How Much Did You Exchange The Dollar For Today?

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

@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.

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,

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

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

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.

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

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.

@ 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.

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.

 
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

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

                              

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.