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Nairaland Forum / Nairaland / General / Business / Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs (26214 Views)
CBN formalises dollar sales to BDCs as naira improves / Naira Falls To N1, 000/$ In Official Market / Naira Falls To 760/$, Ahead Of Inauguration (2) (3) (4)
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Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by Masterstroke4: 12:05pm On Apr 16 |
Having opened at N1,130 to the dollar on Monday morning, the value of the naira gained strength midday as traders anticipate another round of dollar sales to Bureau de Change (BDC) operators this week. https://leadership.ng/just-in-naira-hits-n1000-ahead-of-cbn-sale-to-bdcs/#:~:text=By%20noon%20on%20Monday%2C%20the,the%20naira%20on%20the%20streets. 27 Likes 2 Shares
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Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by CodeTemplar: 12:21pm On Apr 16 |
The question is will CBN's own be that cheap? If they the fear of CBN selling below N1000 is real enough, then black market can actually be below N1000 as hoarders try to minimize loss and remitters try to maximize what they sell for. The speculation is both ways. 18 Likes 1 Share |
Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by PressMyButton: 12:30pm On Apr 16 |
CodeTemplar:CBN does not speculate, they sell to BDC based off on trading at the official foreign exchange market. 128 Likes 6 Shares |
Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by helinues: 12:31pm On Apr 16 |
Yeepsy 106 Likes 3 Shares
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Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by helinues: 12:32pm On Apr 16 |
CodeTemplar: I think the Aljazeera price should be better 138 Likes 4 Shares |
Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by misreal(m): 12:35pm On Apr 16 |
helinues: You Sabi say na typo but you still highlight am .. Actually I thought I was the only one that saw it oh .. Me sef I go buy from aljazeera 54 Likes 4 Shares |
Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by CodeTemplar: 12:36pm On Apr 16 |
PressMyButton:they are doing reverse speculation and fishing for the lowest sustainable rates they can sell. 6 Likes 2 Shares |
Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by PressMyButton: 12:58pm On Apr 16 |
CodeTemplar:Bro, drop the weed. CBN does not speculate of any kind or fishing for any rates, CBN's rates are determined by trading activities at the foreign exchange market. 115 Likes 3 Shares |
Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by michaellovaldo(m): 1:09pm On Apr 16 |
Let's go! N500 before the end of May is actually feasible now I need to get a MacBook M1 air to boost my Graphic design brand 62 Likes 5 Shares |
Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by CodeTemplar: 1:12pm On Apr 16 |
PressMyButton:i insist on the speculation by cbn. 4 Likes 1 Share |
Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by LegendHero(m): 1:18pm On Apr 16 |
Omo when I sent money to my guy 2 days ago, my body do me one kind thing like I’ve been scammed. Imagine $$ wey you go send $100 give people wey them go praise you coz like 170k go biza, now that same $100 na just normal 100k. Naira at almost N1097, today trading almost closer to N1000. Cardoso should just make sure it never go above 1k ever again. They should deploy every strategy and make sure it get to a certain amount and stabilize. God bless Nigeria. 152 Likes 13 Shares |
Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by Amuluonyenaego: 1:18pm On Apr 16 |
This is about to happen to me 😢 54 Likes 4 Shares
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Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by inoki247: 1:19pm On Apr 16 |
Lol BDC wan play CBN fast one Incase dem wan sell for 1050 naira... 4 Likes |
Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by Amigoss: 1:19pm On Apr 16 |
BTFD 2 Likes 1 Share |
Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by EreluRoz: 1:19pm On Apr 16 |
Let's not lie Tinubu is trying, just that he met a disaster on ground . Things he would have to bear for wanting to be president of a messed up country. Mark this down Tinubu will leave government as a good president. Things are hard now but it won't be for long. Take this from my humble self The Erelu Oodua 125 Likes 10 Shares |
Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by bennybuhari: 1:19pm On Apr 16 |
Deji Adeyanju kept advising people to buy more dollars..I'm sure he himself didn't buy oo 45 Likes 5 Shares |
Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by socialmediaman: 1:19pm On Apr 16 |
Keep defending the naira and giving poor Nigerians hope while the rich keep buying up dollar knowing it's just a temporary measure and USD will rise again The same circle of cluelessness all over again Nigeria’s Reserves Depreciates by $595m in One-month as CBN Defends Naira: 19 Likes 5 Shares |
Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by Quelme: 1:19pm On Apr 16 |
Some group of people are in severe pain right now!!! Cardoso, take your flowers 🌺🌹 50 Likes 5 Shares |
Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by Treasure17(m): 1:19pm On Apr 16 |
At least the Tinubus will have something to beat their chest on. 10 Likes 1 Share |
Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by oyeb15: 1:19pm On Apr 16 |
Not reflecting in d market. Also fuel still sells at 680 per liter 23 Likes 4 Shares |
Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by WantsandMore: 1:20pm On Apr 16 |
CodeTemplar:if cbn speculate wouldn't they rather drive the price up to earn a commission from it even if they don't want to dabble into illegality? 10 Likes |
Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by grandstar(m): 1:20pm On Apr 16 |
This isn't good news.The fundamentals don't support it. If the foreign reserves have dropped by over a billion dollars in the past 30 days, it simply indicates the currency is now overvalued. There's also the issue of he expected wage increase on May 1st. This is bound to lead to an increase in money in circulation which should spook inflation and a depreciation of the local currency. I suspect the Naira's true value is around 1,400. This would make sense as monetary policy is still loose. The CBN needs to tighten monetary policy. This would mop up excess cash in circulation which would lead to an appreciation of the Naira and a drop in inflation. In addition, I feel the elephant in the room is the petrol subsidy. Latest reports have it that presently, the government spends as much as 907bn monthly on it. A weak Naira increases the cost of the subsidy. The stronger the Naira it is, the lower the expense of the government. The subsidy needs to be completely done away with and the price of petrol deregulated. To mitigate the pain of any price increase, government should lift the protectionist wall built against the importation of rice, poultry and okrika. A 20% import duty on these products would crash their prices. I won't be surprised if a bag of rice drops to 40k per bag. A kilo of poultry would probably drop to 2-2.5k per kg. I would have said import duty on cars should be reduced to 20%. I would have added the import duty on wheat should fall from 70% to 20% but the Common External Tariff for the produce is set at 50%, so it's a no-no. Food in Nigeria is higher than it should partly due to the high import duty on food. 29 Likes 4 Shares |
Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by Tjra: 1:20pm On Apr 16 |
I learnt of one slowpoke that got N10M loan to buy dollars when it was N1,860. Enemies of Nigeria will forever continue to lose. I am sure many of them are reading this comment. Ntor 😛 50 Likes 5 Shares
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Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by porthouse7(f): 1:20pm On Apr 16 |
Ipob won't be happy, obidense won't be happy 35 Likes 5 Shares |
Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by Alexlalax1(m): 1:20pm On Apr 16 |
Naira hits.....yet the price of goods and services no gree come down. Na wetin common man needs. Not all these nonsense and ingredients. 17 Likes 2 Shares |
Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by marlow1962(m): 1:20pm On Apr 16 |
Lmao |
Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by sofeo(m): 1:21pm On Apr 16 |
Great Development 13 Likes 1 Share |
Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by ngwaIgbo223: 1:21pm On Apr 16 |
Good one there. 7 Likes 1 Share |
Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by Rebuker(m): 1:21pm On Apr 16 |
Nice, but I know some people won't be so happy about this news, especially those earning in dollars 😁😁😁 Imagine this Chinese streamer earning 18 Million dollars in just 7days, that's so crazy, then imagine if she was a Nigerian. https://www.youtube.com/watch?v=OgxW55Ko8eY 5 Likes |
Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by 2shure: 1:21pm On Apr 16 |
Still prices of goods and services refused to drop. 6 Likes 3 Shares |
Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by MorolayoVictor(m): 1:21pm On Apr 16 |
This is encouraging! Please who has 2million naira or more sitting in his or her account or that you're not using, I need investors for my farm. 5 Likes |
Re: Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs by Cmeo(m): 1:21pm On Apr 16 |
CBN should sustain the tempo to further bring the dollar down. We want it below 800 15 Likes 1 Share |
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