Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ - Foreign Affairs

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Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ - Foreign Affairs - Nairaland

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Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by Ibrahimcoomasie: 1:32am On Feb 29

Naira has continued its appreciation streak at the parallel section of the foreign exchange (FX) market.

The local currency traded at N1,500/$ on Wednesday, representing a gain of 9.09 percent from N1,650/$ recorded on Monday.

Currency traders, known as bureau de change (BDC) operators, quoted the buying rate at N1,450 and the selling price at N1,500 — leaving a profit margin of N50.

At the country’s official window, the naira appreciated to N1609.51 against the dollar on Wednesday — a 1.67 percent increase from the N1,582.94/$ traded on Monday.

Meanwhile, Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), said the naira is undervalued largely due to distortions by perpetrators in the foreign exchange market.

“As and when we come up with these distortions, we will take them off and throw them away and where there are distortions that come about as a result of bad behaviour, we will ensure that those who do it will face the music as a deterrent to ensure that others in future do not take that route,” Cardoso said.

He added that such perpetrators confuse the FX market.

https://www.thecable.ng/naira-gains-at-parallel-market-trades-at-n1500

21 Likes 2 Shares

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by aariwa(m): 2:07am On Feb 29

If they can be able to get it to 1,200 . I will buy in the dip and transfer into my domiciliary account in Ghana

32 Likes

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by Lalami3232(m): 4:11am On Feb 29

This is good news!!! But the problem with Nigeria is Nigerians. Whatever goes up can't come down in this country. It's virtually impossible for prices of goods to come down after been increased because of our yeye greed. Sometimes eeh, I dey feel say God just select some certain types of people to be born in this country. We deserve the kind of leaders we get because majority of us are worse than them. What do I even know aside to enlighten my fellow men nationwide.

Oga if you no meet your wife as a virgin, oga go for DNA test oooooo because boreholes aka non-virgins can't be trusted

106 Likes 7 Shares

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by danowena: 4:12am On Feb 29

Depends on where they got their info from. I bought at N1460 and felt cheated. grin

even though i bought at N1580 on tuesday.

I pray it continues to appreciates as we hope the cabals won't fight back.

A good move to block the crypto sites. They were part of the problem with their speculation of rates. remaining finance sites like flywire, cadremit and co that helps in inflating the dollar figure for their own gain at our detriment.

48 Likes 8 Shares

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by Jrevelation(m): 4:12am On Feb 29

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by NaijaSumigan: 4:12am On Feb 29

Every political leader who has contributed to Nigeria downfall shall remain in everlasting pain.

The pains these politicians have caused Nigerians all these while shall never go unpunished over their lives and family members.

They travel around the world but the bastards can't lead well. They loot our money, always coming out to give false hope.

Every political leader stealing the wealth of Nigerians will not live to spend what he/she stole.

60 Likes 5 Shares

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by Freestainworld(m): 4:12am On Feb 29

Something that will shock Nigerians in the next couple of days, forget that thing.

18 Likes 1 Share

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by updatedws: 4:13am On Feb 29

So the official rate now higher than the parallel rate? The government continues to play to the gallery...
In medicine, there is what we call symptomatic management where instead of diagnosing and getting rid of the cause of a sickness, you continue to treat symptoms of the sickness like fever.

These gains u see are artificial and placebolic at best.

Banning cryptos and churning out stringent measures against BDC operators who have been in existence for years without causing any problems would do no good to the Nigerian economy at large.

The government has to realize that bowing to pressure from IMF and world bank to remove subsidy and float the naira is the bane of our current situation...

Hitting the ground running is/was the greatest undoing of this government.

If the government really meant well for this country, what he would have done was to probe the former government to recover the billions of the borrowed dollars that were looted instead of making the citizens pay for these loots through subsidy removal.

I submit with this thought.

The only way forward for Nigeria right now is to start going backward.

The government must undo the deadly policies set by the Buhari government instead of continuing in it

39 Likes 4 Shares

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by ponlear(m): 4:14am On Feb 29

Whatever it is they're doing to make Naira appreciate, they should keep doing till it stabilizes. God bless Nigeria

26 Likes 3 Shares

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by RainMoreDFARMS(f): 4:15am On Feb 29

This burger now nah gold for my area

38 Likes 1 Share

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by LordAdam16: 4:18am On Feb 29

aariwa:
If they can be able to get it to 1,200 . I will buy in the dip and transfer into my domiciliary account in Ghana

This. 👆
Anyone buying dollar now should not keep it in a Nigerian domiciliary account.
Don't say you were not warned.

-Lord

28 Likes 1 Share

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by fearlessfang: 4:18am On Feb 29

Buy the dip. It would go back up grin

6 Likes 3 Shares

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by stano2(m): 4:19am On Feb 29

Truths9ja:
Wow that’s great. Naira keep on increasing back. You can still withdraw via kucoin crypto currency wallet app. Use my code when signing up on kucoin. You can withdraw on kucoin crypto currency wallet app. You can buy or sell the usdt . My refer code: https://www.kucoin.com/r/rf/rB31GDW

No worry this one would still be shut down.
So people should signup because of your stupid referral bonus.
Show us more, so CBN will shut it down asap

41 Likes 3 Shares

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by ClearFlair: 4:19am On Feb 29

Time will tell

1 Like

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by spinna: 4:19am On Feb 29

Good..

1 Like

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by nairalanda1(m): 4:21am On Feb 29

Still lipstick on a pig. Lipstick on a pig does not make it a beautiful Homo sapiens woman.

Nigeria needs to, as Moghalu has said, be an exporter of manufactured goods and services...

90 Likes 2 Shares

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by Truths9ja: 4:22am On Feb 29

stano2:
No worry this one would still be shut down.
So people should signup because of your stupid referral bonus.
Show us more, so CBN will shut it down asap

hmm 🐦🐦🐦

1 Like 1 Share

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by femijamz: 4:22am On Feb 29

Anybody supporting APC no well

7 Likes 2 Shares

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by Atom007(m): 4:25am On Feb 29

aariwa:
If they can be able to get it to 1,200 . I will buy in the dip and transfer into my domiciliary account in Ghana

Saboteurs

31 Likes

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by Decentdave(m): 4:25am On Feb 29

It’s well

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by Parydelegate: 4:27am On Feb 29

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by mycar: 4:28am On Feb 29

Anything short of atleast N750/usd is good for nothing, N1500/usd represents 150% devaluation and this sounds like a thief giving you back 0.01% of your stolen money for transport and expects you to be happy with him.
Over to you hypocrites embarassed

By the way, FG should enforce the capturing of usd customers' bvn to discourage hoarding. Only in Nigeria they hoard dollars. what a country! And can you imagine that official rate is still over N1600/USD, who is fooling who?

48 Likes 6 Shares

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by BarrElChapo(m): 4:29am On Feb 29

💨🚬😗

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by Geovanni412(m): 4:29am On Feb 29

Atom007:

Saboteurs

Nope,

Realists

What economic measure is in place to sufficiently stabilise the naira?

Are we exporting more products now?

7 Likes 3 Shares

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by Emedu(m): 4:31am On Feb 29

Geovanni412:

Nope,

Realists

What economic measure is in place to sufficiently stabilise the naira?

Are we exporting more products now?

Mind you, Nigeria’s total trade in the third quarter of 2023 stood at ₦18,804.29 billion. Exports were valued at ₦10,346.60 billion while total imports stood at ₦8,457.68 billion, this was not felt in our exchange rate because of our high debt service to revenue ratio, high volume of printed naira in the name of ways and means. All these things are systematically taken care of to ensure the surplus naira is mopped up.

I believe there are good days ahead

36 Likes 3 Shares

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by Emedu(m): 4:31am On Feb 29

We are simply moving from a fixed (pegged) exchange rate to a managed floating exchange rate regime. Change like this often comes along with the high upward volatility we experienced some weeks ago.

With the aggressive efforts of the CBN, I strongly believe we are in the stage of stability; once that is obtained, we can then talk about appreciation of naira to fair value

Good days ahead.

36 Likes 2 Shares

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by BannedUser: 4:32am On Feb 29

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by Konquest: 4:32am On Feb 29

Ibrahimcoomasie:

https://www.thecable.ng/naira-gains-at-parallel-market-trades-at-n1500

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by enemyofprogress: 4:33am On Feb 29

PBAT is working. To God be the glory.

Person no even get Favorite food again 😪

16 Likes 3 Shares

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by Flets: 4:33am On Feb 29

Unfortunately, The hasty policies of the Tinubu government with naira floating exposed the currency for what it is.

These knee jerk policies are not sustainable, naira will continue to plummet until Nigeria turns to production from consumption, reduce imports and increase exports. At the heart of a sustainable naira is constant power supply for manufacturing.

Nigerians have seen enough not to trust the naira under this government. Folks will continue to safeguard their earnings in other trusted currencies than the naira

9 Likes 1 Share

Re: Naira Continues Appreciation Streak, Gains And Closes At ₦‎1,500/$ by Macphenson: 4:33am On Feb 29

aariwa:
If they can be able to get it to 1,200 . I will buy in the dip and transfer into my domiciliary account in Ghana

Pls how did u open your ghana domicilliary account?

1 Like

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