Guys did you see what happened to the Naira today. The CBN does not want to tell how far they want naira to fall. Guess what, it is a happy day to me. We have been enjoying our pounds between 230-260 for a long time.Imagine trading my almighty ££££ for N170 - N190. Very bad. It has been a sad story for about some months now. But its tme to do business,

I am coming to Nigeria loaded , My prediction is 1$ to N170.

Although I am losing asset value in Nigeria, but who cares. I am born to invest , let my children sell if they want.

Anyone knows what the £-N is on the "white" market today. (Black is a negative word), Haaa by brethren don't presecute me, I don't mean Black as in skin color.

Yeah your right!, its a good time for holders of hard currency particularly the $$

What is the rate of Naira to £ today on the White Market,

help

The law of demand and supply is a very basic one.
The Nigerian government needs to know how to control the Naira in the market.

Too much Naira and its value is lost.

A percentage of the Nigerian Naira is imported because the CBN demand is higher than the installed capacity of the Mint. However, the Mint produces a greater percentage of the Naira in circulation.

Now225 naira to GBP and 165 naira to USD.I hope the fall of the naira is not an ongoing process

The £ fell, because it's weak against other currencies, that's general and still is.

However, the Free fall of the Naira is totally unreasonable, over 40% loss in value. I mean that means everything imported is: 40% more, and tell me what's not imported, and there's no sign it's stopping.

the rate in which naira is depreciating gets me curious. I can't believe it but its true

the naira depreciation is unbelievable, if the CNN govnor was allow to carry on his project on devaluation of Naira the current Naira depreciation would not have affected the Naira this is bad. though the CNN of Governor is doing his best.

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1.2 million to make 142 million Naira in 5 years, yeh right. I hate that type of returns,

What will happen to the Naira eventually?

It's 165 to $1 yesterday

N165 to $1? there is trouble!

Big big trouble,

No one says they shouldn't eat all the oil money, but must they drag us into their mess, I mean they loot all the millions, why can't they just maintain the economy!!!!

Damola,

nothing to do with the thiefs, don't blame them this time, they themself have been hit on this one. It is all to do with the forces of demand and supply. Nigeria relies too much on her oil wells, now oil is fallen, . Last year I brought a litre of Petrol in London for £1.19p now I am buying for £0.84p what a happyday.
How are the mighty fallen, It is about time people go back to the village and do some farming.
(sorry if that offends)

Any one know of today?

It's 159 as at today.

Meanwhile it's the fault of the crooked politians.

The extra dough they made from the oil when it's blazing high could have been used to block the difference now, I mean, petrol is still N70/litre in here.

So really, they simply chop chop chop it all, and it's getting worse,

Going back to the village to farm is not a bad idea, actually will earn you some internation USD,

Its now 155/$ since yesterday.

the rate as of this moment is 150NGN/$ .

From Black Market?

pop em' dollars people, hmm , ,, pop em' kobo's,

$1= N175 now, Oluwa gba wa oooooooooooooooo

I THINK NA THAT FOREX ABI FOREST OR WETIN UNA DEY CALL AM WEY START THIS THING.


MAKE DEM STOP FOREX FIRST

graciella:


I THINK NA THAT FOREX ABI FOREST OR WETIN UNA DEY CALL AM WEY START THIS THING.


MAKE DEM STOP FOREX FIRST

This has nothing to do with forex, Nigeria is a Nation that is respected in the world cos of their Oil and now that Oil is tumbling and we only consume other stuff that is made by other nations, so Nigeria is in big trouble, except they are able to export other stuff to outweighs all the imports.

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see I kinna understand the CBN is on it as its seen as a result of low forex earnins against a hi demand on the home front.

A very high demand my friend. It's even scarce

End of last year on this tread I predicted N175 to $1. I was a bit optimistic but Now that we have hit the $175. Would this stop now or not, Only God knows. Any one out there please update us with £ from the white market.

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u never tire?

Naira is coming back, and it will be fully supported by CBN. Next Monday is a big day for Naira. Already black market dealers are trying to get rid of their dollars, they are afraid they will lose big on Monday. any idea what target price the CBN is aiming at, How low the dollar will get

Just for those who are interested,I 've just checked the Naira to pound rate from the post office (MoneyGram) and it's N215 - £1.

The indices doesnt show naira coming stronger against the dollar, rather its all a scam from Soludo to create artificial confidence in the Naira hoping that speculators will crumble. There is already a scare in the investment environment and the artificial stability of the naira without increament in the price of crude oil is a hoax and will not stop the jittery that was created by the confessed devaluation of the naira by Soludo, rather this will create more panic and an unprecedented rush for the dollar for conservation. Everyone knows Soludo was jittery in devaluing the naira in the first place, the drop in the price of oil caused a panic in Soludo and the business class will rely on the oil price to determine the true state of the naira. Even yesterday Yara-disaster confessed that the global financial crunch has affected Nigeria. If you have dollars conserve it, i bet dollar hoarding will begin, we are now caught in e-forex trading in Nigeria with the USD/NGN @149.500 / 152.370 (bid/ask) (1-17-09)and you know what happens in forex? fingers get burnt. I see a more stronger dollars cos the dollar is gaining grounds against the pounds, euro, CAD, Rumble for the first time in 16yrs. Unless oil price rises, brace up for N195 - $1 in the coming weeks with $35 per barrel (1-16-09) we are truly in for it no more cover for naira. I only hope the panic in govt will not push them to IMF for borrowing because that will lead to the total collapse of the naira even CFA will be stronger than the naira then.
International investors are checking out the reminder of their funds, local investors are confused!!!, The Nigeria investment environment requires a serious bail out, but politicians are busy bailing out their pockets and speaking words to us, as if words have ever cured Mr. president's kidney.

well there more then just the government "fixing" the naira .
Where the government has failed is to make plans beyond oil and banking .2 sectors hugely hit by the credit crunch.
Lets analyse the naira .It is a currency highly dependant on strong oil prices and sadly if jan/feb shows weak oil prices then it is likely to be so at least till next winter.
oil prices traditionally are high in winter as it is more in demand then for heating europe ,NA and other cold countries.At the moment it is sitting $35/36 a barrel which is a poor sign.
People are flying less,switiching from suv to more fuel economical cars,using less heat and the list goes on to save money .
The banking sector has all but collapsed so really nigeria is going to be hit hard by the crisis.
Reason naira enjoyed for a few months to exchange the £ for 170 was because it got to nigeria late.Similarly how the pound exhanged for $2.1 in jan 2008 because the credit crunch did not hit the uk by then.
I think the naira tradtionally traded for about 250 to the £ and thats where it is heading once again to its usual level as the crisis hits nigeria too.
A lot put faith in merill lynch saying nigeria is safest economy but merill prediction in last 1 year has been totally laughable and based on the criteria that getting credit in nigeria is extremely hard but that on the other hand is also a bad thing long term as it is the cause of the current world recession.
A good read on why merill lynch might be wrong is http://www.businessdayonline.com/index.php?option=com_content&view=article&id=1886:cost-of-doing-business-and-a-safe-economy&catid=117:news&Itemid=298