Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,163,426 members, 7,853,848 topics. Date: Saturday, 08 June 2024 at 06:10 AM |
Nairaland Forum / Nairaland / General / Business / Naira Depreciates To 1565/$ In Parallel Market (10586 Views)
Naira Depreciates To N1,305/$ In Parallel Market / Naira Depreciates To ₦1,300/$ In Official Market / Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens (2) (3) (4)
(1) (2) (3) (4) (5) (Reply) (Go Down)
Re: Naira Depreciates To 1565/$ In Parallel Market by Ishilove: 10:05am On Feb 15 |
Meanwhile, the Nigerian Customs are using a completely different exchange rate for duty. This is today's exchange rate used to capture a duty payment 2 Likes
|
Re: Naira Depreciates To 1565/$ In Parallel Market by Ishilove: 10:07am On Feb 15 |
Yesterday's rate below. These people are scammers. Official NCS rate is #1,444, but behold the jigbiti going on underground. Nigeria is imploding 1 Like 1 Share
|
Re: Naira Depreciates To 1565/$ In Parallel Market by Skyehigher1: 10:09am On Feb 15 |
If fg is not ban bdc or anything parallel market dollar to naira is going to 5000 plus before the end of this year and Nigeria government should expect revolution that going to beyond their imagination and crisis we consume everybody because as am talking to you even with soft minds is pushing to the wall this country will collapse if care is not taking |
Re: Naira Depreciates To 1565/$ In Parallel Market by Okeoghenerobert: 10:10am On Feb 15 |
By tomorrow,a dollar will equal to #1.Its only APC that can do it |
Re: Naira Depreciates To 1565/$ In Parallel Market by Acidosis(m): 11:51am On Feb 15 |
Ishilove: Same as the rate on Piggyvest. |
Re: Naira Depreciates To 1565/$ In Parallel Market by Johnjustice: 12:48pm On Feb 15 |
This floating is bad for the naira, in a free market, the naira can never compete with dollars, in this present conditions. Let's look for trade partners and pay with naira, sell our crude and gas in naira, to boost naira value. |
Re: Naira Depreciates To 1565/$ In Parallel Market by cucumbar: 1:00pm On Feb 15 |
Omihanifa:December ke? We are still In February in case you don’t know. December is still 10 months away. It will be a miracle if they control the pace so that it will be 2000 in December, otherwise, at the rate it is sliding , expect 2000 by this time next month. 2 Likes |
Re: Naira Depreciates To 1565/$ In Parallel Market by CalabarPikin: 1:03pm On Feb 15 |
Re: Naira Depreciates To 1565/$ In Parallel Market by kingthreat(m): 1:05pm On Feb 15 |
It is obvious no one understands how to resolve the situation we are in. 1 Like 1 Share |
Re: Naira Depreciates To 1565/$ In Parallel Market by ogawisdom(m): 1:08pm On Feb 15 |
With this economic crisis only a reversal of USD floating can stabilise the naira which ego won't allow Tinubu to do. Reckless policy that will crash Nigeria. Even if reversed it may be officially at 1500 and 1800 black market. |
Re: Naira Depreciates To 1565/$ In Parallel Market by Robinmido(m): 1:24pm On Feb 15 |
No it is not. EmeeNaka: |
Re: Naira Depreciates To 1565/$ In Parallel Market by IbeOkehie: 1:30pm On Feb 15 |
nairalanda1: I keep asking you - HOW does a country increase economic diversity? It's not enough to point out problems. Predictions? Let me do you one better, especially for you and your blanket blame for all governments. SUNDAY SUN NEWSPAPER And that's exactly what happened. I keep telling everyone, the current phase of the Nigeria Crisis started in Jan 2012 when Bola Tinubu led the opposition against the withdrawal of petrol subsidy. President Tinubu was also a staunch advocate for a massive increase in money supply. Read him here, published in various newspapers at the time. This was written just before the 2015 elections, on Tuesday, November 18, 2014. The Finance Minister Ms Iweala even felt compelled to issue a rebuttal, warning that such policy would cause inflation. https://thenewsnigeria.com.ng/2014/11/18/way-out-of-nigerias-economic-crisis-bola-tinubu/2/ “Listen carefully to the position of the Jonathan Administration as articulated by the finance minister and you shall collide into the barricades of illogic and its weighty consequences. The claim is that government is low on funds because the lower price of oil means fewer dollars are being collected from oil sales. This sounds logical but for one fundamental point. The dollar intake is basically irrelevant to determining the amount of naira the government commands and places into the political economy. This fundamental point reveals the government’s position to be the antiquated relic of a past era. It is the way of the gold standard which ceased to exist over forty years ago. As such, government’s stance is based more on superstition than on the actual functioning of modern economy with a sovereign fiat currency of its own. More of the same from the Vanguard, even as recently as 2020 Mr Tinubu was still pushing the APC government to distribute more money https://www.vanguardngr.com/2020/04/increase-recipients-of-anti-poverty-stipends-tinubu/ Mr Tinubu asserted at the time that - The lesson learned is that a government has the sovereign power and requisite duty to intervene in the economy in order to stave calamity. To aid in this task, a government has the unlimited ability and again public duty to issue as much of its own currency as needed to quell shortage and buffer the populace from hardship. Now that it's all gone so wrong, he's back tracking to a more fiscally responsible position. The President Tinubu of today is doing the right things, he's got good policy, it's just that the damage to Nigeria since Jan 2012 is too deep and investor confidence is too far gone. Good Luck to Nigerians!
|
Re: Naira Depreciates To 1565/$ In Parallel Market by nairalanda1(m): 1:38pm On Feb 15 |
IbeOkehie: Well, he GEJ did not remove the subsidy, he did not take the tough decision, and here we are. Plus, read that article I posted, it is very informative. All Nigerians should read it . It shows what is going on. Subsidy at the end is just part of a larger and colorful tapestry of Nigeria's economy. I still blame Nigerian leaders though...for keeping us resource dependent. (I know you disagree with me, but there it is, and it annoys me a lot. I had my eyes opened on resource dependency in 2011...by an article called Pass the books, hold the oil. Also, Field Ruwe's article on lazy African intelelctuals)> But for diversificaiton 1.Remove subsides on power and petrol 2, Promote vocational education 3. INcentives for investors willing to set up industries. That's about it. I supported subsidy removal in 2011 and 12...and that's was another eye opener. TO understand why I speak the way I speak is to understand that I had my eyes opened on resource dependency and subsidy removal in that time. I am not going back to being blind. 1 Like |
Re: Naira Depreciates To 1565/$ In Parallel Market by sukkot: 1:52pm On Feb 15 |
Hmmm Treadway e be things ooo 🥹 |
Re: Naira Depreciates To 1565/$ In Parallel Market by RealEzee(m): 1:55pm On Feb 15 |
Na statistics we go chop? |
Re: Naira Depreciates To 1565/$ In Parallel Market by Jeferious: 2:07pm On Feb 15 |
Ishilove:Ishibaby, you work at NCS? As in person go come dey clear 40 feet container with #20M based on this rate wey I dey see so? Omo, na war go settle this madness very soon |
Re: Naira Depreciates To 1565/$ In Parallel Market by cucumbar: 2:41pm On Feb 15 |
Celestialsword:He promised to continue from where Buhari stopped. Unfortunately, some air heads went ahead and voted for him. The situation looks scary. |
Re: Naira Depreciates To 1565/$ In Parallel Market by cucumbar: 2:45pm On Feb 15 |
ahmedio2017:Sharap there…you opens your eyes and voted a senile old man to be president because of tribalism. You are here talking rubbish that they are all criminals? God go punish all of Una wey bring this calamity upon Nigerians. |
Re: Naira Depreciates To 1565/$ In Parallel Market by Ishilove: 3:33pm On Feb 15 |
Jeferious:It depends on wetin you carry inside the container. There is no limit to how much you can pay for clearing. |
Re: Naira Depreciates To 1565/$ In Parallel Market by ahmedio2017(m): 3:56pm On Feb 15 |
cucumbar: See you, I'm not even an advocate of democracy talk less of voting emilokan... |
Re: Naira Depreciates To 1565/$ In Parallel Market by IbeOkehie: 4:48pm On Feb 15 |
nairalanda1: He couldn't SUSTAIN the decision because of TRIBALISM. In other word, Nigeria lacks the cohesion necessary to sustain a common national interest. As I've stated many times, homogeneity OR complete domination by one group is a necessary ingredient of national success and happiness. As the Islamists are starting to dominate Nigeria, such decisions can be taken more easily. Good Luck to Nigeria. |
Re: Naira Depreciates To 1565/$ In Parallel Market by isArray: 4:52pm On Feb 15 |
HeadNigga:For people that voted for Buhari twice, I doubt this |
Re: Naira Depreciates To 1565/$ In Parallel Market by Growing(m): 5:35pm On Feb 15 |
The more painful thing is that there is no plan in sight by the government to address this problem at the root level. God help us. |
Re: Naira Depreciates To 1565/$ In Parallel Market by Thislifee: 6:00pm On Feb 15 |
UDOKABESTLUV:Agbadoriand, it shall never be well with all of you that voted Tinubu! You all would die in your happiest days! |
Re: Naira Depreciates To 1565/$ In Parallel Market by Jeferious: 8:06pm On Feb 15 |
Ishilove:How much tailoring goods dey pay? |
Re: Naira Depreciates To 1565/$ In Parallel Market by Ishilove: 10:33am On Feb 16 |
Jeferious:Full load? Or with vehicles? |
Re: Naira Depreciates To 1565/$ In Parallel Market by Jeferious: 5:18pm On Feb 16 |
Ishilove:full load? |
Re: Naira Depreciates To 1565/$ In Parallel Market by Ishilove: 5:34pm On Feb 16 |
Jeferious:That means the only items in the container will be goods. No vehicles |
Re: Naira Depreciates To 1565/$ In Parallel Market by Jeferious: 6:46pm On Feb 16 |
Ishilove:Yes. Only tailoring goods |
Re: Naira Depreciates To 1565/$ In Parallel Market by Ishilove: 7:22pm On Feb 16 |
Jeferious:40ft container 6m-7m, 20ft container 4.5m-5m when ex rate was still 757. Now that rate is hitting 1,600, e go don nearly add like 2m on top |
Re: Naira Depreciates To 1565/$ In Parallel Market by Jeferious: 7:42pm On Feb 16 |
Ishilove:Hmmmm....na final consumer go hear am shaa |
Re: Naira Depreciates To 1565/$ In Parallel Market by Ishilove: 7:47pm On Feb 16 |
Jeferious:That's the domino effect of increased taxation. Ordinarily you don't increase taxes when an economy is in recession. You rather cut taxes to stimulate business activities. That's what they call 'tax breaks'. Then when things normalize you reinstate those taxes. In Nigeria, we do the exact opposite and expect magic to happen. 2 Likes 1 Share |
How To Grow Your Business Online / Dangote: Africa’s Biggest Philanthropist - Eyesoflagos / LASG Reopens Alaba And Trade Fair Markets.
(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. 72 |