Ikaeniyan0:
look at the billions of dollars we spent importing refined petroleum last year 🙆

When the Dangote and PH refinery start working, it will really relieve pressure on the naira.

I really pray the refinery will work

That's why the other moribund refineries need to be sold too

Parallel market will reduce

Not I&E Market


Even the Brentwood capitalist said nigeria should devalue its currency

buhari has helped them to achieve it

Yourprick:
Yeah dollar at 1200 but why do they keep buying it, aren't you scared Naira might start gaining,our highest imported item is petroleum products and the fg promised a refinery in December, what happens when we stop importing fuel and start refining won't the Naira start gaining? What's the essence of saving in dollars?or you think dollars would keep gaining for the next 4 years lol

You are high on oshogbo weed.

pendusky:


Which year has the naira gained before when e crashed

The op is high on oshogbo weed.

Acidosis:


You have not answered his question.

the answer is human needs and necessity,people will need essentials no matter the cost,the high cost will just make consumers rewrite their scale of preference.but looking at that charts shows the failure of government,oil imports and plastics make up almost 50% of total imports,fixing our refineries will slash this percentage and even create more materials for the fertilizer industry also,it is a shame that the government cannot declear a state of emergency to repair those refineries,infact it is a matter of national security and must be in place before removing subsidy,Nigeria is led by blind fools

theophorus:
If you're praying that the USD should keep increasing in value against the NGN, then I urge that you keep buying more USD.

But if you are wise, you will know that something has peaked and its on it downfall gradually and it will not peak again for the next 3yrs.

I doubt if it has peaked. If you ask me of my opinion, I would suggest the speculators and dollar investors should maintain their bullish trend on the USD/NGN pair/chart. Simply for the following;
1. The fundamental analysis(news on macro/micro economy) from Nigeria is not hawkish per se, so the fall would continue.

2. Relational analysis, what is the current performance of the Naija stock market and how is it helping the naira. See, if a country's stock market, for example, the London stock market is performing good it will reflect in the pound sterling.

3. As for numbers, the psychological level of $1 =NGN1000 was broken in the black market while that of the official market is at 840 or so playing catch up. Based on trend experience, I could easily say the official rate would still target the psychological level of 1000 too, before making a short correction(resistance) below the 1000. Then move pass the 1000 again if nothing serious for long time measures are done to defend the Naira.

kushme:


I doubt if it has peaked. If you ask me of my opinion, I would suggest the speculators and dollar investor should maintain their bullish trend on the USD/NGN chart. Simply that,
1. The fundamental analysis(news on macro/micro economy) from Nigeria is not hawkish, so the fall would continue.

2. Relational analysis, what is the current relationship between the Nigeria stock market and the Naira. See, if a country's stock market, Example, if London stock market is performing good it would reflect in the pound sterling.

3. As for numbers, the psychological level of $1 =NGN1000 was broken in black market while that of the official market is at 840 or so playing catch up. Based on trend experience, I could easy say the official rate would still target the psychological level of 1000,too before making a short correction(resistance) below the 1000. Then move pass the 1000 again if nothing serious for long time measures are done to defend the Naira.

You understand very well, but don't ignore government intervention, this can come at anytime.

Yourprick:
Yeah dollar at 1200 but why do they keep buying it, aren't you scared Naira might start gaining,our highest imported item is petroleum products and the fg promised a refinery in December, what happens when we stop importing fuel and start refining won't the Naira start gaining? What's the essence of saving in dollars?or you think dollars would keep gaining for the next 4 years lol

Naira can not gain even we start producing everything there. As long as people keep storing there money in dollars

pendusky:


Which year has the naira gained before when e crashed

Like he meant -No refinery

Yourprick:
Yeah dollar at 1200 but why do they keep buying it, aren't you scared Naira might start gaining,our highest imported item is petroleum products and the fg promised a refinery in December, what happens when we stop importing fuel and start refining won't the Naira start gaining? What's the essence of saving in dollars?or you think dollars would keep gaining for the next 4 years lol

Nigeria's case is peculiar. Mention any price/rate that goes up in Nugeria that has ever come down in the long run?

Yourprick:
Yeah dollar at 1200 but why do they keep buying it, aren't you scared Naira might start gaining,our highest imported item is petroleum products and the fg promised a refinery in December, what happens when we stop importing fuel and start refining won't the Naira start gaining? What's the essence of saving in dollars?or you think dollars would keep gaining for the next 4 years lol

Nigeria has sold millions of barrels as futures already. Now we cant even supply Dangote refinery talkless of Port Harcout. 9 trillion spent on moribund fruitless refinery still not a single drop. May God punish the generation of those that put Nigeria in this mess.

LegacyB:
Dollar will crash 💥 and that would only be normal. Let’s have this conversation in 3 to 4 months.
Any one buying dollar now is a grave mistake.
Don’t sell your properties or store Fx it would crash.

Many of you think very short term to give this kind of advice. I belive Dollar crashed from ₦500 to ₦350 in 2016 or 2017. Many "idiots" would have rushed to convert their USD to NGN then to "minimize" loss. Today Dollar has pushed through ₦1000. Whereas Dollar in that period has mostly held it's value.

7lives:


You haven't read about Dow theory, the dollar is already at the plateau.
Hoarders will not see it coming, I'm saying this because I know that currency speculator will exhaust their naira muscles before the government will intervene, and so they won't have enough naira, to mop up the dollar as they've always do. and so dollar will be on a free fall.
Instead of hoarding, the stupid hoarders should be selling, " no one buys into resistance", they won't see it coming.
Mind you these hoarders are playing against Jagaban o, a man of stoch market experience.
As a trader you can't continue to buy, you must sell as well, this is what Nigerian hoarders don't understand.
I hope it won't be too late when they want to sell.

Let's come around to this comment in 6 months time and evaluate whether Dollar has crossed ₦2000

SmartyPants:


Naira falls because of over demand. Over demand exists because of import dependency and currency speculators. No other reasons.

Import dependency has been discussed. So who are the currency speculators? The everyday Nigerian of course.

Everyone who buys dollars to save, while uderstandable, is only contributing to the problem.

These things are simple arithmetic.

The everyday Nigerian are the speculators driving the Naira slide? Really? Or are you kidding me? What percentage of total dollars inventory are in the hands of "everyday Nigerians"? The real speculators are the politicians who hold the most inventory of dollars

I see you.

pendusky:


Which year has the naira gained before when e crashed

SalamRushdie:
No magic will make the Naira gain as it is now except we earn upto 300 billion dollars and that's not going to happen..the Naira will cross 2000 before the end of Tinubus first tenure

N5,000 TO $1 ---- IF THE FORGER is allowed to be forging and printing naira and using it to buy dollars for his useless son to be stealing it

A lot of Nigerians are leaving the country and sending their children to school abroad.

Yourprick:
Yeah dollar at 1200 but why do they keep buying it, aren't you scared Naira might start gaining,our highest imported item is petroleum products and the fg promised a refinery in December, what happens when we stop importing fuel and start refining won't the Naira start gaining? What's the essence of saving in dollars?or you think dollars would keep gaining for the next 4 years lol

Yourprick:
Yeah dollar at 1200 but why do they keep buying it, aren't you scared Naira might start gaining,our highest imported item is petroleum products and the fg promised a refinery in December, what happens when we stop importing fuel and start refining won't the Naira start gaining? What's the essence of saving in dollars?or you think dollars would keep gaining for the next 4 years lol

You buy to trade and resell in the future. It's worthless keeping money in naira

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I’m ready to start work immediately.

If you are an intending investor/partner and you are willing to invest in uber/bolt business in Lagos

I will handle your car with utmost care and you will have good return on your investment.

I am ready to pay weekly as agreed without any stories.

I will provide verifiable guarantor as needed.

car security is guaranteed.

airsaylongcome:


Many of you think very short term to give this kind of advice. I belive Dollar crashed from ₦500 to ₦350 in 2016 or 2017. Many "idiots" would have rushed to convert their USD to NGN then to "minimize" loss. Today Dollar has pushed through ₦1000. Whereas Dollar in that period has mostly held it's value.

We would see in 3 months.

Yourprick:
Yeah dollar at 1200 but why do they keep buying it, aren't you scared Naira might start gaining,our highest imported item is petroleum products and the fg promised a refinery in December, what happens when we stop importing fuel and start refining won't the Naira start gaining? What's the essence of saving in dollars?or you think dollars would keep gaining for the next 4 years lol

JAPA....SPECULATION....IMPORTING...

fineboynl:
No text book economy policies can work in Nigeria.

Nigeria problem defy all form of economic principles.

When tinubu remove subsidy i was one of those who said the economy will be destroyed within a short time and it came faster than i even thought. Subsidy is not Nigerians problem but too much corruption and insincerity by corrupt government

I would have said you saw my post

Ikaeniyan0:
look at the billions of dollars we spent importing refined petroleum last year 🙆

When the Dangote and PH refinery start working, it will really relieve pressure on the naira.

I really pray the refinery will work

I was telling them all those noise about rice importation...lol was just try fool the public they thought I was joking. The problem is petroleum importation. It is a major killer of the naira. They choose to attack rice sellers instead of dealing with the main problem. The truth is petroleum importation is economic sabotage and it is carried out by the same government that wants to boost the economy....lol

arejibadz:
so Ghana's economy is better than Nigeria economy?lmao

Stop all these stupid comparism.

Ghana is not more than 2/3 states in Nigeria.
Nigeria is bigger than ghana in size, population, resources, budget etc.
Even Lagos economy is bigger than ghana economy. So Ghana is not a country we should be comparing Nigeria with.

LegacyB:

We would see in 3 months.

That's short term. But even in three months, that will be January 2023. Christmas Holidays would have been over and the small respite of Dollar liquidity from IJGB will be evaporated by the school fee payment for foreign schools. Naira will definitely be worse off in January than now. I will reach out to you on January 31st to review the exchange rates

Ikaeniyan0:
look at the billions of dollars we spent importing refined petroleum last year 🙆

When the Dangote and PH refinery start working, it will really relieve pressure on the naira.

I really pray the refinery will work

Prayer warrior. Vote for bad leaders and pray next. Prayer can not make that refinery work. Na only government can make it work. But the oil importers won't let it work.

I still wonder!

airsaylongcome:


That's short term. But even in three months, that will be January 2023. Christmas Holidays would have been over and the small respite of Dollar liquidity from IJGB will be evaporated by the school fee payment for foreign schools. Naira will definitely be worse off in January than now. I will reach out to you on January 31st to review the exchange rates

Ok . I respect your opinion. But I think you’re not correct , my perspective is different. Let’s see by January. I think it will crash.

I actually see a lot of good changes upon the completion of the refinery, the OP is right if our biggest import is halted there could be some sort of wedge to stop the free fall really.

SalamRushdie:
No magic will make the Naira gain as it is now except we earn upto 300 billion dollars and that's not going to happen..the Naira will cross 2000 before the end of Tinubus first tenure

Hitting N2000 to a dollar by December 2023

If the dollar is rising, wat is the negative impact it will have on us?

I want to really know pls. Am not in anyway insulting u o. I just want to learn

Acidosis:


Return your certificate to your vice chancellor. Are you consuming the same amount of fuel since subsidy removal?

Love800:
If the dollar is rising, wat is the negative impact it will have on us?

I want to really know pls. Am not in anyway insulting u o. I just want to learn

Nigeria is an import-dependent nation. When the value of the Naira falls against the US dollar, we spend more Naira getting imported products like your phone, usb cord, television, cars, rice, even toothpick.