Recent dollar price. A good one?

[Bright0515]

Within 24 hours,  dollar crashes massively against naira on # BINANCE.
The United States dollar crashed against the naira at the cryptocurrency peer- to - peer market platform binance. As of 8 am on Wednesday, the dollar trended for as high as #1,415 /$1 from as low as # 1606/$1 within 24 hours. At the time of writing this story the exchange rate was trading at #1458/$1.https://www.thegeniusmedia.com.ng/2024/02/28/breaking-within-24-hours-dollar-crashes-massively-against-naira-on-binance-details

It is a very nice one right but at first what should be considered is, this naira currency was lower than this before it came up to this amount now and since then we have been witnessing the up and down are you really happy about this or this is just a scam or do you think it will be better than this. Let's all watch and see what happens but some people are not happy about it right cause if you earn in dollar now your exchange will be low by now and if you earn high in dollar you still have to buy costly in naira so how do you view this. You wish to earn in dollar or you want the price of goods to come down in Nigeria.

[I_Anime]

You see though the rate of dollar dun still come down,  but things for we country nor still free come down forus. Because I remember say if you go market  dem go they tell you say so, so product dun add price over night way dollar dun rise we way they the field of earning in dollars understand say, yh dollar dun really increase. But now dollar price dun calm down small now cost of things still dey as e dey.

So make unah see say nor be only the head bad for this country, even some people worse nah because dem Neva get the opportunity to rule or never get that power and authority for their hand. Using dollar as a means or opportunity to make their goods and services expensive is just shittyy.

[Charles-Tim]

Who knows what Cardoso said about $26 billion passing through Binanace result to people selling USDT and buying naira. Also that CBN will be selling dollar to BDC at $1301 and telling the operators not to sell for more than 1% profit. The government have attacked those places that are selling using parallel rate. The reason naira got stronger recently.

It is a very nice one right but at first what should be considered is, this naira currency was lower than this before it came up to this amount now and since then we have been witnessing the up and down are you really happy about this or this is just a scam or do you think it will be better than this.

Government are able to see more money to pay their workers, but the government does not increase minimum wage. They have more money for budgets as they sell and earn naira in bigger amount. They make profit from this devaluation.

When the naira price was decreasing, goods and services were increasing, let us see if they will also reduce as naira price increases recently. If government tried their efforts to make everything balance, it would be good.

[Uhwuchukwu53]

Within 24 hours,  dollar crashes massively against naira on # BINANCE.
The United States dollar crashed against the naira at the cryptocurrency peer- to - peer market platform binance. As of 8 am on Wednesday, the dollar trended for as high as #1,415 /$1 from as low as # 1606/$1 within 24 hours. At the time of writing this story the exchange rate was trading at #1458/$1.https://www.thegeniusmedia.com.ng/2024/02/28/breaking-within-24-hours-dollar-crashes-massively-against-naira-on-binance-details

It is a very nice one right but at first what should be considered is, this naira currency was lower than this before it came up to this amount now and since then we have been witnessing the up and down are you really happy about this or this is just a scam or do you think it will be better than this. Let's all watch and see what happens but some people are not happy about it right cause if you earn in dollar now your exchange will be low by now and if you earn high in dollar you still have to buy costly in naira so how do you view this. You wish to earn in dollar or you want the price of goods to come down in Nigeria.

Don't put hope yet that naira is gaining against dollar because what I will assure you that as much as this government is concerned, there ways of leadership is the more you look the less you see.

Arresting bearu the change is the problem of dollar high against naira what your see now is called initial gragra which will soon end and you will see dollar gaining more weight again because, the level of importation and smuggling have not ended and will not end soon considering the high cost of living due to poor production.
Be it as it may if this continues  to drop it will be a welcome development because it's really affect all angle no matter how your source income is u can't match the cost of market good as it drain income faster than when it was moderate. I will only advice that one should not put hope completely hoping is coming down to avoid heart break let it only end you past we have experience as citizens.

[Btcdeybodi]

When the naira was increasing goods and services were increasing, let us see if they will also reduce. If government tried their efforts to make everything balance, it would be good.

So far as the recent value naira is gaining would impact positively on our economy I think it would be good but the most important thing is for goods and services to also follow suit because it would be bad to earn in dollars and still come back home to buy things at higher prices but I believe that with time everything will normalize so make we dey hopeful say things go better.

[Chilwell]

When the naira was increasing goods and services were increasing, let us see if they will also reduce. If government tried their efforts to make everything balance, it would be good.

So far as the recent value naira is gaining would impact positively on our economy I think it would be good but the most important thing is for goods and services to also follow suit because it would be bad to earn in dollars and still come back home to buy things at higher prices but I believe that with time everything will normalize so make we dey hopeful say things go better.

As you don talk am I hope so it will be normalise, I don't see any advantage of having huge amount of naira per dollar like (1800/$1), earning in dollars is good but let have the prices of item be affordable, the problem of our country is that they only follow up dollar when it rising but when it coming down they will be bringing excuses that they bought the good when dollar was high and the will be at lost if the sell it when it down, truly if the price of ltem didn't come down we will be facing more difficulties,

[Zanab247]

Based on d information I gathered few hours ago concerning d  dollar dat is going down, it will still go down more and I will advise u to sell if u want to sell because d dollar will fall down to #500 to $1 because d government discover dat d high rate of dollar in Nigeria is contributing to dis hardship dat is affecting Nigeria economics.

Now dat d dollar price is still #1,482 to $1 it will be good to use d opportunity to accumulate your profits because nobody no Wetin go happy next and, d price of naira Fit return back to #500 to $1 and it will make many people to lose their opportunity to make big money.

[Churchillvv]

I have no problem with naira increasing in value even if I earn in dollars I will still prefer naira to increase but is it even possible for naira t
keep increasing when the government are making more foolish money from currency devaluation.

They are not ready to start providing jobs for citizens, so they still want us to relay on dollar paying jobs.

my only concern is is the fact that goods and services that are high already can not drop prices even if naira keeps regaining value. like wtf is wrong with our marketers, why not help ourselves than complain from morning till night whilst they force the economy to be bad.

[Gozie51]

You see though the rate of dollar dun still come down,  but things for we country nor still free come down forus. Because I remember say if you go market  dem go they tell you say so, so product dun add price over night way dollar dun rise we way they the field of earning in dollars understand say, yh dollar dun really increase. But now dollar price dun calm down small now cost of things still dey as e dey.

You get point there my brother. The government na only one way traffic. As them don succeed with their temporal measure to put fear on the BDC people , dem no fit use that way deal with business people wey still dey sell their market at exorbitant rate. Them dey sell old stock with dollar rate at 1,850 and as price don drop, trust Nigerians not to revert back to status quo.

Well me I no see this exchange rate dropping as we dey think because nothing structural going on in the economy if not palliative.

Ban dollar cash transactions to save naira, operator tells Tinubu

https://www.google.com/amp/s/punchng.com/ban-dollar-cash-transactions-to-save-naira-operator-tells-tinubu/%3famp

We see this headline today.... Na the point be that because how will this be possible to ban dollar cash transactions wey be say the country depends on importation. This na the reality of the economy and the reason wey make exchange rate dey high because business people has to import and so they must have to change Naira to dollar even at high rate. Na demand and supply dey push the exchange rate simple. Make government stop to dey chase shadow and begin build structures wey go help bring back companies wey don run comot naija.

[Mate2237]

You see though the rate of dollar dun still come down,  but things for we country nor still free come down forus. Because I remember say if you go market  dem go they tell you say so, so product dun add price over night way dollar dun rise we way they the field of earning in dollars understand say, yh dollar dun really increase. But now dollar price dun calm down small now cost of things still dey as e dey.

You get point there my brother. The government na only one way traffic. As them don succeed with their temporal measure to put fear on the BDC people , dem no fit use that way deal with business people wey still dey sell their market at exorbitant rate. Them dey sell old stock with dollar rate at 1,850 and as price don drop, trust Nigerians not to revert back to status quo.

Well me I no see this exchange rate dropping as we dey think because nothing structural going on in the economy if not palliative.

Ban dollar cash transactions to save naira, operator tells Tinubu

https://www.google.com/amp/s/punchng.com/ban-dollar-cash-transactions-to-save-naira-operator-tells-tinubu/%3famp

We see this headline today.... Na the point be that because how will this be possible to ban dollar cash transactions wey be say the country depends on importation. This na the reality of the economy and the reason wey make exchange rate dey high because business people has to import and so they must have to change Naira to dollar even at high rate. Na demand and supply dey push the exchange rate simple. Make government stop to dey chase shadow and begin build structures wey go help bring back companies wey don run comot naija.

Omen as e be like this everything just dey zicjack in the country. How dollar go come down massively and the food prices still dey go up. How dem take do am. Abi di market people never dey aware of the crash of the dollar. But 1500 e still dey high oh. And if dem reduce price of things, na small go reduce. Mostly let dem reduce food items and cement. But I believed say before this week go run out things go come down small. But make you know say as dollar dey come down him go affect di investors in bitcoin because di buyer go still look buy the coins as the price of dollar at the present rate.

Yesterday NLC told the government dat if things no come down for within 14 days then they will shut down everywhere in the country. And president promised to stabilized the economy.

[Y3shot]

You see though the rate of dollar dun still come down,  but things for we country nor still free come down forus. Because I remember say if you go market  dem go they tell you say so, so product dun add price over night way dollar dun rise we way they the field of earning in dollars understand say, yh dollar dun really increase. But now dollar price dun calm down small now cost of things still dey as e dey.

Na so the country be oo, anything wey don go up can never come down again na sometimes wen the price of the dollar go up I dey want make e just remain like that because it can never come down come down again.  This our country na really funny place wey be say the government no fit do things to wey no even dey difficult to do . And the worst thing is that even if dollar price falls and increase the price of things will still go up.

[Dailyscript]

Its no longer traded on Binance. When one door closes, another one opens. That is what I believe. I think it is time for other exchanges to be used to their full potential. Although i don't blame Binance, if they want to stay in the market, they are willing to let any country go instead of having issues with the government of that country. Definitely, they will lose a lot of customers because there are a lot of crypto enthusiasts in Nigeria who have been patronizing the Binance company. Right now, what they need is to abstain from any government issues or financial crises in their business. I just see this as a way to remove Nigerians from the crypto market.

[DaveNeck]

Within 24 hours,  dollar crashes massively against naira on # BINANCE.
The United States dollar crashed against the naira at the cryptocurrency peer- to - peer market platform binance. As of 8 am on Wednesday, the dollar trended for as high as #1,415 /$1 from as low as # 1606/$1 within 24 hours. At the time of writing this story the exchange rate was trading at #1458/$1.https://www.thegeniusmedia.com.ng/2024/02/28/breaking-within-24-hours-dollar-crashes-massively-against-naira-on-binance-details

It is a very nice one right but at first what should be considered is, this naira currency was lower than this before it came up to this amount now and since then we have been witnessing the up and down are you really happy about this or this is just a scam or do you think it will be better than this. Let's all watch and see what happens but some people are not happy about it right cause if you earn in dollar now your exchange will be low by now and if you earn high in dollar you still have to buy costly in naira so how do you view this. You wish to earn in dollar or you want the price of goods to come down in Nigeria.

All this up and down movement of the dollar against naira to me I feel it's not supposed to really affect the price of some things to the extent it has Nigerians are fund of taking advantage of circumstances just to make excessive profit
Things are not supposed to have gone these far bad but our Nigerians will always be Nigerians everybody wants to use the current situation as a means of cash out  which is not supposed to be so may God help us in this country

[Cityhunter34]

Based on d information I gathered few hours ago concerning d  dollar dat is going down, it will still go down more and I will advise u to sell if u want to sell because d dollar will fall down to #500 to $1 because d government discover dat d high rate of dollar in Nigeria is contributing to dis hardship dat is affecting Nigeria economics.

Now dat d dollar price is still #1,482 to $1 it will be good to use d opportunity to accumulate your profits because nobody no Wetin go happy next and, d price of naira Fit return back to #500 to $1 and it will make many people to lose their opportunity to make big money.

My brother wetin you dey tock na through because the way we dey see things now, e go still dey go down more and more so e go dey good say make we no go leave the one way we get say in go later increase by that time you go see say wetin you been dey plan know come work out again by that time you done lost be that.

[Justbillywitt]

Based on d information I gathered few hours ago concerning d  dollar dat is going down, it will still go down more and I will advise u to sell if u want to sell because d dollar will fall down to #500 to $1 because d government discover dat d high rate of dollar in Nigeria is contributing to dis hardship dat is affecting Nigeria economics.

Now dat d dollar price is still #1,482 to $1 it will be good to use d opportunity to accumulate your profits because nobody no Wetin go happy next and, d price of naira Fit return back to #500 to $1 and it will make many people to lose their opportunity to make big money.

It will take time for the naira to drop to #500/$. This government are doing blame game and they don't have the solution to the economic woes befalling the country. Recently CBN sold dollar to the BDCs at #1,301 and asked them to sell at 1% above the price they bought. With this kind situation do you still think the dollar will fall below what we are seeing? I think the answer is no. What this people are doing is just to make sure that dollar is not trading above #1,500. Everywhere was quiet until dollar rose to #1,800 and close to #1,900. I assure you that this government can't make dollar trade at #500.

[Mia Chloe]

The truth is dollar too is depreciating due to inflation in the general scheme of things. But the rate of depreciation of naira compared to dollar is very high. So ideally dollar sometimes isn't increasing but rather naira is losing value. And unfortunately , the Nigerian exchange rate is based mainly on dollar so all effects of inflation indirectly falls back on us.
The simple economics behind all these is the digits don't really matter but rather what matters most is the value. As long as Naira depreciates, relatively dollar will rise however price of goods and services will also skyrocket making #1600 to a dollar seem like #500 to a dollar so even those earning in dollar will still feel the heat of inflation even though they earn in a lot of digits the digits won't matter since the value is relatively low compared to price of things

[Y3shot]

When the naira was increasing goods and services were increasing, let us see if they will also reduce. If government tried their efforts to make everything balance, it would be good.

That's the country we find ourselves.  I asked a trader why are price of things still expensive when the dollar price has reduced,  he told me that the price of dollar has not reduced enough for price of things to reduce.  From what I have seen in this country, whenever the price of things increase it remains like that, it doesn't reduce even if the naira  gains value.  We are in a country that the price of things does not reduce when it goes up.

[DaNNy001]

The truth is dollar too is depreciating due to inflation in the general scheme of things. But the rate of depreciation of naira compared to dollar is very high. So ideally dollar sometimes isn't increasing but rather naira is losing value. And unfortunately , the Nigerian exchange rate is based mainly on dollar so all effects of inflation indirectly falls back on us.
The simple economics behind all these is the digits don't really matter but rather what matters most is the value. As long as Naira depreciates, relatively dollar will rise however price of goods and services will also skyrocket making #1600 to a dollar seem like #500 to a dollar so even those earning in dollar will still feel the heat of inflation even though they earn in a lot of digits the digits won't matter since the value is relatively low compared to price of things

And this is what many people don't know too. I say this because just the other day some of my friends were saying they are very happy that the price of dollar is increasing and that it won't affect them because they currently earn in dollars but they knew not that if naira continues to fall, the price value of good and commodities will sky rocket making that your dollar value a bit low because a case where you can get something for 40knaira  and maybe equivalent to 20$ and then the price of that goods goes up to 80knaira  the price in dollar too will increase thereby eating up your hard labour.

[odunybiz]

You see though the rate of dollar dun still come down,  but things for we country nor still free come down forus. Because I remember say if you go market  dem go they tell you say so, so product dun add price over night way dollar dun rise we way they the field of earning in dollars understand say, yh dollar dun really increase. But now dollar price dun calm down small now cost of things still dey as e dey.

Even if pice of dollar drops to #600 today, that doesn't make price of goods to come down immediately. It will take some weeks or months before we can start experiencing that. Nigerians increase their price immediately when they hear price of goods has increased even if they bought at cheap price but they will never reduce their price instantly when goods become cheap. They claim they buy at high price and can't sell it at low price. We Nigerians are part of our problem.

[Obim34]

You see though the rate of dollar dun still come down,  but things for we country nor still free come down forus. Because I remember say if you go market  dem go they tell you say so, so product dun add price over night way dollar dun rise we way they the field of earning in dollars understand say, yh dollar dun really increase. But now dollar price dun calm down small now cost of things still dey as e dey.

Even if pice of dollar drops to #600 today, that doesn't make price of goods to come down immediately. It will take some weeks or months before we can start experiencing that. Nigerians increase their price immediately when they hear price of goods has increased even if they bought at cheap price but they will never reduce their price instantly when goods become cheap. They claim they buy at high price and can't sell it at low price. We Nigerians are part of our problem.

It will come down but not too soon, you don't expect them to go into loss if truly they bought at a high price, the goods needs to be sold out first before going to get new goods to be sold in a lower price, it should not be a problem if it where you, would do same thing and since is something you not into can't really tell the process.