Paraman:
We are exporting more oga

https://www.nairaland.com/8287150/nigeria-records-5.8-trillion-trade

We're not exporting more
We're actually doing less
That figure is bloated by the weakened naira
Compare 2014 figure with the current one and you'll see a massive gap
Someone did on another thread

PressMyButton:
Respect to Jagaban, he knows how to assemble the best brains, as Governor and now as President. Anywhere that's difficult to enter, just leave it for Tinubu, that's where he likes to dismantle into pieces.

After God, na Tinubu 💪 God bless Nigeria.

Best brains that are only good at dishing out 'bolekaja' economic policy prescriptions that have succeeded in wrecking the economy, inflicting untold hardships, and causing starvation among Nigerians.

PressMyButton:

You were living a fake life and you called it an Economy, I feel so sorry for you. An Economy whereby Okonjo Iweala was borrowing to pay workers salaries and she even told us to brace up for tough times ahead. An economy whereby subsidy gulps $20billion dollars annually while 97% of our revenue was used to service debts. It even got so bad that we started borrowing to pay for subsidy, so that people like you will put on fake smiles. And you want us to continue with that?. enemies of the state.
Be informed that Mr President is focused on building a $1trillion economy by 2030. una go dey alright.

When did you realise we're living fake lives?
After occupying Nigeria in 2012 against subsidy removal
So have you stopped borrowing to pay salaries?
How much do you service debt now
Can I see your real smile since you know fake from real
Nigerians know who the real enemies of state are

Yankee101:
But it’s a good opportunity to buy the dollar now using naira

it's the worst decision u could make, as long as EFEMS still exist, it will be difficult to speculate

Kukutenla:

That's manipulation no longer floating
I thought defending the naira was a bad idea was what we were told
Which IOC will sell 50% of their revenue to forex dealers. To what end?

Who's defending the naira? abi you don smoke again this morning.

PressMyButton:
Respect to Jagaban, he knows how to assemble the best brains, as Governor and now as President. Anywhere that's difficult to enter, just leave it for Tinubu, that's where he likes to dismantle into pieces.

After God, na Tinubu 💪 God bless Nigeria.

How much was the exchange rate when he came into office? You bigots are just ridiculously dumb.

https://www.nairaland.com/8286010/africa-u-grant-scam#133194914

Be guided Nigerians

PressMyButton:

Who's defending the naira? abi you don smoke again this morning.

Shut up
What activity is flooding the market with dollars if SalamRushdie's theory of diaspora remittance is not correct

PressMyButton:

You were living a fake life and you called it an Economy, I feel so sorry for you. An Economy whereby Okonjo Iweala was borrowing to pay workers salaries and she even told us to brace up for tough times ahead. An economy whereby subsidy gulps $20billion dollars annually while 97% of our revenue was used to service debts. It even got so bad that we started borrowing to pay for subsidy, so that people like you will put on fake smiles. And you want us to continue with that?. enemies of the state.
Be informed that Mr President is focused on building a $1trillion economy by 2030. una go dey alright.

Fake life yet GDP was growing? APC has been in power for 10 years yet not one day has the GDP grown under them now that we are not living fake life ?

Tinubu govt that's not living fake life is the one that has borrowed more .

Tinubu govt that is not living fake life is the one that went to buy a giant Airbus presidential jet.

Now that's we are not living fake life OANDO IS suddenly prospering 😅😅

Face it Tinubu govt is the worst possible govt anyone can encounter in human existence.

Kukutenla:

Shut up
What activity is flooding the market with dollars if SalamRushdie's theory of diaspora remittance is not correct

You don't know the meaning of excess liquidity?.. abeg what brand you dey smoke.

Yankee101:
But it’s a good opportunity to buy the dollar now using naira

Then you sit down and start hoping it reaches 10,000 to a dollar again. Only in Nigeria where people buy currency as real estate or long term investment. Currency is traded on a short term for the sole sake of easing exchange across borders and not as a real estate.

TUANKU:

How much was the exchange rate when he came into office? You bigots are just ridiculously dumb.

Before he came to office, how much was past presidents used in defending the naira?

SalamRushdie:


Fake life yet GDP was growing? APC has been in power for 10 years yet not one day has the GDP grown under them now that we are not living fake life ?

Tinubu govt that's not living fake life is the one that has borrowed more .

Tinubu govt that is not living fake life is the one that went to buy a giant Airbus presidential jet.

Now that's we are not living fake life OANDO IS suddenly prospering 😅😅

Face it Tinubu govt is the worst possible govt anyone can encounter in human existence.

A fake rebased GDP, dey play.

PressMyButton:

A fake rebased GDP, dey play.

If them born APC well make Dem ma rebase GDP na

PressMyButton:
The exchange rate between the naira and the dollar continued its rapid appreciation on the official EFEM market, closing at N1,535/$1 on Friday, December 6, 2024.

This marks a significant milestone, as the naira strengthens further following three consecutive days of appreciation since the Central Bank of Nigeria (CBN) introduced the Enhanced Foreign Exchange Market System (EFEMS).

For the trading day, the intra-day high was N1,575, while the low was N1,510, with the average rate printing at N1,533.

Meanwhile, the black market rate fell sharply to as low as N1,570/$1, with operators reporting an unusual scenario where there were more sellers struggling to find buyers.

According to sources who spoke to Nairametrics, “No one wanted to buy dollars,” indicating a fundamental shift in market sentiment.

Some sellers informed Nairametrics they offloaded for as low as N1,500/$1. Meanwhile some cryptocurrency platforms exchanged stablecoins for the naira at less than N1,500$1 via P2P platforms.

Sustained rally in the official market
At N1,535/$1, the naira recorded one of its best performances in recent months, adding to the momentum built since EFEMS was launched.

Friday’s closing rate represents a notable improvement over the previous day’s N1,567/$1, reflecting increasing demand for the naira in the official forex market. On the parallel market, rates dropped further to about N1,570/$1, as sellers struggled to find buyers.

Meanwhile, some parallel market operators suggest the exchange rate sold for as low as N1,500/$1 for inflows.

The unusual glut of dollar sellers reflects growing confidence in the naira’s trajectory and reduced speculative activity.

This aligns with the narrowing gap between the official and black market rates, which has fallen to less than N35, or approximately 2.3%, as of Friday’s close.

Investment platforms like Bamboo and Trove continued to quote rates for converting naira to dollars at N1,549.50 and N1,629.49 respectively.
This compares to compared to N1,653/$1 and N1,654/$1, suggesting a slight lag in adjustment compared to official and parallel markets.

Meanwhile, flagship cryptocurrency Bitcoins sold for $101k as of 8pm Nigerian time with altcoins all showing signs of gains ahead of an impending Trump Presidency.

Black market dynamics shifting

The rapid appreciation of the naira on the parallel market suggest the EFEMS is impacting unofficial forex operations as speculators struggle to understand the impact.

With fewer buyers willing to hoard dollars and more sellers looking to offload, the naira’s strength appears to be translating across both official and unofficial markets.
Market analysts suggest that this development signals a paradigm shift, as individuals and businesses now see greater value in holding naira over dollars.

EFEMS driving transparency

The introduction of EFEMS by the CBN appears to be driving transparency and efficiency in Nigeria’s forex market.

The platform, which consolidates all forex transactions into a single market, has now delivered gains for four consecutive days, further narrowing the disparity between the official and parallel market rates.

EFEMS requires all FX transactions to be priced through the system, ensuring that daily exchange rates are transparent and accessible to the public.

The centralized pricing mechanism has been pivotal in reducing speculative behavior and bolstering confidence in the naira.

https://nairametrics.com/2024/12/06/breaking-naira-gains-rapidly-against-the-dollar-as-sellers-struggle-to-find-buyers/?amp=1

Can it get to 1k again?
It will be great

richmond500:
it's the worst decision u could make, as long as EFEMS still exist, it will be difficult to speculate

It’s like aboki fx or stabelcoin platforms moving the naira in the wrong direction

A platform is not a fundamental. Your economic productivity has not changed. It’s just a platform outsourced from Bloomberg and used by several nations and even private companies.

So the real level of the currency will show when it’s been adopted by more users

RepoMan007:
Then you sit down and start hoping it reaches 10,000 to a dollar again. Only in Nigeria where people by currency as real estate or long term investment. Currency is traded on a short term for the sole sake of easing rxchange across borders and not as a real estate.

Entities hedge against currency risk by taking positions in strong and predictable currencies.

You can’t plan with a currency that catapults above 100% in less than 12 months.

PressMyButton:

You don't know the meaning of excess liquidity?.. abeg what brand you dey smoke.

What is the meaning

PressMyButton:

Before he came to office, how much was past presidents used in defending the naira?

I am not used to Agbadonomics,please tell me. Educate me...Alaba-suru economist.

Kukutenla:

What is the meaning

olodo, prostrate and beg me first

Yankee101:
But it’s a good opportunity to buy the dollar now using naira

anyone who buys the dollar now is at risk....cause fir them to setup 2025 budget with 1400 to 1 dollar.....then anyone with economic should know now is the time to sell cause before the end of this year it will already be in thar range.....

leokid866:
anyone who buys the dollar now is at risk....cause fir them to setup 2025 budget with 1400 to 1 dollar.....then anyone with economic should know now is the time to sell cause before the end of this year it will already be in thar range.....

The budget in the last 3 administrations has hardly been set to the correct exchange rate, just estimates

Kukutenla:
This is good news

Bit it seems CBN is flooding the market with dollars or where's the excess dollars coming in from? It was previously claimed that we need to become productive for our currency to appreciate

The value of the naira has been heavily decimated since APC came into power we hope the are able to work out a genuine respite for our currency

we are productive....60-80 of our imports and foreign exchange spend has been on oil products....now we've moved from import to export leaving us with excess cash.....also Nigeria has returned to the sale of Bonds in Fx with the last Eurobond of 2 billion dollars been oversubscribed and bringing in 9 billion dollars.....that's why our reserves have increased from 34 billion dollars early in the year to 40.2 billion dollars now and us expected to close the year at 42 billion dollars and expected to rise to 45 billion in the first quarter of 2025......

Yankee101:


It’s like aboki fx or stabelcoin platforms moving the naira in the wrong direction

A platform is not a fundamental. Your economic productivity has not changed. Its just a platform outsourced from Bloomberg and used by several nations and even private companies.

So the real level of the currency will show when it’s been adopted by more users

There is an ongoing debate that N1500/$ Is not the true value of the naira and most financial and economic expertise says the true value is around 700-800, and this is before Dangote refinery came onboard.

With the exchange rate becoming more transparent thanks to EFEMS, it is safer to say the naira will keep adjusting until it finds it true value at N700

richmond500:
There is an ongoing debate that N1500/$ Is not the true value of the naira and most financial and economic expertise says the true value is around 700-800, and this is before Dangote refinery came onboard.

With the exchange rate becoming more transparent thanks to EFEMS, it is safer to say the naira will keep adjusting until it finds it true value at N700

It was 700 in the parallel market under buhari
Tinubu’s policies truncated the naira

Yankee101:


The budget in the last 3 administrations has hardly been set to the correct e xchange rate, just estimates

has any one from the last 4 administrations Been able to get our CBN external reserve to 40.2 billion dollars?

Bad/sad news for pigs

Nigeria will be great

Earn dollar, don't hoard it.

Yankee101:


It was 700 in the parallel market under buhari
Tinubu’s policies truncated the naira

inflation was expected as it was stated that floating the currency will bring about inflation.

Most of us didn't expect it to be this massive

Donaldoni:
Bad/sad news for pigs

Nigeria will be great

Earn dollar, don't hoard it.

I just had a vision that you mum hasn't eaten properly in weeks , abeg send her something today 🙏🏿

leokid866:
has any one from the last 4 administrations Been able to get our CBN external reserve to 40.2 billion dollars?

September 2014 it was above $40.2b

It's madness to buy dollar at a 1500,make them no make noise just bring the shit down.

Softmirror:
Now this is good news.

I HAVE BEEN TELLING YOU PEOPLE.

GIVE THIS MAN CHANCE TO DO HIS WORK.

TINUBU WILL TRANSFORM THIS COUNTRY.

GIVE HIM THE TIME TO DO HIS WORK!