₦airaland Forum

He is at least better than what we have now.

This guy is good candidate for 2011. Can we all support him and what do you think?

Can I get a loan from Intercontinental? No collateral.

gowaga68:
good Morning all.

as of today rate is as follows

USD: we buy 167 ,we sell 169

GBP: we buy 258 and sell 261.50

Euro we buy not confirmed

am very very sorry,i quit promised calling but as humans i forgot cos of the nature of calls i do receive base on ikeja of a thing he never said i should come to ikeja.
Ikeja is a place we go ,had it been he said ikeja i would have been there.
so madam we are sorry.

Are you sure of the $ rate? I called my malam in Ikeja and he told me N155 as @ today?

say-d-fact:
at least ADENUGA's name was not included, maybe he is,

Adenuga fronts for IBB.

N157 at local airport Ikeja

Naira, 700k down
By Babajide Komolafe
Wednesday, August 5, 2009

The Naira yesterday depreciated heavily against the British pounds and euro, losing an average of 700 kobo against the two currencies in the parallel market.

Vanguard’s investigation revealed that the exchange rate of the pounds shot up by 600 kobo to N260 from N264 on Monday. Similarly, the exchange rate of the Euro rose by 800 kobo to N228 from N220.

Parallel market operators attributed the sharp depreciation of the naira against the two currencies to the recent depreciation of the dollar.

This, they said, diverted foreign exchange demand for the dollar to the two currencies.The exchange rate of the two currencies had remained stable in the market for some time due to weak demand.

But yesterday, the situation changed as more and more foreign exchange end-users demanded the two currencies.

It would be noted that the naira has persistently depreciated against the dollar since the reintroduction of Wholesale Dutch Auction System (WDAS) last July 13.

Yesterday, the naira depreciated further by 50 kobo at the official market where the exchange rate rose to N150.25 per dollar from N149.75 per dollar.

Prior to WDAS, the exchange rate was N146. Hence, with the increase to N150.25 yesterday, the naira has depreciated by 425 kobo under WDAS.

At the inter-bank market, the naira depreciated by 866 kobo as N156.84 exchanged for one dollar last week as against N148.17 at the beginning of the month. Last week the naira lost 400 kobo to the dollar at the parallel market as the exchange rate rose to N158 per dollar from N154 per dollar.

The persistence depreciation of the naira is however attributed to foreign exchange speculation resulting to increased demand for foreign exchange at the official market.

Analysis of the foreign exchange demand and sales in the six auctions conducted by CBN before and after the introduction of WDAS shows demand for foreign exchange shot up by 351 per cent to $3.16 billion from $861.8 million.

Total amount sold also rose by 56 per cent to $1.19 billion from $$764. Average demand per auction session went up by 313 per cent to $526.7 million from $127.4 million, while average sales rose by 38 per cent to $198.4million from $143.6 million.

Foreign exchange operators attributed the speculative activities to belief that given the continued decline in the nation’s external reserve, the Central Bank of Nigeria would not be able to sustain the current exchange rate of the naira hence further depreciation of the naira is inevitable.

But the apex bank on Tuesday moved to forestall speculation with foreign exchange purchased from the official market. It barred interbank trading of foreign exchange purchased from the official market.

In a circular to banks titled, “Non Transferability of Funds from Wholesale Dutch Auction System (WDAS) Among Authorised Dealers”, with reference TED/FEN/FPC/GEN/01125, the apex bank said that banks can no longer use foreign exchange sourced from the official market for interbank trading. Such funds, it said should only be used to meet customers demand for foreign exchange. It also directed that banks should keep separate books for their interbank foreign exchange transactions and WDAS foreign exchange transactions, and make the books available to it examiners.

feasy1:
Egin, good contribution there, though I work abroad but I'm not with the school of thought that the naira value should depreciate, reason being , when I send $$$ back home, the Naira equivalent will be used for either my business in naija or property development, the depreciation of the naira invariably means the cost of procuring building materials, household items etc will rise and when you do your analysis, the difference wont be that much, and Nigerians will be affected as a whole, The part of the world where I work now, the US dollar is pegged at almost 100% against the local currency, thus the economy is somewhat stable.

The CBN seems to be on top of situation as reflected in this report http://www.thisdayonline.com/nview.php?id=150709

No reasonable country will fix the value of it's currency. Naira should be allowed to find it's value instead of propping it up with the foreign reserve.
Things will not improve if Nigeria continues doing the same thing over and over again. The outcome will always be the same.

faakay:
loool, I can see the economy is scrambling I know that and you don't need to educate me, I wrote that out of annoyance

But some people are happy the naira is depreciating!!

Abi the swear reach urside! then fori ko

Stop wasting your time about the value of the Naira. Think about how you can benefit whether the value is high or low.
The value will always fluctuate especially in an underdeveloped country like Nigeria.

faakay:
I pray dollar falls back to 120 or lesser

No go better for the person wey say make naira fall. As you pray make he dey fall, Na so you life go dey depreciate in Jesus Name

Cos this shit is affecting me badly and naija economy! BULLSHIT

Your post here shows how uneducated you are. Come up with a reason why the Naira will not depreciate with all the bad news and how you think the problem can be fixed. Stop your in Jesus name nonsense and do something positive with your life.

In our characteristic Nigerian mentality, we believe we can just pray and everything will fall in place.
Things do not work like that. What is the govt doing to help the Naira. Nothing, just some stupid policies
Everybody should prepare for the free fall of the Naira. This is inevitable going by all the bad news about the Naira and Nigeria.

Just hold on to your hard earned $. The exchange rate is about to skyrocket and I hope this happens soon.

This is the link below
http://www.tribune.com.ng/10072009/news/news1.html

Second list in a week. There might be something big coming.

Nigeria is doomed.

•A bus conductor carries a female passenger on his back out of a bus stuck on a flooded street at Okonkwo Estate, Egbeda, Lagos, yesterday. PHOTO: ADEMOLA SALAAM

blacksta:
What a way to reason

Thank you.

Is this car from a junk yard or what? You guys bringing cars to Nigeria are not doing this country any favor. You could have at least replaced the steering wheel.

Check out this picture of a typical Nigerian policeman.- Law breakers

Unbelievable, N154 to $1?
People hold on to your hard earned $ until the situation improves.

I read this and my conclusion is that God is really very patient.
He created the world and gave all of us natural resources which others put to good use for the benefit of their people. What have we done with ours? The steel industry in India, Russia, United States does not prayers from pastors because they know what they want. Somebody please tell Nigeria pastors to stop abusing God.

At least Yar Adua got a visit from the US Ambassador on the 26th of May as shown in this picture.

Engineers in the house, can you please give me a rough estimate of the # of tonnes of iron rods needed for a decking?
The measurement is 54 feet by 52 feet.

Because:
Nigeria is a country that cannot boast of electricity supply for 2hrs a day. In some places it is even worse.
80% or more of the population has no access to portable water.
Nothing is ever done on merit.
Unemployment is above 50%.
The road network is horrible. Lagos - Benin is a good example.
Public education from primary to university level is in state of collapse.
Hospital are places where people go to die.
Credible election cannot be conducted even in 63 wards in a state like Ekiti.
Banks launder money for politicians and drug barons.
Nigeria has probably the most corrupt and inefficient police force.
The country pays out about N2.1 trillion as compensation for political office holders with absolutely nothing to show for it except more stealing.
Nigeria is a country that is undergoing deindustrialization, eg Dunlop, Michelin and probably PZ and more.
It is a country where thieves are rewarded with chieftancy and academic titles.
What about the Halliburton and the siemens scandals.
The list goes on and on.
Feel free to add more.

Obama's visit to Ghana and not Nigeria is a snub of Nigeria and I hope somepeople will do something about this.
Meanwhile check out the this link below.

http://meniru..com/2009/05/as-obama-goes-to-ghana-nigerians-bemoan.html#links

Which company in Nigeria makes the best aluminium roofing sheet?

ayomifull:
As at yesterday Euro was exchanged for 233 Naira

Guys, hold on to your money as the exchange rate will go up with all the bad news coming out of Nigeria. This is a country where nothing works for the ordinary people.

Engineers in the house, is there any difference in using Nigerian made iron rods or imported iron rods for a decking?
Any idea what the prices are per tonne.

We want the black market rates. Nobody is interested in the bank rates because they are never available in the banks.

Fhemmmy:
Next time, read well, be4 u post.

Meaning what?
You should apply this comment to yourself.

Naira nosedive at the parallel market.
http://www.punchng.com/Articl.aspx?theartic=Art200905011535240

Can someone please provide me with the current price for the following types of iron rods?
10 mm iron rods per tonne
12mm iron rods per tonne
16mm iron rods per tonne
Thanks for your help.

Check out the links below.
http://link.brightcove.com/services/player/bcpid17190315001?bctid=21386345001
http://link.brightcove.com/services/player/bcpid17190315001?bctid=21401616001
http://link.brightcove.com/services/player/bcpid17190315001?bctid=21385521001

Prayer is not going to improve the Nigerian economy or the value of the naira. If that is what you are being told then you are being deceived. Less demand for foreign made goods and increasing the industrial output in Nigeria ( which probably is zero now) using locally available materials are some of the things that can help. Stop praying as prayer will not stop the naira from exchanging for N200 to $1