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Nairaland Forum / Nairaland / General / Business / Naira Now 200 To Dollar - It Could Get Worse (8183 Views)
Internet Transaction With First Bank Visa Card Is Now 200 Naira Per Dollar. / Devaluation: Naira Now N183 To The Dollar / Naira Now 172 Naira To A Dollar. Why? (2) (3) (4)
Naira Now 200 To Dollar - It Could Get Worse by Muza(m): 8:54pm On Mar 16, 2009 |
Naira now 200 to dollar Odidison Omankhanlen, Lagos - 16.03.2009 The nation’s currency has continued to maintain a free fall against other world currencies at the weekend as the naira exchanged for N200 for US dollar. This confirms the fears expressed by analysts earlier last year that the naira would attain N200 for US dollar in the first quarter of the year. The present development has rendered ineffective, efforts by the Central Bank of Nigeria (CBN) to check the falling naira. It will be recalled that the apex regulatory body of the banking sectors had embarked on several measures to check the sliding naira. These have, however, failed to achieve the desired results. The foreign exchange market has virtually moved to the parallel market, where black marketers are experiencing boom. A bureau-de-change operator in Ikeja told the Nigerian Tribune that the situation was getting out of hand, stressing that despite their efforts, the naira was still maintaining free fall. http://www.tribune.com.ng/16032009/news/news16.html |
Re: Naira Now 200 To Dollar - It Could Get Worse by ElRazur: 9:06pm On Mar 16, 2009 |
Good news for people who are abroad. With a few dollars in my pocket we can live like kings for a few months, before heading back to work hard again. This can only be good news. |
Re: Naira Now 200 To Dollar - It Could Get Worse by Pataki: 9:11pm On Mar 16, 2009 |
Good news for some, bad news for others. For those whose business rely on the market exchange rate in Nigeria, I can imagine the level of frustration and annoyance brewing at the moment. |
Re: Naira Now 200 To Dollar - It Could Get Worse by kosovo(m): 9:13pm On Mar 16, 2009 |
whao it is indeed a welcome development, with a few dollar in one's pocket, u could live like KINGS indeed. pls let the oil price keep falling. |
Re: Naira Now 200 To Dollar - It Could Get Worse by mustafar1: 9:15pm On Mar 16, 2009 |
Goodnews! or is it? when everything we do in nigeria is pegged against imports. wait and see the prices of everything else rise in unison. |
Re: Naira Now 200 To Dollar - It Could Get Worse by oderemo(m): 9:19pm On Mar 16, 2009 |
Good news for people who are abroad. With a few dollars in my pocket we can live like kings for a few months, selfish idea. why dont you consider those actuall selling fish , ugwu, etc those that are actually affected and will suffer this consiquence. |
Re: Naira Now 200 To Dollar - It Could Get Worse by asha80(m): 9:21pm On Mar 16, 2009 |
It will reach 250 by june. Anya ga hu anyi iwa na nigeria. |
Re: Naira Now 200 To Dollar - It Could Get Worse by Lamidiobi1: 9:25pm On Mar 16, 2009 |
sotherners av destryed nigeria economy |
Re: Naira Now 200 To Dollar - It Could Get Worse by bawomolo(m): 9:27pm On Mar 16, 2009 |
Is this intentional devaluation to attract investment or the CBN has little clue on how to stop the slide? |
Re: Naira Now 200 To Dollar - It Could Get Worse by Kobojunkie: 9:28pm On Mar 16, 2009 |
kosovo: Live like what king? |
Re: Naira Now 200 To Dollar - It Could Get Worse by Kobojunkie: 9:30pm On Mar 16, 2009 |
bawomolo: I am not an economist but If this is devaluation to bring in investors then I think it is silly way to do that. We are talking of an economy that depends largely on imports. With the ratio at 200:1, doesn’t this also mean that cost of raw materials and goods will also skyrocket, creating a seriously bad market? |
Re: Naira Now 200 To Dollar - It Could Get Worse by DisGuy: 9:31pm On Mar 16, 2009 |
ElRazur: but thing will still be expensive considering everything including toothpicks are imported by local businessmen! imagine buying cornflakes for £6 |
Re: Naira Now 200 To Dollar - It Could Get Worse by oderemo(m): 9:33pm On Mar 16, 2009 |
sotherners av destryed nigeria economy how , when obj was at the helm for effing 8yrs. |
Re: Naira Now 200 To Dollar - It Could Get Worse by MrCrackles(m): 9:34pm On Mar 16, 2009 |
Topic |
Re: Naira Now 200 To Dollar - It Could Get Worse by Lamidiobi1: 9:35pm On Mar 16, 2009 |
is obj not a southern yoruba ugly goat that destryed nigeria?. the same man that used our foreign reserve to do owambe n 1978? |
Re: Naira Now 200 To Dollar - It Could Get Worse by ElRazur: 9:44pm On Mar 16, 2009 |
ode remo: I am not in anyway selfish. If anything, it may be a good move as it will attract foreign investors. Besides, look on the bright side, what ever money I work hard to get over here, it will provide jobs and employment for a few back home that I will need their services when am there for holiday. |
Re: Naira Now 200 To Dollar - It Could Get Worse by ElRazur: 9:49pm On Mar 16, 2009 |
Dis Guy: It is a good thing I do not eat cornflakes as am lactose [milk] intolerant. The problem really do not lie with people like me [and you] who are not in the country, the problem lies with the way the country have been runned ever since we discovered oil. I am merely reacting to what any human will. On the flip side, I remember watching on the news in Nigeria, when it was proposed about last year or so that the naira will be 1-to-1 with the pound. The first public joe [or should I say Mumuni] that was interviewed said "oh that it is good news, it will at least show those proud people abroad that their money is nothing" or something along those lines. I couldn't stop laughing when I heard those comments. Little did he realise that Nigeria stand a lot to lose if it happens in the short and long run. |
Re: Naira Now 200 To Dollar - It Could Get Worse by 4Play(m): 9:50pm On Mar 16, 2009 |
bawomolo: It's not devaluation and it's definitely not the CBN's fault. The exchange rate reflects the supply/demand of Naira compared to the supply/demand of dollars. You have a shortage of dollars, due to falling oil receipts, falling remittances and capital flight, and shortage makes things, dollars in this case, more expensive. |
Re: Naira Now 200 To Dollar - It Could Get Worse by Kobojunkie: 9:53pm On Mar 16, 2009 |
ElRazur:roflmao!!! |
Re: Naira Now 200 To Dollar - It Could Get Worse by DisGuy: 9:55pm On Mar 16, 2009 |
ElRazur: lol i watched the same news!! and also read a lot along that line on nairaland |
Re: Naira Now 200 To Dollar - It Could Get Worse by mustafar1: 10:02pm On Mar 16, 2009 |
the anti-Naysayers have gathered. anxiouly waiting for the first naysayer to pop in. |
Re: Naira Now 200 To Dollar - It Could Get Worse by GettysBurg: 10:12pm On Mar 16, 2009 |
So how much is d Euro? |
Re: Naira Now 200 To Dollar - It Could Get Worse by Nobody: 10:13pm On Mar 16, 2009 |
guess Soludo has reach his wit end. |
Re: Naira Now 200 To Dollar - It Could Get Worse by bawomolo(m): 10:28pm On Mar 16, 2009 |
4 Play: Good point, the capital flight and falling remittances have had a huge influence. You definitely are right. Xavier.: I think Nigeria is in the same situation as many Eastern European countries, We are dependent on what happens in Western Europe and the US. there is not much we can do but watch. |
Re: Naira Now 200 To Dollar - It Could Get Worse by Lamidiobi1: 10:33pm On Mar 16, 2009 |
So how much is d Euro?240 |
Re: Naira Now 200 To Dollar - It Could Get Worse by ElRazur: 10:34pm On Mar 16, 2009 |
If we put less focus on oil and invest in other areas, then we may have some sort of leg to fall on. Our GDP is based mainly on the income from oil sales and with the way things are going, it is not the best option. What are we going to do once we run out? |
Re: Naira Now 200 To Dollar - It Could Get Worse by Afam4eva(m): 12:39am On Mar 17, 2009 |
This is bad news for those of us that buy dollars. |
Re: Naira Now 200 To Dollar - It Could Get Worse by naijaking1: 1:58am On Mar 17, 2009 |
Corruption Low oil prices Mismanagement Islamic economics Bad planning Stupid policies Lack of basic economic skills And the reasons for failing naira goes on and on, and on |
Re: Naira Now 200 To Dollar - It Could Get Worse by Sammy107d(m): 3:31am On Mar 17, 2009 |
Im totally screwed |
Re: Naira Now 200 To Dollar - It Could Get Worse by Afam4eva(m): 3:41am On Mar 17, 2009 |
Is there any hope for the naira in the nearest future? |
Re: Naira Now 200 To Dollar - It Could Get Worse by dean2725: 3:46am On Mar 17, 2009 |
20naira to 1 dollar? ope o!!!! wait o, *putting on my gasses* 200 naira to 1 dolar haahahahahha!!!!!! *collapse* |
Re: Naira Now 200 To Dollar - It Could Get Worse by dean2725: 3:56am On Mar 17, 2009 |
Oh God of creation Direct our noble cause; Guide our leaders right; Help our Youth the truth to know In love and honestyTo grow And living just and true Great lofty heights attain To build a nation where peace and justice shall reign. |
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