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Nairaland Forum / Nairaland / General / Business / Naira Continues Appreciating Against Dollar, Sell At ₦1,100 (32447 Views)
Naira Continues Appreciation Against USD At Forex Market / Naira Continues Recovery, Strengthens To ₦950 / How CBN Deliberately Prevents Naira From Appreciating Against Dollar - Sahara R. (2) (3) (4)
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Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by zionstaar75: 3:39pm On Apr 08 |
Codeye:real senseless comment 1 Like |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by advanceDNA: 3:40pm On Apr 08 |
zionstaar75: Wrong?? When did I say anyone is doing anything wrong?? Please dey read without assuming it must be about politics or supporting party please.....some of us don't have political affiliations.... I am an advocate for subsidy on the exchange rate because I feel we are not ready for removing it yet...right from the start i said this inflation disaster will happen if total subsidy is removed on the exchange rate 1 Like |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by zionstaar75: 3:42pm On Apr 08 |
REALretep:says a guy with saw dust brain 1 Like |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by mediclife1987(m): 3:43pm On Apr 08 |
DMerciful: How |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by mediclife1987(m): 3:43pm On Apr 08 |
socialmediaman: And when it crashes to that level, you'll crash yourself in annoyance. Olodo 3 Likes |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by muykem: 3:45pm On Apr 08 |
advanceDNA:I said major. We do import many other things. |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by Winning123: 3:46pm On Apr 08 |
advanceDNA: You got it wrong. Nigeria spends $10b importing fuel every year in addition to trillions she pays on subsidiaries. This will now stop so more of our foreign reserve will be preserved. This is the import of Reno's submission. 1 Like |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by IMAliyu(m): 3:46pm On Apr 08 |
While I like the fact that the Naira is appreciating, but it seems to be artificial, and it seems our FX reserves are being used to defend it. This is not sustainable, unless the CBN has some unknown plans to solve this. 3 Likes 2 Shares
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Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by aoaachives(m): 3:47pm On Apr 08 |
Osanoghodua1: lol |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by socialmediaman: 3:49pm On Apr 08 |
ryloy: Some of you kids on this platform have zero idea what made up that $20 billion. You just come online to make noise. While the CBN was defending the currency with Pegged Exchange Rates, the actual problem was the high level of corruption within the system, so yes without corruption, the parallel market exchange rate could've still been within the vicinity of $500. The problem being that government officials and bank executives were hoarding the currencies and allocating billions of dollars to themselves to sell to the parallel market thereby creating artificial scarcity. Kill corruption and the nonsense stops. 1 Like |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by Trustyourself: 3:49pm On Apr 08 |
Richtaiwo: No sane human-being will find any reason to be happy until the dollar rate gets down to where APC met it in 2015 as well as general cost of living Remember we've not forgotten Tinubu's statement on dollar rates as he was campaigning for APC in 2015. 1 Like |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by wasco70: 3:49pm On Apr 08 |
advanceDNA:But we will not be using dollars to buy again from abroad. |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by maasoap(m): 3:50pm On Apr 08 |
Balistic4: This is much like how it was being done under Obj, Yaradua, Jonathan and Buhari and inflation was still managed better with exception of Buhari who banned foods import. Nigerians don't mind this approach so far it is working like it worked for the past administrations. No nation, no government in the world leaves her currency at the mercy of speculators! Floating my ass 3 Likes 1 Share |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by advanceDNA: 3:51pm On Apr 08 |
wasco70: Of course.....u are right .but we still have other imports driving out exchange rate |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by advanceDNA: 3:57pm On Apr 08 |
Winning123:Reno greatly exaggerated..that's my point.. .because fuel is not our only import... We are a nation heavily dependent on imports for everything...which drives out exchange rate. Shebi we dey this country together.....we will see how far the exchange rate will drop with Dangote in full swing.... |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by iamtoofan: 3:59pm On Apr 08 |
advanceDNA: Are you aware Dangote refinery is enough to cater for nigerians daily demands, meaning lil or no need for importation of refined crude that takes 60% of our FX. If Nigeria saving 60% of FX normally expended is not greatly significant then 40% must be bigger than it sounds True, we are import dependant, but if you study the attachment myndd dropped you will realize the other imported products (Net worth) aint weighty enough to keep balance of trade down .. didnt you see petroleum import cost gigantic improvement is one comic illusion, not in economist 1 Like
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Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by Truvelisback(m): 4:01pm On Apr 08 |
Why is the cost of living is still high? 1 Like |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by spartachico(m): 4:03pm On Apr 08 |
So why are food prices and other amenities are still costly and difficult to buy,coke now sell for 350 400 on the streets and stores,pure water price refuses to come down... To be honest,I still feel all these moves are stunt from the govt and they are majorly punishing those BDC cus dollar rates doesn't have anything to do with our local made stuffs, by the time they are done dealing with whomever they want to deal with .. the dollar will still rise up because i wonder why we still have different exchanges rates in one country 1 Like |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by erosimo(m): 4:04pm On Apr 08 |
karkinase: Obviously, you are a forex trader, the support will be tested. However, the support is not strong enough because it occured only in between october and november...what will determine the direction further is hanging on the economy policy of the government |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by iamtoofan: 4:04pm On Apr 08 |
IMAliyu: No one is arguing its sustainable, however desperate times require desperate measure, CBN must do everything possible to sustain the Naira value till Dangote fuel come on board, by then we won't be expending over 60% of our FX earning on importing refined product that is the scope 3 Likes 1 Share |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by advanceDNA: 4:04pm On Apr 08 |
iamtoofan: I saw what mynd posted.....And I told him our food imports is way higher than that..cos wheat is not our only food imports..... My point is we need more than stopping fuel imports to greatly improve our exchange rate which is why Reno is being tackled for fallacy and propaganda spreading.... Have u even accounted for heavy corruption .can u even account for it in the exchange rate |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by Pusyiter(m): 4:05pm On Apr 08 |
Don't mind the lazy zombie that do not read or understand issues but will be quick to throw the ethnic card that politicians have used for him to sell his senses to the voice of reason Thanks for enlightening that Mumu if only he can read and accept his inadequacies advanceDNA: 1 Like |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by kelvindj98: 4:05pm On Apr 08 |
ignis:Hoarder don drop qoute 3 Likes |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by Almunjid(m): 4:06pm On Apr 08 |
christejames:Lol, but "statistics" go run government abi? |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by dreamxhaser: 4:07pm On Apr 08 |
wasco70: I want to ask. Do you think Dangote will be paid in naira or dollar? |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by bigpicture001: 4:08pm On Apr 08 |
advanceDNA: The FG gave up on its drive to gather enough FX for the economy to function properly, hence the shifted focus only on the Naira, whiles trying to kill the demand for FX locally.... As for Dangote, he sells his refined product to other nations and earn FX...this FX,he refused to infused them into the Nigerian economy, ,instead he saves them abroad....with dat it will hv no effcet aside employment boosting effect and increased govt revenue to the Nigerian economy |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by JapaPrince: 4:09pm On Apr 08 |
There is political propaganda then there is Economics based on facts. CBN is manipulating the markets by selling dollars below market price. One day they will wake up and say it’s no longer sustainable just as they’ve done to subsidy. Don’t let anyone gaslight you save in Dollars if you can but only do it as a long term goal. 1 Like |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by blacknp(m): 4:11pm On Apr 08 |
Melagros:Ok, the prices of goods and services will remain very high and it will remain so till infinity from when you were born abi? Ok, dey cry to government say your fellow Nigerians still dey cheat you. 3 Likes |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by blacknp(m): 4:13pm On Apr 08 |
JapaPrince:Hoard your dollars, make we see if you get dollars pass CBN. Dey go crash the currency, only you go go sell your weak dollars to them. 6 Likes 1 Share |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by advanceDNA: 4:17pm On Apr 08 |
blacknp: I don't like being pessimistic ooo ..but Corruption will not allow them get very far in doing good in nigeria.. They already have the value they wanna peg the currency....... Remember the govt already told u that any one expecting anything less than 700naira to a dollar is deceiving themselves 1 Like |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by zinaunreal(m): 4:19pm On Apr 08 |
popweezy: Shows you that the value of the current naira is man made. They are just holding it up there without the proper structure to keep it steady. It can drop anytime and it will even be worse with the wrong move 1 Like |
Re: Naira Continues Appreciating Against Dollar, Sell At ₦1,100 by advanceDNA: 4:22pm On Apr 08 |
wasco70: Baba..if care is not taken..Dangote can even demand dollars from oil marketers. because the man can claim he imports crude oil with dollars from outside.... 1 Like |
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