Naira Sinks To N375 Per Dollar - The Nation - Business (3) - Nairaland
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Naira Sinks To Record Low At N420 Against Dollar / Naira Sinks To All-time Low Of 365.25/dollar / Naira Sinks To 378/dollar As Analysts Expect MPC Action (2) (3) (4)
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| Re: Naira Sinks To N375 Per Dollar - The Nation by Nobody: 11:06pm On Jul 22, 2016 |
AmAlbert: Step aside. Since when did cfa's now gain weight more than naira, to the extend of exchanging 1k naira for 916 cfa ... parallel market or not. In fact, before close of office today, we exchanged 1k cfa for 650 naira. And this happened to be worst it has gotten to. At xe currency, it's still even 2 cfa to 1 naira... and this happen to be its worst slide against cfa, too. |
| Re: Naira Sinks To N375 Per Dollar - The Nation by shamecurls(m): 11:07pm On Jul 22, 2016 |
Oluwabusobomi: [size=15pt][b] sarrki:[/b][/size] |
| Re: Naira Sinks To N375 Per Dollar - The Nation by Nobody: 11:08pm On Jul 22, 2016 |
opribo: In 1982...oil prices crashed. When Buhari came along by Dec 31 1983....prices had been low for 18 months, and the Shagari govt was already singing austerity (Not that the human termites that were our politicians cared). Of course....Buhari did his best...but the economy was hampered by low oil prices, and by high debts we incurred, even when times were good. We got angry, got Buhari out...brought in IBB....and things got worse because oil prices stayed low..And so it went until 2003....when oil prices rose again. Now....I am not defending buhari....I am saying that for years....Nigeria has been using high oil price...first in the 1973-82, then 2003-14 periods to mask the fact that we are a poor country. When your eocnomy is dependent on oil....on a resource whose price you do not control...we have crisis once the oil prices crashes. We are not a rich nation...we are a poor nation....and the sooner we realise that our dependency on selling resources like oil got us here...and the sooner we do the hard work of getting off that dependency the better. 1 Like |
| Re: Naira Sinks To N375 Per Dollar - The Nation by amtaken(f): 11:22pm On Jul 22, 2016 |
I will soon post Ngige's phone call conversation with Chimaroke Mbadinuju, in which the former was lamenting about how Buhari has made everybody in the country broke and destroyed businesses. Buhari is in trouble. 4 Likes |
| Re: Naira Sinks To N375 Per Dollar - The Nation by BoboFashion(m): 11:27pm On Jul 22, 2016 |
Amazinpeace: Same too 1 Like |
| Re: Naira Sinks To N375 Per Dollar - The Nation by Purej: 11:30pm On Jul 22, 2016 |
The Government of the day is clueless on how to move the Economy out of the bad state. This Gov't had the opportunity to move the Economy upward from the level the past Adminitration left it , but Bad policies introduced by the Buhari Administration worsen it below average to the ground. Nigerians should hence forth demand for a PRESIDENTIAL DEBATE before choosing the next president. This president is displaying high level of incompetence in the area of managing the economy Another problem of this president is PRIDE. If your policies aint working, reverse it. 3 Likes |
| Re: Naira Sinks To N375 Per Dollar - The Nation by Ugosample(m): 11:31pm On Jul 22, 2016 |
AmAlbert:Are you serious?  I refuse to believe this |
| Re: Naira Sinks To N375 Per Dollar - The Nation by Ugosample(m): 11:32pm On Jul 22, 2016 |
Empero1: I hope you are right. |
| Re: Naira Sinks To N375 Per Dollar - The Nation by chrisxxx(m): 11:34pm On Jul 22, 2016 |
sarrki:Buhari out! 3 Likes |
| Re: Naira Sinks To N375 Per Dollar - The Nation by phreakabit(m): 11:34pm On Jul 22, 2016 |
[size=20pt]Naira Sinks To N375 Per Dollar - The Nation[/size]   [img]https://www.nairaland.com/attachments/4007147_buhariangrycry_jpeg840665085b2bb973a568178bbd272427][/img] 3 Likes |
| Re: Naira Sinks To N375 Per Dollar - The Nation by Blackfire(m): 11:39pm On Jul 22, 2016 |
Me i ve put my passport inside my bag, all my money are in a bank.. The little i put in my business i will be using it to sustain body and soul.. N375 PER $... Una wan kill person pikin? This country is really not giving hustlers like me joy.. Maybe next year things will CHANGE.. |
| Re: Naira Sinks To N375 Per Dollar - The Nation by lollmaolol(m): 11:46pm On Jul 22, 2016 |
Jombojombo:in ur lifetime, our parents saw worst...we don't pray to smell any turmoil. |
| Re: Naira Sinks To N375 Per Dollar - The Nation by Spirit1(m): 11:48pm On Jul 22, 2016 |
sarrki: Thank you so much for shedding light into the true reason for the state of our economy. With the way PDP and Jonathan were looting the economy, Nigeria would have been plunged into a civil unrest/war and total anarchy by now, had they won the election. I think most people don't understand that Buhari can't steal or spend money we don't have. We wasted out opportunity to save and diversify the economy during the PDP administrations for 16 years!!! We should be thanking our God someone like Buhari is there today. It will get better, but we have to unfortunately go through this hardship to start looking inwards. 3 Likes |
| Re: Naira Sinks To N375 Per Dollar - The Nation by bankylan: 11:54pm On Jul 22, 2016 |
sarrki: What do u mean free money? I was with a son of one of the ministers few days back...I was still in his office this week...I weep for some of you who see these APC stalwarts as your gods....their children are living lavishly, and u are happy that thing have gone worse. I was never a fan of the last govt, but they had brilliant minds than these crooks who deceived the gullible and the mentally enslaved. Maybe you are a kid...I was of age in the 80s...this is just a repeat of what happened when Buhari was the president then......The country is in recession not because the past govt stole, but because of fall in oil revenue and the pulling out of portfolio investors due to lack of stability in our fiscal and monetary policies... but many have been fed with lies of fighting corruption as if recovery of all looted funds will solve the present problems. 5 Likes |
| Re: Naira Sinks To N375 Per Dollar - The Nation by phreakabit(m): 11:56pm On Jul 22, 2016 |
[size=20pt]Nigerians getting trolled HARD!!![/size]      5 Likes |
| Re: Naira Sinks To N375 Per Dollar - The Nation by bankylan: 12:06am On Jul 23, 2016 |
Spirit1: Only the mentally enslaved and the gullible will believe this crap....I weep for Nigerian youths. When young men in their thirties and forties are saying Buhari is their saviour, how else can one define insanity in its purest form? The worst that could happen is the emergence of Buhari who lacks the mental capacity to drive a 21st century economy. As a financial analyst, I will say that besides fall in oil price, our removal from JP Morgan bond index and resultant pulling out of portfolio investors left a big hole in our economy. This has been compounded by lack of directions by our economic drivers. We talk about diversification as if it is a short term initiative. I pity the Nigerian youths who are repeating the mistakes of their fathers. 7 Likes 1 Share |
| Re: Naira Sinks To N375 Per Dollar - The Nation by SamMilla1(m): 12:19am On Jul 23, 2016 |
sarrki: Anuofia, Did oil price fall only in Nigeria? You mean if Jonathan is still the President, Dollar would have jumped from 200 to 375 naira? El Dullard and his band of rogues knows what they are doing with our dollars. How convenient it is for you to blame Jonathan for what is happening many months after he left office for your certificateless stubborn Illiterate 2 Likes |
| Re: Naira Sinks To N375 Per Dollar - The Nation by kikake: 12:26am On Jul 23, 2016 |
sarrki: Who are you waiting for to tell you what to do? Are you not one of those that say "God bless Nigeria"? People tell you that Nigeria is a failed country, but you expect a miracle president to emerge from Nigeria's rigged political structure governed through an increasingly monstrous unitary government system Fashola said Nigeria doesn't require restructuring its political system, he said what Nigeria needs is creating new local government councils, so? How do you define political amateur given Fashola's take? Since una talk say na Arewa owns Nigeria and Arewa leaders must forever remain on top, why quarrel with people? 2 Likes |
| Re: Naira Sinks To N375 Per Dollar - The Nation by koolmoore(m): 12:29am On Jul 23, 2016 |
HEAR THE THIEVES 1- I acted based on Jonathan instruction- Dasuki 2- I didn't give order- Jonathan 3- I collected 350M from Dasuki for consultation- Iyorchia Ayu 4- I only collected $30,000 from Dasuki not N100m- Bode George 5-I got N4.6b from Dasuki for spiritual purposes- Bafarawa 6-I got N650M from Dasuki for my Abuja burnt office- Thisday Obaigbena. 7-I got N2.1b from Dasuki for publicity- Dokpesi 8- I got another N100m from Yuguda he didn't tell me from where- Bafarawa 9- I gave N100m each to Odili, Jim Nwobodo Bode George and others- Yuguda 10- The president asked me to change N10B to foreign currency for PDP delegates- Dasuki 11- My boss asked me to get $11M from the CBN- Dasuki account officer. 12- I got order from above to pay Tompolo N13B for Maritime university land.- Nimasa DG. 13- 950m was shared in my house--Skekarau LOL.......!!! |
| Re: Naira Sinks To N375 Per Dollar - The Nation by GreatGatsby(m): 12:38am On Jul 23, 2016 |
There is a solution to all of this, but only a few know about it, the solution came in 2009 after the financial crisis that occurred in 2008. Up till date only a few are involved majority don't understand it and instead of agreeing to learn and be open-minded towards this evolution of money they just quickly jump to call it a scam, even Osewa thinks it's a scam too, well I don't blame people having that mindset, you see, generally people are afraid of what they don't understand, but what differentiates us Africans from others in other continents is that first of all those people they are scared of the new, but then again they are open-minded to learn and understand the new and see how that new thing which they once feared can be useful to them, but over here we either call it witchcraft or we call it a scam. Well that aside excess printing of currency causes INFLATION , you cannot print gold and silver, what I mean by this is that the government cannot tamper with the supply of gold and silver so these keep on having increasing value, gold that cost N1 today costs N3 in 4 months time(just giving a random estimate here). But the N5 that could buy 1 sachet of pure water before can no longer do so again, the N20 that could buy a pen now cost N30, you see currency is backed up by nothing and the simple effect of demand and supply affects the value because there is no value on it, it's just mere paper with inscriptions and pictures of dead presidents that the Federal government just keeps on printing, with excess printing brings excess supply and with excess supply leads to inflation. I was taught back then in secondary school what inflation and what deflation meant till today I wonder why my teacher bothered teaching me about deflation because up till now I haven't experienced deflation, our currency is suffering from inflation that it's now possible to FLOAT front the naira. It's like a balloon that's been inflated, and what does an inflated balloon do? It floats. The solution to our problem is digital money. Now how is it a solution, you see the first digital money when it was introduced in 2009 it had a value of $0.10 (10cents) , well over the years the value kept on rising just like gold and silver and in 2016 the value is at $675. So imagine that you had 100 of this digital money in 2009 that means that today 2016 what you really have is, 100x675=$67,500 Now you see why even Osewa thinks it's a scam, but my people this is the evolution of money, money has been evolving from trade by barter >gold and silver >paper cureency>credit cards and online banking >Now to digital money. I am involved with this digital money if you like be open-minded to learn about it, if you like don't, what will happen will definitely happen, we didn't have laptops in the past but now we do, we didn't have the Internet, now we do, we didn't have smartphones , now we do, all of these things were at a time new and not easy to understand but today look at were we are, so it's going to be with money. If you are truly interested, open-minded and ready to learn about this and also how you can be a part of this, you can either call or send me a whatsapp message on +2348063217659, or on Facebook you can send me a friend request my name is Ojo-Iyare Daniel Osamudiamen, I will be glad to teach you, till then let's not blame Buhari too much it's not totally his fault, currency has been backed up by nothing since 1971. 1 Like |
| Re: Naira Sinks To N375 Per Dollar - The Nation by richeeyo(m): 12:54am On Jul 23, 2016 |
Jonathan abeg come back please
your under-taker dressing does not matter any longer Patience don't worry about better englishes we would understanding it like that come rule again 3 Likes |
| Re: Naira Sinks To N375 Per Dollar - The Nation by Nobody: 1:24am On Jul 23, 2016 |
clueless governmrnt 2 Likes |
| Re: Naira Sinks To N375 Per Dollar - The Nation by tit(f): 1:28am On Jul 23, 2016 |
izzou: #ItireforBuhari 2 Likes |
| Re: Naira Sinks To N375 Per Dollar - The Nation by Spirit1(m): 2:00am On Jul 23, 2016 |
bankylan: Mr. Financial Analyst, I would have chosen to ignore your misguided rant, save for the fact that you might mislead many readers into believing true your reverse "mental enslavement" which is the main reason why our dear country has found itself where we are today. Contrary to your reference of youths and their misguided mantra, I have personally followed the Nigerian political and economic history from the 1970's. From when we proudly produced leather hide and groundnuts from the North, to cocoa from the West and Palm oil from the East, as well as rubber from the South-South. When these produce formed the main stock of our international trade and foreign exchange earnings. I witnessed as countries like Malaysia came to Nigeria and took our palm fruits to plant in there country and as we watched them become the number one producer of palm oil in the world. I participated in the famous Operation feed the Nation "OFN" of Obasanjo's military era. Unlike you Mr. Financial Analyst, although I live and work abroad as a healthcare professional, I still own and operate 20 hecters of Palm plantation that I cultivated through that venture. I traded and personally exchanged dollar when it was 74 kobo to $1 in 1974 and watched as $ became out of reach through the failure of successive governments to diversify our economy and instead relied solely on crude oil sale, while our manufacturing and agricultural sectors died. I worked in the Toyota assembly plant in Nigeria in the 1970's run by RT Briscoe and watched as several European companies resident in Nigeria packed their bags and left our economy once thought to be hope of developing countries. Mr. Financial Analyst , yes contrary to what you think I know a lot about how Nigeria failed to seize the moment over decades to become a manufacturing economy. Yes diversification of economy takes a long time, but 16 years of PDP waste and looting is sure enough to diversify the Nigerian economy. Nigeria earned the most money throughout its entire history during that period and show me what we were able to do with it. Our government relies on oil exports for about 58% of its revenue!! Who does that in the world? Oil exports fell by 50.3% in the third quarter a year ago and oil price by more than 50% - what do you think will happen? Where will Mr. Buhari steal the money to spend or the money to support our weak Naira? Nigerians have become poorer and the few cabals have become richer. We died in the mist of plenty. This is not about Buhari, but about understanding that the problem we now face predates him. We were spending money we didn't have and failed to save for the rainy day. I expected you to first take time to refute the warnings of Okonjo-Iwela, Soludo, Sanusi and many others, who were screaming about the danger of the future, well before Buhari emerged the president. Yes, some of the economic policies of Buhari made the situation worse, but it was in a bid to please financial analysts like you. The CBN should have done what they are doing now last year. Allowed the Naira to float and rather used the money spent to support an artificial Naira exchange to invest heavily in infrastructure. Mr Goodluck Jonathan meant well for Nigeria, but like Okonjo-Iwela said, he lacked the political will. For once, we all have to bite the bullet and invest in our economy. Unfortunately Mr. Financial Analyst there is no economy to analyze; dust up your boots and go into farming or any manufacturing portfolio that will boost our economy, increase our exports and reduce our imports, then you would have made a difference. Then JP Morgan index will reclassify us, based on our true economic strength. Sadly our economic situation will get worse, because we just simply have no money and we are not making enough sales of crude oil to meet our foreign exchange needs. Yes we depend on import to survive and export little our nothing. 6 Likes |
| Re: Naira Sinks To N375 Per Dollar - The Nation by Rick9(m): 3:13am On Jul 23, 2016 |
Quakertellicus1:Thanks I deeply appreciate. But another Question is this, apart from oil are there other means to earn Dollars, and why must it be the Dollar that is affecting our economy, since the Dollar ain't the only currency on earth. |
| Re: Naira Sinks To N375 Per Dollar - The Nation by Yyeske(m): 3:57am On Jul 23, 2016 |
sarrki: |
| Re: Naira Sinks To N375 Per Dollar - The Nation by AlanSugar(m): 4:04am On Jul 23, 2016 |
Oluwabusobomi: Hahaha, the guy show you levels both politically and personality wise, you don de fall for am. Wailers no get sense, you don de beg using ban as an excuse abi? Leave that thing, talk wetin you no sabi. I have nothing further! |
| Re: Naira Sinks To N375 Per Dollar - The Nation by Yyeske(m): 4:21am On Jul 23, 2016 |
SamMilla1:STFU if you have nothing useful to say and try ask questions, Oil did not fall only in Nigeria but many countries were warned about the impending drop in the price of oil, did we save? Yes, naira will drop because the CBN does not have enough dollars to shore up the naira. Eminent economists warned earlier about the situation on ground now but your ineffectual buffoon refused to listen. Google the economic conditions of countries like Angola, Venezuela, Russia etc then come back. |
| Re: Naira Sinks To N375 Per Dollar - The Nation by naijafella(m): 4:22am On Jul 23, 2016 |
Jombojombo: Ignoramus.Did you not read the analysis.Crude oil prices is at all time low and that's affected dollar earnings.Your type just went to school for going sake.Fly abeg. |
| Re: Naira Sinks To N375 Per Dollar - The Nation by LFJ: 4:31am On Jul 23, 2016 |
bankylan: You are a true reflection of our standard of education. |
| Re: Naira Sinks To N375 Per Dollar - The Nation by InvertedHammer: 4:50am On Jul 23, 2016 |
/ All the latter day "textbooks cram and vomit" proponents of devaluation have gone mute. Prescriptions by IMF are always for enslavement. I watch keenly as this plays out. Inflation will get worse. Tighten your belts. Spirit1: Save your breath. Most of the folks you are trying to educate still live under mommy and daddy. Perhaps, one or two textbooks they stumbled on in the library, they will start arguing over issues they have little or no understanding about. The best approach is to let them continue entertaining their ignorance. \ |
| Re: Naira Sinks To N375 Per Dollar - The Nation by cmikel: 4:58am On Jul 23, 2016 |
shamecurls: bro but this is not an excuse for telling the public that N1 will be made equal = 1USD . . . . . . |
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