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Nairaland Forum / Nairaland / General / Business / Naira Now 172 Naira To A Dollar. Why? (54343 Views)
Naira Now N225 In Paralllel Market On Friday 25th June 2015 / Devaluation: Naira Now N183 To The Dollar / Naira Now N166 To $1. Can Someone Tell Me What Is Happening? (2) (3) (4)
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Re: Naira Now 172 Naira To A Dollar. Why? by piagetskinner(m): 6:49pm On Nov 13, 2014 |
dawealthiestman:Yummy....I shall give it a try |
Re: Naira Now 172 Naira To A Dollar. Why? by scantee(m): 6:49pm On Nov 13, 2014 |
barcanista: .... |
Re: Naira Now 172 Naira To A Dollar. Why? by Nobody: 6:49pm On Nov 13, 2014 |
form 21.8 in 1998 to 127 in 2003 within a space of 5years? please can the economists in the house be kind enough to tell us what transpired and what is responsible for this gargantum leap in devaluation of naira? 2 Likes |
Re: Naira Now 172 Naira To A Dollar. Why? by Nobody: 6:54pm On Nov 13, 2014 |
mayorall:.....Rotfl |
Re: Naira Now 172 Naira To A Dollar. Why? by dubienatti(m): 6:55pm On Nov 13, 2014 |
Thats y u should invest n not stock ya money in dem bankz.. |
Re: Naira Now 172 Naira To A Dollar. Why? by shamecurls(m): 6:56pm On Nov 13, 2014 |
Transformation agenda in progress........... |
Re: Naira Now 172 Naira To A Dollar. Why? by Nobody: 6:57pm On Nov 13, 2014 |
all my online purchases suspended until further notice |
Re: Naira Now 172 Naira To A Dollar. Why? by honeric01(m): 7:00pm On Nov 13, 2014 |
duni04: Nope, na your ineptitude government... address the right people abeg. |
Re: Naira Now 172 Naira To A Dollar. Why? by Mystiqme: 7:01pm On Nov 13, 2014 |
dawealthiestman: |
Re: Naira Now 172 Naira To A Dollar. Why? by honeric01(m): 7:01pm On Nov 13, 2014 |
bushdoc9919: It won't be after the election alone, it is likely to start before the election and if there is a change of government after the election, it is likely to continue soaring or retrace. 1 Like |
Re: Naira Now 172 Naira To A Dollar. Why? by Nobody: 7:07pm On Nov 13, 2014 |
iamord: Bros, no one is condemning Ghana, it is quite unfortunate that most people have such ridiculous misconception over some jobless people arguing on the internet. Nigerians in real life love Ghanians. Afterall we no dey drag anything with them. Other than on the football pitch, we are cool. 2 Likes |
Re: Naira Now 172 Naira To A Dollar. Why? by Teddyg2(m): 7:07pm On Nov 13, 2014 |
Diamond Bank charge me #175 |
Re: Naira Now 172 Naira To A Dollar. Why? by Nobody: 7:10pm On Nov 13, 2014 |
datguru: It works even on Public Holidays |
Re: Naira Now 172 Naira To A Dollar. Why? by Boyooosa(m): 7:11pm On Nov 13, 2014 |
GOOD NEWS, VERY SOON IT WILL ALSO BE LYK POUNDS. NIGERIANS WILL BE GOING TO WHITE HOUSE EVERY MORNING TO GRT OBAMA CENTENARY SLAVERY |
Re: Naira Now 172 Naira To A Dollar. Why? by Nobody: 7:13pm On Nov 13, 2014 |
eddiebruk:lol... And I am expecting about $800 or more soon. Omo, where my calculator. I don hammer ooooo. Lol |
Re: Naira Now 172 Naira To A Dollar. Why? by RedArrow: 7:15pm On Nov 13, 2014 |
The recent change in the $/N rate is caused by the new CBN policy released this week. The policy listed a category of goods whose transactions cannot be consumated using funds source from CBN thru RDAS (Usually low and preferrable) but they have to be funded thru the Autonomous source (Interbank rates). Hence, the reason for the high rate as Banks see it as opportunity to make funds from the limited dollar @ their disposal. The Banks get dollar from oil coys and domiciliary accounts while CBN gets their dollars from federal reserve account etc. So, the dollar available to banks will have to go @ a competative rate as comapanies dealing in the said goods can't do but to trade. Visit www.cbn.gov.ng for more |
Re: Naira Now 172 Naira To A Dollar. Why? by Kx: 7:23pm On Nov 13, 2014 |
In d voice of a pastor "down the highway" Naira needs a special anointing to rebound! |
Re: Naira Now 172 Naira To A Dollar. Why? by kaboninc(m): 7:24pm On Nov 13, 2014 |
The rising margin in the exchange rate is mostly due to three factors: 1. We're approaching the festive season or already in it. Marketers, importers, and retailers are using this opportunity to stuck up their supplies so as to meet the incoming demands. And it tallies with the increase selling price of the affected products/services. This is fuelled by the oil industry (purchase of fuel for automobiles and the likes, and products that are not produced in Nigeria or preferably imported) 2. Falling oil prices. As a foreign exchange earner, with an increased or high exchange rate, we get more value of our money - for government spending mostly on infrastructures. But in a situation where oil prices are falling, in order to maintain that purchasing power, the local currency will have to be tampered with. Hence another factor. 3. Election. We're approaching the election season (if not already in it) and the associated cost that will be incurred by politicians, will definitely drive up demands putting pressure on the local currency. One step which the CBN is trying so hard to do is to discourage the use of dollar in the country - for any type of transaction. Hence importers should walk into a bank and fund their naira account so as to but the dollar in their domiciliary account. The raw cash is not expected to be seen. But value is the same. However this same policy is backfiring as traders want physical evidence of cash. Hence the increasing demand and also no awareness too. My 2 cent. 1 Like |
Re: Naira Now 172 Naira To A Dollar. Why? by Kessyy2k4(m): 7:26pm On Nov 13, 2014 |
that's y GEJ needs to get out of ASO ROCK b4 he drain this nation to floor 1 Like |
Re: Naira Now 172 Naira To A Dollar. Why? by Nobody: 7:27pm On Nov 13, 2014 |
It's hurricane "fresh air"...pls enjoy while it last. |
Re: Naira Now 172 Naira To A Dollar. Why? by Sarhyd(m): 7:37pm On Nov 13, 2014 |
stevolinkon40:Pls chk your mail |
Re: Naira Now 172 Naira To A Dollar. Why? by ogtavia(m): 7:40pm On Nov 13, 2014 |
surveyProf: |
Re: Naira Now 172 Naira To A Dollar. Why? by tranxo(m): 7:43pm On Nov 13, 2014 |
mayorall:lol |
Re: Naira Now 172 Naira To A Dollar. Why? by 49cents(m): 7:44pm On Nov 13, 2014 |
why exactly did Sanusi banned receiving dollars through WU and MG cos for me that funded a good chunk of the black market.............. 1 Like |
Re: Naira Now 172 Naira To A Dollar. Why? by onatisi(m): 7:44pm On Nov 13, 2014 |
mayorall:this is a normal thing at this time of the year,and it happens every year like this . The price of dollar usually move up at this time due to the demand for dollars from business men and companies who wants to import or get materials for the festive season. Once it is december around the second week the prices will fall drastically because of increase remittance of inward and because of many people who will be moving to nigeria for the festive celebrations . December is usually the best time to buy dollars in nigeria cheap. Once it is january again ,the price will shoot up. |
Re: Naira Now 172 Naira To A Dollar. Why? by AzontoGhost(m): 7:44pm On Nov 13, 2014 |
am praying for you ooo |
Re: Naira Now 172 Naira To A Dollar. Why? by deleo16(m): 7:46pm On Nov 13, 2014 |
Economists: 'The World Will Soon Be Awash With Oil' MIKE BIRD NOV. 13, 2014, 8:42 AM 9,268 17 Wikimedia Commons That's according to the guys over at Capital Economics — they had been expecting a drop in the oil price, but they didn't think it would fall to $80 per barrel (as it did Wednesday and Thursday) until 2016. So they're accelerating their forecasts and suggesting the world will "soon be awash with oil," cutting the per-barrel Brent Crude price to just $70 (£44.4) by the end of 2016, four years earlier than they previously anticipated. Here's the basis of their bullish case: Less risk from the Middle East. The turmoil and wars around the Arab Spring have kept prices elevated, but the outlook isn't quite as dramatic anymore. Saudi and the other Gulf states aren't particularly unhappy. Despite the drop in prices, there's been no knee-jerk reaction from the Arab world's massive oil producers yet. Demand is likely to be weak. Even if OPEC, the oil producing countries' cartel, did cut supply, demand is pretty weak. With a modest to poor growth outlook for most of the world's advanced economy, and a slowdown in China, Capital Economics' Julian Jessop and Thomas Pugh think there's going to continue to be downward pressure on prices. Other factors could offset the drop in shale production. Falling oil prices will most likely hurt US shale production because of the relatively expensive cost of extracting the gas. But that is likely to have a limited effect, and other potential factors like a loosening of sanctions on Iran could have a much larger effect and push prices down further. Though they're forecasting $75 per barrel by the end of 2015 and $70 by the end of 2016, they add: "Given the current negative sentiment in the market, it is clearly possible that $70 could be hit much sooner ... we believe that lower oil prices are here to stay." |
Re: Naira Now 172 Naira To A Dollar. Why? by ogtavia(m): 7:49pm On Nov 13, 2014 |
surveyProf: I thought d same way too brotha..honestly,people keep shouting CBN,yes CBN is d apex bank and controls Nigeria's finance and such likes..yet there are agencies dt will hold as much leverage...d chambers of commerce and industries is one..why not increase export,regulate import,d more import outweighs export dere is a deep problem...d oil price which has gone south plunging d Naira and d economy into troubled times is a clear indicatn of government inaction...we have oil,to refine d oil in Nigeria,d government said its cheaper exporting d crude and bringing it in via importation,who are they deceiving,were our refineries working,jobs will be available cos of d ripple effect,we had oil,we didn't take of natural gas and other by-products of oil,its so sick..do other countries dt produce oil export it for refining and import it after its done...do they,I dnt think so...dis action alone dealt with our economy,d government was supposedly spending a lot trying to import oil,of course,there is no way we couldn't have exported crude oil,yet,it should av been balanced with internal oil refining and zero oil refining....I pray d Naira picks up in d nxt few months before d electn...however,d exportation must outweigh importatn to safeguide d Naira.... |
Re: Naira Now 172 Naira To A Dollar. Why? by fadjnr(m): 7:52pm On Nov 13, 2014 |
Yahoo guys will be happy with this news |
Re: Naira Now 172 Naira To A Dollar. Why? by Nobody: 7:52pm On Nov 13, 2014 |
that's bad . But on a second thought I think I'm loving this . I received money last month n I was really angry. cos it wasn't up to Wat I calculated. LOL oh lord this December let 1 euro =#230 |
Re: Naira Now 172 Naira To A Dollar. Why? by trillville(m): 7:53pm On Nov 13, 2014 |
edogirl2:Obasanjo played his role perfectly. He met a country in serious debt and left it with heavy savings. He met a country ridden with violence and insecurity issues and he left it safer with great prospect of becoming a united peaceful nation. He met institutionalised corruption and he created the efcc to tackle corruption to the best of his ability He also initiated a lot of the power projects Jonathan is presently completing Even yaradua tried his best in his sick state to provide this nation with sound leadership and he would have won Buhari hands down if he were to have run for a second term. The truth is Jonathan has already bankrupted nigeria. We are at the mercy of Saudi Arabia. If oil prices do not go up, nigerians are in for a period of hardship not seen since the 80's. All this is simply because Jonathan did not insist on saving money in the excess crude account created by obasanjo and stupidly went with the wishes of the governors to be sharing all the revenue off oil sales. Picture this, as oil prices continue to slide down, the Naira will continue to lose value against the dollar. Our external debt is based on dollars not naira, so with each passing day, not only are nigerians losing purchasing power, but also our debt is increasing at an alarming rate. |
Re: Naira Now 172 Naira To A Dollar. Why? by Wisegeek01(m): 7:55pm On Nov 13, 2014 |
To think that there was once a time when Naira had more value than Dollar . .. Nawaoo* |
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