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Nairaland Forum / Nairaland / General / Business / Naira Depreciates To N355/$ (45577 Views)
Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action / CBN Meets BDCs As Naira Depreciates To N466/$ / Naira Depreciates To N375/$ In Parallel Market (2) (3) (4)
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Re: Naira Depreciates To N355/$ by redcliff: 6:16pm On Feb 25, 2016 |
This our naira must be on its period. Every time e just dey change mood like woman 2 Likes |
Re: Naira Depreciates To N355/$ by 9jatatafo(m): 6:17pm On Feb 25, 2016 |
When did naira becomes a diver that it keeps going down?! |
Re: Naira Depreciates To N355/$ by babydioku(f): 6:17pm On Feb 25, 2016 |
siraj1402: I just asked you innocent questions. I'm not insinuating any thing |
Re: Naira Depreciates To N355/$ by rusher14: 6:18pm On Feb 25, 2016 |
doctokwus: Just wondering if there's a true rate. The dollar would continue to pulverise our Naira for as long as we aren't earning a lot of dollars, we continue to spend our little earnings on foreign made goods especially when we have some homemade alternatives, and as long as everyone acts as if the dollar is our local currency. The speculators would continue to be but the system, very much like the great casinos never loses. 2 Likes |
Re: Naira Depreciates To N355/$ by Azuwonder(m): 6:18pm On Feb 25, 2016 |
babydioku: Don't mind the "human being" coming here to say ppl are too lazy to produce matches & toothpick when everything down to the wood u'l use is affected by the no-electricity situation. 3 Likes |
Re: Naira Depreciates To N355/$ by Wallade(m): 6:19pm On Feb 25, 2016 |
If you wish, move naira to 1,000 against $1 in the parallel market. I don't care provided the official CBN rate remains at 199.9. |
Re: Naira Depreciates To N355/$ by NavierStokes(m): 6:20pm On Feb 25, 2016 |
agbangam: But you dey hear of NNPC making losses ago? |
Re: Naira Depreciates To N355/$ by Ritchiee: 6:20pm On Feb 25, 2016 |
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Re: Naira Depreciates To N355/$ by ABDamola(m): 6:21pm On Feb 25, 2016 |
Please let me explain to those of us who don't
understand Economic terms
Dollar has not increased since Buhari became
president
1. Dollar is not our currency so dollar should not
be our business
2. Our problem is not d government but our
problem is our importers and consumers
3. Naira has remained at 197 naira to 1 dollar
since Buhari became president
4. Buhari has promised not to devalue the Naira
and he has maintained that promise
5. Both at CBN and at interbank rates, dollar has
remained 197
6. However because we are too lazy to produce
what we use in Nigeria we import even toothpicks
and matches
7. Buhari does not like d importation of luxury
goods because luxury goods is d reason for most
corruption, that is why he banned 41 products
from having access to forex
8. However when Nigerian importers insisted on
importing those 41 products, FG asked them to
find their dollar at d BDCs parallel market also
known as black market
9. And to discourage the pressure Nigerians are
mounting on the Naira just to get dollars for
importation, CBN banned DMBs from selling
dollars to BDCs
10. To survive the pressure of excess dollar
demands, BDCs resorted to sourcing for dollars
from neighbouring countries through illicit money
laundering routes
11. Because of the risks faced by BDCs to source
for dollars, and because of the increase in
demand for dollars by importers because China
just resumed from their business holidays, BDCs
keep increasing the price at which they exchange
dollars to naira and now it is 400 naira to 1 dollars
12. However that does not mean that govt has
changed the exchange rate because if our
genuine importers go to CBN and fill Form M to
import raw materials for local production, they
will get dollars at 197 naira each
13. So the problem is that we love to consume
luxury foreign products yet we are too lazy to
manufacture them here.
14. For example u will see a dull girl using iPhone
5 without even knowing simple physics and
computer engineering part of how that phone
was produced
15. I want Buhari to ban every foreign product
from Nigeria until Nigerians learn to produce and
use Made in Nigeria products
16. Let us stop complaining about dollar as if
dollar has become Nigeria's currency
17. It is even bad enough that most of those
complaining about the high exchange rate of
dollar do not have 1 single dollar in their purse. 2 Likes |
Re: Naira Depreciates To N355/$ by EgusiSoup: 6:21pm On Feb 25, 2016 |
piagetskinner: My brother don't mind these hypocrites on this forum that will not call a egusi a egusi Egusi has climbed to #85 per cup from #50. Yet the dullard is looking for the next country to fly to. |
Re: Naira Depreciates To N355/$ by tinsel: 6:22pm On Feb 25, 2016 |
There is an attack on Naira from BDC operators. Throughout today they refused to sale thereby creating artificial scarcity. Hence the poor thing started going up again. |
Re: Naira Depreciates To N355/$ by HzRF(m): 6:23pm On Feb 25, 2016 |
Kriztovar13: http://abokifx.com/ Both are facts |
Re: Naira Depreciates To N355/$ by EgusiSoup: 6:25pm On Feb 25, 2016 |
Progressive01: I think you needs to has your brain checked. Ajala! |
Re: Naira Depreciates To N355/$ by HzRF(m): 6:26pm On Feb 25, 2016 |
EgusiSoup: 1 Like
|
Re: Naira Depreciates To N355/$ by drss(m): 6:26pm On Feb 25, 2016 |
GeneralShepherd:blame those against true federalism for nigeria's ecnomic wahala. |
Re: Naira Depreciates To N355/$ by TheSunSon: 6:27pm On Feb 25, 2016 |
martineverest:I hailed him cos he's got nothing to do with this government,yet again ONE MAN without backup form the government has affected the Nation that has a president and "holy ministers",and have shown once more how incompetent and clueless this gov is,and all those on paper economists on NL who wrote a long litany of how his claims where ridiculous and unachievable. Now ya'all have come calling him out like he owes you or even Nigeria sh*t, Una no get shame? 3 Likes 1 Share |
Re: Naira Depreciates To N355/$ by Nobody: 6:32pm On Feb 25, 2016 |
Ritchiee:Cool, but how does this relate to the topic. You on that shit too? 1 Like |
Re: Naira Depreciates To N355/$ by Nobody: 6:32pm On Feb 25, 2016 |
Ok na. Abeg, cant wait 4 it to drop to 1$ = 1N |
Re: Naira Depreciates To N355/$ by PMONEY6: 6:35pm On Feb 25, 2016 |
Witches and wizards af seated on our money again. Naija sha Uba you're playing with your assets o. |
Re: Naira Depreciates To N355/$ by olucege(m): 6:37pm On Feb 25, 2016 |
if you all read through, you would see that it's an article from the vanguard of Tuesday, meaning it does not reflect the current state of the naira. 3 Likes 1 Share |
Re: Naira Depreciates To N355/$ by HzRF(m): 6:39pm On Feb 25, 2016 |
siraj1402: This is of no use Parallel market price is the 1 affecting Nigerians not CBN rate |
Re: Naira Depreciates To N355/$ by ipledge10(m): 6:43pm On Feb 25, 2016 |
Be like say God want me to enjoy part of this naira fall...yesterday I sent $1000 through last nacional at,N260 to $,but d last digit was incorrect and my transaction have been cancelled. ..am going back now to resend the money. ...hopefully @N300.as a concerned Nigerian after my transaction naira should appreciate again |
Re: Naira Depreciates To N355/$ by igwegeorgiano(m): 6:44pm On Feb 25, 2016 |
chei, devil is a liar all the times ameeeeeeeeeeeeen o |
Re: Naira Depreciates To N355/$ by 989900: 6:46pm On Feb 25, 2016 |
siraj1402: |
Re: Naira Depreciates To N355/$ by Bevista: 6:49pm On Feb 25, 2016 |
TheSunSon:Macroeconomics is not Business Management! --- You think that without a clear improvement in the economic fundamentals and structural defects in the economy that Naira can appreciate on a sustained basis? As long as oil price stays low (low supply of $$) and we continue to import every thing (high demand of $$), the exchange rate will remain high. You will get such parabolic movements every now and then, but never a sustained appreciation. --- Ubah cannot perform any magic that will last more than 1 Week. I dare him! Does he have unlimited Reserves to supply the market? --- Prepare for an exchange rate below N250/$ for a sustained period of time. Even your CBN can't do much right now, except our FX earnings improve or our import substitution programs start to work. 1 Like |
Re: Naira Depreciates To N355/$ by Nobody: 6:49pm On Feb 25, 2016 |
Let it increase to $1 is to N1500 naira. It's to our advantage if you know what I mean |
Re: Naira Depreciates To N355/$ by PBundles(m): 6:51pm On Feb 25, 2016 |
Though you have made some valid remarks, the general underlying assumption is not correct and is NOT supported by basic economics. Let me explain if I may. The first point is where I have the most issue as this is the base problem. 1 The Dollar is not our currency but we have an issue with it and should be wary of its value. Why? We are a net importing (bar oil) country so if it appreciation means goods brought back will be expensive. should I remind you a vital point, we dont have refineries so we are selling oil and buying it back ( guess in what currency, dollar) refined. Foreign investors will not invest in your country if the official rate and parallel are so far apart as this would cause losses. This will also chase away investors to the capital markets and will limit the government in selling bonds to finance be it Naira or dollar. 2 The Official rate is nice but genuine importers are not getting the total amount the request simply because the government reserves are depleted. If Im not mistaken even Dangote was quoted as having issues source FX at offical rate. 3 Sorry to tell you this but its not what you say the value is of a product, but what the market has determined, thats how economics worsk, basic supply and demand and at equilibrium a price is determined. And at this moment the market is saying its 350 to 1. The president or CBN can proclaim all they want, the market determines. Just because they say its a certain value doesnt make it such. 4. I dont think that luxury goods ( you can always place a high import tax/rate if you wanted to curb it) or any goods for that matter are the issue, the main problem is as you pointed out we dont produce enough whereas we can. In such an instance a higher dollar is actually a great thing as your products become cheaper compared to the international competitors. The main issue for the ban was indeed to curb this and start internal production, but also simply WE DONT HAVE ENOUGH USD RESERVES and sighting the oil price and projections, this will be the case for the coming 18+/- months. ABDamola: 1 Like |
Re: Naira Depreciates To N355/$ by kingsamosy(m): 6:58pm On Feb 25, 2016 |
Ifeanyi uba the magician should go back to channels TV and speak again. |
Re: Naira Depreciates To N355/$ by Atigba: 6:59pm On Feb 25, 2016 |
Resign now buhari |
Re: Naira Depreciates To N355/$ by specco(m): 7:01pm On Feb 25, 2016 |
Ifeanyi Uba sneezed on Monday and the Dollar mafia caught cold and loosed their stranglehold on our Naira. A free fall of Dollar followed their reaction but as the Govt didnt heed Uba's advice, they (the Dollar mafia) has regrouped for a final onslought against the Naira.Hence the present Dollar rally. |
Re: Naira Depreciates To N355/$ by Nobody: 7:03pm On Feb 25, 2016 |
Built2last: My guy this your article sweet me make i nor lie but you dey forget certain problems attributed to this dollar palava we are in. corruption dey one side dey look us for face with big smile, nepotism dey dia, tribalism nko e tander for dia, religious wahala yanfu yanfu. Where Nigeria as a country wan start from? We nova even fit love ourselves as one regardless of what tribe ur next door neighbor is? The funniest part of this problem no one is seeing is that banks are happy because they are making serious profit and they know they are the cause of this problem. It took me thorough thinking to understand banks are the problem. |
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