Olayinkaoj:

yawa, but good for people at home sha, $200 per week -- 36k, haaa!! chei mama dey enjoy oh!!


The laughter shd not go on too far becos the higher the exchange rate, the higher the prices of goods and services. What goes round comes round

But it does take time to come round. You know why? I have a lot of Building workers in Nigeria due for payment at the end of this month. The big swing in exchange rates put more money into my pocket. I am even considering adding more money for them to cover inflation adjustments, but the extra money will be called performance bonus.

OMO!!!!!!!!!!!!!!! HA no bi small tin oh!
where is dis dollar going to, and stop cus it is really shaking my online business and problem with transaction atimes. the rate today isn't d same with tomorrow. It has really been falling my hand.

It's real. . We went to change money at Eko Hotel yesterday, It is N180/$1. This is an oppotunity for people that wanna send money home.

But for the stock rate, too poor

otukpo:

It is the commercial banks that killing nigerians and our economy.
lend money to pple to start biz or something, they wont. even when u have a collateral, getting a loan from a bank to start sth is more difficult than u can imagine.
On the foreign exchange issue, u go to the commercial banks to buy dollar, they will tell u its not available. But a black mkt mallam comes in and they sell the dollars to him. i think they hav a deal with this mallams, the black mkt biz they do 2gether. Or how else wld u xplain the fact dt they wont sell dollar to ordinary person/bizman but to the mallam that sells at the black mkt.

that is naija for you

The 180 is coming from CBN's refusal to release $$$ into the market, I am so pissed off at this right now!

Check out the CBN intervention: ridiculous . If you think the intervention will work, I'll tell you 10 reasons why you passed economics 101 with expo!
http://www.punchng.com/Articl.aspx?theartic=Art200903122225595

Naira crash: CBN begins forex market intervention
By Yemi Kolapo
Published: Thursday, 12 Mar 2009
The Central Bank of Nigeria has rolled out an action plan aimed at shoring up and stabilising the naira exchange rate and reining in the divergence between the official and parallel markets.

Skip to next paragraph

Photo file
Prof Charles Soludo

The plan is coming on the heels of predictions that the naira exchange rate soon would hit a low of N200 per dollar if the regulators fail to address the widening gap between the official and black market forex rates.

The plan, according to a statement by the apex bank on Wednesday, will take off today.

The CBN said it would begin to intervene by selling cash to the registered Bureaux de Change of the deposit money banks.

“Only banks with large branch network would be engaged for this purpose at the initial stage,” it said.

Listing other special foreign exchnage intervention measures, the CBN said foreign exchange in cash would, henceforth, be made available at all CBN branches for ease of accessibility by the authorised dealer banks.

According to the apex bank, “The banks shall purchase forex cash by submitting bids and their BDCs shall sell at no more than two per cent above the CBN rate.”

“Each bank’s BDC shall be entitled to purchase a maximum of $5m per week and funds from the CBN shall not be re-sold except to end users subject to laid out guidelines.”

The apex bank listed eligible transactions and documentation requirements and limits to include Business Travel Allowance “subject to letter of request from the corporate body, international passport, air ticket, endorsement of passport by BDC stating the amount sold and a limit of $5,000 per quarter.”

The CBN listed other guidelines to include Personal Travel Allowance maximum limit of $4,000 per quarter; and school fees abroad for university and high schools, subject to school bill, admission letter and a maximum of $10,000.

Others are, medical bill abroad, subject to a referral letter from a specialist hospital and a maximum of $10,000 per case; and credit card payment, subject to a limit of $5,000 per quarter.

The mortgage monthly payment abroad, subject to duly executed assignment, demand note/invoice is a maximum limit of $5,000 per annum, while utility bills, subject to documentary evidence, is a maximum of $5,000, according to the bank.

The naira has been under attack by speculators following a 30 per cent plunge in a few days in December. It now trades at N180 per dollar in the parallel market, down from N118 in November 2008.

The official price has, however, remained stable at about N145 per dollar.

Simple solution: Let CBN release dollar to Commercial banks without any restrictions.

Let there be nature price determination. I still repeat it, if Soludo had not limited the outflow of dollars from CBN to commercial banks, dollars would have dropped below N100 to a dollar. But only God knows whos interest the man was protecting. God save us from our enemies.

I called Naija this morning ,  Black market rate for £££ is N253



God bless Nigeria and every where else

BAC:

I called Naija this morning ,  Black market rate for £££ is N253



God bless Nigeria and every where else

fyneguy:


   1$ = N188  today!

time to sell some money then

[color=#006600][/color][font=Lucida Sans Unicode][/font]wats the value of euro in the black market

Naira is experiencing a free fall and this is affecting the purchasing power of Nigerians.
Dollar is not forthcoming from CBN so the blackmarket is where it can be purchased at 189naira per dollar as at yesterday; mark you, this too is not readily available

ope oooo this is good news, where are the speculators?, i see N250 to $1 by next week.
If you see N300 or more to the $1 pls acknowledge, oh!.
I bet those politicians are affraid they have also start turning their stolen naira wealth into dollars. Especially since many of them lost alot in the stock market, the only way out is for them to buy dollars for storage. This is what happened in Russia years back, the Russian are still affraid today to save their money in the country's local currency. Nigerians should start saving their money in hard currencies. While those of us abroad should take advantage and make some quick millions.

make una no vex o, me I no sabi big English. but with the respect wey due the man, I believe say Soludo must be replaced right away.

The time wey oil be $25 a barrel, Okonjo-Iweala talk say our reserves been grow from $7 billion to $19 billion and our exchange rate remains fairly stable. make_una_read_am_here_See_whether_na_lie_I dey_talk

As of today, the reserve dey for almost $48billion. That na almost 3 times the amount wey be reserve when oil be $25/barrel. Even with dat, exchange rate dey stable.

My main question be say, why Soludo dey hoard all our reserve at a time, wey the economy need the reserve to take protect the economic well being of Naija? Reserve dey to handle emergency like the one way we dey experience now, no be so? Even if him take $2 billion every month from the reserve to take support the naira, dat go leave us with $24billion in 12 months, not to talk of the additional money wey him go accumulate from dollars wey dem go collect from other sources during that same period.

Yar'Adua need to remove that Soludo right away! Even people wey get pikin for obodo oyibo no fit send money, which kind thing be that?

Most of the products and raw materials wey dey come Naija go soon dry up, when hungry go become serious and riots and strikes go begin, him go know. The foolish Soludo say oil companies, or any other foreign companies wey dey operate for naija must not sell dollar to bureau de change. Na only CBN be their only customer now. Make una help me ask Soludo, since na only CBN dey collect all these dollars, na by how much the reserves don increase since him don start this him new program??

Instead make him go negotiate a suspension of payment of debt to Paris club and IMF for 2 years to help us survive the crisis, him dey there dey protect reserve foolishly.

If Soludo no get plan to go invade Iran soon so dat oil money go increase, I advise Baba go slow, make him go fast this time to show this foolish man out of office. shio!

In Nigeria foreign reserves are meant to be stolen from, and not to cushion the effect of economic crises. You are right!
Why will a man have 10million naira in his account and starve to death?? this is a question that begs for answers from soludo ,  if such a man dies, people who didnt know how the money came about will be the ones to spend it. This is the situation in Nigeria. I m tired of hearing how many billions we have in our reserve we are no better than Niger, Togo or Benin. What we should be doing right now is massive investment in infastructure that will create jobs and empower the people. Non of those funds should be spent on projects without local content. We can spend our way out of this mess or forever be entrenched in it.
This is the time to use local engineers to start opening up our roads especially in the villages and farm areas. This will encourage farming. This is the time to privatise the refineries without delay and provide licence to investors willing to invest in the electricity sector. Besides i think Nigerians building homes today should think solar. Not the kind of solar energy in the Nigerian market today that are overly expensive to buy or maintain, there are solar roof tops that can power homes, newer builders thinking of roofing their homes should think solar roofing as it will serve two purpose( roof and provide electricity). This will help reduce the cost of using roofing sheets for a house and then purchasing solar energy down the lane. The displacement of common sense is the biggest problem we have in Nigeria.
These half baked, good for nothing, old and haggered, about to die leaders have nothing to offer us but death and destruction.
There is never a day i dont asked myself how did Soludo become a professor?, how did Iwu become a professor? How did Dora become a Professor? Professors are suppose to be highly confident, independent minded individuals who speak truth to truth. That Dora would rather sell her soul to the govt rather than resign and stand with the people is mind buggling!, she was the best candidate the govt could use to rubbish the election review document. Knowing the respect she attained from Nigerians while she was in Nafdac. She didnt fool us as a people rather she set the record straight for us and kept the question poping "how did dora become a professor, who is dora"?? who were her parents?, wht elementary, high school, college did she attend??, we need to start profiling our leaders before its too late.

some professors sometimes exhibit lack of common sense most times; i think it has to do with quota system.

me personally thinks solodu should hang on there!! if no like am like that jump up!!

Our federal reserve should under no condition peddle with!!

there are considerable funds to go around but hey those pot-belle wouldnt let it see day light!!

Try to picture the man behind the camera!! Analllllissssssssssssssssssssssssssst!!

chineke!!

yes cuz Obj was no doubt another yoruba sold out slowpoke. gbam. he had his chance to turn around things, destory the northern dominance in certain scetion, but he f ucked up

however one thing certain is he Obj knows emm the phrase that goes make hays while the sun shines. he clear our national debt.

now let me take yall morons back in time right, at the time morons like yall were callin for murder! yes just like yall doin now.

Imagine at this point in time with the world so called super economy nose diving, dnt yall think the whiteman would be scratching his head for cancellin out 419-cooked up 32 billion dollar sitter

now tell me who won

nonesense!!

Men this is too BAD

I heard its 200NGN to 1$

faakay:

Men this is too BAD

I heard its 200NGN to 1$

You should be glad because you're not in Nigeria and any money you send will make a meaning

Naira now 200 to dollar

Odidison Omankhanlen, Lagos - 16.03.2009

The nation’s currency has continued to maintain a free fall against other world currencies at the weekend as the naira exchanged for N200 for US dollar.
This confirms the fears expressed by analysts earlier last year that the naira would attain N200 for US dollar in the first quarter of the year.
The present development has rendered ineffective, efforts by the Central Bank of Nigeria (CBN) to check the falling naira.
It will be recalled that the apex regulatory body of the banking sectors had embarked on several measures to check the sliding naira. These have, however, failed to achieve the desired results.
The foreign exchange market has virtually moved to the parallel market, where black marketers are experiencing boom.
A bureau-de-change operator in Ikeja told the Nigerian Tribune that the situation was getting out of hand, stressing that despite their efforts, the naira was still maintaining free fall.

I am not sure anybody really benefits from the dollar being at $180, its just some suffer more than others, People who earn in naira will suffer more cos they will have a fixed income while the prices in our import dependent consumer economy go up . The people who earn in dollars will have a short lived gain before the prices catch up to the exchange rate. unfortunately our inflation rate is also partially pegged to the dollar.

Eyin peeps who go to those Allen Avenue shops to buy clothes or import your cars , I dey lie. You will only enjoy this if your only expense is Agege Bread, oops the cost of flour will go up becuase fuel prices will go up .

Just my point of view , i hope someone corrects me , cos the outlook is bleak.

how much is the pound to the naira on the streetz?

sorry guys, it was announced on the news just this morning as 200naira to the dollar. That's a fall of 30naira to the dollar in just 11days cos I remember changing some dollars at 170 to the dollar then. This is not looking positive for the naira at all.

££ is now changing for N278

Mine oo mine, Where is Soludo and his big grammar, reading books cannot help soludo on this. You must be street wise to handle this one

(1) Time to regulate the Forex market.
(2) Start finding alternative to crude oil
(3) Stimulate the economy
(4) Subsidy for alternative energy producers

http://www.thisdayonline.com/nview.php?id=138173

Did I say Agege Bread, include Fish as well

From Thisday Magazine online

That the dollar sells for N200 at the black market should not surprise anyone, its simply a matter of supply and demand. CBN is currently not providing funds to Bureau De Change operators in the country, resulting into millions of dollars shortfall in the market.

At the moment Bureau De Change (BDC) is being reformed and at the end of the reform process, BDCs in the country will have been reduced from the present 1,122 to less than 50. This reduction will allow CBN to to have a manageable number of BDC operators to control.

A member of the Directors of Peace Bureau De Change Ltd, Mr. Ukasoanya, only  yesterday, said "a level playing ground will be created for foreign exchange activities in line with the 2% maximum spread between buying and selling rates vis-à-vis CBN rates. At the end, the boys will be separated from the men.”

The current black market exchange rate will probably be temporary. I will not be surprised to see the rate drop to N150 - N160 for a dollar, by the time the reorganization ends.

We'll find out soon enough, as the BDC operators have only 2 weeks to re licence.

Cheers,
J

2 weeks seems a pretty long time looking at the rate of decline of the naira.

This hurts the common man more ,