Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,151,924 members, 7,814,105 topics. Date: Wednesday, 01 May 2024 at 06:54 AM

Naira Weakens To 917 Per Dollar - Bloomberg - Business (5) - Nairaland

Nairaland Forum / Nairaland / General / Business / Naira Weakens To 917 Per Dollar - Bloomberg (20762 Views)

Banks Dollar Sale Falls As Naira Weakens To 1,479/Dollar / Naira Weakens To 1,233/Dollar At Parallel Market / Naira Weakens To N950/$Dollar As FOREX Scarcity Worsens (2) (3) (4)

(1) (2) (3) (4) (5) (6) (7) (8) (Reply) (Go Down)

Re: Naira Weakens To 917 Per Dollar - Bloomberg by happney65: 9:11am On Aug 10, 2023
We told them in simple and plain English Tinubu isn't different from Buhari and that Tinubu will be even worst than Buhari

They said No.

We have just started ni.

The Shege we go see heenn.. grin grin grin

Cc my friend Omolola15

1 Like 1 Share

Re: Naira Weakens To 917 Per Dollar - Bloomberg by occfx: 9:11am On Aug 10, 2023
Ofunaofu:
One of the most foolish decision ever made by this calamitous Tinubu government is the exchange rate unification nonsense


Instead of putting measures in place to drag the parallel market exchange rate down from 750/dollar to meet the official exchange rate of 460/dollar, the government move the official exchange rate up to meet the parallel exchange rate masking it as exchange rate unification.


After he must have removed subsidy from petrol without any single local refining capacity


How did we get here as a Nation

Consequences of performing surgery without Anastasia. I am sure most of you supported him. He was busy listening to Obi on debates and interviews now he don't understand what's happening. You can copy me but you can never be me.

4 Likes 2 Shares

Re: Naira Weakens To 917 Per Dollar - Bloomberg by Triplerg: 9:11am On Aug 10, 2023
Angelfrost:


Banks indeed! Who do you think makes the Black market thrive??!...

Think! Think!! Think!!!

Those of you supporting these leaders are really trying... You better be well compensated.
You should know you are talking to an uneducated person. If the dollar is readily available at such rates who would be talking about black market?

5 Likes

Re: Naira Weakens To 917 Per Dollar - Bloomberg by optimusprime2(m): 9:12am On Aug 10, 2023
When I said Politics and Economics are two very different concepts, Agbadorians surrounded me...

Now shebi e don dey cast?

@least Buhari had the sense to use arbitrary methods to block the impact of Market forces, so things would not go out of control.

The political luggage of B.A.T's Gbajabiamila's administration, is just too heavy to even allow them make sound Economic policies. Which makes them very incompetent especially at this critical time.
"Basically when you rob from several Tom's, you have to pay several Harry's to cover up your robbery" which will become very expensive eventually.

The funny thing is, this is just the beginning... inflation, low production rates, market forces and the national fx supply situation will push the rate above 1000Naira very soon. And when that happens, returning back to normal will require a miracle.

This shege everybody will enjoy it together.

5 Likes 1 Share

Re: Naira Weakens To 917 Per Dollar - Bloomberg by SunMusk(m): 9:16am On Aug 10, 2023
You re a fool oooo. Honestly, if you re trading forex you should know this.
orohbirodeysmel:
Ok...

How I wish naira will weaken to $1 = ₦2000
πŸ’ƒπŸ’ƒπŸ’ƒπŸ’ƒπŸ’ƒπŸ’ƒπŸ’ƒπŸ’ƒπŸ’ƒπŸ’ƒ

So that those of us making money in $$, yahoo boys, Amazon Kindle publishers, crypto traders, forex traders, programmers etc will blow like atomic bomb 🀣🀣🀣

This morning alone, I never even chop breakfast πŸ‘‡πŸ‘‡πŸ‘‡πŸ‘‡
Re: Naira Weakens To 917 Per Dollar - Bloomberg by CodeTemplar: 9:16am On Aug 10, 2023
Benwallt:
Watin dey happen. I witnessed when dollars exchanged for paltry 1 hundred to 150 in this country. How can growth, technology and population surge bring so much disaster to a nation with abundance resources? It's baffling.
Growth without productivity is retrogression.
Technology not engaged doesn't produce results. Population that's entitled to tech gadgets but not growing in productivity is equally as disastrous.

5 Likes

Re: Naira Weakens To 917 Per Dollar - Bloomberg by crismark(m): 9:18am On Aug 10, 2023
ChenHao23:
Bureau De Change smart brains have absolutely nothing to do with this. This smart brains have been the one engineering the rate when it's still manageable untill CBN under Buhari and Emefiele yanked them off from the OFISD with spurious allegations. The consequences of f that action by CBN has been the free fall of naira.
Meanwhile the Association Bureau the change operators of Nigeria, ABCON has been engaging the CBN since then but no positive action from them because the CBN and the powers that be are benefiting from the naira free fall.
If the genuinely want to bring the rate down, they know what to do
You're wise.
When Emefiele suspended sales of FX to BDCs some economic ignoramus were happy saying BDCs does not all value to the economy. The FX transactions were left at the mercy of greedy and heartless bank CEOs(more like giving a rat some pieces of fish to supervise). Now see what is happening. Since the moment BDCs were suspended, see how rate is flying high

1 Like 1 Share

Re: Naira Weakens To 917 Per Dollar - Bloomberg by VeeVeeMyLuv(m): 9:18am On Aug 10, 2023
Benwallt:
Watin dey happen. I witnessed when dollars exchanged for paltry 1 hundred to 150 in this country. How can growth, technology and population surge bring so much disaster to a nation with abundance resources? It's baffling.

APC 2015 - Present caused it!
Are you guys too blind not to see it?

The most annoying thing is that they refused to review salaries upward

1 Like

Re: Naira Weakens To 917 Per Dollar - Bloomberg by HBB1(m): 9:20am On Aug 10, 2023
Ofunaofu:
One of the most foolish decision ever made by this calamitous Tinubu government is the exchange rate unification nonsense


Instead of putting measures in place to drag the parallel market exchange rate down from 750/dollar to meet the official exchange rate of 460/dollar, the government move the official exchange rate up to meet the parallel exchange rate masking it as exchange rate unification.


After he must have removed subsidy from petrol without any single local refining capacity


How did we get here as a Nation

What measures should have been put in place?

Can you give examples?
Re: Naira Weakens To 917 Per Dollar - Bloomberg by bjdon: 9:20am On Aug 10, 2023
Ofunaofu:
One of the most foolish decision ever made by this calamitous Tinubu government is the exchange rate unification nonsense


Instead of putting measures in place to drag the parallel market exchange rate down from 750/dollar to meet the official exchange rate of 460/dollar, the government move the official exchange rate up to meet the parallel exchange rate masking it as exchange rate unification.


After he must have removed subsidy from petrol without any single local refining capacity


How did we get here as a Nation
Every Niara and Kobo spent on your education was a total waste!
How exactly is a govt supposed to strengthen the currency in the way you propose? Do you even understand how the FX market works? The Niara is weak because we IMPOTRT practically everything. Not only goods but now also services like Education (Parents paying school fees for wards abroad) and Health services (Paying for treatment in US, Europe, India). The former parallel market was nothing but a big scam, where connected individuals were getting FX at an artificially low rate (Subsidized by you and me) and then selling it on at the Black Market. What you see know is the TRUE value of Niara set by demand and supply.
There are winner and losers here, importers will suffer but exporters will enjoy, and that is what we need. Also foriegn investors will be encouraged to invest as their Fx will go further. I know a lot of Nigerians in the diaspora who are now looking at coming to invest in real estate and the stock market, as they money will now go further.
Nigerians must understand that a bit of pain is essential to reform this country. I say that as somebody who detests Tinubu, but the truth is if it's Tinubu, PO, or Atiku, Nigerians would still need to undergo some pain to get the country on the right track.

2 Likes 1 Share

Re: Naira Weakens To 917 Per Dollar - Bloomberg by crismark(m): 9:20am On Aug 10, 2023
Triplerg:
You should know you are talking to an uneducated person. If the dollar is readily available at such rates who would be talking about black market?
Bro stop acting dumb. Dollar can never be readily available. It is not the currency of Nigeria
Re: Naira Weakens To 917 Per Dollar - Bloomberg by HBB1(m): 9:21am On Aug 10, 2023
Ooni:
Only very few non-yorubas know that the Yoruba nation is under a curse placed by alafin Aole in 1836.


Did you say this when Obasanjo was president?
Re: Naira Weakens To 917 Per Dollar - Bloomberg by OKORONKWOBRIGHT(m): 9:22am On Aug 10, 2023
The worst government so far
Re: Naira Weakens To 917 Per Dollar - Bloomberg by 2016v2017: 9:23am On Aug 10, 2023
Ofunaofu:
One of the most foolish decision ever made by this calamitous Tinubu government is the exchange rate unification nonsense


Instead of putting measures in place to drag the parallel market exchange rate down from 750/dollar to meet the official exchange rate of 460/dollar, the government move the official exchange rate up to meet the parallel exchange rate masking it as exchange rate unification.


After he must have removed subsidy from petrol without any single local refining capacity


How did we get here as a Nation
You're asking how ? Continue
Re: Naira Weakens To 917 Per Dollar - Bloomberg by eldoradoxx: 9:24am On Aug 10, 2023
Ofunaofu:
One of the most foolish decision ever made by this calamitous Tinubu government is the exchange rate unification nonsense


Instead of putting measures in place to drag the parallel market exchange rate down from 750/dollar to meet the official exchange rate of 460/dollar, the government move the official exchange rate up to meet the parallel exchange rate masking it as exchange rate unification.


After he must have removed subsidy from petrol without any single local refining capacity


How did we get here as a Nation
We got here by having fellow citizens of Nigeria who are just too ignorant of how things work, they vote based on name and religion of the candidate without subjecting their choices to critical and objective thinking. Same set of Nigerians that warned Nigerians not to vote for Buhari also warned them not to vote for Tinubu because from their critical and objective thinking, both men have nothing to offer, too old and mentally retarded to govern a modern country that desires to grow. But rather than listen, the ignorant folks who are shamefully in large number ganged up and using ethnic and religious sentiment subdued the voices of reasoning. At least it took over a year to begin to feel Buhari's incompetence. In Tinubu's case, his incompetence began manifesting from day one of his presidency

2 Likes 2 Shares

Re: Naira Weakens To 917 Per Dollar - Bloomberg by Yankee101: 9:27am On Aug 10, 2023
We don’t export much besides a centralized oil market

So this is combined poverty loaded through devaluation and hyper inflation coupled with low wages and outright low/unemplyment

1 Like

Re: Naira Weakens To 917 Per Dollar - Bloomberg by Angelfrost(m): 9:27am On Aug 10, 2023
Triplerg:
You should know you are talking to an uneducated person. If the dollar is readily available at such rates who would be talking about black market?

I taya for these dull sycophants.

1 Like

Re: Naira Weakens To 917 Per Dollar - Bloomberg by Originalsly: 9:30am On Aug 10, 2023
Acidosis:



Naira has NEVER gained any significant value since the 1970s. Saving in dollars in Nigeria is an "investment" that will NEVER lose value.

It WILL always fall.. The best any president can do is to reduce the rate of fall. Buhari being the worst president in the history of the universal had the worst rate of fall. Naira, under Buhari, fell by over 300%. Tinubu is gradually taking that path.



I'm not saying the Naira will become stronger against the dollar .... there is nothing going on in Nigeria in terms of production and exports to make this possible. The rise and fall against the dollar is at local level that is based on supply and demand.... that's my point.
Re: Naira Weakens To 917 Per Dollar - Bloomberg by sunkieisland(m): 9:30am On Aug 10, 2023
and senators are busy collecting weekend enjoyment allowance; which the senate president accidentally mentioned on the floor of the senate....

#JustDeyPlay

3 Likes

Re: Naira Weakens To 917 Per Dollar - Bloomberg by Revolva(m): 9:33am On Aug 10, 2023
crismark:

N930/$1
Are you interested?

you are to send me the dollar to my dollar account ...before i pay u cash to ur bank savings 900/dollar i can try
Re: Naira Weakens To 917 Per Dollar - Bloomberg by Kukutente23: 9:34am On Aug 10, 2023
AdesegunSanni89:
If you like go and buy dollars at black market rate, na you sabi. The official rate is around N760 in banks. If government is selling petrol at N600 and you decide to go buy at black market for N1000. Na you sabi o.
But this means we are back to the Buhari era of official/parallel rates
What was the point of devaluing the naira again?
Re: Naira Weakens To 917 Per Dollar - Bloomberg by VeeVeeMyLuv(m): 9:35am On Aug 10, 2023
Angelfrost:


Banks indeed! Who do you think makes the Black market thrive??!...

Think! Think!! Think!!!

Those of you supporting these leaders are really trying... You better be well compensated.
The people supporting these leaders are sick

1 Like

Re: Naira Weakens To 917 Per Dollar - Bloomberg by HBB1(m): 9:37am On Aug 10, 2023
Kalakulu:
Nothing new here...going by history yorubas have a track record of destroying everything whenever they have managed to get power (with the exception of OBJ who unified the country by employing the best brains under his tenure regardless of tribe or religion). Right from the indigenization policy from 1972 when the military government of Gowon bequeathed numerous companies and enterprises (both private and public) to Yorubas as a reward for their role in the "civil war"...majority of the Federal government positions and civil service jobs that were once dominated by Igbos before the civil war were all staffed by yorubas...that was how so many yorubas became millionaires overnight thanks to the heavy patronage and big contracts they were awarded to them by the then government (as a thank you Awolowo kissing Gowon's arse)...meanwhile Igbos were handed absolutely nothing and had to rebuild from ground zero with crumbs. The post war three "R's" policy of
Reconciliation, Reconstruction, and Rehabilitation agenda that was sold to the Igbos ended up being a scam. Igbos had to resort to sheer ingenuity and resilience in rebuilding their war ravaged region, with the scars yet to heal completely.

What happened after? in just less than a decade the yorubas destroyed all those Nigerian owned companies and corporations that once thrived in the 70's- that was how they ran Leventis store aground and rendered it moribund.

We're seeing history repeat itself again under an Ebola government; Ebola has staffed all the sensitive Federal parastatals of his illegitimate govt with his yoruba kinsmen...now our economy has gone from bad (under Buhari) to worse, dollar to Naira rate is now almost N1000 to $1!, gas prices are through the roof, inflation rate is on a rise, poverty abounds everywhere and I shudder to think what the multidimensional poverty index will be looking like now, insecurity situations are getting worse, Boko Haram that seemed to be subdued for a while now are now back in full force etc yet when you call out these maladies, Ebola's roaches will be quick to call you "Ipob" or "wailer"...yet na dem dey suffer pass o!

Yet amidst all this chaos, Ebola is flexing his weak and corrupt-ridden military might in a country that has brazenly disrespected him time and time again.

Brace up Nigerians, we're in for a bumpy ride.

You mean the same Yorubas that have the first Drs, Lawyers, Engineers, Professors... in Nigeria ( or even Africa?)

You mean the Yourbas that have the first TV station in Africa?

You mean Yorubas that have the first primary, secondary schools and university in the country.

You mean Yorubas that had free education and free health in the old western region?

You mean the Yorubas that have the most economically viable region in Nigeria.

You mean Yorubas that had an organized kingdom that extended into present day Togo and Benin.

You are a liar!

There are stories of Yorubas giving back property to returnee Igbos ( with accrued rent) after the War.

Mention the companies bequeathed to Yorubas; and the parastatals the Igbo dominated.

Mind you, Yorubas already had wealthy men whilst some people were still dancing naked in the forest.

You make it seem like your folk were cheated out of their inheritance, when it was your attempt at power grabbing that backfired.

Stop the cap, abeg!
Re: Naira Weakens To 917 Per Dollar - Bloomberg by Triplerg: 9:38am On Aug 10, 2023
crismark:

Bro stop acting dumb. Dollar can never be readily available. It is not the currency of Nigeria
You are the dumb one here. Check the comment Angelfrost responded to, which brought about my own comment.
Re: Naira Weakens To 917 Per Dollar - Bloomberg by VeeVeeMyLuv(m): 9:42am On Aug 10, 2023
BoldBrainz:


I promise you, I can't wait for that revolution!
Did I just hear you say REVOLUTION? PLEASE don't make me laugh grin grin grin

Wake me up when Nigerians get serious. With this confused nationhood of Nigerians, it can never happen
Re: Naira Weakens To 917 Per Dollar - Bloomberg by MT: 9:42am On Aug 10, 2023
Ofunaofu:
One of the most foolish decision ever made by this calamitous Tinubu government is the exchange rate unification nonsense


Instead of putting measures in place to drag the parallel market exchange rate down from 750/dollar to meet the official exchange rate of 460/dollar, the government move the official exchange rate up to meet the parallel exchange rate masking it as exchange rate unification.


After he must have removed subsidy from petrol without any single local refining capacity


How did we get here as a Nation

You raised the bolded in your write up and I will like to learn from you.

Do you mind mentioning 2 or 3 of these economic measures that Tinubu Administration missed to force down parrallel market exchange rate down to the official rate?
Re: Naira Weakens To 917 Per Dollar - Bloomberg by twosquare(m): 9:43am On Aug 10, 2023
When you hear them say it will reach N1000 to a dollar, I think it is time to sell.

Buy the rumor, sell the news... I fear bull trap for some.

If the owner of this thread had waited now, he would have been in massive profits. He don deactivate his account: https://www.nairaland.com/7426846/crypto-not-just-me-massive
Re: Naira Weakens To 917 Per Dollar - Bloomberg by TOMMYS: 9:48am On Aug 10, 2023
Ofunaofu:
One of the most foolish decision ever made by this calamitous Tinubu government is the exchange rate unification nonsense


Instead of putting measures in place to drag the parallel market exchange rate down from 750/dollar to meet the official exchange rate of 460/dollar, the government move the official exchange rate up to meet the parallel exchange rate masking it as exchange rate unification.


After he must have removed subsidy from petrol without any single local refining capacity


How did we get here as a Nation

Dragging the parallel market to meet the official exchange rate will be cuting an Aboki's wealth by half. He doesn't want to offend them. And decided to force mountain to travel go see Moses.

Perhaps he is obeying colonial masters play book of potopoto economics.

Even the most dumbest Nigerian know that if the dollar goes up. With our very greedy elites, the dollar can never ever come down
Re: Naira Weakens To 917 Per Dollar - Bloomberg by ejieddy: 9:52am On Aug 10, 2023
Mr Tinubu, please tell me you have a plan
Re: Naira Weakens To 917 Per Dollar - Bloomberg by orohbirodeysmel: 9:52am On Aug 10, 2023
millionboi2:
show your loss too, you also loss in dollars....na only yahoo boy or abroad ppl supposed say this you are saying.nonsense

Since 2 months now, I never loose 1 single dollar I bought, one bot $150, I dey use the bot, e dey adjust my sl automatically as market dey move, thereby locking my profits grin grin

I just dey pray the bot no cast till end of this year.
Re: Naira Weakens To 917 Per Dollar - Bloomberg by Ofunaofu: 9:57am On Aug 10, 2023
MT:


You raised the bolded in your write up and I will like to learn from you.

Do you mind mentioning 2 or 3 of these economic measures that Tinubu Administration missed to force down parrallel market exchange rate down to the official rate?


My opinion on that in which you try to seek is inconsequential
Re: Naira Weakens To 917 Per Dollar - Bloomberg by millionboi2: 9:58am On Aug 10, 2023
orohbirodeysmel:


Since 2 months now, I never loose 1 single dollar I bought, one bot $150, I dey use the bot, e dey adjust my sl automatically as market dey move, thereby locking my profits grin grin

I just dey pray the bot no cast till end of this year.
enjoy why it last,bot are also risky,it can wipe your account within a twinkle of an eye.

(1) (2) (3) (4) (5) (6) (7) (8) (Reply)

CBN Brings Back Cash Handling Fees For Bank Customers / Akin Alabi: Don’t Start A Print Magazine Business, This Is 2019 / Innoson Reacts: Bench Warrant Against Me Is An Abuse Of Process Taken Too Far

(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. 67
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.