Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) - Business (3)

Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,152,788 members, 7,817,280 topics. Date: Saturday, 04 May 2024 at 09:22 AM

Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) - Business (3) - Nairaland

Nairaland Forum / Nairaland / General / Business / Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) (21625 Views)

Naira Hits ₦1,000/$ Ahead Of CBN Sale To BDCs / Naira Hits N1,825 To Dollar Despite EFCC Gun Rescue Attempt / UK Pounds Sells Above N1,000/£1 At Black Market For 5 Straight Days (2) (3) (4)

(1) (2) (3) (4) (5) (6) (Reply) (Go Down)

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by DARLINGTON869(m): 5:24pm On Feb 19

Watch as tinumbu supporters keep wrestling with their conscience to keep supporting him. Spits

1 Like

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by alphaNomega: 5:25pm On Feb 19

PROUDIGBO:
I sent a friend £200 just last week! Does this mean i’ve made him a millionaire!?

there was a time everybody was a millionaire in Zimbabwe and they could not afford to pay school fees or buy a loaf of bread.

You may have made him a millionaire, but I can assure you he will struggle to make ends meet.

2 Likes

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by zebszebs: 5:28pm On Feb 19

I read on twitter of one "tech bro" who lives in Ife, and works 2 remote jobs.

1 UK company and the other French.

As some people are crying some are laughing to the bank.

I am sure he and the Oni of Ife will be rubbing shoulders in Plan B and Mercury nightclubs, even the governor will be on his whatsapp

3 Likes 2 Shares

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by alphaNomega: 5:28pm On Feb 19

DARLINGTON869:
Watch as tinumbu supporters keep wrestling with their conscience to keep supporting him. Spits

Of course they will. Make no mistake, people are cashing out big in this economy. Some will keep quiet, while some will come on social media and pretend to be feeling the hardship with you so they do not become a target when things get out of hand.

It's like when someone is killed, yet the murderer will be at the funeral crying with everyone else.

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by BigIyanga: 5:29pm On Feb 19

tollyboy5:
Why are the bdc operators allowed to create large difference without being arrested or something!

Stop spewing nonsense. CBN sells to banks to sell to BDC.. why are u guys so drunk on military approach in arresting poor folks and not CBN and bankers??

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by forgiveness: 5:29pm On Feb 19

It's best to stop talking about this currency exchange. It's one of the reasons for continuous depreciation of naira.

1 Like

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by Ray07(m): 5:31pm On Feb 19

fergie001:
iwaeda & ogododo .... Bad news na dem

But oga Fergie, good news the ever comot from this country . . . grin

Everything don tire me.

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by Kennyswag: 5:33pm On Feb 19

Never seen people so bothered about another man's currency like Nigeria.

3 Likes

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by airsaylongcome: 5:36pm On Feb 19

tollyboy5:
Why are the bdc operators allowed to create large difference without being arrested or something!

Tolly, you need to understand the dynamics of how that market plays. There will always be arbitrage where the players in BDC and Parallel will be able to play. That market is controlled by people from a certain region and will definitely not watch it been crushed

4 Likes

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by airsaylongcome: 5:40pm On Feb 19

tollyboy5:

It's very simple. The money is coming from CBN.
Ban all bdc operators and people should get dollar from banks direct.

No too much Grammer is needed. If them need too much Grammer then we enter the street and scatter the con3, make everything Kuku scatter na im better pass.

Banning BDC will not stop anything o. It will make it worse even. Many people will just keep their dollar offshore and the local economy will starve. As I am now, I've moved funds off shore. When I need Naira, I will look for one Nigerian abroad that has Naira here and needs USD there. I fund their foreign account, they fund my Nigerian account. Dollar don move and Naija no see am

5 Likes 1 Share

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by overseasnbeyond: 5:42pm On Feb 19

Go arrest them!!!

tollyboy5:
Why are the bdc operators allowed to create large difference without being arrested or something!

2 Likes

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by aariwa(m): 5:44pm On Feb 19

ceeceeco:
The igbos are the strongest tribe in Nigeria, no matter how you treat them they will always have a way to survive. I respect the igbos for their resilience.

you forgot to mention that any government the igbos do not support or sidelines the Igbos never succeeds, will grope in the dark until their time is up , ruin the country further and leave as total failures. Igbos are the key and life of Nigeria, without igbos the person is just wasting their time

3 Likes

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by Konquest: 5:47pm On Feb 19

iwaeda:

https://punchng.com/just-in-naira-drops-to-n2000-1-at-parallel-market/

Nigeria’s local currency is currently exchanging above 2,000 naira against the Great Britain Pound at the parallel market.

A Bureau de Change operator at Wuse Zone 4, Malam Ibrahim, confirmed the rates on Monday.

He said, Yes it is true, we are currently selling above N2,000 for the pounds and it is still about the heavy and consistent demand for these currencies.”

Our correspondent learned that the new rate increased from N1,930 recorded on Saturday and is currently the lowest point in the historical performance of the naira.

Similarly, the naira depreciated against the dollar in the parallel forex market, where forex is unofficially trading at N1,673 from N1,670/$ on Friday.

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by CatchMeIfUCanMO: 5:49pm On Feb 19

Pastoshizzy:
Abegi
Na Fulani or Yoruba.
Ibo dey try (coz I'm one)
I LOVE Fulani meeen!

Mu², you are not an Igbo person, even from your spelling of the word shows you are not an Igbo person.

What is "Ibo"?

Are you ashame of your tribe or you wan use you taqiyah style here?

1 Like

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by Babathanks(m): 5:49pm On Feb 19

tollyboy5:

It's very simple. The money is coming from CBN.
Ban all bdc operators and people should get dollar from banks direct.

No too much Grammer is needed. If them need too much Grammer then we enter the street and scatter the con3, make everything Kuku scatter na im better pass.

Do you know if people like us want to travel out or use dollar to buy something. Is only BDC that can come to our rescue. Not bank.

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by viodemus: 5:49pm On Feb 19

cbn keeps hoarding dollars, which is exacerbating the problem.

The FG is absorbing all the dollars, but they can't control the fluctuations. Some in there are trying to anchor monthly payments to $20 a month. So if they make it 2000 naira per dollar, they will pay people 40000 naira per year. Make it look like pay raise. Even when they open everything like the borders, it might reduce price a little bit, but will not make that much difference. They will make it overshoot 2000 naira to $1, then they will start defending it there, they will be paying their bills on time, to create some stability.

We need 15 dangote refineries or 2 saudi type of refineries, to keep things cheap for that type of monthly pay. Then transportation ease, security, electricity, etc. to make a difference.

I hope umu chineke are learning. Is not about shouting referendum. It is about doing the tedious hourly or even minute to minute work involved. The person ruling now, is lazy, so everyone around him thinks its looting time, and they are focused accordingly.

God help us all, may God specially bless umu chineke nation wide.

1 Like

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by SUFFERInSMILIIN(m): 5:52pm On Feb 19

iwaeda:

https://punchng.com/just-in-naira-drops-to-n2000-1-at-parallel-market/

Keep online and deceiving yourself illiterate

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by Acidosis(m): 5:53pm On Feb 19

Japa rate will drop radically. We are back to the era where japa was strictly for the wealthy and top middle class. 🤣

N1 million right now is worth next to nothing.

5 Likes 1 Share

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by Pastoshizzy(m): 5:54pm On Feb 19

CatchMeIfUCanMO:

Mu², you are not an Igbo person, even from your spelling of the word shows you are not an Igbo person.

What is "Ibo"?

Are you ashame of your tribe or you wan use you taqiyah style here?

Wetin I do you now.
I beg leave me alone
Hapụ m aka.
I like what I want. Wass your problem?

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by brainhgeek(m): 5:56pm On Feb 19

Hurray!

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by Pastoshizzy(m): 5:57pm On Feb 19

CatchMeIfUCanMO:

Mu², you are not an Igbo person, even from your spelling of the word shows you are not an Igbo person.

What is "Ibo"?

Are you ashame of your tribe or you wan use you taqiyah style here?

Hapụ m aka.
I like who I want.
That definitely can't be your problem.
If there's anything I hate, it's a tribally biased person.
Ọ dị mkpa ebe m si bịa?

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by lovetterrison(m): 5:57pm On Feb 19

iwaeda:

https://punchng.com/just-in-naira-drops-to-n2000-1-at-parallel-market/

This ain’t no more floating this is drowning

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by wink2015(m): 5:59pm On Feb 19

NIGERIA LEADERS END INSECURITY AND MASSIVE CORRUPTION.

GO AND FACE AGRICULTURE.

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by SUFFERInSMILIIN(m): 6:02pm On Feb 19

tollyboy5:

Where are bdc getting their dollar from if cbn don't have enough dollar 4 our economy?

You have a brain and you can use it.

98% of Nigeria's forex is outside the Country. Once you leave Nigeria and evil go to Benin Republic or Cameroon the cbn is just like a piece of stick they can't do anything to you. Only where they can make mouth like hippopotamus in Nigeria

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by fastseo: 6:03pm On Feb 19

tollyboy5:
BDC should be banned

If you have pounds.. Bring it out and sell 500 or below.
The same way u reasonning why does government allow market womem to allow garri n foodstuffs to be going higher

1 Like

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by Bayajjidda: 6:11pm On Feb 19

tollyboy5:

Wetin you mean by earning enough. The dollar bdc trade with are they not from cbn?

And CBN is the government, why blame bdc?

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by ussv: 6:11pm On Feb 19

There are people cashing in on this naira situation. They just love it the way it`s going. This is never going to stop.

1 Like

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by OChimex: 6:17pm On Feb 19

tollyboy5:
Why are the bdc operators allowed to create large difference without being arrested or something!

Tinibu supporters, ApC supporters and their govt think the same, honestly.

What determines the price of goods and services are forces of demand and supply. Arresting bdc operators won't solve the problem, rather it will make it worse just like locking up people's shops because they sell high prices.
Deal with the problem at the root, and you see this situations calms on its own.
Reduce pressure on foreign currencies by producing more and reducing imports. Earn more dollar by exporting more, then the bdc will have more supply than demands and it will crash the price

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by Whitelion07(m): 6:19pm On Feb 19

nairalanda1:

With a forex reserve of 4 bn and with hefty loans leading to the debt that is eating 90% of our revenue , yes we ain't earning enough

I don't like BDC, but banning them won't change anything. No dollars to buffer the naira. Simple and short

See why you guys have never had good leadership? Up to today most of our revenue comes from oil. Oil prices are too volatile to pay us enough. Sensible government would have diversified since. Including this one

to diversify to something else is not the major problem raither it is mismanagement of funds gotten from oil sales. The UAE, Kuwait and some other oil producing states depend majorly on oil sales as source of revenue, and they are doing fantastically well because there is high level of accountability in their government. It will shock you to know that those countries were once poor until they discover oil in their land. Nigeria has no business been poor if her government is sincere in their dealings and oil is more than enough to make us rich as a country.

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by nairalanda1(m): 6:23pm On Feb 19

Whitelion07:
to diversify to something else is not the major problem raither it is mismanagement of funds gotten from oil sales. The UAE, Kuwait and some other oil producing states demand majorly on oil sales as source of revenue, and the are doing fantastically well because there is high level of accountability in their government. It will shock you to know that those countries were once poor until they discover oil in their land. Nigeria has no business been poor if her government is sincere in their dealings and oil is more than enough to make us rich as a country.

UAE has 12 million people and produces 2.8 million barrels per day

Kuwait has 5 million people, and produces 4.5 million barrels per day.

Nigeria has 220 million people and produces 1.5 million barrels per day, 1.8 million on a good day, 2.3 million on an exceptional day, which was years ago.

Basically, our per capita oil revenue is far less than UAE or Kuwait. Once they have spent on their people, they have lots of money to throw around. Nigeria on the other hand cannot do that.

Which is why we have to diversify. We are not like UAE Or Kuwait, or Saudi, or even LIbya. We don't earn enough from oil to live like them

See why diversification is important, and before you start, why corruption is extremely dangerous to our nation?

1 Like

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by Adolfnigeria: 6:29pm On Feb 19

This is actually old news.

It has touched 2000 for a while.

I will keep saying it Nigeria's problem is corruption. The filthy corruption in Nigeria is too much.

Nigeria has been leaving a fake life. The stolen billions by past government officials is now haunting us.

Corruption will kill Nigeria, if care is not taken.

The way out is to cut, Brutally, the excessess of government. I mean all remenuration for ex-governors should be cut. We only need one house of assembly....

Without this, exchange could hit 5000 soon....

1 Like

Re: Naira Hits ₦2,000/1£ At Parallel Market (From ₦1930/£) by vRendoh(m): 6:30pm On Feb 19

nairalanda1:

Blame your government for not earning enough instead of BDC.

I DO NOT AGREE ...SOME PERSONS WITH QUESTIONABLE WEALTH ARE BUYING UP THE AVAILABLE DOLLARS. THESE ARE NOT BIZMEN NOR STUDENTS PARENTS. THE PRESIDENT MUST HOLD BACK THE EXTRA REVENUE BEING PAID TO THE GOVERNORS/

(1) (2) (3) (4) (5) (6) (Reply)

Diamond Bank Reverses The Stamp Duty Charge After These Tweets To Them / Five Embarrassing Situation That Occurs In A Banking Hall/premises / Naira Falls To 230, Dollar Supply Dries Up

(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. 66
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.