Hamachi:
Are you new to Nigeria economy?

I should ask you that.

richforever123:


We have been speaking about this Dollar issue since it was at N300

It will continue to rise as long as we are a consuming nation and the way I see it, people are still willing to bid at even N1,400 to a Dollar

They say the exchange rate was unified yet the IE window is trading at 750 while black market has almost entered 900

I have converted all my earnings to Dollar,I'll rather invest in the S&P 500 than to deal with this deception of a country

People who missed out on buying dollar when it was cheaper keeping telling theirselves lies that xyz economic policy or market trend will happen to make speculators cry.

But yet dollar keeps rising. We keep harping on either dangote refinery improving Forex , or external reserve growing or one thing yet the exchange rate keeps depreciating.

Denial is the first stage of grief sha, so I can understand why they won't accept the reality

richforever123:


[/b]We have been speaking about this Dollar issue since it was at N300[b]

It will continue to rise as long as we are a consuming nation and the way I see it, people are still willing to bid at even N1,400 to a Dollar

They say the exchange rate was unified yet the IE window is trading at 750 while black market has almost entered 900

I have converted all my earnings to Dollar,I'll rather invest in the S&P 500 than to deal with this deception of a country

Bro,I didn't get this information then, Naira is really getting weakened week by week.I went to convert my saved money to dollar this morning and Abokis said it is now 920.

spencekat:
Bro,I didn't get this information then, Naira is really getting weakened week by week.I went to convert my saved money to dollar this money and Abokis said it is now 920.

from the I&E window, the banks get it, offer it to Aboki at not less than 15%. Aboki then mark it up.

Aboki complain that it's the activities of Binance in Nigeria that is causing it.

The chain has to be broken.

My take is this. Government should eradicate this age long money exchange by Bureau De Change. They should operate it via apps for transparency and monitoring by regulators just the way banks are regulated. If they cannot accept that, they should stop them.
Apps like CHAKA and PASSFOLIO where you can buy foreign stocks and BINANCE where you can buy cryptos are equally doing the work of BDCs. By simply sending your naira unto these platforms and convert them to dollar and leave them without even trading any stocks or crypto, your money keeps appreciating due to the fall of the Naira. So people use this method as a hedge against devaluation of the Naira but Aboki will never upgrade. rather they still operate the ways of our ancestors.

I have some USDT stable coins in Binance for little over a year now, fixed without buying any crypto with it. just checked and found out it has doubled in Naira term. This is bad for our economy as Naira keeps plumetting.

chukzyfcbb:

People who missed out on buying dollar when it was cheaper keeping telling theirselves lies that xyz economic policy or market trend will happen to make speculators cry.

But yet dollar keeps rising. We keep harping on either dangote refinery improving Forex , or external reserve growing or one thing yet the exchange rate keeps depreciating.

Denial is the first stage of grief sha, so I can understand why they won't accept the reality

The most unfortunate part is that dollar in itself is in it weakest form globally. By the time the dollar begins to gain momentum after all the US financial policies begin to yield fruits, only God can save the Naira then. It may become free fall.

At this point it is a national emergency that requires all stake holders to loose sleep in order to mitigate the impact

unite4real:


The most unfortunate part is that dollar in itself is in it weakest form globally. By the time the dollar begins to gain momentum after all the US financial policies begin to yield fruits, only God can save the Naira then. It may become free fall.

At this point it is a national emergency that requires all stake holders to loose sleep in order to mitigate the impact

The leaders are not concerned at all

Is it still wise to buy dollars at this time? I mean, instead of naira investments, if one decides to buy and hold dollars now, is it a wise decision?

tundebasic:
Is it still wise to buy dollars at this time? I mean, instead of naira investments, if one decides to buy and hold dollars now, is it a wise decision?

Lol. What were u doing since?

Nigerians are complaining, government MIGHT do something about the rate but it's always a good thing to hold dollar.

unite4real:


The most unfortunate part is that dollar in itself is in it weakest form globally. By the time the dollar begins to gain momentum after all the US financial policies begin to yield fruits, only God can save the Naira then. It may become free fall.

At this point it is a national emergency that requires all stake holders to loose sleep in order to mitigate the impact

People wont understand the weight of this comment now.

tundebasic:
Is it still wise to buy dollars at this time? I mean, instead of naira investments, if one decides to buy and hold dollars now, is it a wise decision?

Buy as much as you can, invest in real estate too.

Naija does not look like a serious nation, it does not look like a nation that wants to turn around and become great.

1. Govt back insecurity

2. Terrible execution of justice

3. Extortion by corrupt law enforcement

4. More Pervasive corruption in civil service

5. CBN sell FX to BDC aboki

6. Constitutionally empowered Looting and embezzlement

7. Japaing

8. Weak institutions

9. Politicians money laundering, capital flight abroad

10. Politicians and family education and medical tourism, shopping abroad.


Buy buy buy keep buying and buying

Now even Your leaders no longer deal in local currency, they mainly convert their loot to dollars.

OgogoroFreak:
I wonder why people think this too when the biggest risk is investing in Naira cos the interest you get is actually a loss in disguise. Naira has been on a free fall for many years, it's still falling and would still fall.

Anyone who thinks things would change for the better in the nearest future must be living in a fools paradise.

This paper is almost 40yrs old.

This is what We are expreciening now.

Kindly find below the NTB auction results for 8 August 2023. Rates going down again wow, look at the 364 days... 8 to 1 demand ratio.

OgogoroFreak:
Lol. What were u doing since?

Nigerians are complaining, government MIGHT do something about the rate but it's always a good thing to hold dollar.

God bless you Mr. Thank God I followed ur advice and quickly converted.

Okay. So everyone should keep stock piling $$ till it reaches N1,000,000/$

Shey eventually na witches and wizards go spend the naira abi?

. 😡

alezzy13:
Okay. So everyone should keep stock piling $$ till it reaches N1,000,000/$

Shey eventually na witches and wizards go spend the naira abi?

I be think say na people wey get sense dey here. 😡

If you self get sense, you go find means convert your savings to $$ instead of leaving it in naira.

After leaving this thread for almost 3 years, I come back and it is still the same issue of hedging with the dollar that is still being discussed. The irony is people would still wait for another 3 years to ask this same question

It's very unpatriotic to convert to dollars when you are not using dollars. I remain patriotic.

the few pounds and dollars in my possession, i am trying to change them to naira i can use.

Well.....sometime ago on this thread I told people to buy dollar, I've been holding some myself but for how long........

Just spread ur exposure to some of these investments, buying now maybe a little bit too risky.....cos things may just start turning around ,if dangote starts production and more refineries begin operation (modular refineries). The pressure on d dollar maybe just reduce.

Now......the question is in Nigeria economics as we know it never ever works

zamirikpo:
Well.....sometime ago on this thread I told people to buy dollar, I've been holding some myself but for how long........

Just spread ur exposure to some of these investments, buying now maybe a little bit too risky.....cos things may just start turning around ,if dangote starts production and more refineries begin operation (modular refineries). The pressure on d dollar maybe just reduce.

Now......the question is in Nigeria economics as we know it never ever works

Dangote refinery may not start working even in 2025. News broke about that recently.

Except the government starts defending the naira again, can't say we may experience any considerable appreciation soon.

Grupo:


If you self get sense, you go find means convert your savings to $$ instead of leaving it in naira.

U no go leave Wike alone?
I remember early this year when senator sat over depreciation of naira to 812. They collected allowance and other sitting entitlement. In less than one yr, naira is 950 and nothing happens.
If Nigeria goes into this war, expect 1500 before December

Rizin:


U no go leave Wike alone?
I remember early this year when senator sat over depreciation of naira to 812. They collected allowance and other sitting entitlement. In less than one yr, naira is 950 and nothing happens.
If Nigeria goes into this war, expect 1500 before December

Getting paid to mess things up.

skydiver01:
Kindly find below the NTB auction results for 8 August 2023. Rates going down again wow, look at the 364 days... 8 to 1 demand ratio.

People are still buying this trash?

RayRay06677:
It's very unpatriotic to convert to dollars when you are not using dollars. I remain patriotic.

the few pounds and dollars in my possession, i am trying to change them to naira i can use.

My dear both patriotic and unpatriotic are not my mate. I respect them very well. That is why I choose to live in reality.

Have u ever ask yourself why civil servant will not want to retire even after reaching 30 yrs of service and even the ones that retire will still be looking for work instead of acting like elder statesman?

The reason is in the chart attached.
Imagine that in 1985, u saved 10naira which equals $10. Going by TB rate of 9%, it will double every 9 years if u compound it.
From 1985 till now, it must have doubled 4 times ie 10naira x2x2x2x2= 160 naira.
From 1985 till now, your 10naira after compounding will be 160naira now.
Now u know what people that started saving in naira will have after working for 35yrs.

Imagine u used the 10naira then to buy to 10 dollars then At the current rate, you will have 10x950= 9500 this is without interest.
If u have invested in a dollar bond at 4%, you will have the money doubled in about 20yrs giving you 38000 naira now.

Away from dollar and naira. Let's go to popcorn or purchasing power.
In 1985, the popcorn we currently buy at 100naira was sold at 1kobo. So with 10naira in 1985, u can buy 1000 units of popcorn.

After about 38years, you now have 160 naira which can only buy you less than 2.

Also the 38000naira if you hard dollar can only buy you 380units which is not also good but fair.

zamirikpo:
Well.....sometime ago on this thread I told people to buy dollar, I've been holding some myself but for how long........

Just spread ur exposure to some of these investments, buying now maybe a little bit too risky.....cos things may just start turning around ,if dangote starts production and more refineries begin operation (modular refineries). The pressure on d dollar maybe just reduce.

Now......the question is in Nigeria economics as we know it never ever works

Things will always get worst in this part of the world. We have lawless and greedy people at the top and those at the bottom are learning from them pending when they get to the top.

Rizin:


My dear both patriotic and unpatriotic are not my mate. I respect them very well. That is why I choose to live in reality.

Have u ever ask yourself why civil servant will not want to retire even after reaching 30 yrs of service and even the ones that retire will still be looking for work instead of acting like elder statesman
The reason is in the chart attached.
Imagine that in 1985, u saved 10naira which equals $10. Going by TB rate of 9%, it will double every 9 years if u compound it.
From 1985 till now, it must have doubled 4 times ie 10naira x2x2x2x2= 160 naira.
From 1985 till now, your 10naira after compounding will be 160naira now.
Now u know what people that started saving in naira will have after working for 35yrs.

Imagine u used the 10naira then to buy to 10 dollars then At the current rate, you will have 10x950= 9500 this is without interest.
If u have invested in a dollar bond at 4%, you will have the money doubled in about 20yrs giving you 38000 naira now.

Away from dollar and naira. Let's go to popcorn or purchasing power.
In 1985, the popcorn we currently buy at 100naira was sold at 1kobo. So with 10naira in 1985, u can buy 1000 units of popcorn.

After about 38years, you now have 160 naira which can only buy you less than 2.

Also the 38000naira if you hard dollar can only buy you 380units which is not also good but fair.

Are you a teacher?

Thanks a million, I know this aspect but just love keeping naira, each time I plan to change like now it should be by November, I will still be hoping things will improve. Na village people do me she.

At my age I don't have up to 3k dolls,

Going forward, will secure the kids future with dollar investment while I play the patriotic card for my beloved country.

Thanks all for the awareness always

.

You are not alone.
My regret is that only 92% of my assets is in Foreign currency, I should have done better even with all the signs that I saw throughout the years.
In the last few weeks, my Forex balance equivalent keep running into hundreds of millions like magic, I was like shuuu wetin be this.
I would've borrowed money in Naira to buy Forex, anyway still looking to buy dollar incase anyone wants to sell grin

RayRay06677:


Are you a teacher?

Thanks a million, I know this aspect but just love keeping naira, each time I plan to change like now it should be by November, I will still be hoping things will improve. Na village people do me she.

At my age I don't have up to 3k dolls,

Going forward, will secure the kids future with dollar investment while I play the patriotic card for my beloved country.

Thanks all for the awareness always

RayRay06677:


Are you a teacher?

Thanks a million, I know this aspect but just love keeping naira, each time I plan to change like now it should be by November, I will still be hoping things will improve. Na village people do me she.

At my age I don't have up to 3k dolls,

Going forward, will secure the kids future with dollar investment while I play the patriotic card for my beloved country.

Thanks all for the awareness always

The best way to play your patriotic card is by going into politics where you will have a real influence in things or by joining the army with the aim of eliminating Boko haram, bandits etc.

I am afraid to say your Holding of the Naira has no real influence to this country.

Grupo:


Dangote refinery may not start working even in 2025. News broke about that recently.

Except the government starts defending the naira again, can't say we may experience any considerable appreciation soon.

Their economic policy is never ever to refine even a litre of petrol again.

If these guys really want to revive refineries and resume refining of petrol, 2 weeks sef is too much for it to happen.

Buyers of 950 dollars are counting loseses already! The lovers of bad new against the naira and Nigeria state are no where to be found .How come with all the rants abouts naira no body has posted the recovery! all the so called USD experts . 3000 BDC have been approved to start get usd , NNPC has received 3 bn usd to stabilized the naira , a Major crude export added 380 ,000 barrels and bonny light trading at 86 usd and swing up ward .more fingers will be burnt out a newbie that quickly changed his 960k to 1000 USD now 780k .dont follow bandwagon. Bad new sells

ahiboilandgas:
... more fingers will be burnt out a newbie that quickly changed his 960k to 1000 USD now 780k .dont follow bandwagon. Bad new sells

Gbam 💯

ahiboilandgas:
Buyers of 950 dollars are counting loseses already! The lovers of bad new against the naira and Nigeria state are no where to be found .How come with all the rants abouts naira no body has posted the recovery! all the so called USD experts . 3000 BDC have been approved to start get usd , NNPC has received 3 bn usd to stabilized the naira , a Major crude export added 380 ,000 barrels and bonny light trading at 86 usd and swing up ward .more fingers will be burnt out a newbie that quickly changed his 960k to 1000 USD now 780k .dont follow bandwagon. Bad new sells

Are you not worried that NNPC is taking loans to "stabilise" the naira? Are you not worried that NNPC is making announcements about monetary policies? NNPC?? They're not talking about refineries, but BDC traders and you think people are really getting their hands burnt??