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Why Is The Naira Rapidly losing its Value To Dollar? What Is The Cause? - Business - Nairaland

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Why Is The Naira Rapidly losing its Value To Dollar? What Is The Cause? by Charpell(m): 8:58pm On Nov 21, 2014
The naira shed 0.76 percent on Friday to close at a record low of 177.45 against the dollar, despite the central bank intervening for a fifth straight day with dollar sales to try to prop up the currency, today it sold for 181.3 in Black market.

It seems the new cbn governor is clueless
can someone explain to me the mystery behind this?
Re: Why Is The Naira Rapidly losing its Value To Dollar? What Is The Cause? by Tozer(m): 9:11pm On Nov 21, 2014
Noticed same too. Guess it could be related to declining price of oil in the international market
Re: Why Is The Naira Rapidly losing its Value To Dollar? What Is The Cause? by aboki2000(m): 9:18pm On Nov 21, 2014
Charpell:
The naira shed 0.76 percent on Friday to close at a record low of 177.45 against the dollar, despite the central bank intervening for a fifth straight day with dollar sales to try to prop up the currency, today it sold for 181.3

It seems the new cbn governor is clueless
can someone explain to me the mystery behind this?
181.3 seriously Which way Nigeria
Re: Why Is The Naira Rapidly losing its Value To Dollar? What Is The Cause? by mooremedia: 9:19pm On Nov 21, 2014
when a country's import surpasses it's export.What do you expect??
Look a kaduna for example,there used to be a leather industry to cater for
our wardrobe needs,but no:it's no more.
Imagine even tooth pick is imported to our beloved country,tell me
why won't the naira fall.
Until we start looking inward for the betterment of our country.Nigeria will only
grow worse by the day......
I'm not cursing,just stating facts.

5 Likes

Re: Why Is The Naira Rapidly losing its Value To Dollar? What Is The Cause? by Nobody: 10:11pm On Nov 21, 2014
Boko haram
Re: Why Is The Naira Rapidly losing its Value To Dollar? What Is The Cause? by OracleHex(m): 6:11am On Nov 22, 2014
Tozer:
Noticed same too. Guess it could be related to declining price of oil in the international market
Pls explain...how does decline in oil affects naira
Re: Why Is The Naira Rapidly losing its Value To Dollar? What Is The Cause? by Charpell(m): 12:31pm On Nov 22, 2014
mooremedia:
when a country's import surpasses it's export.What do you expect??
Look a kaduna for example,there used to be a leather industry to cater for
our wardrobe needs,but no:it's no more.

Until we start looking inward for the betterment of our country.Nigeria will only
grow worse by the day......
I'm not cursing,just stating facts.
I thought it worked on the principle of demand and supply. There was a time there was excess suPplyy of dollar and naira was strong. But it seems this new cbn governor is hoarding dollar,thereby increasing the demand of dollar which now makes naira worthless
Re: Why Is The Naira Rapidly losing its Value To Dollar? What Is The Cause? by Nobody: 12:45pm On Nov 22, 2014
The dropping price of oil, which is the main stay of our economy as a result of the glut in supply caused by the unprecedented level of production by the usa.
Re: Why Is The Naira Rapidly losing its Value To Dollar? What Is The Cause? by Charpell(m): 1:18pm On Nov 22, 2014
aemmey:
dutch disease is the major factor behind it
Hmmn dutch disease, I ve learnt something new in Economics today
Re: Why Is The Naira Rapidly losing its Value To Dollar? What Is The Cause? by Charpell(m): 1:21pm On Nov 22, 2014
Slonge2:
The dropping price of oil, which is the main stay of oil economy as a result of the glut in supply caused by the unprecedented level of production by the usa.
Ok I now understand, so what do you think can be done to protect the naira?
Re: Why Is The Naira Rapidly losing its Value To Dollar? What Is The Cause? by dollaflow(m): 1:29pm On Nov 22, 2014
Charpell:

Ok I now understand, so what do you think can be done to protect the naira?
diversification of d economy
Re: Why Is The Naira Rapidly losing its Value To Dollar? What Is The Cause? by Charpell(m): 1:38pm On Nov 22, 2014
dollaflow:
diversification of d economy
But the economy is already diversified. For example I read that ministry of agriculture generated 700 billion on cassava exportation
dollaflow:
diversification of d economy
But the economy is already diversified. For example I read that ministry of agriculture generated 700 billion on cassava exportation
dollaflow:
diversification of d economy
But the economy is already diversified. For example I read that ministry of agriculture generated 700 billion on cassava exportation
Re: Why Is The Naira Rapidly losing its Value To Dollar? What Is The Cause? by Nobody: 1:42pm On Nov 22, 2014
Some of our leaders do that so that they can be able to maximise any amont they run way with whener that when they wish come back, it will become much more later
Re: Why Is The Naira Rapidly losing its Value To Dollar? What Is The Cause? by Adwexky(m): 5:50pm On Nov 22, 2014
Cutehector4u:
Boko haram
Are you dreaming?
*when you are awake comment well*
Re: Why Is The Naira Rapidly losing its Value To Dollar? What Is The Cause? by Charpell(m): 7:18pm On Dec 06, 2014
joyy:
Some of our leaders do that so that they can be able to maximise any amont they run way with whener that when they wish come back, it will become much more later
Evil men do
Re: Why Is The Naira Rapidly losing its Value To Dollar? What Is The Cause? by Nobody: 8:41pm On Dec 06, 2014
Charpell:
The naira shed 0.76 percent on Friday to close at a record low of 177.45 against the dollar, despite the central bank intervening for a fifth straight day with dollar sales to try to prop up the currency, today it sold for 181.3 in Black market.

It seems the new cbn governor is clueless
can someone explain to me the mystery behind this?
Are you a farmer? No, but you love to have cornflakes or some other cereal on your table.
Nigeria economy is fully automated cargo delivery.
Where some top government officials are importers of rice, generator and toothpicks.
Britain are planning seriously to come and recolonize us again, to me, that is grand development. Let's have the Thatcherites, Cameroninites and Nigeltites

2 Likes

Re: Why Is The Naira Rapidly losing its Value To Dollar? What Is The Cause? by Tweetums(f): 10:06pm On Dec 06, 2014
Abandoned Agriculture

1 Like

Re: Why Is The Naira Rapidly losing its Value To Dollar? What Is The Cause? by gnykelly(m): 11:04pm On Dec 06, 2014
please don't put hope in agriculture. it can't save our economy.
Re: Why Is The Naira Rapidly losing its Value To Dollar? What Is The Cause? by Charpell(m): 9:57pm On Dec 07, 2014
gnykelly:
please don't put hope in agriculture. it can't save our economy.
What else can? undecided Pleas share if you know
Re: Why Is The Naira Rapidly losing its Value To Dollar? What Is The Cause? by Nobody: 11:50pm On Dec 07, 2014
gnykelly:
please don't put hope in agriculture. it can't save our economy.
you are outrightly wrong. Agriculture is one of the major things that can strengthen our currency and economy!
Re: Why Is The Naira Rapidly losing its Value To Dollar? What Is The Cause? by seunfly: 5:51am On Dec 08, 2014
Charpell:

Hmmn dutch disease, I ve learnt something new in Economics today

You mean you ve never heard that b4?
It's called Netherland fever.
Re: Why Is The Naira Rapidly losing its Value To Dollar? What Is The Cause? by gnykelly(m): 6:24pm On Dec 12, 2014
Charpell:

What else can? undecided Pleas share if you know
why I said agriculture cannot save us is that. one of our focus is to reinvent the old glory of cocoa and groundnut pyramid. as for cocoa the product coming from it are dessert not necessarily food. if Nigeria dabble into it there will be glut in the international market which will bring down the price of it and to whose benefits the American and European.
and mind you most of their agriculture has been subsidized.
Re: Why Is The Naira Rapidly losing its Value To Dollar? What Is The Cause? by gnykelly(m): 6:27pm On Dec 12, 2014
ups05:
you are outrightly wrong. Agriculture is one of the major things that can strengthen our currency and economy!
this is twenty first century and it need a new solution not 19th century solutions see beyond agriculture as a way of our country earning foreign exchange.
Re: Why Is The Naira Rapidly losing its Value To Dollar? What Is The Cause? by Charpell(m): 7:55pm On Dec 12, 2014
gnykelly:

why I said agriculture cannot save us is that. one of our focus is to reinvent the old glory of cocoa and groundnut pyramid. as for cocoa the product coming from it are dessert not necessarily food. if Nigeria dabble into it there will be glut in the international market which will bring down the price of it and to whose benefits the American and European.
and mind you most of their agriculture has been subsidized.
If Nigerians dabble into it, i think its a good cause, nobody has the monopoly of a commodity. Besides thats the reason why i think cbn has devalued the naira.
To attract more investors
Re: Why Is The Naira Rapidly losing its Value To Dollar? What Is The Cause? by gnykelly(m): 8:43pm On Dec 12, 2014
Charpell:

If Nigerians dabble into it, i think its a good cause, nobody has the monopoly of a commodity. Besides thats the reason why i think cbn has devalued the naira.
To attract more investors

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