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Nairaland Forum / Nairaland / General / Politics / Dollar Hits 1,105 At Official Market (17637 Views)
Industries Battle For Survival As Dollar Hits N1,155 / Marketers Raise Alarm As Diesel Price Hits ₦1,100/Litre / Soldiers Kill 105 Boko Haram/ISWAP Terrorists In Buni Gari, Yobe State (Graphic) (2) (3) (4)
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Re: Dollar Hits 1,105 At Official Market by Beolly(m): 8:27am On Nov 17, 2023 |
oyichi:
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Re: Dollar Hits 1,105 At Official Market by Evolutionism: 8:31am On Nov 17, 2023 |
The Lamentations continues |
Re: Dollar Hits 1,105 At Official Market by chukiz(m): 8:37am On Nov 17, 2023 |
Free fall for naira, with clueless president, Nigeria is doom |
Re: Dollar Hits 1,105 At Official Market by darediamond(m): 8:44am On Nov 17, 2023 |
oyichi:Britain will Never allow that! Royal house of England own SHELL DIRECTLY. There friends owns Cheveron, TEXACO etc. Nigeria is still being colonized. It is not ordinary that Nigeria Refinery Got DESTROYED and made remained so. It is a DELIBRATE thing orchestrated By BRITAIN via there foot soldiers in and outside Nigeria. This is further energized by Devaluation of Naira which they always encourage our Wicked Polithiefcians to do always. The only antiodate to this network of wickedness is to use your Naira to Buy Dollars at lower rate from the Banks in and outside Nigeria and sell it Back to Naira at Black Market Rate. This is what everyone should be doing in Nigeria now instead of Japaing UNREASONABLY and UNNECESSARILY. The Bank Cards of Access, UBA, PROVIDUS, PAGA, SPARKLE, FIRST BANK, STANDARD CHARTERED, Zenith Bank, Alat By Wema, Wema Bank Card itself etc can all be used to buy Dollars at lower rate and sell it at higher rate through: Skrill, Payoneer, Binance Gift Card etc. The Banks are in Business to make money, and they do get there dollar from C.B.N who actually get the dollar from sales of Crude Oil activities of Nigeria. This reveals that there is 3 types of Forex Rates in Nigeria namely: C B.N Rate, Commercial Bank Rates (Official) and Black Market Rate (Parallel). Even if you have Japa, you can still go into this by learning how to use bank transfer and bank cards. Before you Japa if you want to, make sure you open Dom and savings account with all the C.B.N licenced banks in Nigeria so that you can easily lock into this Antiodate to the Arficial Inflation Created By The Ruling Class in Nigeria in connection with International Monetary Fund I.M.F. May we never be Slave for the rest of our lives ooo. |
Re: Dollar Hits 1,105 At Official Market by SSpeter(m): 8:44am On Nov 17, 2023 |
oyichi:it is not as simple as that, Modular refinery do not produce PMS |
Re: Dollar Hits 1,105 At Official Market by Brushstrokes20: 8:45am On Nov 17, 2023 |
👀👀Dammmmmmmmnnnn it!👀👀👀 eBOLA is all shades of disasters! I never imagined any mortal could be worse than buhari 💯 El druggie came to STEAL AND DESTROY 💯 |
Re: Dollar Hits 1,105 At Official Market by SSpeter(m): 8:46am On Nov 17, 2023 |
darediamond:Stop gaslighting people that is not how it works. |
Re: Dollar Hits 1,105 At Official Market by online4business: 8:49am On Nov 17, 2023 |
contentmakerPRO: Baba na now you know? Believe politicians at your own peril I think say you dey root for balabalu ooo. Dollars will continue to rise like rice wey dem soak for water. No hope again dangote refinery no go even work to help naira. Here's why. Dangote is a business man he's not ready to lose money to help Nigeria. People like the vulture griller and freestuffng and helius be like those guys dey buy fuel how much self e Dem now. If you're in Nigeria abeg invest in knowledge like blogging or kdp. Or better still learn copywriting. 1 Like |
Re: Dollar Hits 1,105 At Official Market by Blakjewelry(m): 8:53am On Nov 17, 2023 |
chicfarmer:misleading headline, it's just to gather views. It was quoted at that amount doesn't mean it was sold for that amount. The report says it went back to it original price of 840 at the end of the day. At the official market, the dollar is quoted as the average of the day trade. 1 Like |
Re: Dollar Hits 1,105 At Official Market by GoWithGood: 9:04am On Nov 17, 2023 |
This country is finished, dead and buried. Emi lokan on the beat. |
Re: Dollar Hits 1,105 At Official Market by freedomchild: 9:07am On Nov 17, 2023 |
kingsceemark:lol |
Re: Dollar Hits 1,105 At Official Market by SuccessfulRichi: 9:15am On Nov 17, 2023 |
[quote author=ijustdey post=127011983] There is no respite yet for the nation’s currency as the naira recorded the biggest fall in recent times exchanging for N1,105 at the Nigerian… Nigerians their own no fit pass man and woman talk & tribalism. Why can't we black discuss AI technology or Chinese chipmunk cities. bleeped race |
Re: Dollar Hits 1,105 At Official Market by casualobserver: 9:18am On Nov 17, 2023 |
oyichi: Foolishness is commenting on matters you know nothing about. Nigeria has been spending money to defend the Naira for decades. When you hear that CBN intervened in the forex market that is what they are doing…. Subsidizing forex for Nigerians. The problem is we have now run out of forex reserves to defend the Naira. The root cause of the decline in the Naira is the collapse of local refineries, importation of fuel, fuel subsidies, reduction in crude production and the fact that we export very little. The chickens have now come home to roost. Like a man borrowing from friends to maintain his lifestyle, Nigeria has been living a false life for decades, now there are no more friends to borrow from to lead the false lifestyle. 2 Likes |
Re: Dollar Hits 1,105 At Official Market by VeeVeeMyLuv(m): 9:35am On Nov 17, 2023 |
casualobserver:Bros calm down He is very correct He did not say spend, but borrow You must make effort to understand the difference How can you borrow to defend your currency? You are just trying your best to defend what cannot and should not be defended 1 Like |
Re: Dollar Hits 1,105 At Official Market by ayo2008: 9:38am On Nov 17, 2023 |
ijustdey: Yoruba lokan indeed See scratching my head to mention one thing Tinubu has done since may 2023 except We should wait while they party 1 Like 1 Share |
Re: Dollar Hits 1,105 At Official Market by mercysayno(m): 9:49am On Nov 17, 2023 |
imoowo:you re the one that is very stupid, who told u that people mentioning Yoruba and fulani re igbos, and also didn't some igbos voted for Tinubu. 3 Likes 1 Share |
Re: Dollar Hits 1,105 At Official Market by casualobserver: 9:58am On Nov 17, 2023 |
VeeVeeMyLuv: Like I said do not comment on things you do not understand. This thing is above your pay grade. All these years we were claiming we had forex reserves of $30-40b. Recently JPMorgan announced that all the so called reserves had been borrowed against. While we had it on paper, we had borrowed against it and spent it defending the Naira. It is like claiming you own a house worth N300m but you have borrowed N250m from the bank against the house and used that money to maintain a false lifestyle. You are clearly not informed or educated enough to comment on matters of economics or finance. We have been borrowing for years borrowing to defend the Naira, borrowing to subsidize petrol, borrowing g to build roads borrowing g to pay salaries. When you go to a shop to buy food, the food seller does not know where you got the money from and does not care whether you borrowed or earned the money. At the point of sale or transaction you are spending. It is at the back end where you go to your friends to borrow you money to feed your family that the borrowing occurs. The bottom line is you have lost your job, you are spending money to feed your family and maintain the lifestyle of your family like someone who still had a job. Eventually you started to borrow money to spend in order maintain your family’s lifestyle, even pledging a significant portion of your future salaries for the job you have not even secured. That is the story of Nigeria. Don’t confuse spending and borrowing. spending is what you do with money, borrowing is one way you source the money to be spent. Whether money is earned or borrowed it will be spent. Borrowing g is simply a source of money that is spent. The money that we had been spending to defend the Naira and pay fuel subsidies was borrowed money not earned money. That is why JP Morgan said no you don’t really have $30b in reserves, you only have about $6b because we have over the years used the reserves as security to borrow $24b from them and others to intervene in the forex market to defend the Naira. That part in bold shows your ignorance and lack of understanding and that this thing is above your level. It is like asking how can a man borrow money to feed his family or how can a man borrow to keep up appearances? A country is no different from a family, it is simply an extended family. Often in a family you don’t know what it takes for daddy to put food on the table, the friends he has had to borrow from until one day he no longer can’t, he no longer has friends to borrow from, then you face the sudden reality that you have been living a fantasy and have to make painful adjustments…you might even have to live your school to go to a cheaper or government school. You earn to feed your family, if you don’t earn, you borrow untill no one wants to lend to you again. When no one wants to lend toyou again, you take any job you get to raise money or you are forced to cut your expenses. If you cannot get a job, you go hungry and eventually you die. We are now in the hungry stage and finally coming clean to friends and family that this lifestyle we have been leading was a false one so adjust or we die. 4 Likes |
Re: Dollar Hits 1,105 At Official Market by iamtardey: 9:59am On Nov 17, 2023 |
Waoh The End. |
Re: Dollar Hits 1,105 At Official Market by AllDModsAreMaad: 10:10am On Nov 17, 2023 |
casualobserver: Can you just keep kwayet and learn? 1 Like |
Re: Dollar Hits 1,105 At Official Market by casualobserver: 10:14am On Nov 17, 2023 |
AllDModsAreMaad: You are the one who should keep quiet and learn, I am educating you in 5 minutes what people spend 4 years to learn in university. 1 Like |
Re: Dollar Hits 1,105 At Official Market by contentmakerPRO: 10:29am On Nov 17, 2023 |
online4business:me no dey follow any useless politician oo. I just discuss or comments as i see the events unfold or my possible knowledge of the story involved. I can never vote for any politicians. All of them, not one, have hands in looting this country dry in one way or the other. But so many mumus are blinded by tribalism, religious and social clouds, especially here, so they dont see what they are into, unless they are making lots from the government that warrat them to be acting in such manner. Governors will loot the state dry. No innovation, no productivity, no strategy, all just go there, borrow money, add to the debts, use small portion to lay roads and street lights, bringing foreigners to do the job to avoid being blackmail or expose for contract padding and mumus will start celebrating them. Tinubu will come, and go, BUT either good or bad legacy that will affect the generation unborn will be left. But he has written his name as one of the presidents nigeria had in the history book. That is what he has been nurturing for long, just like Atiku. But what will he be remembered for? Time will tell. All of them including tinubus has hand in that refineries. They know what to do to revolutionize the oil industry, but since it is cashcow for them, never will they touch it. They porpotedly increase the fuel price because of dangote, nothing more than that. Many african presidents have stake in the business too. Same everywhere. Enslaving her citizens. |
Re: Dollar Hits 1,105 At Official Market by OAFMods: 10:30am On Nov 17, 2023 |
So you mean Obi was foolish to an extent he watched himself being rigged out ?! onumadu: |
Re: Dollar Hits 1,105 At Official Market by darediamond(m): 10:33am On Nov 17, 2023 |
SSpeter:How does it then works Mr.? Haven't Babangiga opened everyone's eyes when He said "We do not do our Government on the pages of News papers". So you want people to Remain Slaves in this WICKEDLY CREATED POOVERTY ABI ATMOSPHERE? YOU TERMED MY REVELATIONS AS gaslighting abi? What then do you call the DELIBRATE Devaluation of Naira by the Ruling Class in Nigeria? Mr., you can think and say anything in return to my call to action small revelations to fellow Common Nigerians. I am not a person who can be carried hitter and Titter. I'm not western Europeans who do pretends to like Africans to some extent. I am an (American so to speak), who shows the hatedred directly. Is Nigeria Government TRULY RESPOSIBLE? How come the Largest Economy In Africa have it citizens Delibrately Subjected to poverty by the Groups Of Private Families Group a.k.a Government or Ruling Class? So you want common Nigerians to keep wallowing in senselessly created hardship baa? Revolution does not necessarily needs to be violent and bloody at some point. No it does not. And the only way to revolutionized this animalistic Financial and Social imbalance is for EEEEEEVRY POOR NIGERIANS TO USE NAIRA TO FIGTH THE GOVERNMENT BACK LEGALLY. Granted the Global Economy as been Dollarised. And Nigeria Ruling Class Rakes in Millions of Dollars Everyday via Crude Oil and Other Resources Exportations. So why should I not take the Bull By The Horns when the Ruling Class decides to use Poverty as A means to Silence Millions Of Nigerians who are also Entitled to the Natural Resources they have Hijacked from the Masses using the scam codes of barbaric laws called NIGERIA CONSTITUTION CAN YOU EXPLAIN WHY Sir? To anyone reading what I am saying, Please go for the Kill now!!!!! Open Banks account in all the Nigeria Central Banks Licenced Banks. Collect on each account, the accompanying MASTERCARD or VISA cards or in some banks, Both. There two types of Banks now globally. We have Traditional and Neo Banks. The traditional Banks in Nigeria are Access, FCMB, Unity, G.T.B, U.B.A etc. While the Neo Banks are Kuda, Aella, Mynt, Sparkle, Opay etc. Neo Banks are Online Banks. They too offer Master and Visa Cards over activated savings other other types of accounts they offer as financial instruments. So start opening accounts with each of them all so as to be able to buy Dollars or other foreign currencies from them at cheap rate to resell at higher rate to fill the Financial Power vacuum Delibrately created by the Ruling Class against you. Learn how to do card to card local and international transfer. Open account with geegpay and Grey formerly known as aboki.africa. Those two companies would be need to sell your dollars at Black market rates. Remember the ruling Class make instant money from the sales of Crude oil and other Resources which they have share it Licence of Mining amongst themselves but they want you as a "Servant" to wait for 30 days to get paid by them. What do you call that?? |
Re: Dollar Hits 1,105 At Official Market by DavidEsq(m): 10:41am On Nov 17, 2023 |
Keep lying. I sold at 1,200 on Monday this week |
Re: Dollar Hits 1,105 At Official Market by nlreserve: 10:42am On Nov 17, 2023 |
kingsceemark:And igbos want to pull out |
Re: Dollar Hits 1,105 At Official Market by Macphenson: 11:00am On Nov 17, 2023 |
darediamond: Am interested in this. Please can u shed more light on this or teach me how to do it. |
Re: Dollar Hits 1,105 At Official Market by Macphenson: 11:06am On Nov 17, 2023 |
darediamond: Please can I get ur contact? I want to learn this |
Re: Dollar Hits 1,105 At Official Market by Tohmey(m): 11:14am On Nov 17, 2023 |
casualobserver:Gbam! You said it all |
Re: Dollar Hits 1,105 At Official Market by Triplerg: 11:30am On Nov 17, 2023 |
When Buhari said he would be praised after he was gone, we all took it for a joke. Now look at what is happening. Who floats a currency like the naira against the dollar in a dollarised economy like ours and hopes for something meaningful? Tinubu has finished Nigeria kpatakpata. Shame on all the e-rats who support him here. 1 Like |
Re: Dollar Hits 1,105 At Official Market by AllDModsAreMaad: 11:42am On Nov 17, 2023 |
casualobserver: You're just plainly stu pid. Educate your du mb sef. I'm not even the one you quoted at first, but you trying to distribute the blame among the past administrations is rub bish. Yes, that act didn't start today like you claimed, does that mean it should continue since it is not sustainable or reasonable for the country. The other guy is criticizing the act irrespective of when it started, but you are foo lishly saying another thing just to defend your paymaster and exonerate them of all wrongdoings regarding the state of the nation. He contested for that position, and his duty is to work and give meaningful policies not throwing blames like you're are shamelessly doing. |
Re: Dollar Hits 1,105 At Official Market by casualobserver: 12:05pm On Nov 17, 2023 |
AllDModsAreMaad: Your problem is you are a m0ron who has simply inferred from my comments. My comments were statements of fact. They made no attempt to lay blame or to absolve anyone. You with your bias decided I was defending or absolving one party or another. I did not. Go back to my original post, all it said was Nigeria had been living a lie for decades and now we can no longer maintain that illusion….that’s all. We had been deferring the pain and now we can’t avoid it. I made a statement, you are poor and have been living above your means. I did not say it is this persons fault or this othe r person is not to blame, I simply made a stem entry of fact. We had been borrowing to defend the Naira. This is why it is difficult to have any semblance of an intellectual debate with Nigerians especially on Nairaland. The c Vast majority are not only intellectually deficient, uninformed and ignorant but to add to their burden they are clouded by bias. If you check my posts you will see where I have credited Buhari with undertaking lasting infrastructure projects never been done since the return to democracy in 1999. No matter the source of the funds, the roads, rail etc will be there for decades. However, I have also criticized his administration for financial recklessness in borrowing and for his failure to get the refineries working in 8 years and for his failure to remove subsidy. The current administration has just started, the reforms IMHO are necessary painful as hey are, collectively we have all been living a lie, living above our means. The adjustment will be painful but necessary. Poor people have no business driving V8 jeeps with fuel subsidized by the government. A country that imports everything and exports nothing will eventually pay the price. A country that wants to eat imported rice should not be subsidized to so especially at the expense of local farmers. At the same time the citizens must play their part. Nothing is free. There is a price for everything. You want good tertiary education for a population of 200m you have to pay for it one way or another either increased taxes or increased fees. But if you protest increase in fees, you end up like the man who burnt his certificates…..you end up with certificates that are worthless. So if you want cheap petrol, no problem but you will end up with the country we have today. Government also has a duty to send a signal to the rest of the country. For me, I wish the government would pass a law that makes it illegal for any government agency to buy any foreign vehicle if the equivalent vehicle is assembled in Nigeria. I also wish they would ban the use of official vehicles above a certain engine capacity or below a minimum fuel consumption. The bottom line anyway is we are where we are because of the collective recklessness of the country both the government and the citizens. If as citizens you are not ready to buckle your belt and still want to live the false life of the past, trust me what is happening in Venezuela will be child’s play. 1 Like |
Re: Dollar Hits 1,105 At Official Market by subhankhan: 12:06pm On Nov 17, 2023 |
Finance management is a critical discipline that involves the strategic planning, organization, and control of financial resources to achieve specific goals. Whether applied to personal finances or within the context of businesses and organizations, effective finance management is essential for long-term success. |
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