Rayhut:

What you are saying about dorm acct is true, but nobody now living abroad is sending money home through western union or moneygram,the person will lose alot,black market agent is everywhere now in developed countries like uk,us,canada,germany etc we send our money through them and off course they have to gain something,now that pound is 500,with a good bargain in london they can sell naira at least 470

erico2k2:

That was a trick announcement the other week telling us to put forex in Dom account .I know they will turn arround and say it's now going to be paid in local currency at official rate.

erico2k2:

This is the problem with you lots in ask b4 castigating
I sent £1k this morning from London to mu first bank account in Nigeria I got alert of N450. The BDC ha e agents here who wire money on the high streets here in the UK. We feed them and they in turn get hard currency to sell in Nigeria. This is how it now works. The Banks will never ever have dollars to sell at that rate.

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

MissingBudget:


Even in the well.

Fulaboy:
Nipa na pasa boko bro zan biyoma kawai mu koma gida

MuhdG:

hahaha mutumina

just have hope. it will be over soon insha Allah.. amma abun ba dadi fa

erico2k2:

Guy no vex oh.that's minus 25 years thinking.

Chukzyfcb:

Oh,k.....well seeing that CBN has banned dollar for students abroad. I feel they might start selling to them abroad while their parents pay the naira equivalent into their bank accouts In nigeria. And yes about your previous comment, they'll obviously make profit of 50 or 40naira. Its a risk you know. My uncle lost few pounds thru these e-agents. He sent pounds in Nigeria and he receved stories that the money and that of other ccustomers was seized at the airport with these agents.....Its a Risk tho! But its a risk worth taking, rather than play to the gallery of the CBN

oyinkinola:

any opinion on it.

bezimo:
All these folks that are celebrating the fall of Naira.I hope you dont plan to travel out of Naija for anything because then you would know how far.

erico2k2:

Cos the problem we are facing now has nothing g to do with stollen funds. I got to do with a new wave of global melt down. China 's economy shrinked by %3 just now.

Kachisbarbie:

The same Gtb I bank with and sent money to my bro-in-law this week too?
Adonbilivit... what kind of transaction did he perform exactly?

14:


That means nigeria currency is becoming worthless.These happens when the economic activities diminishes and your currency is not in par with other countries, nigeria is not an island afterall. The best way is to leave your currency float, it will find its value without the government and CBN intervation.

what is currently happening, stagnating the economy. If i am an investor sitting in London and i wanna invest $500m in agriculture. when i transfer the money to nigeria, i get N100bn rather than N200bn. which means i loose N100bn, because Naira is not set at its true value.

For an example, lets assume i put $500m in nigeria today, and get N100bn in nigeria, after 3 months, CBN decide to devalue the currency to N400 to a dollar, after that i decide to take my money i invested back to london at N400 to $1. Back in london, i get $250m. that means i lost $250m in a space of 6 months. This is the reason that will crash nigeria economy, no investors will throw in money into a river.

Ask zimbabwe and Venezuela, they know it well.

14:


That means nigeria currency is becoming worthless.These happens when the economic activities diminishes and your currency is not in par with other countries, nigeria is not an island afterall. The best way is to leave your currency float, it will find its value without the government and CBN intervation.

what is currently happening, stagnating the economy. If i am an investor sitting in London and i wanna invest $500m in agriculture. when i transfer the money to nigeria, i get N100bn rather than N200bn. which means i loose N100bn, because Naira is not set at its true value.

For an example, lets assume i put $500m in nigeria today, and get N100bn in nigeria, after 3 months, CBN decide to devalue the currency to N400 to a dollar, after that i decide to take my money i invested back to london at N400 to $1. Back in london, i get $250m. that means i lost $250m in a space of 6 months. This is the reason that will crash nigeria economy, no investors will throw in money into a river.

Ask zimbabwe and Venezuela, they know it well.

oyinkinola:

...you don't think having that money back can improve our economy?

ajebuter:


Bros, beer is a luxury

Just mention bottle water and sachet water

Bottle water: N60

Pure water: N10

Sai Chanji......

AmeLonRo:
I feel an investor will gain as s/he will transfer funds in USD or GBP to account in Nigeria. Withdrawal and payment for services can be done in USD or GBP too. So investors will be few bucks and convert it to giant naira.

ceaser:


Up till yesterday, GTB charged me 284 to the dollar.

ghostwritter:

honestly, I feel like saying u ar a fool and highly stupid but i will not say it.

dearsly:
Thunder fire BUHARI and Osinbanjo!!!!!

May dia followers fall with the dollars!!!!

erico2k2:

He won't. Im facing same problem now.Goods I sent home where at rates 400 now I want the money bck so I can re invest I now have to buy at 500.that killed my profit and I have to add more to even withdraw my capital.
The only thing now is invest ur forex I to things like property in Nigeria.

4nobody4every1:
..Gbam, exportation of goods to Nigeria does not pay much this days considering the dollar / naira wahala, property investment is what l am doing now and l think it is the best because it will appreciate, l cant bring in goods and sell at a loss, it does not make sense...

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

henryutd:


Let the money be transferred into domiciliary account. You withdraw your dollars and sell to the black market.

Plus234:


i wonder how they calculate it, because google says 1$-196 naira

erico2k2:

No longer possible the bank liquidised all Dom account and paid in Naira @ official rate. Someone here had that expirience just the other day scroll bck. To the guy who wants forex. Don't they have 3rd party agents like we do in the UK?

henryutd:


Access Bank pays dollars.

oyinkinola:
[b]...there are very many commentary on depreciation of ₦ nowadays expecially in parallel market, although parallel or black market can be manipulated by the traders, they either do it on their self interest, so those who doesn't beleive in the prosperity of nigeria can harbour $ as they can on imported goods hereby cause hike!
But in my own point of view the depreciation of ₦ is a great success to this nation if well manage to nigeria situation today. the looted fund is in $ and it must be refunded back in $, so if $1 is ₦198 when the money is looted, then if the money is refund today at $1 to ₦350 the nation has gained ₦152!
imagine if $1=₦1000, the gain is ₦902!
So in conclusion if the government managed to refund the $trillion looted and the refunded money, change it in parallel market, this will reduce the pressure on ₦ and the scarcity of $ in parallel market so the ₦=$.

(take note all the money took out of CBN during jonathan regime were changed in parallel market before ditributed)

you have other opinion?[/b]

victorazy:

I predicted 500 by dec