Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,152,031 members, 7,814,515 topics. Date: Wednesday, 01 May 2024 at 02:17 PM

Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate - Business (5) - Nairaland

Nairaland Forum / Nairaland / General / Business / Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate (29289 Views)

Yuletide: Prices Of Goods To Rise As CBN Adjusts Exchange Rate To N951/$1 / Naira Tumbles To 980/Dollar, FX Shortage Worsens / Naira Tumbles By 51.95% Despite Cbn’s Defence Measures (2) (3) (4)

(1) (2) (3) (4) (5) (Reply) (Go Down)

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by phorget(m): 11:29pm On Dec 31, 2021
visijo:
I come in peace. Will pharmacies be open tomorrow?

You don phorget to buy postinor2 today abi?

1 Like

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by benpedro(m): 11:38pm On Dec 31, 2021
rentAcock:
Even if Naira drops to N4000/$, I will continue to believe in this country because I can see what's coming. The wise are heavily investing in Nigeria while the weak are looking for how to go abroad. The whole world is tired of China, they are looking for cheap labor, Nigeria is the next China. We have the population, the youth and the literacy level to be the next manufacturing power. Plus, several countries that benefited from slavery (U.S, UK, Spain and Portugal) have proposed ways to pay back Africans for all the abuse, exploitations throughout our history. There is a conscious effort to make Africa the next industrial hub. Those lacking foresight won't see this, they only see the now and not the later. Ignore the noise and look for a small factory you can start; In the next 5yrs all the big multinational companies like Amazon, Walmart and co will be pouring billions into our infrastructure just to enable us to manufacture goods for them. So many people will miss this boat, but you are hearing this now, act on it.
This must be sarcasm lol. You mean Americans and Europeans pouring billions to a country that generates less than 6000 megawatts in its 60 years of existence? Please cut it off with this clown show of yours!

1 Like

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by Kenn55: 11:43pm On Dec 31, 2021
rentAcock:
Even if Naira drops to N4000/$, I will continue to believe in this country because I can see what's coming. The wise are heavily investing in Nigeria while the weak are looking for how to go abroad. The whole world is tired of China, they are looking for cheap labor, Nigeria is the next China. We have the population, the youth and the literacy level to be the next manufacturing power. Plus, several countries that benefited from slavery (U.S, UK, Spain and Portugal) have proposed ways to pay back Africans for all the abuse, exploitations throughout our history. There is a conscious effort to make Africa the next industrial hub. Those lacking foresight won't see this, they only see the now and not the later. Ignore the noise and look for a small factory you can start; In the next 5yrs all the big multinational companies like Amazon, Walmart and co will be pouring billions into our infrastructure just to enable us to manufacture goods for them. So many people will miss this boat, but you are hearing this now, act on it.

grin grin grin
If wishes were horses.....
Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by udemzeus(m): 1:20am On Jan 01, 2022
This people produce, that the way out
Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by grandstar(m): 1:26am On Jan 01, 2022
They should allow it to reach 470. Then, the CB' should resume the sale of forex to the NC at 470. I am sure the official rate and the parallel market rate will merge. At least, the gap won't be more than 2%.
Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by Easy5265: 2:45am On Jan 01, 2022
hopefulLandlord:
People keep praying for Nigeria to get better while it only gets worse. Nigeria is proof prayers are extremely useless

They say faith without works is dead. Works without faith will give positive results, why not choose to work. Religion makes us outsource what we can do ourselves.

1 Like

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by Bifwoli: 3:05am On Jan 01, 2022
tititaiwo44:
One word- in the new year, set your gaze towards earning in foreign currency. Our naira is on a long steep.
Why didn't you give earning ideas,business ideas and avenues? Foreign currency doesn't grow on trees ,ya know?
Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by Bifwoli: 3:07am On Jan 01, 2022
Easy5265:


They say faith without works is dead. Works without faith will give positive results, why not choose to work. Religion makes us outsource what we can do ourselves.
They say the only time success comes before work ...is in the dictionary.
Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by segtech68: 3:29am On Jan 01, 2022
Bro you forgot to add india with 1.4 billion population and a country that has no issue with any other country in the world. me i've already lost hope in africa. I did a careful research and i discovered that even some african countries with youth president are the worse. So which means there's no hope even if we get a youth president the best thing is just to find a way out of that shit hole
RodgersAkpafu:

So these multinationals will leave Malayisia and Cambodia and even Vietnam
And come to Nigeria en masse ?
Brother what are you smoking ?

I like your optimism sha
It's good
But honestly, I'm not so optimistic about the future of this country
Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by LockDown69(m): 4:28am On Jan 01, 2022
Make I enter my bet365 account sharply
Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by visijo(m): 4:45am On Jan 01, 2022
phorget:


You don phorget to buy postinor2 today abi?
grin bad minds
Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by DuBLINGreenb(m): 6:07am On Jan 01, 2022
rentAcock:
Even if Naira drops to N4000/$, I will continue to believe in this country because I can see what's coming. The wise are heavily investing in Nigeria while the weak are looking for how to go abroad. The whole world is tired of China, they are looking for cheap labor, Nigeria is the next China. We have the population, the youth and the literacy level to be the next manufacturing power. Plus, several countries that benefited from slavery (U.S, UK, Spain and Portugal) have proposed ways to pay back Africans for all the abuse, exploitations throughout our history. There is a conscious effort to make Africa the next industrial hub. Those lacking foresight won't see this, they only see the now and not the later. Ignore the noise and look for a small factory you can start; In the next 5yrs all the big multinational companies like Amazon, Walmart and co will be pouring billions into our infrastructure just to enable us to manufacture goods for them. So many people will miss this boat, but you are hearing this now, act on it.

That's not how it works chief.
I am a lawyer and someone who is very knowledgeable in world affairs, global trade, diplomacy and economics.

To be the next China you need 1. Security 2. Stable currency exchange rate(stable local currency) foreign companies will not want a currency like naira that fluctuates every 2 hours that's incredibly dangerous for business in 5 years naira went from 300 to 570 per dollar every company holding naira for that period would have lost half their value due to nairas devaluation

3. Electricity: FACTORIES and manufacturing plants will find it difficult to make profits if they have to rely on petrol or petrol generators

4. Cost of transportation of goods from and out of Nigeria it costs twice as much to transport goods by air to Ghana than to Nigeria this is why most big companies use Ghana rather than Nigeria to get into the west African market
So manufacturing plants based in Nigeria will find it very expensive and difficult to export goods due to high cost and grid lock at apapa port and the under utilisation and insecurity at other ports

Should I continue?

Countries in Africa that can be the next China are 1. Tanzania, 2. Ethiopia 3. Kenya 4. South Africa 5. Ghana

These countries already have good road networks, low import and export costs, relatively stable electricity atleast 12hours per day, they have already started seeing influx of Chinese and other foreign countries setting up manufacturing plants read about the plats set up in Ethiopia by Chinese and the phone manufacturers in Kenya I think
Nigeria double or triple taxation at state, federal and local government level as well as insecurity drives away multinationals
Wilbros were chased our of Nigeria because Nigerian workers wrecked them stole from them and kept taxing them unofficially (community boys and elders taxed the company into the ground) despite them paying the official taxes as well. Today theconoa y is no more their building has been abandoned for many years now.
Now those chiefs and "youths" have noone to tax their hardworking relatives who used to work for the company and also steal from them no longer have work since that time.

2 Likes

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by tititaiwo44(f): 6:09am On Jan 01, 2022
Bifwoli:
Why didn't you give earning ideas,business ideas and avenues? Foreign currency doesn't grow on trees ,ya know?

Learn a digital skill you can flow with

-coding
-copywriting
-Digital Marketing
-Graphics/video editing etc

And pitch to foreign market ready to pay for your service.
Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by Navalsadiq(m): 6:57am On Jan 01, 2022
Jibwillz:

From 1.650 2weeks ago to 1.740 now

Bad market for PTA hustlers undecided undecided
says who.its good market for PTA hustlers.the dollar is selling 570 at the black market.with a difference of 157 naira it's a gud market for them
Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by LINTUNE(m): 7:24am On Jan 01, 2022
COMPAQ:


I disagree cos what the world manufactures most these days have some form of chips or electronics in it that requires a better brain these days. The days of manufacturing industrial goods are almost over. These days the biggest manufacturing is phones, chips, and so on. Everything has circuitry these days to connect to the internet such as ac, fridge, microwave, freezer, tv, smart speakers, gaming consoles, phones, even bulbs etc. not the dumb products of yesteryear. Not stuff you want to entrust to an idiot to manufacture cos the stakes are high. Besides like I said the choice of manufacturing is beyond labor. Lack of electricity is enough to disqualify Nigeria when compared to Ghana or Ivory Coast.
you are really smart, ppl like u is y I always visit this forum more often.
Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by Trentee4eva: 7:25am On Jan 01, 2022
post=108971284:

Slow and steady we will get to the nation of our dreams.
Nigeria will succeed and wake up to be the GIANT God has created it to be.

God bless Nigeria and all the good, honest and hardworking Nigerians.
We will keep believing in her and keep praying for her.
We shall get there.

#TeamPositivity.

We Rise.
You will fall the same way the Naira has been falling against the dollar. Liar from the pit of hell. A dead horse is better than you and Buhari.

1 Like

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by LINTUNE(m): 7:29am On Jan 01, 2022
rentAcock:
Even if Naira drops to N4000/$, I will continue to believe in this country because I can see what's coming. The wise are heavily investing in Nigeria while the weak are looking for how to go abroad. The whole world is tired of China, they are looking for cheap labor, Nigeria is the next China. We have the population, the youth and the literacy level to be the next manufacturing power. Plus, several countries that benefited from slavery (U.S, UK, Spain and Portugal) have proposed ways to pay back Africans for all the abuse, exploitations throughout our history. There is a conscious effort to make Africa the next industrial hub. Those lacking foresight won't see this, they only see the now and not the later. Ignore the noise and look for a small factory you can start; In the next 5yrs all the big multinational companies like Amazon, Walmart and co will be pouring billions into our infrastructure just to enable us to manufacture goods for them. So many people will miss this boat, but you are hearing this now, act on it.
oga don't flatter yourself, naija is no longer the giant of Africa, there are so many African countries now far better than naija, what happened to Namibia , S.A , ghana , equitorial guinea, Rwanda..it's high time we start telling ourselves the truth,the only advantage naija has its her population, most natural resources we have,this countries have them too.
Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by Trentee4eva: 7:31am On Jan 01, 2022
Zico5:

I know u will wake up one day. Something will surely wake u up
He will never wake up. Evil will always remain evil.
Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by ChybuzzDD(m): 7:38am On Jan 01, 2022
post=108971284:

Slow and steady we will get to the nation of our dreams.
Nigeria will succeed and wake up to be the GIANT God has created it to be.

God bless Nigeria and all the good, honest and hardworking Nigerians.
We will keep believing in her and keep praying for her.
We shall get there.

#TeamPositivity.

We Rise.

I don't think you understand what they really mean when they say "naira tumbles".
Bros, it means it's crashing against the dollar.
So, i don't see how your "slow and steady we get to the nation of our dreams" comment relates to this bad news about the naira.
Well, it seems you sychophants use every available opportunity to praise that dullard at Aso Rock, even when the news is saying otherwise.

1 Like

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by Roysnickz: 8:16am On Jan 01, 2022
LockDown69:
Make I enter my bet365 account sharply
How does airtm work?
08034942861
Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by YoungDaNaval(m): 8:28am On Jan 01, 2022
JANK23H:

Are you saying this with conviction?
I don't tire for that guy
Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by caracas: 10:46am On Jan 01, 2022
post=108971284:

Slow and steady we will get to the nation of our dreams.
Nigeria will succeed and wake up to be the GIANT God has created it to be.

God bless Nigeria and all the good, honest and hardworking Nigerians.
We will keep believing in her and keep praying for her.
We shall get there.

#TeamPositivity.

We Rise.
Oga are you OK?
Pls in case you dont know, its a brand new year , all this your inanities n shenanigans will not be tolerated on this forum......

1 Like

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by DAVE5(m): 11:54am On Jan 01, 2022
VOsimhen144:
Buhari is a great Economist, Buhari has made life so easy for Nigerians, He created millions of jobs, security is good, we can travel to any part of the North with our mind at rest. Infact Buhari is the best thing that has ever happened to Nigeria. Learn to appreciate his good work.


Zombies and BMC miscreants Hope I tried??

Very true ohh
Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by DAVE5(m): 11:58am On Jan 01, 2022
tititaiwo44:


Learn a digital skill you can flow with

-coding
-copywriting
-Digital Marketing
-Graphics/video editing etc

And pitch to foreign market ready to pay for your service.

You dey waste ur time, he probably would ask you how he would learn those things you listed
Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by Bifwoli: 2:53pm On Jan 01, 2022
DAVE5:


You dey waste ur time, he probably would ask you how he would learn those things you listed
That's a damned lie liar .
Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by Lush100(m): 10:55pm On Jan 01, 2022
I hope cbn understands that abokifx has not been operating since una ban them.
So what is the blame this time or who is to blame.

The incompetence of this administration is a special one.
Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by MisterKennedy(m): 2:35pm On Jan 02, 2022
tititaiwo44:
One word- in the new year, set your gaze towards earning in foreign currency. Our naira is on a long steep.

You're right dear.

Do you do any online business that pays in foreign currency? I want to learn from you.
Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by MisterKennedy(m): 2:42pm On Jan 02, 2022
rentAcock:
Even if Naira drops to N4000/$, I will continue to believe in this country because I can see what's coming. The wise are heavily investing in Nigeria while the weak are looking for how to go abroad. The whole world is tired of China, they are looking for cheap labor, Nigeria is the next China. We have the population, the youth and the literacy level to be the next manufacturing power. Plus, several countries that benefited from slavery (U.S, UK, Spain and Portugal) have proposed ways to pay back Africans for all the abuse, exploitations throughout our history. There is a conscious effort to make Africa the next industrial hub. Those lacking foresight won't see this, they only see the now and not the later. Ignore the noise and look for a small factory you can start; In the next 5yrs all the big multinational companies like Amazon, Walmart and co will be pouring billions into our infrastructure just to enable us to manufacture goods for them. So many people will miss this boat, but you are hearing this now, act on it.

Baba wake up from your dream ani na facade ani na illusion wey I go call am

Without unity in Nigeria there is no country

Why do you think Twitter moved its African Headquarters to Ghana and other multinational companies are following suit

How many time have you heard of insurgency in Ghana or anything like that?

Where there is no peace and unity there. can't be much growth.

Maybe in the next 20 years Nigeria might start becoming better but for now I'm sorry we have a long way to go
Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by darneals: 8:49pm On Jan 04, 2022
Kindly avoid this Set of Criminals. They have defrauded over 18 different telegram groups in Nigeria alone.
It's a massive Fraud. It is owned and manually operated by Nigerians who are just recycling people's money. Avoid these cold thieves.


B6XX is a Major Scam

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by darneals: 8:50pm On Jan 04, 2022
Roysnickz:

So true. Join BX66 ASAP, I earn in dollars.
Below is my withdrawer today and on Xmass day


Kindly avoid this Set of Criminals. They have defrauded over 18 different telegram groups in Nigeria alone.
It's a massive Fraud. It is owned and manually operated by Nigerians who are just recycling people's money. Avoid these cold thieves.


B6XX is a Major Scam

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by darneals: 8:58pm On Jan 04, 2022
Roysnickz:

So true. Join BX66 ASAP, I earn in dollars.
Below is my withdrawer today and on Xmass day


Kindly avoid this Set of Criminals. They have defrauded over 18 different telegram groups in Nigeria alone.
It's a massive Fraud. It is owned and manually operated by Nigerians who are just recycling people's money. Avoid these cold thieves.



This is my number 07033900544
Avoid this scammers
They took our money and blocked us on Telegram

B6XX is a Major Scam

(1) (2) (3) (4) (5) (Reply)

Breaking!!! Prepare For AUSTERITY - FG / Forbes 2019: Dangote, Mike Adenuga Top List Of Africa Billionaires (full List) / Why Are Nigerians Still Buying Dollars

(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. 62
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.