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.


http://www.tribune.com.ng/16032009/news/news16.html

Good news for people who are abroad. With a few dollars in my pocket we can live like kings for a few months, before heading back to work hard again. This can only be good news.

Good news for some, bad news for others. For those whose business rely on the market exchange rate in Nigeria, I can imagine the level of frustration and annoyance brewing at the moment.

whao
  it is indeed a welcome development,  with a few dollar in one's pocket, u could live like KINGS indeed.
pls let the oil price keep falling.

Goodnews! or is it?

when everything we do in nigeria is pegged against imports. wait and see the prices of everything else rise in unison.

Good news for people who are abroad. With a few dollars in my pocket we can live like kings for a few months,

selfish idea. why dont you consider those actuall selling fish , ugwu, etc those that are actually affected and will suffer this consiquence.

It will reach 250 by june.

Anya ga hu anyi iwa na nigeria.

sotherners av destryed nigeria economy

Is this intentional devaluation to attract investment or the CBN has little clue on how to stop the slide?

kosovo:

whao
 it is indeed a welcome development,  with a few dollar in one's pocket, u could live like KINGS indeed.
pls let the oil price keep falling.

Live like what king?

bawomolo:

Is this intentional devaluation to attract investment or the CBN has little clue on how to stop the slide?

I am not an economist but If this is devaluation to bring in investors then I think it is silly way to do that. We are talking of an economy that depends largely on imports. With the ratio at 200:1, doesn’t this also mean that cost of raw materials and goods will also skyrocket, creating a seriously bad market?

ElRazur:

Good news for people who are abroad.   With a few dollars in my pocket we can live like kings for a few months, before heading back to work hard again. This can only be good news.

but thing will still be expensive considering everything including toothpicks are imported by local businessmen!

imagine buying cornflakes for £6  

sotherners av destryed nigeria economy

how , when obj was at the helm for effing 8yrs.

Topic

is obj not a southern yoruba ugly goat that destryed nigeria?. the same man that used our foreign reserve to do owambe n 1978?

ode remo:



selfish idea. why dont you consider those actuall selling fish , ugwu, etc those that are actually affected and will suffer this consiquence.

I am not in anyway selfish. If anything, it may be a good move as it will attract foreign investors. Besides, look on the bright side, what ever money I work hard to get over here, it will provide jobs and employment for a few back home that I will need their services when am there for holiday.

Dis Guy:

but thing will still be expensive considering everything including toothpicks are imported by local businessmen!

imagine buying cornflakes for £6  

It is a good thing I do not eat cornflakes as am lactose [milk] intolerant.

The problem really do not lie with people like me [and you] who are not in the country, the problem lies with the way the country have been runned ever since we discovered oil. I am merely reacting to what any human will.

On the flip side, I remember watching on the news in Nigeria, when it was proposed about last year or so that the naira will be 1-to-1 with the pound. The first public joe [or should I say Mumuni] that was interviewed said "oh that it is good news, it will at least show those proud people abroad that their money is nothing" or something along those lines. I couldn't stop laughing when I heard those comments. Little did he realise that Nigeria stand a lot to lose if it happens in the short and long run.

bawomolo:

Is this intentional devaluation to attract investment or the CBN has little clue on how to stop the slide?

It's not devaluation and it's definitely not the CBN's fault. The exchange rate reflects the supply/demand of Naira compared to the supply/demand of dollars.

You have a shortage of dollars, due to falling oil receipts, falling remittances and capital flight, and shortage makes things, dollars in this case, more expensive.

ElRazur:

It is a good think I do not eat cornflakes as am lactose [milk] intolerant.

The problem really do not lie with people like me [and you] who are not in the country, the problem lies with the way the country have been runned ever since we discovered oil. I am merely reacting to what any human will.

On the flip side, I remember watching on the news in Nigeria, when it was proposed about last year or so that the naira will be 1-to-1 with the pound. The first public joe [or should I say Mumuni] that was interviewed said "oh that it good news, it will at least show those proud people abroad that their money is nothing" or something along those lines. I couldn't stop laughing when I heard those comments. Little did he realise that Nigeria stand a lot to lose if it happens in the short and long run.

roflmao!!!

ElRazur:

It is a good think I do not eat cornflakes as am lactose [milk] intolerant.

The problem really do not lie with people like me [and you] who are not in the country, the problem lies with the way the country have been runned ever since we discovered oil. I am merely reacting to what any human will.

On the flip side, I remember watching on the news in Nigeria, when it was proposed about last year or so that the naira will be 1-to-1 with the pound. The first public joe [or should I say Mumuni] that was interviewed said "oh that it good news, it will at least show those proud people abroad that their money is nothing" or something along those lines. I couldn't stop laughing when I heard those comments. Little did he realise that Nigeria stand a lot to lose if it happens in the short and long run.

lol i watched the same news!! and also read a lot along that line on nairaland

the anti-Naysayers have gathered. anxiouly waiting for the first naysayer to pop in.

So how much is d Euro?

guess Soludo has reach his wit end.

4 Play:

It's not devaluation and it's definitely not the CBN's fault. The exchange rate reflects the supply/demand of Naira compared to the supply/demand of dollars.

You have a shortage of dollars, due to falling oil receipts, falling remittances and capital flight, and shortage makes things, dollars in this case, more expensive.

Good point,  the capital flight and falling remittances have had a huge influence.  You definitely are right.

Xavier.:

guess Soludo has reach his wit end.

I think Nigeria is in the same situation as many Eastern European countries, We are dependent on what happens in Western Europe and the US. there is not much we can do but watch.

So how much is d Euro?

240

If we put less focus on oil and invest in other areas, then we may have some sort of leg to fall on. Our GDP is based mainly on the income from oil sales and with the way things are going, it is not the best option. What are we going to do once we run out?

This is bad news for those of us that buy dollars.

Corruption
Low oil prices
Mismanagement
Islamic economics
Bad planning
Stupid policies
Lack of basic economic skills

And the reasons for failing naira goes on and on, and on

Im totally screwed

Is there any hope for the naira in the nearest future?

20naira to 1 dollar?
ope o!!!!
wait o, *putting on my gasses*
200 naira to 1 dolar
haahahahahha!!!!!!       *collapse*