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Nairaland Forum / Nairaland / General / Business / We Buy Dollar At N320, Says PZ Cussons (13170 Views)
PZ Cussons Nigeria Beats The Odds / PZ Cussons Declares N2.3bn Pre-tax Loss In Q1 / Naira Crashes To 288/dollar At New Official Market (2) (3) (4)
We Buy Dollar At N320, Says PZ Cussons by Adesiji77: 8:34am On Apr 15, 2016 |
PZ Cussons Plc says it is paying as much as 70 per cent more than the official rate for dollars as the Central Bank of Nigeria trading restrictions reduce availability of foreign currency in Africa’s biggest economy.http://www.punchng.com/we-buy-dollar-at-n320-says-pz-cussons/ 1 Share
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Re: We Buy Dollar At N320, Says PZ Cussons by MathsChic(f): 9:10am On Apr 15, 2016 |
On the one hand, it must be said that this 199/1usd exists only for the Nigerian government. The greater economy is gradually rebalancing itself for 300-ish/1usd, with the inevitable result of rising prices and rising cost of production. Even then, further speculation is encouraged since there are now two completely different rates accessible to certain manufacturers who could go the official channel in a bid to cut cost and then the unofficial when cashing in. On the other hand, by holding its ground the Nigerian government seems to be giving life to a resurgence in the naira value. Currency restrictions could cause manufacturers to find cheaper ways of sourcing for raw materials, some possibly local, giving the Nigerian economy necessary boost. This situation of "trapped naira" is also somewhat good for the country, but maybe not so much for desperate investors for whom Nigeria has always been a dumping ground anyways. In all however, the strength of this monetary policy will only be reinforced by complement policies in the judiciary, industries and other aspects of Nigerian life. A corrupt country will only become more corrupt in the face of Mr. Buhari's close-fisted reform. 17 Likes 1 Share |
Re: We Buy Dollar At N320, Says PZ Cussons by Nobody: 10:04am On Apr 15, 2016 |
Let us fight illiteracy in government. 3 Likes |
Re: We Buy Dollar At N320, Says PZ Cussons by aloeman15(m): 10:13am On Apr 15, 2016 |
The stupendous thing is that there's still no clear economic direction to indicate when things will ease, or what buffers the govt plans to employ. If our govt had any sense they would've given a timeline for these policies, allowing time for both them and importers to put their respective houses in order. If the fear was that people would move out their funds- well, guess what: NOONE is using the funds and the moment you ease things by the slightest, EVERYONE is going to take their money and FLEE from you! These firms that are wailing are actual real sector manufacturers- some of our biggest employers- having such a serious problem. Yet for some reason, NIGERIANS are not protesting against the disaster that's unfolding! Are we mad?! The cbn has told us many times, with confirmation by bankers, how billions of dollars are in bank vaults. Why not buy them from account holders who desperately need their money but are barred from access? Why not issue importers with dollar certificates that only those whose goods they import can claim the dollar payments from the cbn directly, thereby curtailing round tripping? Why not get dom account holders to form import charters whereby their dollars are used by ppps to bring in equipment and infrastructural facilities for their preferred sector of investment- making them direct stakeholders in nation-building? Why not do SOMETHING?! 16 Likes 2 Shares |
Re: We Buy Dollar At N320, Says PZ Cussons by ShitHead(m): 10:57am On Apr 15, 2016 |
Ok...you can start buying Yuan abi Juan now, because very soon, the price will pass dollar. Political illiteracy in Nigerian leadership. . 2 Likes |
Re: We Buy Dollar At N320, Says PZ Cussons by folks4luv(f): 10:57am On Apr 15, 2016 |
and I ask again, who is d special assistant on economy matters? what about special advisers? have we got an economy team? what is d direction d govt is going? looks like d fg is waiting for things to fall into places on their own. lotta questions but scanty answers. the only reason I am looking forward to better days for Nigerians with this administration is because things aren't always d way they seem. 1 Like |
Re: We Buy Dollar At N320, Says PZ Cussons by DAVECENA(m): 10:58am On Apr 15, 2016 |
Not to worry because the nation is in its trying times but MARK MY WORDS at the end of Buhari's regime,APC will be a household name....its brotherDAVE on the line. 3 Likes |
Re: We Buy Dollar At N320, Says PZ Cussons by iykebest1(m): 10:59am On Apr 15, 2016 |
One thing I know is that this is an artificial scarcity, created by some set of cabals whose plans includes sinking the political ship of PMB. But he will soon be back to fight kwaruption with kung fu. 12 Likes
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Re: We Buy Dollar At N320, Says PZ Cussons by chinoify: 10:59am On Apr 15, 2016 |
Epic Price |
Re: We Buy Dollar At N320, Says PZ Cussons by Ikenna73(m): 10:59am On Apr 15, 2016 |
Are we to buy dollars? Both naira and dollar are both currency...! By the way we r promised 1naira to 1dollars.. Still calculating the equivalent.... ApC we r waiting 4 Likes 1 Share |
Re: We Buy Dollar At N320, Says PZ Cussons by StevenJay01(m): 10:59am On Apr 15, 2016 |
Of zombieeeeeees would talk now they will say he shud start transacting in Yuan 1 Like |
Re: We Buy Dollar At N320, Says PZ Cussons by kennyman2000(m): 11:00am On Apr 15, 2016 |
Hmmmm |
Re: We Buy Dollar At N320, Says PZ Cussons by Nobody: 11:00am On Apr 15, 2016 |
Even me way day study economics no understand the benefit of all these policies. I will have to ask ma supervisor 1 Like |
Re: We Buy Dollar At N320, Says PZ Cussons by Nobody: 11:00am On Apr 15, 2016 |
And thus prices go up. Wailers./.....see why some of us groan about GEJ's failure to save. (Cue wailers throwing everything at me....including the sink). But....even if there was savings....we would have just delayed Armageddon till 2017. The real elephant in the room is PZ cussons's failure to develop sources of raw materials locally. They are so dependent on imports...that when we run out of forex to import...they start looking helpless..... So....our industries better start surviving on their own. Momma oil wants you to grow up. 4 Likes |
Re: We Buy Dollar At N320, Says PZ Cussons by DrRasheed: 11:00am On Apr 15, 2016 |
Even naira is expensive talkless of dollar |
Re: We Buy Dollar At N320, Says PZ Cussons by helphelp: 11:00am On Apr 15, 2016 |
Abajo ti Robb ati Olympic milk ti wan 1 Like |
Re: We Buy Dollar At N320, Says PZ Cussons by corperscorner: 11:01am On Apr 15, 2016 |
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Re: We Buy Dollar At N320, Says PZ Cussons by helphelp: 11:01am On Apr 15, 2016 |
Abajo ti Robb ati Olympic milk ti wan |
Re: We Buy Dollar At N320, Says PZ Cussons by Pangea: 11:01am On Apr 15, 2016 |
Very soon now, all these companies will start relocating to cotonu snd ghana |
Re: We Buy Dollar At N320, Says PZ Cussons by gurunlocker: 11:01am On Apr 15, 2016 |
I just hope this guy's won't also stop business.... Bubu don turn the country upside down |
Re: We Buy Dollar At N320, Says PZ Cussons by olapluto(m): 11:02am On Apr 15, 2016 |
It is a shame that PZ cannot or has not shifted all its production to Nigeria (at least for Nigerian market volumes). They've been around for so long. Why create employment in Manchester when it is Nigerians that buy the product. |
Re: We Buy Dollar At N320, Says PZ Cussons by solid3(m): 11:03am On Apr 15, 2016 |
Even me too. |
Re: We Buy Dollar At N320, Says PZ Cussons by Nobody: 11:03am On Apr 15, 2016 |
Who cares? Most companies planned in advance and built stocks/inventory for this period. Most have found their level already and you are here lamenting. Shareholders should hold their management accountable if they fail to deliver good dividends at year end. Nonsense. They should keep buying, afterall black marketers have been at their beck and call. Its policy for all and no one is the target. 1 Like |
Re: We Buy Dollar At N320, Says PZ Cussons by gurunlocker: 11:03am On Apr 15, 2016 |
DAVECENA:Yes, Paris wasn't built in a day so as Rome... but who are the "we Nigerians"? 5 Likes 1 Share |
Re: We Buy Dollar At N320, Says PZ Cussons by Guyman02: 11:05am On Apr 15, 2016 |
Go and buy the Yuan at N34. Why bother too much about dollar when most of your imports come from China. You need Dollar because you want to repatriate profit to Europe and America; reinvest the money here in Nigeria; this is just one of the very few areas I support Buhari. 1 Like |
Re: We Buy Dollar At N320, Says PZ Cussons by luvinhubby(m): 11:06am On Apr 15, 2016 |
DAVECENA: Stale! There is fire on the mountain.........!! 5 Likes |
Re: We Buy Dollar At N320, Says PZ Cussons by luvinhubby(m): 11:07am On Apr 15, 2016 |
Keneking: Did you even read the write up at all? 2 Likes |
Re: We Buy Dollar At N320, Says PZ Cussons by Nobody: 11:07am On Apr 15, 2016 |
ShitHead:It doesn't work like that o!, jst becos FG wants to add the Yuan to it's reserve which is in Dollars won't make the Yuan stronger than the US Dollars. Buhari is jst helping the chinese government at the expense of his nation. That Yuan can't beat Dollars. 3 Likes |
Re: We Buy Dollar At N320, Says PZ Cussons by folks4luv(f): 11:08am On Apr 15, 2016 |
olapluto:don't u think PZ will b happy they haven't shifted production to Nigeria? yes, we have d largest market in Africa, but how easy is it to run a business here successfully with all d crisis rocking d nation |
Re: We Buy Dollar At N320, Says PZ Cussons by anonimi: 11:09am On Apr 15, 2016 |
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