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What Is Happening To Nigerian Currency - Business (9) - Nairaland

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Re: What Is Happening To Nigerian Currency by murmee: 1:45pm On Jul 23, 2022
pussyahnie:
Tinubu's advice to Buhari when he assumed power was to bastardize naira and the fulani who has no blueprint had to dance to the druggist advice
You are a bloody liar. When was Tinubu made the minister of Finance or the CBN Governor!
Re: What Is Happening To Nigerian Currency by MoneyMustBMade(m): 1:46pm On Jul 23, 2022
Some stupid members are still supporting apc government
Re: What Is Happening To Nigerian Currency by nextstep(m): 2:05pm On Jul 23, 2022
guobe:
yes I have a lot of people abroad happy with the situation but 90 percent of Nigerians abroad are stingy.shishi they won't send to you.Dont depend on them

Even if you can exchange more Naira for dollar, you can only buy the same number of things as last month because things just got more expensive.

Building materials ultimately cost the same amount in dollars. Even more sef because the seller has to increase their margins
Re: What Is Happening To Nigerian Currency by emmaodet: 2:08pm On Jul 23, 2022
googlepikins:


If you know economics you will know that they shouldn't be rejoicing too much. Cos they will be paying triple the amount of money they used to spend on items.

When exchange rate gets messed up, inflation comes in to eat up everything you have .

Let me give you an example, if your sister sends you $1 in 2014 = ₦165 , you can buy 7 eggs(₦25) with it.

Today if she send you $1= 630 , you can still buy the same 7 eggs (₦80)

If prices of things were to remain low and stable then they can rejoice. But that's not possible in a messed up exchange rate

Funny enough, their thought of coming home to all properties or setup a company is where they will be frustrated.
Imagine someone staying in US who bought a land and built 4 bedroom flat in nigeria with maybe 15/20m because he thinks he can just use $30,000 to do that.
If each flat is to give him 300k per year, that is about $1,800 per year. Money that is not even enough to make him survive in the US he is.
If he decides to relocate home finally, regular inflation again will still mess him up.
The best is to hope motherland is good because if e bad, e no go still pay you

4 Likes

Re: What Is Happening To Nigerian Currency by salvation77177: 2:11pm On Jul 23, 2022
It's you and I that will determine who leads the country in next election to change the course of this country from doom to reality. If we put sentiment aside, and vote right, we will witness the good old days again.
This old generation has to go. All the efforts and sacrifices we made during the endsars will not be in Vain.
Re: What Is Happening To Nigerian Currency by erico2k2(m): 2:17pm On Jul 23, 2022
leokid866:
Obj didn't have to stare down Corona, two recession and a Russian-Ukraine war......just putting in some context......
are you seriously?do you know what state military left us??no one moved us 4ward the way OBJ did.
Re: What Is Happening To Nigerian Currency by abbey621(m): 2:19pm On Jul 23, 2022
salvation77177:
It's you and I that will determine who leads the country in next election to change the course of this country from doom to reality. If we put sentiment aside, and vote right, we will witness the good old days again.
This old generation has to go. All the efforts and sacrifices we made during the endsars will not be in Vain.

If elections were won on social media then even Don Jazzy could be president. There's still time, if you can waka the entire Northern region campaigning for the right candidate then maybe Nigeria can truly change but for now, talk is cheap and Nigeria will elect another old goon.
Re: What Is Happening To Nigerian Currency by hkidola00(m): 2:27pm On Jul 23, 2022
Angelfrost:


Well, it is selfish but it is what it is...

I transferred lots of funds to my Dollar Account earlier this year... Just saw the difference today and smiled! Felt sad, but hey, what to do! lipsrsealed

Add this to earning in Dollars via Freelancing, and you live in a Bubble... Temporary safety, but still a cut above those earning and saving solely in Naira.

What a country! What a Pity!
pls how did you open dollar account
Re: What Is Happening To Nigerian Currency by hkidola00(m): 2:30pm On Jul 23, 2022
Winters23:

you can be homebased and still be earning hard currencies
how pls boss
Re: What Is Happening To Nigerian Currency by donborg(m): 2:36pm On Jul 23, 2022
Thomthom:
Effect of Leaders that don't even know the reasons they are there.. But to win election.. And effect of Fellow country men voting people based on Na Muslim, Na Christian, Na Igbo, Na Yoruba, Na Hausa man.. We need to put Nigeria first I use God beg una.. I don see person wey him brother Na Governor.. But Na husltle the guy man dey while Governor Children and him wife people Children dey UK dey enjoy our Tax payers money.. I no vote Jonathan and am from the south because Buhari manifesto was appealing with Nigeria I pray for.. But today Buhari did not do all those things that he promised. Most especially the refinery, Boko haram, and epileptic power supply . They only come to lie to win Election after they win, they bring anti people policies in other to frustrate the people.. and the people will put the frustration on each other thereby causing disunity and hatred for each other..

Senegalese mafia are speculating and hoarding the Naira
Re: What Is Happening To Nigerian Currency by Angelfrost(m): 2:39pm On Jul 23, 2022
hkidola00:
pls how did you open dollar account

Your bank can do that for you... I use First bank.

You can get one too on PiggyVest.
Re: What Is Happening To Nigerian Currency by twosquare(m): 2:44pm On Jul 23, 2022
Prosper123:
I always receive some dollars into my dollar account. But how can I sale at 600 naira. If I decide to withdraw it banks and cbn exchange at 418 or so.
Convert it to stable coin USDT...then you can sell via p2p exchanges...
Re: What Is Happening To Nigerian Currency by iLegendd(m): 2:48pm On Jul 23, 2022
Lol

I won't talk.
Re: What Is Happening To Nigerian Currency by hkidola00(m): 2:56pm On Jul 23, 2022
Angelfrost:


Your bank can do that for you... I use First bank.

You can get one too on PiggyVest.
I use Polaris...ok so if I save dollar to piggyvest,if I want to withdraw they pay me back in dollar
Re: What Is Happening To Nigerian Currency by Olam09(m): 2:57pm On Jul 23, 2022
guobe:
Nigerian currency is just going down daily. Hope we are not heading towards Zimbabwean currency. Since Monday it has been jumping up like the singer Craig David's song, Monday, Tuesday, Wednesday, Thursday, Friday. Naija nawa.

Deji Adeyanju wrote:

https://m.facebook.com/story.php?story_fbid=pfbid0jd4jckfiKMktR4eDka7TJDrHrW9BCELyUSab7mGryaHUeEZzAhEH1qa7MWdgL3Vtl&id=100044230039479

This is black market price bro.. if you won't believe me I'll order something on Amazon and show you the screenshot of the dollar rate on it.

Re: What Is Happening To Nigerian Currency by Czario: 2:59pm On Jul 23, 2022
GudHardDick:
This is exactly Why we need Peter Obi so that he can recused this country from these criminals.

Go and get your PVCs and let's vote massively for peter Obi come 2023!!!!!

Hahaha...nice joke.

1 Like

Re: What Is Happening To Nigerian Currency by Angelfrost(m): 3:04pm On Jul 23, 2022
hkidola00:
I use Polaris...ok so if I save dollar to piggyvest,if I want to withdraw they pay me back in dollar

I am not quite sure about Piggyvest pay back process.... You can call their customer service for more info.

I simply left my dollars there, and it has been gaining interest and appreciating.

1 Like

Re: What Is Happening To Nigerian Currency by Image123(m): 3:12pm On Jul 23, 2022
This is unfortunate, Buhari sack Emefiele at least if you can't sack yourself. Abi na so we go dey dey till 2023?
Re: What Is Happening To Nigerian Currency by Billygee2u: 3:13pm On Jul 23, 2022
guobe:
Nigerian currency is just going down daily. Hope we are not heading towards Zimbabwean currency. Since Monday it has been jumping up like the singer Craig David's song, Monday, Tuesday, Wednesday, Thursday, Friday. Naija nawa.

Deji Adeyanju wrote:

https://m.facebook.com/story.php?story_fbid=pfbid0jd4jckfiKMktR4eDka7TJDrHrW9BCELyUSab7mGryaHUeEZzAhEH1qa7MWdgL3Vtl&id=100044230039479
Today 704
Re: What Is Happening To Nigerian Currency by Billygee2u: 3:16pm On Jul 23, 2022
Thomthom:
Effect of Leaders that don't even know the reasons they are there.. But to win election.. And effect of Fellow country men voting people based on Na Muslim, Na Christian, Na Igbo, Na Yoruba, Na Hausa man.. We need to put Nigeria first I use God beg una.. I don see person wey him brother Na Governor.. But Na husltle the guy man dey while Governor Children and him wife people Children dey UK dey enjoy our Tax payers money.. I no vote Jonathan and am from the south because Buhari manifesto was appealing with Nigeria I pray for.. But today Buhari did not do all those things that he promised. Most especially the refinery, Boko haram, and epileptic power supply . They only come to lie to win Election after they win, they bring anti people policies in other to frustrate the people.. and the people will put the frustration on each other thereby causing disunity and hatred for each other..
Re: What Is Happening To Nigerian Currency by Billygee2u: 3:18pm On Jul 23, 2022
nairalander2020:
Very soon one dollar will be equals to one thousand naira, Nigeria is in free fall.
Before general election
Re: What Is Happening To Nigerian Currency by okeysoninv: 3:31pm On Jul 23, 2022
Billygee2u:
Today 704
it has reached 704?
Re: What Is Happening To Nigerian Currency by rolams(m): 3:35pm On Jul 23, 2022
Chicastle:


That time $1000 would be 1mili ?

Hmmm!
Re: What Is Happening To Nigerian Currency by armyofone(m): 3:44pm On Jul 23, 2022
guobe:
yes I have a lot of people abroad happy with the situation but 90 percent of Nigerians abroad are stingy.shishi they won't send to you.Dont depend on them

Life abroad is expensive.
You need your car to go to work for that money and it is costly to fill it up with gas/petrol every week.
Price of rent is up - mortgage - home - apartments
etc all went up -
Groceries Price is so damn high -
Everything hot - so not them fault.

1 Like

Re: What Is Happening To Nigerian Currency by Alusiizizi(m): 3:50pm On Jul 23, 2022
tommy589:


This is what I told these aboki brothers around February. The way I see it,only God knows what can stop the free fall of the Naira

In principle nothing can, if Obaseki was right about his charge of this administration printing Naira currency to settle domestic debt.
Re: What Is Happening To Nigerian Currency by Alusiizizi(m): 3:52pm On Jul 23, 2022
guobe:
Nigerian currency is just going down daily. Hope we are not heading towards Zimbabwean currency. Since Monday it has been jumping up like the singer Craig David's song, Monday, Tuesday, Wednesday, Thursday, Friday. Naija nawa.

Deji Adeyanju wrote:

https://m.facebook.com/story.php?story_fbid=pfbid0jd4jckfiKMktR4eDka7TJDrHrW9BCELyUSab7mGryaHUeEZzAhEH1qa7MWdgL3Vtl&id=100044230039479

It's called "runaway inflation". Obaseki was right afterall, this administration was(is) printing Naira currency to settle domestic debt. Money that isn't backed by foreign reserves.
Re: What Is Happening To Nigerian Currency by LienwaltAbel(m): 3:56pm On Jul 23, 2022
Black market exchange rate bro undecided
Re: What Is Happening To Nigerian Currency by LienwaltAbel(m): 3:58pm On Jul 23, 2022
Olam09:


This is black market price bro.. if you won't believe me I'll order something on Amazon and show you the screenshot of the dollar rate on it.
Leave them. The price has been at that 400 mark since last year. Nigerians selfundecided
Re: What Is Happening To Nigerian Currency by Reasoning(m): 4:01pm On Jul 23, 2022
These is how the Political system is, globally: Bangkok, Dusit, Thailand. These are exactly what they do before or after they became Elected to office. Gay and Sodomites Assholes is Who they are. That is why they love Asorock in Abuja Nigeria, because they're Fucking Assholes, including ASUU, ASUP, etc. All they do is to spread HIV virus to New converts Cultists, and Gay Sodomites wannabe. Their Deaths is Inevitable, Practically & Physically
Re: What Is Happening To Nigerian Currency by MyAmericandream(f): 4:13pm On Jul 23, 2022
aribisala0:
Yes 90% of Nigerians at home are very generous. Depend on them
LOL
Re: What Is Happening To Nigerian Currency by Advision: 4:13pm On Jul 23, 2022
Prosper123:

Ok. I will try. But can I get aboki to sell it in Abuja

Provided the dollars were sourced from outside the country, they will give you your money in USD and a N5 per usd thank you incentive per cbn guideline
Re: What Is Happening To Nigerian Currency by Kreddy: 4:14pm On Jul 23, 2022
Prosper123:
I always receive some dollars into my dollar account. But how can I sale at 600 naira. If I decide to withdraw it banks and cbn exchange at 418 or so.

dm me for quick trading (620# for 1$)

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