Naira Weakens As Banks’ Dollar Sales Plunge By $252m - Politics (4)

Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,151,148 members, 7,811,261 topics. Date: Sunday, 28 April 2024 at 07:45 AM

Naira Weakens As Banks’ Dollar Sales Plunge By $252m - Politics (4) - Nairaland

Nairaland Forum / Nairaland / General / Politics / Naira Weakens As Banks’ Dollar Sales Plunge By $252m (13943 Views)

Imo Workers Defy NLC Call For Strike As Banks Open For Businesses / Naira Weakens To N773.4/$ At I&E Window, N905/$ At Parallel Market / COVID-19: FG Loses N20 Billion In 7 Days As Banks Stop Operations In Ports (2) (3) (4)

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

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by khattab02: 2:29pm On Feb 19

PARADIZEPRIEST:
this is what happens when experts are working the ropes to solve an albatross caused by predessesors, half literates and illiterates are busy rantning in a very lowsy manner. Go get financial edu and stop this ...

Truth be told

He Tinubu is part of those who campaigned and championed APC cause to Nigerians against then PDP and Jonathan regime.

Anything bad from it also applies to the current Mr president.

The further damage of the country is too much. Forget those theories of things getting normal.

Na bullshit talks!

1 Like

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by Konquest: 2:30pm On Feb 19

ifytrik:
The problem with Nigeria is our president, I could remember during the regime of jonathan 1.5 million naira was almost all it takes to clear a 16 ft container, buhari came in and it was increased to 6 million naira, today it will cost you between 17 to 18 million naira to clear same size of container if they don't seize it. Now you know why the prices of imported goods are skyrocketing, tasking an importer a whopping 18 million naira to clear his container is like killing Nigerians because the importer will add it to the price of the goods he imported and at the end the consumers are the one paying the 18 million naira you collected from the importer, it's not just the dollar issue that is skyrocketing the prices of imported goods, it's the president alongside the Nigeria custom service who doesn't care if Nigerians are surviving or dieing, I don't have anything against Tinubu but I think his policies shows he doesn't mean well for Nigerians, first he removed the fuel subsidy which was the only benefit common man like me was getting from the government, secondly he floated the naira which is the reason naira is loosing value every second.

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by t2luv1: 2:47pm On Feb 19

BucketMan:
I'm very glad I earn my money In dollars. Best thing about earning in dollars is that the foreigners paying you don't realize the high value of the dollar in your country, to them it's chump change, lol. I'm thankful 🙏

Say it again Partner. I couldn't believe it that $1000 was over N1,400.000. I was shocked.

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by 12chibundo: 2:49pm On Feb 19

When you finish blowing unnecessary grammar, please drink water and tell your president that. For now, this your shalaye is worthless to an average Nigeria.When you finish blowing unnecessary grammar, please drink water and tell your president that. For now, this your shalaye is worthless to an average Nigeria....

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by t2luv1: 2:50pm On Feb 19

PARADIZEPRIEST:
this is what happens when experts are working the ropes to solve an albatross caused by predessesors, half literates and illiterates are busy rantning in a very lowsy manner. Go get financial edu and stop this ...

Do you want to know what is presently wrecking the economy of Nigeria? I will tell you. Your so-called CBN stipulates a Dollar rate for clearing goods at the port. How does your custom determine the valuation of the goods coming in? They don't know it. They just pull a number out of their a**. For example, someone bringing in a 2007 salvage Honda Accord that was bought at the auction for maybe $1200, and shipped to Nigeria for $1300. Total landing cost of $2500. That same car, your out-of-this-world Nigeria custom on their website has a valuation of $4975 against the car. How did they come up with $4975 very easy to explain they are looking at the blue book value of the car. They had no clue regarding the differences between a salvage car and a clear title car. When an Insurance sends a car to the auction the determining factor is the residual on a car after repair. A customer had an accident in a car that was valued at $4975, The insurance adjuster determined that the repair cost for the car to be $3500. Guess what the insurance people will do they will send the car to the auction and try to sell it for $1475 minus the handling fees/auction fees. That is how you arrived at the $1200. I know what I am saying when it comes to this whole auction business because I wrote some applications for some auction houses. Nigeria Customs needs to change the applications they are using in their valuation. Let you on a secret, bringing that same car brand new from Japan the customs duty paid to clear the into the USA was $495. Anybody who ever bought a brand new car in the USA will see that $495 on their car's MSRP(Manufacturer Suggested Retail Price) invoice. Nigeria Customs charges more to clear a salvage used car than what was originally paid in the USA to clear the same car when it was brand new.

5 Likes 1 Share

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by ceasare: 2:50pm On Feb 19

BucketMan:
I'm very glad I earn my money In dollars. Best thing about earning in dollars is that the foreigners paying you don't realize the high value of the dollar in your country, to them it's chump change, lol. I'm thankful 🙏

But u will spend in naira? It's same shitz hitting d fan.u won't buy items cheaper because u are earning dollars.so either which way we are in a mess together.

1 Like

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by wiseoneking: 2:56pm On Feb 19

PARADIZEPRIEST:
this is what happens when experts are working the ropes to solve an albatross caused by predessesors, half literates and illiterates are busy rantning in a very lowsy manner. Go get financial edu and stop this ...

Sorry for you boy, you will explain tire on nairaland. Suffering and smiling and still defending your slave masters against people that wants to unchain you because of your love for your hypocritical bondage.

1 Like

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by Verbtips(m): 3:01pm On Feb 19

Can't Tinubu boost nigeria currency with is personal money and spop collecting salary with all his cabinet at least they are recieving pension

1 Like

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by khattab02: 3:03pm On Feb 19

Nothing we no go suffer for this country.

Dollar exchange

Insecurities

Banditry

Subsidy

Subsidy removal

Crude oil theft

Scarcity of fuel

Bombing

Kidnapping

Inflation

Hunger

Election manipulations and rigging

Tribalism

Impunity

Clueless

Godfatherism

Trial and error policies

Fraud

Internet fraud

Government fraud

Government propaganda

Herdsmen

Grid falling any how

Corruption

Etc ,..

God help the poor masses.

1 Like 1 Share

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by khattab02: 3:05pm On Feb 19

Verbtips:
Can't Tinubu boost nigeria currency with is personal money
and spop collecting salary
with all his cabinet
at least they are recieving pension

Honestly.

Aunty First lady said " They are rich already and don't need Naija's money"

But no sacrifice from them.

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by Verbtips(m): 3:08pm On Feb 19

ceasare:

But u will spend in naira? It's same shitz hitting d fan.u won't buy items cheaper because u are earning dollars.so either which way we are in a mess together.

it won't affect you so hard
if you earn
$100
per day
fuel is 700
$1=1670
with just
1 dolla
2 litre of pml don land
rice 1 mudu
2k
let me just say
2 dolla sha
so how do it affect

1 Like

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by Dbegining: 3:08pm On Feb 19

saasala:
As usual, the lot of you who don't know anything about economics and the reason why the Naira is falling will always blame Tinubu. I don't give a hoot about the Emilokan crooner. But y'all need to think well before shifting blames.

When Emefiele was printing the new notes, you people including Obi and Atiku were praising him abi. Shebi they thought you basic economics in secondary school about printing more money. Abi your economics teacher didn't tell you that any country that prints too much money will end up like Zimbabwe. That mofo printed new notes, said he will take back the old ones. He later released everything into circulation. Himself and some of his thieving cronies even piled loads of cash and kept them under their bed.

The weyrey was selling dollar to his goons at a subsidized rate against the real exchanged rate. Who do you think was paying for the difference in prices?

Everything is Tinubu. Una no won get sense.

No.1: no meaningful Nigerian supported the printing of naira. When obaseki came out to tell the govt to stop printing naira, APC, BUHARIST AND NOW RONUS came for us saying we just hate the govt and obaseki was lying. Now Tinubu is printing naira too. So, Tinubu is even adding to the problem. Don't blame citizens for the govt faults.

Subsidizing dollars was also done with the approval of the govt and APC. What was their defence? Dangite wants to build a refinery that will benefit the country. We shouted and shouted but again they called us wailers. And just so you know, dollars is subsidized for elites who go for medicals and other stuffs. The masses have no business with acquiring dollar at a subsidized rate. Normal normal, if you no get leg no fit just enter bank collect dollar.

I am not familiar with your handle so, I'm making this comment on the assumption that you are not par of the ronu gang. Please don't prove me wrong

1 Like

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by Verbtips(m): 3:12pm On Feb 19

khattab02:
Honestly.

Aunty First lady said " They are rich already and don't need Naija's money"

But no sacrifice from them.

naira is falling 9ja source of income has been used to uptain loan
for the next six month
am just fed up

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by remsonik(f): 3:15pm On Feb 19

Honestly I tire for this country,looking for bus to help pack my loads from lagos to ibadan, just household items of a single person in one room and the prices they call just tire me. I don't have more than 35k on me presently to do this.. If I see anyone who can help me do this I will really appreciate

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by Inspirer1: 3:24pm On Feb 19

JoeyNaza:

you guys said exactly the same thing about Buhari, we will remind you again at the end of the road.

You say 8 year damaged economy by who if not Buhari whom the president you voted in says did a good job which he himself will continue. Someone says he would continue in the path of another person you consider a failure yet you voted for him, if it is not bigotry and tribalism then it's stupidity

That was the mistake, a costly one

Sincerely, the present people in government have no moral ground to complain about the last government who ruled for 8 years, same party, same leaders, some of them still active and holding prominent positions in this govt,,,and like you ponted out, they said they'll continue from where the last person stopped.

What baffles me though is the defence being mounted by fellow citizens, one can make a mistake but should own up to it, even if it doesn't affect you personally, not defending what is obviously affecting millions of people negatively.

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by alt3r3g0: 3:24pm On Feb 19

PARADIZEPRIEST:
you don't rebuild an 8year damaged economy in 10months.So, stop being sarcastic and face reality with positivism. Look at the economic matrixes,it will oscillate like tidal waves till things normalize

When the person in charge had boasted of being the one who installed the person responsible for the damage, and in the midst of this carnage still approves 1 billion for 37 person commitee, assigns 5 billion for student loan and 24billion for religious tourism, let me not mention the private foreign trips, etc , where do you draw positivism from?

2 Likes

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by Geovanni412(m): 3:27pm On Feb 19

PARADIZEPRIEST:
You ppl are not exporting oil as before to earn more dollars as most of naija crude oil money sadly had been stolen in last 8years waste of govt,with intense buha govtcomplicite oil theft,so stop importing nonsense into Nigeria and naira will be OK.
Stop importing nonsense e.g
STOP IMPORTING SHOE POLISH, NAIL POLISH, KITCHEN UTENCILS

STOP IMPORTING LUXURY CARS FOR GOVT PUBLIC SERVANTS,GO TO INNOSON LEASE BULLETPROOF SUVS ,

STOP BUYING STUPID FOREIGN BUILDING MATERIALS LIKE FOREIGN PAINTS AND POP

STOP IMPORTING USELESS FOREIGN FURNITURES

STOP IMPORTING NONSENSE ASHOEBE MATERIALS FROM DUBAI

STOP IMPORTING CRAZY THINGS LIKE HUMAN HAIR AND ASETHETICS
ETC
YOUR LONG THROAT FOR ALL THESE NONSENSE SHOULD STOP IMMEDIATELY TO STRENGTHEN THE NAIRA angry

CBN SHOULD CONTROL ALL FORM M FORTHWITH ,DONT TRUST ANY BANK WITJDOLLARS EVER AGAIN.
AND GIVE FOREX ONLY FOR NECESSITIES TO IMPORT MATERIALS AND MACHINERIES TO BOOST AGRIC FOOD PRODUCTION,FOOD STORAGE REFRIDGERATED TRUCKS,ESSENTIAL VEHICLES FOR HEALTH,LOGISTICS ,AND SECURITY VEHICLES ETC.ANY THING OUTSIDE THIS LIST IS ANTI PEOPLE WELLBEING AND ANTINAIRA.QED.

With all due respect, you are not being practical

Are there any local manafacturers of the products you want them to stop importing?

How will CBN get enough dollars to handle all the forex needs of Nigeria if they cut off the banks?

How will CBN settle the cost of medical tourism which amounts to $1.5 billion - $2 billion each year of Nigerians?

How long do you think we should wait for CBN to clear the forex backlog of companies like Fly Emirates and the likes whilst still supporting the need for dollars by the citizens of Nigeria?

When you have these answers, kindly reply

Source:
https://www.thisdaylive.com/index.php/2023/11/10/study-reveals-nigerians-spend-over-1-5bn-on-medical-tourism-annually

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by Inspirer1: 3:29pm On Feb 19

alt3r3g0:

When the person in charge had boasted of being the one who installed the person responsible for the damage, and in the midst of this carnage still approves 1 billion for 37 person commitee, assigns 5 billion for student loan and 24billion for religious tourism, let me not mention the private foreign trips, etc , where do you draw positivism from?

This action made me to loose the last thread of hope I had in this government.
Complaining that the country is broke but such amount was approved for just 37 people!! so so sad

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by Geovanni412(m): 3:32pm On Feb 19

ceasare:

But u will spend in naira? It's same shitz hitting d fan.u won't buy items cheaper because u are earning dollars.so either which way we are in a mess together.

You clearly don't understand the economics

Can you raise your prices as a lawyer or doctor by 30% in one month?

Can you raise the demand of your product, paint or whatever you sell by 30% in one month?

Yet, the exchange rate has increased by 30% from 1200 -1600 in one month and you tell me that the guy earning in dollars is not at an advantage

The only people that are balanced with the situation are folks dealing in essential goods like pharmaceuticals and foodstuff like garri, rice etc.

1 Like

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by cmikel: 3:34pm On Feb 19

Ogiame:
“We need his BRAIN not his BODY”

“He has been planning for prezidensi since 20 yaaz”

“He built Lagos with half bag of cement and Tamed the pacific Ocean”

“He has First Class degree in Akantin”

“Jagaban is a Master strategist, Obi is a mere trader”

All these and many more were said by his clownish supporters.

See how our Naira and Economy is nose diving... It is safe to call Tinubu an Ineffectual incompetent buffoon.

LAGOS IS LOCAL ON CONTROL, COUNTRY IS INTERNATIONAL, AS A STATE GOVERNOR YOU CAN MANIPULATE ANYTHING BY BUYING PEOPLE TO YOUR SIDE WITHIN THE STATE TO MAKE THINGS SEEM AS IF ITS WORKING ,

BUT FOR A COUNTRY IF YOU THINK THE TYPE OF MANIPULATION THAT HAPPENS IN STATE CAN BE REPLICATED IN COUNTRY YOU ARE ONLY PLAYING.

.

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by Ken91(m): 3:34pm On Feb 19

BucketMan:
I'm very glad I earn my money In dollars. Best thing about earning in dollars is that the foreigners paying you don't realize the high value of the dollar in your country, to them it's chump change, lol. I'm thankful 🙏

Bucketman show me road na

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by cmikel: 3:59pm On Feb 19

khattab02:
Nothing we no go suffer for this country.

Dollar exchange

Insecurities

Banditry

Subsidy

Subsidy removal

Crude oil theft

Scarcity of fuel

Bombing

Kidnapping

Inflation

Hunger

Election manipulations and rigging

Tribalism

Impunity

Clueless

Godfatherism

Trial and error policies

Fraud

Internet fraud

Government fraud

Government propaganda

Herdsmen

Grid falling any how

Corruption

Etc ,..

God help the poor masses.

righteousness EXAULT A NATION BUT SIN BRINGS REPROACH TO A NATION

ANYTHING YOU OBTAIN BY FRAUD AND MANIPULATION YOU CANT MAKE ANY GOOD OF IT

WATCH COUNTRIES THAT GET THINGS DONE LEGITIMATELY SEE HOW THEY PROSPER BUT IN YOUR COUNTRY GETTING THINGS LEGITIMATELY INCLUDING POWER IS AN LIKE AN EYESORE

THE COUNTRY ONLY NEED TO PRAY GOD FORGIVES THEM AND GUIDE THEM (LEADERS) FOR THE SAKE OF THE POOR MASSES

1 Like 1 Share

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by ifytrik(m): 4:00pm On Feb 19

Ishilove:

What is the value of the goods he is clearing for 18 million, oga??

your question is irrelevant

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by Ishilove: 4:02pm On Feb 19

ifytrik:
your question is irrelevant

No it isn't. It is perfectly relevant. You can't bring in high value commodity, or commodity with a high duty rate and expect to clear the container with the same amount as regular goods.

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by BucketMan: 4:03pm On Feb 19

ceasare:

But u will spend in naira? It's same shitz hitting d fan.u won't buy items cheaper because u are earning dollars.so either which way we are in a mess together.

Believe me when i tell you we do not feel it bro. As the prices of goods are increasing due to the weak naira, we on the other hand are getting a corresponding increase in our converted payouts too because we earn hard currency. We only need to adjust to spending more naira but I can't say the same for my brothers working in Nigerian companies and earning a fixed salary. They are the ones in a serious mess.

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by PROUDIGBO(m): 4:14pm On Feb 19

Buhari4dullard:
Them never see anything yet

This country MUST crash, make the South go free!

On Emilokan manhood we stand

Hehehehehe grin

I personally want Nigeria to disintegrate, but the same hegemonic forces that put Tinubu in Aso Rock wouldn’t stand by and allow things get to that level before they storm the palace and drag him out by the scruff of the neck! shocked

1 Like

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by optimusprime2(m): 4:16pm On Feb 19

Ogiame:
“We need his BRAIN not his BODY”

“He has been planning for prezidensi since 20 yaaz”

“He built Lagos with half bag of cement and Tamed the pacific Ocean”

“He has First Class degree in Akantin”

“Jagaban is a Master strategist, Obi is a mere trader”

All these and many more were said by his clownish supporters.

See how our Naira and Economy is nose diving... It is safe to call Tinubu an Ineffectual incompetent buffoon.

Actually they are waiting for 1USD to hit 2000NGN before they start calling him names... which is going to happen pretty soon at this rate.

One thing we all knew about BAT was that, he was serious about the Agbado talk... people would truly eat Agbado for breakfast lunch and dinner... I guess now is the time for people to enter their farms and begin planting agbado.

Meanwhile still in the Festive Naija mood courtesy of the beloved BAT "Team-RONU voted" ... Happy Shege everyone!

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by Paraman: 4:41pm On Feb 19

Dbegining:

No.1: no meaningful Nigerian supported the printing of naira. When obaseki came out to tell the govt to stop printing naira, APC, BUHARIST AND NOW RONUS came for us saying we just hate the govt and obaseki was lying. Now Tinubu is printing naira too. So, Tinubu is even adding to the problem. Don't blame citizens for the govt faults.

Subsidizing dollars was also done with the approval of the govt and APC. What was their defence? Dangite wants to build a refinery that will benefit the country. We shouted and shouted but again they called us wailers. And just so you know, dollars is subsidized for elites who go for medicals and other stuffs. The masses have no business with acquiring dollar at a subsidized rate. Normal normal, if you no get leg no fit just enter bank collect dollar.

I am not familiar with your handle so, I'm making this comment on the assumption that you are not par of the ronu gang. Please don't prove me wrong

Lol

Bro, just because the Buhari administration released trillions of naira does not mean they printed trillions of naira notes.

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by alphaNomega: 4:44pm On Feb 19

optimusprime2:

Actually they are waiting for 1USD to hit 2000NGN before they start calling him names... which is going to happen pretty soon at this rate.

One thing we all knew about BAT was that, he was serious about the Agbado talk... people would truly eat Agbado for breakfast lunch and dinner... I guess now is the time for people to enter their farms and begin planting agbado.

Meanwhile still in the Festive Naija mood courtesy of the beloved BAT "Team-RONU voted" ... Happy Shege everyone!

you do not have to wait long anymore, the next stop is $1 to N10,000 (one USD to Ten thousand naira) and it is very easy to get there.

Mark. This. Post

1 Like

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by sterlingD(m): 5:44pm On Feb 19

alt3r3g0:

When the person in charge had boasted of being the one who installed the person responsible for the damage, and in the midst of this carnage still approves 1 billion for 37 person commitee, assigns 5 billion for student loan and 24billion for religious tourism, let me not mention the private foreign trips, etc , where do you draw positivism from?

The whole thing make afraid catch me.Honestly l am very afraid for the future of this country

1 Like

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by Fujiyama: 6:49pm On Feb 19

PARADIZEPRIEST:
Look at the economic matrixes,it will oscillate like tidal waves till things normalize

^^^

What does this even mean?

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by Tapout(m): 7:02pm On Feb 19

PARADIZEPRIEST:
you don't rebuild an 8year damaged economy in 10months.So, stop being sarcastic and face reality with positivism. Look at the economic matrixes,it will oscillate like tidal waves till things normalize

Maybe you guys should have told him to implement his economy rebuilding policies one after the other,
so citizens also adjust gradually. The same economy he's trying to rebuild nosedived while he was still giving his acceptance speech as a president.

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

Gbenga Daniel Steps Down For Dokpesi Ahead PDP National Convention / Fayose Meets With Wife Of Clerics, Charges Women To Take Their Rightful Place / I Am A Lion, I Will Send Yahaya Bello To The Zoo Where He Lives - Dino Melaye

(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. 74
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.