₦airaland Forum

Ok

Keep monitoring... Keep it close to your chest



Quickly sell it off it is now N1000 to a dollar in GTB

SUPPLY. But Supply from where?

If you got the dollar last year, then you're not at a loss yet, the economy is still loosing to you.

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

Nigeria's economy especially the Forex market, at the moment doesn't follow any known rule!

That's the truth.

Anyone telling you this is what is happening using classroom and textbooks known knowledge is deceiving you

The reason is manipulation, and it is always done to mop up liquidity. It is not peculiar to Nigeria alone, but it is happening everywhere in yhe world through major big banks that control forex trading

D

adioolayi:
Nigeria's economy doesn't at the moment doesn't follow any known rule!

That's the truth.

Anyone telling you this is what is happening using classroom and textbooks known knowledge is deceiving you

Economy discussion is difference from buying and selling discussion

Take note

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....

Lol. So when you want to buy the car in Nigeria, you'll buy it cheaper because you saved in dollars?

If I need to buy a gadget now, I'll rather import it than buy it at local stores. That's the only way you can benefit from the recent rise of naira.

You'll buy cheaper in dollars at foreign stores since local stores are yet to adjust their prices.

Where I was buying fuel just increased form 670 to 680 this morning and yet dollars is going down, deris god oooo

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?

advice is what we ask for when we already know the answer but wish we didn't

Since you're a layman, let me explain.

During weekends, naira to dollar rate often drop for no reason until like 8-10am on Monday.

Take only weekdays rate serious.

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

Wait ... if you want to retain your dollar value inrespective of naira to dollar then nothing concern you with the rate it get converted to in Naira.. because a value of dollar today will still be the same in Next year, but if you are holding the green back note so that when naira depreciate you will convert it and you will have like 10million naira from 5million naira ... then you need to rethink

Peakdesign23:
Aren’t you happy?

Ayam not

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

No be us send some people to be labouring in vain

You just confirmed now that you dey under 30k suffering salary. Make I hear where you go deny it.

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?

APC are selling dollars from reserve nd borrowed dollars at a loss in other to force the price down... It won't last long. Hold your dollars

Procashtips:
Since you're a layman, let me explain.

During weekends, naira to dollar rate often drop for no reason until like 8-10am on Monday.

Take only weekdays rate serious.

Not like that sir from 11pm on Sunday Night international trade has started to operate, some bank begin remittance from that time

It's better you save your money in dollars than in naira.

NGArmyTerrorist:
You just confirmed now that you dey under 30k suffering salary. Make I hear where you go deny it.

Isn't N30K job better than to be labouring in vain?

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?

FG secure a 2.1 billion dollar loan at 2.% interest from international bank. this is sign of more liquidity and trust.

What also made it grow overnight?

Your sense needs 10 spanner to adjust it.

Anyway I laugh in Swahili 😂😂😂😂

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....

No one could have explained this better!

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?

I think you have to take a decisions faster because once dollar cross the bridge to below 1k, that is the journey to a renew hope of <=200 in coming years. Seriously, this government are more strict and ready to inflict pains to gain back the country values.just imagine, With Dangote and PH producing and selling all kinds of petroleum products to other countries, the naira must be stronger and stronger. My own imagination and target is Nigerian status by may 29, 2025.( Next year )

helinues:
Economy discussion is difference from buying and selling discussion

Take note

The buying and selling discussions as far as Nigeria's Forex is concerned doesn't follow any known financial, economic and trade rules.


Have you wondered, what exactly was Nigeria exporting when the exchange rate was low? Let's even take the most recent...#350 to a USD...

Has our export increased now compared to then or our export has reduced

If the argument of increasing exports to attracts more USD is valid.....what exactly are we exporting years ago that we have stopped exporting that brought about the fall of Naira

..and from the Ops question, are we saying there were loads of export in less than 24 hours which has resulted into more USD inflows into the and then Naira gained as a result of this

My point is, Nigeria's Forex market is unstable for now and there is no known economic reasons that can explain why

harjay1986:
Wait ... if you want to retain your dollar value inrespective of naira to dollar then nothing concern you with the rate it get converted to in Naira.. because a value of dollar today will still be the same in Next year, but if you are holding the green back note so that when naira depreciate you will convert it and you will have like 10million naira from 5million naira ... then you need to rethink

You will get 10million that is worth less than 5million

pls how much is dollar to naira today

1000 under attack!

If you had the money last year, then you're still at a profit because last year, the dollar was still less than 1k.

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

calm down. I had 9,000 dollars cash but I was super lucky to sell them off soon as $ stepped up to 1600 region. Omo na so the thing start to drop like mad.

harjay1986:
Not like that sir from 11pm on Sunday Night international trade has started to operate, some bank begin remittance from that time

No point arguing sir.

Official window starts on Monday.

That some have started operating around 11pm Sunday Night doesnt mean what I said is invalid.

Some can't overrule most/all

abc115:
Keep monitoring... Keep it close to your chest



Quickly sell it off it is now N1000 to a dollar in GTB

please I'm asking for future sake, can someone buy $ using gtword?