soe:


Hello...can we please be reasonable here.

The United States is not running a stagnant economy...their currency value would definitely rise and fall at some points...the influence of a capitalist economy cannot be over-ruled.

On the other hand, what we are doing is to have a nation that is less dependent on the US economy, Mynd44 had asked a very salient question yesterday for which no one could answer.

he asked, Why did the Naira fall so badly from 160 to 200 in 2014/2015 ? If you can answer that, then we can reason with your cock and bull theory

The answer is so simple. A number of factors contribute to the rise or fall of a country's currency; We have the stock market/foreign investments, tourism and international trade. But basically, and speaking in lay man terms, if you have more people replacing their currencies with your currency, then your currency will rise in value. If you have more people dealing in your currency than their currency, then your value will rise. Sadly as the reverse implies, if you have more people dumping your own currency for the other currency, your value will nose dive.

If you look at the above relation, you will notice that it all falls back to a demand/supply chain rule, but not explicitly.

The only back door approach to a rise/fall currency value is the so called "de-valuation or denomination" of the currency which has to do with the Central Bank physically reducing the supply of your own currency so as to make it seem as though it is scarce again.

So what do you think happened in 2014/2015, Corrupt polithiefians knew it was the season of campaign and stealing and stashing and looting. It was the season to keep monies at home. They all withdrew in USDollars and replaced our Naira with Dollars. So, the dollar became increasingly more sought in our local market, almost competing with the Naira. Hence the crash of the Naira in the local (black) market.

What CBN is doing now, as part of the change program, is to force the polithiefians to return to the need and use of Naira and dispose their ill gotten USDollars stashed in their personal and underground vaults. The moment USDollars is not acceptable to our local banks. That will reverse the 2014/2015 trend and restore the Naira value to 160.

But as I said...the US Govt. has an economy to run also, and until we successfully reduce the dependency of our economy on theirs, our Naira value will also rise and fall intermittently....the good news however is that the USDollars is no longer competing with the NAIRA in our loal market...we are shifting the battle back to the International FOREX MARKET

Collapse in d price of crude oil was d only reason naira fell so badly against d dollar between 2014 and 2015.

Secondly, cbn tried to manipulate the forex market by their stupi.d moves yesterday, now d Americans have replied. Simple.

NCP:
Brothers and Sisters, can we wail together NOW? Prophet Barka.Nexta was right with his gloom and doom analysis as seen via glaring indicators and common sense economics.

Proudly Wailing!

jaybee3:


When exactly did he make the promise

Provide a direct quote of him making that statement and receive N100K from moi

These are the links:http://www.vanguardngr.com/2015/03/ill-make-naira-equal-in-value-to-dollar-says-buhari/
http://www.thisdaylive.com/articles/buhari-i-ll-make-naira-equal-to-the-dollar/204888/
Just for you to know. Better keep your 100k

OgologoDimkpa:

These are the links:http://www.vanguardngr.com/2015/03/ill-make-naira-equal-in-value-to-dollar-says-buhari/
http://www.thisdaylive.com/articles/buhari-i-ll-make-naira-equal-to-the-dollar/204888/
Just for you to know. Better keep your 100k

Geez.. You don't need to be intellectually lazy

These were his quoted statements from the links you provided

“It is sad that the value of the naira has dropped to more than N230 to one dollar; - See more at: http://www.vanguardngr.com/2015/03/ill-make-naira-equal-in-value-to-dollar-says-buhari/#sthash.tEUSk66H.dpuf

“It is sad that the value of the naira has dropped to more than N230 to one dollar. This does not speak well for the nation’s economy,”

Now that banks ain't accepting dollars but will instead change it to naira in one's account. How does one then go about purchasing items from abroad?

jaybee3:


Geez.. You don't need to be intellectually lazy

These were his quoted statements from the links you provided

“It is sad that the value of the naira has dropped to more than N230 to one dollar; - See more at: http://www.vanguardngr.com/2015/03/ill-make-naira-equal-in-value-to-dollar-says-buhari/#sthash.tEUSk66H.dpuf

“It is sad that the value of the naira has dropped to more than N230 to one dollar. This does not speak well for the nation’s economy,”

How about the fact that he'll stabilize the oil price? Didn't he say that one again?

INTROVERT:
Barcanista must be a prophet.

I pray tomorrow we will wake up and it's 170 again

One or both of 2 things need to happen to you:

1. Get a job

2. Get married

Cos sitting peering at your screen waiting for posts to FTC all day long cannot be a healthy endeavor.

scantee:
I am not surprise @ll, though i pray things gets better. @Barcanista sup man ur head is still there 247

baba you just forget me. i am fine and you?

major466:

Fall in world oil prices is the major cause of Naira's depreciation.

Okay. I agree but how come the naira didn't go up under GEJ when oil price was circa $160 in the market?

idros4real:
I don't know why people are hailing this barcanista of a thing. I don't he deserve any praise cos vividly he was Pro Jonathan who did not see any good thing in Buhari administration but to proof him and his allies wrong as at 10am this morning 1$ = #199 and I don't know where people got this rocketed amount #235. Check xe.com if you are doubting me to confirm.

@idros4real
Ordinarily, I am not in the habit of joining issues with folks online or backslapping.
However, I deem it fit to correct some fallacy.
Barcanista is not a thing!
In my opinion he is a brilliant mind his obvious political leaning nothwithstanding
I have not met him/her before and my impression is solely based on the quality of his online write-ups, which I have not always agreed with.
The fact that we are having these intense discourse points to the facts that the country is evolving.
That we are citizens capable of calling to question the decisions of our leaders, shows we are not a nation of zombies.
That someone does not agree with your position or views does not make him/her a "thing".
I guess we all have a stake in the progress of this country.
If you have ever managed people, you will realize that many times disagreement is not equal to disloyalty, and that in many instances your greatest assets are those that "fiercely" oppose or seem to oppose you rather than a retinue of palace clowns, jesters, magicians, and hanger-ons that hail your every move making you feel like an infallible superman. Of the later we had quite a number in the preceding years.
While we support the present administration to move the nation forward, let us learn to speak our views and most importantly the truth to power. This is part of nation building in a democratic setting.
When the government is "afraid" of what people will say or do you most probably have a democracy, when the people are mostly "afraid" of what the government will do you most probably have an autocracy.
@Topic
I do not envy the CBN or Emiefele at this moment.
In my perception the Naira value issue with regards to dollar is a bit more complex than is obvious to many people.
Among the main things against the Naira are dwindling oil prices/revenue, an extremely import dependent economy, and currency speculators.
In the present scenario there is unfortunately no magic wand.
I think the Naira will continue to be under pressure in the short to medium term , and the "more realistic" or "less risky" exchange rate for most players for planning will be most probably the parallel market rate with a growing list of items exempted from the official supply.
Gloating, Praising, Blaming or Mourning over the sharp fluctuations is a recipe for high blood pressure.
I personally expect these whipsaws at least until the last quarter of 2015 as CBN battles speculators with dwindling revenues, and hopefully the new administrations economic agenda gets clearer for long time planning and also calm the markets.

barcanista:
baba you just forget me. i am fine and you?

ma man no vex o na offshore project tinz de hold persn tit since, asap i kum back i go hit ur digit..

arsetalks:
Okay. I agree but how come the naira didn't go up under GEJ when oil price was circa $160 in the market?

Truth is, value of the Naira has always been artificial. If the naira was allowed to attain its true market value, the naira will close in at over N300 to the dollar. The naira is tied to only one commodity which is crude oil. When crude oil prices were high, the naira still had to be supported via external reserve by the CBN to maintain macro economic stability. This is what went down during GEJ's administration. We do not have viable alternatives to crude oil as a means of foriegn exchange.
When prices of crude oil collapsed late in 2014 and little foriegn currency was coming to the external reserve, the CBN had to devalue the Naira to save the reserve from depletion, otherwise Nigeria will not be able to finance her import bills. This is the problem. We import virtually everything and export nothing except crude.
The value of a nation's currency is tied to international trade. The more a nation's exports exceeds import, the value goes up. But when a nation's imports are greater than exports, the value of the currency drops. This is Nigeria's situation at the moment.

INTROVERT:
Barcanista must be a prophet.

I pray naira comes back to 160 170 sha coz my business is being affected.

INTROVERT:
Barcanista must be a prophet.

I pray naira comes back to 160 170 sha coz my business is being affected.

INTROVERT:
Barcanista must be a prophet.

I pray naira comes back to 160 170 sha coz my business is being affected.

U hv bizness? Ur bizness is it not FTC tins

official rate now is 199.07

High: 200.76

Low: 199.05

Open 199.05

Current: 199.07

So for today, Naira is flat against the dollar. The lowest in the last 2 weeks is 197.45

Follow the trend on this link:

http://www.investing.com/currencies/usd-ngn-historical-data

soe:


Hello...can we please be reasonable here.

The United States is not running a stagnant economy...their currency value would definitely rise and fall at some points...the influence of a capitalist economy cannot be over-ruled.

On the other hand, what we are doing is to have a nation that is less dependent on the US economy, Mynd44 had asked a very salient question yesterday for which no one could answer.

he asked, Why did the Naira fall so badly from 160 to 200 in 2014/2015 ? If you can answer that, then we can reason with your cock and bull theory

The answer is so simple. A number of factors contribute to the rise or fall of a country's currency; We have the stock market/foreign investments, tourism and international trade. But basically, and speaking in lay man terms, if you have more people replacing their currencies with your currency, then your currency will rise in value. If you have more people dealing in your currency than their currency, then your value will rise. Sadly as the reverse implies, if you have more people dumping your own currency for the other currency, your value will nose dive.

If you look at the above relation, you will notice that it all falls back to a demand/supply chain rule, but not explicitly.

The only back door approach to a rise/fall currency value is the so called "de-valuation or denomination" of the currency which has to do with the Central Bank physically reducing the supply of your own currency so as to make it seem as though it is scarce again.

So what do you think happened in 2014/2015, Corrupt polithiefians knew it was the season of campaign and stealing and stashing and looting. It was the season to keep monies at home. They all withdrew in USDollars and replaced our Naira with Dollars. So, the dollar became increasingly more sought in our local market, almost competing with the Naira. Hence the crash of the Naira in the local (black) market.

What CBN is doing now, as part of the change program, is to force the polithiefians to return to the need and use of Naira and dispose their ill gotten USDollars stashed in their personal and underground vaults. The moment USDollars is not acceptable to our local banks. That will reverse the 2014/2015 trend and restore the Naira value to 160.

But as I said...the US Govt. has an economy to run also, and until we successfully reduce the dependency of our economy on theirs, our Naira value will also rise and fall intermittently....the good news however is that the USDollars is no longer competing with the NAIRA in our loal market...we are shifting the battle back to the International FOREX MARKET

How come his name is Barcanista (teamwork team) if you want personal glories at the expense of national devt? It should be Madrista!

I endorse you for CBN governor!
Era of technocrats!
Era of change!
God bless Nigeria!

RichDad1:
PDP and their winchi winchi.
Those lots don't want the best for this country.I weep for my country

cry me a river

Please forget what happened or led to rise of dollar in 2014/2015(leave what happened in Rome to be with the Romans)what we ask for is for our President with his technocrats to do something cos that's what he promised us and that's what we want to see. Am really running out of patient cos you keep on giving us hope but things aren't falling together rather they are falling apart.

Anyway, There was a country.

soe:


Hello...can we please be reasonable here.

The United States is not running a stagnant economy...their currency value would definitely rise and fall at some points...the influence of a capitalist economy cannot be over-ruled.

On the other hand, what we are doing is to have a nation that is less dependent on the US economy, Mynd44 had asked a very salient question yesterday for which no one could answer.

he asked, Why did the Naira fall so badly from 160 to 200 in 2014/2015 ? If you can answer that, then we can reason with your cock and bull theory

The answer is so simple. A number of factors contribute to the rise or fall of a country's currency; We have the stock market/foreign investments, tourism and international trade. But basically, and speaking in lay man terms, if you have more people replacing their currencies with your currency, then your currency will rise in value. If you have more people dealing in your currency than their currency, then your value will rise. Sadly as the reverse implies, if you have more people dumping your own currency for the other currency, your value will nose dive.

If you look at the above relation, you will notice that it all falls back to a demand/supply chain rule, but not explicitly.

The only back door approach to a rise/fall currency value is the so called "de-valuation or denomination" of the currency which has to do with the Central Bank physically reducing the supply of your own currency so as to make it seem as though it is scarce again.

So what do you think happened in 2014/2015, Corrupt polithiefians knew it was the season of campaign and stealing and stashing and looting. It was the season to keep monies at home. They all withdrew in USDollars and replaced our Naira with Dollars. So, the dollar became increasingly more sought in our local market, almost competing with the Naira. Hence the crash of the Naira in the local (black) market.

What CBN is doing now, as part of the change program, is to force the polithiefians to return to the need and use of Naira and dispose their ill gotten USDollars stashed in their personal and underground vaults. The moment USDollars is not acceptable to our local banks. That will reverse the 2014/2015 trend and restore the Naira value to 160.

But as I said...the US Govt. has an economy to run also, and until we successfully reduce the dependency of our economy on theirs, our Naira value will also rise and fall intermittently....the good news however is that the USDollars is no longer competing with the NAIRA in our loal market...we are shifting the battle back to the International FOREX MARKET

Akoja360:
When the barcanister predicted this all dos zombies with rotten brain wanted to roast his ass but as we can all see he was right in the end that's the beauty of true intelligence as against the blind reeking ignorance exhibited by our beloved apc boys and gurls

Shut up, you and your charlatan called barcanista are birds of a feather. Are you that gullible and dull to be brainwashed by a charlatan?

Currency market does not not sleep; always on the move - up and down. It's all about volatility.

Common dullard, Go learn the modus operandi of the financial market.