₦airaland Forum

Douglad:
The major depreciation of the naira happened early this year. By this time last year, it was just as depreciated as it was early in the year.

no, u should check the stats, Naira depreciated last year december

Tell dumb brain BAT supporters in nairaland is because of Diaspora return to Nigeria for Xmas.

Nazgul:
It's still on N1,606. The appreciation isn't massive.

Question is how sustainable is this appreciation? Something similar happened some months back. It even appreciated to 1k to $1. Then crashed after some weeks.

It's now 1504 in the parallel market.

ajepako:
See people that castigated GEJ for N211 dollars in 2015 jubilating over N1600 in 2024

Simply because he is our own tribesman!

What is the meaning of hypocrisy again please?

You go school at all?, you can't even read and understand what's written in black and white. GEJ was heavily subsidizing dollar, that was not the real value of dollar at the time.

sofeo:
Only for the main term

just imagine if he reach 1k phones go cheap walai

Kpartners:
Let's see how far they can go
If it can be $1- #1,000 and remain stable for the next couple of years, it will be good

There is nothing like appreciation because of one policy or not. The appreciation is due to the festive season when Nigerians come back home to celebrate the season, thereby increasing the inflow of dollars.

All what is written up there are long jargons.

The dollar is depreciating because people sending dollar inflow into the country, diasporans are also coming home with hard currencies. So, there is more dollar in circulation to feed demand..

It is simple economics and the effect is ephemeral and superficial. It is not sustainable. By January, when all the spending has ended. Reality will hit the naira again as people will start looking for dollar to buy tickets, resume school and buy goods abroad.

richmond500:
I have noticed it for 10days now, it has been on a steady appreciation

I hope Cardosso is not using one kind of voodo economics

soft or hard

oluayebenz:
1550... How many do you want? Let's deal

richmond500:
I have noticed it for 10days now, it has been on a steady appreciation

I hope Cardosso is not using one kind of voodo economics

But if it's steady depreciation he's not using voodoo economics

lexy2014:
Is Binance no longer the problem?.

At what price did this administration meet dollar?

Binance has been taken care of.

The price this administration met dollar was artificially fixed with about $21 billion per year. Basically, what we were doing was to subside imports at the detriment of local manufacturers.

That apparently isn’t sustainable. What you’re seeing now is the true value.

Understood?

lexy2014:
off point.
Is Binance no longer the problem?.
At what price did this administration meet dollar?

Read to understand so you will not be asking irrelevant questions

richmond500:
if you pay close attention to it in the last few days.
Then you will know the appreciation is massive, infact it is abnormal

From 1675 to 1606 is a massive gain to you people abi?

Are you guys even normal at all?

femisplash:
EFEMS is the joker... Cardoso Solution.

At last, CBN is beating them at their own game by creating a platform whereby all key operators are brought together and every single transaction is transparent and traceable, real time transactions at market-driven prices, efficiently handling high volume of trades, data-driven algorithm, standardized transaction sizes, a level playing field with markert predictability and stability and enhancing regulatory compliance.

In your comment the most important thing is

real time transactions at market-driven prices

Even if done with pen and paper and Ghana must Go bags, as long as the prices match real world FUNDAMENTALS and reality, the black market will die.

If the CBN rolls out a policy tomorrow where they try to FORCE the dollar to match that President Tinubu's pledge of 300 per $1, you can be sure the parallel market will be back in control.

If the government restores fuel subsidy to the levels of 2021, it can't maintain current forex values vs the naira, the currency must crash.

That's simply reality.

Good Luck to Nigeria

CatchMeIfUCanMO:
From 1675 to 1606 is a massive gain to you people abi?

Are you guys even normal at all?

from 1675 to 1606 in less than a week is massive

oluayebenz:
1550... How many do you want? Let's deal

If u serious, l will need 3000$ @1550.

DM Ur Office Location

Nazgul:
It's still on N1,606. The appreciation isn't massive.

Question is how sustainable is this appreciation? Something similar happened some months back. It even appreciated to 1k to $1. Then crashed after some weeks.

Is this black market rates? Which website do I check the black market rates from pls?

PressMyButton:
dey play.. There're more dollars inflows with euro bond and more FPI.

So, binance was never the problem?

oluayebenz:
Don't mind them

All of them hoarding fx go cry

Okay. So, Binance is no longer the problem?

Amayabor1:
So, binance was never the problem?

It was.

Can someone explain how Nigeria or CBN benefits from the blockage of direct FX into our naira accounts?
Buhari stopped all inflows into Naira accounts. Since then, how has that decision helped us?

Its now 1560 in the black market. It will still go to 1400

Babypal:
Is this black market rates? Which website do I check the black market rates from pls?

This rate is from Geepay and it's still N1,606. I don't understand what people here are saying.

blacksam01:
U actually do not need to shore up ur export to gain fx advantage on ur local currency... If u also reduce ur need for fx, ur local currency will appreciate... Example is saving massive fx by substitution geared investment like the Dangote refinery....

The only significant thing that can bring about a appreciation of the naira is Dangote Refinery.

But, if you know Economics, you'll know that even that will not result in naira appreciation. Cause our number 1 FX earnings come from oil. If FG sells a portion of this oil to Dangote Refinery in Naira rather than on the international market, our FX will reduce drastically. If FG doesn't sell in naira and allow Dangote import Crude with Scarce FX it will pit pressure on the naira.

So, if yiu factor everything. It's the same as 2 divides 2 which equals 1.

Meaning we're back to status Quo. So, this appreciation didn't happen by oil. It was something else. Something Artificial.

femisplash:
https://businessday.ng/news/article/why-naira-is-appreciating-and-how-long-it-may-last/?amp

Another trial and error… anybody That reads this long nonsense get so much time on their hands.

Hope it would impact on the price of fuel.We don tire to dey buy expensive fuel

It is just like starting a match at 0.0 and watching your opponent trash you 10.0 and then then you vone back in the 80th minutes and scored one. You now celebrate that after all, you have taken one or two back.

As fans, we can only celebrate when you atleast equalize or win the match, reducing the goal gap no mean anything

Now 1480...diaspora detty December could be responsible.

richmond500:
APC didn't take it from 180.
The 180 price was when the naira was defended and pegged to the dollar, we don't know the real price.
Though I'll appreciate it if it can come down to 400, anything less is not welcomed

who took it from 180 to wherever?

Why Una Dey talk like foolish people ?

femisplash:
https://businessday.ng/news/article/why-naira-is-appreciating-and-how-long-it-may-last/?amp

Nigerians are just wicked.... forgive me for the stereotype....

Nazgul:
It's still on N1,606. The appreciation isn't massive.

Question is how sustainable is this appreciation? Something similar happened some months back. It even appreciated to 1k to $1. Then crashed after some weeks.

Parallel market

kelvindj98:
Its now 1560 in the black market. It will still go to 1400

Landing cost of fuel wud crash soon.

just2endowed:
its normal. during december there seems to be significant inflow of dollars from abroad and every family will want to send money home to theior love ones. the inflow should stop by january.

Did you read what was written up there?