₦airaland Forum

4Play:
Naira falls when there is a significant drop in oil price. Nothing to do with GEJ, not that this matters to the mercenary posters on here.

A lot to do with the FG. I wouldn't blame GEJ but okonji iweala. Saudi not so affected by the drop because they have a good external reserve. But our own government has eaten deep into theirs via corruption unlimited.

leofab:
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....

First of all, which bank[s] do you have accounts with?

Don't think you ll get them in walmart.its best you check the web pages of the money transfer operators ur aunt intends to use then check the locations closest to her for convinience
If u use gtb,wema,stanbic or skye bank,you can use quick teller to receive western union. Really don't know if other banks have started also.

emiraty:
First of all, which bank[s] do you have accounts with?

Don't think you ll get them in walmart.its best you check the web pages of the money transfer operators ur aunt intends to use then check the locations closest to her for convinience
If u use gtb,wema,stanbic or skye bank,you can use quick teller to receive western union. Really don't know if other banks have started also.

okay thank you BTW, I use First bank; Ecobank, Zenith and GTB...

emiraty:
Affected by rate of import not export

well, if we exported more, we would have had a stronger Naira. But because we import more, we have a weak and dependent naira. Isn't it so?

datguru:
I like it

oleh.. so that when maga pays u can buy an extra bottle of hennessey?

/
Cry me a river!
The US dollar is up against a basket of currencies, not only naira. Euro, GB£, Aussie $, Russian rubble, etc. are all feeling the heat.

Last week, I asked the CBN to stop wasting funds on intervention because it never works. Russia has thrown just about anything to support her rubble but the slide continues unabated.

With less money going to FGN, it will not be able to meet her financial obligations: salaries, loan servicing, subsidy payments, etc.

So, expect fuel scarcity, debts, and retrenchment in the government agencies. And if you work for oil companies, expect pink slips if the trend continues. STOP SPENDING!!!Corporations have to protect their bottom lines. Before it was banks, now it is the turn of oil companies. Thousands are going to be sequestered.

And to those overtly patriotic Nigerians, this is the time to love and enjoy Nigeria. And if I hear any whining from any of you blind supporters of anomalies, thunder will fire you.

GEJ till 2050. How I wish naira slides to N250/$. Nigerians can only learn the hard way.

The more naira falls, more money for me. The more oil falls, more money for me. Some people talk the talk, we walk the way.

Let me head up to Grand Havana to smoke some cigar and sip some Champagne. Life is good.

/

That means I get more money back when I change from dollars to naira

wen we were selling oil at high price., d government never manage d excess gain rather dey were busy stealing and squandering d resources. now we have d revise let dem tell us how to go about it. wasteful government

jennykadry:
That means I get more money back when I change from dollars to naira

for how long will u benefit from it. u should pray for a stronger currency for ur country.

mcdokwe:
well, if we exported more, we would have had a stronger Naira. But because we import more, we have a weak and dependent naira. Isn't it so?

because dose in government are clueless. did dey not forsee dis coming.? dat is d reason y u plan. as corrupt as Abacha was., he stabilise d naira at #82

Fourwinds:
u should pray for a stronger currency for ur country.

My country? Which country?

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 . Good news on nairaland. nairaland FP is intoxicating. . 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 time

Long live seun

long live the mod and super mods

Long live nairaland

Long live Nigeria

Thanks for the mention Ogbeni Mayorall, second to Ogbeni Rauf.

This dollar fluctuating issue, is on the increase walahi....You see why I have being shouting "mo ku mo gbe" lately.

I learnt its gonna stay this way for quite a while. I just hope it doesn't hit #180.

You guys lamenting here are probably unaware that the naira is being kept artificially high. If we should allow the market forces--demand vs suppply--take its full course, the actual value should be between 200 - 230 to a dollar.

I send dollars back home every month and the rate is 160 per dollar. Please Guys lets do business. i do ur transactions for you from here in dollars, you pay in the naira equivalent into my naija account. Exchange rate 165 dollars. NO CHEATING. THINK ABOUT IT.

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 . Good news on nairaland. nairaland FP is intoxicating. . 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 time

Long live seun

long live the mod and super mods

Long live nairaland

Long live Nigeria

childish comment

uariko:
I wonder how Gen Muhammadu Buhari made it #2 = $1 during his reign!
Nigeria really need a Messiah.

stagger:
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!

The two of you.....the problem started in 1982....when the oil price crashed.......the slide you noticed was the delayed aftershock after the crash.

If you want to blame someone....blame Shagari and his gang (which included representatives from every part of the country BTW)....who via corruption and overimportation and failure to implement the Third National Development Plan....which would have put us on the road to industrial development.....we would not have had the slide.

Infact....I blame all Nigerian governments, including this one...for keeping us resource dependent....when really we should have gotten off our dependence on selling resources for forex....as early as the 1970's.

Oil is a curse.

jennykadry:
That means I get more money back when I change from dollars to naira

The rising inflation as a result of increased prices for imported goods will make that irrelevant.

Not surprised just goes to show how mediocre the people in charge really are. It's not as if the signs weren't there but in their usual fashion they choose to fold their arms and watch while things go wrong....
muppets

One good reason why i really would have stood by sanusi lamido sanusi,the former CBN governor.In as much as the country was always in turbulent times, he made all efforts to maintain a stabilized exchange rate for a dollar to naira.

Uneasy they say lies the head that wears the crown,''
Mr Godwin emefiele'' please act fast...

The fact remains that the dollar against the naira has been artificially pegged by the CBN through its various interventions in the Money Market with our scarce reserves. I am of the opinion that the CBN should devalue the naira and allow the market forces to determine rate not speculations. The Russians tried as much as they could to defend the Ruble and finally threw in the towel some few weeks back and allowed the currency to slide! When speculators found out that there is no money to be made, they left the market and the currency is stable now but a significant depreciation.

The real price of dollar should be around N200 to N230. A weak naira is even an advantage to the economy as it will discourage imports and spur industrialization. The problem is we are an importing nation with everyone trying to join the import business even here in Nairaland you find lots of advert on imports businesses. Every clown in Nigeria wants to become an importer as that has become a toga of status 'I am an importer". A devalued currency will encourage exports and make imported commodities uncompetitive. People will have to start putting on Aba made Shoes, made in Nigeria cars will sell, made in Nigeria diapers will sell, made in Nnewi spare parts will sell, made in Lagos clothes will sell, made in Kano Fabrics will become competitive. Nigerians should learn to consume local things, its our pride.

My take is that the naira slide is caused by our incompetent economic managers since 1979, who failed to steer the economy away from resource dependence to Industrialization. GEJ is not the problem, the market is just reacting to its forces. A weaker naira is a good omen for me.

Sentiments on a political platform!

172 is even better. it's 177 down hear

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 . Good news on nairaland. nairaland FP is intoxicating. . 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 time

Long live seun

long live the mod and super mods

Long live nairaland

Long live Nigeria

bushdoc9919:
The rising inflation as a result of increased prices for imported goods will make that irrelevant.

Who cares about imported goods?

UkwuNnu:
Dude are you always like this? Are you this ignorant or purely daft? Did you ever pass basic economics in school?
Must you equate everything to politics and try to gain cheap points from such?


If this is how and what you understand by the dollar rise against naira then your economic clueless has no rival and it makes me wonder who truly should be called clueless all the names your laptop gang call the President.

If this is the altanative "Change" you lots are promising Nigerians, then Nigeria is in for a bigger mess

Bros we need to fix up our refineries so can stop refining our crude overseas. We pay heavily in dollars to get this crude refined for us and on the long run it contributes to the recent drop in naira. GEJ promised Nigerians that by December 2013 all the refineries will be fixed during the oil subsidy crisis and we r approaching december 2014 not even one refinery has been fixed. There is really much to worry about

jennykadry:
Who cares about imported goods?

Much of what we see in the market is imported.

Also a lot of our industries use imported raw materials.

Even the oil you buy for de car.....improted fuel (40% of our country's daily need)....so expect a fuel price rise soon!

So, don't rejoice yet.....as the naira falls, the prices go up.....especially as too much money will be chasing relatively too few goods.

Oil is a curse.

VellyG:
Bros we need to fix up our refineries so can stop refining our crude overseas. We pay heavily in dollars to get this crude refined for us and on the long run it contributes to the recent drop in naira. GEJ promised Nigerians that by December 2013 all the refineries will be fixed during the oil subsidy crisis and we r approaching december 2014 not even one refinery has been fixed. There is really much to worry about

We also need to build more refineries....which is why Dangote should hurry up and build the refinery he promised.

On a tangential point.....we may also need to improve mass public transport....especially rail and river.

bushdoc9919:
Much of what we see in the market is imported.

Also a lot of our industries use imported raw materials.

Even the oil you buy for de car.....improted fuel (40% of our country's daily need)....so expect a fuel price rise soon!

So, don't rejoice yet.....as the naira falls, the prices go up.....especially as too much money will be chasing relatively too few goods.

Oil is a curse.

Who cares about imported goods?

When Sanusi was shouting nobody paid attention.

Chai, now wey I wan shop today,im already loosing N12 to a business compared if I shop over 1000$ ie total of N12000 Lost. This is bulshit

jennykadry:
Who cares about imported goods?

You should....especially as the computer or tablet you are using is imported.

In my opinion.....you should care.

Which is why you better make your government focus on industrial development....because it is going to get tougher for all of us (1982 redux).

Infact....ask yourself....why are the two of us using imported computers....and driving imported vehicles.....and even using imported biros, biscutis, toothpaste, perfume, fridges, generators....etc?

You better be concerned....the prices of a lot of thie things you use....including the computer.....are going to go up. Then you would realise why some of us are annoyed with our economic planners....even long before this administration.

Better read this article...Managing the Dutch disease in Nigeria.

Excerpt...

The Dutch disease occurs when the traditional export (tradable goods) sector is crowded out by the booming export sector and the non-tradable goods sector. The lagging traditional tradable goods sector may include cocoa, palm produce, cotton, rubber, coal, copper, textiles and some manufactured goods while the booming export sector may be crude oil, coffee, gold, etc. The non-tradable (non-export) goods sector covers all those goods that are produced for domestic consumption only, e.g. staple food items, clothing, building materials, locally-assembled cars. Where crude oil (and gas) is the booming export sector, the non-oil export sector may be crowded out by the oil sector and the non-tradable goods sector of the economy. This can happen when the oil revenue windfall increases domestic demand for non-tradable goods and pushes up domestic prices leading to an appreciation of the real exchange rate which in turn reduces the competitiveness of the non-oil export sector. This will in turn lead to a reduction in non-oil exports in both quantum and value terms. The oil windfall may also lead to movement of the factors of production in the economy. For instance, capital and labor (and land) may shift from the non-oil export sector to the oil sector (in order to maintain or increase reserves and production) and the non-tradable goods sector (to take advantage of the growing domestic demand). This explains why the increase in oil prices and the subsequent oil revenue windfall in many oil-exporting countries have tended to depress their non-oil export sector while at the same time generating a boom in both the oil and the non-tradable goods sectors. With capital and labor shifting from the non-oil export sector to the oil-sector and non-traded goods sector, firms in the non-oil export sector are forced to either close down or reduce their scale of operation. [b]The boom in the oil and non-traded goods sector increases the demand for imported goods. This may not be a problem in the short-term so long as the country has enough foreign exchange to pay for the imports. The depression in the non-oil export sector and the boom in the other two sectors have medium to long term implications for the economy because the oil windfall will not be permanent given the volatility, unpredictability and exhaustibility of crude oil. For instance, if there is a decline in oil prices and oil revenue, the lagging and collapsing non-oil export sector will not be able to compensate for the drop in oil revenue while domestic demand for the non-traded goods and imports remain sticky. Consequently, the country will be forced to borrow from the international financial market to compensate for the decline in oil revenue. Over time, external debts will increase and so will the debt service obligations. Even when oil prices go up later and there is another round of oil windfall, it is difficult to correct the earlier damage or distortions created by the initial or previous oil windfall. In some cases, the oil exporting country may be forced to adopt some form of structural adjustment program (SAP) to correct such distortions or imbalances. Some of these SAPs are painful and may increase the prevalence, depth and severity of poverty. [/b]

See my point....and it applies even to domestically produced goods because we use imported materials for those goods....eg the coca cola you drink. Made in Nigeria....with materials from outside the country....on generators imported from out of the country.

Oil is a curse. A real real curse.

Good morning

Why must a sensible government prefer to import petroleum products when the nation has crude oil and refineries? Do you know how much goes to importation of crude yearly? Presently, Port Harcourt Refinery is 60% okay but for over two months crude has not been allocated to it! They want to enrich petroleum importing cabal! This has been depleting our reserve! How much will it cost the nation to put the refineries in working condition? Don't tell me God has to come down from heaven before these could work? How can we continue like this?

First, we have to block this unnecessary hole in our economy! We do not need to import petroleum products! Why must we ground our economy for greed sake. One thing I strongly believe if we really want to stop this rubbish we can.

Also, we need to divest our economy. Why not think of other means of generating revenue apart from crude oil.

We, need to stop celebrating corrupt leaders in this nation! These people should be behind bars for crying out loud. They have hijacked the judiciary and the law enforcement agents.

Until the people demand what is right from the government, the good of the land will continue to elude them!