The fundamentals are not looking good for naira at all. There is nothing soludo can do. if he tries to fill the gap using the Reserve, he is digging another big hole for Nigerians. It does not work. New Target N180 to a Dollar. Everyone out there in Nigeria should be buying dollars right now,

Buy at your loss,

THe thing has started droping. It's around: 149 now,

it is 142 as of early today. hope it gets lower as the new dutch auction statrs.

damola1:

Buy at your loss,

THe thing has started droping. It's around: 149 now,

That was a Dead Cat bounce. Soludo's talks cannot produce dollars. You need dollars to support this currency. Until we ascertain where dollars will be coming from,  Target remains N175. Oils cannot produce those dollars now.  And another consideration, banks abroad have been moving their money out of Nigeria as they are in trouble at home. Santanader the Spanish Bank,  owers of Abbey in the UK, has moved loads of money out last year. Continental Bank has been affected drastically by that  move. Nigerian sending money home from abroad are worried about their Jobs,  So less money is flowing in,  Nigeria's dependence on oil is not paying off. Oil is going to stay where it is as a slow down in the global economy is huge, less oil is now needed, hence the price.

These are not speculations, they are real fundametals. if you think otherwise state your reasons please,  direction for Naira is down Brothers and sisters in the house,

Your comments make sense.

But not to the point of devaluation as much as: 50%.

down it goes, target would be between: 130-135

Whats current exchange rate

150 now

There is a serious trouble as far as this downtrend of the naira is concerned. I wish I were the CBN Guv or the national president, I would have vetoed one dollar to be fifty kobo.

O'boy easier said than done, where is the money to make ur veto a reality? The CBN gov is even trying his best now. The problem with him is that he devalued the currency late and without any time frame for manufacturers to work with. So the panic is what is determing the current market value no body believes wht the CBN gov says any more.

Someone emailed me today from Nigeria stating that dollar is now N200. Please can anyone in lagos confirm this from the White Market.
As you may well know, our Nigerian friends likes to blow things out of proportion. I still can't believe it though.

Now if dollar goes to N200. There is big trouble for Nigerians. no doubt,

All my rates quote are directly from the white market.

As of today, or this morning, or 1min. Ago, it's N148 vs 1USD.

It's to come down,

damola1:

All my rates quote are directly from the white market.

As of today, or this morning, or 1min. Ago, it's N148 vs 1USD.

It's to come down,

Please when you update us. make sure you give us £ rates as well. There are a lot of people who need £££ rates as well

damola1:

All my rates quote are directly from the white market.

As of today, or this morning, or 1min. Ago, it's N148 vs 1USD.

It's to come down,

Sorry ooo Damola,
The rate you quoted is not correct. It is the Yahoo version, we can all see the yahoo version online. The one we need is the White Market value. or to be negative "BLACK MARKET ONE"

I belive the rate damola1 is correct and up to date. Damola please update us as frequently as you can, your rate is very reliable.
thanks

I will be very glad to.

The rate is absolutely correct, the Yahoo or Xe version is purely for indication. I get the rates directly from the white market.

I will update tommorrow, besides the CBN issue, the other issue bothering the Naira vs USD is actually demand and supply within the local market. There's scarcity sometimes and at other times, no scarcity.

If anyone needs simply advise I will call and update online,

Damola,
   Please I am making my way down to Naija this weekend. Please keep us updated.   ££££££ Rates Please

Same today.

£1 = N230

Your dollar rate;is that for buying or selling?

Buying,

I had a friend who sold today for: N137 to the abokis, so, if you are selling, at a fair deal, feel free to email me: damola@damola.com

please can we know the rate of the dollar and pound for today 23/01/09

Can someone tell what the price of euro is today 23/01/2009 ?

Ughhhhhhhhhh, I heard about this.
I'm so mad. I swear Nigeria is becoming more useless!
What are they getting at?
What da hex is it going to be year '10?

BAC:

That was a Dead Cat bounce. Soludo's talks cannot produce dollars. You need dollars to support this currency. Until we ascertain where dollars will be coming from,  Target remains N175. Oils cannot produce those dollars now. 

Bros, why 175? Unless there is a major conflict in the Middle-East(say Israel bombing Iran), oil prices won't be going up significantly for another 6 months. Within that time, what stops the Naira going down to N200 per dollar?

How can dollar be 148 naira to $1 when forex as of today is showing $1 to 150.35. Dollar will me more than 160.00 at the black market by Monday


Check it out yourself

http://finance.yahoo.com/currency-converter?a=1&s=USD&t=IDR

The strength of the naira is artificial, i predict the naira will be weaker. Besides i learnt most banks are now paying western union in naira equivalent using + - CBN exchange rate. That isnt a good sign for the naira at all it only goes to show the demand for dollar is growing. And that the banks can meet up wit it.

It saddens my heart most times when we as Nigerians take so much pride in ridiculing ourselves.We go onto the internet and write all manners of ills about ourselves,nacent economy and politics.still yet deep inside we want progress and growth to come to Nigeria. How will that happen when the image of the country continues to be subjected to our batterings. the Naira Vs Dollar issue is a global implication of relaying on one single currency for global trade: the pound is also not speared in this problem so is the naira. So lets use the internet as a medium of exchanging quality advice on how to move Nigeria forward not the other way round. (NIGERIA NEEDS US).

Ade from OGUN

@Aro 8
Where were u when naira was stronger than the dollar?,  back in the 80s when it was N5-$1 there wasnt internet to my understanding and we werent battering our country as u stated, rather we were naive had faith and had immaginery dreams. Yet the naira dropped like a dead body.
Right now technology has given us the opportunity to debate the exchange rate and decide which side of the coin we wanna be, be it dollar or naira. In Russian today, ordinary Russians store their currency in dollars, pounds and euros because they dont wanna wake up one morning and loose all their hard earn money, it has happened to them in the past and they know how it feels. Wht is wrong if we do same in Nigeria?, the leaders who lead us store their funds in hard currency oversea, how will my N1.00 solve Nigeria's financial problem?,
Revolution does start by sit-don-look attitude, it starts by looking ur self in d mirror and telling urself the truth no matter how degrading it might be. Ego better is wishful speaking and has never nor will it ever solve naija's problem, especially when u have leaders who cant speak the truth, soludo has never told us our true financial situation in naija, if it were in some countries in the west he would have resigned, but no, he comes on smart-speaking.

i feel ur pains my Naija Brother, u ve made some real touching points, i only which u see things from my perspective also. Yes its true that most of our leaders have not been very fair to us, yes, its true that Soludo is hiding something(i ve already writing an article on some of the things i feel the CBN is not telling Nigerians as far as the country's finances is concerned). But back to my earlier worries. I am an investment Analyst with one of the State Governments, communicating with investors is a big part of my job, after several networkings,if i manage to convince two/three investors in a month. and par adventure they decide to go onto the internet like they always do and search for free info on state of things in my country and they stumble across NEGATIVES. what do u thing will happen, they simple close the deal and move on to another country. One investor lost equals more suffering for the average Naija guy and girls on the street searching for jobs that might never come.U and I know that the Govt can not create all the jobs that Naija needs to move to the next level. PLS, SEE IT FROM THAT ANGEL AND LETS START PREACH THE GOOD MESSAGES OVER THE INTERNET AND LEAVE THE NEGATIVES OUT.PLEASEEEEEEEEEEEEEEEEE.

Ade from Ogun

Just got back from Naija today. Last week I changed Pounds for N220. White market.

@BAC how much was the Dollar?

Do you think the Naira has satbilized at around 150,

isolo:

@BAC how much was the Dollar?

Last week I was told dollar is N147 buying not selling. So selling should be about N145