchasing power now.. e.g 2.7M tokunbo now goes for 8.5-9M..

But if u can understand ur colleague....T.M shirt is still 3 for 135$ since last year....if u dont gerrit, fogerrit....

Bad news is; we won't sabotage our economy because of your 5k dols. Coming from someone who's been holding on to the money since last year. Count your losses or depreciated gains and move on.

Hehehe

We warned the piggss.

Dollar is crashing now, now they are unhappy

Some of the factors is the way the government have been clamping down the usage of dollar in Nigeria for commodity...

I've worked in a mall in Nigeria as a facility manager, they don't collect their rent and service charge renewal in naira, they collect it in dollar, so now, FG has tried to warn those who are in the habit of spending dollar 💵 in Nigeria to desist from it, so a large amount of them have started trading with Naira..

But if these must also stop and reduce the Naira to dollar, the FG must also play a part, I see most of all their contract being awarded in dollar, any contractors be it local or foreign should be given a Naira equivalent to dollar, you can now go to your country to exchange it...

Y

Odumeje. I heard he deployed one of his powers overnight, Abido Shaker to be precise. It shook down the price.

Meanwhile, you got any car questions? Take a stroll through my profile.

_AutoConsult_

Airpeace.

Oyeama was instrumental in easing pressure off the dollar by slashing air tickets and no need sourcing for foreign currencies or converting.

All the airlines that come into Nigeria experience massive repatriation of funds that puts pressure on the Naira because they have to seek for dollars, both the commercial banks and CBN.

Tinubu should confer the highest honours on him.

Don't convert to dollars, convert to USDT.

It's well.

Enemy of Nigeria. U want dollar to go up because of your $5k. God don catch u

Na because anything wey go up must surely come down

Na God