Beetroot:
Now 176

Probably because oil is now below $80,as saudi arabia tries to push out U.S. Frackers from the oil business.

stevolinkon40:
i was charged 174.504 to a dollar. first bank mastercard today on ebay

the effect of continues fall of oil price and a reduced external reserve.

It will be 592 to 1 if u vote for GEJ, shebi una no dey hear word.

arsetalks:
You are an idiot. How does it show me up as been "pained" I just point something to you.

Stupid tw*t.

Really, you are just a rural malu

169.55 with Access Bank

wow...what a good news! abeg make e come down reach 200 oooooo!

Damn. Dem don break my heart o... 174naira to a dollar .that's too much...it has really affected my online biz.. GOVERNMENT PLEASE DO SOMETHING. GEJ!!! I TAKE GOD BEG U.

jeffmyson:
The fact remains that the dollar against the naira has been artificially pegged by the CBN through its various interventions in the Money Market with our scarce reserves. I am of the opinion that the CBN should devalue the naira and allow the market forces to determine rate not speculations. The Russians tried as much as they could to defend the Ruble and finally threw in the towel some few weeks back and allowed the currency to slide! When speculators found out that there is no money to be made, they left the market and the currency is stable now but a significant depreciation.

The real price of dollar should be around N200 to N230. A weak naira is even an advantage to the economy as it will discourage imports and spur industrialization. The problem is we are an importing nation with everyone trying to join the import business even here in Nairaland you find lots of advert on imports businesses. Every clown in Nigeria wants to become an importer as that has become a toga of status 'I am an importer". A devalued currency will encourage exports and make imported commodities uncompetitive. People will have to start putting on Aba made Shoes, made in Nigeria cars will sell, made in Nigeria diapers will sell, made in Nnewi spare parts will sell, made in Lagos clothes will sell, made in Kano Fabrics will become competitive. Nigerians should learn to consume local things, its our pride.

My take is that the naira slide is caused by our incompetent economic managers since 1979, who failed to steer the economy away from resource dependence to Industrialization. GEJ is not the problem, the market is just reacting to its forces. A weaker naira is a good omen for me.

Nice input but how many Nigerians are ready to wear made in Nigeria products? Even looking at what is happening here where someone tells you he can never buy any goods made in Nigeria; how do you stop this mentality? We need re-orientation as a people to move forward.

dragon2:
Our current plight is more economic than political. As our population grows, import consumption will grow if no attempt is made at local
production.Demand for foreign currency ($)will grow as a result. If exports don't grow with population or imports don't fall, dollar demand for imports will put pressure on the Naira resulting in depreciation. Pegging the currency only drains the reserves rapidly and leads to the same
result,devaluation. The fact we are in a global community suggests only one solution. Industrialisation. We have to become like the country we
buy most of our goods from (in terms of Industrial production).

3 things come to mind we need to work on.

Logistics: It has to be easy to move huge volumes of goods from the North to our ports and evacuate it rapidly. This means ALL ports must be
in full use. We need rail.lots and lots of it. The North is poor because of education, but also logistics. North of Nigeria is desert and
poverty. To sell goods we need rail connecting the North to the ports not just lagos (too congested). We need to dredge the Niger and benue.
(chai God bless us with two North/South and East/West going rivers).Connect rail from the towns to the rivers and with river ports to the sea ports.
The rail system does not have to be expensive high speed rail, we need capacity and capability first. Some rails don't even need to be standard gauge if it is too costly. We need rails built by civil service, what we build is to get the poor out of poverty not to look like the rich. Two iron rails with wooden sleeper and local stone ballast is a start, no need for concrete.
Rail to Ecowas will help Nigeria,rail to cameroon will help commercial activity in the East.and rail to Niger and chad, the North.All these connected to river ports along the Niger/Benue.

Electricity: All Finished goods almost Universally have electricity applied or required in the finishing process. No Electricity,no
industry,no exports = poverty.Electricity gives birth to Industry and Industry is the reward for education. No Industry,no drive for education. If education and hard work is not rewarded with wealth,corruption rises to astronomical levels.

Agriculture:
We have no business importing food.Period! Farmers ran away from Agriculture early-on because their seed could not yield as much as
the new varieties being developed in the west.This forced down the prices of imported food.Also, we just didn't help farmers mechanise.
Things are changing though,we are beginning to apply science into Agric. We need as a major industrial priority more Agic processing and storage
chains along future rail-lines to bring farms to processors and storage units.We can't be losing food year in year out to poor storage. Food
should be produced based on future contracts backed by insurance so that farmers know they will be paid.This means that both farmer and
processors can expand their business.

Note.The entire cotton farms in Nigeria collapsed when the textile industry collapsed.These industries collapsed because we abandoned
rail,and stopped expanding electricity production.That is the effect of electricity and logistics on Agric.
We have to be as or near as logistically efficient as most of western europe is if we want to dramatically reduce imports and raise local production; and we have two rivers to help.

I wish the politics being played in Nigeria is clean and not bitter. How many regions will agree with what you have put up there?
Electricity is the driving factor here. We really need to get this up and running otherwise cost of production will continue to be on the high side.

[quote
author=mayorall post=27983558]Wow I made FP

special dedication to my lady *missmayorall*. My business partner
*kennyman20* . My business friends. ymodulus, mcfynest, youngzedd,
madam Tyconcepts, merit, oga steven. My pb buyers, ojestas, oga damc,
octavo, juwonmannia, rasco, Beckham. And many I can't remember.
Special thanks to my CSO (walker). My six months old GSD


Now feeling on top of the world, good news just hit me from Asia, my
goods had arrived . Good news on nairaland. nairaland FP is
intoxicating. . I never knew this is how it is until I hit FP the
second time.


To those that are jealous of me , You will also hit FP in the nearest
future, just a matter of time

Long live seun

long live the mod and super mods

Long live nairaland

Long live Nigeria[/quote]

lolz, i thot u are supposed to comment or explain why d amount was increased... but u are more concerned about making the FP?

well Congrats

Thank God oh I have money to change in fact I'll wait to change it when it hits 180 thank God Ohhh

jennykadry:

My country? Which country?

oh.!! sorry I thought u were a Nigerian

I was charged #175.65 yesterday By GTbank I no fit cry n I collected #174 from my client..Nigeria na wa o.

I was charged #175.65 yesterday By GTbank I no fit cry n I collected #174 from my client..Nigeria na wa o. Its not stable it Just going up and down

eddiebruk:


go to quickteller, make sure your bank supports WU receive money online, (i use GTBank) to go Receive money, select WU, Choose your bank, put your MTCN, Receiving bank account number and account name, expected amount, and text question. Sharply if your MTCN and account info is correct, you will get you cash in your account instantly. SUPPORTED BANKS BELOW

thanks a million; I am heading to download the quickteller app from App Store!!!!!

Abagworo:
Whose fault? Our leaders who have wasted these past 9 years of high oil price to enrich their pockets without remembering the dooms day. My prayer is that we experience paradigm shift next year so that less focus will be on oil and subsidy stealing will end.

Are you planning to vote Jonathan to achieve that?

boujaye:



the effect of continues fall of oil price and a reduced external reserve.

What reduced our external reserves?

04kaa:
It will be 592 to 1 if u vote for GEJ, shebi una no dey hear word.

Do they care how over $45b foreign reserve vanished

Job/work situation in Nigeria hardly gives people enough time for anything else, except weekends most times.
Most people would love to build an additional income source but timing is the problem.
I just found a way we could build an additional unlimited income source, part time even while we are at work.
interested? send me a message.

atlwireles:
There's no need wasting the reserves supporting the Naira. Allow the currency, find its true value. The implications are less today, than they were years back. Nigeria has a strong growing non oil export market, this will only help that sector.

I don't agree with you. Even the world's economic powers from time to time support their currencies from free falling for different reasons. It could be political or because of trade with other countries. So there is no such thing as allowing ones currency to float and find it's true value. If we did, we would soon find ourselves carrying barrow loads of our currency for basic transactions.

too bad.lets see how it will go during this month

saxywale:

A lot to do with the FG. I wouldn't blame GEJ but okonji iweala. Saudi not so affected by the drop because they have a good external reserve. But our own government has eaten deep into theirs via corruption unlimited.

You do realise that it's the CBN that maintains foreign reserves not the finance ministry?

Again, your comment highlights something I have referred to previously about Nigeria's personality-based zero principles political discourse. As far as building up a bulwark against an oil price crash is concerned, has there been a bigger champion for a "savings" account a la the excess crude account than Iweala?

For years, she has championed this cause to the chagrin of many Nigerians who never learned the lessons of what happened to us in the 80s but has instead been met with cynicism and opposition. Every budget battle is marked with National Assembly legislators seeking to increase the oil benchmark and thereby reduce the amount accruing to the excess crude account, we have governors fighting tooth and nail to declare the excess crude account illegal and even members of the opposition echoing similar sentiments. For an example of the latter, see below:

Nigeria’s main opposition party said it will scrap the country’s sovereign wealth fund and a separate excess crude account if it wins elections in February.

“We’re going to put a stop to them,” Lai Mohammed, a spokesman for the All Progressives Congress, or APC, said in an interview in London yesterday. “The sovereign wealth fund and the excess crude account are illegal.”

The $1.5 billion sovereign wealth fund, called the Nigeria Sovereign Investment Authority, was started in 2011, with the ruling People’s Democratic Party saying the country needed to save money for future generations. The Excess Crude Account, which stands at $4.11 billion, is used by the government to cover shortfalls in its budget and give foreign investors comfort the state can guard against a fall in the value of the currency.

Foreign investors closely monitor the excess crude account, which has helped attract high portfolio flows to Nigeria in the past two years, according to Esili Eigbe, Lagos-based head of West African research at Exotix, a frontier markets investment bank.

“Part of the reason you’re seeing a push for Nigeria is because of some of the shock absorbers,” such as the account that holds oil earnings above a budget benchmark, he said in a telephone interview. “You have to look at this in the context of the household. The household without savings is vulnerable to swings and shocks.”

http://www.bloomberg.com/news/2014-09-30/nigeria-s-opposition-wants-to-scrap-sovereign-oil-funds.html

The reality is that most Nigerians are not particularly driven by issues but personalities. The present economic developments do not vindicate those who wanted to abolish our buffer against an oil price crash but those who wanted to increase that buffer. However, in a country where emotions and ethnic loyalties trump reasoned discourse, people will blame the vindicated.

**falls asleep**

mayorall:
Naira is now ₦172.4.
Naija which way?
External reserve depletion or stealing?.

http://ngn.fxexchangerate.com/

Please wake me up, anytime Dr Ngosi Okonjo Iwealla (Coordinating minister for corruption) announces that the Economy of Nigeria is growing.


Nigeria, enriching wealthy and corrupt citizens since 1999.

mayorall:
Wow I made FP

special dedication to my lady *missmayorall*. My business partner *kennyman20* . My business friends. ymodulus, mcfynest, youngzedd, madam Tyconcepts, merit, oga steven. My pb buyers, ojestas, oga damc, octavo, juwonmannia, rasco, Beckham. And many I can't remember. Special thanks to my CSO (walker). My six months old GSD


Now feeling on top of the world, good news just hit me from Asia, my goods had arrived . Good news on nairaland. nairaland FP is intoxicating. . I never knew this is how it is until I hit FP the second time.


To those that are jealous of me , You will also hit FP in the nearest future, just a matter of time

Long live seun

long live the mod and super mods

Long live nairaland

Long live Nigeria

Oga mayorall, na so we see am o, but people are hopeful that this week would be different.

eddiebruk:
I received WU Today via quickteller and got Credited @171 per dollar. It is good in a way tho, Nobody should quote me sha, More reason why you should embrace Foreign Investment, mostly in Real Estate

how did u go about picking up ur wu transfer via quickteller bro... I've tried it countless times without success

lanrei:


how did u go about picking up ur wu transfer via quickteller bro... I've tried it countless times without success

go to quickteller, make sure your bank supports WU receive money online, (i use GTBank) to go Receive money, select WU, Choose your bank, put your MTCN, Receiving bank account number and account name, expected amount, and text question. Sharply if your MTCN and account info is correct, you will get you cash in your account instantly.

eddiebruk:


go to quickteller, make sure your bank supports WU receive money online, (i use GTBank) to go Receive money, select WU, Choose your bank, put your MTCN, Receiving bank account number and account name, expected amount, and text question. Sharply if your MTCN and account info is correct your get you cash in your account instantly.

Wow! Just like that? I once went to GTB, they sd they can only drop money for current account holders.

The quickteller yu are referring to, is it www.quicktelller.com OR the quickteller on ATM?

Soyedele1:


Wow! Just like that? I once went to GTB, they sd they can only drop money for current account holders.

The quickteller yu are referring to, is it www.quicktelller.com OR the quickteller on ATM?

Quickteller.com

eddiebruk:


Quickteller.com

Don't yu think its risky exposing ur details online incase of a flagged transaction?

Soyedele1:


Don't yu think its risky exposing ur details online incase of a flagged transaction?

What detail?