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Nairaland Forum / Nairaland / General / Business / Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ (24141 Views)
FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom / Traders Lose As Naira Rebounds To 720/Dollar / Naira Plunges To N575 To A Dollar Two Days After Aboki FX Update Suspension (2) (3) (4)
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Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by IduNaOba: 11:50am On Feb 22 |
chatinent:Dollar card is easy to get. I got mine in less than 2 mins in the SE here. Anambra to be precise. |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by tollyboy5(m): 11:52am On Feb 22 |
superlanny:Apart from ranting, what quick solution do you have? 2 Likes |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by tollyboy5(m): 11:53am On Feb 22 |
pocohantas:You sef no small. Na una dey chop our money 4 dis con3 |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by Killermamba: 11:54am On Feb 22 |
superlanny:You see well brother 2 Likes 1 Share |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by OKOATA(m): 11:55am On Feb 22 |
Dansy:Instead of you to start thinking of your future and how to earn in $$$ it's obi that's your wahala. Na Obi no even make you see husband. Dey dia dey play before suffer overwhelm you. 2 Likes 1 Share |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by Duelee: 11:58am On Feb 22 |
spiSeyi: quit living in your head!!! Wake up and smell the coffee 1 Like 1 Share |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by Sumerians: 12:00pm On Feb 22 |
superlanny: Zoombrees generally don't have brains |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by spiSeyi: 12:05pm On Feb 22 |
Duelee:The coffee is no longer hot it's becoming cold man, USD won't trade up to 1,800 this year again. If you bought it @, 1,800 accept your loss and move on 2 Likes |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by 7lives: 12:08pm On Feb 22 |
spiSeyi: You are letting the cat out of the bag. What happened was 9ja version of NFP. The world is not anyone's oysters, speculators who knows how to make money, must also learn how to manage BP. 3 Likes |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by ayo2008: 12:10pm On Feb 22 |
References1: What kind of economy is this? Bulaba Economy or what? 1 Like 1 Share |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by Piroty: 12:10pm On Feb 22 |
Thank God i knew about crypto trading early cause either way, i gain a lot |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by wittydee: 12:11pm On Feb 22 |
1 Like |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by laconicezone(m): 12:15pm On Feb 22 |
Something that is already close to 1800/$ on Binance as at 12:14pm today, those making these decisions should just be deceiving themselves, if they like, they should not address this problem from the root, they should keep chasing shadows, 2000/$ is where this will stabilize, according to economists the Naira is currently overvalued, expect more weakening of the Naira 1 Like
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Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by Morphinne: 12:18pm On Feb 22 |
That’s what we’ve been saying. Binance/USDT is not the problem and I only pity those who had hurriedly sold off their assets during the dip ($1349) yesterday. If they were familiar with the market, they would have easily known that the sudden fall in the USD last night was occasioned by the fact that a lot of people were selling off their coins for the fear of losing their assets/accounts when they heard about FG’s clampdown on crypto. Wise traders (even your politicians) quickly bought the dip with millions of Naira and in less than 8 hours, the USD is raising against the Naira again like garri ijebu. The only solution here is that Nigeria starts being an exporting country. We should start an aggressive campaign on cocoa, rubber, oil palm, palm wine etc exportation. Doing that will bring more forex into our economy (I.e the Nigerian economy will be saturated with enough dollars/forex) The scarcer the dollar in our economy, the stronger it gets meaning that the USD and other currencies would become cheaper and weaker once these people start needing our goods and services (Exports). It’s that simple but it seems they are intentionally not doing this because it’s obvious they know the solution. Ajaokuta Steel is there, our refineries are there lying useless. 2 Likes |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by laconicezone(m): 12:20pm On Feb 22 |
Thank you! bless you, the govt is running away from the real solution and chasing shadows Morphinne: |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by kay29000(m): 12:21pm On Feb 22 |
spiSeyi: It will eventually drop, but I doubt it will drop to 800...probably 950-1,000 per dollar. 1 Like |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by Proserpina: 12:27pm On Feb 22 |
. |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by spiSeyi: 12:29pm On Feb 22 |
kay29000:It's still a loss for those who bought @1,800 2 Likes |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by kay29000(m): 12:30pm On Feb 22 |
spiSeyi: True. 1 Like |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by pocohantas(f): 12:31pm On Feb 22 |
Proserpina: Some people actually think they need special connection to get a dollar account or card. So I quite understand him. Hahaha. I will, Pina. Anything for you. |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by kay29000(m): 12:32pm On Feb 22 |
7lives: LMAO |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by breezeng: 12:36pm On Feb 22 |
Better It should continue to come down 1 Like |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by Procashtips(m): 12:40pm On Feb 22 |
chatinent: Keeping money in Nigeria bank in an economy in bed with inflation |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by Mccullum: 12:45pm On Feb 22 |
It's not only Binance that is causing Naira instability, it's just part of the challenges.. BDC, big companies, commercial banks, some government officials and politicians too. And saboteurs within CBN may be part of it. But masses suffering for it most. |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by Proserpina: 12:56pm On Feb 22 |
. |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by breezeng: 12:56pm On Feb 22 |
Dollar is coming down to 1dollar to 500 by God's grace. |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by theysg: 1:13pm On Feb 22 |
AshipaEk0: So why has Binance agreed to work with the federal government to stop the trading and manipulation of naira on the platform? Or havent you seen that in the news? So who is ignorant here? |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by Archworld(m): 1:16pm On Feb 22 |
References1: Did you guys notice that Luno app is no more allowing people to buy USDT coin |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by Theunbothered: 1:45pm On Feb 22 |
RepoMan007: The naira has been floated, every market is now "official market" |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by kkins25(m): 1:53pm On Feb 22 |
Wahala for those who still think crypto is decentralized.. 😁 |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by owunabastard: 2:13pm On Feb 22 |
spiSeyi:What of if your analysis turn out to be opposite, see as he is saying it with confidence that it will drop. Nobody knows for sure what will happen next, unless FG tackle the root problem of this $ crises |
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by spiSeyi: 2:36pm On Feb 22 |
owunabastard:Here is how I arrived at my conclusion. 1[/b]The Naira value is relative to the price of crude (if crude is up the Naira is down and if crude is down the Naira gains) because our economy is based on crude importation, and the crude is going back to previous range of 70-73. It's already on bearish run from 83 to 81 as we speak [b]2. FG introduction of 10 B $ and suspension of crypto trading will ease the pressure on the Naira 3 Most of the Nigerian refineries will be fully operational towards the 3rd quarter of the year. Which will eventually ease the needs for fuel importation. 4. The CBN is likely to cap the Naira rate at a fixed price. Finally the Naira Will trade around 800-900 |
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