OkutaNla:
Price of goods should also fall o.

no be naija merchants

Themaths:
"Is back to #690"

Is #690 now the new normal?

Great question am in with you on this. See them celebrating and displaying foolishness if not wickedness

Abeg, let it continue to fall in Jesus name. I have dollars in my domiciliary account, but let dollars continue to fall tremendously. What is the gain of selling your dollars at a very high price and after using the money, u start to face the hardship that high dollar price is causing. It's better you sell at a low price, loose and still enjoy the stability that low dollar price will cause

temitope27:
Very good

CLEAR THE WAY, JAGABAN IS COMING

You mean the drug dealer.

Pierced:


There's an option to convert to dollars.....and it's paid into ur piggy flex account.

Okay.... Thanks

iLegendd:
Not a bad news. Those of us who make majority of our income in Dollar won't like this, but at least, it will benefit the nation. I'm not selfish, so the nation first.

Though, Binance P2P is still at 727/$.

true! The nations health should always come first. Enjoyed some sales last week too. It was so good @ 850 lol!

savcy:
If oil is the principal exchange commodity of the country, and the assumption is that the value of our currency is tied to the price per barrel of oil, how come the Naira plummets in value arbitrarily, and without explanation, all when the price of oil is high? What sort of economy are we operating? A country that celebrates BLACK MARKET fx rates to the detriment of her OFFICIAL fx rates cannot be taken seriously. We're still joking with our fiscal policy with the BDCs still around. Redesign notes, raid BDC offices... All will amount to nothing on the long run. When all is said and done, and the dust settles the hydra headed demon called the BDCs would again rear up their ugly head and wreak financial havoc. Jokers!

From your contribution, it seems you have some technical knowledge. What do you think is the solution to this problem? I not an expert, but Here’s my lay man’s thinking: The government should step up to advocate for Nigerian businesses so that international transactions can be carried out through bank transfers or through the use of special debit cards. The government can serve as some sort of guarantors since these international entities are afraid of fraud from naija. Also, since a good number of our businesses are with China, our government and Chinese government or business community can set up a payment system that doesn’t involve the use of physical cash( dollar or yen). In that case, the banks and credit card companies do the conversion at official rates, Also, domiciliary accounts should be eliminated.
When these happen, there’d be less demand for actual cash (dollars and yen) . This will put the BDCs out of business. What will an importer or manufacturer need cash for if his transactions could be done through bank or through a special debit card?

We will not rest until it is;
$1= ₦1

Ban BDCs.

It will end the whole dollar rubbish.

Acidosis:


Yes. It's back to where it used to be before the CBN via the announcement caused panic buying in the market.

Please what is the CBN official rate

savcy:
If oil is the principal exchange commodity of the country, and the assumption is that the value of our currency is tied to the price per barrel of oil, how come the Naira plummets in value arbitrarily, and without explanation, all when the price of oil is high? What sort of economy are we operating? A country that celebrates BLACK MARKET fx rates to the detriment of her OFFICIAL fx rates cannot be taken seriously. We're still joking with our fiscal policy with the BDCs still around. Redesign notes, raid BDC offices... All will amount to nothing on the long run. When all is said and done, and the dust settles the hydra headed demon called the BDCs would again rear up their ugly head and wreak financial havoc. Jokers!

I like friends like you

MelesZanawi:
It will still go back to around $600. Unfortunately, it will climb up again.
The fundamentals haven't changed.
Low oil exports
Corruption
Insufficient forex
Subsidy
Foreign debts

Exactly!

JoshTim:
Ibos won't be happy.....they want everything to spoil to sell their Messiah OBI to us. We tell them Kolewerk

51 years of your life and you can’t differentiate between Igbo and Ibo

0lod0

Many Bdc said they lost millions because of this. I pity those hoarding the dollar this thing go crash as soon as Dangote refinery starts working by 1st quarter next year march

Okealaaye:


Have a good heart so that you may have share in the NEW Nigeria.

Believe ursef at ur own risk too

bonnyhope:
It should come down to N1 =$1

As Buhari promised

There is momentum already. From 850 to 690, it is possible

The first good news here today. I feel happy that at least we are heading somewhere good.

APC met dollar at 200, took it to 800, reverted it to 690 and the ignoramus are rejoicing.
who do una like this?

JoshTim:
Ibos won't be happy.....they want everything to spoil to sell their Messiah OBI to us. We tell them Kolewerk

This one can't sleep without hating igbos.

I wonder how u people nurture this hatred to adulthood.

Even if its hereditary,can't u reason it out and be free of igbophobia.

savcy:
If oil is the principal exchange commodity of the country, and the assumption is that the value of our currency is tied to the price per barrel of oil, how come the Naira plummets in value arbitrarily, and without explanation, all when the price of oil is high? What sort of economy are we operating? A country that celebrates BLACK MARKET fx rates to the detriment of her OFFICIAL fx rates cannot be taken seriously. We're still joking with our fiscal policy with the BDCs still around. Redesign notes, raid BDC offices... All will amount to nothing on the long run. When all is said and done, and the dust settles the hydra headed demon called the BDCs would again rear up their ugly head and wreak financial havoc. Jokers!

The reason Naira depreciated even during high oil prices was because of unparalleled crude oil theft, which caused a lot of shut downs. For an extended period in the last 3-6months, no single drop was exported from Forcados Terminal and Bonny terminal -2 or our biggest terminals. So of course the country was not earning jack from there, hence our oil production dropped to as low as 900l barrels per day. For a country that should be doing 1.6mln to 1.8mln per day. Calculate the loss of 700k barrels per day for the past 10months at an average of $105, then see how much foreign exchange the country was loosing.

This is the first time in my adult life that the currency has depreciated at t time of high oil prices. We normally suffer depreciation when there is a crash in crude oil prices.

Very good

iLegendd:
Not a bad news. Those of us who make majority of our income in Dollar won't like this, but at least, it will benefit the nation. I'm not selfish, so the nation first.

Though, Binance P2P is still at 727/$.

I'm with you on this, we shouldn't just be too greedy!

OrdinaryNigeria:
Believe this at ur risk

see dem. They want bad things to be happening to their country just to be vindicated. Wicked people.

Shen gbo weyrey

PeterObi4LP:
God bless President Peter Obi for making that POssible.

PeterObi4LP:
God bless President Peter Obi for making that POssible.

yeah! The reason for this drop in price of dollar to naira is that Obi was accused of hypocrisy for campaigning on a production economy while in fact he is one of the biggest importers in the country. Out of shame and his foolish smartness, he stopped importation. Making demand for dollars to come down.

shantti:


Why should we brace our selves. This is good news

for does still hoarding ..

temitope27:
Very good

CLEAR THE WAY, JAGABAN IS COMING

You can't stop the reign won't stop can't stop won't stop what?

had the funniest experience ystdy at eko hotel. because my office is close by, I visited the BDC guys @ 2pm and negotiated for N770, they refused and offered to buy @N720. By 5pm after I closed from work, visited them again and they informed me the rate had dropped offering me N690. Told them i'd keep my greenback till it appreciated cos e pain me say dem dey use me shine! grin
Today, they offered N650. Guess what? i told them to bring it! cheesy U pipu wee nor kill me in this godforsaken country! cry

Pierced:
I bought 73 dollars at the rate of ₦816 through piggy vest on Monday.......woke up this morning......and converted it back to naira at the rate of ₦801. I lost ₦1200. I was too scared to leave it with the way dollar was depreciating.

Mine was 864 on Friday ... Still stucked cus my withdraw was pursed on that same day...

Raxxye:
Seriously?
Greedy, wicked and non-patriotic Nigerians won't like this news. But the God of 200 million suffering Nigerians will judge them!

Amen

Themaths:
"Is back to #690"

Is #690 now the new normal? Makes you wonder what happened to the $1 = ₦1 they promised us 7+yrs ago.

Normally na mumu go believe that... How can that happen 12 years sef... Nigerians love lies na...

iLegendd:
Not a bad news. Those of us who make majority of our income in Dollar won't like this, but at least, it will benefit the nation. I'm not selfish, so the nation first.

Though, Binance P2P is still at 727/$.

Anyday... Binance stopped my withdrawl last week saying nonsense on my withdrawl