Naira hits highest level since September 20th, trade as high as N972 on Binance

[Richbased]

https://nairametrics.com/2023/11/03/naira-rises-to-n972-on-p2p-best-performance-since-september/?amp=1
With this current development, are there still chances that the naira will keep strengthening against the dollar in the international market? Let's discuss

[1714673899]

1714673899

[1714673899]

1714673899

[Charles-Tim]

The new CBN governor said he would address the backlog of unpaid foreign exchange commitment. The Federal Government through the Central Bank of Nigeria, has commenced the payment and this is what stated to have been the reason for the recent increase in naira price.

https://punchng.com/naira-gains-as-cbn-pays-banks-6-7bn-forex-backlog/
https://www.legit.ng/business-economy/money/1561653-dollar-set-crash-n1000-cbn-finally-finds-solution-forex-challenges/

With this current development, are there still chances that the naira will keep strengthening against the dollar in the international market?

We are in a developing country, and in Nigeria. Since 1973 that naira was created, it has been fallen. I see this as a temporary solution. Which means that naira may still later continue to depreciate. But this is in comparison with the United States dollar.

How about comparing it with bitcoin, this is still a good time to hodl bitcoin because naira and bitcoin is not comparable to how bitcoin is superior.

[Odohu]

People wey dey earn dollar and Bitcoin dey feel bad as the Naira don dey gather morale against the dollar. This na true sha because for this we country, even though say dollar dey fall, you no go seem am make price of things come down. Wetin go up for Naija dey hardly come down, that na the problem.

If to say as dollar dey crash so e go affect things for market, we for dey happy... I don go buy things this week, the price still dare meaning say our people no get joy kpata kpata. I no know who we offend for this country self.... when will the ordinary people breath?

[rachael9385]

Yesterday night nah me I start to dey witness am say dollars dey go down and naira done dey take advantage of am, omor no be small thing oh, e dey good sha and as e dey bad for some pipo side nah so e still dey good for other people side too.
E goo make naira self high because the cost of living depends on how much we dey ain as salary per daily, weekly and even monthly, at least, if naira dey at the normal rage way e been dey before, the cost of living go reduce small.

[Makus]

E goo make naira self high because the cost of living depends on how much we dey ain as salary per daily, weekly and even monthly, at least, if naira dey at the normal rage way e been dey before, the cost of living go reduce small.

If naira gain more value pass like this the economy go truly balance pass the way e dey now, but that one no mean say everything go dey alright because majority of our problems na from leaders, because even when our economy be beta pass like this, one of dem just go intentionally close border say make we farm, but the thread no be to talk about dem so I go end there. Marketers sef get thier own wickedness for body, when price and economy sef dey try to balance dem sef nor dey gree bring price of things down. Dem go dey act like say dem be God especially when u no get another option. Provided say we dey get something for this forum and dem dey pay in doss, I know say this news nor dey too sweet our belle, but if we talk wattin dey for our mind as e be, e go com be like say we be selfish prick, but na the truth be that, anybody wey dey earn in BTC or currency wey high pass our own go dey pepe like this.

Just as Charles_Tim talk, this new nor go too last because, wattin dey drag our economy backward big pass watin dem just do so, until dem fulfill plenty back draw the country go dey the way e dey. Though this current CBN governor dey try, e don first remove FX restriction for some items before e dey do this one so, if e keep the good work up e go come dey left for the leaders to do their part.

[nelson4lov]

This was expected in my opinion. Similarly in August, When FG borrowed money to stabilized the naira, we experienced similar drop in dollar vs naira but it was only temporary. The price of the NGN/$ rate might not go up for the remainder of the year but it would most likely do so next year as more demand that the central bank can fulfill will prop up the rate even more.

I never get see any substantial improvement in our economy so e fit just be temporary relief rally because that run was crazy and it followed increase in commodities across the board in the country from fuel to food items.

[Y3shot]

Yesterday night nah me I start to dey witness am say dollars dey go down and naira done dey take advantage of am, omor no be small thing oh, e dey good sha and as e dey bad for some pipo side nah so e still dey good for other people side too.
E goo make naira self high because the cost of living depends on how much we dey ain as salary per daily, weekly and even monthly, at least, if naira dey at the normal rage way e been dey before, the cost of living go reduce small.

But the truth of the matter be say even if as naira dey gain value the price of things no go come down instead it will still keep on going highwhich is very bad. People are really  suffering because of the price of things that is very costly. The government for look into this matter not to allow traders to use this dollar rise as an advantage to make money and when naira com get get value the price will still be high. People who dey earn in dollars na this thing go pain pass because as naira Don gain strength the price of things for market no go still change.

[Samlucky O]

People wey dey earn dollar and Bitcoin dey feel bad as the Naira don dey gather morale against the dollar. This na true sha because for this we country, even though say dollar dey fall, you no go seem am make price of things come down. Wetin go up for Naija dey hardly come down, that na the problem.

If to say as dollar dey crash so e go affect things for market, we for dey happy... I don go buy things this week, the price still dare meaning say our people no get joy kpata kpata. I no know who we offend for this country self.... when will the ordinary people breath?

Wetting me I observe for this matter be say. If fuel come down every other thing dey also come down because people dey always complain say transportation cost naim dey make price no dey come down, and if you check well every business wey person dey do for this Naija dey involve transportation. If transport come down things dey also follow come down because nothing Dem fit use as excuse again.

[rachael9385]

E goo make naira self high because the cost of living depends on how much we dey ain as salary per daily, weekly and even monthly, at least, if naira dey at the normal rage way e been dey before, the cost of living go reduce small.

If naira gain more value pass like this the economy go truly balance pass the way e dey now, but that one no mean say everything go dey alright because majority of our problems na from leaders, because even when our economy be beta pass like this, one of dem just go intentionally close border say make we farm, but the thread no be to talk about dem so I go end there. Marketers sef get thier own wickedness for body, when price and economy sef dey try to balance dem sef nor dey gree bring price of things down. Dem go dey act like say dem be God especially when u no get another option. Provided say we dey get something for this forum and dem dey pay in doss, I know say this news nor dey too sweet our belle, but if we talk wattin dey for our mind as e be, e go com be like say we be selfish prick, but na the truth be that, anybody wey dey earn in BTC or currency wey high pass our own go dey pepe like this.

Just as Charles_Tim talk, this new nor go too last because, wattin dey drag our economy backward big pass watin dem just do so, until dem fulfill plenty back draw the country go dey the way e dey. Though this current CBN governor dey try, e don first remove FX restriction for some items before e dey do this one so, if e keep the good work up e go come dey left for the leaders to do their part.

I understand say one thing way make our country they like this nah because of say our leaders no dey try in some ways and this one way naira currency no con get value nah still because of how the government no still dey do well.
True true, if naira regain em straight back, many things no go change back to the way e been dey be for, but at least some things go reduce price.

Yesterday night nah me I start to dey witness am say dollars dey go down and naira done dey take advantage of am, omor no be small thing oh, e dey good sha and as e dey bad for some pipo side nah so e still dey good for other people side too.
E goo make naira self high because the cost of living depends on how much we dey ain as salary per daily, weekly and even monthly, at least, if naira dey at the normal rage way e been dey before, the cost of living go reduce small.

But the truth of the matter be say even if as naira dey gain value the price of things no go come down instead it will still keep on going highwhich is very bad.

No man, things some price if things go come down back to normal but e go take some time.

People are really  suffering because of the price of things that is very costly. The government for look into this matter not to allow traders to use this dollar rise as an advantage to make money and when naira com get get value the price will still be high. People who dey earn in dollars na this thing go pain pass because as naira Don gain strength the price of things for market no go still change.

Some business men and women way dey buy things from outside countries come dey sell for Nigeria, if the government no want make business people no sell their good in dollar rate that one mean say them go run at loss, the better things for them to do nah to fine way make naira self increase like $.

[Zanab247]

It show that the new CBN governor is working to save our people from this hardship that is making the price of things to increase higher in the market every day just because of dollars that is increasing.

 But d way d dollar tak fall to #971 no sweet my belly yesterday because, crypto users dey use dis dollar dey make cool money dey live a good life in the country but for the sake of other people, still make sense d way it fall for d price of commodities to reduce because sellers dey use dollar price dey increase price anyhow in d country.
Well, I no too worry about dis naira fall , because it fit b say na politics our leaders wan use am play to hail dis new government and still use d system tak buy dolls for dis fall d naira fall and  make naira high again before december to make their december money.

[Abu-Naim]

The current price of USDT/NGN according to Binance exchange is 855.7 Naira.
This is a good development and it shows that the new CBN government in collaboration with federal government are very concerned about the Naira value depreciation all this while, and if the Naira keep getting value against Dollar, the hardship in the country will reduce because the cost of goods will reduce even though I know that the cost of petroleum products is affecting the price of goods.

[Spaceman1000$]

https://nairametrics.com/2023/11/03/naira-rises-to-n972-on-p2p-best-performance-since-september/?amp=1
With this current development, are there still chances that the naira will keep strengthening against the dollar in the international market? Let's discuss

I was a bit surprise myself when i saw the price, but what I wonder is the fact that some people are happy about this new price, but I always ask them that there is no point to be happy about the price reduction, because we still have a high level of inflation that is in our system, the prices of our fuel has not reduced so there is no direct impact of this price crash in our economy, is just there on the exchange rate.

[Mayor of ogba]

If to say as dollar dey crash so e go affect things for market, we for dey happy... I don go buy things this week, the price still dare meaning say our people no get joy kpata kpata. I no know who we offend for this country self.... when will the ordinary people breath?

No expect the price of goods to just come down for Naija because now this week wey Naira has gained greatly against the dollar, and marketers will still dey sell the old goods wey they bought for a high price when $1 is 1293 a few days ago. And secondly, fuel price dey increases almost every day and this marketers dey pay big money to carry their goods come where they go sell. I believe say if the Naira continues to gain well against the dollar and the marketers go to market to buy new goods they will sell their goods well for lower prices than before because they will also buy at low prices. We also need fuel price to be reduced so that marketers go spends less when transporting their goods to the final consumers.

[AYOBA]

https://nairametrics.com/2023/11/03/naira-rises-to-n972-on-p2p-best-performance-since-september/?amp=1
With this current development, are there still chances that the naira will keep strengthening against the dollar in the international market? Let's discuss

Seriously, I was overjoyed when I hard that value of the dollar dropped. This demonstrates that the CBN governor is attempting to save our lives; otherwise, it will be difficult for us because the cause of living wishes to murder the living. The USDT was about 1,197 last month; image one of them going past the Nigerian naira. However, according to Binance, the USDT is currently around 985, which is encouraging. It will also benefit us if the dollar continues to fall in value, allowing our Nigerian naira to appreciate. Because I am aware of how our Nigerian currency devalues even basic food goods. If you want to buy now, business people will whine about the increasing dollar.

People wey dey earn dollar and Bitcoin dey feel bad as the Naira don dey gather morale against the dollar. This na true sha because for this we country, even though say dollar dey fall, you no go seem am make price of things come down. Wetin go up for Naija dey hardly come down, that na the problem.

Actually we all knows that in this our country wetin don already gos up is hardly to come down but we can no predict that it will not come down is just all about time immediately when is time reach it will surely come down, because Normally what goes up most come down.

Wetting me I observe for this matter be say. If fuel come down every other thing dey also come down because people dey always complain say transportation cost naim dey make price no dey come down, and if you check well every business wey person dey do for this Naija dey involve transportation. If transport come down things dey also follow come down because nothing Dem fit use as excuse again.

To be honest, everything now is involved with transportation; without them, items will not be able to be moved well, it is impossible to move goods efficiently without them. Moreover, once the fuel subsidy is eliminated, they lament that they are unable to transfer the goods again due to the high cost of transportation. In order for the price of all goods to decrease, It would be excellent if the government would consider the issue of gasoline and lower it so that all goods can be reduced.

[Best-mary]

The new CBN governor said he would address the backlog of unpaid foreign exchange commitment. The Federal Government through the Central Bank of Nigeria, has commenced the payment and this is what stated to have been the reason for the recent increase in naira price.

https://punchng.com/naira-gains-as-cbn-pays-banks-6-7bn-forex-backlog/
https://www.legit.ng/business-economy/money/1561653-dollar-set-crash-n1000-cbn-finally-finds-solution-forex-challenges/

With this current development, are there still chances that the naira will keep strengthening against the dollar in the international market?

We are in a developing country, and in Nigeria. Since 1973 that naira was created, it has been fallen. I see this as a temporary solution. Which means that naira may still later continue to depreciate. But this is in comparison with the United States dollar.

How about comparing it with bitcoin, this is still a good time to hodl bitcoin because naira and bitcoin is not comparable to how bitcoin is superior.

No need to write much again because you literally said my mind. Honestly, I'm glad I'm using this dual investment to buy Bitcoin at every possible means because I don't know if this Naira is for the long term or not

[Igebotz]

The new CBN governor said he would address the backlog of unpaid foreign exchange commitment. The Federal Government through the Central Bank of Nigeria, has commenced the payment and this is what stated to have been the reason for the recent increase in naira price.

https://punchng.com/naira-gains-as-cbn-pays-banks-6-7bn-forex-backlog/
https://www.legit.ng/business-economy/money/1561653-dollar-set-crash-n1000-cbn-finally-finds-solution-forex-challenges/

With this current development, are there still chances that the naira will keep strengthening against the dollar in the international market?

We are in a developing country, and in Nigeria. Since 1973 that naira was created, it has been fallen. I see this as a temporary solution. Which means that naira may still later continue to depreciate. But this is in comparison with the United States dollar.

How about comparing it with bitcoin, this is still a good time to hodl bitcoin because naira and bitcoin is not comparable to how bitcoin is superior.

From $1= N1200 last week to $1= N800 today is a tremendous gain for the Naira against the Dollar, but the strengthening is suspicious to me, and I just hope that the government has not resumed Naira subsidies. Some Nigerians may blame Tinubu for the drop, but they don't realise that previous presidents have been subsidising the Naira for a long time; we pay trillions of Naira every year to sustain the Naira against the USD, which we shouldn't be doing in the first place. That being said, I believe this will not last long, as I expect the dollar to maintain its support and return to N1000 and higher.

[EarnOnVictor]

With this current development, are there still chances that the naira will keep strengthening against the dollar in the international market? Let's discuss

The situation of the Naira in the international market is pathetic, to say the least, no thanks to the Buhari government and co-accomplice Emefile, a big shame to these people. We can't adequately talk about the current situation without first talking about what led us to this mess. Fine, Naira has not been so great in the past, but Emefiele still met it at about $1=N150+ (a price that was slightly adjusting) but left it at about $800+, which is unforgivable. This guy first started devaluing our national currency years ago, this is a country that depends on importation for that matter not minding the latter consequence instead of letting the Naira adjust freely and take its prevailing rate. He devalued it many times until the Naira became a mess and negative speculation took over from there. On noticing this, he started pegging it and exhausting our foreign reserves, but it was too late.

Then the $USD became too costly and also scarce since we earn little Forex from exportations and the aftermath was the inability of the Nigerian government to meet their foreign obligations and promises both outside and within the country, thereby owing a lot of backlogs mainly in the $USD. The situation reduces investors' confidence, and this alone was strongly speculative against the Naira and is one of the major reasons why NGN continues to fall sharply across the board even at slightly negative news.

Thankfully, the Federal government and CBN have painfully come to the reasonable conclusion to clear some backlogs of the foreign-currency forward contracts that are affecting the $USD inflow into the country due to investors' fear that their money might be locked away in the country like others. They've settled through banks for $6.7 billion dollars which is relieving indeed, and a reason why the Naira gains against the $USD.

Will this be sustained for long? I doubt it. Unless;

1. Investors are trooping in so seriously.
2. The IMF and others eventually loaned the country billions of $USD.
3. Exportation significantly improves.

[Cryptoprincess101]

People wey dey earn dollar and Bitcoin dey feel bad as the Naira don dey gather morale against the dollar. This na true sha because for this we country, even though say dollar dey fall, you no go seem am make price of things come down. Wetin go up for Naija dey hardly come down, that na the problem.

If to say as dollar dey crash so e go affect things for market, we for dey happy... I don go buy things this week, the price still dare meaning say our people no get joy kpata kpata. I no know who we offend for this country self.... when will the ordinary people breath?

You've spoken well, our mentality in this country is really bad as soon as price of goods skyrocket in the market, if they like let naira reduce to the highest minimum they will still no reduce the price of things in the market. These practices of whatever thing that the price increases will not decrease again has also affected our currency because it will now look as if our currency doesn't have value again due to the high cost of goods and commodities in the market. Like for instance now that Naira gained advantage over the dollars has there been any change in the price of things? The straight answer is no. Even farmers that also produces things from their farms will practically increase his products with the mindset that if the prices of things in the market are been sold at a high price then how much more him as a farmer knowing too well that the products are being gotten from the farm.

Like seriously, Naira appreciating may not really bring solution to us as we need to sanitize our conscience because that's where the real corruption and evil practices is, we should also encourage ourselves on patronizing locally made products as it helps in building the economy of a country, whether it is to the best standards or not we should give values to things we produce and find ways by which they can meet up international standards so that they can be exported to foreign countries thereby boosting our economic growth and development. these practices I've said are the things that will make our currency gain value and be appreciated.

[Antotena]

From $1= N1200 last week to $1= N800 today is a tremendous gain for the Naira against the Dollar, but the strengthening is suspicious to me, and I just hope that the government has not resumed Naira subsidies. Some Nigerians may blame Tinubu for the drop, but they don't realise that previous presidents have been subsidising the Naira for a long time; we pay trillions of Naira every year to sustain the Naira against the USD, which we shouldn't be doing in the first place. That being said, I believe this will not last long, as I expect the dollar to maintain its support and return to N1000 and higher.

I'm not sure if there is anything like subsidy of dollar have been resumed but you know you can't swear for governments sometimes, they are unpredictable but from my sources, they have settle about 70% of Forward contract and some other debts of foreign investors that have not been previously settled in the past. Clearing this back log from the CBN means that commercial banks will have enough dollars to sell and foreign investors trust will increase because it will clear doubts about the current government that they need people to come invest in their country.

The release funds will surely increase liquidity across the FX markets because some of the contracts are more than 7 years old, some people have waited for this moment to have their investment back and since dollar has appreciated rapidly since last few years, selling to Naira will be a massive profits for them and that raised concern for the speculators. In other to protect their investment, they silently exit the market to avoid these dollars been dump on the market and that's how the market crash and Naira appreciated in just 3 days and those earning in Naira were happy.

My major problem now is that commercial banks, the major stakeholders have been paid but they are not letting this money out for the FX windows to access and now the speculators are back again doing what they do best for Naira to depreciate against dollar which is bad, I want to see a permanent solution for these dollar madness because it is Nigeria is becoming a joke where a common market person now use dollar as excuse to inflate price of goods, literally 10 naira is becoming valueless in the county as it can't buy anything, 5 naira is long gone as I hardly see it around circulation.

[Jegileman]

People wey dey earn dollar and Bitcoin dey feel bad as the Naira don dey gather morale against the dollar. This na true sha because for this we country, even though say dollar dey fall, you no go seem am make price of things come down. Wetin go up for Naija dey hardly come down, that na the problem.

If to say as dollar dey crash so e go affect things for market, we for dey happy... I don go buy things this week, the price still dare meaning say our people no get joy kpata kpata. I no know who we offend for this country self.... when will the ordinary people breath?

Na d way e be an him you dey talk am so my brother. D fall of naira compare to dollar dey always make the price of goods high for our country and if naira come dey rise against dollar, the price of goods go still dey stagnant and nothing go change even as Naira don dey get value. That is why if Naira dey appreciate against dollar, people wey dey earn for dollar or bitcoin no go dey happy like dat because say nothing dey change for market. Dem go prefer make d price remain like dat so dat e go dey compensate wetin dem dey buy with the money as the price dey high when dollar dey appreciation against Naira.