Naira Gains Momentum, Closes At 390/dollar - Business (2)

Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,151,321 members, 7,811,951 topics. Date: Monday, 29 April 2024 at 01:08 AM

Naira Gains Momentum, Closes At 390/dollar - Business (2) - Nairaland

Nairaland Forum / Nairaland / General / Business / Naira Gains Momentum, Closes At 390/dollar (17073 Views)

FOREX: CBN Introduces New Rules, Naira Closes At 367/$ / Naira Gains, Dollar Crashes At Parallel Market / As Naira Gains, Neighbouring Countries Ease Rush For Nigerian Goods (2) (3) (4)

(1) (2) (3) (Reply) (Go Down)

Re: Naira Gains Momentum, Closes At 390/dollar by yeyeboi(m): 7:44am On Apr 20, 2017

Re: Naira Gains Momentum, Closes At 390/dollar by DJMCOTTY(m): 7:45am On Apr 20, 2017

Mtchew!!! I still buy SK for 300naira.

1 Like

Re: Naira Gains Momentum, Closes At 390/dollar by Simeony007(m): 7:45am On Apr 20, 2017

Re: Naira Gains Momentum, Closes At 390/dollar by wristbangle: 7:48am On Apr 20, 2017

989900:
Fingers crossed . . .

The SMEs window if not abused should be a good move.

Raising limits on Naira cards for POS transactions would have been good too.

Cashless policy and the Whistleblower policy, plus ebb and flow in the exchange rates will make it a bit difficult for racketeers.

The Naira should do better by far in a year or 2 when Private refineries start working, and 'probably' government ones do better, hoping the agric, local rice and 'buy naija' revolution does not lose steam, with the steel industry, local auto industry, railways and FDIs kicking in.

P.S. It was N385 @ Island yesterday.

Egbon, I would have answered your questions yesterday but I was busy. I know the amount of average monthly dollars pump this year exceed that of last year and years before but it still stands that this is a temporary measure except our export in terms of non oil sectors and refined petroleum products increase tremendously, Nigeria will still be singing the lord's song in a strange land.

But I am wondering where were u when Naira was nose diving cheesy

1 Like

Re: Naira Gains Momentum, Closes At 390/dollar by wristbangle: 7:52am On Apr 20, 2017

modath:

You don start again bah.... 385? Where? In your dreams?

Nigeria needs a 100$ minimum oil to even start to break even.... a nor dey lie to myself..... it's cos oil rose to 55 +- that CBN has gone on another pump.... Throwing good money after bad!!!

Like i have told you & will continue to reiterate, let CBN allow cards usage across all banks for just one week & we'll see if the voodoo "appreciation" yansh won't be exposed....

I love my country & want her progress but a nor dey lie to myself sam sam.

They know that If such measure is employed, even them (the crooks, bandits, barau among them) will incur heavy loss because I still don't get the logic of why I can't use for mastercard for international transaction sad

Re: Naira Gains Momentum, Closes At 390/dollar by kingphilip(m): 7:54am On Apr 20, 2017

Tflex01:

PDP did not spoil this country in one day. Don't expect APC to fix it in a day.

Did you mean when garri was 100 Naira against this 500% increase things were spoilt

Please if it's so I really need it spoilt the more..

Re: Naira Gains Momentum, Closes At 390/dollar by Nobody: 7:54am On Apr 20, 2017

Where are the dollar speculators.

Re: Naira Gains Momentum, Closes At 390/dollar by olujastro: 7:58am On Apr 20, 2017

modath:

You don start again bah.... 385? Where? In your dreams?

Nigeria needs a 100$ minimum oil to even start to break even.... a nor dey lie to myself..... it's cos oil rose to 55 +- that CBN has gone on another pump.... Throwing good money after bad!!!

Like i have told you & will continue to reiterate, let CBN allow cards usage across all banks for just one week & we'll see if the voodoo "appreciation" yansh won't be exposed....

I love my country & want her progress but a nor dey lie to myself sam sam.

I honestly want to understand in clear terms what you expect the CBN to be doing at this point as opposed to what they are doing now.

Re: Naira Gains Momentum, Closes At 390/dollar by onatisi(m): 8:00am On Apr 20, 2017

modath:

You don start again bah.... 385? Where? In your dreams?

Nigeria needs a 100$ minimum oil to even start to break even.... a nor dey lie to myself..... it's cos oil rose to 55 +- that CBN has gone on another pump.... Throwing good money after bad!!!

Like i have told you & will continue to reiterate, let CBN allow cards usage across all banks for just one week & we'll see if the voodoo "appreciation" yansh won't be exposed....

I love my country & want her progress but a nor dey lie to myself sam sam.

finally you are beginning to see what we have been saying and shouting aabout how absolutely daft this government is. Well nigerians will be the ones to suffer the pains and that is perfectly ok until they start thinking with their brains and start voicing out with their mouths instead of just keeping mute like a sleeping donkey.no matter what you say now ,ppl will look at u as a sadist. The best thing is just to watch nigerians

2 Likes

Re: Naira Gains Momentum, Closes At 390/dollar by mikeycharles(m): 8:07am On Apr 20, 2017

Maybe I should order that my phone from AliExpress before the dollar goes up grin

Re: Naira Gains Momentum, Closes At 390/dollar by wristbangle: 8:07am On Apr 20, 2017

olujastro:

I honestly want to understand in clear terms what you expect the CBN to be doing at this point as opposed to what they are doing now.

Sorry if I may interrupt even though modath will provide a comprehensive answer. What the CBN and FG should be doing is spending on long term goals/assets that will project this country on sustainable growth. Critical sectors like power, infrastructure (road/housing), agriculture(food production, storage, security), solid minerals (processed), etc which are seriously lagging behind needs this intervention. Even though FG is working on fixing some part of infrastructure, others still remain a far cry from reality. Until we address this situation, FG will just be postponing the remaining part of economic backlash pretending as if they are working via dollars pumping. What if the price of oil drops to $40 tomorrow?

Re: Naira Gains Momentum, Closes At 390/dollar by tweetsme(m): 8:09am On Apr 20, 2017

Your Naira is going No where. No matter the pump.. Fix the real issue.. Not pumping Dollars You guys don't Produce..

Re: Naira Gains Momentum, Closes At 390/dollar by tonio2wo: 8:09am On Apr 20, 2017

Good, keep dropping.

Hope it wont be like one step forward 3 steps backwards.

Re: Naira Gains Momentum, Closes At 390/dollar by sheylarhh(m): 8:10am On Apr 20, 2017

Lazyreporta:

1.6m for dis machine 2007
07030407370

1.6m for second hand tokunbo car

Re: Naira Gains Momentum, Closes At 390/dollar by ifyain: 8:11am On Apr 20, 2017

CBN FLOODING THE MARKET WITH DOLLAR TO INFLUENCE THE MARKET IS A FRAUD AND BAD ECONOMICS. IT MIGHT WORK IN THE SHORT TERM BUT WHAT ABOUT THE FUNDAMENTALS THAT WILL MAINTAIN ITS SUSTAINABILITY?

1 Like

Re: Naira Gains Momentum, Closes At 390/dollar by dragonking3: 8:11am On Apr 20, 2017

Tflex01:

PDP did not spoil this country in one day. Don't expect APC to fix it in a day.

it is comments like this that make me weep for the youths of this country. The PDP that spoilt Nigeria are they not the ones now in apc? So how do you expect someone who destroyed the nation to develop it? SMH

1 Like

Re: Naira Gains Momentum, Closes At 390/dollar by oyienootieno: 8:17am On Apr 20, 2017

We give too much priority to Dollars, to the extent that if you are traveling to common Ghana our ill mannered immigration will ask to see your BTA in Dollars, is dollar their legal tender? ?? Some people will come and defend the dollars saying we do business with it, which business? How many of american products do we use here apart from used cars and iphone?

My people we can combat this poo ourself, if you are going to Ghana get cidi, if you are going to china get their legal tender. Enough of this dollar thing.. Many don't even have business with dollars or have never even touched one before they will be the first to defend it...

Re: Naira Gains Momentum, Closes At 390/dollar by Nobody: 8:19am On Apr 20, 2017

modath:

Cos i don't build my castles in the air....I should be castigated & demeaned? Can any currency exist in a vacuum or in a state of perpetual flux...Pump it appreciates, lull same problem returns.... abegiiii!!!

Flight ticket of 300k just around one year ago is over 450k , pack of cereal i used to buy at 4k is now 6.5k, a tin of sardine is 300 naira & yall think I'm happy about the nation's predicaments? How much of these myriads of problem affect the elite?

So knowing the truth & refusing to accept the band aid over festering sore is an act of sabotage? Must we all sleep and face same direction? Until we all stop lying to ourselves, we will continue to revolve around same circle and make no appreciable progress.... We have to produce to progress, anything short is self deception....

P.S... I've given 989900 the only response i owe him, you've gotten yours as well.... Now both of you can find one corner to rub against yourselves in your one sided prism view of patriotism...... mtcheeeewwww!!!!

*mic drop*

hehehehhehe, I am just literally laughing here, someone finally understands the true meaning of patriotism, cheers!

2 Likes 1 Share

Re: Naira Gains Momentum, Closes At 390/dollar by HAH: 8:19am On Apr 20, 2017

tweetsme:
Your Naira is going No where. No matter the pump.. Fix the real issue.. Not pumping Dollars You guys don't Produce..

What have we been producing when the dollar was 120? You forget oil that we export is also a produce

Re: Naira Gains Momentum, Closes At 390/dollar by willian10: 8:21am On Apr 20, 2017

I CAN HELP YOU PAY YOUR CHINESE SUPPLIER, CONTACT ME ASAP FOR SWIFT DEAL

Re: Naira Gains Momentum, Closes At 390/dollar by onatisi(m): 8:22am On Apr 20, 2017

ifyain:
CBN FLOODING THE MARKET WITH DOLLAR TO INFLUENCE THE MARKET IS A FRAUD AND BAD ECONOMICS. IT MIGHT WORK IN THE SHORT TERM BUT WHAT ABOUT THE FUNDAMENTALS THAT WILL MAINTAIN ITS SUSTAINABILITY?

you get time

Re: Naira Gains Momentum, Closes At 390/dollar by tweetsme(m): 8:22am On Apr 20, 2017

HAH:
What have we been producing when the dollar was 120?

Oil is Nigeria Life, No oil No Nigeria.. grin

Re: Naira Gains Momentum, Closes At 390/dollar by onatisi(m): 8:23am On Apr 20, 2017

Cbn should pump 700MILLION dollars out next week oo. I need some cheap dollars to buy somethings grin

2 Likes 1 Share

Re: Naira Gains Momentum, Closes At 390/dollar by stallionng: 8:25am On Apr 20, 2017

it is said that Nigerian economic problems defies all known economic theories, therefore I stand that unconventional problems requires unconventional solutions,in line with this,I postulate that since BDC ,s are now the major channels used by corrupt politicians to exchange their stollen naira into foreign currencies for ease of storage in their houses like in recent findings and speculators,thereby creating artificial high demands and scarcity of foreign currencies ,all BDC should be closed to ensure all demands for foreign currencies go through the banks.this way,pressure on foreign currencies occasioned by illegal demands and speculations will be eliminated and prices of these currencies realistically reduced.its my humble submission that if these is applied properly will not only reduce demand on foreign currencies and its prices, but will make it difficult for looters of our Treasury changing it to dollars because they can't go to the banks to buy dollars for fear of being cought by efcc.

Re: Naira Gains Momentum, Closes At 390/dollar by 989900: 8:29am On Apr 20, 2017

Truth234:

Hehe.. madam na fight? Building an economy is a gradual process. Consumer prices are still high but that does not negate recent progress as reported by NBS. The country would be out of recession in the second quarter and prices would adjust accordingly.

Statistically, we're are already crawling out of recession (positive growths).

Abeg, leave my Mo' for me oh, I no wan make anybody vex am for me.

Modath, no vex jere, you be my person all day shey you hear.

1 Like

Re: Naira Gains Momentum, Closes At 390/dollar by HAH: 8:30am On Apr 20, 2017

tweetsme:
Oil is Nigeria Life, No oil No Nigeria..

and as long as oil is relevant and in demand this policy is sustainable, be optimistic, oil is also an export

Re: Naira Gains Momentum, Closes At 390/dollar by Clone2020(m): 8:32am On Apr 20, 2017

If you are in the US or have relatives in the US trying to send money to naija, I will exchange the funds at 350/$, simply deposit into my US bank account and receive instant funding into your Nigerian account. Don't bother with western Union and co, they exchange at 355/$ with fees and the exchange rate drops to around 316/$...

Hurry before it drops even further..

Contact in signature..

Re: Naira Gains Momentum, Closes At 390/dollar by oyienootieno: 8:32am On Apr 20, 2017

olujastro:

I honestly want to understand in clear terms what you expect the CBN to be doing at this point as opposed to what they are doing now.

Simple and straightforward answer to your question. What the CBN are doing now is what i did when i was 10 years old. I bought 10 chicks after about 2 weeks 2 died, i went ahead to buy another 2 to make up again. Within 2 weeks another 3 died. As a little boy i bought another 3 to replace it. Then my father sat me down and said my son do you know why those chicks are dying i said no and he said do you know they need to take some certain drugs at some stage in their life? I said no, sincerely i don't know because what we were taught in school is farmers are rich people and i want to be a rich man when i grow up. Moral of the lesson is i need to understand why they are dying and which medications they need and when.

2 Likes

Re: Naira Gains Momentum, Closes At 390/dollar by AlphaStyles(m): 8:33am On Apr 20, 2017

if to say I dy abroad I Don rich o

Re: Naira Gains Momentum, Closes At 390/dollar by oyienootieno: 8:38am On Apr 20, 2017

AlphaStyles:
if to say I dy abroad I Don rich o

Don't be deceived, if a dollar is N400 for instance it means that Sardine you used to buy for N300 will also be increased to N400. The poeple who suffers most is the works because Salaries is not based on Dollar market price it is fixed.

Re: Naira Gains Momentum, Closes At 390/dollar by oyienootieno: 8:40am On Apr 20, 2017

AlphaStyles:
if to say I dy abroad I Don rich o

Don't be deceived, if a dollar is N400 for instance it means that Sardine you used to buy for N300 will also be increased to N400. The poeple who suffers most is the workers and the poor, because Salaries is not based on Dollar market price it is fixed. And for the poor they won't be able to do business anymore because the prices of goods would have exceeded their previous gain or capital.

Re: Naira Gains Momentum, Closes At 390/dollar by 989900: 8:40am On Apr 20, 2017

wristbangle:

Egbon, I would have answered your questions yesterday but I was busy. I know the amount of average monthly dollars pump this year exceed that of last year and years before but it still stands that this is a temporary measure except our export in terms of non oil sectors and refined petroleum products increase tremendously, Nigeria will still be singing the lord's song in a strange land.

But I am wondering where were u when Naira was nose diving

My brother, we were actually "pumping" more Dollars in 2012, 2013, 2014, than we do now . . . actually about 2-3 times what we're doing now, but we were also earning that much then .

When the Naira was free falling ( not that we are anywhere near where we should be), I was yelling at the top of my voice here and other media.

Check my topics and posts . . . I have tons of those, I even predicted N350 (it is 360 for BTA and e.t.c. now)

I only muted for some 2 weeks to analyse the recent ebb and flow, or attack and retreat if you will of the Naira and Dollar dance.

It is still a fluid market; not yet contained but the prognosis on the long run should favour the Naira.

(1) (2) (3) (Reply)

Help! My Boss Is Owing Me Over N200,000 And Doesn't Want To Pay / You Can Open your UAE verify Paypal Account as Nigerian Free Without VPN / Balogun Market Women Sing And Dance In Celebration Of Christmas In Lagos

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 48
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.