https://africa.businessinsider.com/local/markets/tinubus-naira-unification-yields-result-as-forex-inflows-surge-to-dollar255-billion/l8rhldg

After the recent unification of the naira's exchange rate, the Central Bank of Nigeria has reported a substantial increase in foreign exchange (FX) inflows, reaching $2.55 billion within two months.
The consolidation of all forex market sectors into a single window has contributed to this growth, with the Investors and Exporters (I&E) window seeing inflows rise from $1.14 billion in May to $1.41 billion in June.
However, the naira's value has faced downward pressure, with a recent record low of N930/$1 due to high demand for dollars.The overall inflows through the Investors and Exporters (I&E) window rose to $1.41 billion in June from $1.14 billion in May, according to figures from the apex bank, marking a second consecutive month of growth, as reported by Nigerian business news publication, Nairametrics.

The bank highlighted that exporters and businesses contributed to the inflows in June. In an effort to increase liquidity and stability, the Central Bank of Nigeria (CBN) announced in June that all forex market sectors will be combined into a single window.

Different groups throughout the nation have responded differently to the unification of currency rates. Companies have recently published their Q2 financial accounts, and despite increased sales, the majority of them suffered pre-tax losses owing to foreign exchange revaluation losses.

As Nigeria adjusts to the elimination of gasoline subsidies, the price of petrol has increased with the naira unification to N640/ltr. Even though the naira is still falling versus the dollar, analysts think that over the long and medium term, exchange rate unification would boost FX liquidity. Some analysts think that the naira float will attract investment to other areas of the economy.

On Thursday, August 10, 2023, the naira plunged to another record low of N930/$1, as demand for dollars from importers and other end users vastly outstrips supply.

As they continue to bemoan the lack of dollars in the face of increased demand, operators who talked with Nairametrics cited prices as high as N930/$1 as opposed to the N910/$1 that was quoted on Wednesday.

Portfolio Investment, Nigerian in Diaspora, Foreign Direct Investment , Freelancer, Agro commodity exporters, exporters



Even

Yahoo boys

Sold BTC at dollar rate of 870 in Apex platform ... Oh boy, I was quite happy

The bitter hateful negative anti Nigerians would still call Africa Business Insider fake news


Instead of complaining

Go on freelance site and create a gig you can do, all skills are welcomed, market yourself... Earn in $$ dollars at mad exchange rate

Substitute whatever you import on Alibaba with local substitute



.

Make una dey deceive una selves with propaganda

Keep deceiving yourselves. Yet, things are so expensive in an unprecedented manner. Imagine these clown saying the diversion of diaspora remittance to bdcs was responsible for the free fall of naira, as if in the era of western union and money gram, people who received money from those in the diaspora never patronised bdcs.

When will it start leading to the naira strengthening against the us dollar?

This is a mumu news

Why is it not reflecting on the exchange rate? Propaganda government

Cheap propaganda

The same inflow is being diverted to black market and the gap between official rate and black market keep getting wider. So what's the point?

This whole policy of floating naira and removing subsidy at the same time is I'll advised and is doing great harm to the country

Agbado lagos - ibadan highway journalism..

Be lying out the future of your children. Keep on living on the peanuts you are being paid here to dish propaganda.

Inflow to be sold at which rate? 940 naira.

Eriokanmi:
Keep deceiving yourselves. Yet, things are so expensive in an unprecedented manner. Imagine these clown saying the diversion of diaspora remittance to bdcs was responsible for the free fall of naira, as if in the era of western union and money gram, people who received money from those in the diaspora never patronised bdcs.

Don't mind him, his organisation and their private sector counterparts are the one diverting it to BDCs

tishbite42:
Make una dey deceive una selves with propaganda

I knew it. All.this Ipob miscreants are always sad at every good news . But if the news was bad, this clown would have believed it and start insulting Mr President. Predictable lots

Hyperinflation is the only thing the druggie has archieve within 2months, Forex inflow surge kiii you there!

.

Yet Shonubi came out with a public statement some days ago, trying to stagger his way through an explanation as to why the naira is falling freely, with the excuse that Tinubu's policy wasn't intended to "Unify" the exchange rates.

Which unification is this article about then? The same one Shonubi said wasn't existing? Or now that it's suddenly time for them to concoct numbers to sell the people a propaganda, they've forgotten the clown of an acting CBN governor, made a counter-claim days ago?

Kai!
APC don see us finish for this country, I swear!
But finally na PDP I blame. If that party had not gotten too confident, relaxed and over-assuming, they would never have lost 2015 to these degenerate bastards!!

A pound is 1,176 to naira
Unification my foot
This was how we hailed buhari and he plunged our economy into chaos

Why do we like lying in this country ? What did he unify when dollar at bank is 740 and at black market it's 950...please what was unified ?

Into their pockets and Nigerians continue to suffer!

LIARS!!!!

Very good

Hope some people won't knack their heads on the wall with this development news

SalamRushdie:
Why do we like lying in this country ? What did he unify when dollar at bank is 740 and at black market it's 950...please what was unified ?

According to APC, Uncontrolled hyperinflation is equivalent to economic boom and prosperity

To them hyperinflation means that the country is doing excellently well

I believe the story.
But that this news will quell the hardship on the street is a big lie.
The bad economy is attracting speculators. When they make a profit They will pull out the money again.

So if it's not propaganda, I wonder what it is?

Which useless profit?

The lies of this government is just too much. If you read the CBN annual statement you will weep for Nigeria.

Sometimes I wonder if devil lives in APC.

If it is not a bad news expect Obidients to attack it.
If you want to make them happy just say Niger is about to invade Nigeria.

$2.55 billion kee you dia.

If not that someone is brainless. How can you go through 8 years of Buhari and still fall for this cheap corn.... I mean con?

The only results we're seeing from Tinubu is naira exchanging at 1,000 per dollar at official rate and things becoming x3 more expensive. Things that were sold at 1000 last month are now sold 1400/1500 - let's hope everything sold for 1k don't climb to 3k within a period of 6 months if Tinubu is not stopped