Topic: Drop your predictions for the value of dollar against naira? (Read 211 times)

Day before yesterday, it was #1900 for $1 and today in the newspaper and a thread in the neighborhood forum says that government restricted some exchanges and some firms to trade naira with dollar with $1800. And I when I say what is happening in the country I wept. Because I can vividly remember when dollar was exchanged with #150 to $1 and Nigerian Labour Congress seriously protested and the then president put everything in order to douse the situation. But today dollar is traded or exchanged with the Nigeria naira that making the goods and services very high that the poor can't even talk again. Where are the NLC?

Before dis year go end dollar go reach #2500 and if things are like this before next year go end, dollar go reach #5000. As it is now pound is #2500. Are we sure things will come back again?

Op I no think say we go discuss for here thread like this and we no go talk about the cost of living in di country then you go change di topic and di content of the thread because it is the increase of di dollar dat causing di high cost of living. The more dollar increase the more prices of goods and services dey also increase. So dollar and cost of living e dey walk hand in hand.

And as for di prediction with dollar/Naira. I think Charles -Tim e don create something like dat before and all us of been dey make thread there so I do don't know why dis thread is here again because you fo comment on dat thread. Well so e people predicted that before di year go end one dollar go reach #2000. While some predicted more than 2k.

Bro, this problem don began before them even born us na just say this tinubu illegitimate government nah come break the Carmel's back wey it come be like say nah now the problem actually start. The worst part about this government wey make things the get worsen daily be say them no get plans in place on how to take run the economy, the only plan them been the draft on for their camp nanhow to rig the election at all cost, so after them use force get the government them com dey confused where to stay in running governance because governance dey very different from politics and no be every person sabi govern.

Our problem began emidiately INEC took bribe and sell out votes to Tinubu. Because we never dreamt of seeing that man on sit by now. I am not predicting anything because we lost the match when it was announced that Armed Bola Tinubu is our president that was when I cried so loud that suffering has migrated from frying pan to fire. And I have already prepared for the worst because even if you guys predict dollar to be #10k naira I don't doubt you guys because these men don't have plans for us.

This video is a video I came across on Facebook about power.
power

Oga make you no dey too sure say dollar no fit pass 2500 because with wetin my eye dey see now, fear don grip me oo, I never fear for this country like this before, the kyn speed dollar dey take run, and like the OP talk, our government never even know wetin them wan do to solve this wahala wey wan kill us, or maybe them don already sabi wetin to do but them no wan do am, maybe because e go fit comot bread for their mouth so them go just sidan one place and do nothing even when them get the solution. The country don porous, make everybody fyn way guard themselves cos our government no ready help us and if this continues, naira go fall pass 3k self.

As e be like this now, my own prediction be say the US dollar to Naira go reach 3000. But then again eh, e nor matter wether na 5k e reach wetin matter be say, our government need to first solve our own internal economic issues first. According to Google, 1 USD to South-Korea Won na like 1,300 but that one nor even concern dey. Dem dey develop dey go. Na the same thing I expect from Naija too. We move from a USD dependent economy.

Las las na bitcoin go still win. Anybody wey fit, make them try dey DCA for BTC o. Na the winning side be that one.

Sorry that I did not make it very specific, I been feel say I dun already lay the example of the duration from my own prediction wey I been give wey be from April to June (second quarter)

I go dey more specific and plain next time with the duration.


Your predictions are valid, but at some point too, I never expected 1 dollar to get more than 1000, Nigeria shock me! Nigeria still fit shock you with that 2500 mark that you have set.

Thanks a lot for this correction, I have edited the post and made the correction.

I think from a very technical perspective often of the last , the NGN/USD has been on a strong downward Trend as we all have been experiencing a free fall of the naira over the US dollar, as the interest rate seems to be increasing and we are printing a heap of money , I think the solution to this lays on the central bank to invest in the naira for control reasons and try to tighten the interest rate by reducing the rate of naira out bond transactions, I think with this in no distance time we may see naira bounce back, nevertheless let's keep our fingers crossed and hope with optimism for a better exchanged rate.

As for you question, why no just specify the time. Example is to ask the question that what would be the price of dollar to bitcoin before the end of this year. You can not ask the question in an indefinite way. Before the end of this year, I am expecting at least 1 dollar to be 2000 to naira. But at most, it should not be more than 2500.

This is not right because I think this is not the question that you want to ask. It is dollar against naira and not naira against dollar. There are differences between USD/NGN and NGN/USD. You are asking about USD/NGN pair and not the other.

---

My advice is not even about dollar to a naira prediction because both are not appreciative in nature but design to scam those that are holding them. If you want to hold, it is better you go for an appreciative asset like bitcoin. We have not gotten to all-time-high and the six figures. Both would be achieved between this year and next year.

First we need to understand that government must prioritize productivity,  local production will help to boost our economy because you will consume what you produce. One of the strongest problems we are facing with our naira is the fact that most of the things we consume in Nigeria are all imported, hence you are heavily dependent on other countries for your own livelihood, it then means your currency will lose value on the international market. Government and citizens have a good role to play for us to reach a sustainable economic system, government must declared a state of emergency on productivity with the political will to make sure it comes into fruition. government should make sure they encourage local SMEs and also encourage farmers too. Hence we begin to produce what we eat and as well import some of the products we have, then over time we will begin to see a level at which the naira will begin to appreciate against the dollar. So if we are really serious to fight inflation and other economic crisis that we are facing, we need to go into serious industrialization and productivity.

The prediction is very correct because as for me it can't even go beyond that or come down if and only if they government have the following steps on ground such as calling all local and international investors and gives certain percentage of tax reduction within short period, seek for local made products for the citizens and allow competitors into many sectors that has been monopolized,give go ahead order to entrepreneur to develop idea that will help our market system, engage the youth in very sector to be more productive I think the dollar can fall but we're as this is not put in place and we keep importing, no production no good policies, I think dollar will go beyond 2500, because checking our local market today everything is going higher, eg a bag of cement sold at 3500is now 15k in some place no regular price so to others items hard it been their is a good policy it won't be so and monopoly of one Man producing such won't be also. Another thing is that once the insecurities keeps rising dollar will also because many of this kidnappers demand to be paid in dollars which the government mostly do most time despite their denial of freeing the victim without Ransome.

Na for the di oda forum we discuss something similar and many persons bin talk say 1USD go reach N2000 before the year end. But from the look of things, e fit pass this value because our government dey behave like say their brain dey shake. So 2.5k/$ dey likely by 2nd quarter and maybe e go get to 3k before the year end.

About the possible solution, omo di problem wey dey affect the naira plenty and I no be economist but I know say structural reforms like (good governance, fight against corruption etc) and to promote the production and exportation of our locally made goods na a very good start.

Though the rate at which naira devalue it self against dollar is quit arlming, I could remember vividly when 1$ was about 350 naira if we where been told that a day shall come when 1$  will be value for 1500 naira we will all say it can't happen.
For me I don't think it can be predicted surprisedly it could still drop to 500 naira per 1$ or still go below that if this present Government give a thought of it, but if the Government fail to do something about the present rate of dollar to naira now am afraid before next two months could finish 1$ fit reach 2k and above.

Dey play, bro make I tell you something for free, if nothing is being done about our economic policies to Savage the naira, we will soon see naira at 3k per dollar. It's not about saying dollar cannot pass 2.5k are there plans on ground to make sure this doesn't happen? Bro economic matters no be about wishing, it's about doing what is right.

Nigeria is currently having a downside economy, even at the best of hustling and trying to meet up with the cost of living it still looks like no effort is applied. It's a very bad one as what other countries would expect to see the Giants of Africa undergo. We are globally known for being too good and productive even outside the country but how come we are falling behind in our economy. If it should be on an individual struggles we suppose to already be much better than now, but these shows the government are the one's navigating all the poor outcomes including the inflation of Dollars against Naira. We need a new positive change in government if not there is high tendency of a dollar becoming equivalent to 3k before the end of the year.

The best way to get the value of naira back is making it a thing of demand for not just Nigerians but also international markets. This can be achievable by the process of exporting more goods from Nigeria and then transacting in naira for such trades. Example is the selling off of crude oil in the dollar currency instead of naira.

The other policy by the government that would have work if implemented well will be the availability of dollar to everyone. Bank hoard the dollars and is mostly sold to all this aboki FX who then are the people that sell to us in black market.

In terms of prediction, I don't think anybody can accurately predict what the Naira's value will be in the next 3 days, 5 days, a week, or a month to come. However, what we can say is that if the Nigerian government does not address the current situations causing the Naira to devalue by the day, international markets will continue to witness further devaluation of the Naira. That much is certain and can be predicted.

As for the economic policies that the government needs to put in place, I can say that there are numerous options. The government can focus on key areas that can drastically strengthen the Naira in the international space and forex market.

For decades, Nigeria has been reliant on oil production, with most of our exports being oil-based. Unfortunately, there have been no other long-term sustainable strategies or policies realistically put in place to diversify our economy. To be sincere, there is no way Nigeria can weather this storm if we continue to rely solely on oil. The volatility of the oil market will always dictate the ups and downs of the Naira currency. Relying solely on oil exports means that any downturn in the oil market or decrease in demand will significantly impact Nigeria's export rates. Depending on a single source for our economy will no longer suffice for a burgeoning economy like Nigeria's.

To address this, we need to diversify our exports and move beyond oil. Agriculture, for example, is an area where Nigeria is abundantly rich. We can explore and invest in sectors such as agriculture and mineral resources like diamonds, gold, iron ore, and other resources found in our soil. Niger State, for instance, has vast fertile land for agricultural activities and the production of various food crops such as rice, beans, shea, yam, groundnuts, and sesame seeds. The state also has ample land that the government can utilize for leather and other manufacturing processes. However, much of these opportunities remain untapped.


Former Vice President Yemi Osinbajo once said that Niger has the capacity to produce assorted food crops that could feed the African continent. This shows that our leaders are aware of the potential, but as citizens, we fail to see why these opportunities are not being fully utilized. We should be exporting locally made products instead of making it difficult for Nigerians to access them. If we continue to import basic items like toothpicks and food, Nigeria cannot progress, and the Naira will continue to devalue.

It's crucial for our leaders to address the issue of expanding and diversifying our exports, investing in infrastructure, and providing support to export-oriented Lastly, reforms in fiscal and monetary policies, structural reforms, and effective management of foreign and domestic debt levels are essential aspects that need attention to strengthen our currency in the Forex market

Well Op the little I can say about this matter is mak them our government put body for exporting of goods to other countries I guess this go fit benefits we the Nigerians
And e-fit helps our naira get small or add value.

Make e no be like say my mouth too sharp, I go reasone say e go fit enter 2k to 2.5k. before that time , area fit don scatter oo because as e be now , people dey vex, hunger wan kill people, joy no dey again.  Make dollar fall back or make Nigeria find another means before the country go turn something else. No matter how e go be , dollar no fit pass 2.5k

I am not here to discuss the economic hardship that our failing naira is putting on the citizens of the country, I am sure the matter is already discussed in some other threads. I am here to discuss the projections for our naira against the dollar.

In our wildest imaginations, we never would have imagined a time where One dollar will be the equivalent of N1,600 of our naira.

N1,500 was almost seen as the height it will get to, but now we are approaching N2,000 a dollar, and I also do not think that it will be the stop, In maybe the second quarter of the year, I predict one dollar to be almost the equivalent of N2,500 because our government seems to be clueless on what to do. It was not even this bad under the PMB administration.

What are your predictions?

What economic policy do you think can be utilized by the government to stop this trend?