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Nairaland Forum / Nairaland / General / Business / Naira Tumbles To 980/Dollar, FX Shortage Worsens (20022 Views)
BDCs Now Buying Dollar At ₦980 — ABCON President / Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate / Naira Tumbles By 51.95% Despite Cbn’s Defence Measures (2) (3) (4)
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Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by newwise1: 11:01pm On Sep 21, 2023 |
wittywriter:Olodo, it means that the small $50 you charge will be spent costly 2 Likes |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by benalvino3: 11:12pm On Sep 21, 2023 |
wittywriter: What difference does it make? Buying power of the naira falls. 1 Like |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by VeeVeeMyLuv(m): 11:12pm On Sep 21, 2023 |
SIRTee15:The money they are Looting alone if they use it in Nigeria, oh my gawd, there will be marked improvement. 1m dollars is now 1billion naira Nigeria is in dire need of dollars while Norway, which has the same oil production capacity as the country, saw its oil funds post a gain of $142.65 billion in the first half of 2023. Norway’s sovereign wealth fund, a national savings pot designed to help the country prepare for life after oil, has announced a huge boost of $142.65 billion from the AI-driven tech surge in the first half of 2023, putting the investment titan back on track after one of its worst years ever. Norway’s $142.65 billion gain is three times Nigeria’s 2023 budget of $49 billion (N21.83 trillion), according to BusinessDay’s calculation. If we were producing crude and also refining imagine what the revenue will be like. Nawao.... ![]() ![]() ![]() ![]() ![]() Na only God fit save this country 5 Likes 1 Share |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by paskal16: 11:13pm On Sep 21, 2023 |
Ebola is working Sad west ronuus are enjoying like never before kudos! 2 Likes |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by Wellness77: 11:14pm On Sep 21, 2023 |
UnknownT:Tinubu didn't devalue the naira. There is a formula that determines the power of every currency. The currency of a country is a certificate of the amount of wealth that is available in the foreign reserves of the said country. So if the amount of wealth in the foreign reserves of a nation is low, subsequently their currency will be weak |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by being(m): 11:23pm On Sep 21, 2023 |
SIRTee15:To be clear, whatever crude dangote takes from Nigeria means crude fx loss.. and if he buys from outside- that's still fx expense.. Like I said d difference in either case is only in cost of refining(and shipping costs)which is about 15% of petrol cost.. that's something really but not much. So the refinery alone is not the All in all solution to d fx crises.. Many other things to be done!! @VeeVeeMyLuv, Norway is just 5m pple.. we are 220m-- u can't even begin to compare. 2 Likes |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by Shikini: 11:24pm On Sep 21, 2023 |
Terrible |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by benalvino3: 11:25pm On Sep 21, 2023 |
Wellness77: I remember when dollar went as low as 130 dollars Jn 2014. That was GEJ. Everyone was enjoying 4 to 5% GDP. What happened after that? Nigerians especially the northerners, yoruba are disgraceful. Make una enjoy una 1% GDP 5 Likes 2 Shares |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by benalvino3: 11:28pm On Sep 21, 2023 |
being: You prefer he use dollars to buy crude outside? Do you guys think at all? 1 Like 1 Share |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by Faposky95: 11:29pm On Sep 21, 2023 |
OkCornel: Bubu led the way by rearing cattle..... O ye to your agbado tents...... Instead of putting the grease inside the pan to make it hot, we are hailing the wind who is stylishly putting out the fire |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by VeeVeeMyLuv(m): 11:40pm On Sep 21, 2023 |
benalvino3:Exactly! I think it is their party called APC that is probably responsible for the tumbling economy See below what these guys did to our dear country 1 Like 1 Share
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Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by emmanuelbrown26: 11:47pm On Sep 21, 2023 |
grandstar:Mr. Rice bandit rest |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by BigIyanga: 11:47pm On Sep 21, 2023 |
grandstar:Still playing sycophantic songs for president. No FDI will come when FX payouts to UAE and foreign airlines have been stallled. Oyibo investors arent stooopid. -No FDI when national grid has collapsed. -No FDI when there is no security of lives and property. -No FDI when there is no middle class. We have rich and poor in Naija. Current increases in fuel prices and FX have eroded the purchasing power of average Naija. - Shoprite didnt leave Naija entirely… they sold to Naija entire. If the president can focus on power and security alone… local smes can jumpstart the economy. Stop blaming GMB, BAT enthroned him and stood behind him and his policies for 8yrs. Stop insulting our intelligence.. 4 Likes 1 Share |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by emmanuelbrown26: 11:49pm On Sep 21, 2023 |
lexy2014:One problem I hv with some Yoruba supporters. Some of them like shifting goal post. They blindly supported buhari for 8 fucking years of tears and sorrows and dis idiot is here blaming buhari. Same buhari that blamed PDP 3 Likes 2 Shares |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by SIRTee15: 11:54pm On Sep 21, 2023 |
being: Ok let's agree on crude FX loss. because it's likely dangote will buy from what Nigeria produce. NNPC and other oil companies cannot suddenly start producing more crude oil simply because Dangote is asking for crude oil. He will simply buy from available crude oil Nigeria has been able to produce which is at most 1.6 million barrels per day ATM. However, the focus is taking pressure off the naira. Yes Forex within CBN will reduce but so also will be the demand. If the demand goes down there will no pressure on the naira, it will finally be able to breathe. As I said earlier, the refinery will help boost the Forex via exportation of refined products. As for more needs to be done. I 100% agree, but nothing will be done. Diversification is good on paper but implementation is a different ball game all together. Nigeria does not have what it takes to export any product globally at a competitive rate. What needs to be done to make that happen is beyond the capability of the clueless politician in abuja. Our best bet is to focus on our comparative advantage which is crude oil and it's refined derivatives. That's the truth. 1 Like |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by emmanuelbrown26: 11:55pm On Sep 21, 2023 |
benalvino3:Mostly Yorubas they are very very disgraceful. Bcs they live with propaganda, 3 Likes 2 Shares |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by BoldBrainz(m): 11:58pm On Sep 21, 2023 |
festacman: Please, who are you and where are you? I don't care about your political leanings, let me host you. I reside in Abuja and I'm a very concerned Nigerian youth. Let us have beers together. Let us trade ideas. Let me know you. We both will never regret it. I promise you, with this audacity and intelligence you have to address issues bluntly, I'll be your very good friend and we'll both like this friendship. Please mail me! 4 Likes |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by Sharmeenator(m): 12:32am On Sep 22, 2023 |
They keep saying dollars is scarce. What of the $3 billion loan NNPCL took earlier this month? Why didn't that have an effect on the exchange rate? I don't understand this upside down economic system we are practising. 1 Like |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by Sharmeenator(m): 12:37am On Sep 22, 2023 |
To you all expecting Dangote refinery to solve our dollar crises, have your forgotten the kind of country we are in? Instead of Naira to appreciate, it might even go higher and some idiots in suits will come outside to blow confusing grammars to explain why it happened like that. Nigeria matter no dey suprise me again, I have given up hope on things getting better in the country. 1 Like |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by ogbonti: 12:40am On Sep 22, 2023 |
Kaycee9242: the CBN is busy PRINTING Trillions of naira - excess liquidity with no substance backing it up and the excess trillions of naira being printed by Tinubu is being changed into DOLLARS, POUNDS and EUROS --------- the TINUBU people to loot millions mortgaging the whatever is left of the country as NIGERIA runs into BANKRUPTCY THIS IS WHY HE WANTED TO BE PRESIDENT - BEFORE THE END OF 2023 - HE WOULD HAVE PRINTED 999 TRILLION CONVERTED TO DOLLARS very soon - no one will accept naira again even within Nigeria ----- NEXT TIME - VOTE YOUR TRIBE and RELIGION AND ALLOW A KNOWN CRIMINAL ACCESS TO THE FEDERAL TREASURY - ONA MUST HEAR WORD ---- YESTERDAY I PREDICTED IT WILL BE $1= N5,000 by DEC 2024 1 Like |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by ogbonti: 12:40am On Sep 22, 2023 |
Kaycee9242: the CBN is busy PRINTING Trillions of naira - excess liquidity with no substance backing it up and the excess trillions of naira being printed by Tinubu is being changed into DOLLARS, POUNDS and EUROS ---------FOR the TINUBU people to loot millions OF $$$- THEREBY mortgaging whatever is left of the country as NIGERIA runs into BANKRUPTCY ![]() ![]() ![]() is being used to chase few dollars available - fake because it lacks substance, it lacks oversight, it lacks purchasing power ![]() THIS IS WHY HE WANTED TO BE PRESIDENT - BEFORE THE END OF 2023 - HE WOULD HAVE PRINTED 999 TRILLION CONVERTED TO DOLLARS very soon - no one will accept naira again even within Nigeria ----- NEXT TIME - VOTE YOUR TRIBE and RELIGION AND ALLOW A KNOWN CRIMINAL ACCESS TO THE FEDERAL TREASURY - ONA MUST HEAR WORD ---- YESTERDAY I PREDICTED $1= N5,000 by DEC 2024 1 Like |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by VeeVeeMyLuv(m): 12:41am On Sep 22, 2023 |
SIRTee15:what about tourism? If that desert rocky terrain country that equally has same crude oil could do it, then we too can |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by ogbonti: 12:54am On Sep 22, 2023 |
Nazgul: because it takes no effort to get it and steal the proceeds crude rushes like a tap from oil platform - except where there is vandalization - its just like little maintenance which is contracted out to foreign companies - so you just sit down and vessels come - fill up and you receive tens of millions of dollars alert for the day - and they (the so called owners of Nigeria gather to steal - and that's all - easy money have blocked their reasoning faculty and its oil and no other thing ever 1 Like |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by Juju70(m): 1:21am On Sep 22, 2023 |
980 kee u dia! Up up up dallar! Is 1000 okay! Nooooooo |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by OkCornel(m): 1:31am On Sep 22, 2023 |
IamAsiri: Ok, let’s import everything and expect the Naira to appreciate in value ✌️ |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by festacman(m): 1:34am On Sep 22, 2023 |
BoldBrainz: Thanks bro for kind words but Nairaland operates on basis of anonymity and it has been so over the years. I would prefer it stays. 1 Like 1 Share |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by grandstar(m): 2:58am On Sep 22, 2023 |
BigIyanga: What you have said is quite true. But are you being fare to the government? Please note I am apolitical. The mess on ground is overwhelming, is daunting. Yes, Tinubu hypocritically frustrated Jonathan's effort in 2012 to remove fuel subsidies. He did play a big role bringing Buhari to power and endorsed him for a second despite knowing he was a disaster. Wingeing and whining about the past isn't the solution. The economy needs to be brought back to life. The fact that Charles Soludo and NOI have both endorsed his policies is an indication he is on the right. Rome wasn't built in a day. An economist here who has worked on privatizations overseas says it takes a year to get one done. Meanwhile, you're expecting miracles overnight. Tinubu biggest gaffe so far is the nomination of Oluyemi Cardoso for the post of CBN governor. He isn't an economist and the post demands one with a PHD. As I said, I'm apolitical. I'm more policy focused. 4 Likes 1 Share |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by Enyimbamercedes: 3:07am On Sep 22, 2023 |
We will be alright! The President rand the bell at the New York Stock Exchange so dollars will soon start flooding the country. Iree o! You will all learn...you think leading a country is as simple as balablue or "Gazelle garagara" as one compound idiot here was trying to explain the meaning. 1 Like |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by IamAsiri: 3:09am On Sep 22, 2023 |
OkCornel: Too bad you can't answer my questions objectively. Again, how has buying made-in-Nigeria goods helped our economy with rice as the major point of discussion? |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by Nobody: 3:51am On Sep 22, 2023 |
Nazgul: You are very wrong! We export church branches world wide! |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by Nobody: 3:54am On Sep 22, 2023 |
Cantonese: Them even wear Buhari a coat and tie during the campaign! Can you imagine! 2 Likes 1 Share |
Re: Naira Tumbles To 980/Dollar, FX Shortage Worsens by ebufa: 3:56am On Sep 22, 2023 |
grandstar: Tinubu's economic team is too top heavy with his Lagos and yoruba crowd, he should widen it slightly......nobody knows it all, no tribe knows it all! |
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