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Nairaland Forum / Nairaland / General / Business / Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? (36148 Views)
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Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by adconline(m): 5:27pm On Jun 21, 2016 |
kaboninc:because you have nothing to say about them. Working and middle class Nigerians have been led to believe that they're better than most people in emerging economies, but all economic indices say opposite. Millions of workers and pensioners owed salaries in Naija are about 10% of Venezuela's population if we put conservative estimate at 3m Naija workers. Over 10m Naija kids aren't enrolled in school, that's 1/3 of Venezuela population.. Ten of millions of Naija are dead poor, but they are not protesting |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by davidigomanel: 5:29pm On Jun 21, 2016 |
My broda i made mistake by using uba master card on Alixepress online to make purchase i regretted it badly. I was 430 per dollar with UBA master card. I wish i can show you the screen shot . It terrible bad. |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by kaboninc(m): 5:29pm On Jun 21, 2016 |
Martartins: Please correct yourself! The budget is hugely funded by DEBT. Kindly disregard the semantics used by the government. How else can you explain the fact that a budget that has a capital component of 30% and a recurrent expenditure of 70% will be funded by a debt of over 40%? A careful analysis of the budget will show a difference of increase in expenditure components and a slight departure of funding arrangements. For example, a particular ministry voted more than 300 billion in 2016 but 18 billion in 2015. Yet considerable same projects or continuation of same projects. 1 Like |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by UDS: 5:41pm On Jun 21, 2016 |
@Stagger, thank you for this explanation. Still waiting for more clarification of this policy from CBN. It is really hard to analyse. I wonder where this will land us. For those of us who into small importation of our products, how will we cope? You can not do your cost analysis. www.alphacomonline.com. |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by adconline(m): 5:44pm On Jun 21, 2016 |
kaboninc:Thanks! Good luck preaching common logic to Naija folks. Most us don't want to read beyond political sound bites churned out by paid party agents. More so, the govt is saying that it can not implement 30% capital budget, so only 15% could get implemented. 1 Like |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by kaboninc(m): 5:49pm On Jun 21, 2016 |
adconline: One thing about the Nigerian economy is the thriving informal sector. Almost every Nigerian worker or most Nigerians (say 95%) of Nigerians have some form of transactions in the informa sector and this do not pass through the banking system. That is why we do not feel the impact as will other countries as we have creative ways of generating income. Like I said, you really do not want to read about Venezuela! 'We're living worse than in a war': Venezuela's deepening economic crisis Source: http://www.cbc.ca/news/world/venezuela-crsis-food-electricity-oil-shortage-inflation-1.3643216 |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by adconline(m): 6:21pm On Jun 21, 2016 |
So 10m Naija kids not enrolled in school have a kind of gig in Naija informal sector?? Mind you over 50% of Naija live below poverty level of $1/day. Now if you just take 20% of Nigerians living below, that means that over 34m Nigerians are poor while Venezuela is 30m, so 20% of their population in poverty is 6m. The difference is that Venezuelans were used to having basic things in good times, but are going through rough times now, but Nigerians have always been poor and haven't had the privilege of enjoying favourable govt social programs. 1 Like |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by catalanscrew(m): 6:22pm On Jun 21, 2016 |
Wetin I wan buy dollar for? |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by grandstar(m): 6:27pm On Jun 21, 2016 |
babosky2008: You are highly incorrect. A float simple means your exchange rate is fully determined by demand and supply and influenced by government fiscal policies such as the size of the budget deficit or surplus and monetary policy such as CBN's mopping up of excess funds or raising interest rates. This is not a true float because 41 products are still excluded from CBN window. The BDC's which would have broken the monopoly of the banks and CBN are excluded. They are badly needed in bridging the gap between the official and black market rates. Anyway, the system needs time to prove it will work. Hasty criticism makes one foolish everyone foolish otherwise if the manage float does prove successful 1 Like |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by stagger: 6:35pm On Jun 21, 2016 |
I have refused to be drawn into any arguments about Venezuela with the guy who is just talking and knows nothing about the reality of the situation there at the moment. Rather than admit he was wrong in his analysis, he is now saying Nigerians have never enjoyed social programs. He probably did not participate in the Awo era free education. Maybe he also never got a scholarship with offer of automatic employment. Perhaps he also does not know students were once fed for free until Buhari's military junta stopped it and also stopped construction of new hostels. As a primary school student, we had sandwiches, milk, biscuits etc as part of a proper school feeding program, not the garbage I saw on TV the other day. This was in the late 70s. Nuff said. Let him keep arguing without basis. 3 Likes |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by stagger: 6:35pm On Jun 21, 2016 |
I have refused to be drawn into any arguments about Venezuela with the guy who is just talking and knows nothing about the reality of the situation there at the moment. Rather than admit he was wrong in his analysis, he is now saying Nigerians have never enjoyed social programs. He probably did not participate in the Awo era free education. Maybe he also never got a scholarship with offer of automatic employment. Perhaps he also does not know students were once fed for free until Bihari's military junta stopped it and also stopped construction of new hostels. As a primary school student, we had sandwiches, milk, biscuits etc as part of a proper school feeding program, not the garbage I saw on TV the other day. This was in the late 70s. Nuff said. Let him keep arguing without basis. |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by onatisi(m): 6:39pm On Jun 21, 2016 |
Unfortunately for Nigerians,the worst is even yet to happen . We predicted it last week that this policy is late ,this is a policy the dullard president should have allowed since last year. The naira will still crash terribly by August and then the government will start throwing blames here and there before finally abolishing this new policy but by that time many ppl would have been thrown out of jobs and their businesses rendered useless. The best thing now for anyone living in Nigeria and has funds is to start buying dollars and refuse to sell just like the commercial banks did yesterday 1 Like |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by grandlexuz(m): 6:57pm On Jun 21, 2016 |
joey150: Bros every country imports.. From Japan to America to China. Be it finished products or raw materials.. I see a common currency for Ecowas as a solution for the future.. |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by abfalkolly(m): 7:00pm On Jun 21, 2016 |
There is nothing like inter bank rate again ,exchange rate will be determined by demand n supply in the market with only SINGLE rate ..Banks cannot give u exact rate ..All banks(international n national )will participate...dre is nothin like small banks buyin 4rm big banks. |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by adconline(m): 7:20pm On Jun 21, 2016 |
stagger:Nope I was not born in 1960s! Nice try, but we are talking about 2016. If you can't see anything wrong in Naija with over 40m poor folks patting itself on the back and saying we're better than Venezuela when in fact there are about 5m poor folks in Venezuela If you can't see anything wrong that Naija with GPD per capita of $3000 is saying that it's better than Venezuela with $13k GDP per capita. If you can't see anything wrong in Naija telling you that we're better than Venezuela while having only $30bn to take care of 180m while Venezuela has $142bn to take care of 30m people 2 Likes |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by Dam5reey(m): 7:32pm On Jun 21, 2016 |
Summary of all... There should be regulatory body ... To make this policy work... Before now the parralel market rates use to be close to the official rates difference of about 5 to 10 Naira.. Then rhe banks use the official rates for online transactions I could remember this...Then Naira rate was official 198 and parrallel 200+ Something happend towards 2015 Elections.. Corruption... BDCs widened the rates and Bank did the same.... 1 Like |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by Dam5reey(m): 7:37pm On Jun 21, 2016 |
abfalkolly: Oga thats not the reality... Then there should be live exchange rate just like we have GBP EUR USD and the rest... Nigeria cannot attain that level where there is onw rate yet.... If you feel otherwise... Give me link to our macroeconomic and microeconomic indicators... |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by dokgen(m): 9:49pm On Jun 21, 2016 |
House, please i need 3000 DOLLAR/EUROS OOOO. who has . whatsapp number[font=Lucida Sans Unicode][/font] +639369428692 |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by abfalkolly(m): 10:14pm On Jun 21, 2016 |
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Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by grandstar(m): 12:50am On Jun 22, 2016 |
adconline: Venezuela has run bad economic policies since 1999 when Chavez assumed power. Massive inflow of dollars helped disguise the rot in the economy. He was spending money frivolously like there was no tomorrow. The best indication of that mismanagement was that his anointed successor was a bus conductor! With a collapse in oil price, fowl ya-nsh don open. The economy has profoundly collapsed and the completely clueless Maduro is holding desperately to power. It will take at least 3 years to repair the damage done. 1 Like |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by adconline(m): 3:04am On Jun 22, 2016 |
grandstar:During Chavez, their workers were the highest paid in South America . They made a lot of money and spent it in their country and on their citizens unlike in Naija where we made a lot of money and Politrickians and their cronies stole and stashed in offshore accounts. They invested in public infrastructure. It currently generates 5x more power than we do. When oil prices come back, it's positioned to reap bountifully because its oil company, PDVSA ( similar to NNPC) is a vertically-integrated company. It explores, drills, refines and markets petroleum products. It owns one of the largest refineries in the US-Citigo. It owns refineries in Germany, Sweden, Jamaica, Bahamas and US Virgin Islands. Our NNPC is unable to reconcile its account with govt and JV partners. |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by stagger: 7:19am On Jun 22, 2016 |
adconline: So now that the US is adding 9m barrels per day and the Saudis have threatened to step up to 20m barrels per day, when will prices of oil "come back", and to what levels? You mean you are still one of the mono economy preachers? |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by grandstar(m): 7:31am On Jun 22, 2016 |
adconline: If government workers were the highest paid in South America, it exposes the reckless spending I spoke of. He actually doubled the size of an already bloated state staff. The man ruined PDVSA. He sacked most of the company's competent staff who got better offers overseas to their well grounded knowledge in oil especially heavy oil. He then replaced them with loyalist. Production slumped heavily. Also you claim that the money made was spent within the country. That is a fallacy. He was dashing out aid in the form of subsidised crude oil to many South American countries. Also, because of mismanagement of the economy, manufacturing and food production slumped forcing Venezuela to depend on imports especially from Colombia. A lot of their money was going to Colombia. Also there was corruption, a lot of it even if it might not have been as brazen as that here. Also, there was massive capital flight from the elite who lost faith in Chavez economic policies. He actually nationalised many big private companies. As for power. the country is suffering from severe blackouts. Investment my foot. Most of the glory you spoke of was pre-Chavez. You are praising well known charlatan 1 Like |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by shinaboy: 7:54am On Jun 22, 2016 |
stagger: This is not true. The case with Venezuela happened because the government was controlling prices of commodities and fixing forex rates just like Buhari was doing before he saw the light. Infact, the shortage of products already started before oil prices started to drop. So they are suffering from forex controls rather than devaluation You can read this article for more details about the crisis http://www.theatlantic.com/international/archive/2016/05/venezuela-is-falling-apart/481755/ |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by stagger: 9:44am On Jun 22, 2016 |
shinaboy: Are you basing your opinion on an article or are you basing it on your own analysis as someone who understands economic fundamentals? I would prefer to hear your viewpoint and not what an online article says. We all went to school and should be able to do our own analysis, not regurgitate a script written by a journalist somewhere. 1 Like |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by Trutek(m): 10:00am On Jun 22, 2016 |
grandstar:. It Is Only Human To Become Enmeshed With The Details And Lose Sight Of The Overall Picture. I Would Urge U To Forget The Textbook Grammar Used By Armchair Economists And Look At The Real Picture.Both Countries Are Developing Economies .Both Are Oil Producing With The Attendant Corruption Issues. Check The Crime Level; They Are Similar If U Factor The Ease At Which U Can Purchase Guns In Each Country.I Am Sure U Know Banks Have Been Retrenching. Guess What A Banker Who Suspects He Might Be Laid Off Anytime Soon Would Do? And He Happens To Work In The Forex Unit?In A Country With Weak Enforcement Of Laws?Just Watch! |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by grandstar(m): 11:28am On Jun 22, 2016 |
Trutek: You know nothing about Venezuela. What is the official rate and what is the black market rate? 1 Like |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by buharisbae(f): 11:51am On Jun 22, 2016 |
ogene70: yaff insult me are u now Happy? |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by shinaboy: 12:00pm On Jun 22, 2016 |
[i][/i] stagger: Firstly, there is absolutely nothing wrong with basing my opinion on information gathered from subject matter experts as in the article I shared, as long I understand the argument and I find it logical. Big businesses, governments, and decision makers of all kinds do this all the time. My opinion is no less valid because it is based on LOGICAL expert opinion. Emphasis on the word "Logical". While I am not an expert, I do have a enough understanding of economics to know that a centrally controlled economy does more harm than good in the long run as Venezuela perfectly exemplifies. Of course devaluation leads to inflation but I think saying that the hyper inflation seen in Venezuela is purely a result of the devaluation is mischievous and misleading. The factors responsible for the country's descent into the disaster it finds itself are many, and a key one was that it kept fixing prices of goods and forex rates until it became too hard for manufacturers to stay in business. And yielding to pressure, the leadership devalued the currency in last ditch efforts to save an economy that was already tanking. Devaluation is not a silver bullet that would clear the mess caused by poor economic policies such as artificial forex rates in one fell swoop. For it to be of any use it has to be implemented alongside other policies which allow markets to operate more freely. Artificially low prices may please us for a while but there will be nothing but anguish and regrets in the long term when its consequences become manifest. On the other hand devaluation may cause discomfort now but this can only lead to growth and development as long as other liberal market policies are in place. If anything, Venezuela perfectly demonstrates the folly of forex controls, price fixing, and bad governance in general. And It is in no way an example of the dangers of devaluation as you suggested. |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by kaboninc(m): 1:00pm On Jun 22, 2016 |
shinaboy: stagger: You guys are saying the same thing... Government's policies and actions (Shinaboy...the government was controlling prices of commodities and fixing forex rates [even as the] (stagger...country produces crude oil like we do [and yet] wasted their oil money like we have done and had to devalue their currency) led to a crumbling state of the economy which ended in devaluation of the country's currency. Bad actions and policies such as unsustainable socialist programs until the crash of crude oil led to a crumbling economy. Continued sustenance of the unproductive policy aggravated the problem already at hand. Tight control of currency in view of the current realities on ground led to wide spread abuse (as we are currently experiencing here) and eventually, the currency has to be devalued so as to reflect the true situation of things. However, even with the devaluation (10 bolivars to the dollar), the problem is still yet to be resolved. |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by stagger: 1:26pm On Jun 22, 2016 |
shinaboy: You obviously did not read my post. If you did, you will see that there was NOWHERE I suggested that Venezuela's problems were a result of devaluation. Rather, I said that the problems with Venezuela are similar to what is playing out here as a RESULT of poor economic policy of depending solely on the export of a product whose pricing regime is not under our control. Devaluation is not a cause: it is an effect. That is what I was clearly saying. So you completely misrepresented and misinterpreted my post. |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by adconline(m): 8:18pm On Jun 22, 2016 |
grandstar: Venezuela compared to USA/Norway is a monster, but Chavez was unequivocally a disciple of mixed economy with huge social programs to make his citizens happy. But comparative to Nigeria, we are the real charlatan! In 2014, Venezuela budgeted $87.3bn for a population of 30m while Naija budgeted $30bn for a population of 170m. Sector allocation Naija budgeted 10.6% for education which was about $3bn Naija budgeted 5.7% for health which was about $1.5bn Venezuela budgeted about 40% for social investments with education getting about $10bn-11.7% while health got about $7bn at 8%. Additionally, PDVSA is obligated to contribute towards education and health through a govt program " Fonden" to the tune of $8-10bn. So Venezuela's budget is 3x more than Naija It spends 3x more on education than Naija. It spends 5x more on health. As per oil price, Nigeria has production cost than Venezuela. We also have lower output than Venezuela. https://storify.com/budgITng/nnpcs-report-march-2016 http://graphics.wsj.com/oil-barrel-breakdown/ PDVSA subsidiary, Citgo , has a downstream operation in the U which can fund Naija budget on annual basis. Their revenue in US alone is about $42bn. It owns 2 refineries in the US with a combined production capacity of 760k bpd. Can our NNPC refine 200k bpd locally? Nope!! PDVSA has refineries in Germany, Sweden, Bahamas, US Virgin Islands and Jamaica. This comparison is between Naija oil wealth vs Venezuela's ! |
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