Dollyak:
The president isn't helping matters either.

How?

Uncle buhari is preparing to travel to see bros Obama, wetin concern Aboki with naira fall or stock market slide?

Zico5:
It is u that is scammed not we

Shoro niyen

hahn:
Is there hope for Nigeria?

Since 1960, prices in this country have only gone up, aside from prices for sim cards.

There has never being a sector where prices came down, aside from GEJ's reduction of fuel pump price from N97-N87. I have a feeling the naira is still on a free fall.

Something needs to be done before N1-1 Zimbabwean dollars

GOD FORBID

Firefire:


The name parallel market has been altered in recent time, CBN already closed all avenues to source dollars including RDAS etc.

I presume the only available means of getting USD is through the parallel market, inter-bank is another tales..

Anywhere but the CBN has become the new parallel market in Nigeria.

Buhari oooooooo.
Make una no vex,but na him name we go de call now
If fowl no gree lay egg,na Buhari cause am.

Is Nigeria changing positively or negatively, am waiting for approval am changing my nationalty

waiting on the balcony

to see the CHANGE they promised

But I havent seen any CHANGE

Except CHANGE from conductor

Click like if u miss GEJ

jaybee3:


How?

Perhaps deceptively, but there has been no visible economic plan from the president so far. This, coupled with the delayed appointment of the ministers (finance) meant investors were always going to be worried.

atlwireles:


Anywhere but the CBN has become the new parallel market in Nigeria.

Painfully yes, and you see them quoting yeye 196.5N/$ on their website.

I can reliably confirm to you that over 2 Billion Dollars are waiting FOREX in all tier 2 or 2nd tier banks in Nigeria.

Most firms are passing through hard time to remit fund to their foreign suppliers.

I pray "Miracle" happen soon.

jaybee3:


Gerrarohere pvnk

What has natural dynamics of economics got to do with voting pattern?

The Naira was first devalued during his reign
We started struggling with our ability to defend the Naira during his reign
Our economic outlook already pointed towards unstable during his reign

So why would any sane human continue on the same path hoping/praying for a change in fortune

Oya go get a cake or something and run along

you absolutely lack information or you just decided to be.....
Is GEJ OPEC?
what is happening to Russia, venezuela, lybia, SA?
You aren't grateful that he diversified the Nigeria economy from full dependence on Crude if not you would have even been crying me an ocean

StPete:
Click like if u miss GEJ

My brother, this is not about GEJ. Economic condition of Nigeria is at high risk being a mono product economy.

hamilton62:

you absolutely lack information or you just decided to be.....
Is GEJ OPEC?
what is happening to Russia, venezuela, lybia, SA?
You aren't grateful that he diversified the Nigeria economy from full dependence on Crude if not you would have even been crying me an ocean

You want to tackle me?
Are you sure about that?

Think again and let me know your final answer

Here is a bonus for you to ponder on. We (CBN) have always pegged the Naira back using our foreign reserves. How would we be able to keep pegging it back if the reserve has dwindled and the price of crude has crashed ?

We still don't have a minister of Finance.....

Firefire:



Painfully yes, and you see them quoting yeye 196.5N/$ on their website.

I can reliably confirm to you that over 2 Billion Dollars are waiting FOREX in all tier 2 banks in Nigeria.

Most firms are passing through hard time to remit fund to their foreign suppliers.

I pray "Miracle" happen soon.

There will be no miracle, we Nigerians refuse to live in our reality, let the change criers deal with it. I remember the days of Abacha when CBN held the Naira at N22, yet the black market had it at almost N90 plus. That's where we are heading again, also the price of crude oil is projected to remain under $75 for another 18 months. So, there is no escape velocity any time soon.

Nigerians welcome to one chance
"Change" is the name of the game.

i get a feeling that $1 will soon be equal to N1000....FG is toying with Nigeria, the worst is they don't know the pains masses are passing through.

meanwhile refer to my post here https://www.nairaland.com/2438920/iyaloja-ijebu-ode-assassinated/1#35666274

Dollyak:

Perhaps deceptively, but there has been no visible economic plan from the president so far. This, coupled with the delayed appointment of the ministers (finance) meant investors were always going to be worried.

Any price movement in the Naira is the responsibility of the INDEPENDENT CBN. Absolutely nothing to do with the president

Yes, the delay in his appointments may have affected the stock market since it's closely linked with business confidence and having uncertainties surrounding government policies ain't something any responsible big investor would delve into.

FX and stock are 2 different things entirely. They are loosely correlated

Firefire:


My brother, this is not about GEJ. Economic condition of Nigeria is at high risk being a mono product economy.

But baba daura said he was Nigeria's long lost messiah na, so yes it is about GEJ IMO

jaybee3:


You want to tackle me?
Are you sure about that?

Think again and let me know your final answer

Here is a bonus for you to ponder on. We (CBN) have always pegged the Naira back using our foreign reserves. How would we be able to keep pegging it back if the reserve has dwindled and the price of crude has crashed ?

After the sharp decline in global oil prices and Nigeria oil revenue with about 48%, as of 18th February 2015 CBN closed the RDAS/WDAS

market for the Interbank Foreign Exchange Market (IFEM) in a bid to reduce the level of reserves depletion, after the initial 8% devaluation on

25th November 2014 from N155 to N168 per dollar.

This has foreclose any intervention from the CBN, the policy which I support. You see the gains in the recent news from Emefiele

The truth now remains, other approach needs to be explore to save most especially the SME and the Nigerian masses with International trade.

We should not politicize this perilous situation.

Firefire:



After the sharp decline in global oil prices and Nigeria oil revenue with about 48%, as of 18th February 2015 CBN closed the RDAS/WDAS

market for the Interbank Foreign Exchange Market (IFEM) in a bid to reduce the level of reserves depletion, after the initial 8% devaluation on

25th November 2014 from N155 to N168 per dollar.

This has foreclose any intervention from the CBN, the policy which I support. You see the gains in the recent news from Emefiele

The truth now remains, other approach needs to be explore to save most especially the SME and the Nigerian masses with International trade.

We should not politicize this perilous situation.

jaybee3:
Make them devalue the damn thing jare

It's pretty obvious they've stopped defending the currency with our foreign reserve hence the gain reported by the CBN

Naira is junk anyways so no biggie

We are saying the same thing

atlwireles:


There will be no miracle, we Nigerians refuse to live in our reality, let the change criers deal with it. I remember the days of Abacha when CBN held the Naira at N22, yet the black market had it at almost N90 plus. That's where we are heading again, also the price of crude oil is projected to remain under $75 for another 18 months. So, there is no escape velocity any time soon.

Sad, painful and serious. Even further restriction now placed on BTA/PTA, maximum you can access from all sources is $5,000.

ok

jaybee3:




We are saying the same thing

Ok, I see, but your statement " Naira is junk anyways so no biggie " you are not fair to us without dual citizenship.

jaybee3:


Any price movement in the Naira is the responsibility of the INDEPENDENT CBN. Absolutely nothing to do with the president

Yes, the delay in his appointments may have affected the stock market since it's closely linked with business confidence and having uncertainties surrounding government policies ain't something any responsible big investor would delve into.

FX and stock are 2 different things entirely. They are loosely correlated

The only sensible comment so far.

Buhari should suspend Emiefele or whatever his name is.....a precedent has already been set with Sanusi

StPete:


But baba daura said he was Nigeria's long lost messiah na, so yes it is about GEJ IMO

I know PMB will deliver sometime later, but "Time na money" time lost, business lost, future lost might not be easily recovered.


We expect an instant action before further deterioration from the current administration.

Firefire:



Ok, I see, but your statement " Naira is junk anyways so no biggie " you are not fair to us without dual citizenship.

Naira is junk because it's largely politicized instead of being correlated with economic realities.

You can't have confidence in a currency that's constantly manipulated

Ya dig?

1stCitizen:


Buhari should suspend Emiefele or whatever his name is.....a precedent has already been set with Sanusi

Is cutting off the head cure for headache ?

jaybee3:


Naira is junk because it's largely politicized instead of being correlated with economic realities.

You can't have confidence in a currency that's constantly manipulated

Ya dig?

You actually have a valid point, Nigerian Naira being manipulated since 1960. But which way forward ?