Let's keep our fingers crossed till 2020 and see if the Naira wouldn't appreciate or not.

I'm quite sure it will

sniperwolf:

Let's keep our fingers crossed till 2020 and see if the Naira wouldn't appreciate or not.

I'm quite sure it will

That's for sure, the young shall grow, but then they grow when they are well nutured , like you said finger crossed

Prince22:

Let us pray it fall to 1 to 1 so that the lost Nigs. abroad will come back to their father's Land to rebuild this country.

hehe, No matter wt happens bro, The naira cannot exchange 1-1 with the dollar

Its good news for us. I just hope it stays up.

the good news will be,'when the dollar starts getting it's strength back the naira should be able to weather the storm.

at 181.00 to just €1 i dont think so.

The naira is not appreciating because our economy is doing well,it is because the dollar is doing badly at the moment and i reckon this would only last for a while because a country like ours and the other black African nations who produces nothing-other than natural resource-but consumes everything produced abroad will help to pull it back to where it belongs and that is at the top. If we want to measure the perfomance of the naira it would be wrong to do it against the dollar and pounds or the rest of the developed world because they are not in our league.They are the producers and we are one of their numerous consumers.Nigeria would not be able to do well untill the present crop of politician leaves power or when we as a nation becomes tired of being led by people who knows nothing about running a one man business let alone running a multi-cultural nation. The day we get the power sector fixed would,in my opinion,be the day nigeria would start moving forward tradewise. We only need to go abroad once to know what we are up against.

How can the naira appreciate against the dollar on the long run when all the cars on our roads are produced abroad?
When all the appliances in our homes are produced abroad?
When all our clothing are from abroad?
When we are so useless we even had to import petro from abroad?
Can somebody name any nigerian product that can be found on the streets of UK or the US? You may wanna ask Yar'dua if he knows.

what products are produced in St Vincent and Grenadines that their dollar is 2.10 to the US$?

Product export is not the only thing that determines currency - japan exports far more that we, but they even try to ensure their currency remains low compared to the US$.

So in conclusion Mr. Iraq, there's more to a currency than simply 'imports'/'exports'

debosky:

what products are produced in St Vincent and Grenadines that their dollar is 2.10 to the US$?

Debo,no mind dat girl , the currency is pegged,I think at 2.70 to the US$. . . . . .so it doesn't really reflect the actual rate.Having said that,their exports of merchandise totalled $40 mill,services $155 mill(2005) ,which for a population of 119,000 is the equivalent of Nigeria's exports totaling at least $200 bn.

An export driven economy is absolutely essential to maintaining a resilient currency.With good economic growth,which brings confidence in the local economy and good foreign investment,you have the ingredients for a steady currency rate.

What policy makers are looking for is not how to drive down the rates to where it was in the 70s-1 Naira to a $1-that will be counter-productive,they are simply looking for a steadying of the rates.We don't want the free fall we experienced under IBB but we also don't want a rapid appreciation in value of the Naira.Countries like Japan and China try to stop such an appreciation to maintain their export competitiveness

debosky:

what products are produced in St Vincent and Grenadines that their dollar is 2.10 to the US$?

Product export is not the only thing that determines currency - japan exports far more that we, but they even try to ensure their currency remains low compared to the US$.

So in conclusion Mr. Iraq, there's more to a currency than simply 'imports'/'exports'

coconuts

slim49z:

hehe, No matter wt happens bro, The naira cannot exchange 1-1 with the dollar

Haba, Thomasi!

SOULONFIRE

has said most of what need saying.

Currency appreciation and depreciation is one thing, the basic fundamental in an economy is another matter.

Corruption is the president and chairman of our Economy, he takes the lion share.

What we need is power,power, power and good transport network and infrastructures. If we have 50% of the UK road and rail networks and airports(that is for the population of 60 million compare to 140 million) majority of people will have work in Nigeria.

We have to have things that we export apart from oil and small agricultural stuff. We need to start to manufature, reduce our over reliance on imports. and stop 'imported goods' mentality.

In a nutshell we need leaders with a VISION, in the short term a lot of powerful people will not like the idea as it will displace them but it is the only thing Nigeria needs. In the long term we would have a true middle class.

Dollar is weakining and the Naira is not necessary strong. there is no fundamental reasons for the Naira to be strong. the main stay of our economy apart from the oil is banking and GSM phone industry , not unless you wanted to count Pure water, Churches as business.

May God help us and give us a dynamic and visionary leaders (not one visionary leader- but many)

vigasimple:

SOULONFIRE

has said most of what need saying.

Currency appreciation and depreciation is one thing, the basic fundamental in an economy is another matter.

Corruption is the president and chairman of our Economy, he takes the lion share.

What we need is power,power, power and good transport network and infrastructures. If we have 50% of the UK road and rail networks and airports(that is for the population of 60 million compare to 140 million) majority of people will have work in Nigeria.

We have to have things that we export apart from oil and small agricultural stuff. We need to start to manufature, reduce our over reliance on imports. and stop 'imported goods' mentality.

In a nutshell we need leaders with a VISION, in the short term a lot of powerful people will not like the idea as it will displace them but it is the only thing Nigeria needs. In the long term we would have a true middle class.

Dollar is weakining and the Naira is not necessary strong. there is no fundamental reasons for the Naira to be strong. the main stay of our economy apart from the oil is banking and GSM phone industry , not unless you wanted to count Pure water, Churches as business.

May God help us and give us a dynamic and visionary leaders (not one visionary leader- but many)

It's a prayer nd i say Amen.

debosky:

So in conclusion Mr. Iraq, there's more to a currency than simply 'imports'/'exports'

Na fight ?

Truth is as always the dollar would raise again, afterall this ain't the first time it's depreciating. It's gon' make a comeback before you know it.

This thread elucidates why Nigerian parents need to stop wasting money sending their children to learn how to get jobs instead of an education and learning to think for themselves.

1) CBN is having a problem selling its dollars. If anything based on demand and supply the value of the dollar would have crashed in Nigeria. Forex in Nigeria is sold in dollars, the banks are not demanding forex from the CBN, that is why the price is crashing. Thanks to western Union, IPO's and foreign investment, getting forex is not a big deal anymore.

2) 90% of government revenue is derived in dollars. For the Naira to remain at par with the dollar the internal economy would ALSO have to keep pace of the mega-trillion, easy credit facilities, mega-consumer spending US economy, just to stay at par. The Nigerian economy cannot be standing absolutely still. Nigeria also imports all major capital goods and a lot of consumer goods. A falling dollar without Nigerian growth would mean increased inflation.

3) Everything used in Nigeria is not imported from the US. If the Nigerian economy was not growing, everything from Beer(made with imported Hops and Malt) to fruit Juice(serviced with foreign machine parts and imported concentrates) would be up since they have to be purchased in more expensive Euros, pounds, or other currencies.

You do not need an Oxford Phd to understand this.

Nokka:

This thread elucidates why Nigerian parents need to stop wasting money sending their children to learn how to get jobs instead of an education and learning to think for themselves.

1) CBN is having a problem selling its dollars. If anything based on demand and supply the value of the dollar would have crashed in Nigeria. Forex in Nigeria is sold in dollars, the banks are not demanding forex from the CBN, that is why the price is crashing. Thanks to western Union, IPO's and foreign investment, getting forex is not a big deal anymore.

yep!

Naira is appreciating against British Pounds as well not only against the US Dollar. So this noise about the weak dollar is not the only reason for this N119/$ rate.

The chart below shows you the performance of the Naira against British Pounds in the past [over] 30 days.

[quote="Seun001"]i guess u don't know that it's the CBN thats been keeping a tight rein on the free falling of the naira.
i can believe what u just posted.total rubbish and u better go and reconfirm your info .[/quote]

The CBN has not been able to sell its Dollars at the Dutch Auction. Common sense should tell you that

1) Supply exceeds demand

2) There is a new source of forex outside the CBN

This does not seem like a free fall of the Naira

I would advise you sue every educational institution you have attended for obtaining by false pretenses(419)

Nokka:

The CBN has not been able to sell its Dollars at the Dutch Auction. Common sense should tell you that
1) Supply exceeds demand
2) There is a new source of forex outside the CBN
This does not seem like a free fall of the Naira
I would advise you sue every educational institution you have attended for obtaining by false pretenses(419)

yeah am gonna be suing some peeps but its gonna be the alchoholic beverages company,all of em cos they aint making me think straight.

i guess i didnt concentrate on reading ur post cos i was busy with my sys and some other things sha,i retract my statement and my apologies.cheers