Toay for Abuja, Mallam go buy dollar for N156; dem sell me dollar for N158.

feasy1:


The naira declined to its weakest level in at least 15 years yesterday as the Central Bank of Nigeria limited  the supply of dollars at its weekly auctions to protect the nation’s foreign reserves.
“The naira slipped to N156.85 to the dollar by 11 a.m. yesterday. That’s the weakest level since at least 1994, according to Bloomberg data,” Citigroup Inc said in a client note yesterday.

Do i sense another rise in the exchange rate of dollars to naira, next few days will tell,

I understood the same from what the newspaper said, however on the fiscal and economic levels there is no indication or reason for the fed gov to dump the naira suddenly like this. the oil on its highest level last month, 71$ per barrel now and the dollar internationally on the weakest point since the beginning of 2009, so why they decided out of all sudden to dump the naira. they must be mumu to do so. the trust on naira and whatever the CBN says will be lost forever. Moreover many will start keeping their own money and speculating again.   

or perhaps someone else will read the subject again and tell us what he understand

BOMANY:

I understood the same from what the newspaper said, however on the fiscal and economic levels there is no indication or reason for the fed gov to dump the naira suddenly like this. the oil on its highest level last month, 71$ per barrel now and the dollar internationally on the weakest point since the beginning of 2009, so why they decided out of all sudden to dump the naira. they must be mumu to do so. the trust on naira and whatever the CBN says will be lost forever. Moreover many will start keeping their own money and speculating again.

or perhaps someone else will read the subject again and tell us what he understand

I no sure say I believe the report wey talk say official rate don reach N156. According to central bank http://www.cenbank.org/ the official rate for bank today na N150.25. I buy dollar for black market today for N158 and mallam go buy from you for N156.

De tin never spoil reach the sensationalized headline wey people dey post.

@ndu_chucks , I agree with you that the official rate quoted in the report is not a true reflection of what is obtainable, however with the country losing around $1Billion, every month , it is said that CBN is tapping into the forex reserve at an alarming rate and might not be able to continue to do so, which invariably means the value will depreciate more, I could remember same reason was given a couple of month ago before Soludo left when $1USD was exchanged for N180 there about. The official rate has depreciated about N3 within a week but the black market value hasnt, I hope they can sustain for a while

You might want to check this out. http://www.thisdayonline.com/nview.php?id=150621 . The explanation do make some sense, like i said in my previous post, time will tell.

Just hold on to your hard earned $. The exchange rate is about to skyrocket and I hope this happens soon.

This is not rocket science. It is for sure that naira will be losing value, Even if oil is consistently over $70. The problem is the level of oil coming out of Naija? Don't forget Oil is a futures commodity, it takes time for change in inventory and price filter through, The South south people are your problems.

I can't wait for N200 - $1. It is coming so those in Naija should take cover,

egin:

Just hold on to your hard earned $. The exchange rate is about to skyrocket and I hope this happens soon.

God forbid, we haven't healed from last disaster, not now pls God. people like me, businessmen who do not trade in hard currency nor working abroad r praying for stability at least for a while

feasy1:

@ndu_chucks , I agree with you that the official rate quoted in the report is not a true reflection of what is obtainable, ,

I have noticed the same, however all other reports said that the official and the intra bank rates have increased around 150N to $, the direct result for that is to increase in the black market, but funny enough the dollar in the black market still in the same level. I sold $ in Allen, Lagos today for 155

BAC:

I can't wait for N200 - $1. It is coming so those in Naija should take cover,

I am sure your family will feel the pain too.

Fhemmmy:

I am sure your family will feel the pain too.

You don't get it Fhemmmy, my family in Naija are doing all night to get this thing to N200. So take cover,

Time period: 07/01/09 to 08/04/09.
Daily averages: 07/01/2009 148.0270
07/02/2009 147.8570
07/03/2009 148.0440
07/04/2009 147.7850
07/05/2009 150.410
07/06/2009 150.080
07/07/2009 148.1490
07/08/2009 148.4210
07/09/2009 148.5440
07/10/2009 148.3540
07/11/2009 148.8750
07/12/2009 149.7790
07/13/2009 147.90
07/14/2009 149.1870
07/15/2009 147.9940
07/16/2009 148.3060
07/17/2009 149.4120
07/18/2009 149.4120
07/19/2009 150.530
07/20/2009 150.530
07/21/2009 149.1210
07/22/2009 149.7030
07/23/2009 149.6770
07/24/2009 151.2920
07/25/2009 151.0610
07/26/2009 153.320
07/27/2009 153.320
07/28/2009 150.7840
07/29/2009 150.7840
07/30/2009 153.0960
07/31/2009 155.5430
08/01/2009 157.0
08/02/2009 157.0
08/03/2009 157.0
08/04/2009 155.8790


Average (35 days): 150.63360
High: 156.70000
Low: 145.27000


Source : OandA.com

Just to clarify the article posted above


Average (7 days): 155.18600
High: 156.70000
Low: 148.00000

Hey BAC

It is a shame to have someone like you as a fellow Nigerian. I live in the U.S too and I want the dollard to come down as low as $1 to N1. If the Naira continues sliding as you hope for, then your family and mine back home would have to pay for it as infrastructure and development will decline in a very big way.

oaziz:

Hey BAC

It is a shame to have someone like you as a fellow Nigerian. I live in the U.S too and I want the dollard to come down as low as $1 to N1. If the Naira continues sliding as you hope for, then your family and mine back home would have to pay for it as infrastructure and development will decline in a very big way.

You are a man of wisdom.
So shameful that some pple will be praying for a free fall of the money for their nation, where they have family and interests.
he has forgotten that when $$ rises, everything else rises, cost of living will rise and might even be out of reach of many.

I think it is false alarm, or I hope so. we need some profisional in this matter. I think it is attributed to the new CBN management's initiatives to reform the financial sector. It is like correction of the ooficial rate to be close to the black market rate. May be I am lying at myself

But it doesn’t make sense. It happened since last Thursday and up till now the exchange rate still the same. Remember last time, it rouse up in one day and started jumping hour after hour, and immediately when the central bank in 23 june said they will stabilize it, it came from 185 to 165 in one day and didn’t stop to 156. This market is very sensitive. The speculators are like wolves, when they see the victim is dizzy, they hunt it down


Nigeria Limits Currency Trading to Halt Naira Slide
http://news.google.com/news?pz=1&ned=en_ng&hl=en&q=naira

Fhemmmy
I am so sure you have businesses that you have to transact in dollars just as I do. Don't you? It is such a shame for people like Mr. BAC who believes in being a millionaire when you transfer few dollars to Nigeria and becomes millions that worth little or nothing. People like that loves to be called millionaire. I have $18,000,000 sitting in UBA account, but the problem is I cannot get money to transact business due to the up and rise of dollars to Naira. I just abandoned the money there for now. In the last two months, I got $16,000 from Nigeria with exchange of $1 to N155. This makes no sense to me.It is so sad for someone to think $1 to N200 is the best thing for people of Nigeria.

If the exchange could just come back to around N120, then my business and yours would come back to normal and everybody enjoys.

In our characteristic Nigerian mentality, we believe we can just pray and everything will fall in place.
Things do not work like that. What is the govt doing to help the Naira. Nothing, just some stupid policies
Everybody should prepare for the free fall of the Naira. This is inevitable going by all the bad news about the Naira and Nigeria.

oaziz:

Fhemmmy
I am so sure you have businesses that you have to transact in dollars just as I do. Don't you? It is such a shame for people like Mr. BAC who believes in being a millionaire when you transfer few dollars to Nigeria and becomes millions that worth little or nothing. People like that loves to be called millionaire. I have $18,000,000 sitting in UBA account, but the problem is I cannot get money to transact business due to the up and rise of dollars to Naira. I just abandoned the money there for now. In the last two months, I got $16,000 from Nigeria with exchange of $1 to N155. This makes no sense to me.It is so sad for someone to think $1 to N200 is the best thing for people of Nigeria.

If the exchange could just come back to around N120, then my business and yours would come back to normal and everybody enjoys.

My guy na so i see am too oh.
i have been on the fone all day today, giving hell to all the people that i transact biz with, cos i really can afford Naira sliding any further, not good for biz at all, so i hope the govt will do something about it, and fixt the problem.
I rather be called a Millionaire in $$$ and not in some naira that has no value at all.
besides, what will be the use of all the millions when my family are buying one loaf of bread at a price that will make life hard for them.
I hope mr BAC will wake up from his slumber soon.

@ Mr. Bac - While i hate to agree with you as regards the fast declining rate of oil production in Nigeria,which is Nigeria's main economic driver for foreign Reserve.I did also advice you to note that the Government is working aggressively to address the low production level,( Note: not because of Govt's interest in the nation's economic stability but because of ' their personal selfish interests' which is tied to the oil industry).

Also judging from recent economic reports ,(whilst U.S is one of Nigeria's oil largest consumer ) U.S and many industralized countries are gradually easing out of recession .This translates to increase in risk appetite,more consumer spending,increase in manufacturer's production etc and all these points to more demand for Oil.So what do we have staring at us in the near term : Increased oil demand + Increased Oil production = More significant increase of $ in our reserves.THis would further enable the naira to appreciate against the dollars.

But hey,  if the south-south restiveness continues aggressively,then the Naira is doomed !!! God forbid tho'  .Cheers.

I pray dollar falls back to 120 or lesser

No go better for the person wey say make naira fall. As you pray make he dey fall, Na so you life go dey depreciate in Jesus Name

Cos this shit is affecting me badly and naija economy! BULLSHIT

faakay:

I pray dollar falls back to 120 or lesser

No go better for the person wey say make naira fall. As you pray make he dey fall, Na so you life go dey depreciate in Jesus Name

Cos this shit is affecting me badly and naija economy! BULLSHIT

Your post here shows how uneducated you are. Come up with a reason why the Naira will not depreciate with all the bad news and how you think the problem can be fixed. Stop your in Jesus name nonsense and do something positive with your life.

egin:

Your post here shows how uneducated you are. Come up with a  reason why  the Naira will not depreciate with all the bad news and how you think the problem can be fixed. Stop your in Jesus name nonsense and do something positive with your life.

loool, I can see the economy is scrambling I know that and you don't need to educate me, I wrote that out of annoyance

But some people are happy the naira is depreciating!!

Abi the swear reach urside! then fori ko

faakay:


loool, I can see the economy is scrambling I know that and you don't need to educate me, I wrote that out of annoyance

But some people are happy the naira is depreciating!!

Abi the swear reach urside! then fori ko

Stop wasting your time about the value of the Naira. Think about how you can benefit whether the value is high or low.
The value will always fluctuate especially in an underdeveloped country like Nigeria.

egin:


Stop wasting your time about the value of the Naira. Think about how you can benefit whether the value is high or low.
The value will always fluctuate especially in an underdeveloped country like Nigeria.

Good Thinking! Good Innovation!!

egin:


Stop wasting your time about the value of the Naira. Think about how you can benefit whether the value is high or low.
The value will always fluctuate especially in an underdeveloped country like Nigeria.

Egin, good contribution there, though I work abroad but I'm not with the school of thought that the naira value should depreciate, reason being , when I send $$$ back home, the Naira equivalent will be used for either my business in naija or property development, the depreciation of the naira invariably means the cost of procuring building materials, household items etc will rise and when you do your analysis, the difference wont be that much, and Nigerians will be affected as a whole, The part of the world where I work now, the US dollar is pegged at almost 100% against the local currency, thus the economy is somewhat stable.

The CBN seems to be on top of situation as reflected in this report http://www.thisdayonline.com/nview.php?id=150709

feasy1:

Egin, good contribution there, though I work abroad but I'm not with the school of thought that the naira value should depreciate, reason being , when I send $$$ back home, the Naira equivalent will be used for either my business in naija or property development, the depreciation of the naira invariably means the cost of procuring building materials, household items etc will rise and when you do your analysis, the difference wont be that much, and Nigerians will be affected as a whole, The part of the world where I work now, the US dollar is pegged at almost 100% against the local currency, thus the economy is somewhat stable.

The CBN seems to be on top of situation as reflected in this report http://www.thisdayonline.com/nview.php?id=150709

No reasonable country will fix the value of it's currency. Naira should be allowed to find it's value instead of propping it up with the foreign reserve.
Things will not improve if Nigeria continues doing the same thing over and over again. The outcome will always be the same.

egin:

No reasonable country will fix the value of it's currency.

Egin, I will have to disagree with you on that, Countries that pegged their Currencies mostly against the USD has their reasons for doing so, though I am not a subject matter in this but i will say you are not right by saying Countries that do so are not reasonable.

Saudi Arabia, UAE, Bahamas,Bahrain, Hong Kong Dollar, Qatariya dollar, Omani Riyal are all pegged. Most of this countries are doing well and they 've got their reasons.

I'm not saying Naija should pegged her currency anyway.

You might want to study more on pegged exchange rate here http://en.wikipedia.org/wiki/Fixed_exchange_rate

and list of pegged currencies here http://en.wikipedia.org/wiki/Category:Fixed_exchange_rate.

cheers

@faakay Sorry for your business ooo. I command all the curses to return to the you In the MIGHTY NAME OF JESUS, everyone in the house shout AMEN.

BAC:

@faakay Sorry for your business ooo. I command all the curses to return to the you In the MIGHTY NAME OF JESUS, everyone in the house shout AMEN.

Guys in the house, I am not saying Naira should go N120 or N200. Where ever it likes, it should go. Who cares. All I am saying is I have positioned myself. If I rake in profits at N200 my prayer may turn to N120 who knows. I have properties in Niaja and my income from those are coming down, but rental income is rubbish money.
I have made a deal for a 4 acres of land, final price has been agreed, The money is ready and it is all in £££ and payment is not due till Dec. £ has been rising against the dollars if naira in turn fall against the Dollar, I will be laughing to the bank. if i decide to sell the whole lot of land next year, either naira is strong or not, I command my price, But who wants to sell? not me,

But in naija either you guys like it or not, If you don't pump enough oil out now naira will fall.
Except one of your University students down there has made a saleable product that can knock out Microsoft windows or Ipod. As long as Nigeria depends on oil, the country is sitting on a table with one big leg.



So apologies to those I have offended and him I have caused.

Na wa o! see what money iscuseing on this forum brothers are wipeing at each other like hungry Lions, abeg can we go back to the purpose this topic was created, can anyone tell me what the presnt black maket rates of $ in Abuja or Lagos as i have a paymnet to make by weekend and need to know the amount to send befor friday.
Thank you.