Naira Falls To 363 As Dollar Scarcity Continues - Business (2)

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Naira Falls To 363 As Dollar Scarcity Continues - Business (2) - Nairaland

Nairaland Forum / Nairaland / General / Business / Naira Falls To 363 As Dollar Scarcity Continues (9146 Views)

Unbelievable!!! Naira Falls To N485/$1, N600/£1 / Naira Falls Against US Dollar / Naira Falls To N370 Per Dollar (2) (3) (4)

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Re: Naira Falls To 363 As Dollar Scarcity Continues by Loski26(m): 12:59pm On Jul 15, 2016

abhosts:
Something simply does not add up. Oil Price was $48 per barrel at this time last year July and the Black Market dollar rate was 240.

Now oil price is about 46 dollars per barrel and dollar is 360. Where is all of Nigeria's dollar revenue going?

The Foreign Reserve has depleted immensely.

The CBN had enormous reserves as at July 2015 and were selling $30,000 to over 2000 BDCs nationwide twice a week. So the black market was awash with dollar liquidity. Too much supply lowers the price ~~~ Basic economics rule.

Now the Foreign Reserve is almost gone from the greatly reduced forex earned from oil because of the shocks. CBN stopped selling FX to BDCs. They now source from other avenues and sell. Demand is outweighing supply now so price has risen ~~~ Another basic economics rule.

That's what happened!

5 Likes

Re: Naira Falls To 363 As Dollar Scarcity Continues by DeltahArmy(m): 1:09pm On Jul 15, 2016

dunkem21:

Nothing serious.. It fell down and broke it's arms

Lol

1 Like

Re: Naira Falls To 363 As Dollar Scarcity Continues by erico2k2(m): 1:10pm On Jul 15, 2016

Loski26:

The Foreign Reserve has depleted immensely.

The CBN had enormous reserves as at July 2015 and were selling $30,000 to over 2000 BDCs nationwide twice a week. So the black market was awash with dollar liquidity. Too much supply lowers the price ~~~ Basic economics rule.

Now the Foreign Reserve is almost gone from the greatly reduced forex earned from oil because of the shocks. CBN stopped selling FX to BDCs. They now source from other avenues and sell. Demand is outweighing supply now so price has risen ~~~ Another basic economics rule.

That's what happened!

We know all this and it's no longer news.
Question if they the FG kne this what's the policy put in place to curb this?none

Re: Naira Falls To 363 As Dollar Scarcity Continues by EJanni(f): 1:12pm On Jul 15, 2016

dunkem21:

How did we get here

we use canoe bro, our captain na expert

1 Like 1 Share

Re: Naira Falls To 363 As Dollar Scarcity Continues by Loski26(m): 1:14pm On Jul 15, 2016

erico2k2:

We know all this and it's no longer news.
Question if they the FG kne this what's the policy put in place to curb this?none

Monetary and fiscal policies are not magical enchantments that work at the twinkle of an eye.

It takes time before the impact are felt so tarry a while.

Re: Naira Falls To 363 As Dollar Scarcity Continues by breakeven: 1:16pm On Jul 15, 2016

Lesson for Baba Daura and his gang. You run an economy with Brains and not Brawns. undecided

Re: Naira Falls To 363 As Dollar Scarcity Continues by iykedare(m): 1:21pm On Jul 15, 2016

Crazymommy,where you at?

Re: Naira Falls To 363 As Dollar Scarcity Continues by chuose: 1:22pm On Jul 15, 2016

[size=18pt]CHANGE![/size]

Re: Naira Falls To 363 As Dollar Scarcity Continues by banmee(m): 1:25pm On Jul 15, 2016

Said it a long time ago and I was vilified on NL. It's on it's way to 600.

Re: Naira Falls To 363 As Dollar Scarcity Continues by JAkpayen(m): 1:29pm On Jul 15, 2016

Loski26:

Monetary and fiscal policies are not magical enchantments that work at the twinkle of an eye.

It takes time before the impact are felt so tarry a while.

What's the fiscal policy in place today by the FG?

Re: Naira Falls To 363 As Dollar Scarcity Continues by Viccur(m): 1:38pm On Jul 15, 2016

1dollar--1000naira all the way

Re: Naira Falls To 363 As Dollar Scarcity Continues by onatisi(m): 1:43pm On Jul 15, 2016

This government has failed and only foools will still believe that buhari and his team have any control over the current situation of things in Nigeria

Re: Naira Falls To 363 As Dollar Scarcity Continues by Loski26(m): 1:46pm On Jul 15, 2016

JAkpayen:

What's the fiscal policy in place today by the FG?

Am I Kemi or Buhari's spokesperson?

I know the CBN are initiating monetary policies.

I don't know for Buhari and Kemi. They need not inform me/us of the fiscal policies they initiate/d

Re: Naira Falls To 363 As Dollar Scarcity Continues by Nobody: 1:47pm On Jul 15, 2016

x6blade:
its too much,this is suffering

This is suffering.

1 Like

Re: Naira Falls To 363 As Dollar Scarcity Continues by Jacko01: 1:48pm On Jul 15, 2016

Kemi adeosun

Buwalahari

Petroleum minister

APC chanji

Lightning go fire all of una

All the ppl wey vote APC lightning go fire una

See suffer

Re: Naira Falls To 363 As Dollar Scarcity Continues by 19naia(m): 1:57pm On Jul 15, 2016

Price of fuel at the pump has dropped again in USA, i am assuming that is because the price of crude has dropped around the world.

Of course that would mean Nigeria's income of $ will shrink and a scarcity of dollars would loom. Also there was the hit taken in Delta, done by vandals. Those losses are starting to eat their way into the budget just as warned back then.

No way out of it except to diversify the economy day by day and one step at a time. A low value currency means nothing if the country is on track to the right type of economy that isn't bound to a singular channel of income by way of crude oil. The world is changeing and crude oil production is skyrocketing around the world as plans to reduce consumption of crude are being implemeted in well developed nations.

1 Like 1 Share

Re: Naira Falls To 363 As Dollar Scarcity Continues by Favored4gud: 2:09pm On Jul 15, 2016

You think say na all person for Yankee or Jand, hold pepper like that? Guy cool down. Everything na time, nothing permanent for this life, this will phase out. It's just unfortunate that the masses are the ones bearing the brunt of inefficacy of those in power.

Surdycole2:
If you are in UK or US if you don't build house this year ur case dey for heaven

Re: Naira Falls To 363 As Dollar Scarcity Continues by Favored4gud: 2:10pm On Jul 15, 2016

Long time ago!! lol grin

oduastates:
When did dollars become the Nigerian official currency?

Re: Naira Falls To 363 As Dollar Scarcity Continues by JAkpayen(m): 2:15pm On Jul 15, 2016

Loski26:

Am I Kemi or Buhari's spokesperson?

I know the CBN are initiating monetary policies.

I don't know for Buhari and Kemi. They need not inform me/us of the fiscal policies they initiate/d

I'm only asking you. On a serious note, I dey look for their blueprint to analyse the economy

Re: Naira Falls To 363 As Dollar Scarcity Continues by musicwriter(m): 2:37pm On Jul 15, 2016

I said it before; you will know the true price of the Naira when the CBN runs out of dollars and is no longer able to pump dollars into the market.

Expect the Naira at N500/$1 in the next one year.

And, don't forget the IMF and world bank are on the side lines watching like eagle petched on a vantage point preparing to pounce on a prey. When they go for the kill, expect the Naira at N1,000/$1.

1 Like

Re: Naira Falls To 363 As Dollar Scarcity Continues by shos: 2:55pm On Jul 15, 2016

experimentist:
[size=15pt]Jonathan has finish us in this country patapata! O well, as Shepopotamus will say, ”diaaris God o!"[/size]

by their word you shall know them D zombies

Re: Naira Falls To 363 As Dollar Scarcity Continues by erico2k2(m): 3:54pm On Jul 15, 2016

Loski26:

Monetary and fiscal policies are not magical enchantments that work at the twinkle of an eye.

It takes time before the impact are felt so tarry a while.

I know im nt asking for how far it's working I'm asking for one of it ie name one

Re: Naira Falls To 363 As Dollar Scarcity Continues by Kaira333: 4:03pm On Jul 15, 2016

geraldgiz:
Vote APC 2019,for good change. Lolz

Hahahahahahaha. For better change jari

1 Like 2 Shares

Re: Naira Falls To 363 As Dollar Scarcity Continues by sundayamazing3: 4:22pm On Jul 15, 2016

Buhari Should as a matter of urgency sack this CBN governor. The man knows nothing as regards exchange. Clueless Emiefele

Re: Naira Falls To 363 As Dollar Scarcity Continues by timpaker(m): 4:42pm On Jul 15, 2016

Bought it at 380 naira yesterday from Wuse zone 4 cuz most banks complained of scarcity.

Re: Naira Falls To 363 As Dollar Scarcity Continues by daphid25(m): 4:51pm On Jul 15, 2016

Saying 'Nigeria will get better soon' is like saying 'Jesus is coming soon'

Re: Naira Falls To 363 As Dollar Scarcity Continues by sonnik21(m): 5:35pm On Jul 15, 2016

tolutweety:
I have about $1,500 dollars for sale..

I will sell at a slightly lower rate than mallam rate.

Condition attached: Buyer must have a US account where it will deposited , cash equivalent credited to my account here.

PM, if interested.

M interested but I need more than 1500k, I need 6k dollars, wots ur price? I have a domiciliary account with gtbank, how is that

Re: Naira Falls To 363 As Dollar Scarcity Continues by tolutweety(m): 5:44pm On Jul 15, 2016

sonnik21:

M interested but I need more than 1500k, I need 6k dollars, wots ur price? I have a domiciliary account with gtbank, how is that

Send mail to : tolutweety@ymail.com

Or add on BBM : 5C1D2EFF;

LET'S DISCUSS TERMS.

Re: Naira Falls To 363 As Dollar Scarcity Continues by msogunro: 8:10pm On Jul 15, 2016

Surdycole2:
If you are in UK or US if you don't build house this year ur case dey for heaven

Hahahaha.... the pressure is on

Re: Naira Falls To 363 As Dollar Scarcity Continues by 14(m): 11:26pm On Jul 15, 2016

tiwiex:

I guess d Chinese yen was a mouthy announcment. Propaganda can get u as far as it can then u have to start showing working.

Nigeria feeds on propaganda, without propaganda, the country will disintergrate. $6bn of yaun, $80bn of refinery by chinese, loan from china etc. none of that happened or will ever happen. Nigeria is just broke. I told people some few months ago, that nigeria is in the same position as Venezuela, people disagreed with me. worst still to come, even the much talked about budget 2016, there is no money for that budget. Civil servants have not been paid for more than a yr in more than 26 states, thats crazy.

Now you have the CBN rigging the floating currency, but they dont have dollars to protect it, hence its shooting up in the parallel market because CBN has no dollars. Naira could be around N325 = $1.

Re: Naira Falls To 363 As Dollar Scarcity Continues by LOVEGINO(m): 3:03am On Jul 16, 2016

Cherishing:
E don tey nash begin de for back
Its been falling and we've been surviving... Nigerians are one of the strongest living species on planet earth.
We go survive am!

babe i dey feel u

Re: Naira Falls To 363 As Dollar Scarcity Continues by October1960: 3:32am On Jul 16, 2016

I wonder if people overseas really want to invest in their own country. Lawlessness and lack of effective leadership at all levels is not appealing.

Surdycole2:
If you are in UK or US if you don't build house this year ur case dey for heaven

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Japanese Interested In Investing In Nigeria / Closed / Which Exportation Business Can I Start With 100k.

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