₦airaland Forum

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?

How was it bought that last year?

SULBELL:
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

Excellent simple layman explanation.
How long do you expect the appreciation to last before we return to the fundamentals of low productivity and exports vs high imports weakening the Naira? For how long will the borrowed dollars and depleting the reserves to defend the Naira last?

HeatSeeker:
Nigeria is expected to lay its hands on the long-awaited foreign exchange support facility from Afreximbank today as the government of Africa’s most populous nation looks to ease the acute FX shortage that has hobbled the economy and push for growth.

BusinessDay learnt that Afrexim Bank signed the dotted lines yesterday and the funds should come Friday.

Business leaders in Lagos have called the development a major catalyst for the economy as the arrival of the funds could help curtail the exchange rate volatility and ease inflation.

Wale Edun, finance minister and co-ordinating minister of the economy, would not offer any specific comments when BusinessDay spoke with him Friday, insisting that it was in the position of Afrexim to announce the disbursement at the appropriate time.

According to the minister, “this is a transaction in process with Afrexim and it is for them to make the announcement relating to funds disbursement.”

He spoke, however, about the work being done to put in place a comprehensive range of solutions to Nigeria’s economic challenges including improving finances through leveraging technology to raise tax collection as well as ease the foreign exchange position

Loans targeted at solving Nigeria’s FX crisis since Tinubu’s Administration

“We are looking at a range of support mechanisms capable of bringing about all round improvement in government finances and FX liquidity and we are optimistic we are on the right path.”

The disbursement of the funds could be the tonic Nigeria needs to rebuild investor confidence, improve credit lines for an economy brought to its knees by eight years of mismanagement by the administration of President Muhammadu Buhari.

While Afrexim is the lead arranger, there are sub-lenders including Sahara energy group, UBA as well as Guvnor, one of the world’s largest energy trading houses by turnover

https://businessday.ng/news/article/its-happy-new-year-for-nigeria-as-afrexims-2-25bn-support-comes-in-today/#google_vignette

Oshin56:
please I'm asking for future sake, can someone buy $ using gtword?

You can sell for now... I don't know about buying

helinues:
How is your economy going down Mr wailer.

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

Dont derail this thread with your nonsense. Both of you should respect yourselves and not derail this thread!

SULBELL:
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

But this is similar to what forex traders do, will you call them speculators too?

otherway:
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.

Onyema is even responsible for the price of Rice that is coming down. Maybe you did not remember that.

Tommorow, come and tell us that Onyema has helped Dubai clear their drainages due to the heavy rain.

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

Is Nigeria doing this right now?

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

Thats what most people belive, when holding dollar they forget that the more naira get depreciate the more the value stay useless ... because to him now he buy dollar @1200 naira but now dollar is trading at 1000 naira .. but if the dollar gain over naira let say with 500 hundred naira as from when he bought it, he will be having 1700 per dollar but he forget that even when he convert the dollar to naira as at when it high against naira, the Naira will only have low purchasing power

KushLyon:
But this is similar to what forex traders do, will you call them speculators too?

We speculate but not against our dear Naira like crypto idiots do!

AutoConsult:
If I need to buy a gadget now, I'll rather import it than buy it at local stores.
You'll buy cheaper in dollars at foreign stores since local stores are yet to adjust their prices.

Are we not saying the same thing....??

You suppose go change am now because GOD is giving you a second chance 😁
Quickly go and change it singing you save me and you give me a second chance (r Kelly)
Don't let devil trick you in keeping it further.

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?

Your figures are not correct. It's over #1,250 now.

Judolisco:
Na because anything wey go up must surely come down

Why has Lagos debts and Nigeria's debts refused to come down since A-looter Poverty Congress, APC took over in 2015 with Tinubu's packaging of his 2011 CPC expired leadership?
Any clue

mrvitalis:
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

Exactly. I read somewhere that Nigeria dollar reserves are down significantly.

I don't know how long it will last, but this uptick in naira isn't sustainable. Because the government isn't making any fundamental changes to the economy. Period.

Dollar was ≈ 200 in 2015 and went all the way to 1900. Let's call it a retracement within a long term trend.

Good Luck to Nigeria

abc115:
You can sell for now... I don't know about buying

ok that's if someone want to buy, can someone buy via aboki...

IbeOkehie:
Exactly. I read somewhere that Nigeria dollar reserves are down significantly.

I don't know how long it will last, but this uptick in naira isn't sustainable. Because the government isn't making any fundamental changes to the economy. Period.

Dollar was ≈ 200 in 2015 and went all the way to 1900. Let's call it a retracement within a long term trend.

Good Luck to Nigeria

No good luck charm can help Nigerians

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 when the institutions are taking their core jobs properly (CBN, EFCC, SEC, etc), their would be little to no chance for unscrupulous elements (dem crypto manipulators) to operate.

you need not fear if the dollar is falling or not, except its intended for naira to dollar exchange business. the dollar still maintains its value oversea so keep it.

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.

He got the dollars when when naira was losing value just like many others . The same mistakes many Nigerians made when Nigerian stocks values were skyrocketing many years ago

jayworld15:
Your figures are not correct. It's over #1,250 now.

Stop speculation...it is #1000...no body will buy it from you, if it more than #1000....go try it with black market

Pls sell asap, dollar only plummeted coz of lots of illegal activities which are currently been check mated, meaning it should drop further. Pls sell

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.

This one is mentally unstable

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....

What many of them don't know is that if you convert your naira to dollars. For it to make sense, you have to spend it in dollars anytime you are ready to spend it.

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.

You don't appear to anyone on this forum like a woman. Who and what are you hiding from?

maasoap:
What many of them don't know is that if you convert your naira to dollars. For it to make sense, you have spend it in dollars anytime you are ready to spend it.

Exactly...

https://www.youtube.com/watch?v=RlURlzEqscU?si=3js3tNvLhIiBt1MW

Cindypresh:
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

zyou are still I. Pain for election defeat. Wake up., the train has left the station

Demand for dollars reduced by more than 35% occasioned by the reduction of imports contributed.

abc115:
Stop speculation...it is #1000

Aboki fx is 1,250 naira, on Naija news it's 1290, at monierate it's 1251. Post the current thing.


Mind you, it's going up.

SULBELL:
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

Thank you for the enlightenment. Keep schooling them because many of them don’t even know how they are contributing to the decline of naira value and hyper inflation

You better sell before it reaches 700 naira

Elliotwaveforec:
We speculate but not against our dear Naira like crypto idiots do!

Oh, I get it now