₦airaland Forum

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The appreciation in naira is highly appreciated.

More opportunities for smart people to load up on dollars. It is a cycle. Those who got in at $/N1000 made a killing and offloaded around $/N1700. Another opportunity is nigh.

After this reset, the next push will be $/N2000+

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SalamRushdie:
Someone that wrecked GDP from 300bn dollars to 190 bn dollars in one year ?

Someone that wrecked GDP per Capita form $2500 to $877 in just one year ?


Some that caused egg prices to jump from 2500 to 7000 Naira in one year ?

You say he knows how to assemble the best minds ? You are not ok 😅

Well for those wondering why the Naira gained here is the reason:

1 Diasporan have started arriving in droves for the Christmas festivities and they are all looking for Naira to spend so they are changing dollars .

2 : Diasporans that are not coming for Xmas have also started sending dollars to their loved ones so they can shop for Christmas early.

This is what is responsible for the Naira gain and not any Tinubu

Did diasporans not return home last year when the Naira trended downwards?

If this dollar rise to 2000 the same people will tell you there is no other option

JoeyNaza:
I can confirm this. Dollar fell a lot in the black market too.

EDIT: No celebrate too much or praise Tinubu. My BDC guys explained that it's seasonal, as diaspora people are returning for the holidays, they are selling their FX in exchange for Naira, which is temporarily propping up naira value. One of them made a funny remark that all the "yankee bois" want to ride on the bad exchange rate to become billionaires in Naira , so they are selling off their dollars more than usual because it will fetch them more this period.

I am not unpatriotic, I support Naira gain, it is for our collective benefit.

But it is not seasonal when they are going back and the dollar is rising? May God deliver us from enemies within

PressMyButton:
Respect to Jagaban, he knows how to assemble the best brains, as Governor and now as President. Anywhere that's difficult to enter, just leave it for Tinubu, that's where he likes to dismantle into pieces.

After God, na Tinubu 💪 God bless Nigeria.

Rubbish. This is normal profit taking by forex traders. Nigerians in the Diaspora are coming home for Christmas with a lot of foreign currency, so this time of the year, traders usually drive rates down to buy cheap FX for resale in the New Year.

Some BDCs are refusing to buy dollars as we speak, and importers are closing for the year. The greenback will shoot up again in mid-January/February.

Nothing Tinubu in this.

PressMyButton:
Even when Dangote refinery came on board, naira did not appreciate. Give credit where it is due, the new digital platform Cardoso created has turned things around. Stop downplaying every positive news, it's a sign of sickness.

You had expected that dollar should fall the following day after Dangote refineries came on board right? It doesn't work like that.

Diaspora coming with money this detty december thats all

leokid866:
anyone who buys the dollar now is at risk....cause fir them to setup 2025 budget with 1400 to 1 dollar.....then anyone with economic should know now is the time to sell cause before the end of this year it will already be in thar range.....

Your analysis is wrong last budget was set at 800 per dollar was it achieved the answer is no and what's that telling you with regards to whatever rate the budget is set at

richmond500:
There is an ongoing debate that N1500/$ Is not the true value of the naira and most financial and economic expertise says the true value is around 700-800, and this is before Dangote refinery came onboard.

With the exchange rate becoming more transparent thanks to EFEMS, it is safer to say the naira will keep adjusting until it finds it true value at N700

Just dey play

Topman7:
I HAVE BEEN TELLING YOU PEOPLE.

GIVE THIS MAN CHANCE TO DO HIS WORK.

TINUBU WILL TRANSFORM THIS COUNTRY.

GIVE HIM THE TIME TO DO HIS WORK!

The way you guys reason baffles me, someone met exchange rate at 700 took it to 1600 and standing at 1550 at the moment. Tell me what meaningful has he done or achieved

JoeyNaza:
I can confirm this. Dollar fell a lot in the black market too.

EDIT: No celebrate too much or praise Tinubu. My BDC guys explained that it's seasonal, as diaspora people are returning for the holidays, they are selling their FX in exchange for Naira, which is temporarily propping up naira value. One of them made a funny remark that all the "yankee bois" want to ride on the bad exchange rate to become billionaires in Naira , so they are selling off their dollars more than usual because it will fetch them more this period.

I am not unpatriotic, I support Naira gain, it is for our collective benefit.

I agree that it may be seasonal but let me point it out to you that naira lost value last year around this time.
I think the implementation of EFEM is also a factor in the appreciation of the naira because it reduced speculation which is another cause of naira depreciation.

How much was Naira to Dollar before Tinubu took over office?

SalamRushdie:
Someone that wrecked GDP from 300bn dollars to 190 bn dollars in one year ?

Someone that wrecked GDP per Capita form $2500 to $877 in just one year ?


Some that caused egg prices to jump from 2500 to 7000 Naira in one year ?

You say he knows how to assemble the best minds ? You are not ok 😅

Well for those wondering why the Naira gained here is the reason:

1 Diasporan have started arriving in droves for the Christmas festivities and they are all looking for Naira to spend so they are changing dollars .

2 : Diasporans that are not coming for Xmas have also started sending dollars to their loved ones so they can shop for Christmas early.

This is what is responsible for the Naira gain and not any Tinubu

I don't like you but pon this I agree. Kudos. People should not politicized everything.

JoeyNaza:
I can confirm this. Dollar fell a lot in the black market too.

EDIT: No celebrate too much or praise Tinubu. My BDC guys explained that it's seasonal, as diaspora people are returning for the holidays, they are selling their FX in exchange for Naira, which is temporarily propping up naira value. One of them made a funny remark that all the "yankee bois" want to ride on the bad exchange rate to become billionaires in Naira , so they are selling off their dollars more than usual because it will fetch them more this period.

I am not unpatriotic, I support Naira gain, it is for our collective benefit.

Does not addup🤣🤣

PressMyButton:
Respect to Jagaban, he knows how to assemble the best brains, as Governor and now as President. Anywhere that's difficult to enter, just leave it for Tinubu, that's where he likes to dismantle into pieces.

After God, na Tinubu 💪 God bless Nigeria.

Don't celebrate rubbish. The rate of dollar is rising again. It's 1,650 now and counting

And perhaps school fees was paid in full but maybe there wasn't a graduation if not.. Why would anyone jubilate that Dollar got high from lets say, around 700 to 1700 and then draw down to 1500?

Is that brain or @nus

PressMyButton:
Respect to Jagaban, he knows how to assemble the best brains, as Governor and now as President. Anywhere that's difficult to enter, just leave it for Tinubu, that's where he likes to dismantle into pieces.

After God, na Tinubu 💪 God bless Nigeria.

Dollars that is gradually returning to 1700? Dey play

PressMyButton:
Respect to Jagaban, he knows how to assemble the best brains, as Governor and now as President. Anywhere that's difficult to enter, just leave it for Tinubu, that's where he likes to dismantle into pieces.

After God, na Tinubu 💪 God bless Nigeria.

shame on you & your jagaban for putting nigeria in this mess

JoeyNaza:
I can confirm this. Dollar fell a lot in the black market too.

EDIT: No celebrate too much or praise Tinubu. My BDC guys explained that it's seasonal, as diaspora people are returning for the holidays, they are selling their FX in exchange for Naira, which is temporarily propping up naira value. One of them made a funny remark that all the "yankee bois" want to ride on the bad exchange rate to become billionaires in Naira , so they are selling off their dollars more than usual because it will fetch them more this period.

I am not unpatriotic, I support Naira gain, it is for our collective benefit.

Why e no fall last year December ? It was rising.

PressMyButton:
Respect to Jagaban, he knows how to assemble the best brains, as Governor and now as President. Anywhere that's difficult to enter, just leave it for Tinubu, that's where he likes to dismantle into pieces.

After God, na Tinubu 💪 God bless Nigeria.

Are your parents use xyz less, for you to place Tinubu above them, because I don't understand such stew pead statement, haba?

Grow up mu²

PressMyButton:
Even when Dangote refinery came on board, naira did not appreciate. Give credit where it is due, the new digital platform Cardoso created has turned things around. Stop downplaying every positive news, it's a sign of sickness.

This is no good news, this December and those abroad are planning on return and selling off their dollars.


So crashing for few weeks is not a good news, we need a permanent solution

TUANKU:
How much was the exchange rate when he came into office? You bigots are just ridiculously dumb.

What is the difference when PDP met dollar at 22 naira and left it at 180 naira? Apc from 180 to 1600 , both are over 700 percentage increase, even with one defended and the other not..no big difference between both parties

Kukutenla:
What is the meaning

There's excess inflow of fx into the country which naturally will appreciate the naira caused by eurobond, diasporians. But when those IOCs and airline repatriate their money back to their country, the value of naira will drop again.
What we need is a steady supply of fx (not loans) to maintain or appreciate the naira

opes:
What is the difference when PDP met dollar at 22 naira and left it at 180 naira? Apc from 180 to 1600 , both are over 700 percentage increase, even with one defended and the other not..no big difference between both parties

The difference is in the present,we are talking about the present you dummy and not what happened in 1999. APC has been in power for a decade but you lot keep making reference to PDP. Get a life.

Something people are falling to understand is there is a large flow of dollars into Nigeria due to the demand for naira by Nigerians coming from other countries.

Ewabokian:
This is the kind of education that made helinues celebrate the arrest of Dele farotimi

What are you saying? If Finland begins to buy and hoard naira will it make any difference?

You think Nigerians are the only one buying dollars?

Came you compare your lives with that of Botswana? Abi they don’t hoard dollars?

Your economy is volatile, we had a slack space where all these things were analyzed. What good was binance ban? Una Dey zuzu no be small

When you are ignorant and, simply insist on being ignorant! I can't even say I blame our educational system, because this one will still be arguing with teacher insisting 2+2 equals 7

allthingsgood:
When you are ignorant and, simply insist on being ignorant! I can't even say I blame our educational system, because this one will still be arguing with teacher insisting 2+2 equals 7

Daft idiot

Travel for fvck sake !

JoeyNaza:
I can confirm this. Dollar fell a lot in the black market too.

EDIT: No celebrate too much or praise Tinubu. My BDC guys explained that it's seasonal, as diaspora people are returning for the holidays, they are selling their FX in exchange for Naira, which is temporarily propping up naira value. One of them made a funny remark that all the "yankee bois" want to ride on the bad exchange rate to become billionaires in Naira , so they are selling off their dollars more than usual because it will fetch them more this period.

I am not unpatriotic, I support Naira gain, it is for our collective benefit.

BDC boys are lying. It rose from 800 to 900 last year during December period.


The rally could be attributed to the EFEMS integration with Bloomberg B system that allows financial institutions and dealers such as corporate entities can integrate with the system which has robust forex for naira swap. Imagine I don’t need to go through bank or BDC for forex sourcing and getting better from another dealer with lesser amount. It’s even the reason alit if people are offloading the dollar for naira swap. More forex is now in the system for few days than LCY.

My doubt is how sustainable it will be

PressMyButton:
Respect to Jagaban, he knows how to assemble the best brains, as Governor and now as President. Anywhere that's difficult to enter, just leave it for Tinubu, that's where he likes to dismantle into pieces.

After God, na Tinubu 💪 God bless Nigeria.

I wish he could tackle Corruption and SANITIZE the Electoral space..he would have my vote 2027.

DeLaRue:
It is easy to be a CBN Governor when times are good ala Messrs Soludo and Sanusi.

No Nigerian CBN Governor in the last 50 years has faced the difficult economic circumstances that Mr Cardoso has faced since he was appointed.

He may not have the bravado of some previous CBN Governors, but he has quietly proven himself as being super competent.

If you doubt me, ask Turkey.

As Turkey's currency has faced very turbulent times in recent years, the country has tried more than 4 central bank Governors in less than 3 years, yet their currency is still in rhe doldrums.

You mean economic circumstances that he created himself by poor policies? They created the problem so they should solve it, simple. The statement should rather be that no CBN Governor has ever created such catastrophic problems for the Nigerian economy than current one. At least he should make the economy and naira to dollar the way Buhari left it and we'd be okay. From blaming binance and crypto to other facade, he's still doing trial and error. Even emefiele was not ths bad. As someone rightly pointed out, this is seasonal. We remember how naira appreciated to almost 900 to a dollar from 1600 late last year and people were hailing him not knowing it was a seasonal thing until the naira plummeted to it's current state. We must tell ourselves the truth... this government is clueless and approaching it the wrong way. The soludo and Sanusi you referenced met the naira at certain levels and stabilised it before leaving. While your so called CBN Governor met it at about 600 and today it's over 1750 and you celebrating crap that he's performing lol

The mr Cardoso-led CBN have been doing fantastic job so far.

Yes you're very right about Turkey/Turkiye. I based there for years and can confirm this.

Within 3years the Lira exponentially lost value against the USD. Inflation was high, Central Bank Govs were changed at intervals as well as Finance Ministers; really got so bad. However covid and Russia-Ukraine war also worsened the economy - Russia is main supplier of Gas to Turkey and most part of Europe.

DeLaRue:
It is easy to be a CBN Governor when times are good ala Messrs Soludo and Sanusi.

No Nigerian CBN Governor in the last 50 years has faced the difficult economic circumstances that Mr Cardoso has faced since he was appointed.

He may not have the bravado of some previous CBN Governors, but he has quietly proven himself as being super competent.

If you doubt me, ask Turkey.

As Turkey's currency has faced very turbulent times in recent years, the country has tried more than 4 central bank Governors in less than 3 years, yet their currency is still in rhe doldrums.

PressMyButton:
What's wrong in CBN flooding the market when there's excess liquidity?. For your info, CBN has licensed IOCs to sell 50% of their export proceeds to FX dealers.. so, everybody is no longer depending solely on CBN for dollars anymore.

Wow that's a very smart move.