Esdb3:
Lmao! That's an improvement?! We have been reduced to rubbish!





Emmy B

rusher14:
What do you do for a living that makes you expect the Naira to appreciate?

Are you an importer or maker of local goods which serve as an alternative to that which we import?

Why are you so fixated on the dollar?

Shouldn't it be to your benefit if the dollar is high if you were an exporter?

Ask yourself how you can take advantage of this.

Ezechinwa:

please what is the difference between
interbank rate and parallel rate?

before someone will quote me and say Google is your Friend,
also remember that Nairaland is not my enemy.

thank you...


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kindnyce:
Snail-like improvement...
PMB SHOULD KEEP PRIDE ASIDE AND CONSTITUTE A CRACK TEAM OF ECONOMIC ADVISERS...CHIKENAN

Olu20090:
When you say Interbank rate...is this the rate that ordinary Nigerians are buying dollar for? Last I checked we buy at black market for 395. They told us last month when the new policy went into effect that it will converge the trio of Official, Bank and Black market rates to ONE RATE determined by market forces yet NOTHING HAS CHANGED. Bank rate used by the wealthy and connected Nigerians is 310 while Black market rate used by ordinary Nigerians is 395. So who is fooling who? Useless country, shameless leaders deceiving gullible Nigerians.


The irony of all of this is Nigerians are less concerned that their currency lost 50% of its value. In a sane society people will be in the streets protesting and requiring for immediate austerity measures. Multinationals are closing their businesses. Here is why: Multinationals by law are mandated to keep 50% of their local sourced revenue in Naira. You could imagine if a multinational had over 10 billion Naira in deposits only to wake up over the course of the months that Naira has lost 50% of its value, instead of 10 billion Naira, they now have 5 billion naira. You wonder why over 9 international airline companies are no longer interested in doing business in Nigeria.




Bro sincerly I love ur analysis. But dont u tink is unfair to blame this problem onn the FG. What causes d reduction in potency of the naira? Is it not the dwindling reduction in our exports which sadly is 80 percent crude.oil.... when the country is not selling the only thing the whole world is buying, ao do we get foreign exvhange? Ds wud av bin the best time of.our.life if we are selling oil at d rate and ammount ee used to do.dat few years back. I need to pay 8100 eurio as school fee for the past 3 weeks but d exchange rate killed it, so am here. But do u kno despite all ds, I know dias notin ds admin cud av done if not only to keep seeling crude oil sp as to finance d diversification.... u maytink am crazy, look deep down and dont judge by d current hardship in d land....if not for God, dat 395 as parallale market rate is still an achievement...

petmax2020:

Naira has made a significant improvement at the interbank level while the black market value remains the same.

These are the currency exchange rates for 12th of August, 2016 as at 10:00am as powered by Zenith Bank.

The fate of the naira against the dollar has increased the rate of inflation in Nigeria considering the fact that Nigeria practises an import-based economy.

SOURCE: http://www.petmaxflame.com/2016/08/naira-finally-improves-at-interbank-rate.html
Cc; Lalasticlala, Ishilove, Semid4lyfe, Obinoscopy, Mynd44

luckynzo:


Oga.
There is nothing benefit to a falling Naira. There is nothing to take advantage of.
Even if you import and sell your Dollars for N400. the cost of living will wipe out all that money in no time.

Olu20090:
When you say Interbank rate...is this the rate that ordinary Nigerians are buying dollar for? Last I checked we buy at black market for 395. They told us last month when the new policy went into effect that it will converge the trio of Official, Bank and Black market rates to ONE RATE determined by market forces yet NOTHING HAS CHANGED. Bank rate used by the wealthy and connected Nigerians is 310 while Black market rate used by ordinary Nigerians is 395. So who is fooling who? Useless country, shameless leaders deceiving gullible Nigerians.

The irony of all of this is Nigerians are less concerned that their currency lost 50% of its value. In a sane society people will be in the streets protesting and requiring for immediate austerity measures. Multinationals are closing their businesses. Here is why: Multinationals by law are mandated to keep 50% of their local sourced revenue in Naira. You could imagine if a multinational had over 10 billion Naira in deposits only to wake up over the course of the months that Naira has lost 50% of its value, instead of 10 billion Naira, they now have 5 billion naira. You wonder why over 9 international airline companies are no longer interested in doing business in Nigeria.

Esdb3:
Lmao! That's an improvement?! We have been reduced to rubbish!





Emmy B

rusher14:


If you make money in forex then a weak naira is welcomed.

Cost of living is high everywhere in the world more so in advanced countries.

luckynzo:


True. Cost of living is high every where in the world. especially in advanced countries. But you forget that those advanced countries are economically developed with solid infrastructure. Not in a country where you provide your own light with numerous dependants who are qualified but cannot find decent employment.

neocortex:
Wake me up when the real Naira rates(parallel market) improves.

petmax2020:
Wake up!