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Naira Now 172 Naira To A Dollar. Why? - Business (8) - Nairaland

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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 ogtavia(m): 9:03pm On Nov 13, 2014
surveyProf:


Yeah, you're correct, our economy is an oil driven economy, i.e. The budget was perhaps planned using the prices of crude oil @ as when it was on a high side of one hundred and something dollar per barrel, as against the eighty five dollar per barrel currently @ as today, and moreover there is more demand for "FX" by mainly importers, this was the reason why cbn has to stop the sales of dollars @ as last week.

Similarly, you're right, Nigeria should focus more on increasing her export of goods n services, and import less, by dis way there will be earnings in foriegn currencies, Nigeria would have been able to do dis, if its agro sector is working, cocoa, rubber, tin etc, can earn fx for the economy, pending wen the prices of oil gets back to normal. but unfortunately, we focus more on oil.


It is indeed sad...however,d CBN stopping d sale of dollars to d importers isn't a permanent solutn although I won't blame d importers much..I mean,everyone wants to make a decent living...yet d permanent solution is firing d economy of Nigeria on all its cylinders using every and I mean,every possible avenue available,importation can continue,at least till when we can produce or assemble those things internally and exportation grows,that is one way I see it,oil is losing its value as d year goes by...d UAE saw dis and invested massively...our leaders squandered years of serious income through which we should have grown the economy channelling d revenue to foreign accounts....infact,if all d accounts of those corrupt leaders are scrutinized and dere illegal bounty/loot brought back into d economy,Nigerian economy will improve at least to an appreciable level...d annoying thing is...government is aware of the right thing yet they are unwilling to do it...isn't it annoying...I mean,its stupid,barbaric and wicked....its high time our leadersd stop using english and big big grammar and become more proactive,objective and face simple facts squarely...kill corruptn,ensure power supply and I fear greatly here,when oil was valuable,our leaders didn't do anything to ensure regular power supply and solve Nigeria's power problem..now,is it when oil loses its value,it will improve...look at it dis way thru dis analogy....assuming there is a family where d man and his wife earns jointly abt 3million Naira per month,they bought cars,cloths,travelled overseas on expensive holidays and in short,didn't invest at all,didn't build or own a house,but rented expensive apartments,sent their children to d most expensive schls all because they could afford,howver,a day came,when dere earnings received a massive hit,they barely earned a million per month jointly,what do they do at this point,cut down expenses,frivolities,begin massive investment,build permanent structures,boost their savings and prioritise their expenditure...Nigeria should do same,infact,d corruptn within d government has increased money in circulatn and its simple economics,once money increases in circulatn,its value falls and inflatn rises...it may take a while,but with effective prioritizatn d economy will bounce back..and I am sorry for d politicians,one day,dere actns will backfire and they will be at d mercy of angry youths and wrath of what they have sown...
Re: Naira Now 172 Naira To A Dollar. Why? by emmy02(m): 9:17pm On Nov 13, 2014
bright007:
A very good time to ask this question that is on the lips of every nairalander.....how does this naira falling against the dollar affect the price of garri in the market?.

If u r buying garri from an online store, d price will b higher now.. Lol
Re: Naira Now 172 Naira To A Dollar. Why? by xynerise: 9:20pm On Nov 13, 2014
Caseless:
no carry ur zimbabwean dollar come my shop o.
grin. Before nko?
Re: Naira Now 172 Naira To A Dollar. Why? by Nobody: 9:25pm On Nov 13, 2014
Abeg, make e stay like that lipsrsealed
Re: Naira Now 172 Naira To A Dollar. Why? by 19naia(m): 9:27pm On Nov 13, 2014
People are sayng its a seasonal thing and then there is the federal trade transactions using dollars.. The CBN may have its hand in these things and calling it whatever they like.. The truth is the trend of falling value of the Naira has not been a seasonal thing since it started its drastic fall years ago... It has been a continuos fall of which this latest drop is just another phase of what will continue..

The change in dollar value now, is too profitable to those holding dollars and they will take advantage of it until in percolates throughout the economy and drives inflation further.. Then that inflation will in turn drive the next round of Value drop in the Naira. The cycle is a continuos spiral down.. The reason the CBN gives are just convolutions of the basic reality that nigerias goods and services are rising in price but not keeping up with the international sandard that commands such prices... There is hope but only in the industrial sector and exports.. Cement for instance has made leaps by dropping the price and expanding production across africa..But that is not enough..

The oil industry may be actually tempering the rate of fall as it is a product (raw crude) that transcends quality issues on the international market.. Recent drop in oil prices have weakend the protective layer that oil has made for Nigeria, and thereby allowing the value of currency to continue down in its usual manner due to Nigerias economic standard.. Standard of being overpriced and underqualified for such prices on international market...

Some want to say its the Fact that Nigeria imports too many things.. But the US dollar is also from a heavy import country.. Almost anything you look at in USA has a "Made In China" label on it.. USA imports even more than Nigeria but its currency still remains stable and remains the measure by which other countries value their currency... USA has sent so many jobs and industry to many other countries and caused those countries to grow in wealth from americas money buying their products after americans brought the industries to make the products using cheaper labour and lower tax bills..

It will help Nigeria to do less import and make more export, but that can only happen if the quality of Nigerias product and infrastructure is enough to please Nigerians and Abroad alike... Good infrastructure will also expand tourism industry which brings big money to many poorer countries around the world..

Also note that when the Naira was equal to or stronger in value to the dollar, it was in the 1970's and 1980's.. This was because it took its base from being a british empire currency which is the Pound and £ has always maintained a higher value above the dollar... And even in a time when Nigeria was not exporting as much oil or other product, even in a time when Nigeria was not importing so many products..
So there was a time when Nigeria was less of an economic giant ,less developed and less of an industrial place..Yet Nigerias currency in that time was on par or better value than the dollar...

All the excuses today dont stand up to sense when compared to the past when Nigerias currency was based on the pound... Once it left the umbrella of the british pound to be its own thing, it became its own economy and own style of operating.. Thats where the fall began gradually ("things fall apart", god bless chinua achebe) and continues to this day..

Its all rooted in profit gougeing trying to command a price for which the international quality standard is not there to support... Naturally the currency value will suffer under inflation... They will use all kind of reasons every round of adjustment, but all those reasons are related to the root cause that is profit gougeing... If it was really about availability of raw materials, it would be even paced inflation around the world, but Nigeria has its own atmosphere of inflation exceeding and apart from the rest of the world and the reason eludes people unless they see the root cause...

4 Likes

Re: Naira Now 172 Naira To A Dollar. Why? by judedwriter(m): 9:53pm On Nov 13, 2014
This means I may have to go back to my online business grin God help me to succeed this time wink
Re: Naira Now 172 Naira To A Dollar. Why? by Crispels(m): 9:59pm On Nov 13, 2014
stevolinkon40:
i was charged 174.504 to a dollar. first bank mastercard today on ebay


Please how do you buy things from Ebay?? Do they ship to your door step or you will go pick it up in the port

What kind of gadget do u buy from them?
Re: Naira Now 172 Naira To A Dollar. Why? by OCTAVO: 10:02pm On Nov 13, 2014
mayorall:
Wow I made FP

special dedication to my lady *missmayorall*. My business partner *kennyman20* . My business friends. ymodulus, mcfynest, youngzedd, madam Tyconcepts, merit, oga steven. My pb buyers, ojestas, oga damc, octavo, juwonmannia, rasco, Beckham. And many I can't remember. Special thanks to my CSO (walker). My six months old GSD


Now feeling on top of the world, good news just hit me from Asia, my goods had arrived gringrin. Good news on nairaland. nairaland FP is intoxicating. grin. I never knew this is how it is until I hit FP the second time.


To those that are jealous of me , You will also hit FP in the nearest future, just a matter of timegringringrin

Long live seun

long live the mod and super mods

Long live nairaland

Long live Nigeria
Thumbs up bro.
Now I'm beginning to hate PDP! We need a change, but I'm not sure APC is the change we need either.
Re: Naira Now 172 Naira To A Dollar. Why? by jimmy101231(m): 10:05pm On Nov 13, 2014
So interesting
Re: Naira Now 172 Naira To A Dollar. Why? by Henrick007: 10:10pm On Nov 13, 2014
Aggrippa:
i meant liquid gold whose price fluntuates in a volatile manner and is affected by market forces and other forces not the physical one!
alryt, but dose aboki selling gold chain bliv the higher the price of dollar, the higher the price of gold per gramme
Re: Naira Now 172 Naira To A Dollar. Why? by Henrick007: 10:12pm On Nov 13, 2014
Aggrippa:
i meant liquid gold whose price fluntuates in a volatile manner and is affected by market forces and other forces not the physical one!
Re: Naira Now 172 Naira To A Dollar. Why? by Nobody: 10:16pm On Nov 13, 2014
Saw this somewhere...

Re: Naira Now 172 Naira To A Dollar. Why? by 14(m): 10:20pm On Nov 13, 2014
419 ECONOMY

1 Like

Re: Naira Now 172 Naira To A Dollar. Why? by eejo(m): 10:55pm On Nov 13, 2014
MyMouth:
Outcome from 16 years of misrule by PDP angry
as a result of 50years of waste by the north and still continue in form of boko haram
Re: Naira Now 172 Naira To A Dollar. Why? by leofab(f): 10:58pm On Nov 13, 2014
eddiebruk:
I received WU Today via quickteller and got Credited @171 per dollar. cool cool cool cool It is good in a way tho, Nobody should quote me sha, More reason why you should embrace Foreign Investment, mostly in Real Estate
hey dear, how is that possible to pick western union through quickteller? Am tired of this every day queuing in the bank over little stipend!!! Thank you..
Re: Naira Now 172 Naira To A Dollar. Why? by Anglovel: 11:01pm On Nov 13, 2014
Corruption is clearly a massive problem with every administration but it is difficult to re-engineer an addiction (to oil) in one or even two administrations.
Fundamental restructuring of the economy away from over - dependence on oil should have started earnestly a long time ago. At least from OBJ's time.
And it requires a well thought - out National Industrial Policy that survives from administration to administration.[/quote] I quite agree wth you on this...blimey!
Re: Naira Now 172 Naira To A Dollar. Why? by DaWorshiper(m): 11:04pm On Nov 13, 2014
mayorall:
Wow I made FP

special dedication to my lady *missmayorall*. My business partner *kennyman20* . My business friends. ymodulus, mcfynest, youngzedd, madam Tyconcepts, merit, oga steven. My pb buyers, ojestas, oga damc, octavo, juwonmannia, rasco, Beckham. And many I can't remember. Special thanks to my CSO (walker). My six months old GSD


Now feeling on top of the world, good news just hit me from Asia, my goods had arrived gringrin. Good news on nairaland. nairaland FP is intoxicating. grin. I never knew this is how it is until I hit FP the second time.


To those that are jealous of me , You will also hit FP in the nearest future, just a matter of timegringringrin

Long live seun

long live the mod and super mods

Long live nairaland

Long live Nigeria
Grow up!

1 Like

Re: Naira Now 172 Naira To A Dollar. Why? by Nobody: 11:09pm On Nov 13, 2014
that's why everybody's dreaming of leaving this country.
To hustle little over there n' make it big over here.
Rubbish country!
Re: Naira Now 172 Naira To A Dollar. Why? by Seye25(m): 11:15pm On Nov 13, 2014
erico2k2:

How much did it use to be b4 nw?
it flunctuates at times 167/168 naira.... it depends.

Surprised at this new development
Re: Naira Now 172 Naira To A Dollar. Why? by Nobody: 11:20pm On Nov 13, 2014
I wonder how they expect a business man to profit from what ever venture he finds himself and CBN is not doing any meaningful thing to help the naira.

1 Like

Re: Naira Now 172 Naira To A Dollar. Why? by uariko(m): 11:22pm On Nov 13, 2014
I wonder how Gen Muhammadu Buhari made it #2 = $1 during his reign!
Nigeria really need a Messiah.
Re: Naira Now 172 Naira To A Dollar. Why? by kendraloops(f): 11:23pm On Nov 13, 2014
https://www.nairaland.com/1995601/sos-please-hamed-djdola
Re: Naira Now 172 Naira To A Dollar. Why? by Nobody: 11:41pm On Nov 13, 2014
eddiebruk:
I received WU Today via quickteller and got Credited @171 per dollar. cool cool cool cool It is good in a way tho, Nobody should quote me sha, More reason why you should embrace Foreign Investment, mostly in Real Estate

lipsrsealed
Re: Naira Now 172 Naira To A Dollar. Why? by edujandon(m): 11:53pm On Nov 13, 2014
www.edujandon.com
Re: Naira Now 172 Naira To A Dollar. Why? by Nobody: 12:05am On Nov 14, 2014
mcdokwe:
Economic dynamism, currencies rise and fall and this is mostly influenced by the strength of a nations exports. ( I may be wrong though)

Affected by rate of import not export
Re: Naira Now 172 Naira To A Dollar. Why? by Nobody: 12:07am On Nov 14, 2014
bright007:
A very good time to ask this question that is on the lips of every nairalander.....how does this naira falling against the dollar affect the price of garri in the market?.
Have you forgotten the grinder used in processing cassava uses diesel.
NwaNimo1:
Its all good - oil is sold in dollars so it benefits the FG.

What if one naira was worth 50 dollars?
That's exactly why the dollar keeps going through the roof. No one is buying our oil and dollars is now scarce.

1 Like

Re: Naira Now 172 Naira To A Dollar. Why? by Nobody: 12:08am On Nov 14, 2014
leofab:
hey dear, how is that possible to pick western union through quickteller? Am tired of this every day queuing in the bank over little stipend!!! Thank you..

Money could be transferred straight to your account. Next time let the person use ria or transfast. I used to have this challenge till we used other options
Re: Naira Now 172 Naira To A Dollar. Why? by stagger: 12:10am On Nov 14, 2014
uariko:
I wonder how Gen Muhammadu Buhari made it #2 = $1 during his reign!
Nigeria really need a Messiah.

Point of correction. It was 86 kobo to N1 in 1983. The slide started under Buhari, accelerated under Babangida. I was alive then; during the era of Essenco. Buhari is one of the people who killed this country. When Babangida took over on August 27, 1985, the Nigerian economy was on its knees. These Buhari apologists should stop trying to pull wool over our eyes. If you do not know history, please go and read about it.

Why do you think the SE and SS voted GEJ massively in 2011? Which fool thinks he can control prices of goods and services by price control, forcing warehouse owners to sell their goods at half prices at gunpoint with soldiers? That was Buhari's answer. When those goods ran out to the point where people had to go queueing at NNSC warehouses for Essenco, did Buhari have an answer to that? Rubbish!

1 Like 1 Share

Re: Naira Now 172 Naira To A Dollar. Why? by OmoUSH(m): 12:15am On Nov 14, 2014
Wisegeek01:
To think that there was once a time when Naira had more value than Dollar . .. Nawaoo*
THAT WAS WHEN THE WHITES HAVE NOT TOTALLY LEFT!
Re: Naira Now 172 Naira To A Dollar. Why? by HARDDON: 12:17am On Nov 14, 2014
barcanista:
This isn't a surprise to me... We have been shouting that the economy is falling apart and some people interpret it to be hate. As patriotic people, we must salvage the economy. The PDP is a bad market, and it is worse since the last 5 years,

Let's make the Change

Yea sure ! Let's change. But from what to what? Frying pan to fire?

All that u guys keeping hammering on , is things r not working n hating on pdp. Who among u has come out to proffer practical solutions that we may vote for him?

Come rain or shine, GEJ till 2019!

1 Like

Re: Naira Now 172 Naira To A Dollar. Why? by leofab(f): 12:23am On Nov 14, 2014
emiraty:


Money could be transferred straight to your account. Next time let the person use ria or transfast. I used to have this challenge till we used other options
are they available in Walmart ? How feasible is it because my aunts will be sending me money tomorrow from Atlanta, which details do I need to text her... Thanks in anticipation....

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