advanceDNA:


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....

Exactly most people don't understand the economic term called "Purchasing Power Parity" even if you have millions of naira and the value of the currency is low it wouldn't make a difference.

Okete001:
Hehehe

We warned the piggss.

Dollar is crashing now, now they are unhappy

Fergie001 mynd44 nlfpmod Seun Dominique Mukina2
Rule 2
tribal slurs

I don't understand why this information about the Dollar to Naira value is being accepted into Front page? Seriously are you guys in Nigeria at all? Dollar is rising as we speak, and no one is doing anything practical and real?

Why not start producing? Why not give targets to states on Agriculture? When you travel, you see lands wasting laying bare with no cultivation on it.

Why not go back to our agriculture?
It was palm oil in the East, Cocoa plantations in the West, and Groundnut pyramids in the North. This was Nigeria when I was younger. Let's go back. You'll see Naira bounce back against dollars. For now, the government doesn't seem to care about production, for that reason Naira will keep falling in value. They are trying to do artificially but it won't just work.

Honestly, I need to leave this country.

helinues:

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

yes e get am #1075=$1

nawaforyouo:

1230 now

wahala oh

They have forfeited the foreign reserve to defend the naira, now that foreign reserve has depleted to nothing, they began using the education and some infrastructure money to defend it: that one will soon finish soon. in weeks like 2 to 3 weeks. So, just to hide incompetence, they are on a borrowing spree to siphon and also use some to defend the naira.


China secret audit just concluded, Singapore the same thing, and some European countries too; this means that the naira will be tested and in the coming days and week, I pity for naira.

You cannot plant corn and grow yam.
They have planted corruption, extreme corruption, and the foreigners know this. So, they are buying up rare mineral resources for very cheap.

One day, we will wake up in Nigeria, and foreigners will say, if you don't have $80k or 100k, you can't move around with an order from them, because we have all been sold
by okp*lor eyes. A hardened unrepentant criminal.

Oga count your losses and convert your shit. Time wey you for convert was when it was $/1600 it is already late for it to go back up at this moment cos they have tackled the factors that made the naira fell that much. For this APC first tenure they will do anything to not spoil their name in order to secure second tenure. So don't expect dollar to rise again till maybe second tenure. Buhari and Emefiele did it in 2017. Once they secured second tenure dollar rose again in 2021 to $/500 and left it at $/700.

Una too dey quick forget. Well I also lost about 6m in naira due to the dollar depreciation cos I bought dollar at 1900..but we move. You are not the only one at loss we gather plenty.
As it is like this any dollar wey enter my hand I dey convert am to naira immediately. The only thing that will make me buy dollar again is if it start rising on a consistent level like it did in February. Aside that bye bye. The losses I had is enough.

The fact that we don't wanna count our losses and move is what keeps us losing more. In business there is always a risk.

advanceDNA:


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....

Thank you. Na wetin I dey try explain since be this.

The only reason to save in USD is to protect yourself from devalution. Simple.

wunmi590:


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 mount 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 being local or foreign should be given a Naira equivalent to dollar, you can now go to your country to exchange it...

Who will buy the naira from you if you take it back to your home country, such as the United States?

It has been man made all this while...

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?

Well, I suppose it could be because the CBN has been adjusting interest rates and directly selling dollars to foreign exchange bureaus.

As for the data you got from Google, you have to realize that exchange rates can vary between different sources and platforms, and Google aggregates data from various exchanges which might not always reflect the most current rates available on the market, so discrepancies are very likely to occur.

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?

Google isn't updated (reliable)


https://www.cbn.gov.ng/rates/exchratebycurrency.asp

viodemus:
They have forfeited the foreign reserve to defend the naira, now that foreign reserve has depleted to nothing, they began using the education and some infrastructure money to defend it: that one will soon finish soon. in weeks like 2 to 3 weeks. So, just to hide incompetence, they are on a borrowing spree to siphon and also use some to defend the naira.


China secret audit just concluded, Singapore the same thing, and some European countries too; this means that the naira will be tested and in the coming days and week, I pity for naira.

You cannot plant corn and grow yam.
They have planted corruption, extreme corruption, and the foreigners know this. So, they are buying up rare mineral resources for very cheap.

One day, we will wake up in Nigeria, and foreigners will say, if you don't have $80k or 100k, you can't move around with an order from them, because we have all been sold
by okp*lor eyes. A hardened unrepentant criminal.

oga has at November last year Nigeria had $32b in foreign right,jp Morgan release a report that Nigeria can only access $7b out of it to do anything the rest are tied to loans and it won't be released at all Nigeria had to go to Afriexim.. got a loan of $7b ... question is that the dollars reserver going down are for what if Nigeria is still borrowing loans ... floating the dollar is the best thing that can happen to this country..let everyone go and buy the dollars at d same rate with the parallel market..that's how we can make progress..not dangote buying at 700 naira to a Dollar, Govt officials buying at 700 naira per dollars Otedola buying at 700 naira per dollars,innoson buying at 700 naira per dollars ,me and you buying at 900 naira per dollars that's government using money meant to build schools ,pay salaries,roads, health care couple with massive corruption they use that to defend the dollars at 200naira ..that's tax Peyer's money and royalties from crude oil ,that's defending the dollars..my own is that government should allow the CBN to be trading at the same place with what the marker determines..that will stop speculators ..and also calm down or road side money changers and crpytos...there are crippling the economy for genuine business men and women ..make una rest abeg

Gravity of course.

BigDickProblems:
I don't understand why this information about the Dollar to Naira value is being accepted into Front page? Seriously are you guys in Nigeria at all? Dollar is rising as we speak, and no one is doing anything practical and real?

Why not start producing? Why not give targets to states on Agriculture? When you travel, you see lands wasting laying bare with no cultivation on it.

Why not go back to our agriculture?
It was palm oil in the East, Cocoa plantations in the West, and Groundnut pyramids in the North. This was Nigeria when I was younger. Let's go back. You'll see Naira bounce back against dollars. For now, the government doesn't seem to care about production, for that reason Naira will keep falling in value. They are trying to do artificially but it won't just work.

Honestly, I need to leave this country.

3 quarters of world countries are on a deficit with both china and USA..yet thir currency is not falling anyhow except for some African countries like Nigeria, Egypt, Angola,Ghana .at peace time aske your self what this countries have in common .... speculators and corruption..take out the speculators..like yhe cryptos and the street money changers ,deal with the corruption and your money gains value ..have you heard of closed economy?u asking this question now why didn't you ask when the dollars was rising couple of months ago .

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 be deceived dollar is about 1200.
You should have sold when CBN started intervention.
This is actually the time to buy back

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

Just tell him it is like going to a race track and betting on a horse. Sometimes you win the bet and sometimes you lose the bet. Right now his bet was just f*cked.

NothingDoMe:
Who will buy the naira from you if you take it back to your home country, such as the United States?

Who are the people who exchange naira in US to dollar?

There ate bureau de change in every country, who exchange foreign currencies just like Nigeria do

masseratti:
oga has at November last year Nigeria had $32b in foreign right,jp Morgan release a report that Nigeria can only access $7b out of it to do anything the rest are tied to loans and it won't be released at all Nigeria had to go to Afriexim.. got a loan of $7b ... question is that the dollars reserver going down are for what if Nigeria is still borrowing loans ... floating the dollar is the best thing that can happen to this country..let everyone go and buy the dollars at d same rate with the parallel market..that's how we can make progress..not dangote buying at 700 naira to a Dollar, Govt officials buying at 700 naira per dollars Otedola buying at 700 naira per dollars,innoson buying at 700 naira per dollars ,me and you buying at 900 naira per dollars that's government using money meant to build schools ,pay salaries,roads, health care couple with massive corruption they use that to defend the dollars at 200naira ..that's tax Peyer's money and royalties from crude oil ,that's defending the dollars..my own is that government should allow the CBN to be trading at the same place with what the marker determines..that will stop speculators ..and also calm down or road side money changers and crpytos...there are crippling the economy for genuine business men and women ..make una rest abeg

chairman, I get your point, and you are right to an extent, from my point of view.

The thing be say we dey do pass ourselves.
Remember, no electricity and expertise, no production.

Without writing too much, they claim they are floating the naira, but now we know they are not. He is taking money from other sectors to go the back way to defend the naira. In the process, he has totally rubbished education from elementary to university; he has rubbished commerce with fuel subsidy; he has enticed insecurity in all regions. Just look at how many advisers, perks, and corruption, going on.

How can naira get organically stabilized? not the masking and cosmetics we are seeing everyday.

It was due to the IMF statement, it triggers signals in the financial market

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?

You are not at loss. The value of dollar is stable. It is the naira that is gaining. As long as dollar is above Naira even if it is 100 Naira to a dollar, your dollar is more important than the naira.
When dollars to naira was about 1k, an iPhone x was about 150k. When the difference got close to 2k, that same iPhone is about 400k. If you bought dollar at this time, don't worry. As the naira keeps gaining, the price of imported goods will drop back to the rate. You know why. Nigeria economy is dependent on dollars.
Very soon, the iPhone will drop back again to about 150k maintaining your value. You can also use the dollar in other countries

viodemus:



chairman, I get your point, and you are right to an extent, from my point of view.

The thing be say we dey do pass ourselves.
Remember, no electricity and expertise, no production.

Without writing too much, they claim they are floating the naira, but now we know they are not. He is taking money from other sectors to go the back way to defend the naira. In the process, he has totally rubbished education from elementary to university; he has rubbished commerce with fuel subsidy; he has enticed insecurity in all regions. Just look at how many advisers, perks, and corruption, going on.

How can naira get organically stabilized? not the masking and cosmetics we are seeing everyday.

am not an advocate for tinubu nor aoc ..but check my previous chats the major problem i i dentified was having an official rate and a parallel rate in the same country..no good country develop on that ..also money merchants on the streets that are unregulated will cause nothing but chaos to the exchange rates..this fallacies of bringing down the rate because we are not producing is not true ..what a good economy needs is actually zero corruption and a stable rates..be it at a miilon to a dollar or at 50kobo to a dollar wont make a difference if its volatile.. meaning going up drastically today going down drastically tomorrow..it will affect any business decision.

About foreign reserves how much does the united states hold in foreign reserve?have u heard of the greenwood agreement?if you have ghe naval power othee countries will trade with your currency thats why we all trade in $ before it was the British Pounds they had to give it up as one of the condition the American came to assit with WW2.

Am not disregarding your other points on corruption in government but atleast lets suport them with this ..it affects us all.

masseratti:
am not an advocate for tinubu nor aoc ..but check my previous chats the major problem i i dentified was having an official rate and a parallel rate in the same country..no good country develop on that ..also money merchants on the streets that are unregulated will cause nothing but chaos to the exchange rates..this fallacies of bringing down the rate because we are not producing is not true ..what a good economy needs is actually zero corruption and a stable rates..be it at a miilon to a dollar or at 50kobo to a dollar wont make a difference if its volatile.. meaning going up drastically today going down drastically tomorrow..it will affect any business decision.

About foreign reserves how much does the united states hold in foreign reserve?have u heard of the greenwood agreement?if you have ghe naval power othee countries will trade with your currency thats why we all trade in $ before it was the British Pounds they had to give it up as one of the condition the American came to assit with WW2.

Am not disregarding your other points on corruption in government but atleast lets suport them with this ..it affects us all.

it seems like we are saying the same thing, but speaking from different points of view.

As much as I don't care for Nigeria again, I still want it to succeed, because more people from my tribe will succeed, if she does. We will also succeed if we are alone as a country, but for now, it will be good if Nigeria is a success.

Corruption, incompetence, and pure laziness with the top person at aso rock. Everyone that works for him, don't care because he doesn't care.


With all these issues, how can naira not hide im face? Electricity is not reliable. Water is not reliable. Food, now, is getting scarce. Instead of building for the century, we are doing 17 to 1800 things. Is that one a serious country. Soon Senegal's GDP and the population buying power will pass Nigeria.


I don't trust the naira, the writing is on the wall. I hope a miracle can happen sha.

wunmi590:


Who are the people who exchange naira in US to dollar?

There ate bureau de change in every country, who exchange foreign currencies just like Nigeria do

Lol. Try changing the equivalent of $100m in America and give me feedback 🤣

What's this one saying??

Wait let Dangote fuel n diesel start selling ur dollar will pump to 5$ to naira ... Keep holding

NothingDoMe:
Lol. Try changing the equivalent of $100m in America and give me feedback 🤣

😀 😆 🤣 😂 😹

I'm at loss already. What happened please?

OP u better quickly sell the remaining dollars with u out immediately to avoid fother lost.

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?

As long as the right thing is not done. Dont worry it will go back. When you balance import with export it should come down but currently we are not exporting. We are manipulating instead. There is nothing the drug lord cant do.

godwinngbede:
lol see the current rate as of 22/04/2024

Did it crash from 1156 to 1002 before correcting to 1255 or not? That's 10/10.

Correction has capped at 1255, it will zoom past 1000. Opportunity to move out now.

Oga no dey follow this official rate go find Aboki wey u go dey ask nio ooooo

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?

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

Come to think of it, if what you claimed in your comment is what the government is doing, is it not done in good faith, to strengthen the Naira? Yet, economic saboteurs and enemies of the state like you are frustrating the efforts for your selfish personal gains. Yet, you are always the one to scream to high heavens how bad the country is bla bla bla. Don't worry, continue to hold your Dollars, when the time reach to cry, handkerchief nor go reach to mop your tears again, na mopping stick you go need by that time.