PayPalKing:
Really? Naira falls to 370? Smh.. There's no significant fall yet! That sh*t will keep rising. Who wants to bet?

Kachisbarbie:


Bank rate is always a whole lot cheaper than the black market rate but they don't sell and lots of people want the cash for whatever reason(s), which leads to black market thriving. It's preferable for e-transactions, so he might be very correct.

NaLaugh:


Damn! I'll be on the next flight to Naija if that happens. $1k = N1,360,000 = Maximum Chilling.

Omotolu:
Free fall! It's heading to #500 before 29th May,2016. No Nigerian leader can solve Nigeria's economic woes. Anyway,the official rate is $1 = #198:50.

4Play:


This is part of the story but not the full story. At the heart of the problem is dollar inflow into Nigeria. Oil exports are a major source of dollar inflow and so a fall in oil prices reduces dollar inflow. However, dollar inflow may also come from foreign investors attracted by an improved business climate or even corrupt loot being repatriated.

The pace of Naira's collapse is not simply an oil story but it is a reflection of souring investor confidence in Nigeria both in terms of the policy direction, or more aptly the lack of policies,and a rapidly deteriorating business environment. I have also noticed from speaking to Nigerians that many are looking for a way to get money out of the country to hedge their Naira savings in a foreign currency. So not only are fewer dollars coming in but we are experiencing capital flight.

For years I used to try to drum it into people's heads that Nigeria's economic underdevelopment is not simply a corruption issue. Our poor choice of policies is a more significant factor than corruption. If you have a regime that reduces corruption by $2bn but causes capital flight of $10bn you have not gained anything. The reason why Nigerians like to reduce our problems to the single issue of corruption is that we are a people with a religious mindset and an affinity for simplified moral narratives. Economics is a very complex subject and Nigerians struggle with complexity. Better to construct simplistic narratives based on a foundation of ethnic/religious loyalties and hatreds - Hausa/Fulani Muslim oligarchy v IPOB/Ibo conspiracy - than to tackle the headache inducing complexities of the modern world.

Boss13:


Still the same amount because it is produced locally except the bailey which is imported, but I guess it can be sourced via the CBN official rate.

playtheblues:
Even you don't believe yourself.

Keep defending super clueless dull Buhari. One day the spell will wear off.

Emekamex:
->The naira is facing serious troubles because we don't have enough exports to bring in forex.
->The present govt started poorly by delaying the appointments of ministers till September, thereby not giving them enough time to prepare a budget of diversification.
->This also gave way to corruption as the various ministries were rushing to put up a budget before the January deadline.
->Unfortunately, that was the case and this led to the delay of the budget passage and thereby stalling our economic growth; in simpler terms, NO BUDGET NO DIVERSIFICATION which will inevitably lead to a DECLINING ECONOMY and a WEAKENED NAIRA.

magicminister:


Hmmm... you made no sense my dear.
How can the government claim to be serious about shoring up our naira value when estacode is paid in dollars, the bmw cars which will be purchased from u.s or germany worth billions of dollars will also be paid in dollars??
The presidential fleet is quite large. Numbering about 10. Do you think the foreign company maintaining it will be paid in naira?
All the u necessary and unnecessary trips buhari is taking, do u think expenses are made in naira

The political class are the ones putting the most pressure on the naira.
Education and medicare should be a sacred investment but I am hearing the cbn is also planning to stop the sale of forex to nigerians schooling abroad or going abroad for treatment.

Is that right?? Instead proving incentives to stop brain drain, we are making things harder for them.

Please, dont be an apc zombie.
I dont think u supported apc like I did during elections.
If you see something wrong, please condemn it.

iAmCharis:
Nne, it's true that bank rate is cheaper than black market rate but one thing I'm sure of is they always charge way above that 197 when you do any form of transaction with them.
I learnt someone was charged #305/$1 earlier this week by gtb yet they have #197/$1 on their exchange board.

Icecomrade:


It's more horable to keep quiet when you lack nothing reasonable to contribute to a thread. Rather than pour contradicting thrash.

elderstan:
So that exactly what is happening now, waooo I was a kind of coming to nigeria for holiday. But since its like that I won't again oooo

prettythicksme:
it will soon b 400!#happy#dancing shoki!

vigasimple:

Thank you.

We fail to tell each others the truth in this country. Buhari is never a change option to GEJ.

Unfortunately, the opposition party as at last election. APC ASSOCIATION OF PROPAGANDIST CRIMINALS capitalized on disillusionment of the people to gain power without the ability to lead.

All Buhari antecedent does not show him as a capable leader. He wasted the first 6 months junketing all over the world for tourism. The problem to be fixed is here at home.

You cannot give what you don't have. Leadership is something Buhari doesn't have.

Impeachment is still an option, sadly both houses of parliament are incompetent that they will not even attempt it.

Remii:
Naira will continue to fall as long as people continue to buy, we can stop the slide by simply stop buying forex for just one week, but we are Nigerians, we don't behave like normal people, if bread increased by a cent without reason, civilized people will immediately react by finding alternative even when they can afford it.

duality:
Buharai, Ambode, APC told us GEJ was the problem of the naira. now they say it's no export. Chai!!!!

Kachisbarbie:

The same Gtb I bank with and sent money to my bro-in-law this week too?
Adonbilivit... what kind of transaction did he perform exactly?

ehie:
We cannot operate in isolation, CBN doese not allow any one to get acess to dollars including those who are going for medical operations like kidney transplants e.tc. Buhari is stopping all economic activity between Nigeria and other countries, by the way we are going by the mid year, when we cannot import things like vehicle car parts , we go hear am, the econom, is is shambles and then its sack this sack that everyday. i hope it is too soon to say i regret voting for Buhari, What his expert5s are doing is Economic Isolationism

Shehucom:
We will get over this.. This am sure of, May God grant Mr President long life. To those mofos castigating Mr president on this forum , very soon, just like my neighbors dog, you shall fix your tails between your legs. #ibelieveinbuhari

maleeks:
Please can anyone tell me what to do, My cousin want to lend me USD5000 to get some things done urgently before next week, which i shall refund in three weeks time, my question is, if he sends it via western union or moneygram and the bank exchange it for me at the rate of NGN199, And what if i want to repay him, does it mean i will be paying times 2 of what i'd be loaned.... Please help me on this, or i should tell him to send the money through courrier and i should just go and change it at black market

fghanni:
It is well!