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Naira May Hit ₦1,200 — Black Market Operators - Business (2) - Nairaland

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Re: Naira May Hit ₦1,200 — Black Market Operators by SisterAnn(f): 4:38am On Dec 10
It should keep it up even after the Yuletide. My business has really been bruised over the high price.

3 Likes

Re: Naira May Hit ₦1,200 — Black Market Operators by idahme(m): 4:43am On Dec 10
Obaaderemi2:
#700 when they were borrowing money to defend it. There's a difference now


They are still defending the naira currently ,what are you saying exactly?

2 Likes

Re: Naira May Hit ₦1,200 — Black Market Operators by idahme(m): 4:45am On Dec 10
StarRiderr:
that's what they made you believed do you know how much this present administration has spent in defense of Naira..

They are still defending the Naira don't know why people argue about this
Re: Naira May Hit ₦1,200 — Black Market Operators by Xisnin(m): 5:21am On Dec 10
LegendHero:


It has always been 700+ before Tinubu assumed power.

I send money regularly and I know how much I exchange dollar to Naira in May 2023.

Only people getting $$ at the official rate are Emefiele people and few other Nigerians who can wait for months after paying bankers multiple bribes.

The average man got dollar at N700+ in 2023 mostly.

We floated the naira June 15, 2023 or so. Before then, it was 700+.
Nope.
It wasn't #700 that was the parallel rate.
The dollar was around #400 officially.

Yes, one of those Emefiele's friend built a $20 billion dollar refinery using exchange rate
that is practically non-existent according to you.
Whatever exchange rate used in running the government's budget is the official regardless
of what black market says.

I hope you haven't forgotten when the Naira fell from 1800 to 900 after the Binance/crypto noise?
You remembered how you and Onanuga celebrated the geniuses who allegedly solved the problem?
Well, it was short-lived as predicted then as this phase would turn out too.

There are very few ways to permanently strengthen the Naira and it does not include threatening
speculators every three months.

1 Like 1 Share

Re: Naira May Hit ₦1,200 — Black Market Operators by Memberclub(m): 6:02am On Dec 10
Obaaderemi2:
#700 when they were borrowing money to defend it. There's a difference now
stfu bruh

1 Like

Re: Naira May Hit ₦1,200 — Black Market Operators by Juliearth(f): 6:22am On Dec 10
lilvicky68:
I dont see any gain in it hitting 1200

Price of basic needs is still rising.




Honestly, it is appalling. Other factors such as insurgency and high cost of logistics has made it impossible for prices of goods to crash down.
Re: Naira May Hit ₦1,200 — Black Market Operators by jmoore(m): 7:02am On Dec 10
LegendHero:


It has always been 700+ before Tinubu assumed power.

I send money regularly and I know how much I exchange dollar to Naira in May 2023.

Only people getting $$ at the official rate are Emefiele people and few other Nigerians who can wait for months after paying bankers multiple bribes.

The average man got dollar at N700+ in 2023 mostly.

We floated the naira June 15, 2023 or so. Before then, it was 700+.

How much was it after it was floated? That's what you couldn't say despite your lengthy reply.

1 Like

Re: Naira May Hit ₦1,200 — Black Market Operators by MichaelSokoto(m): 7:26am On Dec 10
let it pls do com down make I rush buy every every!

Once bitten twice shy!
cool
Re: Naira May Hit ₦1,200 — Black Market Operators by Erums(m): 9:42am On Dec 10
MichaelSokoto:
let it pls do com down make I rush buy every every!

Once bitten twice shy!
cool

i swaer

1 Like

Re: Naira May Hit ₦1,200 — Black Market Operators by SouthSouth1914: 10:20am On Dec 10
SeverusSnape:

Shame no dey catch you!?

A currency that he met at less than 700 is being predicted to come down to 1200 from about 1600, and you're saying God should bless Thie'fnubu.
Zombies are ridiculously shameless.

2 Likes

Re: Naira May Hit ₦1,200 — Black Market Operators by jayce232: 10:24am On Dec 10
You people have started your propaganda again? Naira that's already falling smh

3 Likes

Re: Naira May Hit ₦1,200 — Black Market Operators by bizbro: 10:24am On Dec 10
Abi 2100
Re: Naira May Hit ₦1,200 — Black Market Operators by VanuatuWycombe: 10:26am On Dec 10
Make e dey appreciate o. That’s our prayer.

It would be good if those Mallams can be compelled to be using the official Bloomberg portal too. Make dem throwey that dia yeye calculator.

1 Like

Re: Naira May Hit ₦1,200 — Black Market Operators by TTPAAR(m): 10:26am On Dec 10
Make e reach fess!!!!
Re: Naira May Hit ₦1,200 — Black Market Operators by JustPowerApps(m): 10:28am On Dec 10
Fools yapping again cheesy Wait for #2000/$ in January 2025

1 Like

Re: Naira May Hit ₦1,200 — Black Market Operators by Sofistcatdmoron: 10:28am On Dec 10
Biodun556:
God bless Tinubu

God bless Nigeria

Come out I wan show u something

1 Like 1 Share

Re: Naira May Hit ₦1,200 — Black Market Operators by ruffDiamond: 10:29am On Dec 10
Useless APCriminals propagandists bastards.na 1200 Dem meet am undecided

2 Likes 1 Share

Re: Naira May Hit ₦1,200 — Black Market Operators by bizbro: 10:30am On Dec 10
JustPowerApps:
Fools yapping again cheesy Wait for #2000/$ in January 2025

That 2k is 100% guaranteed next year. In fact, by May 29 2025, naira should be around 2k. Tinubu will celebrate 2 years with naira @ 2k.

2 Likes

Re: Naira May Hit ₦1,200 — Black Market Operators by nairalanda1(m): 10:30am On Dec 10
Naira is never going to be strong.

The government should stop giving people false hope. The truth is, Nigeria's naira is dependent on how much money we make from oil, so if oil prices stay where they are, we can forget about a strong currency

Also , so long as tinubu borrows instead of relying more on taxation and on cleaning up the mess in our mining sector, forget about strong currency

Nothing to rejoice about. Lipstick on a pig still means it is a pig, not Miss World
Re: Naira May Hit ₦1,200 — Black Market Operators by uuzba(m): 10:31am On Dec 10
SalamRushdie:
That one na lie , no be bankers go tell us that one, once we see the signs of economic activity that cam take Naira to 1200 we will know and besides 1200 is still too much , for anyone to respect this government they have to take it to 400
For that to work, we have to totally stop importing anything in the whole country
Re: Naira May Hit ₦1,200 — Black Market Operators by VanuatuWycombe: 10:32am On Dec 10
idahme:



They are still defending the naira currently ,what are you saying exactly?

May be the guy just finished taking Ogbomoso w.eed ni. Leave am.
Re: Naira May Hit ₦1,200 — Black Market Operators by elevated2: 10:32am On Dec 10
Back in the days Dollar usually falls in December due to influx of diasporan Nigerians returning with huge suns of dollars. It usually continues untill after Budget passing(sometime around end of January). Let's see how it goes this time.
Re: Naira May Hit ₦1,200 — Black Market Operators by Gboom: 10:33am On Dec 10
SalamRushdie:
That one na lie , no be bankers go tell us that one, once we see the signs of economic activity that cam take Naira to 1200 we will know and besides 1200 is still too much , for anyone to respect this government they have to take it to 400
How do you measure economic activities if bank's data is not included or do you have your statistical tool to counter the bank's forecasts?
Re: Naira May Hit ₦1,200 — Black Market Operators by hitekk: 10:35am On Dec 10
High cost of clearing goods.
Re: Naira May Hit ₦1,200 — Black Market Operators by MT: 10:35am On Dec 10
SeverusSnape:

Shame no dey catch you!?

A currency that he met at less than 700 is being predicted to come down to 1200 from about 1600, and you're saying God should bless Thie'fnubu.
Zombies are ridiculously shameless.

He met it at less than 700 naira with the Government paying the differential.

You should be intelligent enough to understand that CBN is no more paying any subsidy on USD, thereby freeing more money for infrastructural development. Price of USD is determined currently by demand and supply.

Is that too difficult to figure out ?

4 Likes 1 Share

Re: Naira May Hit ₦1,200 — Black Market Operators by bizbro: 10:35am On Dec 10
nairalanda1:
Naira is never going to be strong.

The government should stop giving people false hope. The truth is, Nigeria's naira is dependent on how much money we make from oil, so if oil prices stay where they are, we can forget about a strong currency

Also , so long as tinubu borrows instead of relying more on taxation and on cleaning up the mess in our mining sector, forget about strong currency

Nothing to rejoice about. Lipstick on a pig still means it is a pig, not Miss World

I expect Trump to drill more oil so the oil price may drop further,IMO.

1 Like

Re: Naira May Hit ₦1,200 — Black Market Operators by Bankowner: 10:36am On Dec 10
A lot of Nigerians in diaspora are coming home 🏡 for the festive season, one should expect a flooding of foreign exchange and the resultant appreciation of the local currency.
Hoping the same bankers won't be singing a different tune by first quarter 2025.
Re: Naira May Hit ₦1,200 — Black Market Operators by Konquest: 10:37am On Dec 10
Biodun556:

•USD now N1,500, may hit N1,200 —Black market operators

There are indications that the newly introduced foreign exchange market system by the Central Bank of Nigeria, CBN, is the driving force behind the recent massive appreciation of Nigeria’s local currency, the Naira, against the world’s major currencies.

Bankers who spoke to Vanguard attributed the appreciation of the Naira to the Electronic Foreign Exchange Matching System (EFEMS), which commenced last Monday.

In a circular directing banks to go live in the use of the Bloomberg BMatch as the Electronic Foreign Exchange Matching System (EFEMS) for trading activities in the forex market effective December 2nd, 2024, the CBN said: “Banks are strongly advised to liaise with Bloomberg representatives to expedite the onboarding process and address any technical or operational concerns promptly.


“The CBN will deploy its regulatory power to enhance the implementation of this directive and reserves the right to impose sanctions when necessary.”

For the first time since May 2024 the Naira recorded five consecutive days of appreciation across all segments of the foreign exchange market last week. It closed at N1,535 and N1,555 to one USdollar in the official (otherwise known as the Nigerian Foreign Exchange Market, NFEM) and parallel market (otherwise known as black market) respectively at the weekend.

Impact of new e-Forex system
Providing insight on the impact of the new forex system, a bank executive who spoke to Vanguard on condition of anonymity said: “The system seems to be quite good. It seems to be achieving its goal as you get a feel of where the market is, real time.

“People are putting up orders on the system, matching trades and helping with market colour. It looks and seems to be good and the Naira has appreciated since its launch. CBN also intervened using the system.

“Time will tell if the market appreciation can be sustained. But there will definitely be some equilibrium down the line.”


Following this development, the margin between the parallel market and NAFEM rate narrowed to N20 per dollar from N118 per dollar as at close of trading last weekend.

Data from the Daily Nigerian Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria, CBN, showed that Naira has gained It also represents N168 or 9.8 per cent appreciation from N1,720 per dollar previous week’s closing rate, the largest weekly gain since this year.

Naira appreciates to N1,550/$ in parallel market

Data from FMDQ showed that the naira suffered sustained depreciation this year in the official market moving from N907.11 per dollar in January 2024 to N1,520.4 per dollar by May; N1,603.8 per dollar in July and N1,730 per dollar in October. The trend reversed to N1,600 threshold in the same month through November.

The rate of depreciation was worse in the parallel market where it hit as low as N1,775/$1 at end of November, 2024.


Black market operators give insight

Black market traders noted that the continuous daily appreciation of naira in the parallel market was due to availability of dollars which has even made individuals struggle to sell.

One of the operators, Mr. Yakubu Giwa said: “Today (last Saturday) the Naira stood at N1,500 per dollar. We black market traders are struggling to sell what we bought.


“The current appreciation of the Naira is as a result of activities such as people in the diaspora returning home, and those in the country are spending their money on food items and other preparations for the festive season. This is so every year during this period.

“Those in the diaspora are also sending money to their families and relatives in Nigeria resulting in more inflows.

“Individuals with dollars are bringing it out seeing the intense appreciation going on now but many are unable to sell it because those in the business are still struggling to sell theirs.

“The market dealers are also afraid of bearing losses because the naira might appreciate to N1,300 or N1,200 per dollar before next weekend. So they are cautiously buying dollars.”


Apart from the dollar, the exchange rate of other foreign currencies and prices of commodities like gold are also going down.

Mr. Umoru Yahaya, another black market trader and gold seller, said: “Apart from the appreciation of the naira against the dollar, it is also appreciating against the pound sterling, euro, and other foreign currencies.

“Yesterday I traded sterling at around N2,200, today (last Saturday) it is around N1,700.

“Look at the value of gold that was N150,000 per gram two weeks ago. It has also dropped to N120,000 and going to N115,000 per gram as of today.


“The price of silver per gram now is N20,000 per gram, we sold for N50,000 per gram two weeks ago.

“Those harbouring dollars in their houses are unable to sell it because of the appreciation pressure that has made many of us very cautious of the quantity of dollars we buy so as not to be on the losing side.

“This morning the dollar traded for as low as N1,500 per dollar and before the close of the day it might reach N1,450 per dollar “

https://www.vanguardngr.com/2024/12/why-naira-is-in-massive-recovery-race-across-all-markets-by-bankers/
The Nigerian CBN Governor ('Yemi Cardoso) gave hints and warnings before EFEMS was introduced and it's ONLY discerning and savvy folks that took actions based off of the FACT that similar FX trading systems exist in advanced financial markets in the United Kingdom, the United States, Japan, Germany, India, etc, to remove inefficiencies (and speculative manipulations from black marketers) in FX flows. This transparent and successful system used in other climes is what the Nigerian Central Bank keyed into as well for the FIRST time ever in Nigerian financial markets history!

The newly introduced Electronic Foreign Exchange Matching System [EFEMS], which commenced real-time, live trades in the FX markets based off of the Bloomberg BMatch platform on Monday last week (December 2, 2024) is novel and will cause a major tectonic shift leading right into 2025 and beyond while providing real-time transparency on trading terminals and gradually place illegal black market speculators right behind the curtain where they belong.

All the usual West African Sahelian illegal black marketers interviewed in this newspaper article have absolutely NO idea about what has hit them and what is going on with the new BloombergBMatch-linked EFEMS. They are ONLY aware about the usual FX inflows from Diasporans to their Continental Africa relatives which is of course correct. But this situation of "sustained Naira appreciation" is new to these black marketers and other currency speculators around this holiday/year ending period. This some sarcastic comments exist on this thread. But note, EFEMS is like NO other that has ever been seen.

There will definitely be an equilibrium, but EFEMS has emerged to stabilize the multiple exchange rates into one transparent window. 2025 will certainly be a great year for FX stability so that mulnational businesses and investors with ties to Nigeria will NOT continue to suffer from severe exchange rate loses. But time will tell.

1 Like 1 Share

Re: Naira May Hit ₦1,200 — Black Market Operators by cescky(m): 10:38am On Dec 10
SeverusSnape:

Shame no dey catch you!?

A currency that he met at less than 700 is being predicted to come down to 1200 from about 1600, and you're saying God should bless Thie'fnubu.
Zombies are ridiculously shameless.

you never grasp wetin de happen?

seun has a lot of his bots and apc supporters on here....

think am very well, do you think sane people will type and encourage the suport the devil tinubu gets online if its not a job? and of course the owner of this forum is known sad bigot, make all of them continue, karma is lurking

3 Likes 1 Share

Re: Naira May Hit ₦1,200 — Black Market Operators by bizbro: 10:38am On Dec 10
uuzba:

For that to work, we have to totally stop importing anything in the whole country

Impossible. Every country imports something. If they can fix insecurity and fund agriculture heavily, Naira can bounce back, but will they?
Re: Naira May Hit ₦1,200 — Black Market Operators by boxypane(m): 10:39am On Dec 10
If you bought dollar at 1100 to 1200 per dollar, is it time to sell?

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