₦airaland Forum

With the exchange rate currently at N470= $1, is today the best time to sell my dollars and get the most return on investment? Do you think the Naira would still devalue further or I should just sell them now and walk away?
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I remember a similar situation happened back in 2016(I believe) when the naira devalued to about N500 and I had some dollars with me, but I was so clueless and driven by fear that I just decided to hold on to them and watched the exchange rate fall back down to N365.
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What do you suggest this time around, how would you act? Perhaps there are some economic policies being implemented which would affect the Naira/Dollar value in the near future... please share!

Send it to me

Lizzyab:
With the exchange rate currently at N470= $1, is today the best time to sell my dollars and get the most return on investment? Do you think the Naira would still devalue further or I should just sell them now and walk away?
.
.
.

I remember a similar situation happened back in 2016(I believe) when the naira devalued to about N500 and I had some dollars with me, but I was so clueless and driven by fear that I just decided to hold on to them and watched the exchange rate fall back down to N365.
.
.
.
What do you suggest this time around, how would you act? Perhaps there are some economic policies being implemented which would affect the Naira/Dollar value in the near future... please share!

anything anyone tell you here is guess work.

But I'll say hold on to your dollar cos there is no sign or information that exchange is about to come down. Infact, it looks more like its going to hit 550 later. It's currently selling for ₦477.

I get where you're coming from. My opinion: Nigeria doesn't have any plans to get better so the naira will continue to fall. However, there are certain factors that will affect the exchange rate. International flights resume on the 29th and that means that FG will resume selling FX to BDCs, this will reduce the scarcity of FX and the price on the parallel market will drop...now by how much, no one can tell. I switched a portion of my dollar fund to naira because I'm anticipating a drop from the 29th, if it does then I'll buy again and get more dollars than I sold.

Modified: please this is not investment advice of any kind biko, I can't shout

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RaphaellaDD:
I get where you're coming from. My opinion: Nigeria doesn't have any plans to get better so the naira will continue to fall. However, there are certain factors that will affect the exchange rate. International flights resume on the 29th and that means that FG will resume selling FX to BDCs, this will reduce the scarcity of FX and the price on the parallel market will drop...now by how much, no one can tell. I switched a portion of my dollar fund to naira because I'm anticipating a drop from the 29th, if it does then I'll buy again and get more dollars than I sold.

Modified: please this is not investment advice of any kind biko, I can't shout

Haha! Thank you! LOL at the disclaimer... I was also thinking about the possibility of the International Flights resuming, so I decided to seek peoples opinions to see if it's in line with my thinking... my Bureau De Change guy is offering 470 today, let me change half of the money and keep it moving. Thank you!

OgogoroFreak:
anything anyone tell you here is guess work.

But I'll say hold on to your dollar cos there is no sign or information that exchange is about to come down. Infact, it looks more like its going to hit 550 later. It's currently selling for ₦477.

Thank you for your input

Lizzyab:
Haha! Thank you! LOL at the disclaimer... I was also thinking about the possibility of the International Flights resuming, so I decided to seek peoples opinions to see if it's in line with my thinking... my Bureau De Change guy is offering 470 today, let me change half of the money and keep it moving. Thank you!

d real dollar value no reach 470, na speculators,carry,am go up dt,way, watch as it falls overnight, change,ur dollars,to,naira now to,avoid a,big loss

Lizzyab:
Haha! Thank you! LOL at the disclaimer... I was also thinking about the possibility of the International Flights resuming, so I decided to seek peoples opinions to see if it's in line with my thinking... my Bureau De Change guy is offering 470 today, let me change half of the money and keep it moving. Thank you!

I had to put the disclaimer oh, I don't like wahala
You're very welcome