Naira Trades At ₦1,730/$ At Parallel Market - Business (5)

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Naira Trades At ₦1,730/$ At Parallel Market - Business (5) - Nairaland

Nairaland Forum / Nairaland / General / Business / Naira Trades At ₦1,730/$ At Parallel Market (23851 Views)

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Re: Naira Trades At ₦1,730/$ At Parallel Market by ollypass: 11:01pm On Feb 19

Yankee101:
The military should grow balls and remove Tinubu
Arrest everyone from buhari till date
Recover our money and use it to build nigeria

As radical as this may sound ..I support you with a passage from the bible ...what would a man not give to Dave his life ? the fastest way to save this country ...round up every one post yardua that ever had any thing to do with aso rock and let them bail thier life ..see how our economy will change in one week

Re: Naira Trades At ₦1,730/$ At Parallel Market by loswhite(m): 11:02pm On Feb 19

Agbegbaorogboye:

Where did you get this from?
It's 1600 at official. The gap is getting wider again after converging last week!!

The money in black Market is coming from the same source so someone must create the differential. If you take it to 2000 the black market will go to 2500...lol

3 Likes

Re: Naira Trades At ₦1,730/$ At Parallel Market by Konquest: 11:03pm On Feb 19

Islie:

https://www.thecable.ng/naira-tumbles-to-new-all-time-low-at-parallel-market-trades-at-n1730/amp

Re: Naira Trades At ₦1,730/$ At Parallel Market by CatchMeIfUCanMO: 11:03pm On Feb 19

Omoh, person no even understand this country again.

Re: Naira Trades At ₦1,730/$ At Parallel Market by IJEYdiamond(f): 11:05pm On Feb 19

So these monkeys can not stablizes naria before they came into power....

I built Lagos ur🍑

1 Like

Re: Naira Trades At ₦1,730/$ At Parallel Market by ogawisdom(m): 11:05pm On Feb 19

Hotfreezing:

And if you convert it to USD, it is USD you will use to buy food, right?

Okay, you convert back to Naira, will the price of food be the same as at the time you changed to dollars, won't it have skyrocketed?

At least money remain the same as prices are skyrocketing? Which is better

1 Like

Re: Naira Trades At ₦1,730/$ At Parallel Market by HugoBoss10(m): 11:08pm On Feb 19

TimeManager:
1,700 @ official and 1,730 @ blackmarket. I love the chess game Cardoso is playing with those economic saboteurs. The gap keep closing up. If you think you can become an overnight billionaire through round tripping like you did in the past, then you're the latest clown in town.

-kiss the truth!
You really need to kiss the truth indeed because your assessment shows that you really don't know anything

Re: Naira Trades At ₦1,730/$ At Parallel Market by Mubieey: 11:09pm On Feb 19

Where are we going to?

Re: Naira Trades At ₦1,730/$ At Parallel Market by LieutGen: 11:09pm On Feb 19

frankputer:
Y
I know the problem.
All online Naira to USD and USD to Naira APP converter(black market) should be blocked from our airspace.
They are the one doing all manner of havoc to Naira.

I don’t think CBN is aware of this platform.
CBN should convert all inflow to Naira automatically,
And ban all online converters

Quite laughable!!! You are too funny Bro. Very funny.

So you think that "Online Converters", as you call them, are responsible for naira depreciation? You actually need a whole lectures on how macro economy operates.

Is it only in nigeria or naira can the so called converters manipulate? Why haven't they manipulate Pound/USD or Cedes/Usd or Cfa/Usd or any other currency? AbokiFX was banned from internet space sometime ago, did it change anything? At some point, the CBN had to publish a realistic exchange rates equivalent to the Aboki rate.

Your thinking, similarly to some of the policies of CBN are just remedial and can only be felt in very short time, before the doom continues.

Exchange rate stability is macro-economic in nature. You can't revert it by mere issuing a directive.

To stabilize the exchange rate, you must maintain your Balance of Payment equilibrium. This simply means that your Export must be equal or higher than your Import. But today, nigeria basically depend on foreign imports for virtually everything they use. Farmers can't go to farm, Investors are leaving en mass, small production companies are closing down due to operational cost especially diesel price. The roads are not safe, neither are the roads motorable. We can't refine our fuel & can't pay subsidy. All the know economic variables are on the downside.

Should I mention the dollar dominated loans taken by Buhari and how Emefiele was printing & injecting more naira to the economy in the name of Mean Advances?.

My brother, we are in for a long thing. Leave the online converters, they are not the cause of anything.

20 Likes

Re: Naira Trades At ₦1,730/$ At Parallel Market by Yankee101: 11:09pm On Feb 19

ollypass:

As radical as this may sound ..I support you with a passage from the bible ...what would a man not give to Dave his life ? the fastest way to save this country ...round up every one post yardua that ever had any thing to do with aso rock and let them bail thier life ..see how our economy will change in one week

Amen

Re: Naira Trades At ₦1,730/$ At Parallel Market by Konquest: 11:12pm On Feb 19

Yankee101:
The military should grow balls and remove Tinubu
Arrest everyone from buhari till date
Recover our money and use it to build nigeria

That's VERY unwise. The military dictatorships ruined Nigeria and laid the foundations of corruption so that's not an option. I lived through multiple military governments and in terms of freedom, democracy is the best. With the military, there's NO accountability and the freedom you have to post defamatory comments or criticisms on NL or other social media platforms would be curtailed by the military guys through brutal arrests, proscriptions of Websites such as NL, and even outright assassinations of identified critics!

Sani Abacha looted Nigeria by moving huge sums of money directly from the Nigerian Central Bank to those offshore banks in low tax jurisdiction areas and as of today, more of those Abacha stolen funds of over 4 billion USD are still being returned in trickles to Nigeria.

It's better to change a civilian politician at the polls than have the highly indisciplined military dictatorships take over governance. Period.

2 Likes 1 Share

Re: Naira Trades At ₦1,730/$ At Parallel Market by adolfHitler1934: 11:13pm On Feb 19

I ask again, where are those hired BISHOPS?
Where are they now? What about Asari, what says you man?
The emilokan gengs, where are you guys?
What about Nairaland huchinz, the likes of Leotheking, CoronaVirusPro, seunmsg, Freestuffng, BBQgriller, etc etc. I hope you guys are feeling the heat, most likely than the rest of us.

I didn't vote Tinubu in last election because I wanted the best for my country, but I must vote him in 2027. He must finish what he started.

Nigerians must get sense afterwards.

5 Likes

Re: Naira Trades At ₦1,730/$ At Parallel Market by ufotunang: 11:24pm On Feb 19

I said it there is nothing the CBN governor can do..
The solution is nigeria to be a producing economy ...more exportation of goods and less Importation of goods and for nigerians to value, buy, patronize what they have in their country.,all this traveling to abroad to school in foreign universities, travel for medical treatment abroad , buying foreign cars are the cause of all these dollars rising everyday and naira losing value..,we have to value, patronize what we have in this country..not everytime... foreign things, foreign universities, foreign hospitals...the solution is the country earning high in dollars and less demand for dollars

6 Likes

Re: Naira Trades At ₦1,730/$ At Parallel Market by theforemost: 11:24pm On Feb 19

This your statement shows your mischief and publicises black market. We not supposed give it recognition

1 Like 1 Share

Re: Naira Trades At ₦1,730/$ At Parallel Market by MrCuteking(m): 11:24pm On Feb 19

ollypass:

As radical as this may sound ..I support you with a passage from the bible ...what would a man not give to Dave his life ? the fastest way to save this country ...round up every one post yardua that ever had any thing to do with aso rock and let them bail thier life ..see how our economy will change in one week

The military has been bought. I wish your request can be granted.

2 Likes 1 Share

Re: Naira Trades At ₦1,730/$ At Parallel Market by Konquest: 11:25pm On Feb 19

frankputer:

I know the problem.
All online Naira to USD and USD to Naira APP converter(black market) should be blocked from our airspace.
They are the one doing all manner of havoc to Naira.

I don’t think CBN is aware of this platform.
CBN should convert all inflow to Naira automatically,
And ban all online converters

About 95 percent of all Diasporan hard currencies totalling over 20 billion USD don't get to Nigerian banks directly. The online money exchange apps are being used by Diasporans to convert the USD and Pounds for instance to Naira. The money app owners collect the USD from Diasporans and the Naira equivalent is paid to relatives in Nigeria or Ghana, etc.

Re: Naira Trades At ₦1,730/$ At Parallel Market by Anunakeeh: 11:25pm On Feb 19

CamsedVacancy:
In all honesty, what is sincerely going on...

Lol this one dey here dey ask mumu queson grin

Re: Naira Trades At ₦1,730/$ At Parallel Market by Artscollection: 11:26pm On Feb 19

Patch patch cv on the beat!!!

1 Like 1 Share

Re: Naira Trades At ₦1,730/$ At Parallel Market by Anunakeeh: 11:28pm On Feb 19

ufotunang:
I said it there is nothing the CBN governor can do..
The solution is nigeria to be a producing economy ...more exportation of goods and less Importation of goods and for nigerians to value, buy, patronize what they have in their country.,all this traveling to abroad to school in foreign universities, travel for medical treatment abroad , buying foreign cars are the cause of all these dollars rising everyday and naira losing value..,we have to value, patronize what we have in this country..not everytime... foreign things, foreign universities, foreign hospitals...the solution is the country earning high in dollars and less demand for dollars

All these one na Stories.

Your Conrtree is gone forever.

The only viable solution is disintegration.

The forced miserable unfruitful union has reach its maximum threshold and expired.

Expect *More EVIL* in the coming days.

I am well prepared grin

Re: Naira Trades At ₦1,730/$ At Parallel Market by Dee60: 11:29pm On Feb 19

They dont have an answer to it because they are probaly the problem!

Re: Naira Trades At ₦1,730/$ At Parallel Market by Thazard(m): 11:33pm On Feb 19

alsudan:
Definitely hits 2k before February Ends.

As Dull as Buhari was, that man na Albert Einstein where Thiefnibuu dey.

Re: Naira Trades At ₦1,730/$ At Parallel Market by pocom35: 11:33pm On Feb 19

Re: Naira Trades At ₦1,730/$ At Parallel Market by wrongnumber: 11:35pm On Feb 19

yesloaded:
African leaders n pride

The country can not survive with this kind of senseless inflation

Naira losing value every minutes makes no sense

Between yesteday & today, about 100naira difference on 1 dollar to naira

NLC should forget about fighting for any minimum wage because that is not the solution

Fg should not even think about printing more naira because it spells more doom for naira

Invite people who understand economy even if they are not members of APC

This is not a time for paddy paddy arrangement but a time for serious business

There's no justification for dollar selling at over 1700naira

Mr president should have a good rethink before things get out of hand

My humble opinion

Redenomination is the best way out

Redenomination is the reduction in the par value of a currency by a factor of ten, hundred or a thousand.

That is, the worth of goods with which an individual can consume with a thousand Naira would automatically be consumed with a Naira or 10 naira depending on the redenominated value.

It is not a permanent fix but a good way to reboot the economy.

The government will now need to implement good policies that when combined with redomination will bring about a lasting solution

1 Like

Re: Naira Trades At ₦1,730/$ At Parallel Market by Dee60: 11:37pm On Feb 19

ufotunang:
I said it there is nothing the CBN governor can do..
The solution is nigeria to be a producing economy ...more exportation of goods and less Importation of goods and for nigerians to value, buy, patronize what they have in their country.,all this traveling to abroad to school in foreign universities, travel for medical treatment abroad , buying foreign cars are the cause of all these dollars rising everyday and naira losing value..,we have to value, patronize what we have in this country..not everytime... foreign things, foreign universities, foreign hospitals...the solution is the country earning high in dollars and less demand for dollars

You have a point but you need to check out Cuba abd North Korea. It is this kind of reasoning that killed their economies and threw their people to hunger. Nigeria is exporting a lot. We can and should export more. Our earnings from crude oil (and now from refined oil) surpasses the genuine demand for forex. The problem is with the crude oil. There is no accountability and no transparency. The dollars we ought to have to keep a healthy economy may be hidden in toilets and latrines around the country.

1 Like

Re: Naira Trades At ₦1,730/$ At Parallel Market by dklex(m): 11:38pm On Feb 19

The luck has finally run out for the country Nigeria, is all over, thanks for everyone that has make it possible for the big mess we are facing now, the center is bleeped, so we all have to go back to our original zone, to your tent.

bet9ja:
Revolution is the solution. All 36 States should announce a date to meet in Aso rock and shot it down. Also ensure no politician leaves the country.

Re: Naira Trades At ₦1,730/$ At Parallel Market by Calitoscassius(m): 11:39pm On Feb 19

I am not complaining grin

Tifnubu govament must favour me and my agbado families.

1 Like

Re: Naira Trades At ₦1,730/$ At Parallel Market by Dee60: 11:40pm On Feb 19

wrongnumber:

Redenomination is the best way out

Redenomination is the reduction in the par value of a currency by a factor of ten, hundred or a thousand.

That is, the worth of goods with which an individual can consume with a thousand Naira would automatically be consumed with a Naira or 10 naira depending on the redenominated value.

It is not a permanent fix but a good way to reboot the economy.

The government will now need to implement good policies that when combined with redomination will bring about a lasting solution

Ghana did that a few years ago. It has not helped them in the long term. This government must fight systemic corruption if they must suceed. There is nothing yet to show they are ready for that. They seem to be too busy doing 'beta' things.

Re: Naira Trades At ₦1,730/$ At Parallel Market by klawaaa: 11:42pm On Feb 19

I support this govt on her implementation of the true value of the Naira. The value of the naira has been masked for many years and if something imminent is not done, Nigeria won't stand to exist. It's better to unmask the potential of naira and know where we stand!

Islie:

https://www.thecable.ng/naira-tumbles-to-new-all-time-low-at-parallel-market-trades-at-n1730/amp

1 Like

Re: Naira Trades At ₦1,730/$ At Parallel Market by ezef2k4(m): 11:42pm On Feb 19

I read some comments and wonder why some people are making jest of the current situation as if they don't live in this country. No matter how rich you are, so long as you live in this country, you are being affected by the current hyper-inflation. So pls let's stop this unnecessary jesting and mockery.

1 Like

Re: Naira Trades At ₦1,730/$ At Parallel Market by Goodlady(f): 11:43pm On Feb 19

Malroux:
Be happy that your tribesman is the president even if naira is 2000 per dollar. Continue teaching the Igbos a serious political lessons.

Do I look like a yoruba woman?
And what's ya obsession with people that voted Tinubu?
He was bored across all tribes.
Yorubas too voted Atiku and Obi so why are you crying?
Nigeria has always been bad!
Why can't you talk about the system of the country?
Who's ya state gov?
Is he doing well?
Can you swear with ya life?

3 Likes 1 Share

Re: Naira Trades At ₦1,730/$ At Parallel Market by wrongnumber: 11:44pm On Feb 19

Dee60:

Ghana did that a few years ago. It has not helped them in the long term. This government must fight systemic corruption if they must suceed. There is nothing yet to show they are ready for that. They seem to be too busy doing 'beta' things.

It helped for years until corruption crept in.

It is an ideal way to reboot the economy.

As I wrote, with good policies, it will work long term.

Remmeber soludo wanted to do it but Yaradua refused cos he was not informed on time.

Re: Naira Trades At ₦1,730/$ At Parallel Market by dklex(m): 11:52pm On Feb 19

Awolowo once said, when the time comes the masses will fight for themselves

Islie:

https://www.thecable.ng/naira-tumbles-to-new-all-time-low-at-parallel-market-trades-at-n1730/amp

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