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Nairaland Forum / Nairaland / General / Business / Naira Crashes To 288/dollar At New Official Market (34312 Views)
Dollar Crashes To N368/$1 / Naira Crashes To N484 Against Dollar As More Bdcs Go Underground / Naira Crashes As FG Denies Currency Swap Deal (2) (3) (4)
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Re: Naira Crashes To 288/dollar At New Official Market by SIRTee15: 10:03am On Jun 21, 2016 |
catchdwind4rmkd: less than 1% of prospective buyers got dollar at #197 when it was that rate. even the almighty fuel importers couldn't get at that rate. there's already inflation, everything u buy is at the black market rate. plane ticket is at black market rate and only buhari's daughter pays her school fees at the rate of #197 to a dollar. thus, there's no need keeping it at that unrealistic rate. in fact, whosoever buy dollar at #197 is defrauding the nation because he's buying a heavily subsidised dollar. 2 Likes |
Re: Naira Crashes To 288/dollar At New Official Market by ucheokpara100(m): 10:04am On Jun 21, 2016 |
Buhari is a true leader many Nigerians are just st!upid the worst part is these st!upid once have access to internet and also comments on everything evenif they know nothing about it. |
Re: Naira Crashes To 288/dollar At New Official Market by iykedare(m): 10:11am On Jun 21, 2016 |
Where are those economists who can't beyond their noses? Cc crazymommy Ispiksdatroof Cybug Olayinkafawaz https://www.nairaland.com/3172610/warning-economist-go-sell-dollar/2#46773314 |
Re: Naira Crashes To 288/dollar At New Official Market by abbeyty(m): 10:14am On Jun 21, 2016 |
make i empty my account and send money to naija b4 Naira starts apperciate again, i know it going to apperciate very soon 1 Like |
Re: Naira Crashes To 288/dollar At New Official Market by crazymommy(f): 10:15am On Jun 21, 2016 |
iykedare:Keep deceiving yourself...so you think banks will buy dollar from you at the parallel rate?you must be joking...banks want to gain too...their buying rate will be the current interbank rate and their selling rate will be determined by them which is going to be higher than the interbank rate so they can make their profit....e.g if the current interbank rate is 288 automatically the buying rate for the bank will be 288 and they can sell it e.g for 320 making them 40 naira profit..... 4 Likes |
Re: Naira Crashes To 288/dollar At New Official Market by tivta(m): 10:15am On Jun 21, 2016 |
martineverest: Mr man, as long as Nigeria doesn't have electricity to power the manufacturing sector, Nigeria will continue to import goods and the dollars will continue to rise, stop living in fools paradise and call the rocket scientist minister to do his job... 1 Like |
Re: Naira Crashes To 288/dollar At New Official Market by Checked86: 10:16am On Jun 21, 2016 |
Boss13:I am not blaming the government. This is how free market should function, ups and downs. I also said private investors but they would probably go to dubai or london to invest. The importers of those banned goods make up to 60percent(causal stat.) of those seeking fx. They will keep influencing the exchange rate in no small measure. You can read where the president of BDCs said that the backlog was more than $4b. I really expect immediate appreciation of naira. |
Re: Naira Crashes To 288/dollar At New Official Market by MadCow1: 10:17am On Jun 21, 2016 |
rusher14: As if the fhucker even has a job. 1 Like |
Re: Naira Crashes To 288/dollar At New Official Market by AZeD1(m): 10:17am On Jun 21, 2016 |
wayodude:The ignorance on this tread is mind boggling. 1 Like |
Re: Naira Crashes To 288/dollar At New Official Market by tivta(m): 10:17am On Jun 21, 2016 |
crazymommy: Madame, smart Nigerians don't sell to banks, they sell to forex dealers at black market rate... 1 Like |
Re: Naira Crashes To 288/dollar At New Official Market by Jollymich(m): 10:18am On Jun 21, 2016 |
For what? |
Re: Naira Crashes To 288/dollar At New Official Market by catchdwind4rmkd(m): 10:19am On Jun 21, 2016 |
owagbeba: That's because the new rate was only just effected yesterday, and all your transactions were prior to the effective date of the floating rate which was 20.06.2016. 1 Like |
Re: Naira Crashes To 288/dollar At New Official Market by crazymommy(f): 10:22am On Jun 21, 2016 |
tivta:So you think forex dealers at the black market at the moment will buy higher than 320??when they can simply buy at the lower price from the banks due to the new exchange policy?? 1 Like |
Re: Naira Crashes To 288/dollar At New Official Market by 989900: 10:22am On Jun 21, 2016 |
FredN: It is 'dirty float': the CBN will intervene from time to time, especially in the beginning for many factors already amplified many times, everywhere. Only very few countries practice a 'clean float', personally, I only know of Canada and Switzerland. 1 Like |
Re: Naira Crashes To 288/dollar At New Official Market by 989900: 10:24am On Jun 21, 2016 |
greenpasture: If that can be done, that will be a major boost for the Naira and Nigeria's economy. 1 Like |
Re: Naira Crashes To 288/dollar At New Official Market by lancee(m): 10:25am On Jun 21, 2016 |
Gtb !! |
Re: Naira Crashes To 288/dollar At New Official Market by martineverest(m): 10:28am On Jun 21, 2016 |
tivta:wait until federal govt implement chinese yuan policy,u ll know if dollar is necessary or not...the success of that policy will spell dooms and glooms for dollars.other african countries will adopt it,since china is africa's numero uno partner in trade........stop being a deluded wailer 4 Likes |
Re: Naira Crashes To 288/dollar At New Official Market by Nobody: 10:31am On Jun 21, 2016 |
BlackSeptember:keep shut there. Was Nigeria working before buhari took over. 1 Like |
Re: Naira Crashes To 288/dollar At New Official Market by tivta(m): 10:33am On Jun 21, 2016 |
martineverest: Keep making excuses for a directionless government, you are just wasting your time if you think such policy exists or can work 1 Like |
Re: Naira Crashes To 288/dollar At New Official Market by tivta(m): 10:34am On Jun 21, 2016 |
crazymommy:Even the 320 is far more profitable than 288. |
Re: Naira Crashes To 288/dollar At New Official Market by bigass123(m): 10:37am On Jun 21, 2016 |
Is your speech really reflecting your hate for this administration or you're genuinely a pessimist. How can a man open a new shop and then judge the business from activities of that single day. It's either something is wrong with that man or the man is wrong with something. It's too early to get angry. [lquote author=donsteady post=46769308]Naira started trading at 253 and closed at 288 so 35naira lost in first day. Not a positive sign for a layman like me. Your grammar can not convince me So naira will start trading 288 this morning right and now add another 40 Naira... I predict closing at 328 at the end of today. Thumb down! Sad [/quote] 1 Like |
Re: Naira Crashes To 288/dollar At New Official Market by crazymommy(f): 10:41am On Jun 21, 2016 |
tivta:I still picked up western union money yesterday at the rate of 305 so the spread between the interbank rate and black market is decreasing day by day....Why do you think the BDC are already lamenting??even my personal aboki told me yesterday evening on phone that more people are selling their dollars to them with less buying....higher supply with less demand will lead to what??your guess is as good as mine.. 4 Likes |
Re: Naira Crashes To 288/dollar At New Official Market by bigass123(m): 10:43am On Jun 21, 2016 |
I'm trying to understand your deal 0905 200 533four Clone2020: |
Re: Naira Crashes To 288/dollar At New Official Market by tivta(m): 10:49am On Jun 21, 2016 |
crazymommy:All I know is that naira will continue to fall as long as we don't have industries in the country, Dunlop left Nigeria because of power, ovation, even mtv base has their broadcast station in South Africa despite having Nigeria has their biggest market. Fashola better perform rocket science fast or else... |
Re: Naira Crashes To 288/dollar At New Official Market by martineverest(m): 10:53am On Jun 21, 2016 |
tivta:keep wasting ur time as a wailer by pessimising on good govt policies.......nonsense |
Re: Naira Crashes To 288/dollar At New Official Market by Shym3xx: 10:53am On Jun 21, 2016 |
tbaba1234: Lol, this policy won't even go beyond September. It isn't sustainable. |
Re: Naira Crashes To 288/dollar At New Official Market by crazymommy(f): 10:54am On Jun 21, 2016 |
tivta:Yeah you have a point...but it is step by step...let's watch and see how things will be before 2019.. |
Re: Naira Crashes To 288/dollar At New Official Market by tbaba1234: 10:57am On Jun 21, 2016 |
Shym3xx: You haven't presented an economic argument. |
Re: Naira Crashes To 288/dollar At New Official Market by CandyDiamond(f): 10:58am On Jun 21, 2016 |
crazymommy:Stop all this lies, it will not lead you anywhere, dollar will move up to 500 naira by the end of the year, where will the dollar people are selling to BDC coming from , Nigeria is import dependent country, very soon the bank and BDC will not be able to meet the dollar demand as usual and that will be forcing CBN to intervene as usual at stage CBN will be tired because of depletion of foreign reserve and they will revert back the policy and go back to pegging of Naira. how on earth will Nigeria have higher supply of dollar with less demand, a country where almost everything is imported |
Re: Naira Crashes To 288/dollar At New Official Market by Zeemarch(m): 11:03am On Jun 21, 2016 |
God bless my dearly country one day it will all better.... i believe |
Re: Naira Crashes To 288/dollar At New Official Market by iykedare(m): 11:03am On Jun 21, 2016 |
crazymommy: . You still don't understand me. After 0 day,naira crashed from 250 to 288.....what will be the fate of Naira after two months? Crazymommy,crazy economist. |
Re: Naira Crashes To 288/dollar At New Official Market by crazymommy(f): 11:04am On Jun 21, 2016 |
CandyDiamond:You don't sound alright ..go to western union to pick money or send money then ask them the rate before you start jumping into conclusions like a fowl.. secondly concerning your questions go and ask your politicians where they kept their stolen millions of dollars and those that have millions of dollars swimming in their dormiciliary accounts.....below is the current western union rate as at yesterday...you can even go to abokifx.com to confirm it and pay attention to the dates written......you people will be engaging in argument with the people that are in the business of foreign exchange trading day to day.....you think forex exchanges is only about what you read theoretically on papers or media... 2 Likes
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