NewStats: 3,259,808 , 8,170,934 topics. Date: Monday, 26 May 2025 at 04:23 AM 28g5f

The naira strengthened against major currencies on Monday the greenback saw an increased safe-haven demand, in the wake of an Iranian strike on Israel, putting it at more than five-month highs.
Naira breaks key resistance
Goldman Sachs projection became a reality when the local currency exchanged at below N1000 at some segments of the parallel market as of late Sunday.

The American investment bank’s economists stated that the Naira’s bullish momentum on the foreign exchange market will likely cause it to trade for less than N1,000 per US dollar in the coming months.

The tier 1 investment bank claimed that the rally in Nigerian currency helped recover from large losses after two devaluations since last June by being bolstered by capital inflows and successive interest rate hikes.

Recall in March, Goldman Sachs earlier projected that the Naira would appreciate to N1,200 per Dollar in 2024. The top bank has implemented several policy initiatives in recent months to bring stability to the foreign exchange market.
The CBN increased interest rates to 24.75% at the most recent meeting of the Monetary Policy Committee (MPC), which helped it recover losses from the two devaluations that occurred since June of last year.

Further gains for the naira result from the CBN’s ongoing intervention, which involves selling foreign exchange to Bureau De Change operators at a revised rate.

The market anticipates higher inflows of US dollars from the sale of foreign currency bonds in the second quarter as revealed by Finance Minister Wale Edun. This came when the government offered high-yield short-term debt products at a to entice overseas capital into the economy.
Nigeria’s gross foreign reserves have decreased despite a persistent increase in the world commodities market. The Middle East’s geopolitical unrest and the anticipation of an Iranian government strike on Israel caused oil prices to soar.

Crude oil prices have risen beyond $90, and Nigerian grades are trading at a to the ICE Brent benchmark despite a drop in production volume that had a detrimental effect on fiscal performance.

Fears over rates have sent the dollar to a five-and-a-half-month high
Israel and Iran conflict bolstered the dollar index as it steadied in London trade after surging to 5-½ month highs on Friday. Demand for haven after Iran’s massive missile and drone strike against Israel strengthened the US dollar.

However, it seemed that the hit had little effect, and Iran also gave the impression that it had finished attacking Israel. According to reports, Israeli ministers also stated that they had no plans to retaliate immediately after the strike.

In addition, the expectation of higher-for-longer U.S. interest rates ed the dollar in the wake of last week’s hawkish Federal Reserve signals and high inflation figures. Weak economic prints from China further drained public sentiment toward Asia. March saw a decline in China’s disinflation as well as lower-than-expected export and import data.

Rapidly falling wagers that the Fed will lower interest rates in the first half of 2024 also helped to the dollar. This was followed by high March inflation figures.

https://nairametrics.com/2024/04/15/naira-opens-shop-below-n1000-against-dollar-at-some-segments-of-black-market/

Dollar dey come down but prices of goods and services still remain the same ...

So the Law of Gravity dey fear and abandon the prices of goods and services for Nigeria ??

---

First to comment in a long while...

Well I dedicate it to Peter Obi, Atiku Abubakar and the Notorious Drug Baron himself..... Asiwaju Bola Ahmed Tinubu

The 2023 election was a real cruise catching period...

Wow, great development though.

We are getting there.

Interesting

SlavaUkraini:
Dollar dey come down but prices of goods and services still remain the same ...

So the Law of Gravity dey fear and abandon the prices of goods and services for Nigeria ??

Some Nigerians are actually wicked more than the politicians

On a normal market, Naira gaining or loosing about goods and services should at least take a month before taking effects. Because those business people always have stocks that can last at least 1 month with no exaggeration.

But in Nigeria, the same day the dollar rose is the same day they will increase their price without interested in bringing it down again even when dollar fall.

Average Nigerians are opportunists

helinues:


Some Nigerians are actually wicked more than the politicians

On a normal market, Naira gaining or winning about goods and services should at least take a month before taking effects. Because those business people always have stocks that can last at least 1 month with no exaggeration.

But in Nigeria, the same day the dollar rose is the same day they will increase their price without interested in bringing it down again even when dollar fall.

Average Nigerians are opportunists

One Bastard even told me that he cannot reduce the price of brake pads because he bought them while the dollar was close to 2k

That it would take up to 3 months before prices will fall because that is when new shipments bought at current dollar rate will arrive...

Na so the guy take Colonize me and I pay for the brake pads..... As if I had a choice

Opportunist indeed...

helinues:


Some Nigerians are actually wicked more than the politicians

On a normal market, Naira gaining or winning about goods and services should at least take a month before taking effects. Because those business people always have stocks that can last at least 1 month with no exaggeration.

But in Nigeria, the same day the dollar rose is the same day they will increase their price without interested in bringing it down again even when dollar fall.

Average Nigerians are opportunists

are nigerians buying petrol with dollar?
if naira is gaining why cant nnpcl reduced their diesel and petrol price?
sometimes i wonder how you guys survive being stup*d for some useless government

Welcome development

Olayemi Cardoso is working

Dull people will say he’s defending with our reserves when he’s not even sold more than $45m to BDCs but they will fail to mention that he paid $7bn in FOREX backlogs

If Obi was president, the economy would be in turmoil as he would have retained Emefiele and not had the balls to arrest the President of Miyetti Allah or change the service chiefs

Oil theft would have doubled and insecurity would have increased in the NE

Agbadorians will soon flood here to jollificate

Meanwhile . . .

Common garri has added N1,000 to its price since the past week

Are we retrogressive or progressive with this dollar brouhaha?

Callosobruchus:
The bus is moving,hop in or be left behind wallowing in your sentimental hatred of the country and its president, they point out one good thing about the country and you get angry.How una own di be seff?

You're not normal I should jump into which bus? The one that is driving you to nowhere?

How has the reduction in dollar price helped the common man on the streets in nigeria?

Don't blow biggi-biggi grammar for me abeg, just tell me how the dollar moving from N700 to N1,900 and then back to N1,000 has helped the basic common man on the streets of nigeria today

Shikena!

You're not even ashamed that after 1 year of your tilumbu's misrule the only thing you're happy about is the jumping upandan of the dollar to naira rate

After 1 complete year shame on all you Agbad0rians

JAOS:

are nigerians buying petrol with dollar?
if naira is gaining why cant nnpcl reduced their diesel and petrol price?
sometimes i wonder how you guys survive being stup*d for some useless government

Direct your question to the petroleum marketers without getting aggressive on my mentions.

Thank you

A dollar will exchange for 2k in April in the mud

When they get tired,they will remove subsidy from the groove and boom, only God knows how the rate will be then...

You cannot but agree that CBN increasing the interest rates has certainly done wonders in firming up the naira against the dollar..Of course alongside and in conjunction with other macroeconomic policies.... That's to show you that excess liquidity in the financial system has been fueling speculation and round trips. Now liquidity is set to further get tighter as Banks now have to shop for the naira to shore up their capital base....Till the Banks find the money and the capitalization process is done, expect the naira to be on the ascendency till the end of Q4 of 2026..

You know those foolish obidient dull head too well.

yoruboid:
Olayemi Cardoso is working

Dull people will say he’s defending with our reserves when he’s not even sold more than $45m to BDCs but they will fail to mention that he paid $7bn in FOREX backlogs

If Obi was president, the economy would be in turmoil as he would have retained Emefiele and not had the balls to arrest the President of Miyetti Allah or change the service chiefs

Oil theft would have doubled and insecurity would have increased in the NE

If the prices of commodities is not willing to come down , then let the dollars go back to its original value so that when you exchange the rate,You can do something tangible with it. You exchange dollars to niara this days with prices of commodities is still up there. I nor understand this country I swear

JAOS:

are nigerians buying petrol with dollar?
if naira is gaining why cant nnpcl reduced their diesel and petrol price?
sometimes i wonder how you guys survive being stup*d for some useless government

when $ was gaining,did they increased the pump price?when $ was edging closer to 2000$ the pump price was still d same.

Na only oyinbo and textbook definition full every dollar/naira thread..
How does this alleviate the sufferings of the common man...
I'm tired of hearing about the rise of naira while the Common thing for the common man keeps getting unattainable...


I sell herbs tho

Ok

Good development. One hopes that this will reflect on goods as well. Is there no agency that can regulate this?

Following The Update

Tinubu's government needs to be more proactive with consumer protection and price regulation of consumer goods other than that the president has been doing well so far.

CBN governor is a master. I hail Dr Cardoso truly.

This Good news is good newsing.

How long can they sustain that policy of pumping borrowed money into the forex market to stabilize the naira? It was about $7b …about 3 weeks ago

Bade007:


The naira strengthened against major currencies on Monday the greenback saw an increased safe-haven demand, in the wake of an Iranian strike on Israel, putting it at more than five-month highs.


Naira breaks key resistance
Goldman Sachs projection became a reality when the local currency exchanged at below N1000 at some segments of the parallel market as of late Sunday.

The American investment bank’s economists stated that the Naira’s bullish momentum on the foreign exchange market will likely cause it to trade for less than N1,000 per US dollar in the coming months.

The tier 1 investment bank claimed that the rally in Nigerian currency helped recover from large losses after two devaluations since last June by being bolstered by capital inflows and successive interest rate hikes.

Recall in March, Goldman Sachs earlier projected that the Naira would appreciate to N1,200 per Dollar in 2024. The top bank has implemented several policy initiatives in recent months to bring stability to the foreign exchange market.

The CBN increased interest rates to 24.75% at the most recent meeting of the Monetary Policy Committee (MPC), which helped it recover losses from the two devaluations that occurred since June of last year.

Further gains for the naira result from the CBN’s ongoing intervention, which involves selling foreign exchange to Bureau De Change operators at a revised rate.

The market anticipates higher inflows of US dollars from the sale of foreign currency bonds in the second quarter as revealed by Finance Minister Wale Edun. This came when the government offered high-yield short-term debt products at a to entice overseas capital into the economy.
Nigeria’s gross foreign reserves have decreased despite a persistent increase in the world commodities market. The Middle East’s geopolitical unrest and the anticipation of an Iranian government strike on Israel caused oil prices to soar.

Crude oil prices have risen beyond $90, and Nigerian grades are trading at a to the ICE Brent benchmark despite a drop in production volume that had a detrimental effect on fiscal performance.

Fears over rates have sent the dollar to a five-and-a-half-month high
Israel and Iran conflict bolstered the dollar index as it steadied in London trade after surging to 5-½ month highs on Friday. Demand for haven after Iran’s massive missile and drone strike against Israel strengthened the US dollar.

https://nairametrics.com/2024/04/15/naira-opens-shop-below-n1000-against-dollar-at-some-segments-of-black-market/

Brought about by a confluence of economic and geopolitical variables.

Ellupee and other enemies of Nigeria will have something to counter this news.

If Nigerians the government, it will go lower.

Ellupee people no dey show demsefs online again, enemy of the state Don run go hide...

Jestin:
If the prices of commodities is not willing to come down , then let the dollars go back to its original value so that when you exchange the rate,You can do something tangible with it. You exchange dollars to niara this days with prices of commodities is still up there, u can’t purchase anything with it .I nor understand this country I swear