mytime24:
Yet d price of goods aren't coming down🤔

Once again how much is a bag of cement 🤔

chopnaira:
Speculators are losing money big time. They all thought naira would hit N2,000 to a dollar.

Olachase:
normally you can never witness happiness

Biodun556:


https://guardian.ng/business-services/naira-eyes-n1300-at-parallel-market-as-speculators-offload-fx/?utm_term=Autofeed&utm_medium=Social&Echobox=1710994841&utm_source=Facebook&fbclid=IwAR0NQJ3ZV89GOOSqY1-MXe-Rz0zy3GZQsEBb1BCIMruN6_2972-U-988GOo

IbeOkehie:
Current prices right now

Black Market 1520/$

CBN 1410/$

Aside all that, crude oil price keeps marching upwards. Which means higher subsidy costs for government.

While nominal forex price is painfully high, the REAL PROBLEM is the existence of a noticeable differential between CBN and black market. I trust I don't need to explain.

Good Luck to Nigeria.

Believeintruth:


The loses is not really the issue here is that is this sustainable in the long run.

iLegendd:
It will actually hit as long as the floating continues and our leaders are same old corrupt men. It's just a matter of months or years.

SenatePresdo:


Most of the speculators are educated illiterates.

People that knows, knows that dollar will hit 2k, latest August.

bobochem:
Pls I will like to ask why the exchange of pound to naira is higher the exchange of dollar to naira if the law of demand and supply fixes the exchange rate?pls I need a reasonable answer because I am confused here.Thanks

Itzlinda:


Corruption has nothing to do with age. Same youngling that were given sama opportunity proved to be worse

Biodun556:


https://guardian.ng/business-services/naira-eyes-n1300-at-parallel-market-as-speculators-offload-fx/?utm_term=Autofeed&utm_medium=Social&Echobox=1710994841&utm_source=Facebook&fbclid=IwAR0NQJ3ZV89GOOSqY1-MXe-Rz0zy3GZQsEBb1BCIMruN6_2972-U-988GOo

tamdun:

Are u sad that naira is bouncing back from 1900? Aren't we suppose to celebrate the gain?

Cindypresh:


Do you know in some countries in Europe they have free education for their citizens? Foods and beverages are subsidised.

Saudi Arabia offer free education from grade 1 to university for her citizens??

Subsidy destroyed Nigeria and not looting and embezzlement by your government caused it according to you??

Cindypresh:


Most nigerians are educated illiterates...very dumb.

Do you know that Germany (Europe giant) have free university education upto PHD level?

But to those suffering and smiling country men, I don't even know how to describe them.gosh

ask4bk:
If naira doesn't get back to N600 then this government is a failure. You've to get it back to where you met it before Tinubu made those pronouncements on inauguration day.

You can't move dollar from N600 to 1900 and back to 1200 and expect us to jubilate. Nigerians can easily be deceived.

To deceive Nigerians, if you want to raise something that was for eg 2k to 9k, just first of all increase it to 20k... They'll shout and shout and then you later reduce to 9k. And Nigerians will celebrate forgetting they were at 2k before.

iLegendd:
Where did the young ones learn the corruption from? Their mom's belly, right? Okay, fine.

Most kids or teens would never know anything called sex (even if they did, they wouldn't engage in it) if adults weren't flaunting it on their faces offline and online. Same with corruption.

Itzlinda:


You wilding. Procreation is innate human nature. You don't need no one to teach you. Just the raging hormones

santaclaws:
Hopefully it goes lower than 1k soon, so we can start addressing prices of goods and the greed of distributors in Nigeria.

InvertedHammer:
/
Expectedly so!

J. Powell signalled yesterday that the Fed may cut rates three times this year and US dollars lost some values against other currencies. Naira is riding the tide. I never listen to CBN and her monetary policies because Nigeria is inconsequential in global economic affairs.

/

Biodun556:

*Local currency trades at discount on street market

Naira may be on track to regaining N1,300/$ as the dumping of hard currencies warehoused by speculators turns the foreign exchange (FX) into a buyer’s market.

The sluggish recovery of the local currency seems to have gained more speed in the past two days, with the dollar tanking to N1,400/$ on Wednesday.

As at press time, the greenback was quoted at between N1,450/$ and N1,350/$. But The Guardian learnt most traders are more interested in offloading their holdings even as end users are restrained transacting, believing there is still room for appreciation of the local currency.

Some dealers who spoke with our correspondent in Lagos said the dollar could hit N1200/$ in a matter of days even as N1,300/$ is in sight. At the current rate, naira is trading at a discount on the parallel market – exchange for a dollar at a higher rate than at the official Nigerian Autonomous Foreign Exchange Market (NAFEM).

Naira closed at N1492.61/$ at NAFEM yesterday. The rate was lower than the monthly moving average (MA). It is the first time in close to a year the official-parallel market spread would narrow to zero.

Days after the market was liberalised last year, similar parity was achieved but the arbitrage started a gradual formation that saw it reaching 50 per cent at some point.

On peer-to-peer (P2P) platforms, which the federal government blamed partly for the woes of the local currency, naira traded yesterday around N1200 for usdt, stable coin pegged on dollar at an exchange rate of one-for-one.

Binance, the global digital currency exchange, shut down its P2P after a faceoff with the government. But traders have long embraced other platforms, such as Gate.io and Kucoin.

Meanwhile, CBN may have lifted the restrictions on the importation of milk and dairy products. On February 11, 2020, the CBN added milk and dairy products to the list of items not eligible for forex.

In a notice to customers, Zenith Bank Plc said the regulator had provided an update on eligible items for foreign exchange in a notice to commercial banks dated March 12, 2024.

“Please be informed that the CBN, through its circular Ref No. TED/FEM/PUB/FPC/001/010, dated March 12, 2024, has provided an update on eligible items for foreign exchange (Non-Valid for FX).

“In light of the foregoing, please note that the restriction on foreign exchange for the importation of dairy products and its derivatives to all entities except selected companies has been lifted,” the mail read.

The Bank said any entity that meets the “necessary extant regulation requirements is allowed to source for FX at NAFEM for the transactions”.

On October 12, 2023, the apex bank lifted the ban on 43 items previously restricted from accessing forex.

“Importers of all the 43 items previously restricted by the 2015 Circular with ‘TED/FEM/FPC/GEN/01/010’ as reference are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.

The bank added: “The CBN is committed to accelerating efforts to clear the FX backlog with existing participants and will continue dialogue with stakeholders to address the issue.”
.
https://guardian.ng/business-services/naira-eyes-n1300-at-parallel-market-as-speculators-offload-fx/?utm_term=Autofeed&utm_medium=Social&Echobox=1710994841&utm_source=Facebook&fbclid=IwAR0NQJ3ZV89GOOSqY1-MXe-Rz0zy3GZQsEBb1BCIMruN6_2972-U-988GOo

Cindypresh:


You're happy that naira is #1580??


What about #216 when your buhari and Apc took power??

Ogbuu101:

Oga,dollar was 500 when your destroyer in chief took over.
Tell him to take it there b4 you start making noise all over when dollar was actually sold above 1500 yesterday

4tomandchi:
I feel sorry for you still holding USD with the hope that Naira will fall to 3K you don’t know what is coming your way… For the next 3 months Naira will remain bullish

mytime24:
Yet d price of goods aren't coming down🤔

Once again how much is a bag of cement 🤔

Paraman:
Yes it is, the naira is undervalued

Believeintruth:


Bros it is unsustainable. NAFEM closing rate was 1453.28 so leave politics and face reality.

iLegendd:
So, you did it at 10, 13? Wow! I'll have to learn from you.

Paraman:
Why do you keep on claiming it's unsustainable?

List out the reason why you feel is unsustainable

Believeintruth:


The supply is unsustainable