Dangote predicted 500 Naira to 1 Dollar. Today it is 280 Naira to a Dollar.

http://abokifx.com/

I think that is alarmist...500 naira
Maka why?
Is the Nigerian economy in dire straits?
Yes it is!
Also you cannot rule out a lot of speculators and financial sharks are baying for blood
While I'm no economist nor financial expert, CBN has to relax its monetary policy rules
Secondarily, I'm yet to see fiscal policy at play, so one must ask madam Kemi Adeosun what's up because the buck stops at her table for Emefiele can only do so much and I'm yet to hear any pronouncement from her about the economy
She needs to earn her pay
However, it is no doubting the Nigerian economy will face turbulence in the coming months because the PDP badly mismanaged it
But that's what Buhari signed up for
Innit!

GOd hel Nigeria!!

Yesterday, the local currency crashed further to N280/$1 at the parallel market, pushing the market premium to all time high of over 41 per cent against the official exchange rate range of N196-N198/ $1.0.

The parallel market has been on daily depreciation of the Naira in the past two weeks worsening this week with market operators indicating the crash has not bottomed out.

At the backdrop of the development, commercial banks sent out letters to their customers informing them that henceforth maximum spending limit on offshore credit/debit card spendings have been further reduced to $12,000.00 per annum.

According to the banks, the letters were sequel to a similar communication from the apex bank directing a downward review of domiciliary account spendings abroad.

The latest downward adjustment will be the second this year, having crashed the limit to $50,000 from $100,000 mid this year.

As the foreign exchange market tension persists, market operators said the apex bank will cancel the weekly sale of foreign exchange to Bureau de Change dealers anytime from now.

An official of the apex bank said the bank would formally give a “forward guidance” on the new policy that is expected to frustrate the booming black market trading of foreign currencies nationwide.

CBN has been battling unwholesome practices and lack of rendition of weekly reports by BDCs.

Vanguard learnt that some authorized BDCs usually buy foreign exchange from the CBN at the official rate of about N197-$1 and resell at the parallel market (black market) to end users at rates ranging far above the stipulated margins.

Nigeria needs prayers

Igbeyi aye.......

Dangote might have predicted it but I never though Buhari would make it come to pass......what a life

citizenisb:
Dangote predicted 500 Naira to 1 Dollar. Today it is 280 Naira to a Dollar.

http://abokifx.com/

As long as the kunu drinker remains...e go reach 1000 to one dollar



Mad goat

Any person blaming Buhari or emefiele for this disaster simply does not understand how the economy works. The actions that have led to this event were already clear to see as far back as 2012.

We Nigerians always like to do things in the last minute ( myself included) but no economy can be run this way.

Things will still get worse before they start to get better. The best course of action for the federal government to take would be implementing oronsaye's restructuring report (euphemism for mass retrenchment).

Restructuring will provide the federal government with funds to develop infrastructure, creating more jobs in the process.

Restructuring will also empower more semiskilled and unskilled people economically. These people primarily spend on food which are mostly produced locally rather than on cars and other luxurious items which are mainly imported. This will have a much bigger impact on our reserves as opposed the current strategies being implemented. The issue is that this measure will not go down well with the Nigerian masses even though it is truly for all of our good.

Jonathan should have taken this approach but felt it would cost him his election. How ironic life can be.

Who needs to be sacked before the price of dollar comes down.

trillville:
Any person blaming Buhari or emefiele for this disaster simply does not understand how the economy works. The actions that have led to this event were already clear to see as far back as 2012.

We Nigerians always like to do things in the last minute ( myself included) but no economy can be run this way.

Things will still get worse before they start to get better. The best course of action for the federal government to take would be implementing oronsaye's restructuring report (euphemism for mass retrenchment).

Restructuring will provide the federal government with funds to develop infrastructure, creating more jobs in the process.

Restructuring will also empower more semiskilled and unskilled people economically. These people primarily spend on food which are mostly produced locally rather than on cars and other luxurious items which are mainly imported. This will have a much bigger impact on our reserves as opposed the current strategies being implemented. The issue is that this measure will not go down well with the Nigerian masses even though it is truly for all of our good.

Jonathan should have taken this approach but felt it would cost him his election. How ironic life can be.

We should Blame Jonathan huh. He didn't restructure abi

So has Buhari indicated he will implement the Oronsaye's restructuring report?

Una funny sha

ochukoccna:
I think that is alarmist...500 naira
Maka why?
Is the Nigerian economy in dire straits?
Yes it is!
Also you cannot rule out a lot of speculators and financial sharks are baying for blood
While I'm no economist nor financial expert, CBN has to relax its monetary policy rules
Secondarily, I'm yet to see fiscal policy at play, so one must ask madam Kemi Adeosun what's up because the buck stops at her table for Emefiele can only do so much and I'm yet to hear any pronouncement from her about the economy
She needs to earn her pay
However, it is no doubting the Nigerian economy will face turbulence in the coming months because the PDP badly mismanaged it
But that's what Buhari signed up for
Innit!

Thumbs-up for this post.

UncleJudax:

We should Blame Jonathan huh. He didn't restructure abi

So has Buhari indicated he will implement the Oronsaye's restructuring report?

Una funny sha

This is not about politics. We need to pray that God almighty gives our leaders the wisdom to make right choices. We are in the middle of a hurricane which we entered since June 2014. We have no idea how long this event will last.

trillville:
Any person blaming Buhari or emefiele for this disaster simply does not understand how the economy works. The actions that have led to this event were already clear to see as far back as 2012.

We Nigerians always like to do things in the last minute ( myself included) but no economy can be run this way.

Things will still get worse before they start to get better. The best course of action for the federal government to take would be implementing oronsaye's restructuring report (euphemism for mass retrenchment).

Restructuring will provide the federal government with funds to develop infrastructure, creating more jobs in the process.

Restructuring will also empower more semiskilled and unskilled people economically. These people primarily spend on food which are mostly produced locally rather than on cars and other luxurious items which are mainly imported. This will have a much bigger impact on our reserves as opposed the current strategies being implemented. The issue is that this measure will not go down well with the Nigerian masses even though it is truly for all of our good.

Jonathan should have taken this approach but felt it would cost him his election. How ironic life can be.

The projects that APC are busy commissioning were executed and paid for by GEJ administration. You guys are dull to think that train, the revamp of aviation saftey equipment the building of schools, fixing of roads refinerary all of it cost money.

biafranqueen:
The projects that APC are busy commissioning were executed and paid for by GEJ administration. You guys are dull to think that train, the revamp of aviation saftey equipment the building of schools, fixing of roads refinerary all of it cost money.

This year recurrent expenditure was about 85 percent of our budget. During GEJ's tenure it was never under 75 percent of our budget. Nigeria does not need stomach infrastructure but real infrastructure that stimulates growth.

You are proud of a locomotive that takes over 2 days to travel between Lagos and Kano, my sister wake up. No working refineries in 6 years with oil over 100 dollars per barrel and you want me to congratulate him. Is it the poor quality roads that have to be repaired every other year, you want me to clap for him for, or the high number of plane crashes that occurred during his tenure?

He was left with over 65 billion dollars as external reserve and could only save 29 billion for the incoming government. I think you ought to be ashamed of yourself.

How some people can play politics when the economy is in dire straits beats me hollow
Such people need psychological evaluation at Yaba left turning
Its the economy we are talking about here, stupid!
While Buhari seems to have an obsession with fighting kwaruption, other economic stimulating activities must not take a back seat
Like I said prior, where are the government's fiscal policies?
Non the less, I doubt if even the well managed economies would have survived the grand larceny which took place under Jonathan
BTW, Trillville is making some very sound contributions
Kudos!

This is crazy! I blame Buhari for this downward spiral of our naira, we need educated leaders.

trillville:


This is not about politics. We need to pray that God almighty gives our leaders the wisdom to make right choices. We are in the middle of a hurricane which we entered since June 2014. We have no idea how long this event will last.

God and Prayers have nothing to do with your comment, which I quoted.

How much was the Dollar against the Naira [in the parallel market] when GeJ left, compared to Now. And what is the Buhari-led government doing about it? (7months on)

You didn't have to bring in Jonathan into it. That's the hallmark of APC zombies.

We are not all stupppid.

Lord help Small scale Importer