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Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever - Business (3) - Nairaland

Nairaland Forum / Nairaland / General / Business / Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever (27417 Views)

How Naira Went From N525/$1 To N400/$1 In 3 Days / Naira Crashes To 288/dollar At New Official Market / Naira Crashes To N285/$1 At Interbank Market (2) (3) (4)

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Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by UKBobo(m): 5:00am On Aug 05, 2016
CHANGI....wake me up when 1000 naira hit 1 dollar.

The more Air miles Bubu racks up, the higher the rate goes....BUBUNOMICS...

1 Like

Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by erico2k2(m): 5:02am On Aug 05, 2016
abike12:


Please which 12m naira house is worth 450k in new york? Take style dey lie. Even 12m hasn't finished buying a plot of land in a nice neighborhood.
I think he means the standard
The houses on my streets are sold now from £1M up, but Im sure i can build something better in PH for N30M, spot the difference?

3 Likes

Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by tchaik(m): 5:07am On Aug 05, 2016
aminho:
Remember what Dangote said!

and I definitely remembered what one prophet called onatisi said.

Respekt.

8 Likes

Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by Nobody: 5:07am On Aug 05, 2016
Nig4Greatness:
Are we cursed in this country??..what's our obsession with forex?.do we now spend Dollar now??.while other countries are developing their countries,we are lamenting over what won't solve our economic problems.funny enough,those who have never seen how dollar look like or its colour are the ones shouting forex the most.God will heal our mentality from over reliance on foreign goods.
[b]You need sense, but let me answer your question, virtually everything you use in this country are imported and importers need dollars to import anything. Before you start lamenting on manufacturing things we use here in Nigeria let me also let you know that the machines you need are also imported and you need dollars to import them, the mechanical parts you need for maintaining these machines are also imported giving rise to the cost of manufacturing and before you start lamenting on reasons not to manufacture the plants and machines here let me also let you know that Nigerias educational system is a scam and you need to get engineers abroad and pay them heavily in dollars for RND which is unrealistic because you and I can't afford the end products. The kerosene petrol and diesel we use today are heavily imported into the country because our refineries are incapacitated so we need dollars to also important these products that is why kerosene and diesel is above 200 naira today and there are rumors that fuel will be more expensive in coming weeks.. So you can agree with me that yes we spend dollars now and we need it. The transition you are asking for is unrealistic now and will take decades before we get to become an exporting country except you mean exporting agricultural products of course. [/b]

12 Likes

Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by abike12(f): 5:08am On Aug 05, 2016
erico2k2:

I think he means the standard
The houses on my streets are sold now from £1M up, but Im sure i can build something better in PH for N30M, spot the difference?

Is it really worth the same thing based on the neighborhood? It's not only the structure that determines the value of a house but location. A
$500k house in Texas would at least be equivalent to a house in a nice part of lekki phase 1 and land alone will probably run 80m naira.

1 Like

Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by 19naia(m): 5:08am On Aug 05, 2016
Do not forget that there are non USA countries whose primary currency is the US dollar. Ecuador, Panama and El Salvador. They are not very rich countries, especially ElSalvador. Their economies are stabilized by the US dollar and they handle inflation well. Also, they strive for exports to bring in dollars but issues with counterfeiting are extensive because its not a currency they have authority to control or mint in anyway.
Anyway, if a country is seeing it's own currency suffering severely because of the US Dollar, they may want to consider adopting the US dollar as their currency. Of course with the size of Nigerias economy, it will be hard to find and maintain enough dollars to replace the Naira.
I suppose the south and central american countries that adopted the US dollar had extensive deals with the United Sates, like in panama with the US controlled Panama Canal zone. So Panama would be better able to interface with US revenue generating activities in Panama if they adopted the US dollar while the US made sure they had a good supply.
I am not sure how Elsalvador and Ecuador came to adopt the US dollar but i suspect huge illegal drug trade revenues made extensive supplies of dollars.

Nigeria is in a quandry. If Nigeria if flooded with surplus dollar, no one will want Naira any more because dollar is easily available and more stable than Naira, Naira will dwindle and dollar replace it. Not wanting Naira because other options($) are easily available, will make naira so cheap that people would give away N400 or more just for a dollar.
Also, If the Dollar supply is scarce, It creates a devaluation of the Naira because people are desperate to buy $. The issue is that people will live deprived in Nigeria without $.

The only way out is for Nigeria to produce domestically what she is so desperate to buy abroad. No one will Take your Naira abroad, they all demand $.

The issue is the very dependency on dollar and foriegn imports. The reason Naira is not easily accepted abroad is directly related to why Nigerians so desperately want dollar, it is because Nigeria does not produce at a quantity and quality required for economic stability. Also Diversity of products is important. They all want to fly private jets in a country that cannot even produce one rivet to sell towards the aircraft industry.
At the very least, Nigeria should produce and export one component of an aircraft even if only one rivet a day, seat cover textile or carpet for the aisle. Same with the cars nigeria loves to drive and so on. That is how it works into becomeing a full on producer and even encouraging Foriegn manufacturers to come. *China is an abusive joke and a step down for Nigeria. Sure they bring revenue but they are exploitative and wicked people. I would rather live in a mud hut than have China come in the illusion of making life better for me. Mindless Desperation has put Nigeria in the situation it is in. Currency is nothing, as all the value is in Productivity and that is what is reflected in the value assigned to US $. Productivity.. People demand $ because all the things they want to buy are made in a place where the $ is the legal tender.
Money is nothing, only the things we buy with money have real value.

11 Likes 1 Share

Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by baby124: 5:10am On Aug 05, 2016
Snwokenk:


It can't be controlled! Why can't you understand this! It's the initial currency controls that had caused these damages
Mr economics on paper. You must be deluded to think developed countries do not have some measure of control on their currency. And no, the previous controls did not cause this. It is the lack of control that caused this. You have no idea how economies are run.

2 Likes

Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by Nobody: 5:11am On Aug 05, 2016
erico2k2:

You guys seem to exaggerate, tell me what average working class Job pay that will enable you save N24M in 30 years if you are not fantastically corrupt
I know so many and I won't mention it here if you need answers keep asking. What is 24m in 30 years, you obviously don't know some people still earn above 1 million monthly paid employment with other tasty benefits.

2 Likes

Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by erico2k2(m): 5:12am On Aug 05, 2016
abike12:


Is it really worth the same thing based on the neighborhood? It's not only the structure that determines the value of a house but location. A
$500k house in Texas would at least be equivalent to a house in a nice part of lekki phase 1 and land alone will probably run 80m naira.
In this context its waht it menas, when you lock yourself inside that N30M house fells better than that £1M house,do not forget you cannot buy the outside meaning control the environment with your cash,thats left for the govt.so if we leave it to just the building minus the surrounding then that statement is of a FACT.

1 Like

Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by erico2k2(m): 5:17am On Aug 05, 2016
grossintel:
I know so many and I won't mention it here if you need answers keep asking.
THERE IS NON,unless you are on the top flight job,Banks and Oil sector.Both my parents are TOP civil servants, Dad chat accountant and Mum Head Mistress.So I do know what I'm talking about.My Dad's fuel consumption alone is average N50K a month when you add Generator fuel to it, abeg nor even let me start.

2 Likes

Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by erico2k2(m): 5:18am On Aug 05, 2016
grossintel:
I know so many and I won't mention it here if you need answers keep asking. What is 24m in 30 years, you obviously don't know some people still earn above 1 million monthly paid employment with other tasty benefits.
YOu just shot yourself in the foot, you said average JOB which you are too scared to name. wink

1 Like

Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by ovo4u(m): 5:18am On Aug 05, 2016
Which one chance Gov. Be dis na still corruption to send money to your family from oversea?

2 Likes

Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by Nobody: 5:21am On Aug 05, 2016
erico2k2:

YOu just shot yourself in the foot, you said average JOB which you are too scared to name. wink
Yes I said average job because it's still an average job, if I say high paying job then what will be the case of those earning 7m to 12m monthly? Okay they are very high payed employment I guess.
Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by duduade: 5:22am On Aug 05, 2016
ERCROSS:
Am I the only one getting scared if the way this economy is going
Am frightened even more of how it will be in December
Parents just tell your children,
No Italian shoes this Christmas
If u see chicken kill, Be happy
and if na Garri u see whack, don't forget to thank God


But Baba God, u talk say u go work on this country,
let it get better pls
this suffering is too much

Italian shoes ke...
Gone are those days o


We buying made in Nigeria
Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by Nobody: 5:23am On Aug 05, 2016
erico2k2:

THERE IS NON,unless you are on the top flight job,Banks and Oil sector.Both my parents are TOP civil servants, Dad chat accountant and Mum Head Mistress.So I do know what I'm talking about.My Dad's fuel consumption alone is average N50K a month when you add Generator fuel to it, abeg nor even let me start.
you just said their is non, same u gave an example of jobs that pay up to that.
Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by Lionofdjungle: 5:24am On Aug 05, 2016
To those people who are saying that "it isn't the official rate", do you know that it is only at the parallel market that dollars are available? If you want to buy it at the official rate, you'll discover that it isn't available in banks. Therefore, those who always have the currency will eventually dictate the price whether you like it or not because he who plays the piper dictates the tune.

6 Likes

Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by onatisi(m): 5:26am On Aug 05, 2016
tchaik:


and I definitely remembered what one prophet called onatisi said.

Respekt.
boss I talk am oo,
I shouted am too but ppl preferred to insult me rather than use my warnings to plan ahead. The next one is the fuel price increase coming in August or September. Good morning sir.

6 Likes

Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by erico2k2(m): 5:29am On Aug 05, 2016
grossintel:
you just said their is non, same u gave an example of jobs that pay up to that.
A banker earning N500K up, would you call that average?
average job is in the rims of N150K max, most civil servants would never get that until they retire.
hence I asked you to name where you are going to earn just N200K if you are a civil servant.

1 Like

Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by tchaik(m): 5:33am On Aug 05, 2016
onatisi:
boss I talk am oo,
I shouted am too but ppl preferred to insult me rather than use my warnings to plan ahead. Good morning sir.

Good Morning Brother man, abeg anymore prediction? The thing fit reach 500?

Even if to borrow and buy USD.

1 Like

Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by Nobody: 5:34am On Aug 05, 2016
erico2k2:

A banker earning N500K up, would you call that average?
average job is in the rims of N150K max, most civil servants would never get that until they retire.
hence I asked you to name where you are going to earn just N200K if you are a civil servant.
Some oil workers earn 680k entry-level and 1m 2 years after and this is average pay to them. They earn as high as 3m to 7m in subsequent years so where do you categories this? Let's just say what a firm categories as average pay could be a high pay to others. So am still not wrong and u aren't wrong either.
Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by onatisi(m): 5:35am On Aug 05, 2016
tchaik:


Good Morning Brother man, abeg anymore prediction? The thing fit reach 500?

Even if to borrow and buy USD.
it is going higher

1 Like

Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by abike12(f): 5:37am On Aug 05, 2016
erico2k2:

In this context its waht it menas, when you lock yourself inside that N30M house fells better than that £1M house,do not forget you cannot buy the outside meaning control the environment with your cash,thats left for the govt.so if we leave it to just the building minus the surrounding then that statement is of a FACT.

If it's just the structure, you're right

1 Like

Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by Nobody: 5:43am On Aug 05, 2016

2 Likes

Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by BUHARIISCURSED(m): 5:44am On Aug 05, 2016
it is well with pmb
Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by acmev2(m): 5:48am On Aug 05, 2016
1Dray:
The change is real.

And the change needs a change.

1 Like

Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by Ligxy(f): 5:53am On Aug 05, 2016
grossintel:
i know Nigeria is broke but not the way you think, average working class and business guys still buy cars of 24 million $60,000. Don't think 12 million is as big as you think in Nigeria, it can buy you a house but just an average bungalow in a nice location or a duplex in an undeveloped community.
12 million naira can't buy duplex anywhere. Except maybe in the bush.

3 Likes

Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by anataala: 5:55am On Aug 05, 2016
Let it be 5000 so what
otokx:
It will still crash more; it should be 1000 by December.
Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by Nobody: 5:56am On Aug 05, 2016
Ligxy:

12 million naira can't buy duplex anywhere. Except maybe in the bush.
grin grin all na house na even inside bush.
Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by Ruchidera(f): 6:01am On Aug 05, 2016
grossintel:
[b]You need sense, but let me answer your question, virtually everything you use in this country are imported and importers need dollars to import anything. Before you start lamenting on manufacturing things we use here in Nigeria let me also let you know that the machines you need are also imported and you need dollars to import them, the mechanical parts you need for maintaining these machines are also imported giving rise to the cost of manufacturing and before you start lamenting on reasons not to manufacture the plants and machines here let me also let you know that Nigerias educational system is a scam and you need to get engineers abroad and pay them heavily in dollars for RND which is unrealistic because you and I can't afford the end products. The kerosene petrol and diesel we use today are heavily imported into the country because our refineries are incapacitated so we need dollars to also important these products that is why kerosene and diesel is above 200 naira today and there are rumors that fuel will be more expensive in coming weeks.. So you can agree with me that yes we spend dollars now and we need it. The transition you are asking for is unrealistic now and will take decades before we get to become an exporting country except you mean exporting agricultural products of course. [/b]
Did I hear you mentions Agricultural products? The little quantity of beans we are currently exporting to the UK had been banned since due to weevil attack. As if the country is operating under a spell...

7 Likes 1 Share

Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by webcalculator(m): 6:10am On Aug 05, 2016
tempem:
Why should black market be attached to online buying and selling?
Why not the official rate?
I don't get the concept..
How do official and black market works.
MasterCard uses parallel market rate for all their dollar transactions. If you've ever done any transaction online you'll answer this question yourself
Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by miky(m): 6:12am On Aug 05, 2016
Make una wait!! Very soon it would be 1naira to 1 Dollar

Chai BUHARI!'

1 Like

Re: Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever by Nobody: 6:26am On Aug 05, 2016
diva90:
Serious depreciation lipsrsealed the naira is officially a useless currency smh

grin grin grin. Keypad yoruba soldiers go avoid this thread...
APC has always been a joke....
these yoruba wen say na them go school pass, no actually know anything. ... I know book pass minister of finance. .....

2 Likes

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