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Dollar Drops Below N400/$ For First Time In Seven Months - Business (7) - Nairaland

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Analysts Predict Naira Devaluation To N400/$ / Dollar Drops To 185 Naira A Day To Election / Shocking : Bill Gates Came To Nigeria And Dollar Drops To N182. How Possible? (2) (3) (4)

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Re: Dollar Drops Below N400/$ For First Time In Seven Months by otitokoroleti: 10:17am On Mar 23, 2017
989900:


Dey there . . . instead of you to ask for help you are proving too know.

Mukaila in Ejigbo is selling at N390 buying at N380'


P.S. I am not dropping anymore numbers, the more you guys call them the more they tend to believe they can hike the price . . . Una be learner.
listen, am nt a novice when it comes to forex! I only contact the said bdc to verify ur claims! I dont need any sellers number because I get where I used to source for forex in time of needs.
Re: Dollar Drops Below N400/$ For First Time In Seven Months by BenjaminJoe1(m): 10:17am On Mar 23, 2017
drop it to 25/$ then we'll know this confused administration is working. 399/$ still bad. am even ashamed!

1 Like

Re: Dollar Drops Below N400/$ For First Time In Seven Months by 989900: 10:19am On Mar 23, 2017
otitokoroleti:
listen, am nt a novice when it comes to forex! I only contact the said bdc to verify ur claims! I dont need any sellers number because I get where I used to source for forex in time of needs.
Meh.
Re: Dollar Drops Below N400/$ For First Time In Seven Months by Nusaf: 10:22am On Mar 23, 2017
TPAND:


Olodo... Thats is what you were told, How many years did oil sell for over $100 during Jonathan's regime. Ignorance is dangerous. APC accused Jonathan of lack of will to save, with this administration pumping over $3.2billion into the forex market in just one month, are they not also towing Jonathan's route.

Completely confused administration.

@ the emboldened, you agree that oil was sold at $100pb during GEJ's administration for some years, ok.

What is the LOWEST price of oil during GEJ's administration?

What is HIGHEST price of same oil in this administration?

Even at that price of oil under GEJ, what happened to the country's Foreign Reserve? -depleted.

With $55pb as the highest in this administration, same Foreign Reserve is being increased.

I doubt if you can notice this obvious difference anyway.

Lastly, though, no amount is too much to improve the situation in Nigeria as long as it is available, but do we really need to lie just to score some cheap inconsequential points?

Pls, where did you get the figure of $3.2b from?

3 Likes

Re: Dollar Drops Below N400/$ For First Time In Seven Months by faladeSM1132(m): 10:24am On Mar 23, 2017
May God almighty continue to bless vice president Osinbajo for intervain in Nigeria economics plan during the absent of the SHIiio Baba,
*
*

Cote me and thunder fire you
Re: Dollar Drops Below N400/$ For First Time In Seven Months by Preciousseed(m): 10:26am On Mar 23, 2017
Good news. More of it we pray, Amen.
Re: Dollar Drops Below N400/$ For First Time In Seven Months by kayalcomp: 10:40am On Mar 23, 2017
I will celebrate this when 1 dollar equal 250
Re: Dollar Drops Below N400/$ For First Time In Seven Months by Mrlouis: 10:55am On Mar 23, 2017
Believe me you they are working...even outside sources attest to this.
Re: Dollar Drops Below N400/$ For First Time In Seven Months by gudofuck231: 11:04am On Mar 23, 2017
Jetleeee:
Isn't it time for us to celebrate this beautiful woman?



The so-called polytechnic graduate cleaning up the rot madam Phi-LIP-ina aka Eteyemi from Havard caused grin

Omo wa na ni smiley


Osibanjo and gbadamosi u mean, be careful with ur false facts abi Sahara news don bite u?
Re: Dollar Drops Below N400/$ For First Time In Seven Months by alizma: 11:07am On Mar 23, 2017
TPAND:


Olodo... Thats is what you were told, How many years did oil sell for over $100 during Jonathan's regime. Ignorance is dangerous. APC accused Jonathan of lack of will to save, with this administration pumping over $3.2billion into the forex market in just one month, are they not also towing Jonathan's route.

Completely confused administration.
can you give me evidence of exactly what Jonathan left behind contrary to what I post?
are you not ashamed to admit that your hero actually sold oil for $100 even if it was for one week?
it is never a crime to bail out an economy in recession by injecting foreign currency needed in as much as it is available. 2 or 3 months ago when d reserve was Bello $30b, the government adopted other means to reserve the naira fall but at the moment, we have a relative, sound reserve. hence, the right time to bail out the economy by injecting foreign currency.

my stand some months ago.

1 Like

Re: Dollar Drops Below N400/$ For First Time In Seven Months by Nobody: 11:08am On Mar 23, 2017
If you were a Bank Manager earning enough to be a member of Ikoyi Club, Boat Club and Polo Club.. suddenly you get SACKED! and no longer earn as much. does it not make sense to cut your coat according to your new cloth instead of spending your little savings to maintain your status quo.

Nigeria used to earn $150 per barrel and nearly $8+billion monthly.. now we earn $2.5+ billion monthly and we are spending our savings to fight the USD dollar.. na we get money pass!! grin grin dancing like mad prostitutes because we spend $1.8 billion to save N100 within 1 month.. does that even make economic sense. do you know how much development $1.8 billion can do for Nigeria in infrastructure right now? .. our Madness has been since we were born
Re: Dollar Drops Below N400/$ For First Time In Seven Months by tonio2wo: 11:25am On Mar 23, 2017
Jetleeee:
Isn't it time for us to celebrate this beautiful woman?



The so-called polytechnic graduate cleaning up the rot madam Phi-LIP-ina aka Eteyemi from Havard caused grin

Omo wa na ni smiley



I dont know why nigerians like celebrating mediocrity! Its a good development no doubt but we shld not celebrate as if everything has been restored.

Dollar was 216 before these people took over and you are celebrating it at 400. I really dont get it! undecided

2 Likes

Re: Dollar Drops Below N400/$ For First Time In Seven Months by driand(m): 11:27am On Mar 23, 2017
Jetleeee:
Really unfortunate to be a red_mud descendant of shuku alabiabia at this point in time



Make una do fast!!!!

hate for people bigger than you can only destroy you.
Re: Dollar Drops Below N400/$ For First Time In Seven Months by obailala(m): 11:27am On Mar 23, 2017
tuniski:
When will it be 197 to the dollar and inflation drop to under 10%? If this yeye govt achieve that by 2019, we will forgive them while sending them away.
Why didn't you ask Jona to return back our reserves to the level he met it in 2010?.... I wouldnt even be talking of the Naira which he met at N150/160 but handed over N220 and an empty reserve. If the current govt can get it back to N300, then they hav done exceptionally well given the circumstances.

1 Like

Re: Dollar Drops Below N400/$ For First Time In Seven Months by fulfilled2016: 11:33am On Mar 23, 2017
tdayof:
Can banks increase their international limit already? Dollar is getting okay and can someone help with banks that accepts Paypal.

Yeah, there are banks that accept PayPal, let's discuss, I have something I'll want to hear about
Re: Dollar Drops Below N400/$ For First Time In Seven Months by fortune1968: 11:35am On Mar 23, 2017
I'm an Igbo man.I'm sad at this positive news bout buhari government.
Re: Dollar Drops Below N400/$ For First Time In Seven Months by durai: 11:55am On Mar 23, 2017
tdayof:
Can banks increase their international limit already? Dollar is getting okay and can someone help with banks that accepts Paypal.
same here ooo
Re: Dollar Drops Below N400/$ For First Time In Seven Months by tuniski: 11:57am On Mar 23, 2017
obailala:
Why didn't you ask Jona to return back our reserves to the level he met it in 2010?.... I wouldnt even be talking of the Naira which he met at N150/160 but handed over N220 and an empty reserve. If the current govt can get it back to N300, then they hav done exceptionally well given the circumstances.
Oh so GeJ met it @160 and left it @220 after 5yrs. That is 60naira depreciation at average 12naira a year abi. This govt under 2yrs took it from 220 to 560 that is 340 which is 170 average. That is a record in poor economic management. Even if it is now 400 it is still 180 averaging 90naira a year, is that exceptional to you? Abeg be discerning!

1 Like

Re: Dollar Drops Below N400/$ For First Time In Seven Months by tuniski: 12:03pm On Mar 23, 2017
LaEvilIMiss:
If you were a Bank Manager earning enough to be a member of Ikoyi Club, Boat Club and Polo Club.. suddenly you get SACKED! and no longer earn as much. does it not make sense to cut your coat according to your new cloth instead of spending your little savings to maintain your status quo.

Nigeria used to earn $150 per barrel and nearly $8+billion monthly.. now we earn $2.5+ billion monthly and we are spending our savings to fight the USD dollar.. na we get money pass!! grin grin dancing like mad prostitutes because we spend $1.8 billion to save N100 within 1 month.. does that even make economic sense. do you know how much development $1.8 billion can do for Nigeria in infrastructure right now? .. our Madness has been since we were born
Lie it was never 150$ per barrel at anytime. Propaganda has distorted many minds. Anyway, they kept dollar at maximum 216 and inflation under 10% as well as increase salaries while paying subsidy with petro at 87naira.
Re: Dollar Drops Below N400/$ For First Time In Seven Months by hope4life: 12:16pm On Mar 23, 2017
Jetleeee:
Isn't it time for us to celebrate this beautiful woman?



The so-called polytechnic graduate cleaning up the rot madam Phi-LIP-ina aka Eteyemi from Havard caused grin

Omo wa na ni smiley


I celebrate God in your life Finance Minister. It's not as easy as people think. God bless you. Go on. We want #100 to a dollar by 2018
Re: Dollar Drops Below N400/$ For First Time In Seven Months by Semper247(m): 12:29pm On Mar 23, 2017
omenkaLives:
They keep peeping in and disappearing through the back door without leaving a comment. No doubt they are butt hurt by this news.

Hopefully the momentum will be sustained and with time, if greed permits our market men and women, we'd start seeing a corresponding drop in the prices of goods.

Some analysts predicted we'd be outta the woods fourth quarter of the year, perhaps we just might before then..

God bless team PMB/PYO.

This is one thing I doubt, Nigerians are greedy and selfish. They have blamed the high prices of goods on exchange rate and have taken advantage of it to make higher profit margins. Now that exchange rates are favourable, they will never reverse the prices, instead they will be thanking God for increasing their yields at the detriment of the the purchasers. Bad people we are, we are just not humane... sadly!

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Re: Dollar Drops Below N400/$ For First Time In Seven Months by 989900: 12:31pm On Mar 23, 2017
LaEvilIMiss:
[s]If you were a Bank Manager earning enough to be a member of Ikoyi Club, Boat Club and Polo Club.. suddenly you get SACKED! and no longer earn as much. does it not make sense to cut your coat according to your new cloth instead of spending your little savings to maintain your status quo.

Nigeria used to earn $150 per barrel and nearly $8+billion monthly.. now we earn $2.5+ billion monthly and we are spending our savings to fight the USD dollar.. na we get money pass!! grin grin dancing like mad prostitutes because we spend $1.8 billion to save N100 within 1 month.. does that even make economic sense. do you know how much development $1.8 billion can do for Nigeria in infrastructure right now? .. our Madness has been since we were born[/s]

1 Like

Re: Dollar Drops Below N400/$ For First Time In Seven Months by Sylva2147: 12:32pm On Mar 23, 2017
Infinitikoncept:

Celebrate her Cox she met it at 218 and auto reversed to 420 because below 400 is what aboki buy while selling is minimum of 420 if you are buying much. I won't mind a proof of a seller in your area that has it for 400 at most. I trade so I need the price to go down at least within same rate of banks but not on paper. I need reality actualization. When they can achieve yaradua feat of appreciation of naira against the greenback above what he met it when he came into power then we'll celebrate them at least for once. Right now I need that Intel of a mallam selling for 400 Cox I have a payment to make and I no get money to waste
please my brother can we for once stop all this comparison of yar'adua's time to the present government? why not start from the challenges being faced by either government or the price of crude oil as at the time of the former and the one of the present? probably the amount the the former government was having in our foreign reserves then, and the one that the present government inherited before jumping into conclusion. let's leave sentiment and face the reality.
Re: Dollar Drops Below N400/$ For First Time In Seven Months by 989900: 12:32pm On Mar 23, 2017
tuniski:

Lie it was never 150$ per barrel at anytime. Propaganda has distorted many minds. Anyway, they kept dollar at maximum 216 and inflation under 10% as well as increase salaries while paying subsidy with petro at 87naira.

It was $147/barrel at a time.
Re: Dollar Drops Below N400/$ For First Time In Seven Months by alobright17(m): 12:38pm On Mar 23, 2017
TPAND:
Buhari please return it back to what Jonathan left it at least
You will first return back to the age you where when Goodluck left,I bet my 2 balls he will also do just as you requested.
Re: Dollar Drops Below N400/$ For First Time In Seven Months by princetom1(m): 12:39pm On Mar 23, 2017
SuperS1Panther:


The resultant effect will be felt in daily market by 3-4th week in April, when traders are re-stocking their outlets. This will be a great relief for Nigerians.

By and large, we have successfully reverse the negative growth decline, it is now left for us to grow the economy. The availability of FX at a reduced price will be a major driver of the economy and Q2 should be better than Q1.


In another news, the Nigeria problem is almost peculiar to us alone, so, this is using another dogged way to solve it. In fact, The Nigeria economy needs to be a course to be studied not only in Nigeria but the world over. cheesy
Re: Dollar Drops Below N400/$ For First Time In Seven Months by Sylva2147: 12:40pm On Mar 23, 2017
Semper247:


This is one thing I doubt, Nigerians are greedy and selfish. They have blamed the high prices of goods on exchange rate and have taken advantage of it to make higher profit margins. Now that exchange rates are favourable, they will never reverse the prices, instead they will be thanking God for increasing their yields at the detriment of the the purchasers. Bad people we are, we are just not humane... sadly!
you are quite right my brother, you see that's the more reason why you don't have to pity a Nigerian because we are the problems to ourselves, we want to eat our cake and have it at the same time which is not possible. we want the roll to fall but we don't want to bring down the prices of our commodities.
Re: Dollar Drops Below N400/$ For First Time In Seven Months by Sylva2147: 12:51pm On Mar 23, 2017
BenjaminJoe1:
drop it to 25/$ then we'll know this confused administration is working. 399/$ still bad. am even ashamed!
it is only jealous mine that will not be happy about the development, maybe you should go and hug a transformer to clear the shame from you. enemies of progress.
Re: Dollar Drops Below N400/$ For First Time In Seven Months by obailala(m): 12:53pm On Mar 23, 2017
tuniski:

Oh so GeJ met it @160 and left it @220 after 5yrs. That is 60naira depreciation at average 12naira a year abi. This govt under 2yrs took it from 220 to 560 that is 240 which is 120 average. That is a record in poor economic management. Even if it is now 400 it is still 180 averaging 90naira a year, is that exceptional to you? Abeg be discerning!
First clarification is this, GEJ met it at N160 and it stayed at N160 till 2014 Oct/Nov just after oil price began to crash. It was between ~Nov 2014 to May 2015 that it crashed from N160 to N220. Also within that period, the reserves crashed from ~$38bn to ~$28bn. So if we agree that oil price was the real problem (a lot of Jonathanians still bluntly refuse to accept this commonsensical fact), may I remind you that oil price was still above $60/barrel as at May 2015 but beyond that date after the current admin came in, it further crashed to as low as $28/barrel and to compound matters, oil production fell by up to 50% all through 2016. So if you must carry out your above weak calculations, please do well to consider all supplementing and complementing factors.

Now it is quite commonsensical to note that when the CBN injects dollars in the system, it strengthens the Naira. But for several months prior to May 2015, the CBN kept pumping dollars into the system (albeit at a reduced rate) to shore up the Naira Value and this led to the rapid drop in the foreign reserves (~$10bn in 8 months), but the Naira still crashed from N160 - N220 nevertheless.

Now after the reserves dropped to $28.6bn as at May 2015, reducing the amount the CBN injected into the system weekly was inevitable (forex restrictions) because nobody wants to imagine what would happen to an import dependent nation should it run out of forex reserves. And of course, that reduced forex injection fueled the forex scarcity which saw the Naira crashing uncontrollably.

If only GEJ had saved up like his predecessors did (instead of squandering the forex previously saved by his predecessors to a negative balance), especially considering that his regime enjoyed an unprecedented boom in oil income, then the CBN would certainly have had enough to sustain its weekly dollar injection and the Naira definitely wouldn't have crashed the way it did post May 2015. Nigeria did not run into trouble in 2008 when we had a similar oil price crash which lasted about 6-7months because we were bailed out by a $20bn intervention from the CBN (saved by OBJ/Yaradua). With a measly saving of ~$30bn (reserves + ECA), I wonder what you expected the new admin should have used to bail out Nigeria in the current oil crisis which has lasted close to 3 years now since you claim the fault is 100% from the current admin and not the saintly last guys.

You asked me to be discerning, I have just given you an explanation from a discerning mind regarding the situation of things in your country. It is not enough to just give a shallow analysis saying "when GEJ was there, the dollar was N160 and only crashed to N220, so therefore it is Buhari's fault that it crashed further." Such a shallow analysis should be reserved for an audience which is not privileged with education or discernment. If you want me to give a further breakdown of all I wrote above, complete with links and citations for every single figure, i can gladly do that after working hours. Thanks

5 Likes 1 Share

Re: Dollar Drops Below N400/$ For First Time In Seven Months by ekwii: 12:54pm On Mar 23, 2017
SuperS1Panther:
Children of Hatred will still twist the narratives by telling us how the policy is not sustainable and blablablablablabla.


Speculators and hoarders and looters --- how market? Your wealth has dwindled from 520 to less than 400/$ right in your selfish eyes.

CBN please keep driving the Naira towards 300. As long as Nigeria is selling Crude Oil, it is very sustainable, while our Foreign Reserve is also increasing gradually. Bad news to haters.
Dollar that was b/w 200-250 last 2yrs you are praying to come down 300, that is ridiculous, Nigerians will be glad when the dollar comes down to 150. For now, nothing much has been achieved
Re: Dollar Drops Below N400/$ For First Time In Seven Months by VeeVeeMyLuv(m): 1:02pm On Mar 23, 2017
The party is over
sell your dollars.
SELL SELL!
Re: Dollar Drops Below N400/$ For First Time In Seven Months by Infinitikoncept(m): 1:17pm On Mar 23, 2017
Sylva2147:
please my brother can we for once stop all this comparison of yar'adua's time to the present government? why not start from the challenges being faced by either government or the price of crude oil as at the time of the former and the one of the present? probably the amount the the former government was having in our foreign reserves then, and the one that the present government inherited before jumping into conclusion. let's leave sentiment and face the reality.
We're we forced to put the economy of 180million people in auto pilot for months? Where is the diversification I've been hearing gone to? I don't compare administration Cox times are different but it's when the roads are rough we see true leaders. So far so good this administration drama has been the worst I've seen.

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