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Naira Maintains Steady Falls As Speculators Scoop Dollars - Business (4) - Nairaland

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Naira Eyes N1,300/$ At Parallel Market As Speculators Offload FX / Banks Dollar Sale Falls As Naira Weakens To 1,479/Dollar / Naira Crashes To 1,030/$ As Speculators React (2) (3) (4)

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Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by Ilekokonit: 4:07am On Apr 27
Racoon:
Meanwhile, do you agree? Can you stake your dollar or investment into the hands of those who have no accountability and unbridled penchant for institutional corruption?

"Nigeria Plans a $10 Billion Diaspora Fund to Attract Dollar Inflows"

The federal government has announced plans to set up a $10 billion diaspora fund to attract investment from citizens living abroad.

Tinubu is not content with stealing Nigerians living in Nigeria blind. He wants to extend his greedy fingers and beady eyes to Nigerians living in Diaspora. Dey play.

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Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by Ilekokonit: 4:19am On Apr 27
Itiskdg121:
Only God knows the people sabotaging the country's progress.

The culprits are the politicians. If Yahaya Bello can pay his childrens school fees in advance from 2021 up to 2035 to the tune of $800,000 hard currency paid into the Schools Yankee Account and when you extrapolate this multiplied by 36 criminally minded Governors, an equally corrupt Bullion Van President and nearly 800 greedy Senators and Rep members all buying dollars to send their kids to school abroad, then demand and supply forces will kick in and Dollar will rise due to increased demand and the Naira will do the opposite.

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Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by Ilekokonit: 4:23am On Apr 27
Eriokanmi:
Only those who don't know tinubu in lagos will be expecting miracles. We know better grin

Any right thinking resident of Lagos State knew the unmitigated disaster Tinubu was and still is to the Lagos Treasury and shouted from the hilltops before the elections but the Supreme Court bandits sold Nigeria to Tinubu.

Now its too late to turn back and only divine intervention or an act of God can give Nigeria a glimmer of hope again.

1 Like 1 Share

Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by Ilekokonit: 4:24am On Apr 27
Millimann:
Just last week, Aisha Yesufu told everyone not to offload their dollars because she knows this government are scammers, but the agbado e-rodents insulted her

I hope the criminals don't arrest the lady for speaking the truth.
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by BigkokoRep: 4:59am On Apr 27
Patch patch CBN gov has been busted by Bloomberg as a rate fixer.... Most Int'l economists were eager to learn how Cardoso elevated the worse performing currency to top 5 performance, alas they found out the nigga is just a common street, clueless incompetent rate fixer that uses the Reserves to sell dollars at predetermined rate to abokis working on fears of been arrested if they allow market forces to determine their own sales.
The jolly ride is over...



Racoon:
The useless government is now tired of depleting the foreign reserves to shore up the Naira, the government have contract with floating and now the dollar is back to it earlier state. Only pray it does not get worst.

Government is not magic that can be ran based on overt lies, deceit and propaganda. Reno Omokri please open your wide mouth again to rant. FreeStuffsNG is not talking again o.

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Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by Boobysmith: 5:00am On Apr 27
Fujiyama:


^^^
undecided

There's something very wrong when the CBN governor's denial spooks the markets instead of calming them.

We In deep shit, if simple claims can squandered the economy.

1 Like

Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by Omalicious1: 5:35am On Apr 27
Racoon:
https://businessday.ng/news/article/naira-maintains-steady-fall-as-speculators-scoop-dollars/


Naira slumps seventh times against Dollar in days at Foreign Market


https://dailypost.ng/2024/04/26/naira-slumps-seventh-times-against-dollar-in-days-at-foreign-market/


When we are still more on the consuming side rather than production, the naira is bound to fall...this isn't magic.
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by ChybuzzDD(m): 6:04am On Apr 27
Alexis11:


Well said.

The best thing is for this country to divide because what Obidients are doing now, others will do it if their fraudster Messiah manage to become president[b] (which is almost impossible by the way)[/b].

The situation now is more like let the country collapse so that we can tell the people that voted for the incumbent "we told you"... This trend will never end.

Then keep holding your power, and we will continue to pull you down

At the end of the day, the country won't move forward and both the power holders and those denied power will lose.

Is that not foolishness?? Continue!

1 Like

Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by Lifemanage: 6:20am On Apr 27
It appears the crypto platforms like kucoin have gotten the message and selling is presently disabled.
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by theredaddy: 6:24am On Apr 27
Racoon:
The useless government is now tired of depleting the foreign reserves to shore up the Naira, the government have contract with floating and now the dollar is back to it earlier state. Only pray it does not get worst.

Government is not magic that can be ran based on overt lies, deceit and propaganda. Reno Omokri please open your wide mouth again to rant. FreeStuffsNG is not talking again o.



Its no longer Propaganda, now its govt is tired of depleting the reserve ... so $661m injected into the market from reserves is what will make Govt tired when we still have about $32bn in the reserves

Emiefele defended naira for 8yrs and was never tired, so why will Cardoso/Tinubu the copycat be tired ... una go just dey reason anywhere belle face

2 Likes

Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by theredaddy: 6:25am On Apr 27
Otulented:
Worst nation on earth


Relocate to zimbabwe 1st
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by theredaddy: 6:36am On Apr 27
Babalegba:
Obedients caused this particular problem. They kept mouthing off that Cardoso is using foreign reserves to shore up the naira. They got very loud so Cardoso had to deny which spooked the market .
Nigerians are their own worst enemies but guess what nigerians deserve all the hardship they get so naira can as well go to one million to one dollar. Retard nation


Exactly .... they spooked the market

The rate they kept challenging & tackling Cardoso gave speculators the confidence to strike again

Nigerians must rise above Obedient, these people will do anything to see Nigeria fail so they can tell us Peter Obi is the only solution.

IF peter Obi is the savior why is he not going to the cross for us4
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by theredaddy: 6:47am On Apr 27
tctrills:

Follow the economics not what your mind is telling you.
Right now, would you change your savings dollars to naira or the other way round?


Is that what a chinese, british or American will do, over time we keep saying it here we are our very own Problem ...

Are we the only country with unstable naira ... you go about encouraging people to save there money in dollar then you jump out nd claim Govt is the problem, are you not even worst than the govt

don't you understand speculations nd demand to "hoard" is what gives the naira a free fall
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by CrossRhodes: 7:15am On Apr 27
lordm:
I had faith in Tinubu before o, but as things dy unfold ehn. He Don cast
Stop deceiving yourself...
If there was an election today 27th, you will still vote him...

1 Like

Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by MajorOvakporaye(f): 7:31am On Apr 27
Racoon:
The useless government is now tired of depleting the foreign reserves to shore up the Naira, the government have contract with floating and now the dollar is back to it earlier state. Only pray it does not get worst.

Government is not magic that can be ran based on overt lies, deceit and propaganda. Reno Omokri please open your wide mouth again to rant. FreeStuffsNG is not talking again o.

They are all very useless set of people.
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by mauchiz: 7:32am On Apr 27
SoNature:
If you want naira to grow in Nigeria, ban all Nigeria-based businesses from asking for payments in USD. If they won't accept naira from Nigerians, pack up and leave.

Then, criminalise and punish those seen with foreign currency in this country. People who are paid in foreign currency can sell their USD as digital currency and not carry the physical cash.

Unfortunately, this cannot happen here because politicians and their friends are the first set of culprits. When you see the government folks chasing Binance and AbokiFX up and down, they are just looking for ways to distract Nigerians - they know this.
This is it, but our politicians won't agree
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by TheOgaBoss: 7:55am On Apr 27
Itiskdg121:
Omg
I'm really fed up of news like this.
Only God knows the people sabotaging the country's progress.

This is not a good news at all
u people cannot nust accept responsibility, u must always look for someone to blame, nobody is sabotaging anything, what we are seeing is tbe result of poor economic planning and management.

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Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by Greenfusion: 8:00am On Apr 27
PureFace1:
I believe Naira will be stable soon
Keep believing, u think these things happen by wishful thinking... It is handled and managed by professionals.....when you have the wrong people in positions were they cannot handle things, don't expect miracles....

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Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by Saintinoo(m): 8:03am On Apr 27
uncleck:
The pattern with which naira was gaining recently looked suspicious and appeared fake. There was no significant policy shift that necessitated the rise of naira so it was just a matter of time before it goes back to it's real value. That notwithstanding, don't rely on this momentary fall to make your speculations. I heard many people are paying their school fees abroad this period thus driving the demand for foreign currency ...

It doesn't, ask an economist. That is what you gain when a weak currency is being floated.
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by Greenfusion: 8:04am On Apr 27
TheOgaBoss:
u people cannot nust accept responsibility, u must always look for someone to blame, nobody is sabotaging anything, what we are seeing is tbe result of poor economic planning and management.
Very simple to understand, you employ your incompetent friends because of politics rather than professionals...what do you expect?
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by owem19(m): 8:10am On Apr 27
Waka
lordm:
I had faith in Tinubu before o, but as things dy unfold ehn. He Don cast
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by Believeintruth: 8:29am On Apr 27
uncleck:
The pattern with which naira was gaining recently looked suspicious and appeared fake. There was no significant policy shift that necessitated the rise of naira so it was just a matter of time before it goes back to it's real value. That notwithstanding, don't rely on this momentary fall to make your speculations. I heard many people are paying their school fees abroad this period thus driving the demand for foreign currency ...

I get your point but school fees is not enough to drive up that demand. The truth is the government has been spending so much money and effort in rigging the naira to appreciate. Now what is happening is since they do not have the borrowed funds again and they cannot deplete the reserves beyond a level, the dollar has started gaining again. Most speculators know this and were ready to play the long game with government.

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Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by Minjim: 8:32am On Apr 27
Naira will just be taking two steps forward and ten backward
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by tctrills: 8:48am On Apr 27
theredaddy:



Is that what a chinese, british or American will do, over time we keep saying it here we are our very own Problem ...

Are we the only country with unstable naira ... you go about encouraging people to save there money in dollar then you jump out nd claim Govt is the problem, are you not even worst than the govt

don't you understand speculations nd demand to "hoard" is what gives the naira a free fall

Keep saying nonsense.
The Chinese, British and the people of Japan have more dollar savings than any other nation.
It takes a fool to save his money in an unstable currency when he can save it in dollars.
Again, the average Nigerian is not to blame for your destroyed currency, please blame the mad man you voted for not me.
It's either you are just being dishonest or you are naive and ignorant.
Let me put it this way, if you have a million dollars right now, can you honestly tell me that you will covert it and save it as Naira?
Also, ask yourself, why does the Nigerian gov save in dollars?

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Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by NemoDatQuod(m): 9:06am On Apr 27
Yes Prof.

Many have never, ever paid school fees before in previous years. Yet, it is this year when foreign school enrolment fell off by more than fifty percent, that payment of school fees is devaluing the Naira.

Thee is a reason why we were all taught at Elementary, that 1 plus 1 is 2. It is for us to apply that in every aspect of our lives. It is called critical thinking.

Stop hearing these things you hear. Else one day, Olopa will come and pick you from your house and claim you are the reason NEPA or whatever it is now called, is supplying darkness. Or better still, you are the reason the Naira is depreciating.

Let one plus one, always equal two for you. Do not agree to hear rubbish.



uncleck:
The pattern with which naira was gaining recently looked suspicious and appeared fake. There was no significant policy shift that necessitated the rise of naira so it was just a matter of time before it goes back to it's real value. That notwithstanding, don't rely on this momentary fall to make your speculations. I heard many people are paying their school fees abroad this period thus driving the demand for foreign currency ...
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by theredaddy: 9:23am On Apr 27
tctrills:

Keep saying nonsense.
The Chinese, British and the people of Japan have more dollar savings than any other nation.
It takes a fool to save his money in an unstable currency when he can save it in dollars.
Again, the average Nigerian is not to blame for your destroyed currency, please blame the mad man you voted for not me.
It's either you are just being dishonest or you are naive and ignorant.
Let me put it this way, if you have a million dollars right now, can you honestly tell me that you will covert it and save it as Naira?
Also, ask yourself, why does the Nigerian gov save in dollars?


Can you back that up with stats/facts ... before i teach you what you don't know

1 Like

Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by tctrills: 9:37am On Apr 27
theredaddy:



Can you back that up with stats/facts ... before i teach you what you don't know

You have nothing to teach.
[url]https://www.investopedia.com/articles/investing/033115/10-countries-biggest-forex-reserves.asp#:~:text=China%20has%20by%20far%20the,total%20is%20nearly%20%244%20trillion[/url]
China alone has over a trillion dollars
https://www.statista.com/statistics/268177/countries-with-the-highest-public-debt/
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by Crumbian: 9:50am On Apr 27
derecho:
Cardoso boys will come and blame obidients very soon


grin grin

1 Like

Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by 2tpick: 9:53am On Apr 27
tctrills:

You have nothing to teach.
[url]https://www.investopedia.com/articles/investing/033115/10-countries-biggest-forex-reserves.asp#:~:text=China%20has%20by%20far%20the,total%20is%20nearly%20%244%20trillion[/url]
China alone has over a trillion dollars
https://www.statista.com/statistics/268177/countries-with-the-highest-public-debt/
Abeg free that guy. U are wasting your time engaging him.

1 Like

Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by theredaddy: 10:22am On Apr 27
tctrills:

You have nothing to teach.
[url]https://www.investopedia.com/articles/investing/033115/10-countries-biggest-forex-reserves.asp#:~:text=China%20has%20by%20far%20the,total%20is%20nearly%20%244%20trillion[/url]
China alone has over a trillion dollars
https://www.statista.com/statistics/268177/countries-with-the-highest-public-debt/


The links you provided only point out the fact that these countries are great earners of dollars, China for instance is the number one country with high trade surplus which translates to more dollar in reserves

Even if your qualification is waec, i expect you know there is a disparity between Earnings in dollar vs Saving in the Dollar

Earning in dollar entails inflow of revenue from int'l trade while,
Saving in dollar entails convert local currency to dollar as store of value which as severe consequences on the economic and her currency

So i will ask one more time, are the chinese, british and japanese converting there local currency to dollar to "Save" or as Store value
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by Squirrel1(m): 10:30am On Apr 27
uncleck:
The pattern with which naira was gaining recently looked suspicious and appeared fake. There was no significant policy shift that necessitated the rise of naira so it was just a matter of time before it goes back to it's real value. That notwithstanding, don't rely on this momentary fall to make your speculations. I heard many people are paying their school fees abroad this period thus driving the demand for foreign currency ...
exactly 💯 there wa no fundamental backing... Just vibes. Nigeria which way now.
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by Diego35M: 10:44am On Apr 27
Racoon:
https://businessday.ng/news/article/naira-maintains-steady-fall-as-speculators-scoop-dollars/


Naira slumps seventh times against Dollar in days at Foreign Market


https://dailypost.ng/2024/04/26/naira-slumps-seventh-times-against-dollar-in-days-at-foreign-market/
shame.

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