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Nairaland Forum / Nairaland / General / Business / Naira Crashes Even Further To 300 Against Dollar (37982 Views)
Naira Crashes To 288/dollar At New Official Market / Naira Crashes As FG Denies Currency Swap Deal / Naira Crashes To 300 Against Dollar (2) (3) (4)
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Naira Crashes Even Further To 300 Against Dollar by ultrazone(m): 3:24am On Jan 13, 2016 |
Monday’s stoppage of foreign exchange sales to Bureau De Change operators by the Central Bank of Nigeria failed to lift the naira on Tuesday as the currency exchanged for 300 against the United States dollar in Kano, 290 in Lagos and 292 in Abuja.www.punchng.com/naira-crashes-to-300-against-dollar/ 5 Likes 1 Share |
Re: Naira Crashes Even Further To 300 Against Dollar by Penssuwa(m): 3:34am On Jan 13, 2016 |
300? that's too much. I remember the One Naira for One Dollar promise... Politics is 'the more you look game' Waitooo, so this is what it feels like to be the FTC... This is orgasmic mehn 63 Likes 4 Shares |
Re: Naira Crashes Even Further To 300 Against Dollar by ZKOSOSO(m): 3:41am On Jan 13, 2016 |
Buhariiiiiiiiiiiiiiiiiiiiiii. Wake up. Economy on fire. 165 Likes 9 Shares |
Re: Naira Crashes Even Further To 300 Against Dollar by Nobody: 3:59am On Jan 13, 2016 |
No need to panic. This will only discourage imports. FG is still maintaining fuel price N86 per litre. No shaking !! 39 Likes 3 Shares |
Re: Naira Crashes Even Further To 300 Against Dollar by Nobody: 4:42am On Jan 13, 2016 |
ZKOSOSO: So...what do you want him to do? What do you think that GEJ would have done if he was still in charge.? What the CBN has done is the best of two bad choices. The other one.....straight devaluation....would have crashed our naira further. We are paying the price for an oil dependent economy. And it is going to take more than seven months and lots of hard work to get off the oil dependency. 95 Likes 13 Shares |
Re: Naira Crashes Even Further To 300 Against Dollar by Pavore9: 4:48am On Jan 13, 2016 |
The combined effect of not diversifying the economy before now and gross mismanagement of what was accrued from oil over the decades. 81 Likes 8 Shares |
Re: Naira Crashes Even Further To 300 Against Dollar by ZZ22: 4:50am On Jan 13, 2016 |
Kikero112:anu mpama 190 Likes 22 Shares |
Re: Naira Crashes Even Further To 300 Against Dollar by hollywater: 4:55am On Jan 13, 2016 |
Good news. Inform me when it get to 500, let me go and sale my 2$. 64 Likes 4 Shares |
Re: Naira Crashes Even Further To 300 Against Dollar by bamite(m): 5:00am On Jan 13, 2016 |
All the posters above me are ignoramus. The spike is due to the economic shock which always accompanies monetary policies such as these, its just a short term reaction. No need to panic, the naira will rebound in no distant time. Wailers this one no be food for una so just chill and keep sipping your cup of burukutu 40 Likes 2 Shares |
Re: Naira Crashes Even Further To 300 Against Dollar by trillville(m): 5:09am On Jan 13, 2016 |
The fg is playing reactionary games and so they are always behind the curve. Government shouldn't have waited for oil to hit $30 before stopping the sale of forex to bdc's. This should have been done a long time ago. Government needs to drastically reduce its recurrent expenditure and at the same time listen to the advice by both Soludo and Sanusi, and devalue the naira moderately. 13 Likes |
Re: Naira Crashes Even Further To 300 Against Dollar by Nobody: 5:20am On Jan 13, 2016 |
ZZ22: And in response..... You want to avoid problems like the one we are in? We have to become an industrial nation producing good quality industrial goods.....WHICH can then be exported for large amounts of forex. Devaluing our currency under those circumstances would be beneficial to us...because it makes our exports cheaper.....and imports expensive....reducing our dependency on imports. We cannot do that now...because our industries are dependent on imported goods. Judge the present govt on how it does in that area. 25 Likes 2 Shares |
Re: Naira Crashes Even Further To 300 Against Dollar by Nobody: 5:24am On Jan 13, 2016 |
bamite: Well....you also have to remember that oil prices are dropping too....which means no forex to buffer up the Naira....which can lead to the CBN holding even tighter to the dollars it does have....which makes things harder. Fact is....Nigeria should have built an industrial economy based on raw materials ages ago. While GEJ should have saved....saving cash would have delayed this issue till next year. 6 Likes |
Re: Naira Crashes Even Further To 300 Against Dollar by totorimi: 5:36am On Jan 13, 2016 |
All we need at the helms of affairs is a whizkid with a midas touch, at times like this we don't need any trial and error approach. When you operate an economy that is oil dependent and there is a glut of course there is a way out its not a dead end and nobody should sell that crap to us. When they were campaigning to take over power they were aware and I am sure were strategising on what to do if they weren't and busy planning how to form parallel govt or how to unleash baboon and monkey soaked in blood that's their headache. They should fix the economy or gerraway let the technocrats do their work. We have always had economic challenges from the time of IBB to GEJ none gave up or was busy accusing any past govt of causing any problem they faced the challenge frontally and Nigeria did not crash. It shouldn't be different now. All we hear day and night in this govt is blame game and I wonder if that is what this govt will tell us when the tenure is over. They should roll up their sleeves get the right people to do the job of revamping the economy and get to work. It can be done and it must be done by this govt we demand it of them it is our right. They cannot distract us with all this playing this Dasuki show let them hit the ground running. Enough time wasted achieving nothing. Electricity supply is still poor, Fuel is still poor, unemployment is very high,companies are laying off plenty staff daily, security of lives and property poor, education , health all in comatoes, social vices like prostitution and armed robbery has reached all time high level. Govt must work and be seen to work enough gallivanting. 126 Likes 18 Shares |
Re: Naira Crashes Even Further To 300 Against Dollar by donsteady(m): 5:45am On Jan 13, 2016 |
If this is true, I pity my country 11 Likes 1 Share |
Re: Naira Crashes Even Further To 300 Against Dollar by trillville(m): 5:46am On Jan 13, 2016 |
Kikero112: Your post is correct in a situation where a country is stable and trying to grow and diversify its economy. Nigeria is not in a stable state. Our economy is being torn to pieces and we are at the brink of collapse. $10 dollars per barrel is a possibility, and at this point in time, we must prepare for such an occurrence. To fail to plan is to plan to fail. I am very pro-buhari by the way. 2 Likes |
Re: Naira Crashes Even Further To 300 Against Dollar by Meriekriss: 5:49am On Jan 13, 2016 |
Finally, we have hit the 300 mark... 400 here we come... Nonsense.. Check my signature for your breathtaking wallpapers and 3D wall panels, floors, ceilings and wooden blinds & floors.. 3 Likes 1 Share |
Re: Naira Crashes Even Further To 300 Against Dollar by Nobody: 5:51am On Jan 13, 2016 |
trillville: Yes.....and our only route out of this is by diversifying. Into industries....not by selling raw materials whose price we do not control. Industrial development , however , is not attractive to most Nigerians because it means they have to work for their money. Under our resource dependency.....we just earn money and share the resources. What the government is doing now is just steadying the ship.I wait for them to start focusing on getting our power situation improved...while raising taxes removing subsides, and ending corruption to increase our treasury's size. 7 Likes 1 Share |
Re: Naira Crashes Even Further To 300 Against Dollar by ichidodo: 5:55am On Jan 13, 2016 |
Haaahaaa...Gullible Nigerians and APC election propaganda... 43 Likes 3 Shares |
Re: Naira Crashes Even Further To 300 Against Dollar by Nobody: 6:02am On Jan 13, 2016 |
ichidodo: As you are laughing....remember that we are in this situation because the other guys ....PDP.....forgot to save enough money in the account, and forgot to diversify our economy sufficiently. And if they were STILL in charge .....they would be doing the same thing. The elephant in the room is AUSTERITY.....and it remains to be seen whether Nigerians and the current government are ready to make that sacrifice. So don't laugh. Seven months is hardly enough time to reverse the mess of four years of failure to save.....and of failure to properly diversify. Nigeria must now work for its money. 18 Likes 1 Share |
Re: Naira Crashes Even Further To 300 Against Dollar by hollywater: 6:10am On Jan 13, 2016 |
bamite:You missed something. It could've been in fullness of time, the naira will rebound. Not in no distant time! 12 Likes |
Re: Naira Crashes Even Further To 300 Against Dollar by trillville(m): 6:11am On Jan 13, 2016 |
Kikero112: We can hardly pay salaries so how do you suppose we diversify the economy? Diversifying the economy can be achieved in a stable economic climate. We are in a crisis. We need to survive this crisis and then diversify the economy. The UAE built the tallest building on earth when oil averaged over $100. Today, the UAE is saving all its money and cutting cost to survive this crisis. Saudi Arabia renovated the Ka'aba when oil averaged over $100. They are also cutting cost and saving their money. Nigeria looted oil its money and wasted it on foreign junketing. Nigeria needs to cut cost(job losses), moderately devalue its currency since it has no savings and survive this crisis. Borrowing money to pay salaries will be the death of Nigeria. Buhari should cut costs as soon as possible. 18 Likes 2 Shares |
Re: Naira Crashes Even Further To 300 Against Dollar by ichidodo: 6:21am On Jan 13, 2016 |
Kikero112:[b] As we recalled Ngozi Okonjo Iweala shouting herself hoarse on the need to diversify the economy and save far back as 2012. Maybe you also cast your mind back on her instituting the SWF on the backdrop of vitriolic oppositions from political elements -who,ironically,are now 'saints' in this admin e.g Amaechi,Saraki etc and most gullible Nigerians- Heck, we even remembered the constant yearly fights btw NOI and the political class especially those of the opposition back then on what point to peg our budget about a certain oil price so as to fund it and also save for the rainy day....whilst NOI insisted on pegging way below the crude oil price so as to have excess dollars to save,amaechi and his rabid dogs insisted and pegged it higher so as to have that excess dollars to loot.At a point the Federal Government was taken to court and that was the end of it for NOI,but as bad as it is right now, NOI could have steered this economy away from this global downturn just as her policies auto piloted us away from the 2008 financial meltdown....but who are we kidding when we are stucked with janjaweede propagandists,imbecilic,illiterate tyrants from daura with zombies as their fanatic supporters and wait for it......a rookie and a horribly mentally limited finance minister whose last gig was impoverishing a state into begging for bail out funds, let us leave the topic of her getting the job via tribal and regional sentiments for another day.....And you wondered why we laugh?! Thank goodness we relocated back to France in time.[/b] 162 Likes 45 Shares |
Re: Naira Crashes Even Further To 300 Against Dollar by brunofarad(m): 6:43am On Jan 13, 2016 |
With all valid indications, Recession is imminent. GOD SAVE US Good morning good people of Nigeria How are u this morning 1 Like |
Re: Naira Crashes Even Further To 300 Against Dollar by justi4jesu(f): 6:44am On Jan 13, 2016 |
2 Likes |
Re: Naira Crashes Even Further To 300 Against Dollar by odiereke(m): 6:44am On Jan 13, 2016 |
God pls help this country. 2 Likes |
Re: Naira Crashes Even Further To 300 Against Dollar by danjaba(m): 6:44am On Jan 13, 2016 |
Chei! wetin na? with all the campaign promises that they will make 1 Dollar equivalent to 1 naira. wetin dey do this naija sef? Charlie Boy, your bike no dey go China again oo. Wetin? 4 Likes |
Re: Naira Crashes Even Further To 300 Against Dollar by plainmirror(m): 6:44am On Jan 13, 2016 |
Importation suffers Exportation buffers Politicians are looters Leaving our economy in blisters 5 Likes 1 Share |
Re: Naira Crashes Even Further To 300 Against Dollar by Ifabernard(m): 6:45am On Jan 13, 2016 |
ftp tinx....hahaha. #endtime dollar |
Re: Naira Crashes Even Further To 300 Against Dollar by austinbrown: 6:45am On Jan 13, 2016 |
Very gud very very gud, sai Buhari 1 Like |
Re: Naira Crashes Even Further To 300 Against Dollar by untainted: 6:46am On Jan 13, 2016 |
Very scary days ahead 2 Likes |
Re: Naira Crashes Even Further To 300 Against Dollar by obiorathesubtle: 6:46am On Jan 13, 2016 |
at this point... I won't be surprised if it gets to a ridiculing 1000 against the Dollar.. Bunch of Negligent Buhari goons! Change Indeed! 14 Likes |
Re: Naira Crashes Even Further To 300 Against Dollar by islandmoon: 6:46am On Jan 13, 2016 |
gen gem |
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