Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,158,334 members, 7,836,401 topics. Date: Wednesday, 22 May 2024 at 07:12 AM

Naira Situation Worsens, Falls To N270/$ - Business (7) - Nairaland

Nairaland Forum / Nairaland / General / Business / Naira Situation Worsens, Falls To N270/$ (30268 Views)

Naira Falls As Dollar Scarcity Worsens / Unbelievable!!! Naira Falls To N485/$1, N600/£1 / Naira "Strenghtens" To N270/Dollar At Parallel Market (2) (3) (4)

(1) (2) (3) (4) (5) (6) (7) (8) (Reply) (Go Down)

Re: Naira Situation Worsens, Falls To N270/$ by NaLaugh: 11:56pm On Dec 17, 2015
endtimesblog:


who told u that.... Put ur domicillary acct details on ur dashboard.. Collect ur dollar out..
Call ur aboki to change it for u...
Shikena..

199naira ke... For were...

Didn't Nigerian banks stop giving out funds to individuals in dollars? Or was that discontinued? I know I read about it somewhere.

1 Like

Re: Naira Situation Worsens, Falls To N270/$ by 989900: 11:58pm On Dec 17, 2015
falseman:


This is no wrong info. CBN is actually making money from this official exchange rate. Instead of 270 bank will exchange at 196 which mean you lose about N74. They can as well decide to make it N100 to a dollar as official rate which means more suffering

The truth!
Re: Naira Situation Worsens, Falls To N270/$ by NaLaugh: 12:00am On Dec 18, 2015
soldierdollar:


You have two options . Receive with your domiciliary account , transfer to Aboki and convert with N290 or withdraw with your normal account at an official rate of N250 plus .

N199.05 is now an old school

When you say "official rate," do you mean the banks give you N250?

e.g Google sends $100 to your regular bank account, can you withdraw N25,000 at an ATM or bank counter?

If yes, then I really don't understand how the financial sector rolls in Nigeria.

1 Like

Re: Naira Situation Worsens, Falls To N270/$ by 989900: 12:03am On Dec 18, 2015
Tripletg:
*sigh* [s]relax Nigerians. The fed just raised interest rate in America and the effect of this has strengthened the dollar against every major and minor currency. Stop blaming Bihari for everything..gosh[/s].
Re: Naira Situation Worsens, Falls To N270/$ by ibisko04: 1:18am On Dec 18, 2015
Obynolee:



Stop saying what you don't know,the GEJ lead federal government through Ngozi Okonjo started saving the crude oil surplus money for the rainy day Governors under Amaechi and Kwankwaso(vocal voice) took federal government to the supreme court contending that the federal government lacks the power to hold their money,that the money be shared amongst the 36 states and they(governors)won because the constitution says that the money be shared amongst the states not saved by the federal government.The problem i have with this administration is that they seems not to know what to do about the dwindlling economy,no policy to that effect and this is what is scaring foreign investors away unlike GEJ's administration that we have world class economist.I think the naira wouldn't have depreciated like this if GEJ were to be in power because of his economic team which is lacking in this administration.
I am now telling you that our problems started from GEJ administration where money was siphoned with abandon recklessness.
Forget about world class economists in that government, they are the original problems.

1 Like

Re: Naira Situation Worsens, Falls To N270/$ by dictbennie(m): 1:39am On Dec 18, 2015
MadCow1:
Thanks to Jonathan and Dasuki



When Oil Prices were at 120 USD per barrel, Jonathan & Pay-Pay in collaboration with Dasuki, Jim Nwobodo, Bafarawa, Odili and cohorts were busy sharing our money like 'WHOT'. angry

Now wey Oil Price na 32 USD per Barrel, wetin una expect.




I believe that BUHARI is a right man for Nigeria now, but it seems like we waited 6 years too late to elect him. angry


Just imagine if Jonathan had won the last election, Dasuki and co would be chilling somewhere enjoying their loot and even planning on looting more and we Nigerians would have been ignorant and oblivious to it.



#GodPunishPDP.. angry


Ohh shut up please..You've forgotten how Ameachi with his gang of APC governors took the FG to court in order to share what was being saved...Shame on you APC butt lickers...blame Jonathan till 2019..
Re: Naira Situation Worsens, Falls To N270/$ by modath(f): 4:08am On Dec 18, 2015
omohayek:


You're one of the very few commenters who've made an iota of sense in this thread, but unfortunately you're trying to talk sense to people who seem to be not only economically illiterate but simply outright illiterate. Hardly any of them seem to realize that given Nigeria's export profile and the state of the oil markets, the Naira would be facing the same devaluation pressure regardless of who was in power. Instead they fill in the vast voids in their understanding with ignorant talk about APC vs. PDP or tribalistic nonsense.

Thank you, same reason i don't engage 95% of the people of this forum... Intelligent discourse is almost impossible .... they deviate from the subject matter to name calling & buck passing without even an iota of comprehension of subject matter.

A quick /simple perusal of Yahoo homepage 2-3 times a week is enough to keep one informed about the issues on ground & how bad the situation is going to get...

Most of the comments are in jest as far as I'm concerned.

My own problem with the past admin is not seeking a plan B to our mono produce export economy in the time of plenty (140$ peak) to fall back on in the time of inevitable famine..... Dazall.

1 Like

Re: Naira Situation Worsens, Falls To N270/$ by Nobody: 4:34am On Dec 18, 2015
soldierdollar:


You have two options . Receive with your domiciliary account , transfer to Aboki and convert with N290 or withdraw with your normal account at an official rate of N250 plus .

N199.05 is now an old school
So N250 is the official rate?
Re: Naira Situation Worsens, Falls To N270/$ by anonimi: 4:57am On Dec 18, 2015
modath:


Thank you, same reason i don't engage 95% of the people of this forum... Intelligent discourse is almost impossible .... they deviate from the subject matter to name calling & buck passing without even an iota of comprehension of subject matter.

A quick /simple perusal of Yahoo homepage 2-3 times a week is enough to keep one informed about the issues on ground & how bad the situation is going to get...

Most of the comments are in jest as far as I'm concerned.

My own problem with the past admin is not seeking a plan B to our mono produce export economy in the time of plenty (140$ peak) to fall back on in the time of inevitable famine..... Dazall.


Oil never sold for $140 under Jonathan. If you have proof please provide the link.
Thanks.

Moreover Jonathan built our export base with focus on agric and reduced our imports by increased local manufacturing in vehicles, textiles etc. If he did not do that we may be at N500:$ by now.


lomprico:
Good! I hope d loan extends to the farmers in ebonyi. I saw their "rice hill" sometime last month n was astonished!

Note. The tiny dots at d top are people.



www.nairaland.com/attachments/3074084_img20150709wa000_jpeg7cbcb35c5f93b890a7ce92b4c0df8a1c
Re: Naira Situation Worsens, Falls To N270/$ by amtaken(f): 5:03am On Dec 18, 2015
You have said it all.



Good morning.
ZUBY77:


You hypocrites should stop shouting crude oil up and down as if the past administration caused the fall in the price.

Did oil price fall only in Nigeria?
Oil price fell everywhere.
Go and check Angola, Saudi, Libya and other oil producing countries. Check how stable their currencies are against dollar.
Not running your mouth here as if you are the only country where oil price fell.

Dollar started falling against naira since 1984. And guess who was in charge of your country then?

What we are complaining about is to halt the free fall.
Jonathan ruled for years with 1$ hovering around 170.
It was at the tail end of his administration that the official rate changed to 199 to sustain the fallen oil price.

Oil did not fall on Buhari's new administration, it fell during Jonathan. However, jumping from 200 to 270 is the record fall in the history of naira. Egocentric characteristics won't let your President seek for advice from experts. Everybody is a thief and corrupt to him.
Jonathan recalled Okonjo Iweala to his government because she knew what she was doing. No amount of propaganda from the Edo State Ape will ever change that.


Your minister of Finance knows nothing. Okonjo Iweala should return to the finance ministry. Despite her shortcomings, I personally still prefer her to the clueless woman there now.

This whole thing is about you and I, Mr. Buhari, no matter what he led you to believe, is rich beyond your imagination.

Continue blaming Jonathan as if he was the Nigerian president since 1983 when the Country started sliding down.

2 Likes 1 Share

Re: Naira Situation Worsens, Falls To N270/$ by Obynolee(f): 5:21am On Dec 18, 2015
ibisko04:

I am now telling you that our problems started from GEJ administration where money was siphoned with abandon recklessness.
Forget about world class economists in that government, they are the original problems.




Sorry i don't involve myself in beer parlour arguement,you can't sustain an arguement because you based it on hearsay not facts.I argue to learn .

1 Like

Re: Naira Situation Worsens, Falls To N270/$ by matrixme(m): 5:42am On Dec 18, 2015
I should suggest to the president to adopt the dollar as the official currency as some other countries for obvious reasons. This will make good his promise to equate the dollar and naira, then end this unending assault on the Naira.

1 Like

Re: Naira Situation Worsens, Falls To N270/$ by godwinkessi: 6:04am On Dec 18, 2015
DANILSA:
GEJ really punished APC it will take buhari 16 years to recover lot and take Nigeria to the promised land. passing shot.
In another news Dokpesi eat white yam unknowingly and was locked, Buhari eat porridge yam unknowingly, who will try buhari. DSS NA JOKE O.


Let's find a way to accuse Jonathan. Even the Shiites killing, he caused it. He destroyed this country.

2 Likes 1 Share

Re: Naira Situation Worsens, Falls To N270/$ by modath(f): 6:07am On Dec 18, 2015
anonimi:



Oil never sold for $140 under Jonathan. If you have proof please provide the link.
Thanks.

Moreover Jonathan built our export base with focus on agric and reduced our imports by increased local manufacturing in vehicles, textiles etc. If he did not do that we may be at N500:$ by now.




I stand corrected, peak was 114 & not 140 but saying someone isn't a mass murderer cos contrary to claims that s/he killed 13 & not 30 like it is being reported , still is not something to be proud of... smiley

You & i are never going to agree on Jonathan / PDP mismanagement of the economy in the time of oil boom , so no point going through same argument....

The kwakwanso & Amaechi , Saraki etc arguments won't fly, they were never in charge of the FEDERAL purse & we run a federation here. smiley

You mentioned Agric & textile , i just laugh cos you will show me foto but the impact wasn't felt, so how come?

Me dey go market food no reduce price, Rice that was said to be produced locally, were actually brought in unbagged & repackaged with Nigerian coys Logos..

The textile mills in Kaduna & Iyana Isolo Lagos never produced nothing, go to Enpee, Aswani, Daltex, etc & check for yourself..

All i know is that with Jonathan & his " world class economic" team smiley, they met USD (Stable & high crude oil prices) at 120+ & left it at 198 (official rate) which is still where it is , unfortunately depletion of reserves & poor returns from crude oil is putting pressure on the currency & hardship on Nigeria..

Like i will always say, even if the whole of APC defected from the PDP , doesn't bother me... I'm supporting PMB's APC , & not APC' s Buhari, like i did when he was in CPC..

Thank you... hasta la vista...


firefire , where art thou?
Re: Naira Situation Worsens, Falls To N270/$ by MadCow1: 6:08am On Dec 18, 2015
dictbennie:


Ohh shut up please..You've forgotten how Ameachi with his gang of APC governors took the FG to court in order to share what was being saved...Shame on you APC butt lickers...blame Jonathan till 2019..


And the fact that State governors asked that monies be shared to them from the excess crude account once makes them responsible for where we are now economically? grin


It's alright.. Please continu

1 Like

Re: Naira Situation Worsens, Falls To N270/$ by modath(f): 6:10am On Dec 18, 2015
MadCow1:



And the fact that State governors asked that monies be shared to them from the excess crude account once makes them responsible for where we are now economically? grin


It's alright.. Please continu
Re: Naira Situation Worsens, Falls To N270/$ by MadCow1: 6:12am On Dec 18, 2015
modath:



I stand corrected, peak was 114 & not 140 but saying someone isn't a mass murderer cos contrary to claims that s/he killed 13 & not 30 like it is being reported , still is not something to be proud of... smiley

You & i are never going to agree on Jonathan / PDP mismanagement of the economy in the time of oil boom , so no point going through same argument....

The kwakwanso & Amaechi , Saraki etc arguments won't fly, they were never in charge of the FEDERAL purse & we run a federation here. smiley

You mentioned Agric & textile , i just laugh cos you will show me foto but the impact wasn't felt, so how come?

Me dey go market food no reduce price, Rice that was said to be produced locally, were actually brought in unbagged & repackaged with Nigerian coys Logos..

The textile mills in Kaduna & Iyana Isolo Lagos never produced nothing, go to Enpee, Aswani, Daltex, etc & check for yourself..

All i know is that with Jonathan & his " world class economic" team smiley, they met USD (Stable & high crude oil prices) at 120+ & left it at 198 (official rate) which is still where it is , unfortunately depletion of reserves & poor returns from crude oil is putting pressure on the currency & hardship on Nigeria..

Like i will always say, even if the whole of APC defected from the PDP , doesn't bother me... I'm supporting PMB's APC , & not APC' s Buhari, like i did when he was in CPC..

Thank you... hasta la vista...


firefire , where art thou?


Word!!!

cool
Re: Naira Situation Worsens, Falls To N270/$ by erico2k2(m): 6:14am On Dec 18, 2015
MadCow1:
Thanks to Jonathan and Dasuki



When Oil Prices were at 120 USD per barrel, Jonathan & Pay-Pay in collaboration with Dasuki, Jim Nwobodo, Bafarawa, Odili and cohorts were busy sharing our money like 'WHOT'. angry

Now wey Oil Price na 32 USD per Barrel, wetin una expect.




I believe that BUHARI is a right man for Nigeria now, but it seems like we waited 6 years too late to elect him. angry


Just imagine if Jonathan had won the last election, Dasuki and co would be chilling somewhere enjoying their loot and even planning on looting more and we Nigerians would have been ignorant and oblivious to it.



#GodPunishPDP.. angry

Instead of saying Jonathan Y don't we say PDP.I notice the SW like attributing galore of PDP to the man frm the SS who was there 6 yrs how about the noble son frm the SW OBJ?? No one is talking about him.if we want to blemishes we shud blame OBJ.how do you want GEJ to fix OBJ'mess of 8 years in 6 years??I'm not even adding Abacha and co
Re: Naira Situation Worsens, Falls To N270/$ by MadCow1: 6:18am On Dec 18, 2015
erico2k2:

Instead of saying Jonathan Y don't we say PDP.I notice the SW like attributing galore of PDP to the man frm the SS who was there 6 yrs how about the noble son frm the SW OBJ?? No one is talking about him.if we want to blemishes we shud blame OBJ.how do you want GEJ to fix OBJ'mess of 8 years in 6 years??I'm not even adding Abacha and co


I am not a South Westerner.
Re: Naira Situation Worsens, Falls To N270/$ by erico2k2(m): 6:23am On Dec 18, 2015
AlanTuring:

You're a just a certified f00l..did the naira ever appreciate over the dollar during your hero Fortunato's doomed 5 year rule in this country despite crude oil selling for over 120 dollars per barrel as against the $40/barrel we have now.. We keep hearing of how they were sharing the Commonwealth through Dasuki..if you didn't get up to 100 million for all your troubles of defending the bastards online,then you're just another use and dump lapdog..Report to the mods so I can get banned as that's the worse you can do I.diot..
Now you are insulting plz explain the relationship btw oil prices and the dollar.
Re: Naira Situation Worsens, Falls To N270/$ by bigtt76(f): 6:34am On Dec 18, 2015
Double standards killing us undecided where was that foolish CBN governor when Dasuki and Co were withdrawing in dollars billions? Now e de restrictions the common man from accessing his or her account. God go so punish dem all.
Re: Naira Situation Worsens, Falls To N270/$ by bigtt76(f): 6:38am On Dec 18, 2015
What a question undecided you think say US just decides to give out her dollars to countries to trade in and give dem back the profit?

When oil price drops, Nigeria's forex reserve from where the imports and other sundry dollar request are met depletes fast that if care is not taken, it would result in no imports. Nigeria cannot survive without imports.


erico2k2:

Now you are insulting plz explain the relationship btw oil prices and the dollar.
Re: Naira Situation Worsens, Falls To N270/$ by yinkeys(m): 6:50am On Dec 18, 2015
Jesus Christ; I am in deep trouble
Re: Naira Situation Worsens, Falls To N270/$ by chekasforchekas: 7:21am On Dec 18, 2015
Omo I get transact today abeg ooo dey go up
Re: Naira Situation Worsens, Falls To N270/$ by Billygee2u: 7:22am On Dec 18, 2015
Lemon12:

Akpos jumps from bed and starts shouting "God save me, save me, save me. The wife asked, did you have a nightmare? He says yes. The wife asked ask again, were you been chased by a lion? Akpos replied; lion is even better. I nearly voted for Buhari again‎ grin grin grin

SW wanted change ... Change they got !! cheesy
Re: Naira Situation Worsens, Falls To N270/$ by homebase(m): 7:27am On Dec 18, 2015
I don't even understand the whole thing again.

Because in the state (Ogun State) and local council i am staying
the only branch of my bank don't allow me to do physical
withdrawal of my adsense dollars claiming it is CBN policy.

So for the past a month now i have been selling to my bank at a
loss of $1 to N189 - 199.05 via internet banking.

But where i am confused now is that some people on nairaland
are able to be doing physical withdrawal in the same bank ( not
in my local council branch) even when the dollar is inflow.

What made me now believe nairaland users claim
is a friend i am helping to run an adsense website
who is residing in Lagos.

Just last week he was able to withdrew his inflow adsense
dollars and sold them to mallam. And to think that we are
using the same bank o. May be the CBN that is controlling
banks in Ogun state is different to that of Lagos state.

That is why for next payment, i am traveling to Lagos to
do physical withdrawal, because here the branch here want
milk me dry.


JN1:

You can't withdraw the $$ sent by Google from your Dorm account, CBN imposed embargo on it. You can only use the bank Token to change it online which will result to 199/$. Another way is transferring it to another dorm account but there is something like 5% charges for it.
Re: Naira Situation Worsens, Falls To N270/$ by Prince4mic: 7:38am On Dec 18, 2015
I even bought dollars for 280 yesterday.. 140,000 for $500.. that's quite absurd, if i have been paid, it would have been beneficiary to me
Re: Naira Situation Worsens, Falls To N270/$ by Firefire(m): 7:47am On Dec 18, 2015
modath:



I stand corrected, peak was 114 & not 140 but saying someone isn't a mass murderer cos contrary to claims that s/he killed 13 & not 30 like it is being reported , still is not something to be proud of... smiley

You & i are never going to agree on Jonathan / PDP mismanagement of the economy in the time of oil boom , so no point going through same argument....

The kwakwanso & Amaechi , Saraki etc arguments won't fly, they were never in charge of the FEDERAL purse & we run a federation here. smiley

You mentioned Agric & textile , i just laugh cos you will show me foto but the impact wasn't felt, so how come?

Me dey go market food no reduce price, Rice that was said to be produced locally, were actually brought in unbagged & repackaged with Nigerian coys Logos..

The textile mills in Kaduna & Iyana Isolo Lagos never produced nothing, go to Enpee, Aswani, Daltex, etc & check for yourself..

All i know is that with Jonathan & his " world class economic" team smiley, they met USD (Stable & high crude oil prices) at 120+ & left it at 198 (official rate) which is still where it is , unfortunately depletion of reserves & poor returns from crude oil is putting pressure on the currency & hardship on Nigeria..

Like i will always say, even if the whole of APC defected from the PDP , doesn't bother me... I'm supporting PMB's APC , & not APC' s Buhari, like i did when he was in CPC..

Thank you... hasta la vista...


firefire , where art thou?

Good morning ma.
Re: Naira Situation Worsens, Falls To N270/$ by joenaija: 8:17am On Dec 18, 2015
Compare exchange rates @

http://www.xe.com
http://www.oanda.com

Leave black market price alone
Re: Naira Situation Worsens, Falls To N270/$ by light004: 8:23am On Dec 18, 2015
MadCow1:
Thanks to Jonathan and Dasuki



When Oil Prices were at 120 USD per barrel, Jonathan & Pay-Pay in collaboration with Dasuki, Jim Nwobodo, Bafarawa, Odili and cohorts were busy sharing our money like 'WHOT'. angry

Now wey Oil Price na 32 USD per Barrel, wetin una expect.




I believe that BUHARI is a right man for Nigeria now, but it seems like we waited 6 years too late to elect him. angry


Just imagine if Jonathan had won the last election, Dasuki and co would be chilling somewhere enjoying their loot and even planning on looting more and we Nigerians would have been ignorant and oblivious to it.



#GodPunishPDP.. angry


you need brain, that's all. Shocking how an average nigerian reasons.

please educate yourself how government run anywhere in the world, the govt needs to put in place the right policies and restore investors confidence. You will be shocked what will start happening. Nigeria seems like a rudderless ship.

Buhari needs to start governing and stop throwing blames here and there?
Re: Naira Situation Worsens, Falls To N270/$ by gbaby4live: 8:48am On Dec 18, 2015
david22uu:


space bookers association
Space bookers association of nairaland.( S. B. A. N )
Re: Naira Situation Worsens, Falls To N270/$ by ibisko04: 8:51am On Dec 18, 2015
Obynolee:





Sorry i don't involve myself in beer parlour arguement,you can't sustain an arguement because you based it on hearsay not facts.I argue to learn .
What facts do you want again apart from what we are going through presently.
I have never visited any beer parlour in my life, so I don't know what they argue in there.
If you want facts and figures as about how your world rated economists bleeps us up, I am ready to give you .

(1) (2) (3) (4) (5) (6) (7) (8) (Reply)

Consumer Protection Council Orders Dstv To Compensate Consumers / Forbes: Dangote’s Wealth Dips By $2b, Adenuga‘s Up By $3.9b / Couple Donate N1m To Man Who Lost His Business To Onitsha Fire (photos

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 94
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.