₦airaland Forum

SalamRushdie:
Fake life yet GDP was growing? APC has been in power for 10 years yet not one day has the GDP grown under them now that we are not living fake life ?

Tinubu govt that's not living fake life is the one that has borrowed more .

Tinubu govt that is not living fake life is the one that went to buy a giant Airbus presidential jet.

Now that's we are not living fake life OANDO IS suddenly prospering 😅😅

Face it Tinubu govt is the worst possible govt anyone can encounter in human existence.

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

Kukutenla:
Shut up
What activity is flooding the market with dollars if SalamRushdie's theory of diaspora remittance is not correct

Kukutenla:
That's manipulation no longer floating
I thought defending the naira was a bad idea was what we were told
Which IOC will sell 50% of their revenue to forex dealers. To what end?

SalamRushdie:
Not the CBN this time but Diasporans arriving for Xmas and diasporan sending their loved ones Christmas dollars

jmoore:
Babablu bulabu.

Propaganda won't save you guys.

1,300 to 1,500 is appreciation?

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

Yankee101:
An online platform is appreciating the naira? Can you listen to yourself? It’s not the fundamentals but cosmetics that’s moving the pendulum?

Cardoso has been an all around disaster. Besides his wanton stealing, Emiefiele is comparatively way ahead of Cardoso in managing fiscal and monetary policies

jmoore:
You guys never learn from history. Or I should say the propaganda of Tinubu always have expiry date.

https://www.nairaland.com/8038056/naira-appreciates-1382-after-7

Kukutenla:
This is good news

Bit it seems CBN is flooding the market with dollars or where's the excess dollars coming in from? It was previously claimed that we need to become productive for our currency to appreciate

The value of the naira has been heavily decimated since APC came into power we hope the are able to work out a genuine respite for our currency

Yankee101:
News of 2 refineries should reduce the runaway depreciation

But it takes another policy somersault to revert back to 1900

The exchange rate between the naira and the dollar continued its rapid appreciation on the official EFEM market, closing at N1,535/$1 on Friday, December 6, 2024.

This marks a significant milestone, as the naira strengthens further following three consecutive days of appreciation since the Central Bank of Nigeria (CBN) introduced the Enhanced Foreign Exchange Market System (EFEMS).

For the trading day, the intra-day high was N1,575, while the low was N1,510, with the average rate printing at N1,533.

Meanwhile, the black market rate fell sharply to as low as N1,570/$1, with operators reporting an unusual scenario where there were more sellers struggling to find buyers.

According to sources who spoke to Nairametrics, “No one wanted to buy dollars,” indicating a fundamental shift in market sentiment.

Some sellers informed Nairametrics they offloaded for as low as N1,500/$1. Meanwhile some cryptocurrency platforms exchanged stablecoins for the naira at less than N1,500$1 via P2P platforms.

Sustained rally in the official market
At N1,535/$1, the naira recorded one of its best performances in recent months, adding to the momentum built since EFEMS was launched.

Friday’s closing rate represents a notable improvement over the previous day’s N1,567/$1, reflecting increasing demand for the naira in the official forex market. On the parallel market, rates dropped further to about N1,570/$1, as sellers struggled to find buyers.

Meanwhile, some parallel market operators suggest the exchange rate sold for as low as N1,500/$1 for inflows.

The unusual glut of dollar sellers reflects growing confidence in the naira’s trajectory and reduced speculative activity.

This aligns with the narrowing gap between the official and black market rates, which has fallen to less than N35, or approximately 2.3%, as of Friday’s close.

Investment platforms like Bamboo and Trove continued to quote rates for converting naira to dollars at N1,549.50 and N1,629.49 respectively.
This compares to compared to N1,653/$1 and N1,654/$1, suggesting a slight lag in adjustment compared to official and parallel markets.

Meanwhile, flagship cryptocurrency Bitcoins sold for $101k as of 8pm Nigerian time with altcoins all showing signs of gains ahead of an impending Trump Presidency.

Black market dynamics shifting

The rapid appreciation of the naira on the parallel market suggest the EFEMS is impacting unofficial forex operations as speculators struggle to understand the impact.

With fewer buyers willing to hoard dollars and more sellers looking to offload, the naira’s strength appears to be translating across both official and unofficial markets.
Market analysts suggest that this development signals a paradigm shift, as individuals and businesses now see greater value in holding naira over dollars.

EFEMS driving transparency

The introduction of EFEMS by the CBN appears to be driving transparency and efficiency in Nigeria’s forex market.

The platform, which consolidates all forex transactions into a single market, has now delivered gains for four consecutive days, further narrowing the disparity between the official and parallel market rates.

EFEMS requires all FX transactions to be priced through the system, ensuring that daily exchange rates are transparent and accessible to the public.

The centralized pricing mechanism has been pivotal in reducing speculative behavior and bolstering confidence in the naira.

Kobojunkie:
So, because he supposedly framed an Act, that would need to be repealed if the country is ever going to take back its criminal justice system as well as its judiciary from corruption and on the right track, we should all be in awe of him and pardon him for the terrible part he played throughout the last 25 years in destroying Nigeria for Nigerians?

Kobojunkie:
The same Osinbanjo who served as Chief Justice officer in Lagos during the Tinubu years and then as Vice President for 8 solid years all with nothing to show in the way of public service for it all? WOW ... Nigeria has a programmed-slaves/slavish-beings population problem.

SalamRushdie:
Seem you don't know the meaning of blackmail...slander and defamation is not blackmail

SalamRushdie:
If he valued the peak of his career he wouldn't be rubbishing it so much at the twilight of his dance

Troops from the Multinational Joint Task Force, MNJTF, operating under Sector 4 in Diffa, Republic of Niger, have intercepted 174 able-bodied Nigerian men who were attempting to cross into border communities in Niger.

The suspects were stopped at Gueskeru, a key border town connecting Yobe State in Nigeria with the Republic of Niger.

According to a statement from Lt. Col. Olaniyi Osoba, the MNJTF spokesperson, initial investigations indicated that the suspects were travelling from various Nigerian towns to the Lake Chad region, reportedly for fishing activities.
However, concerns arose due to the porous borders, which have become havens for terrorist groups, including the Lakurawa terrorist group, known for multiple attacks on border communities.

The presence of such a large number of able-bodied men raised security alarms, as their access to areas infested with terrorists could pose a significant threat.

Consequently, Sector 4 troops halted their journey and began a thorough profiling and interrogation process to evaluate their intentions and ensure they did not threaten regional security.

SalamRushdie:
The Legal Luminary is hell bent on soaking his 95 year old legacy in sour mud

Kewtt:
If he loses the money will be wiped out

Beremx:
las las na Yoruba man go be Emir. I trust Tinubu to do it if he has the power.

BeardedMeat:
I would only care if this news will repair the damage tinubu has done to the economy.

mrvitalis:
Bros I would give u 100 million if u can import pharmaceuticals from onne... Let's see who is ignorant

Security operatives, on Friday morning, blocked the Emir Palace in Kano and prevented Emir Muhammadu Sanusi II from attending a royal event in Bichi local government area of Kano State.

An online newspaper, News Point Nigeria, quoted a source in the Kano Emirate that Emir Sanusi II was scheduled to attend a royal ceremony to present a staff of office to a new District Head of Bichi.

According to the source, Emir Sanusi II was, however, asked to remain indoors by heavily armed security operatives while the entrance of the Palace was also blocked by armoured personnel carrier (APC) vehicles.

“The Emir has been on the phone and is trying to find out what is going on,” the source was quoted as saying.

Also, another source in the Kano State government told the newspaper that, the state governor, Abba Kabir Yusif, sent a delegation to the palace but they were also barricaded from entering the palace by the security operatives.

The venue of the event, which Emir Sanusi II, was scheduled attend in Bichi has also been condoned off by security operatives.

Eboofa:
That plant was planned to be located in Onitsha but the powers that be located it in Ajaokuta.......where they do not have the gravitas to support such an industry...........had the right thing been done perhaps Innoson motors and c others would have been using flat sheets from the steel industry!