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Nairaland Forum / Nairaland / General / Business / Naira Up To N1,430/$ In Parallel Market (1824 Views)
Naira Depreciates To N1,180/$ In Parallel Market / Naira Appreciates From 1310/$ To 1300/$ In Parallel Market / Naira Bounces Back, Appreciates To N470/$ In Parallel Market (2) (3) (4)
Naira Up To N1,430/$ In Parallel Market by ogododo: 7:23am On Mar 26 |
The naira yesterday appreciated to N1,430 per dollar in the parallel market from N1,470 per dollar last weekend. Similarly, the naira yesterday appreciated to N1,408. 04 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,408.04 per dollar from N1,431.49 per dollar last week Friday, indicating N23.45 appreciation for the naira. Consequently, the margin between the parallel market rate and NAFEM narrowed to N21.96 per dollar from N38.51 per dollar last week Friday. https://www.vanguardngr.com/2024/03/naira-up-to-n1430-in-parallel-market/ |
Re: Naira Up To N1,430/$ In Parallel Market by helinues: 7:24am On Mar 26 |
And what's the equilibrium rate? 3 Likes 1 Share |
Re: Naira Up To N1,430/$ In Parallel Market by forgiveness: 7:27am On Mar 26 |
Kudos. For those who don't understand. This is without defending the naira. 5 Likes |
Re: Naira Up To N1,430/$ In Parallel Market by Raylight2(m): 7:28am On Mar 26 |
Dollar is #1300 now. It dumped from 1440 yesterday 2 Likes |
Re: Naira Up To N1,430/$ In Parallel Market by magoo10(m): 7:35am On Mar 26 |
Who are we to believe now,CBN said ₦1,269 yesterday. Despite all the dropping prices of commodities remain high . 5 Likes 1 Share |
Re: Naira Up To N1,430/$ In Parallel Market by TheLastProphet: 7:36am On Mar 26 |
forgiveness:stop lying bro. CBN has for the past one month consistently defended the naira by injecting fx into the market 6 Likes |
Re: Naira Up To N1,430/$ In Parallel Market by Arobaga: 7:36am On Mar 26 |
Going up or down I no come understand again 3 Likes |
Re: Naira Up To N1,430/$ In Parallel Market by forgiveness: 7:38am On Mar 26 |
TheLastProphet: How is injecting forex into the market defending the naira? 8 Likes |
Re: Naira Up To N1,430/$ In Parallel Market by Hez143(m): 7:39am On Mar 26 |
TheLastProphet:oga, wetin you dey talk 4 Likes 1 Share |
Re: Naira Up To N1,430/$ In Parallel Market by TheLastProphet: 7:39am On Mar 26 |
magoo10:prices can't just automatically drop because sellers and manufacturers need to be assured of the stability of the currency before they start adjusting price however this slight reduction will not lead to halving of the prices of goods and services. Just understand that things will still be very expensive unless we go back to how buhari left naira which is at about 780 Naira in the parallel market 1 Like |
Re: Naira Up To N1,430/$ In Parallel Market by CodeTemplar: 7:39am On Mar 26 |
forgiveness:You are deeply ignorant. It is being defended already technically. The govt sells so low and are always willing to go lower in order to keep inflation in check. 3 Likes |
Re: Naira Up To N1,430/$ In Parallel Market by DCmonster: 7:40am On Mar 26 |
Lol! APC MORONS Doesn't know that injecting dollars into the market is thesame as defending the naira. 6 Likes |
Re: Naira Up To N1,430/$ In Parallel Market by magoo10(m): 7:41am On Mar 26 |
TheLastProphet:is going back to ₦780 going to be possible from the statistics you have 1 Like |
Re: Naira Up To N1,430/$ In Parallel Market by TheLastProphet: 7:41am On Mar 26 |
forgiveness:Cbn stop the sale of dollar to bdc for over one year and recently resumed doing so. This is the reason for the perceived gain in the value of the currency. 3 Likes |
Re: Naira Up To N1,430/$ In Parallel Market by forgiveness: 7:42am On Mar 26 |
CodeTemplar: Selling lower from speculative figures? Is the FG also into speculation or selling according to the real value? 3 Likes |
Re: Naira Up To N1,430/$ In Parallel Market by CodeTemplar: 7:42am On Mar 26 |
magoo10:That's the price they are selling to BDC. BDCs will add their own profit according to the margins CBN has set and sell within range. 2 Likes |
Re: Naira Up To N1,430/$ In Parallel Market by inoki247: 7:43am On Mar 26 |
Lol wetin don dey 1290 for Cryptoo market person no come see this rate to by dip before the bull run... 1 Like |
Re: Naira Up To N1,430/$ In Parallel Market by forgiveness: 7:45am On Mar 26 |
TheLastProphet: Meaning they have taken up there responsibility after Emefiele stylishly left it in the hands of spectators in some people's favor. Remember, he was defending the naira ooooooo. 2 Likes |
Re: Naira Up To N1,430/$ In Parallel Market by magoo10(m): 7:45am On Mar 26 |
CodeTemplar:we cant wait to see things go back to normal 1 Like |
Re: Naira Up To N1,430/$ In Parallel Market by TheLastProphet: 7:46am On Mar 26 |
magoo10:well i don't really see that happening because Nigeria is an import dependent nation however its possible to see it go below 1000 per dollar if refineries start functioning and we become self sufficient in the production of refined crude. I believe cutting import of crude product will save Nigeria huge forex 1 Like |
Re: Naira Up To N1,430/$ In Parallel Market by CodeTemplar: 7:48am On Mar 26 |
forgiveness:the real value is arrived at when demand starts pushing supply, once the govt goes beyond that price, defence of naira is fully back. One thing favouring the defence is limited cash to buy manufactured goods and thus fewer manufacturérs to demand forex. Some manufacturers even have goods already produced that they are trying to sell and just sitting idle in warehouses. The reduction in forex demand means naira can be artificially strengthened a little after hitting its true value. 1 Like |
Re: Naira Up To N1,430/$ In Parallel Market by Putindbutt: 7:50am On Mar 26 |
CodeTemplar:You're the most ignorant. |
Re: Naira Up To N1,430/$ In Parallel Market by magoo10(m): 7:50am On Mar 26 |
TheLastProphet:to achieve that a lot of hardwork and dedication needs to be applied not for those who have come to corruptly enrich themselves. 1 Like |
Re: Naira Up To N1,430/$ In Parallel Market by Kukutente23: 7:51am On Mar 26 |
forgiveness:That's a lie The naira is being defended What do you guys gain from lying so openly just to defend govt Are you part of govt media team? 5 Likes |
Re: Naira Up To N1,430/$ In Parallel Market by Putindbutt: 7:52am On Mar 26 |
TheLastProphet:Then to you, this means 'defending'?, smh |
Re: Naira Up To N1,430/$ In Parallel Market by Kukutente23: 7:54am On Mar 26 |
forgiveness:Yeah See them They don't know anything just to defend with ignorance 2 Likes 1 Share |
Re: Naira Up To N1,430/$ In Parallel Market by Kukutente23: 7:55am On Mar 26 |
DCmonster:Don't mind the dullards 4 Likes 1 Share |
Re: Naira Up To N1,430/$ In Parallel Market by Putindbutt: 7:55am On Mar 26 |
forgiveness:I swear, this is the question these dumb guys can't answer, they just open their mouths to talk ignorantly. |
Re: Naira Up To N1,430/$ In Parallel Market by Hoelujohn: 7:58am On Mar 26 |
TheLastProphet:Werey... How does providing fx to those that genuinely need it bad? Shey you dey ok? |
Re: Naira Up To N1,430/$ In Parallel Market by Putindbutt: 8:02am On Mar 26 |
CodeTemplar:See mental laziness at its peak, Lol. it is no longer importation that is driving demand for dollars, it is manufacturing abi? 1 Like |
Re: Naira Up To N1,430/$ In Parallel Market by Ofunaofu: 8:05am On Mar 26 |
forgiveness: We gone past this era of blaming Emefiele What ever we are experiencing today are as a result of Tinubu's calamitous economic policies. 1 Like |
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