Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting - Business (6)

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Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting - Business (6) - Nairaland

Nairaland Forum / Nairaland / General / Business / Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting (18961 Views)

Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs / Naira Hits N1,825 To Dollar Despite EFCC Gun Rescue Attempt / Naira Hits Record Low Of N1,348.63 /$1 At The Official Market (2) (3) (4)

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Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by saintbillion(m): 9:58am On Jul 21, 2023

Dyfynezz12:
He doesn't know that 25000 in 2014 when dollar was abt 250 can get u goods worth more than 86000 now

My brother some people are so dumb. Financial fright. When u think u have plenty money but ur purchasing power is low. In 2014 a bag of cement was 1700, now a bag of cement is 5,300 can he say he is enjoying the money?

1 Like

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by Wizygreat12: 10:04am On Jul 21, 2023

ATEAMS:
Good morning.... regardless of all that we go through...

Don't forget

Happiness keeps you sweet.
Trials keep you strong.
Sorrows keep you human.
Failure keeps you humble.
Success keeps you glowing.
But only Faith keeps you going

Cheers

€100 euro to naira as today undecided

1 Like

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by bonnyhope: 10:07am On Jul 21, 2023

PissInside:
It's actually favouring we online earners.

I sold $100 Bitcoin yesterday and got 86,000.

Congrat

Can I get 5k from u

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by nedekid: 10:08am On Jul 21, 2023

tuoyoojo:
If we are not opening the economy up to encourage production

If we do not have ability to refine out crude oil

If we run a mono export economy

They we should not be surprised that the naira keeps falling

Hope u know what that means with respect to fuel prices....its now confidently smiling at 700 -800 naira a litre and above

They would tell you to suffer now and sacrifice, that you would enjoy later

But the ruling class is making absolutely no sacrifice

Till now
No governor of Central Bank
No Minister of Finance
No nothing

The country is on autopilot

For a man whose dream it is to be president but no concrete blue print to steer the nation

There is pressure on the naira alledgedly partly because politicians that could not spend money warehoused during the last elections are moping all the warehoused naira to $$.
I remember years back one lawyer married to a young actress was paid some debt by the past administration. He was paid in naira. By the end of that day, naira lost over 25%. Why? Oga paid his creditors. Oga and his creditors immediately changed all the funds to fx. All the abokis in the fact were busy for 2 days.

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by mcgodison2531(m): 10:09am On Jul 21, 2023

Faber:
Thank God say I dey make money in dollars...Thank God for Sunday Emedion...who introduced me to making money online in 2015...

Bro wherever you are God bless you richly...I lost your contact and it still pains me till today.

Back to the matter...una never see something, dollar go hit 1500 before December

bro I go like learn from youhow to earn in dollar.

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by HocusPocus: 10:09am On Jul 21, 2023

ModAdvert:
Tinubu is the worst thing to have ever happened to Nigeria

Favor914 : oloriburu omo ale, omo Ashewo. Koni da fun iwo ati awon ebi e

wetin u wan talk now

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by Ganjafama(m): 10:17am On Jul 21, 2023

oluwaseyi0:
Seems Nigeria economy can't take fuel subsidy and floating of currency at the same time

Tinubu has killed the economy. Thanks to the idiots who put him in power. I hope they are enjoying the wind of hardship that is currently blowing accross the nation. Reno Omokri has suddenly become so quiet grin

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by Faber(m): 10:20am On Jul 21, 2023

sweetkev:
yahoo I guess

Any name you call am...e concern you. The one APC dey do una nko. E no pass yahoo

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by jrusky(m): 10:21am On Jul 21, 2023

Fujiyama:

^^^

Nobody's stopping him from going insane. He's free to do so - its one of the few reasons he can be speedily impeached. So its a win - win for all.

Sorry if I might misunderstood you but what I'm saying everything in Nigeria at the moment requires mad approach to get things works.
Security
Economy
Education
Employment
Infrastructures
Infact everything need mad approach with zero nonsense regardless....

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by Hndrrxxx(m): 10:22am On Jul 21, 2023

PissInside:
It's actually favouring we online earners.

I sold $100 Bitcoin yesterday and got 86,000.

cap

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by Badgers14: 10:33am On Jul 21, 2023

004gist:

where is the dollar to buy self?

the floating of the Naira is a great threat to the existence of the poor in Nigeria.
you float naira and remove subsidy at sam time.... jesus

without black market you won't able to source fx at a given time..

its like going to access a service in a government hospital with long queue to see the specialist which might take anytime from 2months.

are u willing to go to bank to wait 2 to 3 months to get Dollars? or you walk to the close by black market and get it today today as time is money
.
you might say there is dollars in the bank... please take a walk to the bank and demand for forex... they will say untill they get willing seller then they will contact u who is willing buyer... untill then no dollar for you.

black market will exist as long as there is scarcity of dollars in the bank.

same way private hospital will thrive once you can't access same service in government hospitals on time

You know, something I never quite understood is why would one need dollars when Nigeria currency is naira.

If anyone want to pay their supplier or pay for this kids education or medical bills abroad the simple way and common sense way would be to just walk into your bank and complete a form, the bank withdraws from your account and complete the wire transfer for you at an official rate.

The system of going to buy dollar in the black market and pay into your Dom account to effect these transactions are ridiculous... it's not like your bank will physically carry the cash to the foreign account where the payment is going.

We just k ow the right things to do in this country but will not do it!!

2 Likes

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by frog12: 10:45am On Jul 21, 2023

the way things dey go no good ooo.

medicines wey dey cost 10,000 now almost 30,000. wetin be dis tinubu dey do?

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by Elsueno: 10:51am On Jul 21, 2023

PissInside:
It's actually favouring we online earners.

I sold $100 Bitcoin yesterday and got 86,000.

What's the point if almost everyone around u is either poor or struggling...my advice is better double down on show off these days if u don't want to be eaten when d poor got no money to survive

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by AndroBlaze: 10:53am On Jul 21, 2023

oluwaseyi0:
Seems Nigeria economy can't take fuel subsidy and floating of currency at the same time

This is the smartest thing I have seen said by anyone since this crisis started.

Thats why I strongly hold in disdain the textbook intellectuals that fill this country, because anyone who really understands Economics or any social science would have known that one (if not both) of these things needed to have been introduced in a phased or controlled manner. It was childish and ridiculous the way these changes were made; anyone expecting there would not be a strong negative reaction is just a simple minded individual.

Its so elementary that I am really afraid for what the future holds if these are the kind of fake intellectuals we have at the helm of affairs.

2 Likes

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by Perewenkle1: 10:53am On Jul 21, 2023

All foreign exchange outlets should be abolished, if you have foreign currency to exchange you go to bank, that’s the only way to control this depreciating Naira plus more export goods. Why having them if you want to stabilize the Naira. Get ride of them and see the exchange rate drop and more $ availability.

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by salem1996: 10:54am On Jul 21, 2023

77up:
You remain the most foolish person on nairaland presently. You don't need you to tell us, we already knew that you Senseless lots happy about bad things , bad news is always good news to you all
but what you forgot to know is that , everything happening is expected, Nigeria will be great , you all will be put to shame

You can never have a great country without good leaders. Your problem is accepting the TRUTH that whoever voted for TINUBU did it either on tribal sentiment, religious reasons or self-related interest. Read the highlighted and see how contrasting your comment looks like. How does one who expects hardship suddenly hope for greatness? We expect greatness while enduring hardship and not the other way round.

Again, judging by the leadership we have now, This is what your comment actually looks like; WITH RED OIL AS WATER, A STAIN ON WHITE CLOTH WILL BE REMOVED

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by 004gist: 11:02am On Jul 21, 2023

Badgers14:

You know, something I never quite understood is why would one need dollars when Nigeria currency is naira.

If anyone want to pay their supplier or pay for this kids education or medical bills abroad the simple way and common sense way would be to just walk into your bank and complete a form, the bank withdraws from your account and complete the wire transfer for you at an official rate.

The system of going to buy dollar in the black market and pay into your Dom account to effect these transactions are ridiculous... it's not like your bank will physically carry the cash to the foreign account where the payment is going

people that I know who applied in banks as at January have waited till this very moment, yet no dollar

We just k ow the right things to do in this country but will not do it!!

First remember that almost everything... electronics to everything. 'including the phone u used to type this.. even your shirt and shoe u put on are imported n as such imported with dollars.

marketers, traders that buy from China do so with USD. they buy it n put it in their dollar account and send to their contacts in China who send them the goods.

another area is school and medicals those going for surgery that can't be done here.

now come the issue of getting it from bank.. before now like 2014.. you can get Dollars so easily. even your Nigerian atm will pay for goods abroad and has limit of 1000 dollars per day.

But today its been removed, u can't pay with naira.

for example walk into the bank n mention dollar they will look u as if u came to make trouble with them.
hmmmm even if someone sent u dollars from abroad to withdraw it na war.

that you don't travel doesn't mean people aren't traveling... for school etc and they cannot wait for banks else they lose their admission.
I waited for 4 months and till now I still left my application ( in 4 banks) for dollar... no words but total silent from the bank.
I had to buy dollar for almost 5 million naira what I should have gotten for 2.5m since
my admission closes this week n thankfully I have paid via black market

https://www.nairaland.com/7764242/how-tinubus-forex-policy-growing#124414947

u might say am a big man... na lie oh.. am a hustler like u that wants to go those places Buhari n tinubu children acquired their education.

I have graduated for almost 8 years no job... I just managed saved this funds from online Web development I learnt as no job with hope of getting job n better life abroad

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by Nobody: 11:09am On Jul 21, 2023

jagaban carry on dey go. Them go ronu very well

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by Blazebond(m): 11:10am On Jul 21, 2023

The demand for the dollar is what is making it to rise,most of us hoard dollar's at home because we use it to pay for school fees for our kids,some use it to pay for their regular religious trips etc,as long as we are always rushing to obtain the dollar, the dollar will continue to rise so na we know.

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by Elonmuzk(m): 11:12am On Jul 21, 2023

#1000 per a dollar, loading....................I love this grin

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by Blazebond(m): 11:14am On Jul 21, 2023

slawomir:
Damnnn niggar

Good news this morning

Which means petrol go soon enter 800 per litre

Dr unanever C. Enitin says hi from Benin city
Barr unago C. Shege says hello from enugu

Yes it can continue to rise and the f.g must make sure that they allow it to,nor be all of una dey go vote people when say them go remove subsidy? Sowore say subsidy must dey until we begin to refine fully,the sdp candidate also sai subsidy must stay until we begin to refine also,but all of una run follow APC, PDP and LP candidates when talk say them go remove subsidy,abi una feel say na magic go happen when subsidy go? Sometimes I dey wonder how many of una dey think sha.

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by aestake: 11:15am On Jul 21, 2023

imbless:

Please sir can I message you?

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by SenatePresdo(m): 11:24am On Jul 21, 2023

PissInside:
It's actually favouring we online earners.

I sold $100 Bitcoin yesterday and got 86,000.

Bro no be so oh.

What #40k would buy for you when Dollar was around 300 per naira, #86k naira wouldn't buy it.

Inflation would make it obsolete.

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by PepeXKermit: 11:25am On Jul 21, 2023

PissInside:
It's actually favouring we online earners.

I sold $100 Bitcoin yesterday and got 86,000.

lmao! nde, it will favor me and my family. Please explain to me if the prices of items was still stable or have gone up too? In the end, who do you think you are deceiving?

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by NAC1666: 11:31am On Jul 21, 2023

NwaNimo1:

https://www.reuters.com/markets/currencies/nigerias-naira-hits-record-low-black-market-ahead-central-bank-meeting-2023-07-20/?rpc=401&

Consequences of removing Godwill emefiele...the rest people in CBN don't know what to do

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by bitbillionaire: 11:33am On Jul 21, 2023

oluwaseyi0:
Seems Nigeria economy can't take fuel subsidy and floating of currency at the same time

Floating of currency is only good if the nation is self-reliant, produces most of what it consumes and still has more than enough for export. For a country like Nigeria that imports every damned thing it consumes and exports very little, allowing its currency to float freely is a dangerous gamble.

The challenge at this point is for Tinubu's government to quickly create enabling environment for businesses to thrive with special emphasis and incentives for businesses with export potential.

1 Like 1 Share

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by obyrich(m): 11:54am On Jul 21, 2023

Lol. So we still have official and parallel market rates? What then did Tinubu do?

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by Brendaniel: 12:11pm On Jul 21, 2023

priceactionx:
Ok o. Make Una kuku crash everything, na politicians go still escape with their families.
Una wan Japa....dollars

Una wan buy fuel from abroad... Dollars

Una wan school abroad...... dollars

Foreigners come your land , do business big men supposed to create... Make profits.... Repatriate it to abroad.... Dollars....

You wan eat tin tomato, wine and the rest.... dollars...
Politicians steal your money.... Japa...... dollars....

Una wan buy fone from AliExpress... dollars

Wetin gan gan Una dey produce to give you back the dollars.....
Nothing.....
And you expect 1 dollar to be 1naira.

Nigeria is a complex country that economics application doesn't work. It has never worked, and it won't work until we sit right.

You think say na Obi, Tinubu or Atiku e go affect if everything goes out of hand? Never...

Isokay.. las las.. everyone go dey alright....

You.... what have you produced? and you are blaming others.....

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by Love800(m): 12:18pm On Jul 21, 2023

Can someone explain to me what floating of the naira means? I dont have any idea of it since i have been hearing of it.

Tank u

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by Primusinterpares(m): 12:43pm On Jul 21, 2023

Do we still have black market?

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by FireUpNow(m): 1:40pm On Jul 21, 2023

How ma let na those of you who voted and was given 10k naira? Can the 10k sustain you guys? Agbado and cassava crew. Enjoy in agony!

Re: Naira Hits N860/$ Record Low On Black Market Ahead Of Central Bank Meeting by Karleb(m): 1:54pm On Jul 21, 2023

NeckingNgulping:

That 86k can't buy a 1.3kva generator in the Nigerian market. I mean the one that's a little bit above 'i pass my neighbour'. Infact, it's totally useless compared to its worth 3yrs back.

Another instance.

When a dollar was N150, with N150k you would buy the best iPhone but these days, it's over a million naira.

Funny thing is, 1 million was easier to earn those times than now.

All these our hard currencies earner suppose dey reason this.

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