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naijaking1
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Remember: Official vs Real. Call anybody in Lagos, around Eko hotel to be specific, they'll tell you 178-9 to sell dollar, and 180-182 to buy. Personally, Wachovia was going to give me 147 for one dollar if I wire to a naija bank, but when I sent the $1000 to a relative in Lagos yesterday, she returned with 179,000 naira. You can always check it out depending on whether you're buying or selling. Remember the Abacha days when there were 2 rates, $1 to 22-official, and then $1 to 120 in the parellel market. If you're politically connected, you get 1:20, then you can even come sell to average Joes like us at 1:120. |
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triistar86
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Wow, One really doesnt know what to believe anymore, the official exchange rate has ranged between #145 and #150 as seen from CBN, yahoo finance and several other major foreign exchange source for a while apart from our own BDC down there in Nigeria who has decided to keep devaluing the naira articificially claiming that CBN has not been able to meet up their demand for dollars hence they source it from other places and then decide to sell it at exhorbitant prices all to make outrageous gains.
Why do we keep making things difficult for ourselves in Nigeria? The price of oil has stabilized for a while now at a particular level but still the naira keeps free falling, Is it not just rational that it is artificial?
Since it seems impossible for the CBN to check the BDC activities why cant they just allow the banks to sell forex (Pardon ma grammar) to the people since its so Obvious that the CBN can still monitor and check the banks activities and not the BDC.
Irrespective of how we all view it, though individuals may have personal gains from the present situation(gains which has even been there when it was #120 to a dollar not to talk of when its now supposedly #180 to a dollar) Its so obvious that our economy is being adversely affected, Ma people what goes around definitely comes around, watch out.
Though I aint an economist these are simply ma views about the whole issue, E go better.
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Sammy107_d (m)
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I jus pray it gains again. its really killing me here.  |
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web_master
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Am No economist, so i need to ask this question. Is it gonna be wise to start buying up dollars right know, since the naira seems to be dropping. Remember when it was 120, i should have bought it then. But at 180, do you guys think it's still wise?.
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jabbok (m)
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In all these economic gloom, let us be sure of one thing - the "vultures" are circling n @ d end of the day, our rougue officials MUST use the prevailing circumstance to make Nigeria poorer. Forgive me if I sound sacarstic but that's d fact. Shame to all of them.
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manmustwac (m)
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In all these economic gloom, let us be sure of one thing - the "vultures" are circling n @ d end of the day, our rougue officials MUST use the prevailing circumstance to make Nigeria poorer. Forgive me if I sound sacarstic but that's d fact. Shame to all of them. It just makes me wonder, when oil eventually runs out. How is Nigeria going to survive? Because its going to be worse than it is now minus the credit crunch. |
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honsule (m)
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i wonder 4 them o.maybe,Black market  |
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stiyke (m)
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It seems the naira is still going to fall more.
What business is best to invest in now?? Importation and other services bought abroad is going to be very dicey. i pity cyber-cafes and ISPs cause they buy their bandwidth in dollar and charge users in naira.
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BAC
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i wonder 4 them o.maybe,Black market Please ignore yahoo. The boys that updates the yahoo site don't know the mallams all they can do is give you a guide price. I advised very one to buy the dollar and keep when it was about N130. I hope you did. N180 was my target price and we are there already, N200?, I am not sure. But the best thing is to keep an eye on the US recovery. All these economic problems started in the US and recovery/ demand of oil , will start in the US. So we are watching the US closely. |
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otokx (m)
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things are just getting badder and badder; OBJ must be laughing now at all the anti 3rd term people.
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FBS
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things are just getting badder and badder; OBJ must be laughing now at all the anti 3rd term people.
but wetin him fit do even if given 20 terms? |
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aus123 (m)
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What elseee////
Lets all keep the hope alive,,,,,,
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PurestBoy (m)
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Men I can't wait to see dollar rise to #500 - $1, That means $1000 from my maga will be #500,000. Kai, I don hammer be that and need to change my babyboy honda
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deoye05
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The price of fuel was just decreased like 2 months ago, and now they are planning on increasing it again.
this is a sign that the government is confused. 2 months ago we had recession, right now we still have recession
yar adua is too slow in taking actions. In positions where obasanjo will ignore complains and keep the fuel price high and the value of nira will remain constant, or not too bad. Am sure Yar adua will not know what exactly to do.
part of the problem of the naira is that we need some strong and fast policy to be taken, ignoring the external factor of economic depression.
as for soludo i no know wetin him de do o.
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sendtodeji
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I even heard that they are finding it difficult to pay salaries now. I am one of the people who have been praying for something miraculous to happen in Nigeria. Oil has been a curse rather than a blessing for us in Nigeria. Before oil, we were doing just fine in Nigeria. Oil came and everybody just got greedy! I never for once dreamt that this day will come to reality this fast. Brothers and sisters, this is the time for us to show our government that we matter. They've written us off for a long time. We were never relevant to them. Other governments take the welfare of its citizens as a high priority. Who cares in the Nigerian government?! Well, it's time for them to care. How? It's simple. They need foreign income which oil was providing but no longer does. Human capital, which they've hitherto neglected, can provide that. Let's reinvent India in Nigeria. We have all what it takes (except for poor infrastructure). The government has always been putting up a facade about inviting foreign investors to the country. You don't need to beg investors to come! They will come when they see something that attracts them! Did we beg the oil companies to come to Nigeria? Noooooo. They came because they saw something that they want. In the same way, they will come if they see something else that they want in Nigeria. Nigerians are smart and brilliant. We do great exploits all over the world. But at home, it's a different story. Philip Emeagwali was talked about a future where technology will benefit us in Nigeria and Africa as a whole. That man always inspires me because he so much believes in his roots. You can read some of his writings on his web site ( www.emeagwali.com) or check out some of his presentations on YouTube. I read a minister saying that it's time we get back to agriculture. That is a good thing. However, the future prosperity of Nigeria lies in Technology (tekinoloji)! We have to empower ourselves technologically in Nigeria. Let us ignore the government. I don't really know how I can express and explain this but it can be said in a thousand ways. We each have to research how we can use technology to benefit ourselves. For instance, let's assume that I am a computer programmer and reside in Nigeria. It's possible for me to get a programming contract in the US and be paid in dollar! I'm certain that I will get paid as long as I do the job to specification and my client gets the result. We can't all be programmers but there are other things that could be done in similar fashion. For the Yahoo boys, your act is no longer popular. Haven't you heard? The biggest scammer of all times, Bernie Madoff, has taken all the rich people's money! It's time to start doing the right thing. For how long do you think you can maintain your expensive lifestyle without a steady source of income? 'Yahoo' income is not steady. You've all got to get your acts together, seriously. I get all these crazy mails from you guys everyday that tells me how dumb some of you are. I can't stop wondering how some people fall for that crap! Anyway, a word is enough for the wise. My people, it's our time to shine. Let us put on our thinking caps. |
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ceah (m)
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Guys, I hardly reply to messages but this is quite interesting, It's high time nigerians get to understand that they need financial education, acedemic and professional education will leave you broke especially during this economy crisis. With Finanacial education you will have control over your lives and you wouldnt even care if a government exist or not. you wont care if there is crisis ir not cos you will always know when, how and why you should always take advantage of every step or mis-step by governments, individuals and organisations. Get it right, NOW all you need is to make money in $ and you wouldnt have to worry about the situation right now, i dont care, my friends nowadays says that i am a capitalist (the only thing is that i am financially educated.),
Simple Gift
$ will be N200 before the end of March,
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sley4life (m)
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no hope 4 naira, I like dollar to be 200 next week, Im happy now because money wey i dey receive now done rise
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Olayinkaoj
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I thought people would first try to know why Naira suddenly moved from N118-$1 to around N155-$1. But rather we are looking at when Naira wld be N200-$1. Naira was already on the verge of coming low towards N100-$1 when prof. Soludo ordered the central banks to ''control'' sales of dollar to Nigerians by not selling too much to the 'open' market. As we all know that , in Economics, the major price determinants are 'DD' and 'SS'. Consequently, when there was shortage of dollar in the 'open' market as a result of the directive of Soludo, very few people who had it hiked their prices. If Prof Soludo had left the Central bank to be selling dollar to the public without hindrance what we are experiencing today wld not have happened, so the situation is 'man-made'. But the sole reason why Soludo did that was primarily to sell what is in FGN reserve at a high exchange rate so that the govt could pay some of its debt, even if it could bring hardship to Nigerians.The sole source of foreign exchange in Nigeria is through our foreign reserve and this is through what we get in return for oil sales. So with this understanding, direct human interference has occurred and , only the government (and God) can do something to bring it down. our destiny is in our hands
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Jairzinho (m)
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I thought people would first try to know why Naira suddenly moved from N118-$1 to around N155-$1. But rather we are looking at when Naira wld be N200-$1. Naira was already on the verge of coming low towards N100-$1 when prof. Soludo ordered the central banks to ''control'' sales of dollar to Nigerians by not selling too much to the 'open' market. As we all know that , in Economics, the major price determinants are 'DD' and 'SS'. Consequently, when there was shortage of dollar in the 'open' market as a result of the directive of Soludo, very few people who had it hiked their prices. If Prof Soludo had left the Central bank to be selling dollar to the public without hindrance what we are experiencing today wld not have happened, so the situation is 'man-made'. But the sole reason why Soludo did that was primarily to sell what is in FGN reserve at a high exchange rate so that the govt could pay some of its debt, even if it could bring hardship to Nigerians.The sole source of foreign exchange in Nigeria is through our foreign reserve and this is through what we get in return for oil sales. So with this understanding, direct human interference has occurred and , only the government (and God) can do something to bring it down. our destiny is in our hands
Although,you have an idea how these things work,the premise on which you base your arguments may be slightly flawed. Any country's Central or Reserve Banks' monetary policy is only one way of influencing the value of one's currency. The total value of Nigeria's daily/monthly oil receipts is more than sufficient to give the naira a much better value against the dollar. The reasons i have enumerated in my previous post above is the main reason the value of the naira is dropping (aka round tripping) |
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dae (f)
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yawa, but good for people at home sha, $200 per week -- 36k, haaa!! chei mama dey enjoy oh!!
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snowdrops (m)
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how much is a pound to the naira [black market and cbn rates] please
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BAC
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I was just thinking. When I become the President of Nigeria how will I resolve these problems,
I would rather appoint a mallam from the black market, appointing people like soludo to manage monetary policies is a disaster. People like soludo have too much book knowledge. Too much book means no action which transalates to poverty, Too much book gets in the way of common sense, it kills creativity. The London School of ecomonics is advising our leaders here in the UK to put pressure on the banks to keep lending, Book non-sense (" Teacher teach me no non Sense") Debt got us into these problems, and Debt is not going to get us out. The Capitalist system is falling. If the horse has fallen, the next thing to do is to disembark, but to keep riding is a fool's strategic way of expressing and enforcing ignorance.
Leaders in the western world think politically before they think common sense. And we still buy their books and read in our universities what a dump idea.
As future the president of Nigeria, I will support those that are ready to be hands on. Then Nigeria can bring something out of herself. Then we can decided to plug our wells and live on the product of our brains. Money is not cash , it is the ideas in that little ball you carry in between your ears.
If this offends anyone, Apologies, But if you where Mr president where would you read your script from?, From people like Soludo?
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chuxy12 (m)
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i have been trying to buy dollar for days from the banks now but to no avail. even today it wasnt available. i resorted to black market. guess what the price has been jerked up to N184/$ Na Wao! |
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tbanj07 (m)
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stop this news of dollar at the rate of 180 when its only 147, haba! easy ooo, go on www.xe.com and see for yourself, there u would see all countries currency and u can convert 'em there |
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JosBoy4Lif (m)
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stop this news of dollar at the rate of 180 when its only 147, haba! easy ooo, go on www.xe.com and see for yourself, there u would see all countries currency and u can convert 'em there When last did you actually transact a currency trade? Go to black market and tell them you want what www.xe.com is offering! @ Topic I see an appreciation in the value of the Naira sometime in the summer, when the price of crude oil will go up. All these derivative contracts are really shaking the market though! |
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st-kris (m)
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the rate states $1= 147.950 as of now on www.xe.comin all honesty, i'm only thinking of myself right now, so the higher the dollar is worth in naija, the better for me coz i have plans to visit, and projects to set up .  |
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Olayinkaoj
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yawa, but good for people at home sha, $200 per week -- 36k, haaa!! chei mama dey enjoy oh!!
The laughter shd not go on too far becos the higher the exchange rate, the higher the prices of goods and services. What goes round comes round
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