How Much Did You Exchange The Dollar For Today? - Business (56) - Nairaland
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| Re: How Much Did You Exchange The Dollar For Today? by Nobody: 8:32am On Jul 28, 2011 |
Officially the naira has slumped to N155 |
| Re: How Much Did You Exchange The Dollar For Today? by zmurda(m): 10:21am On Jul 28, 2011 |
Got British Pounds for 263 to the naira. . . Was I being reaped off; I was in a hurry and the malam just threw the banana at me and I grasped it. Is this how bad the naira has become. Been a while I traded pounds |
| Re: How Much Did You Exchange The Dollar For Today? by beninman1(m): 11:23am On Jul 28, 2011 |
Can anyone pls confirm today's rate for pounds at black market? It was 274naira to pound early this week |
| Re: How Much Did You Exchange The Dollar For Today? by Fhemmmy: 2:47pm On Jul 28, 2011 |
blink182: What was it officially before? Could you as well confirm what the Unofficial is? |
| Re: How Much Did You Exchange The Dollar For Today? by Nobody: 3:02pm On Jul 28, 2011 |
Fhemmmy:It has been N150 central officially but I heard on channels yesterday that it has fallen to N155, I guess that's the reason gtb took N155 for dannywest's transaction which is still a bargain. The unofficial price aka black market price is the absurdity people have been complaining about here which ranges from N164 to N180 |
| Re: How Much Did You Exchange The Dollar For Today? by Fhemmmy: 3:03pm On Jul 28, 2011 |
blink182: I honestly weep for Nigeria |
| Re: How Much Did You Exchange The Dollar For Today? by Nobody: 3:11pm On Jul 28, 2011 |
Fhemmmy:Hmmm. . . hold your tears because we aint seen nothing yet. I resolved yesterday to ensure non of my kids are born in this country even though they will be raised as true nigerians. I'm a slow typist if not if I give you economic analysis, you'll start wailing. Nigeria has no democracy. What we practice is oligarchic kleptocracy. |
| Re: How Much Did You Exchange The Dollar For Today? by Fhemmmy: 3:15pm On Jul 28, 2011 |
blink182: That is really sad. that is a nation i was hoping to take my kids to, for them to know their root? How come we have leaders that are block headed? |
| Re: How Much Did You Exchange The Dollar For Today? by Nobody: 3:25pm On Jul 28, 2011 |
My bro, our leaders are not block headed they're very smart and brutal thieves. We're complaining only about looted funds that we can track. Do you know funds that exist that nigerians know nothing of. No one knew what a security vote was until a gov and his godfather quarreled over how it should be shared |
| Re: How Much Did You Exchange The Dollar For Today? by Fhemmmy: 3:41pm On Jul 28, 2011 |
^^ I no blame the leaders though, i blame the people that seems to have been so used to poverty that dont wanna break free from it. Damnnnnnnnnnnnnnn |
| Re: How Much Did You Exchange The Dollar For Today? by Nobody: 3:51pm On Jul 28, 2011 |
Fhemmmy:I've come to notice that the average nigerian is as bad as political office holders, we deserve what we're getting. |
| Re: How Much Did You Exchange The Dollar For Today? by Fhemmmy: 4:26pm On Jul 28, 2011 |
^^^ You could not have been more right. Sometimes, i think God just deposited some demons into us. I experienced an older man of recent, i know older peopel ought to encourage the younger one to be doing well and be someone in life, this one swindle me of 2 vehicles . . . haba, a man in his late 50s, and we keep blaming the leaders? Chief, you are right, we are just a case |
| Re: How Much Did You Exchange The Dollar For Today? by stagger: 4:34pm On Jul 28, 2011 |
Fhemmmy: GOD DOES NOT DEPOSIT DEMONS IN PEOPLE! What God does is give people the power of choice. However, the bible says that the heart of man is deceitful above all things and desperately wicked; who can understand it? That is why people just have the natural tendency to be bad. In America and other Western countries, there are laws with stiff penalties which are enforced to the letter, that is why it seems they are better than we are, but that is false. I have done business with people from many countries, and I can tell you that Americans and Nigerians are the worst; you really cannot choose between the two on a very good day. |
| Re: How Much Did You Exchange The Dollar For Today? by Fhemmmy: 4:38pm On Jul 28, 2011 |
^^^ I agree with yo uthat god do not deposit demon, i guess i was really carried away with anger. Now on saying that Americans and Nigerians are the worst to do business with, please explain why Americans are tough to do business with and not the Chinese? |
| Re: How Much Did You Exchange The Dollar For Today? by stagger: 4:49pm On Jul 28, 2011 |
At the risk of being labelled a racist, this is what I have found out. - Americans always hide behind the "God's own country" label and will try to cheat their way out of contracts all the time, always looking for loopholes not to fulfill their obligations. - Indians and Chinese. Hmm. The Chinese are crooks. You deal with a Chinese the way you deal with a Nigerian. Indians are unnecessarily crafty. I am on my third Indian team developing a software to be used for a project. One of them had apparently done a survey in Africa and found that Nigeria had the best market for that product. So here i cam with an idea for the same thing they had surveyed on 5 years back. Suddenly, from a fee of $1,400, they were asking to be paid 40% of the amount to be sold on 10,000 licenses. Imagine!  Funny enough, I have found people from the middle East and South East Asia to be extremely honest. To a fault. It is remarkable. All my experiences with them have been nothing but pleasant. If they tell you they are paying on a particular day, they pay. No stories. |
| Re: How Much Did You Exchange The Dollar For Today? by Fhemmmy: 5:05pm On Jul 28, 2011 |
Lol . . . @ crooks. Americans do not label people as racist, i think we black are the ones that play the racial card. The people in the middle east are honest cos they are close to home, they are just as smart as Nigerians . |
| Re: How Much Did You Exchange The Dollar For Today? by Nobody: 5:08pm On Jul 28, 2011 |
Fhemmmy:Haba, how did it happen. And you let him go, e be like say oyinbo blood don de flow for your body. If not. . . hmmm. . . e no go believe stagger:Match craftiness with craftiness, do not complain, there are either wolves or sheep when business is involved. Its either you are one or the other. On a good day I'm a nice guy but when my money is involved, out goes Mr. Nice guy and Mr. Crafty and Do-not-fu .c k with me comes into standby mode. I was involved once in a major rebranding job that flopped, I was 21yrs then. The two primary business people in the deal was my dad in his 70's and his poor performing ad campaign manager in his 60's. I was drawn into the meeting to set things straight and get our money back. I'm very sure that ad manager must have thought I was on drugs and in my thirties, he didn't know when he apologised and agreed to a full refund and was begging us to break the lump sum into manageable bits. That was years ago and I've learnt more, just imagine the kind of person I am now. |
| Re: How Much Did You Exchange The Dollar For Today? by Fhemmmy: 5:19pm On Jul 28, 2011 |
blink182: There are some fights you just have to let God fight for you, and i think this is one of them, cos for a man in his late 50s to do that to a young guy, that is pathetic. I will always rise and be fine, but i pity him, and weep for a nation that produce such a nuisance |
| Re: How Much Did You Exchange The Dollar For Today? by abhosts(m): 5:27pm On Jul 28, 2011 |
Official Dollar Rate remains N150. You can always monitor Official Rates on CBN's Webiste. http://www.cenbank.org/rates/ExchRateByCurrency.asp?CurrencyType= |
| Re: How Much Did You Exchange The Dollar For Today? by Fhemmmy: 5:55pm On Jul 28, 2011 |
abhosts: Thanks for the info |
| Re: How Much Did You Exchange The Dollar For Today? by support4u(m): 9:47pm On Jul 28, 2011 |
@@@femi lucky I just found out I can register for the gtb naira master card account, am on the verge of completing the necessary paper work required |
| Re: How Much Did You Exchange The Dollar For Today? by BOMANY: 10:51pm On Jul 28, 2011 |
CBN to raise limit on forex sales to BDCs The Central Bank would soon review upward the limit on banks’ autonomous foreign exchange sales to bureaux de change (BDC). The apex bank indicated this in the communiqué issued at the end of the monetary policy committee (MPC) on Tuesday. It will be recalled that the apex bank last month limited the amount of autonomous foreign exchange each bank could sell to BDCs to $250,000 on banks’. The policy though occasioned the appreciation of the naira in the official and interbank market; it however triggered depreciation of the naira in the parallel market. This development widened the gap between the official and parallel market rates to N11.19 on Tuesday from N4.19 on June 24th when the limit was introduced. The widening gap however triggered round-tripping of foreign exchange from the interbank market to the parallel market. Commenting on this development, the MPC of the CBN said, “At the wDAS, the exchange rate closed at N151.61 (including the 1% commission) on 22nd July, 2011, representing an appreciation of 2.14 per cent over the N154.91/US$ on 23rd May, 2011. The Inter-bank selling rate opened at N156.67/US$ on 23rd May, 2011 and closed at N152.33 N152.33 on 22nd July, 2011, representing an appreciation of 2.77 per cent. At the BDC segment of the market, the exchange rate closed at N166.00/US$ on 22nd July, 2011, representing a depreciation of 4.40 per cent over the opening rate of N159.00/US$ on 23rd May, 2011. In the light of this, the Committee noted that the premium between the rates at the wDAS and the interbank rate narrowed towards the end of the review period, while that between the wDAS and the BDCs widened which is not unconnected with the measures taken to limit sales to BDCs. However, while strengthening of currency is an important factor in mitigating inflationary pressures, the spread may lead to arbitrage by players and fuel unhealthy speculation. “The Committee commended the CBN for the limit placed on the foreign exchange sales to the BDCs. However, in view of the widening premium between the wDAS and BDC rates, the Committee encouraged the CBN to review the existing limit. The decision and communication in this regard will be made by the Bank.” On the external reserves, “The Committee noted the modest accretion to external reserves in recent months, but remained concerned about the sustained low level of accretion in the face of higher oil output, higher oil exports volume and higher oil prices. Gross external reserves stood at US$33.73 billion as at 21st July, 2011, representing an increase of US$1.84 billion or 5.77 per cent over the level attained on 30th June, 2011. Given that the current oil price level may not be sustained in the event of a slowdown in global economic recovery, the Committee reiterated the need for pursuing policies to foster macro-economic stability, economic diversification as well as encouraging foreign capital inflows.” http://www.vanguardngr.com/2011/07/cbn-to-raise-limit-on-forex-sales-to-bdcs/ This might mean good news. If the CBN will review the limits policy to the BDCs, it means more dollars will go in the stream in the market and the dollar will ease in the parallel market to come close to the official rate as before. However, it might be only in my imaginations to find them coming out with another demonic ideas |
| Re: How Much Did You Exchange The Dollar For Today? by Fhemmmy: 1:13am On Jul 29, 2011 |
support4u: I will check their application out online and see what they require. |
| Re: How Much Did You Exchange The Dollar For Today? by Fhemmmy: 2:18am On Jul 29, 2011 |
@ BOMANY, thanks for the info and hope they will get it right this time |
| Re: How Much Did You Exchange The Dollar For Today? by Nobody: 8:09am On Jul 29, 2011 |
Fhemmmy:Just too bad  |
| Re: How Much Did You Exchange The Dollar For Today? by danny4ngn(m): 9:15am On Jul 29, 2011 |
@BOMANY,thanks for your info and hope that will really come ture very soon. |
| Re: How Much Did You Exchange The Dollar For Today? by rasmur5: 1:27pm On Jul 29, 2011 |
support4u, blink 182 Are you saying gtb charges the official exchange rate when you use their mastercard abroad? |
| Re: How Much Did You Exchange The Dollar For Today? by d5xs: 1:36pm On Jul 29, 2011 |
Mr Stagger, Are u my friend KOMO?? |
| Re: How Much Did You Exchange The Dollar For Today? by BOMANY: 1:54pm On Jul 29, 2011 |
CBN to raise limit on forex sales to BDCs JULY 28, 2011 – (VANGUARD NEWSPAPER) The Central Bank would soon review upward the limit on banks’ autonomous foreign exchange sales to bureaux de change (BDC). The apex bank indicated this in the communiqué issued at the end of the monetary policy committee (MPC) on Tuesday. It will be recalled that the apex bank last month limited the amount of autonomous foreign exchange each bank could sell to BDCs to $250,000 on banks’. The policy though occasioned the appreciation of the naira in the official and interbank market; it however triggered depreciation of the naira in the parallel market. This development widened the gap between the official and parallel market rates to N11.19 on Tuesday from N4.19 on June 24th when the limit was introduced. The widening gap however triggered round-tripping of foreign exchange from the interbank market to the parallel market. Commenting on this development, the MPC of the CBN said, “At the wDAS, the exchange rate closed at N151.61 (including the 1% commission) on 22nd July, 2011, representing an appreciation of 2.14 per cent over the N154.91/US$ on 23rd May, 2011. The Inter-bank selling rate opened at N156.67/US$ on 23rd May, 2011 and closed at N152.33 N152.33 on 22nd July, 2011, representing an appreciation of 2.77 per cent. At the BDC segment of the market, the exchange rate closed at N166.00/US$ on 22nd July, 2011, representing a depreciation of 4.40 per cent over the opening rate of N159.00/US$ on 23rd May, 2011. In the light of this, the Committee noted that the premium between the rates at the wDAS and the interbank rate narrowed towards the end of the review period, while that between the wDAS and the BDCs widened which is not unconnected with the measures taken to limit sales to BDCs. However, while strengthening of currency is an important factor in mitigating inflationary pressures, the spread may lead to arbitrage by players and fuel unhealthy speculation. “The Committee commended the CBN for the limit placed on the foreign exchange sales to the BDCs. However, in view of the widening premium between the wDAS and BDC rates, the Committee encouraged the CBN to review the existing limit. The decision and communication in this regard will be made by the Bank.” On the external reserves, “The Committee noted the modest accretion to external reserves in recent months, but remained concerned about the sustained low level of accretion in the face of higher oil output, higher oil exports volume and higher oil prices. Gross external reserves stood at US$33.73 billion as at 21st July, 2011, representing an increase of US$1.84 billion or 5.77 per cent over the level attained on 30th June, 2011. Given that the current oil price level may not be sustained in the event of a slowdown in global economic recovery, the Committee reiterated the need for pursuing policies to foster macro-economic stability, economic diversification as well as encouraging foreign capital inflows.” ----------------------------------------------------------------------------------------- This might mean more dollars in the parallel market, which may lead to appreciation of Naira to come close to the official rate as before. However, it might be only in my imagination to find them coming out with another idiotic decision |
| Re: How Much Did You Exchange The Dollar For Today? by jesseimage: 1:55pm On Jul 29, 2011 |
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| Re: How Much Did You Exchange The Dollar For Today? by Fhemmmy: 2:21pm On Jul 29, 2011 |
Nice info |
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