₦airaland Forum

The naira appreciated to an eighth-month high of 1474.78/$ at the official foreign exchange (FX) market on Friday as dollar demand eases on a raft of fiscal and monetary policies of the government.

The naira traded at 1,485.99/$ on June 3, 2024 at Nigerian Foreign Exchange Market (NFEM). However, the currency is now stronger eight months after due to a slew of factors, including a rising local petrol refining capacity, higher dollar inflows and the Central Bank of Nigeria (CBN)’s swift policy actions in the last 17 months.

The 650,000-barrels-per-day Dangote Petroleum Refinery began refining petrol in September 2024, providing premium motor spirit (PMS) to a nation battling an acute fuel crisis

A PwC document says petrol imports constitute 22 percent-25 percent of Nigeria’s forex demand.

“There is less pressure on the market now because fuel importers are no more seeking dollars to import petrol the way they earlier. More so, the CBN has cleared forex backlog and we saw inflows from Eurobond and dollar bond last year,” Ike Ibeabuchi, emerging markets analyst.

Dollar demand by various sectors of the Nigerian economy, also referred to as foreign exchange (FX) utilisation, fell by 11 percent to $5.7 billion in the third quarter (Q3) of 2024 from $6.4 billion in the second quarter (Q2) of the same year, primarily driven by a reduction in invisible transactions.

Uche Uwaleke, director of the Institute of Capital Market Studies at Nasarawa State University, forecasts a positive trajectory for the naira in 2025, attributing this outlook to lower petrol and food importation as well as increased fuel exports next year.

www.agen.com.ng

Obidients are no more wailing about the exchange rate. There was a time they create threads daily, wailing about the naira.

Good

Was there any reason why the Niger Republic and Chad had better Economy than Nigeria? I still wonder what they produce more than Nigeria. Some things aren't adding up.

We will find out tomorrow once Chinese market open after the holiday.

Above 1400 and some foo.ls are rejoicing up there...


When will Apc govt bring it to at least 180 they met it??

dettolgel:
We will find out tomorrow once Chinese market open after the holiday.

Keep demanding dollars to import toothpicks from China.

Paraman:
Obidients are no more wailing about the exchange rate. There was a time they create threads daily, wailing about the naira.

You are rejoicing at N1474.78/$. You fought against N216/$. Even buhari had it at N700/$.

First class accountant indeed!!!!

Elusive001:
You are rejoicing at N1474.78/$. You fought against N216/$. Even buhari had it at N700/$.

First class accountant indeed!!!!

We're no more subsidizing the naira like it was done back then. Don't forget some obidients were claiming naira will be 2500/$ by now.

You shouldn't be angry the naira is gaining value. The reason Dangote can comfortably cut price is because the naira is gaining value. If it can continue like this price of fuel will keep on falling.

Wow, what an incredible turnaround for the naira! This is a testament to the power of strategic fiscal and monetary policies, combined with the game-changing impact of local refining capacity.

The Dangote Petroleum Refinery alone has been a game-changer, significantly reducing forex demand by cutting down on petrol imports. With the CBN’s proactive measures, Eurobond inflows, and a decline in dollar demand across sectors, it’s clear that Nigeria is on a path to economic resilience. Uche Uwaleke’s forecast for 2025 is even more promising--lower imports and increased fuel exports could solidify the naira’s strength.

This is not just a win for the currency but for the entire Nigerian economy. Kudos to all the policymakers and stakeholders driving this positive change! 💪🇳🇬 #NairaRising #EconomicGrowth #DangoteEffect...
🙄🥱

dettolgel:
We will find out tomorrow once Chinese market open after the holiday.

Cut your losses and sell your dollars now

mightyhaze:
Above 1400 and some foo.ls are rejoicing up there...


When will Apc govt bring it to at least 180 they met it??

See a dull Obidient, when Government was using $1.5billion monthly to subsidise the dollar, you were rejoicing not knowing your future was being mortgaged.

Dey play

Putindbutt:
See a dull Obidient, when Government was using $1.5billion monthly to subsidise the dollar, you were rejoicing not knowing your future was being mortgaged.

Okpetu, PDP tried removing subsidies in a humane manner o) but APC fought it tooth n nail.. occupied Nigeria and even threatened violence...

What's ur take there

Una wey dey price una good and services according to how high the dollar has risen. If dollar rise 5 times a day una ready to review prices upwards 5 times a day. I hope you have started reducing your prices now that the dollar rates are dropping. Greedy bastards!

Paraman:
We're no more subsidizing the naira like it was done back then. Don't forget some obidients were claiming naira will be 2500/$ by now.

You shouldn't be angry the naira is gaining value. The reason Dangote can comfortably cut price is because the naira is gaining value. If it can continue like this price of fuel will keep on falling.

the druggie will bring it to the promised figure of #50

mightyhaze:
Okpetu, PDP tried removing subsidies in a humane manner o) but APC fought it tooth n nail.. occupied Nigeria and even threatened violence...

What's ur take there

Jonathan was a faint -hearted and clueless president.

Tinubu major achievements as president for nearly 2 year's now

seunowa:
Jonathan was a faint -hearted and clueless president.

and tinubu is a master strategy president

mightyhaze:
Okpetu, PDP tried removing subsidies in a humane manner o) but APC fought it tooth n nail.. occupied Nigeria and even threatened violence...

What's ur take there

Because you had a weak president.

The perfect cure for dollar rise is moral suasion, where the CBN talk Nigerian owned international firms to repatriate their foreign earned FX into the naija banks...

Waiting on International bonds, FX revenue from oil, and diaspora remittances as only source of fx inflow will not work... Our international firms needs to trust the economy ND bring in hard earned FX to help counter the already too much capital flight....

Yes, this one achievement is solely Dangote's ND not this administration... Dou we are all happy

Good signs

Good news.

However, 200 naira to the USD is the goal.

Putindbutt:
Because you had a weak president.

That's the problem with some Dumb Africans..preferring strong people to strong institutions... No wonder u love strong criminals than having say strong judiciaries and police

Putindbutt:
Keep demanding dollars to import toothpicks from China.

Stop capping shit. Nigeria does not import toothpick. There are toothpick factories in ota industrial. But we know that Jagaban imported fuel of 5 trillion in the last 3 months despite dangote plus 2 supposedly functioning refinery

galserv:
Cut your losses and sell your dollars now

By end of the week we will know ooh

Putindbutt:
See a dull Obidient, when Government was using $1.5billion monthly to subsidise the dollar, you were rejoicing not knowing your future was being mortgaged.

Which govt dull agbado miscreant. Did govt ever publish its receipts and payments for you to confirm that amount was actually spent on subsidy. No wonder its easy to deceive you.

Putindbutt:
See a dull Obidient, when Government was using $1.5billion monthly to subsidise the dollar, you were rejoicing not knowing your future was being mortgaged.

Now the government is no longer subsidizing it,how has it benefited the masses? How much is fuel price now,what are they doing with the money ?

mightyhaze:
Above 1400 and some foo.ls are rejoicing up there...


When will Apc govt bring it to at least 180 they met it??

Why should it be 180?

mightyhaze:
Above 1400 and some foo.ls are rejoicing up there...


When will Apc govt bring it to at least 180 they met it??

No more artificial padding done by emefiele.

No more naira printing.

What we have is the true position of the naira

The padding and printing lead to the inflation, we have now

HIGHESTPOPORI:
Now the government is no longer subsidizing it,how has it benefited the masses? How much is fuel price now,what are they doing with the money ?

This is the true state of the naira.
We can ki!! the future because of the present.

With time, it would come down.

CBN defending the Naira quietly. They did it before, but botched the process by making it public. Now, they're doing it quietly.