ucheheart:
What's the difference? Kukuma make it N200 na.

so if ur changing 1000 Ull. Gain Xtra 5n

kilokeys:
officially the price of goods would skyrocket..

not realy.Imported goods will.

murtalaa:
It is very sad indeed. Jonathan's government has taken Nigeria to cleaners. Among OPEC countries, Only war ravaged Iraqi and Iranian (for polical reasons) currencies are more worthless than our currency.

av U checked China with all their export?

kaboninc:


I won't be surprise if they were more than 60%.

Very appalling!

Nigeria is lucky with the oil price situation,last night it was confirmed that Venezuela that is among the top OPEC cartel exporters is 68% on the inflation rate....

oluvick:
The Central Bank of Nigeria (CBN), has officially
devalued the Naira.

The devaluation took place overnight, as the
Nigerian currency will now trade at an official rate
of N199 per US Dollar.

More to follow on this story…

https://ynaija.com/cbn-officially-devalues-naira/

we must stop stealing and corruption in our federal medical centers

Contractors in FMC Umuahia has not been paid for the goods they supplied for the past one year.

Adminisher:
This is serious FAILURE by Jonathan. It is going to bite him HARD. Let us remember that we had foreign exchange reserves of $45bn and ECA of $22bb that was further helped by $115/barrel oil price that should have.improved. exchange rate to N70 to.the dollar. Every other OPEC country also built up reserves and developed petrochemical industry.
Jonathan did not. At N200 to the dollar most companies will soon laying off workers. All the empty half educated youths praising Jonathan will curse him soon. Shey Buhari is the one you fear now?.You are afraid of Fulani general? Soon you will beg him.

Beg him to do what. What can he do about it. Nothing. These are fundamental issues born on a faulty foundation he will never be able to change because his constituency benefits from the status quo.

The fundamental reason is a oil dependent economy. To diversify you have to start by privatisation. Will he privatise the nations assets. Not likely. Common PIB they cannot even pass. Forget it.

kaboninc:



It appears two of you know NOTHING about ORDINARY demand and supply.

A better place to be at, than not being able to read and understand.

I started dealing 'street forex' internationally way back '92. I could go ahead schooling you, but it'd be waste of my time, 'cause apparently it's beyond your wheelhouse.

Don't worry soon they will increase it to N200 if not N250. The white men want to make sure that no black nation emerges as world power in future and they've succeeded in achieving that. Once they heard nigeria had the best economy in africa last year and still growing, they weren't happy with that news so america didn't waste time in stopping crude oil importation which is now crumbling the economy. So everything is deliberate..

tomiobj:
so if ur changing 1000 Ull. Gain Xtra 5n

kaboninc:


The Interbank Window is like every other market where banks go to source for funds to meet customer's obligations such as the USD. It could be for seeking 'quick cash' too. So if bank A has $100 and bank B needs $100, bank A can sell to bank B through that platform. But transactions on this platforms are in huge oh.

In Nigeria of recent, there used to be 2 major windows or market platforms that determine the exchange rates - CBN's auction system (RDAS and WDAS) and the Interbank Market. The auction system is actually a controlled system and that really came with severe consequences especially with dwindling oil prices which is our major foreign exchange earner. One consequence was large price differentials between CBN's official rate, interbank's rate and the black market.

Another was that it was open to abusive, speculative and round tripping activities by dealers. CBN began monitoring activities in the FX market when they had to dip their hands into their reserve to sustain demands and support the naira. By observing the demands, they felt that it was actually been abused. Let me give an instance. A customer comes and presents a bid for say $300 million (gets it from CBN at say N168). Gets the funds. Instead of meeting geuine demands, he goes on to sell to BDCs at the interbank rate (at 181 or higher which is about N13 or higher in profit for every dollar) without doing ANYTHING! That is N3.9 billion cool cash!

Thus those who genuinely demand USD do not get it and those who can give, give at higher prices (scarcity). So CBN has to come up with so many measures and policies to curtail this 'MADNESS' and one of the latest was to effectively close the auction system and allow the forces of demand and supply to determine the exchange rate.

Opari

Wow! This actually explains the situation clearly. I have always known that some individuals were responsible for the scarcity of foreign exchange but I just could not give a sensible explanation beyond the lame excuse an uneducated mind would have given. But then again with these new CBN measures, is there any possibility that there might be a drop in the exchange rate? Knowing that at some point, those who have refuse to let go of their dollars, would soon be faced with a case of too much dollars and fewer buyers, that is to say that the supply might outweigh the demand. Furthermore, let us assume that oil prices go up again,(like I think they would at some point) what effect will this have on the currency market?

Thanks for the very valuable information.

To our resident economists: If the CBN makes N50 or N100 note the highest denomination, will there be any effect on the value of the Naira with regards to real purchasing power and exchange rate?
Thanks.

erico2k2:

not realy.Imported goods will.

lets take bread for example.
we import the wheat to mill here
import the butter
import the yeast

na only sugar dangote dey sell for we.

ucheheart:
Don't worry soon they will increase it to N200 if not N250. The white men want to make sure that no black nation emerges as world power in future and they've succeeded in achieving that. Once they heard nigeria had the best economy in africa last year and still growing, they weren't happy with that news so america didn't waste time in stopping crude oil importation which is now crumbling the economy. So everything is deliberate..

ahahah Beer palour talk

Rhythm 93.7 FM port Harcourt reported that one arm of the national assembly had put the exchange rate at #156. Was surprised when I heard it during the 6pm news. Its well.!!

kilokeys:


lets take bread for example.
we import the wheat to mill here
import the butter
import the yeast

na only sugar dangote dey sell for we.

great in the UK falling prize of crude mad3 xonsumer goods cheap.Falling prize of good made products cheap in Chine.its your brothers and mine who import refuse to pass th3 savings unto U m me the consumer and that my friend is fact as I Import from china.

aguiyi:


anuofia, simple economics you don't know yet you will be typing trash every now and then on topics that are way beyond your mental capacity.

demand and supply is what determines price in a free market.

have you asked yourself what Nigerians are doing with the US dollar that has made it so scarce that the price is heading north.

has it become our legal tender or we are experiencing an artificial scarcity created by those who have an agenda.

suddenly in this period of election the dollar is no more available. the naira started losing its value when the abokis gave their brother licence to buy and sell other currencies on the streets.now they are hording it creating panic in the process.

we no longer import much of rice
we no longer import cement
we no longer import much of cars

what then is the new line of business that is drying up the available foreign currencies. those who stashed the green back in their house with the hope of releasing them when their candidate wins election are only fooling themselves because they will regret it with the new policy that is coming.

that is how they intend to stabilize the naira

bastard, you. Are a monkey, id*ot. Fool. This id*ot should be banned from nairaland

FrenchyL:


Wow! This actually explains the situation clearly. I have always known that some individuals were responsible for the scarcity of foreign exchange but I just could not give a sensible explanation beyond the lame excuse an uneducated mind would have given. But then again with these new CBN measures, is there any possibility that there might be a drop in the exchange rate? Knowing that at some point, those who have refuse to let go of their dollars, would soon be faced with a case of too much dollars and fewer buyers, that is to say that the supply might outweigh the demand. Furthermore, let us assume that oil prices go up again,(like I think they would at some point) what effect will this have on the currency market?

Thanks for the very valuable information.

another good reason Dolla and pounds disapear is cos Nigerians abroad wire money direct to their Banks.no need for phusical money b4 u come 9ja.even aboki nor see dollla change.

adonisNEW:
Rhythm 93.7 FM port Harcourt reported that one arm of the national assembly had put the exchange rate at #156. Was surprised when I heard it during the 6pm news. Its well.!!

Lol. The National Assembly and the presidency do not have the power to set exchange rates.

Dey there na. Which white man will allow african man to become his superior?

erico2k2:

ahahah Beer palour talk

[color=][/color]

Slynonny:
That's a good one instead of pumping in money to sustain the Naira over the Dollar.
Expect APC to campaign with this news.
In other news.
How you living Mr Ayo Fayose for exposing APC lies and propaganda?
Ans: In Mansion and Benzes giving headache to APC and it feels stupendous.
How you feeling Mr Femi Fani Kayode for dumping APC?
Ans: Am feeling good like never before.
APC is dead and is on the news.
How do you feel going back to PDP Mr Barcanista?
I feel at home.
Is been a long time coming and am glad am finally home.
Just like the biblical prodigal son i've realised my mistakes and gone back to PDP.
In Jonathan we have seen real and positive change.
Vote Wisely GEJ 2019

Slynonny:
That's a good one instead of pumping in money to sustain the Naira over the Dollar.
Expect APC to campaign with this news.
In other news.
How you living Mr Ayo Fayose for exposing APC lies and propaganda?
Ans: In Mansion and Benzes giving headache to APC and it feels stupendous.
How you feeling Mr Femi Fani Kayode for dumping APC?
Ans: Am feeling good like never before.
APC is dead and is on the news.
How do you feel going back to PDP Mr Barcanista?
I feel at home.
Is been a long time coming and am glad am finally home.
Just like the biblical prodigal son i've realised my mistakes and gone back to PDP.
In Jonathan we have seen real and positive change.
Vote Wisely GEJ 2019

Slynonny:
That's a good one instead of pumping in money to sustain the Naira over the Dollar.
Expect APC to campaign with this news.
In other news.
How you living Mr Ayo Fayose for exposing APC lies and propaganda?
Ans: In Mansion and Benzes giving headache to APC and it feels stupendous.
How you feeling Mr Femi Fani Kayode for dumping APC?
Ans: Am feeling good like never before.
APC is dead and is on the news.
How do you feel going back to PDP Mr Barcanista?
I feel at home.
Is been a long time coming and am glad am finally home.
Just like the biblical prodigal son i've realised my mistakes and gone back to PDP.
In Jonathan we have seen real and positive change.
Vote Wisely GEJ 2019

Boss you be Notorious B.I.G fan?

Bloodydemon:


Buhari is a terrorist
Apc Is bokoharam
Gej till 2019
Buhari oooooooooooooo

Gej is a bastard
Pej is a prostitute
Buhari till 2023
Fool

kaboninc:


In the first place, did you even read what I wrote?

maybe u didnt understand what u typed. U typed without reading and understanding ur words.

All I want to say is that Okonjo Iweala don't know shit about Our local economy. How did we get here even when we have a so called great economy. In as much as our economy is said to be growing by a certain percentage, it is only doing so because of its potentials infact it is yet to tap into that potential.

This is big problem becaue even the opposition can not control the economy of burea de change to the extent of hoarding the Dollar and it has affected the economy of the nation impossible.

How I wish the APC people have a more appealing candidate to me. Truthfully Jonathan hasn't done much. People are only voting to select the lesser of two evils.

By moving from rhetoric to reality, there's no how devaluation of currency won't affect economic of any nation, exept those countries that manufacturing products like china & co., some one claiming rice is not importing into Nigeria again, why dodging truth hnn? rice still importing into Nigeria & many goods as well which will affected their prices, only Cement can be proudly concluded on that Nigeria doesn't depends on its importation again, what of those that taken loan from banks, such as private & government workers with business men & women, it'll surelly affected their interest rate because banks will increase interest on their loans, and those claiming that CBN can't devalued naira unilaterally but it can systematically force other stake holders to cocur to its decision in order to save national treasury at the expense of the populace that'll pay for the failure of govt.

Change we need
Sai Buhari/Osinbajo.
Vote APC.

agabusta:
Kai, Iweala and Emefiele has totally messed up the economy.

Either Buhari or Jonathan wins, we need to do away with Okonjo Iweala. Obasanjo realised she was not that in-tuned to our local economy, that was why he eased her to the ministry of foreign affairs in his 2nd term.

What a lie! Obasanjo eased Okonjo Eweala to Ministry of Foreign Affairs as to enable them have access to cash for third term agenda. The woman never supported the third term. I asked you: if Okonjo Eweala who was instrumental to Nigeria getting debt relief was considered a failure by Obasanjo, is it Nnenadi Usman, a mere geography teacher from Kaduna State who succeeded her that would succeed where Eweala failed? Don't forget that Usman was Minister of state for Finance under Eweala and I remember the reason for Usman later having the ministry was because Obasanjo claimed she has understudied Eweala enough for her to be a full minister as if you can learn financial matters by being an apprentice. Secondly, I asked if Eweala actually failed as a minister of finance under Obasanjo, why then was she given another portfolio? - A foreign Affair ministry for that matter. Thirdly, if that woman did not worth her onion, would she have resigned herself? Mind you, she is the first Nigerian I know ever voluntarily resigned her appointment as a minister. Does her voluntary resignation tells you something of her pedigree and belief in herself? Abeg make una leave this woman alone and stop peddling lies and fabrications about her. Obasanjo himself will never come out and make senseless incompetence claim about Eweala.

[size=16pt] THIS AIR AIN'T FRESH ANYMORE IT IS STALE AIR [/size]

YEA, GEJ HAS NO PLANs!

Adminisher:
This is serious FAILURE by Jonathan. It is going to bite him HARD. Let us remember that we had foreign exchange reserves of $45bn and ECA of $22bb that was further helped by $115/barrel oil price that should have.improved. exchange rate to N70 to.the dollar. Every other OPEC country also built up reserves and developed petrochemical industry.
Jonathan did not. At N200 to the dollar most companies will soon laying off workers. All the empty half educated youths praising Jonathan will curse him soon. Shey Buhari is the one you fear now?.You are afraid of Fulani general? Soon you will beg him.

[quote author=TharyeS post=31064933][/quote] Nigeria will never develop because of this kind of idiocy. Celebration of failure is idiotic.

Slynonny:
That's a good one instead of pumping in money to sustain the Naira over the Dollar.
Expect APC to campaign with this news.

Hope you are aware that somebody or group of people just pumped in over $1 Billion for nothing then. Even in ordinary organizations, heads roll for that. This government has been too docile and ineffective, things should change.

FrenchyL:


Wow! This actually explains the situation clearly. I have always known that some individuals were responsible for the scarcity of foreign exchange but I just could not give a sensible explanation beyond the lame excuse an uneducated mind would have given. But then again with these new CBN measures, is there any possibility that there might be a drop in the exchange rate? Knowing that at some point, those who have refuse to let go of their dollars, would soon be faced with a case of too much dollars and fewer buyers, that is to say that the supply might outweigh the demand. Furthermore, let us assume that oil prices go up again,(like I think they would at some point) what effect will this have on the currency market?

Thanks for the very valuable information.

And you know for a long time they stopped banks from paying western union in foreighn currencies,I wonder why.

Adminisher:
This is serious FAILURE by Jonathan. It is going to bite him HARD. Let us remember that we had foreign exchange reserves of $45bn and ECA of $22bb that was further helped by $115/barrel oil price that should have.improved. exchange rate to N70 to.the dollar. Every other OPEC country also built up reserves and developed petrochemical industry.
Jonathan did not. At N200 to the dollar most companies will soon laying off workers. All the empty half educated youths praising Jonathan will curse him soon. Shey Buhari is the one you fear now?.You are afraid of Fulani general? Soon you will beg him.

you must be very poor in economics...anyway go & study balance of trade & balance of payments & find out hw devaluation of currency will be hlpful 2 a developn country lyk nigeria
u can contact back for more teachings

[quote author=TharyeS post=31064933][/quote]

"Alpha erele" how did devaluation help Zimbabwe?

ucheheart:
Don't worry soon they will increase it to N200 if not N250. The white men want to make sure that no black nation emerges as world power in future and they've succeeded in achieving that. Once they heard nigeria had the best economy in africa last year and still growing, they weren't happy with that news so america didn't waste time in stopping crude oil importation which is now crumbling the economy. So everything is deliberate..

Why do we have this mindset of blaming every other person except ourselves for our problems? If it is not opposition or APC, then we blame white man, or say God is the one punishing us. Whose fault that we depleted our resources and reserves and refused to save in time of plenty? Is it the white that said our source of foreign exchange income should be over 95% crude oil based?