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Nairaland Forum / Nairaland / General / Investment / Why is The Naira loosing value rapidly. (1325 Views)
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Why is The Naira loosing value rapidly. by sotomayor: 2:56pm On Apr 27, 2020 |
Naira keeps falling in value against the dollar. Infact dollar is now 450 in the black market. Economist in the house why is this so.? Would naira bounce back to 360 ever again?? Cc: Mynd44 Seun lalasticlala |
Re: Why is The Naira loosing value rapidly. by andriods: 2:59pm On Apr 27, 2020 |
Okay boy. Get ur calculator lets resolve this for you |
Re: Why is The Naira loosing value rapidly. by SUPERPACK: 3:01pm On Apr 27, 2020 |
Yes it can bounce back, if only we can start producing more goods and provide more services. All we need is more export. 1 Like |
Re: Why is The Naira loosing value rapidly. by sotomayor: 3:14pm On Apr 27, 2020 |
andriods:Resolve what man. 1 Like |
Re: Why is The Naira loosing value rapidly. by sotomayor: 3:15pm On Apr 27, 2020 |
SUPERPACK:This is theoritcal, we know. The question is why is the dollar 390 times the naira. Abi is the American economy not on Lockdown too. |
Re: Why is The Naira loosing value rapidly. by SUPERPACK: 6:51pm On Apr 27, 2020 |
sotomayor:The currency used internationally for trade between nations is the dollars. The implication of this is that you must earn in dollars in other to purchase products you can't produce on your own. Our major source of dollars is crude oil sales which is currently not marketable due to covid 19, as a result we have more naira chasing the limited flow of dollars in circulation. So the naira losses more value due to the principle of demand and supply in economics, less dollars in supply, high demand of dollars. As for the USA they produce almost all they need so even in this lockdown they can meet the demand of their citizens without looking to purchase from others. Do read more on Export dependent and Import dependent countries for more. USA is export dependent, Nigeria is import dependent. 1 Like |
Re: Why is The Naira loosing value rapidly. by sotomayor: 7:17pm On Apr 27, 2020 |
SUPERPACK:Okay nice one... But with the fall in oil price doubt if it would rebounce to the price it was. If not naira would depreciate from 365 even after the Corona Palava |
Re: Why is The Naira loosing value rapidly. by bobochem: 11:30pm On Apr 28, 2020 |
Major reason is the pandemic. Because the flow of dollar has been distorted.Human activities in the world make money to move but many of it have been halted.Only few money move now.The second reason is wat we call speculation.The bureau de change will speculate shortage in dollar supply and they start hoarding of dollar.so dat dey can sell it at high price. 1 Like |
Re: Why is The Naira loosing value rapidly. by ogbs2020love: 12:57am On Apr 29, 2020 |
Dollar is 471 today at onitsha. |
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