Naira Falls To N370 Per Dollar - Business (6)

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Naira Falls To N370 Per Dollar - Business (6) - Nairaland

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Unbelievable!!! Naira Falls To N485/$1, N600/£1 / Naira Falls Against US Dollar / Naira Falls To 325 On Dollar Shortage -punch (2) (3) (4)

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Re: Naira Falls To N370 Per Dollar by playtheblues(f): 1:04pm On Feb 18, 2016

Please borrow some megabytes and type more.

Please.

Please.

adipemcanis1:

In the first part of your comment you accused me of not beleiving in Buhari...then you turn round and accuse me of being his fan.

To answer your question....we are an oil dependent economy. So long as the oil price is high....we can keep the naira buffered up. When the oil price falls....we run out of dollars to keep the naira buffered up...which means that we have to hoard dollars.....or we devalue the currency....and watch as it becomes worthless.

The Govt is doing the best it can right now. Meanwhile....we have to diversify....but it is going to take time.

And of course....I am no friend of this government. I regard every politician with equal suspicion. If we do not start spending more on powerand industry....2019 is there

Re: Naira Falls To N370 Per Dollar by Stevebamdex(m): 1:04pm On Feb 18, 2016

mrlaw93:
Congratulations Buhari, for taking change even to every household in Nigeria. From the big niggas in the country down to the poorest. Walai! u try.

Pure water is now #200 per bag. Is nt the price that vex me here ooo. But the fact that i drink more than 1bag per day is d problem. Abeg! who get #500 make hin borrow me. I swear i go return am bk.

Comakoletit

Re: Naira Falls To N370 Per Dollar by Nobody: 1:04pm On Feb 18, 2016

LordAdam:
@OP, be accurate. The parallel exchange rate is currently N385/$1.

Check out https://www.naij.com/734705-naira-depreciates-drastically-black-market-see-new-rate.html

Exchange rate will hit 400 Naira by end of this week. Pounds is already at N505.

-Lord

1£ to 505?

Is it SR, GTI or STI

Re: Naira Falls To N370 Per Dollar by OneManLegion(m): 1:04pm On Feb 18, 2016

godoluwa:
Let me know when its 1,000/$1 maybe by then government will take the right step

What is the right step?

Re: Naira Falls To N370 Per Dollar by ajebuter(f): 1:05pm On Feb 18, 2016

Plus234:
how much is a bottle of beer now ?

Bros, beer is a luxury

Just mention bottle water and sachet water

Bottle water: N60

Pure water: N10

Sai Chanji...... grin

Re: Naira Falls To N370 Per Dollar by Kjking(m): 1:06pm On Feb 18, 2016

Ask4bigneyo:
Osinbajo: Mr. President, Mikel scored today?
Buhari: Which Mikel?
Osinbajo: John Mikel Obi of Nigeria
Buhari: What did you drink last night?
Osinbajo: I swear, him score. It was a corner.
Mfonobong Abel Ekene Even confirmed it on his facebook
Buhari: Osinbade, That means change have catch Mikel and football
Osinbajo: Yes, change has change Mikel
Buhari: Did Chelsea win?
Osinbajo: No, them beat them two one, last minute goal
Buhari: That is corruption, we must fight it
Osinbajo: How?
Buhari: They must replay the match. Call EFCC Chairman for me

I've you on ma facebook

Re: Naira Falls To N370 Per Dollar by elohorayodele: 1:08pm On Feb 18, 2016

LordAdam:
@OP, be accurate. The parallel exchange rate is currently N385/$1.

Check out https://www.naij.com/734705-naira-depreciates-drastically-black-market-see-new-rate.html

Exchange rate will hit 400 Naira by end of this week. Pounds is already at N505.

-Lord

is £ really 500?

Re: Naira Falls To N370 Per Dollar by udatso: 1:09pm On Feb 18, 2016

vigasimple:

Thank you.

We fail to tell each others the truth in this country. Buhari is never a change option to GEJ. We have very competent and intelligent leaders but Bubu, the BORN TO RULE FULANI MAN 'must' be the President, otherwise he cannot serve Nigeria in other capacity.

Unfortunately, the opposition party as at last election. APC ASSOCIATION OF PROPAGANDIST CRIMINALS capitalized on disillusionment of the people to gain power without the ability to lead.

All Buhari antecedent does not show him as a capable leader. He wasted the first 6 months junketing all over the world for tourism. The problem to be fixed is here at home.

You cannot give what you don't have. Leadership is something Buhari doesn't have.

Impeachment is still an option, sadly both houses of parliament are incompetent that they will not even attempt it.

Tell me another joke

Re: Naira Falls To N370 Per Dollar by LordAdam: 1:11pm On Feb 18, 2016

jusRadical:

1£ to 505?

Is it SR, GTI or STI

elohorayodele:

is £ really 500?

If you read the link I provided, you would not ask this question.

Here is the link again -- https://www.naij.com/734705-naira-depreciates-drastically-black-market-see-new-rate.html

This is the quote of interest. "The currency also depreciated against the British pound to N505 per pound on the black market."

-Lord

Re: Naira Falls To N370 Per Dollar by Nobody: 1:13pm On Feb 18, 2016

playtheblues:
Please borrow some megabytes and type more.

Please.

Please.

Well, if you understood my posts properly, you would see that I am not into critiquing the government....even though they do have problems...rather...I am into critiquing the way our economy has functioned.

When we got independence....our economy was based on selling raw materials to Western countries. The idea then was that this would be temporary.....eventually we would industrialse. And we were making great strides in the 1970's.The problem was that in 1973...oil prcies went up to really high levels....and thus...we became oil dependent.

In my opinion, this government needs to free us from oil.Sorry....I meant to free us from raw materials dependency. We need to become a producer nation like China, and Japan....using our raw materials as the basis of a new industrial revolution.

That should be the PMB blueprint. And the blueprint of every subsequent government.

Thank you for your extra megabytes.

http://www.nytimes.com/2012/03/11/opinion/sunday/friedman-pass-the-books-hold-the-oil.html?_r=0

Re: Naira Falls To N370 Per Dollar by 9jatatafo(m): 1:14pm On Feb 18, 2016

Terrible

Re: Naira Falls To N370 Per Dollar by Nobody: 1:15pm On Feb 18, 2016

iAmCharis:
Yes o. What rate were you charged?

PayPal transaction.

I don't really know how that PayPal works sef, one day amma ask for orientation on it.
It was about 197. I paid the Naira into his GTB account, they would pay him @ the prevailing bank rate. The guy just withdraw the money immediately, before e go loose value.

Re: Naira Falls To N370 Per Dollar by maleeks(m): 1:15pm On Feb 18, 2016

ronald4lif:

Courier companies don't accept cash items so that's not an option. I thought it can be cashed in dollars via WU? That way you can then change it at black market rate.

And you can still repay him via same WU or Moneygram. Though at exorbitant sending charges rates.

Thank you, but WU and Moneygramm dont disburse foreign currency anymore

Re: Naira Falls To N370 Per Dollar by ronald4lif(m): 1:15pm On Feb 18, 2016

ajebuter:

Bros, things are falling totally apart around PMB and you still don't see the fire on the mountain?

You think we hate him or something and that's why we wail?

It's time you face reality and that is: PMB doesn't have the magic wand to resurrect our comatose economy

It's not his fault, he just doesn't have it in him

And lastly, I wish him as much GOODLUCK as he wished the last administration

PMB is not responsible for squeezing forex, fall in oil prices is and the economy would not have been different were GEJ still in power. GEJites should give us a break. The man was a big time disaster. undecided

1 Like

Re: Naira Falls To N370 Per Dollar by ronald4lif(m): 1:22pm On Feb 18, 2016

maleeks:

Thank you, but WU and Moneygramm dont disburse foreign currency anymore

Oh I see. How do you intend to reimburse the money back to the sender. Through WU or his Nigerian bank account? I think he should consider and receive the payment in same bank rates and it would be better you deposit the money in his local account coz WU or MG transaction charges will cost too much for you. There really has to be a consideration on his part.

Re: Naira Falls To N370 Per Dollar by buddylawson: 1:22pm On Feb 18, 2016

God pls save us

Re: Naira Falls To N370 Per Dollar by grandstar(m): 1:24pm On Feb 18, 2016

adipemcanis1:

If GEJ was still in charge....the same thing would have been happening.

And you would be saying....

Anyway....myquestion to you is....what should the government do differently? We no longer have enough dollars to keep the naira afloat because of falling oil prices. What is your solution?

GEJ would have done a much better job.

Buhari, from day 1 has refused to allow the naira to depreciate. With export earnings collapsing , this is the economic equivalent of defying gravity. Sanusi,Soludo and now Utomi have all condemned Buharinomics!

1 Like

Re: Naira Falls To N370 Per Dollar by Fulaboy(m): 1:24pm On Feb 18, 2016

MuhdG:

there still is bro..

we are feeling it sooo much, its disheartening. but i have a feeling that when the budget is implemented, everything will get on track.
till then, God help us

Nipa na pasa boko bro cry

zan biyoma kawai mu koma gida

Re: Naira Falls To N370 Per Dollar by Nobody: 1:29pm On Feb 18, 2016

Kachisbarbie:

I don't really know how that PayPal works sef, one day amma ask for orientation on it.
It was about 197. I paid the Naira into his GTB account, they would pay him @ the prevailing bank rate. The guy just withdraw the money immediately, before e go loose value.

197? Babe check that thing well or kukuma give me the branch address. grin

Re: Naira Falls To N370 Per Dollar by Nobody: 1:31pm On Feb 18, 2016

grandstar:

GEJ would have done a much better job.

Buhari, from day 1 has refused to allow the naira to depreciate. With export earnings collapsing , this is the economic equivalent of defying gravity. Sanusi,Soludo and now Utomi have all condemned Buharinomics!

GEJ would have still done the same thing...restrict dollars,and enforce TSA.

(Keep in mind that TSA and emefiele were both GEJ ideas......).

The problem is that we do not have enough dollars....because oil prices have fallen. Unless you have a better idea....we have to accept the fact that our economy is oil-linked....and we have to break the link.

Which is why pmb Has to do more than sing diversify.

(GEJ had a lot of achievements....when oil price was at $112per barrel....and you compare him with Buhari who when he took over ...oil was at $50 and falling? )

Re: Naira Falls To N370 Per Dollar by warrenweste(m): 1:32pm On Feb 18, 2016

maleeks:
Please can anyone tell me what to do, My cousin want to lend me USD5000 to get some things done urgently before next week, which i shall refund in three weeks time, my question is, if he sends it via western union or moneygram and the bank exchange it for me at the rate of NGN199, And what if i want to repay him, does it mean i will be paying times 2 of what i'd be loaned.... Please help me on this, or i should tell him to send the money through courrier and i should just go and change it at black market

Open a domiciliary account and tel him to transfer it to your dorm

Re: Naira Falls To N370 Per Dollar by dotcomnamename: 1:35pm On Feb 18, 2016

LordAdam:
@OP, be accurate. The parallel exchange rate is currently N385/$1.

Check out https://www.naij.com/734705-naira-depreciates-drastically-black-market-see-new-rate.html

Exchange rate will hit 400 Naira by end of this week. Pounds is already at N505.

-Lord

How about Euro? grin

Re: Naira Falls To N370 Per Dollar by MrGerald(m): 1:35pm On Feb 18, 2016

godsluvee:
Holy Mary Mother of God

Pray for us sinners

1 Like

Re: Naira Falls To N370 Per Dollar by erico2k2(m): 1:39pm On Feb 18, 2016

Boss13:

Cassava. Over to you

Do U eat cassava ?

Re: Naira Falls To N370 Per Dollar by Nobody: 1:41pm On Feb 18, 2016

4Play:

They can stop this collapse. They need to do things that encourage the inflow of foreign currency into the country -

Privatisation
Remove the fixed currency regime
Reform the CBN by appointing accomplished technocrats and strenghtening its independence (A contradiction I acknowledge but Emefiele needs to go)
Deregulate key sectors like petroleum and electricity to attract foreign capital
Cut the budget deficit

The above is not an exhaustive list but it will go a long way in attracting foreign investment into the country and demonstrating committment to sound economic policies.

....i disagree with you. Previous government from the bad man,IBB, OBJ till Jonathan have implored what you advocated. It leads to the mess we are presently. The question is what does Nigeria produce? Is it all these Aba made shoes which can't compete with shoes from Niger Republic? Nigeria is a service-driven state. Even this girl called Dr. Ngozi Iweala did not understand basic economics principles,talkless of a girl,Kemi Adeosun with Bsc.

Re: Naira Falls To N370 Per Dollar by maleeks(m): 1:41pm On Feb 18, 2016

warrenweste:

Open a domiciliary account and tel him to transfer it to your dorm

so, you mean if i have a domicilliary account, the exhange rate wouldn't be the same as that WU or Moneygramm

Re: Naira Falls To N370 Per Dollar by mrlaw93(m): 1:41pm On Feb 18, 2016

Stevebamdex:

Comakoletit

Where sir! grin

Re: Naira Falls To N370 Per Dollar by Chukzyfcb(m): 1:43pm On Feb 18, 2016

dotcomnamename:

How about Euro?

Euro is 390, see the rates below
DOLLAR POUND EURO

1 Like

Re: Naira Falls To N370 Per Dollar by LordAdam: 1:43pm On Feb 18, 2016

dotcomnamename:

How about Euro?

N390

Re: Naira Falls To N370 Per Dollar by warrenweste(m): 1:43pm On Feb 18, 2016

maleeks:

so, you mean if i have a domicilliary account, the exhange rate wouldn't be the same as that WU or Moneygramm

it wont,u wil just withdraw your dollars n head to the nearest bureau de change to convert it

Re: Naira Falls To N370 Per Dollar by Chukzyfcb(m): 1:45pm On Feb 18, 2016

maleeks:

so, you mean if i have a domicilliary account, the exhange rate wouldn't be the same as that WU or Moneygramm

Omo there's notin that you'll do that the rate wouldn't be 197...I'm also in such state of confusion. Our banks don't give dollar again, they only accept. Be it western union, dom account, moneygram. Na 197 ohhh, na to find who dey come naija give am the currency give u. Na I'm sure pass

Re: Naira Falls To N370 Per Dollar by maleeks(m): 1:46pm On Feb 18, 2016

warrenweste:

it wont,u wil just withdraw your dollars n head to the nearest bureau de change to convert it

thanks alot bro, you just solved my worries

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