Lets face it the days of awwof oil money are long gone.

We may never witness oil prices going over 50usd a barrel as other forms of energy are being explored, any one going into oils prospecting is doing risky business.

Lets start to look within, encourage locally made goods support local manufacturing, eat local buy local.

The economies we like to emulate and waste our forex on are good because their citizens support their policies.

We should stop sending our kids to study abroad, we have the internet we should find solutions to our schools and stop building other economies the expense of ours.

lolaed:


This is the unfortunate part. I wish there is a way the government can regulate the prices of products. Nigerians are just wicked to one another.

Exactly, because even if everything is produced in Nigeria local manufacturers will hike the price so much that you won't know the difference between imported and local option.

ok

The dividends of being an African Phileas Fogg is paying off....


When power change hands, the Pres would divert back to western powers, and if another from the north, back to eastern powers.

Loyalty indeed!!

InvertedHammer:
/
Next target is N400 - N500.

CBN move is unsustainable. The FG does not have enough reserves to prop up naira. This is a temporary relief.

Nigeria's foreign reserves is about $29bn. Russia had about $400b and used $76b to prop up the rubble in 2014. Yet the rubble fell to all times low after all the efforts.

The prayer should be that the George Soros of this world will stay away from the naira saga. George Soros? Yes! The man that broke the Bank of England by trading against the British pound until the fat lady sang. In 1992, he sat on pound sterling and made $1b from the heist.

/

Wow George Soro indeed; You scared me bro , I was going to say "tell me more" when I saw your name however Invertedhammer I started laffing ,how would an invertedhammed look like in real sense and what can we use an inverted hammer for ? Lmao

Wetin QUANSIGN aboki wey dey sell sugar cane and Dollars? Even cachet peak milk is now #50.......#Nigeriansbecausingproblems4themselves.

zuchyblink:
celebrating mediocrity

Tell them. Nigerians are suffering and smiling!

ajayi01ibrahim:
[size=15pt]
Okay for anyone who cares to check www.cenbank.org/

I for one is still sceptical about the stability of oil price but really for any right thinking NL'nder these figures are not bad

1$ : #197
Oil : $32.89
Inflation : 9.62
8miilion dollar increase external reserve.

Although this means nothing if can't be sustained.
The tricks working here are just
1. transparency
2. Policy sustenance
3. On-time Information
No hassle no tussle. Way to go on Agriculture sha .
[/size]

inflation at 9.62 is not looking good. we should be targeting 5

InvertedHammer:
/
Next target is N400 - N500.

CBN move is unsustainable. The FG does not have enough reserves to prop up naira. This is a temporary relief.

Nigeria's foreign reserves is about $29bn. Russia had about $400b and used $76b to prop up the rubble in 2014. Yet the rubble fell to all times low after all the efforts.

The prayer should be that the George Soros of this world will stay away from the naira saga. George Soros? Yes! The man that broke the Bank of England by trading against the British pound until the fat lady sang. In 1992, he sat on pound sterling and made $1b from the heist.

/

My brother, you have nailed it spot on. Sadly Nigerians are too dense to understand that there is no way a central bank can prop up a currency with $28bn in its reserves when it spends colossal amounts importing petroleum products on a daily basis. Russia is even in a better shape. They sell natural gas to almost the whole of Europe. They have nuclear capability so can product cheap energy.

What do we have? What do we sell to the world? We lost America as clients. Iran is back in the oil business so India and SA that used to buy from them have run back to that source. Yet some people truly believe the Naira will gain strength in the coming months. Even Bubu has seen the writing on the wall and has scrapped the N5,000 payment.

The CBN will ultimately have no choice.

opytom:
This is nt the gud news we want to hear, we r expecting something better.... bring naira to at least #200 to $1.

It won't happen overnight bruh!

I think this abokifx and naij exchange rate shouldn't been taking serious, this morning, I bought dollars from black market in Benin for 289 to usd, and also I made an online payment and I was charged 267 to usd via stantbic bank....

weezii:
Even the price of okpa has increased.


Dunno if it's the nylon or the beans used to make it can't be found in Nigeria too or just the sellers that hiked the price.

I heard a groundnut seller say she imports groundnuts. So, dollar affects her.
SMH

IOAGEM:


Wow George Soro indeed; You scared me bro , I was going to say "tell me more" when I saw your name however Invertedhammer I started laffing ,how would an invertedhammed look like in real sense and what can we use an inverted hammer for ? Lmao

/
The initiated members know what that means.

You seem to be thinking about it in the wrong context.

/

Is dollar a money? Is dollar a money?

People, please anyone has idea of current USD/Euro rate as at today? Thanks.

Please any idea what the exchange rates are for now on the USD?

Exchange rate is dropping further, just bought N265 for $1.

Sanchase:
Exchange rate is dropping further, just bought N265 for $1.

Thanks bro

Yes, the outrageous drop in Naira value to nearly 400 to a $, was caused by speculators trying to capitalize on the scarcity of dollars. But the scarcity of dollars immediately started the trend of the dollar being priced even higher than before against the naira. That was caused by CBN measures, The speculators were just a reactionary follow up, and driving it beyond 350 to a $ was purely their greed in action.
Still, the CBN valuation of the naira at around 199 to a $ is not natural market forces any more than the speculated 400naira to a $ was.
Its clear that many experienced voices in Nigeria such as Emir Sanusi, think the natural state of the Naira at present is best reflected by allowing a devaluation. Certainly not at the rate speculators would drive, but something reasonably higher than 200 to a $ and less than 305 to a $.

" pressure on supply has deployed over $11.7 billion to support the agricultural sector, SMEs, manufacturers, and others. This has reduced the patronage of black market by end-users and has forced rent seekers to dump the greenback, thereby creating a dollar-glut in the black-market."

If the CBN wants real impact on the naira value, the above quote is along those line. Deploy significant support to local manufacturing and products.
The CBN's policies led to the speculator's panic amd caused the naira to come under unnatural downward pressure. Sure they had a long range plan, but the methods not only incited currency market panic but also put pressure on investor confidence. Investment and growth have fallen and i do believe the forex binds influenced that a lot.
The long term goal of local production expansion is still in play and an inevitable requirement for Nigerias stability in growth, but it is being coaxed along in a rough way that leaves significant market wreckage along the way. I guess some people feel it better to demolish parts of the house to make room for better sections or additions.
It can only all make sense when we factor in that it is a house fractured along every seam, fractured by insidious coruption. CBN itself was driven in a panic just like the speculators and CBN is not free of speculation in its own reasonings. CBN was set into a panic of it's own by the drastic drop in oil prices and you never hear Nigeria crying when the price of oil goes too high, but they cry when the price of the dollar goes too high. Nigeria with CBN's blessing would gladly sell oil at $200 a barrel if no one was there to control against it, and they would rake in the cash regardless of how artificcially inflated the price may be or the damage it creates to valueaboe customers around the world.
China rose to the world economic giant by selling cheap, keeping a relativeley low value currency and being extremely productive (even though i beleieve they are very environmentally destructive).
It is only fair that Nigeria have some devaluation in the Naira when the major product of it's economy has greatly dropped in value, Crude oil.
Price gouging and corruption are still a significant issue in Nigeria where thrives overpricing or claim to value that isnt really there. Especially with great increase in local production, overpricing will do no good. I hope for an extremely productive Nigerians with so much available that it causes sellers to significantly drop prices in order to sell. And i hope the diehard hoarders will be so overwhelmed by an excess of product that it would be more costly to hoard it all than to sell at reduced prices that reflect international equity.
Nigerians Talk about international equity in terms of wanting $1 to equal one Naira, but most Nigerians carry the traits of people who would have a naira equal to a dollar yet would sell a substandard product for 5naira when the same product of higher quality and made in USA would sell for only $3.
International equity begins with equity in the real value of people, goods and services. The currency is just superficial paper noted as a legal contract to tender goods and services. Goods and services are the true real value among people.
One of the most expensive places in the world to live, had the worst currency value on earth and still has major issues with corruption and substandard living for average citizens. They have many empty developments unoccupied because not enough people can afford to oay for them. There is no real equity in the overpriced place. It all averages out to being overpriced while human beings are devalued.

Even garri has increased price what is the business with garri and dollar

Pure water sachet don shoot up too,


Average man wants good result not figure and projections

Wetin concern us with 'speculators'

most people did not read the post

anyway, some people (we know them) are sad that things are getting better.

may they become sadder and sadder as the months pass in Jesus name. can I get a big AMEN?

see how the naira dances up and down like spring balance

ajayi01ibrahim:
[size=15pt]
Okay for anyone who cares to check www.cenbank.org/

I for one is still sceptical about the stability of oil price but really for any right thinking NL'nder these figures are not bad

1$ : #197
Oil : $32.89
Inflation : 9.62
8miilion dollar increase external reserve.

Although this means nothing if can't be sustained.
The tricks working here are just
1. transparency
2. Policy sustenance
3. On-time Information
No hassle no tussle. Way to go on Agriculture sha .
[/size]

Sir, this figures means nothing to me....pure water is now 10 naira, thats the only statistic the man on the street understands.

Chang has come my fellow Nigerian

ajayi01ibrahim:
[size=15pt]
Okay for anyone who cares to check www.cenbank.org/

I for one is still sceptical about the stability of oil price but really for any right thinking NL'nder these figures are not bad

1$ : #197
Oil : $32.89
Inflation : 9.62
8miilion dollar increase external reserve.

Although this means nothing if can't be sustained.
The tricks working here are just
1. transparency
2. Policy sustenance
3. On-time Information
No hassle no tussle. Way to go on Agriculture sha .
[/size]

you are supporting hubris!

InvertedHammer:
/
Next target is N400 - N500.

CBN move is unsustainable. The FG does not have enough reserves to prop up naira. This is a temporary relief.

Nigeria's foreign reserves is about $29bn. Russia had about $400b and used $76b to prop up the rubble in 2014. Yet the rubble fell to all times low after all the efforts.

The prayer should be that the George Soros of this world will stay away from the naira saga. George Soros? Yes! The man that broke the Bank of England by trading against the British pound until the fince at lady sang. In 1992, he sat on pound sterling and made $1b from the heist.
er
/

People are being deceived by Buharis hubriis! I have written off the economy july 2015 if not earli

You sure say na school you dey? Wetin be "increase" for this your school?

Elzends:
From N350 per dollar to N315, is that the increase?
Mke i baff dey go class

/
Buhari can definitely make N1 = $1.

He can borrow the idea from Ghana by recalibrating naira to N1 = $1 but with the purchasing power of
$1 = N500. Can you then say that he didn't fulfill his campaign promises? Not until you show up
to purchase goods with the new N1 and pay N500 for something of $1 value. It is a matter of decimal points.

Don't even for a minute think that APC government will not find a way to spin it into a positive news.

\

amsad19:



http://leadership.ng/blogposts/505219/speculators-get-burnt-naira-gains-value

How much is a pound to a naira as of today please.