Goodlady:

I see it. But dollar is now N1200 which is improvement. Hoping it ll crash more and those neighborhood prices ll come down too gradually

Well I hope so. But I don't think it will anytime soon.

In fact some prices are still going up. Most surprisingly garri

blacknp:
Believe that confused Thing? Person way call themselves JapaPrince fit save anything, na how em one take escape from Nigeria dey em head.

Using derogatory language doesn’t make your point valid.
Good luck with your bag of Rice

The primary cause of inflation is fuel price and other factors of production. So if you like let dollars be N1:$1

7lives:


Did you really believe him?.
As a 14 years old I was pulling this stunt at Daleko market.
The moment I arrived at the market and see excess demand for rice, I will lock our shop and sat beside it.
The price will continue to rise, most times between 200 and 230, 235 is extreme.
I normally come to sell early next day, because by 2pm of that day, trailers of rise will surely enter the market.
I know when to take my profit and run, at 225 I begin to sell, the few bags I have left my mum will hold and sell for 231.
This guy you quoted is a liar.
Whatever stock he has at the moment are stocks he bought of recent, hoping the price will be heading up again.
Unfortunately Cardoso is on the beat.

This simple thing u practially did back then is what FX TRADING is all about
Just be say technical analysis no too easy like that

emkz:
Where and when did dollar peak to N1,910?

The link you submitted doesn't show the true values obtainable at the black market. Dollar peaked at N1,910 before these interventions.

LordAdam16:


No one will fight the CBN during the intervention.
In financial markets, this phenomenon is called "Don't fight the tape" or "Don't catch a falling knife" or "The market can remain illogical longer than you can remain solvent."
The prevailing trend right now is downward and this is not a free market.
The duel will commence when the CBN does the victory dance after hitting its rate target.

As you'd notice, buyers and sellers in all FX windows rapidly change their prices immediately after every CBN peg.
No one will waste their resources when they know they'd be able to get the $ cheaper by waiting and make bigger profit afterwards.
The US Dollar is backed by $3 TRILLION worth of exports. And Nigeria is an economic basket case.
In the medium term, everyone on this thread will buy $ at above 2500.
Water seeks its own level.

-Lord

So apt, but your last line .. but dollar at above 2500

7lives:


Thank you for this chart.
But which demand will speculators use to push the dollar?.
Haj or Jerusalem?, because apart from petroleum products, the only available option is WMD.
Omo the crash go mad gan o.

The government will surely break that support because a lot of people won’t want to go hitting that spot with the CBN interventions incoming

EnterpriseMan:

I don't really care how much it is. I'm above the level where it changes how I live my life. I might shrug if prices are high but it won't matter to me.

Of course, i didn't expect you to care because you'd lie otherwise than accept the truth. Unpatriotic sore loser.

To answer your question I would prefer if it was below N200 per $ like it was before APC came in.

i was correct. Sore loser. It's about APC and politics for you, not Nigeria.

And you don't act confused now. What do you think the implications of borrowing billions and throwing it into the fx to back the Naira would do.

Who is borrowing billions? Stop listening to drunkards at the beer parlour please.

If you're not familiar with Trading, ask someone who is. I trade for a hobby so I know the implications. When you stop supporting it, it will bounce right back to where it was and the money borrowed to support it becomes close to worthless in a lame man's term.
One of the major issues is BDC. They need to be completely removed. Do you know BDC still sells at $1400? I bought dollars today at N1400 and tge so called rate is N1241. If there's dollars to sell to BDC, why not let the banks sell it directly to the consumers

We have many dumb traders all over the country, one just lost the presidential election so no big deal. Let's educate you a bit on what the CBN has been doing different. The CBN has sent a circular to stop dollar usage as collateral to collect bank naira loans.The FG has spent 4.83trillion naira to settle their CBN debts after the CBN said they are not further borrowing FG money. Black market rate is currently lower than official rates. Your ignorance is not an excuse. CBN has cleared backlogs owed in the billions, started a bank recaptilisation, and are back again as a major market force and regulator(their real job in the first place). It's not business as usual, if BDCs want CBN dollars, they must sell at a given range or go find their dollars elsewhere. Dangote and perhaps other refineries are jogging up.
Give it up already, you lost against Nigeria yet again.

karkinase:

So apt, but your last line .. but dollar at above 2500

I expect all of us to live long mate.

The FX rate dominates so much of our collective consciousness that it has become a boogeyman of sorts.
But then you look at our trajectory and everything becomes clearer.

Inflation rate is 30%. Best we can hope in the medium term is reduction by 10 to 15 percentage points.
So in 5 years, we're looking at double Q1 2024 prices.
Not to mention, a lot can happen in 5 years.
The Ukraine War will likely end within 5 years. Oil prices will crash within the period. We could have a global recession.
Lots of potentialities that can cause an economic shock that causes a whiplash in the rate.

Taken all together, 2500 is a lock.
If rates can sink from 1900 to 1000 in two months. It can move in the opposite direction in the same duration.
Folks need to plan and establish contingencies. As opposed to relying on hope or believing the frivolous postulations of tenured administrators.

People alive in this country saw the rate at $1 to N1. They survived and excelled while it crashed 99,900% to $1/N1,000.
It's not when it gets to your turn that a 2x or 5x would kill you.
Stay informed. Be smart about your investments. And you'll be fine.

-Lord

LordAdam16:


I expect all of us to live long mate.

The FX rate dominates so much of our collective consciousness that it has become a boogeyman of sorts.
But then you look at our trajectory and everything becomes clearer.

Inflation rate is 30%. Best we can hope in the medium term is reduction by 10 to 15 percentage points.
So in 5 years, we're looking at double Q1 2024 prices.
Not to mention, a lot can happen in 5 years.
The Ukraine War will likely end within 5 years. Oil prices will crash within the period. We could have a global recession.
Lots of potentialities that can cause an economic shock that causes a whiplash in the rate.

Taken all together, 2500 is a lock.
If rates can sink from 1900 to 1000 in two months. It can move in the opposite direction in the same duration.
*Folks need to plan and establish contingencies. As opposed to relying on hope or believing the frivolous postulations of tenured administrators.*

People alive in this country saw the rate at $1 to N1. They survived and excelled while it crashed 99,900% to $1/N1,000.
It's not when it gets to your turn that a 2x or 5x would kill you.
Stay informed. Be smart about your investments. And you'll be fine.

-Lord

Bro this is what I am trying to make anyone that cares to listen understand.

Instead of hoping for the best. They should plan ahead, you only rely on optimism When everything is beyond your control.

I have seen a lot come up with theories on how naira will appreciate. Naija go better, bla bla blah. But guess what, things have gotten worse today.

dreamxhaser:


Bro this is what I am trying to make anyone that cares to listen understand.

Instead of hoping for the best. They should plan ahead, you only rely on optimism When everything is beyond your control.

I have seen a lot come up with theories on how naira will appreciate. Naija go better, bla bla blah. But guess what, things have gotten worse today.

I appreciate the alternate viewpoints.
There are limited periods where the economy stays stable.
Like in 2009-2013. 2017-2019. 2003-2006.

But it seems we have a dizzying number of perpetual optimists.
Well, as they say in local parlance, "life na per head."
Everyone is free to do whatever they fancy.

-Lord

7lives:


Lies.
America saves dollar in gold, gold is the surebet, this is the reason behind Fort Knox.
Those who saved in dollars do so to exploit the weak naira.
Now that dollar is crashing in Nigeria, is gold also crashing in Nigerian market?.
Speculators will learn a hard lesson from Cardoso.
They don't mind killing the naira, let them also prepare 'cause the hangman is here.

You may disagree with me and have your beliefs or opinions but calling someone a liar simply because you disagree in a conversation that is meant to be civil is really sad.

Please believe what you may bro..

Afamed:


The question are:

Which year was $ sold for N360?
Probably 7,6,5 years ago.
Then what is your intention when you bought $ N360 years ago and you keep them till 2024?

You are nothing but part of Jud+as Is-car+iot we are presently dealing with in Nigeria

I went through my comments trying to see if I had somehow insulted your person in stating my opinion, and I don't see it...

I remember what I was told about people who resort to personal insults when conversating. .. anyway bro believe what you may.

Image123:


Of course, i didn't expect you to care because you'd lie otherwise than accept the truth. Unpatriotic sore loser.



i was correct. Sore loser. It's about APC and politics for you, not Nigeria.



Who is borrowing billions? Stop listening to drunkards at the beer parlour please.



We have many dumb traders all over the country, one just lost the presidential election so no big deal. Let's educate you a bit on what the CBN has been doing different. The CBN has sent a circular to stop dollar usage as collateral to collect bank naira loans.The FG has spent 4.83trillion naira to settle their CBN debts after the CBN said they are not further borrowing FG money. Black market rate is currently lower than official rates. Your ignorance is not an excuse. CBN has cleared backlogs owed in the billions, started a bank recaptilisation, and are back again as a major market force and regulator(their real job in the first place). It's not business as usual, if BDCs want CBN dollars, they must sell at a given range or go find their dollars elsewhere. Dangote and perhaps other refineries are jogging up.
Give it up already, you lost against Nigeria yet again.

Get a life and stop mentioning me over politics or 3days you Dog shit. Or you want money? Send aza let me bless your pig life.
Who do you think you're talking to you brain dead fool.
A pig that has nothing to his name is coming to tell me about dollars that I work with daily?
Look at this loser with no life still bothering about politics instead going to get a job you bigot.

Mind who you talk to here, not everyone is brain dead like you are.
This is how you know bigots, they would have no life yet still borrow data to be defending something they know nothing about and something that has no relevance to their life. Worry about your N100 and let those that actually deal on dollars worry about the dollars.

I am neither igbo nor housa nor yoruba so I'm not politically biased and brain dead. To me all politicians are the same and all thieves irrespective of their parties so I don't waste my time voting or supporting anyone. But I know a stupid person when I see one.

Take your money if you have any and go outside and buy a dollar at your audio rate let's see.
They carry Tinubu for head and they don't have a penny. Brokie

EnterpriseMan:


Get a life and stop mentioning me over politics or 3days you Dog shit. Or you want money? Send aza let me bless your pig life.
Who do you think you're talking to you brain dead fool.
A pig that has nothing to his name is coming to tell me about dollars that I work with daily?
Look at this loser with no life still bothering about politics instead going to get a job you bigot.

Mind who you talk to here, not everyone is brain dead like you are.
This is how you know bigots, they would have no life yet still borrow data to be defending something they know nothing about and something that has no relevance to their life. Worry about your N100 and let those that actually deal on dollars worry about the dollars.

I am neither igbo nor housa nor yoruba so I'm not politically biased and brain dead. To me all politicians are the same and all thieves irrespective of their parties so I don't waste my time voting or supporting anyone. But I know a stupid person when I see one.

Take your money if you have any and go outside and buy a dollar at your audio rate let's see.
They carry Tinubu for head and they don't have a penny. Brokie

Ignorance and inferiority complex is eating this one's intestines, eeyah. He thinks he has made it in life replying me, SMH. Better ask your boss to offload those 50 dollar notes before he has a heart attack, seeing the way you are convulsing already due to the current price. Clowns told you to keep your dollars close, you sef carry 50 dollar notes, keep am close. SMH

Image123:


Ignorance and inferiority complex is eating this one's intestines, eeyah. He thinks he has made it in life replying me, SMH. Better ask your boss to offload those 50 dollar notes before he has a heart attack, seeing the way you are convulsing already due to the current price. Clowns told you to keep your dollars close, you sef carry 50 dollar notes, keep am close. SMH

Don't worry I'm my own boss hungry man thinks everyone has a boss.
And yea I buy dollars and hotswap them to my Dom account and store as crypto. And I'm not changing it if you like cry. And yea I have made it. It was the same nairaland here I got my business idea from someone. So instead of loitering in the politics session, go to the business section

EnterpriseMan:

Don't worry I'm my own boss hungry man thinks everyone has a boss.
And yea I buy dollars and hotswap them to my Dom account and store as crypto. And I'm not changing it if you like cry. And yea I have made it. It was the same nairaland here I got my business idea from someone. So instead of loitering in the politics session, go to the business section

Congrats, work on your insecurities. They are embarrassingly obvious.

CCIA:

When you borrow sense next, i may indulge you.

mud for brains

You are so stewpid, that you should be crowned for slowness

You came to mention and quote my words, were you drunk on horses' piss at that time?
Your brain must have escaped you when you did that.

LordAdam16:


Nigeria's productivity can not sustain a #250 rate.
This is not rocket science.

We are a country of 200m people pushing less than $5B in non-oil exports.
That's like an entire local government producing one tuber of yam.
Yet you want to build houses, you want to buy cars, you want to vacation and go to college abroad.
You also want subsidy on gasoline, electricity, and what not.

Who do you want to steal dollars from to purchase these things you need and want on the international market.

The CBN can peg the rate at whatever it likes. No one is stopping it from pegging at $1:N1.
After the peg though, it'll have to sustain the intervention when they need to provide a lot of dollars for few naira.
We'll see at that point if the NSA will go kidnap Jerome Powell, the Federal Reserve Chairman, to force the US to print dollars for Nigeria.

-Lord

blacknp:
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.

How market?
I hope you’re still there?