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Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market - Business (3) - Nairaland

Nairaland Forum / Nairaland / General / Business / Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market (23462 Views)

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Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by PoliteActivist: 4:03pm On Oct 27, 2023
Ikaeniyan0:
This is not the best time to buy dollar and keep at home

Actually it is. Only Tinubu can do something and I don't see him doing anything as he is beholden to the West
Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by obi58: 4:03pm On Oct 27, 2023
Raskimonojendor:
Enemies of Nigeria would not like this news..

They know themselves. They would come up with different conspiracy theory to explain tire. Even though they were praying for naira to keep losing it's value.

Edited. Look at them below 👇





What economic activity has Nigeria done overnight to gain by almost N200?

Let them do the same American wonder let N1=$1.

Olodo.
Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by PoliteActivist: 4:05pm On Oct 27, 2023
mannobi:
Ipob region will dislike this news. They any good news about the country but want to rule the too. It's absolutely impossible

Don't be so sure it's impossible. If they produce an Igbo moslem as candidate...
Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by iykepromotions: 4:06pm On Oct 27, 2023
Ikaeniyan0:
This is not the best time to buy dollar and keep at home
on point.
Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by Blitzking: 4:09pm On Oct 27, 2023
Ikaeniyan0:


https://nairametrics.com/2023/10/27/naira-gains-against-dollar-trades-at-n1113-at-the-p2p-market/?amp=1
10 billion dollars wey 10 to 20alhajis go tidy 2 sec. We go retun to shortage.

1 Like

Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by Ikaeniyan0: 4:10pm On Oct 27, 2023
todugo:

So Nigerians should celebrate 1113 to 1 dollar🤮🤮
Who ask you to celebrate?
Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by Ikaeniyan0: 4:11pm On Oct 27, 2023
Blitzking:
10 billion dollars wey 10 to 20alhajis go tidy 2 sec. We go retun to shortage.
This is not possible
Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by Goldbw122(m): 4:13pm On Oct 27, 2023
They will use it to prank many people, yeah so it will still increase in the future. Yeah that is the game.

1 Like

Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by spiSeyi: 4:16pm On Oct 27, 2023
With this development, there will be panic selling, in the long run, there will be more sales of the USD which will eventually crash the rate of USD according to the law of demand and supply. The Naira will gain more against the USD by December due to the diaspora remittance (people will troop in for the holiday season), furthermore the Naira will fully bounce back as soon the 3 proposed refineries + the Dangote refinery begins operation at a full scale. In six months the official USD rate will be around 300-400 Naira cool

2 Likes

Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by Saidfx(m): 4:17pm On Oct 27, 2023
warrenweste:
Brilliant news....I hope the government makes another naira- yuan swap deal

Best reply so far...Buhari did it but it could not be implemented because of the vultures that exist..

1 Like

Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by Vision101(m): 4:19pm On Oct 27, 2023
@BadCuntry

No matter how much the Naira appreciates against the dollar... one thing is sure: before Christmas the Naira will trade above 1300 against the $$$.


@me
Nay. Except for speculation and other extraneous factors exchange rate usually go down during the end of the year because of increase in inflow.
Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by AllDModsAreMaad: 4:21pm On Oct 27, 2023
I need to make a friend who is proficient in forex, I want to go into that business part-time.
Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by Menclothing: 4:22pm On Oct 27, 2023
warrenweste:
Brilliant news....I hope the government makes another naira- yuan swap deal

True
Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by Tonymegabush1(m): 4:23pm On Oct 27, 2023
Raskimonojendor:
Enemies of Nigeria would not like this news..

They know themselves. They would come up with different conspiracy theory to explain tire. Even though they were praying for naira to keep losing it's value.

Edited. Look at them below 👇

Sorry man I don't understand what you mean by "enemy of the state"
Maybe you don't know hard I pray for the naira to gain against the USD.
Please try and understand someone before jumping into conclusion



Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by loswhite(m): 4:26pm On Oct 27, 2023
AllDModsAreMaad:
LoL, joke as usual.

This one naira gains 166 today, it may gain further, let's say to 950 or so, but before December dollar will hit 1400 because the process they are using to slow down the free fall is not sustainable.

I am not wishing naira bad but it is what it is because the factors causing the free fall has not been checked or corrected, rather they are using money to shock it just to slow it down.
remind me of the factors again? Then I will like you to tell us the mechanism the black market dealers use to determine price
Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by Vision101(m): 4:28pm On Oct 27, 2023
@Dottore
[b]When will it come back at least the way it was before May 29 this year.

@me
Forget the pre 29th May rates. They were artificial rates. They were not realistic rates. The fundamentals didn't support that rate.

Present rates too are equally not realistic. They are speculative rates. The true rate of naira is within the band of 550 - 750.
Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by Blitzking: 4:29pm On Oct 27, 2023
Ikaeniyan0:
This is not possible
How did alhaji dangote get dollars to pay for his refinery
Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by kelvindj98: 4:35pm On Oct 27, 2023
BadCuntry:
No matter how much the Naira appreciates against the dollar... one thing is sure: before Christmas the Naira will trade above 1300 against the $$$
And if it doesnt you will die abi
Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by Miravik900(m): 4:37pm On Oct 27, 2023
mannobi:
Ipob region will dislike this news. They any good news about the country but want to rule the too. It's absolutely impossible

Correct your write up your English is not englishing
Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by AllDModsAreMaad: 4:38pm On Oct 27, 2023
loswhite:
remind me of the factors again? Then I will like you to tell us the mechanism the black market dealers use to determine price

I will give you just 3, I think it should be ok and we can start from their.

•Lack of FX revenue generator: FG over rely on international remittance by Nigerians in diaspora to generate FX, even the small one wey they generate sef, oil import, certain individuals businesses dey sap am,making the demand always high.
•Unfavourable/Unfriendly/ unsustainable business environment or policies which can improve export or FDI to boost the inflow of FX.
•Insincerity on the side of the political class: For example, they save or store their stolen money in dollars, so any FX that enters the country no go last or go round. They recieve bribe in dollars, they give bribe in dollars and so on.

I no wan mention JAPA matter that will always be there to reduce the small FX wey dey enter the country.
Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by Papayaayasager(m): 4:39pm On Oct 27, 2023
Propaganda
Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by Ikaeniyan0: 4:41pm On Oct 27, 2023
Blitzking:
How did alhaji dangote get dollars to pay for his refinery
He was given dollars to build his refinery.

The FG under tinubu won't waste dollars on frivolous thing. He has talked about how he will spend most of this money

1 Like

Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by Irony1: 4:42pm On Oct 27, 2023
AllDModsAreMaad:
LoL, joke as usual.

This one naira gains 166 today, it may gain further, let's say to 950 or so, but before December dollar will hit 1400 because the process they are using to slow down the free fall is not sustainable.

I am not wishing naira bad but it is what it is because the factors causing the free fall has not been checked or corrected, rather they are using money to shock it just to slow it down.

Exactly, and the sad part is that it will still find it's way to the speculators who will horde it again
Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by Irony1: 4:43pm On Oct 27, 2023
Raskimonojendor:
Enemies of Nigeria would not like this news..

They know themselves. They would come up with different conspiracy theory to explain tire. Even though they were praying for naira to keep losing it's value.

Edited. Look at them below 👇





you are not smart at all, if you really were, you will see that this is a temporary measure, because the real fundamentals have not been addressed, by december the real free fall will start. Not everything is politics, go and get a decent job and stop doing propaganda for 30k salary.
Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by COMPAQ(m): 4:46pm On Oct 27, 2023
spiSeyi:
With this development, there will be panic selling, in the long run, there will be more sales of the USD which will eventually crash the rate of USD according to the law of demand and supply. The Naira will gain more against the USD by December due to the diaspora remittance (people will troop in for the holiday season), furthermore the Naira will fully bounce back as soon the 3 proposed refineries + the Dangote refinery begins operation at a full scale. In six months the official USD rate will be around 300-400 Naira cool

Diaspora remittance doesn work again in this era of online P2P. Many years ago, those returning had no choice but to bring the cash and go to aboki in Ikeja to sell. And then demand want also this much.

Now the money is swallowed up online sef, e no go even reach lagos.

1 Like

Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by Irony1: 4:46pm On Oct 27, 2023
mannobi:
Ipob region will dislike this news. They any good news about the country but want to rule the too. It's absolutely impossible

Try get small sense naaaa. everyone knows that this is just a temporary measure.
Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by Ikaeniyan0: 4:48pm On Oct 27, 2023
Irony1:


Guy don't you think you are too old for this childish rants?
I'm not ranting kid
Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by spiSeyi: 4:49pm On Oct 27, 2023
COMPAQ:


Diaspora remittance doesn work again in this era of online P2P. Many years ago, those returning had no choice but to bring the cash and go to aboki in Ikeja to sell. And then demand want also this much.

Now the money is swallowed up online sef, e no go even reach lagos.
P2P will be discouraged by the latest Policy (any FX transactions that didn't go through the IE window will pay 20-30% tax) that the CBN is set to rollout. Trading within the P2P will amount to loss undecided
Re: Naira Gains Against Dollar, Trades At N1113/$ At The P2P Market by Irony1: 4:50pm On Oct 27, 2023
dondavinchi:
they don't want to hear any good news about this government I just tire for this children of hate

Dude shut up for once. You guys think people don't understand basic economics again? everyone knows that this is temporary spurred by the crypto market crash and the FG pumping dollars into the market which can't be sustained in the long run.

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