The Naira Is Gaining Back Its Value?

For the past, One month now the Nigerian Naira has bn gainin back its value. Not because the Nigerian government has bn puttng immense effort to improve the economy but because of the falln of the value of dollar in xchange wit other currencies.

So is it really gaining value? Or is the American Dollar depreciating in relation to the Naira?
To the Euro, The Pund, The Yen, The Naira is still worth what it was when the USD was trading for 140 =N=

The naira is not gaining any value; it's the dollar that is losing value. 
Try comparing the naira to the pound, and you'll understand.  There's nothing to celebrate.

WOW! 

Dollar at N115 what a great fall! - Whats wrong with the American economy?  Well, may the Nigerian Naira regain its value and our cost of living will be lowered.

In a nutshell, President GW Bush and his expensive war.

Good 1 from seun an good question, mayb forex trade is finally hittin on the dollar ( this is a long stone throw guez). Howeva, removal of zeros or not is not the Nigerian issue. Ths counrtries like Ghana that practiced this experiment had more inflation than before the experiment. Nigerian headache is power!!!! u can't bring such an experiment into an economy whr nada works, it don't min more jobs etc. No power, no infrastructure, no maintainance culture, no value system, how on earth does the zero reduction resolv all these. Crude is now being sold fro $100. the Nigerian govt budgeted $38 wich min a suplus of $42. Assuming the subsidised Kero is being paid for etc. at $5. wot on earth happens to the balance?
Do u witness its change in the economy? Naa because your pa and my pa and our mothers are busy making us look better by doin 1 or two "deals"!!

Like Chief Akinyele said " We are all corrupt, the person who stole, the person who knew of how and when it was stolen and dint tell on the stealer, and the person(S) wu benefit from the steal"

The solution, is put some stuff in the economy, power, infrastructure, erase useless and obsolete curiculum from our universities and other educational institutions, corect our value system ( all these among other tins probably) and watch the economy grow!!

Most of us leave Nigeria not because we ohter countries are beta off but because the standard of livin here is poor!!!

nobody is comparing naira to dollar here or can you compare naija to america?the fact remains that the dollar is depreciating and our economy picking up too.

well i think the naira is gaining back the values we must commend the cbn governor and the federal goverment

The dollar's fall is due to huge current account deficits which has 2 causes-trade deficits and budget deficits.Bush is responsible for the latter and not the former.The trade deficit for August(latest 12 months) was $810.7bn.Budget deficits was in the region of $150bn.Obviously,in a $13.9 trillion economy,its easy to see why an Iraq war,costing about $100 bn per annum,can't be cited as a reason for dollar depreciation.

In recent months,the dollar's depreciation has been propelled by a slowdown in the US economy.This has prompted interest rate cuts by the Federal Reserve which prompts further depreciation.

At the moment,the dollar's fall is good for the economy since it makes US exports cheaper and imports more expensive.If you look back 10 years ago,the dollar's strenght was the cause of concern for US policy officials.The current account deficits accelerated,prompted by cheap imports, in the 90s until it became unbearable recently.So,falling dollar value is good for the US economy provided the fall is not too steep as to precipitate inflation in the US.

For Nigeria,the key concern is diversifying our foreign exchange reserves from dollar denominated reserves into Euros and other viable currencies.Leaving our reserves in dollars means that it is losing value with time.

@Doyin

You are right.China's fixed currency rates has been partly responsible for this problem,for where market forces are allowed free reign,a strengthening of China's currency would have helped matters.Many other "Asian Tigers" ,short of fixing currency rates,also manipulate their currency to keep their value low.

In the 80s,when there was a similar problem,there was an accord entered into between the US and countries like Japan which co-ordinated decisions that helped manage the dollar's fall.

Today,there will be pressure for the ECB to cut interest rates if the dollar keeps falling at Europe's expense.In the last trade figures given,US trade deficits with other major trading regions  fell except China.While the deficit with the EU fell 37%,that with  China rose 5.5%-http://afp.google.com/article/ALeqM5jokcLCqwnflI9lZyie2Hf-m5lqVA

I read on Thisday that Nigeria is planning on pegging the Naira to the dollar at 117 by 2008.

Other economies have pegged their currencies with the dollar in the past though I've not really studied enough to know whether it gave them a leverage in the long run.

Is this a good time to peg the Naira to the dollar? 

i concur!! Naira Will always remain Naira No Value! Dollars is deppreciating even here 1$ = 59LD i guess its the season!

Whether the Naira is gaining or the Dollar is losing, all na the same.  My People say: fun omo loyon, foyon lomo.  Ki omo sa ti yo ni

According to an article I stumbled upon recently, Hillary Clinton's views on the war are similar to that of GW Bush.

Naira is not gaining anything. I still changed pounds to naira few weeks ago(last week in sept) at 1 pound to 260 naira. If I,m right, last year it was 1 - 240.

@ Sweet T - you mean IF Hilary comes into power.

I think in general, this is good news. Even though the dollar is losing its value - everything works according to US. dollars. The most common currency in the world is US. dollars so i think it is pretty cool. Apart from that, some canadians are ecstatic now because their dollar is stronger than ours. George Bush admin is screwing the economy in their last days. Well come Saturday - elections are going underway, we'll know if it's either Clinton, Obama or some other person.