kaycodes:


Sorry to say, the hard times have not started. If oil price does not improve drastically before the 3rd quarter of the year, expect more hardship. Either way we have to brace up for tougher economic policies. And even with the right things put in place in Nigeria it will still take some time for things to get better. So until we successfully diversify the economy this dollar and naira game will continue. Then each time the dust settles we will have a new black market steady rate.

Example, earlier speculations drive the dollar to 250, it then settled to 230...

Now it went as high as 375, and is now settling to 2xx, maybe we might see a final steady price of 250. Then after a while demand will spike again and so on and so forth. The CBN cannot defend the naira for ever.

That's my lay man's economics

bashit:
USD rising, now selling 310 in Abuja

AbuMaryam1:
$ is trading @ 330, Abuja, Lagos and Kano.

stagger:
Please USD was selling at $1 to N220 yesterday at Sheraton. I routinely change dollars every week so I can confirm to you that the exchange rate has improved.

toluxa1:


I thought you said 200 at your place just yesterday. Now 310 again? When I dey reason to visit zone 4

dokgen:


DOnt get it, you mean you are selling for 220?

mavinc4u:


Which sheraton?

stagger:

Sheraton Abuja. But the rate was fluctuating so much that in different cities it was at 295, 235, 240, 270, 265, etc. No single uniform rate or rate band and this is all a sign of choppiness. It is only by next week that we will have a steady band across the whole country.

But in my view, the pressure on the Naira will continue and the CBN will be forced to make a decision about the exchange rate very soon. The question is, for how long will the CBN continue to use the foreign reserves to defend the Naira? Switzerland could not do it with their Euro/Swiss Franc peg, Japan's interventions to stop the Yen from strengthening could not do it, and I don't see Nigeria being able to do it when there is virtually only one source of USD for the central bank which has dropped by 65%.

A renewed speculative attack on the Naira will occur and the CBN will be forced to devalue by the time the foreign reserves drop to $18bn. I don't see a way out here unless Nigeria decides to stop the importation of petroleum products which presently accounts for about 70% of Nigeria's foreign exchange usage as a very radical measure.

Frankly put, Bubu is in trouble and he knows it. That is why he is running all over the world looking for money.

mekaboy:
I changed for 300 naira today.

makzeze:
buying is 320, selling 330

mekaboy:


So I sold at a loss, this nairaland.com sef. All this rubbish rates will make one panic, thank God I just sold 200, I planned selling 1000 out of panic.

Thank God bank said they did not have.

mekaboy:


So I sold at a loss, this nairaland.com sef. All this rubbish rates will make one panic, thank God I just sold 200, I planned selling 1000 out of panic.

Thank God bank said they did not have.

stagger:

Sheraton Abuja. But the rate was fluctuating so much that in different cities it was at 295, 235, 240, 270, 265, etc. No single uniform rate or rate band and this is all a sign of choppiness. It is only by next week that we will have a steady band across the whole country.

But in my view, the pressure on the Naira will continue and the CBN will be forced to make a decision about the exchange rate very soon. The question is, for how long will the CBN continue to use the foreign reserves to defend the Naira? Switzerland could not do it with their Euro/Swiss Franc peg, Japan's interventions to stop the Yen from strengthening could not do it, and I don't see Nigeria being able to do it when there is virtually only one source of USD for the central bank which has dropped by 65%.

A renewed speculative attack on the Naira will occur and the CBN will be forced to devalue by the time the foreign reserves drop to $18bn. I don't see a way out here unless Nigeria decides to stop the importation of petroleum products which presently accounts for about 70% of Nigeria's foreign exchange usage as a very radical measure.

Frankly put, Bubu is in trouble and he knows it. That is why he is running all over the world looking for money.

Kx:


Bros, please throw more light on this.

If we devalue to say N320 officially to the dollar, if another round of speculation "sheles" thereafter, does it mean we should devalue then again to say N500 or N600 as the case may be?
Are we saying at the slightest drop of a hat, our reaction should be to devalue?
If we adopt that as a policy, for how long shall the devaluation exercise last?

Floating the rate one might argue, but what exactly does am import driven nation stand to gain from a floating rate forex regime even with our own greed driven experience?

Kx:


Bros, please throw more light on this.

If we devalue to say N320 officially to the dollar, if another round of speculation "sheles" thereafter, does it mean we should devalue then again to say N500 or N600 as the case may be?
Are we saying at the slightest drop of a hat, our reaction should be to devalue?
If we adopt that as a policy, for how long shall the devaluation exercise last?

Floating the rate one might argue, but what exactly does am import driven nation stand to gain from a floating rate forex regime even with our own greed driven experience?

grandstar:


A devaluation to 240 is enough. It will lead to a convergence of the black market and official rates

dokgen:
Please i need Neteller or bitcoin of about 2500 dollars anybody in the house have to sell?
URGENT Please.
Or better still anybody whose got a relative in yankee who wanna send money home. So i just pay em in naira into their Naija bank account and they send the cash to me in dollars via Money gram coz im in yankee presently.

jjcena:
Who got $$ bills to sell. Drop your phone number and your rates as well let me call you or you pm me. I stay in lagos.

Nichobabe:


Just like that? Please how did you arrive at 240?

Because this talk of devaluation is getting too much. Explain further please

stagger:


But in my view, the pressure on the Naira will continue and the CBN will be forced to make a decision about the exchange rate very soon. The question is, for how long will the CBN continue to use the foreign reserves to defend the Naira? Switzerland could not do it with their Euro/Swiss Franc peg, Japan's interventions to stop the Yen from strengthening could not do it, and I don't see Nigeria being able to do it when there is virtually only one source of USD for the central bank which has dropped by 65%.

Frankly put, Bubu is in trouble and he knows it. That is why he is running all over the world looking for money.

demosoft:
contact me via my signature .I can send you WU /MG /bitcoin

kolomax:
Bitcoin is how much

pappilo:


I hate people like you who try to sound knowledgeable on issues but are actually clueless.

Japan's government's problem is nothing like Nigeria's. In fact its the opposite. The Yen regularly gains on the dollar and becomes too strong so Bank of Japan devalues the currency so their exports become attractive. You illiterates are asking for devaluation in the face of a weakining Naira.

I wish we had the Swiss problem. The Swiss National Bank artificially kept the value of the franc low and when it removed the cap pegging the Franc to the Euro at 1.20, the Franc appreciated by 15% in one day.

Now tell me do the 2 issues above look like the problems facing the Naira in any shape or form?

pappilo:


I hate people like you who try to sound knowledgeable on issues but are actually clueless.

Japan's government's problem is nothing like Nigeria's. In fact its the opposite. The Yen regularly gains on the dollar and becomes too strong so Bank of Japan devalues the currency so their exports become attractive. You illiterates are asking for devaluation in the face of a weakining Naira.

I wish we had the Swiss problem. The Swiss National Bank artificially kept the value of the franc low and when it removed the cap pegging the Franc to the Euro at 1.20, the Franc appreciated by 15% in one day.

Now tell me do the 2 issues above look like the problems facing the Naira in any shape or form?

JAZES:


Thank you jare my brother, I hav personally didn't want to comment at stagger's comment since morning cos I can't believe he is comparing Japan and Swiss issues with ours, there are two different issues.
Sometime it's better one just keep shut if you don't know what you are saying than displaying your ignorance for all to see.