Naira Hits All-Time Low Of ₦1,152/$1 In Black Market - Business (9)

Naira Hits All-Time Low Of ₦1,152/$1 In Black Market - Business (9) - Nairaland

Nairaland Forum › Nairaland General › Business › Naira Hits All-Time Low Of ₦1,152/$1 In Black Market (25958 Views)

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Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by mindtricks: 5:59pm On Oct 20, 2023

Gerrard59:
The issue is that you targeted investments which generate revenues from Nigerians. Invest into industries which are export oriented. Through that, you generate revenues in dollars instead of naira. As for buying lands and building hostels, total loss. Any investment wey no generate dollars as revenues should be avoided.

Very much on point.
Man wey sabi.

Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by IbeOkehie: 8:34pm On Oct 20, 2023

Gerrard59:
The issue is that you targeted investments which generate revenues from Nigerians. Invest into industries which are export oriented. Through that, you generate revenues in dollars instead of naira. As for buying lands and building hostels, total loss. Any investment wey no generate dollars as revenues should be avoided.

The volume of exports from Nigeria will remain below potential until the naira is FLOATED, really floated to trade in a completely free market.

Good Luck to Nigeria.

Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by micxwell(m): 9:17pm On Oct 20, 2023

Kachidubem:
Asin ehn... I just dey laff... like they dont have expenses to make or what ....

How can somebody store cash since 2011 till date and leave it untouched ..lmao

Somebody said he saved in dollars back in 2013 (950k naira) ... now he withdrew the money in 2023 (4.4mill naira)

So , he took 10 good years to gain profit of 3 million naira... 10 yrs to make 3 mill doesn't sound impressive self to me

Plus, I can bet you , whatever you planned to buy 2013 be it car or anything, by 2023 when you withdraw your money, INFLATION will be waiting for you

My frnd in uni bought Lexus rx350 suv in 2014 2.7 mill, even if he had saved that money in dollars to make 3 mill profit ..today that same car cost 6.6 million naira .

You just keep going back and forth. Mathematics doesn't lie. Kindly do the math for us.
How much was exchange rate as at 2014? Let's take it from there.

Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by micxwell(m): 9:36pm On Oct 20, 2023

VeeVeeMyLuv:
Bros what are u saying sef?

that your friend 2.7 m naira 13500 dollars in 2014 is now worth 13m black market rate.

So you see he will buy the car now in 2023 and even have more than enough change to spare to play with that is enough to conveniently buy another same car.

As u can see, Saving in $ is very wise and earning in $ more wiser

I honestly don't understand the guy...🤷

1 Like

Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by Kachidubem: 12:29am On Oct 21, 2023

micxwell:
You just keep going back and forth. Mathematics doesn't lie. Kindly do the math for us.
How much was exchange rate as at 2014? Let's take it from there.

Rest !

Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by micxwell(m): 7:33am On Oct 21, 2023

Kachidubem:
Rest !

Funny, the other guy "@VeeVeeMyLuv" obviously got tired of arguing with you. There's no way you want to spin it; inflation or not, saving in dollars is far better than saving in naira for now as a Nigerian. And that's exactly why most of our politicians don't care! They have their assets and savings secured in dollars.

They all stopped spending Naira, going by the way they were throwing dollars around during the election primaries.

Inflation will affect everybody, including those earning in dollars if we want to go by your statement.

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Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by UnfairLife7(m): 1:08pm On Oct 22, 2023

YourNextLevel:
Una never see anything yet. The good news is that it touches everyone.

Excuses all over the media. Spit

fearyourcreator, helinues, jrusky and other miserable RONUs said they're super rich but living at Agege

They don't care if dollar gets to 5k provided their brother emilokan is the president

Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by UnfairLife7(m): 1:37pm On Oct 22, 2023

duketerry22:
Christmas this year will be BLACK CHRISTMAS...on his mandate we stand folks are now piping low. It's hitting everybody. No one to help anymore

fearyourcreator, helinues, jrusky and other miserable RONUs are not feeling the heat bro

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Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by Swiftgrp: 5:15am On Oct 26, 2023

KillIgbohoN0W:
Source: Independent

Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by Swiftgrp: 5:18am On Oct 26, 2023

orisa37:
BANKERS ARE THE TRADERS IN THAT MARKET. I MEAN BANKERS ARE THE BLACK MARKETERS IN THAT MARKET.

Indeed.

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