NewStats: 3,264,430 , 8,183,704 topics. Date: Wednesday, 11 June 2025 at 05:11 AM 3sf6a

Paraman:
Your prediction is wrong

That's why it's called a prediction....

Paraman:


It's normal for the foreign reserve to dip.The CBN reform is why the naira is strengthening against the dollar.

That is half truth at the bolded.

The fundamental drivers to ensure a strong currency has not been addressed. What are they , you may ask?

Export earnings, agricultural production capacity,Industrial production, and even FDI still remain unchanged.

Its like applying perfume on a decomposing body. It will mask it for a while, but it will still rot at the end.

If all is good, why deplete the reserves in the magnitude of almost 1.2 Billion USD in a matter of 3 weeks( 390 million USD per week)?

If the trend continues, In 10 weeks , we are done for!

Well, we are watching.

Tue 4 Feb, 2025

1 USD ⇛ ₦1,582.528
1 GBP ⇛ ₦1,931.057
1 EUR ⇛ ₦1,611.521
1 CAD ⇛ ₦1,106.160
1 GHS ⇛ ₦97.40
1 ZAR ⇛ ₦79.80
1 CFA ⇛ ₦2.35

Wed 5 Feb, 2025

1 USD ⇛ ₦1,589.402
1 GBP ⇛ ₦1,946.390
1 EUR ⇛ ₦1,623.187
1 CAD ⇛ ₦1,105.990
1 GHS ⇛ ₦97.24
1 ZAR ⇛ ₦80.62
1 CFA ⇛ ₦2.38

Thu 6 Feb, 2025

1 USD ⇛ ₦1,581.976
1 GBP ⇛ ₦1,938.114
1 EUR ⇛ ₦1,615.814
1 CAD ⇛ ₦1,089.550
1 GHS ⇛ ₦97.72
1 ZAR ⇛ ₦81.05
1 CFA ⇛ ₦2.38

Inception:


That is half truth at the bolded.

The fundamental drivers to ensure a strong currency has not been addressed. What are they , you may ask?

Export earnings, agricultural production capacity,Industrial production, and even FDI still remain unchanged.

Its like applying perfume on a decomposing body. It will mask it for a while, but it will still rot at the end.

If all is good, why deplete the reserves in the magnitude of almost 1.2 Billion USD in a matter of 3 weeks( 390 million USD per week)?

If the trend continues, In 10 weeks , we are done for!

Well, we are watching.

What do you mean by the reserve was depleted? How much is it on 28/05/2023? How much is it now?

Where do you expect the CBN to get the money to settle Nigeria obligation if not from the foreign reserve?

Didn't you hear that the CBN just cleared a $7 billion backlog this government inherited?

That is a good projection

Fri 7 Feb, 2025

1 USD ⇛ ₦1,561.216
1 GBP ⇛ ₦1,920.151
1 EUR ⇛ ₦1,606.959
1 CAD ⇛ ₦1,084.510
1 GHS ⇛ ₦97.80
1 ZAR ⇛ ₦81.66
1 CFA ⇛ ₦2.39

Mon 10 Feb, 2025

1 USD ⇛ ₦1,557.096
1 GBP ⇛ ₦1,921.411
1 EUR ⇛ ₦1,575.032
1 CAD ⇛ ₦1,088.400
1 GHS ⇛ ₦96.86
1 ZAR ⇛ ₦81.51
1 CFA ⇛ ₦2.36

Tue 11 Feb, 2025

1 USD ⇛ ₦1,567.769
1 GBP ⇛ ₦1,914.866
1 EUR ⇛ ₦1,599.633
1 CAD ⇛ ₦1,088.340
1 GHS ⇛ ₦96.96
1 ZAR ⇛ ₦81.16
1 CFA ⇛ ₦2.36

Wed 12 Feb, 2025

1 USD ⇛ ₦1,562.691
1 GBP ⇛ ₦1,917.994
1 EUR ⇛ ₦1,600.058
1 CAD ⇛ ₦1,084.330
1 GHS ⇛ ₦97.83
1 ZAR ⇛ ₦81.96
1 CFA ⇛ ₦2.39

Thu 13 Feb, 2025

1 USD ⇛ ₦1,559.180
1 GBP ⇛ ₦1,929.085
1 EUR ⇛ ₦1,610.024
1 CAD ⇛ ₦1,082.080
1 GHS ⇛ ₦97.60
1 ZAR ⇛ ₦81.24
1 CFA ⇛ ₦2.39

Fri 14 Feb, 2025

1 USD ⇛ ₦1,544.047
1 GBP ⇛ ₦1,928.147
1 EUR ⇛ ₦1,608.757
1 CAD ⇛ ₦1,079.750
1 GHS ⇛ ₦97.76
1 ZAR ⇛ ₦82.46
1 CFA ⇛ ₦2.42

Mon 17 Feb, 2025

1 USD ⇛ ₦1,580.178
1 GBP ⇛ ₦1,943.388
1 EUR ⇛ ₦1,621.107
1 CAD ⇛ ₦1,086.100
1 GHS ⇛ ₦98.10
1 ZAR ⇛ ₦81.93
1 CFA ⇛ ₦2.41

Tue 18 Feb, 2025

1 USD ⇛ ₦1,575.150
1 GBP ⇛ ₦1,943.760
1 EUR ⇛ ₦1,617.977
1 CAD ⇛ ₦1,082.500
1 GHS ⇛ ₦97.10
1 ZAR ⇛ ₦81.80
1 CFA ⇛ ₦2.40

MummyIMadeIt:
Tue 18 Feb, 2025

1 USD ⇛ ₦1,575.150
1 GBP ⇛ ₦1,943.760
1 EUR ⇛ ₦1,617.977
1 CAD ⇛ ₦1,082.500
1 GHS ⇛ ₦97.10
1 ZAR ⇛ ₦81.80
1 CFA ⇛ ₦2.40

This quote seems higher that what is prevailing at the Market....

Wed 19 Feb, 2025

1 USD ⇛ ₦1,543.524
1 GBP ⇛ ₦1,936.652
1 EUR ⇛ ₦1,608.148
1 CAD ⇛ ₦1,075.470
1 GHS ⇛ ₦97.30
1 ZAR ⇛ ₦81.30
1 CFA ⇛ ₦2.40

Inception:


This quote seems higher that what is prevailing at the Market....

Yes actually

The OP is not giving up to date info.

Today rate 1 USD - 1,491

Thu 20 Feb, 2025

1 USD ⇛ ₦1,502.248
1 GBP ⇛ ₦1,913.935
1 EUR ⇛ ₦1,588.361
1 CAD ⇛ ₦1,050.140
1 GHS ⇛ ₦96.75
1 ZAR ⇛ ₦81.54
1 CFA ⇛ ₦2.40

Fri 21 Feb, 2025

1 USD ⇛ ₦1,492.795
1 GBP ⇛ ₦1,921.102
1 EUR ⇛ ₦1,593.308
1 CAD ⇛ ₦1,054.550
1 GHS ⇛ ₦96.78
1 ZAR ⇛ ₦82.02
1 CFA ⇛ ₦2.40

Mon 24 Feb, 2025

1 USD ⇛ ₦1,489.694
1 GBP ⇛ ₦1,909.368
1 EUR ⇛ ₦1,583.208
1 CAD ⇛ ₦1,042.700
1 GHS ⇛ ₦96.90
1 ZAR ⇛ ₦81.85
1 CFA ⇛ ₦2.38

Tue 25 Feb, 2025

1 USD ⇛ ₦1,499.257
1 GBP ⇛ ₦1,911.702
1 EUR ⇛ ₦1,586.129
1 CAD ⇛ ₦1,044.990
1 GHS ⇛ ₦96.74
1 ZAR ⇛ ₦81.70
1 CFA ⇛ ₦2.40

Wed 26 Feb, 2025

1 USD ⇛ ₦1,498.477
1 GBP ⇛ ₦1,914.332
1 EUR ⇛ ₦1,589.946
1 CAD ⇛ ₦1,039.070
1 GHS ⇛ ₦96.75
1 ZAR ⇛ ₦81.54
1 CFA ⇛ ₦2.40

Thu 27 Feb, 2025

1 USD ⇛ ₦1,495.783
1 GBP ⇛ ₦1,917.443
1 EUR ⇛ ₦1,589.642
1 CAD ⇛ ₦1,038.540
1 GHS ⇛ ₦96.88
1 ZAR ⇛ ₦81.30
1 CFA ⇛ ₦2.38

Fri 28 Feb, 2025

1 USD ⇛ ₦1,498.976
1 GBP ⇛ ₦1,909.398
1 EUR ⇛ ₦1,581.353
1 CAD ⇛ ₦1,030.260
1 GHS ⇛ ₦95.98
1 ZAR ⇛ ₦80.63
1 CFA ⇛ ₦2.38

Mon 3 Mar, 2025

1 USD ⇛ ₦1,496.245
1 GBP ⇛ ₦1,899.078
1 EUR ⇛ ₦1,570.452
1 CAD ⇛ ₦1,029.300
1 GHS ⇛ ₦97.25
1 ZAR ⇛ ₦80.35
1 CFA ⇛ ₦2.38

Tue 4 Mar, 2025

1 USD ⇛ ₦1,496.249
1 GBP ⇛ ₦1,920.814
1 EUR ⇛ ₦1,590.201
1 CAD ⇛ ₦1,031.900
1 GHS ⇛ ₦180.98
1 ZAR ⇛ ₦80.69
1 CFA ⇛ ₦2.41

Wed 5 Mar, 2025

1 USD ⇛ ₦1,504.815
1 GBP ⇛ ₦1,932.041
1 EUR ⇛ ₦1,606.154
1 CAD ⇛ ₦1,039.050
1 GHS ⇛ ₦96.86
1 ZAR ⇛ ₦81.50
1 CFA ⇛ ₦2.44

Thu 6 Mar, 2025

1 USD ⇛ ₦1,525.095
1 GBP ⇛ ₦1,971.943
1 EUR ⇛ ₦1,652.835
1 CAD ⇛ ₦1,065.550
1 GHS ⇛ ₦97.43
1 ZAR ⇛ ₦82.40
1 CFA ⇛ ₦2.48

Mon 10 Mar, 2025

1 USD ⇛ ₦1,553.099
1 GBP ⇛ ₦1,996.263
1 EUR ⇛ ₦1,680.158
1 CAD ⇛ ₦1,070.160
1 GHS ⇛ ₦98.36
1 ZAR ⇛ ₦83.99
1 CFA ⇛ ₦2.53

Tue 11 Mar, 2025

1 USD ⇛ ₦1,561.894
1 GBP ⇛ ₦2,022.230
1 EUR ⇛ ₦1,703.270
1 CAD ⇛ ₦1,082.680
1 GHS ⇛ ₦99.50
1 ZAR ⇛ ₦83.82
1 CFA ⇛ ₦2.55

Wed 12 Mar, 2025 •

1 USD ⇛ ₦1,562.714
1 GBP ⇛ ₦2,060.029
1 EUR ⇛ ₦1,744.105
1 CAD ⇛ ₦1,077.790
1 GHS ⇛ ₦99.30
1 ZAR ⇛ ₦84.18
1 CFA. ⇛ ₦2.56