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Nairaland Forum / Nairaland / General / Business / Naira Falls To N370 Per Dollar (37599 Views)
Unbelievable!!! Naira Falls To N485/$1, N600/£1 / Naira Falls Against US Dollar / Naira Falls To 325 On Dollar Shortage -punch (2) (3) (4)
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Re: Naira Falls To N370 Per Dollar by victorazy(m): 12:38pm On Feb 18, 2016 |
PayPalKing: I predicted 500 by dec |
Re: Naira Falls To N370 Per Dollar by 100Cents: 12:39pm On Feb 18, 2016 |
Government by the Mugu Hari.. 1 Like |
Re: Naira Falls To N370 Per Dollar by Nobody: 12:39pm On Feb 18, 2016 |
Kachisbarbie: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. |
Re: Naira Falls To N370 Per Dollar by bentlywills(m): 12:39pm On Feb 18, 2016 |
And our BuBu is just touring countries....Issorite Lai Mohammed keep blaming the past administration..... And am here waiting for my Indomie to done make I chop |
Re: Naira Falls To N370 Per Dollar by Remii(m): 12:40pm On Feb 18, 2016 |
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. 3 Likes |
Re: Naira Falls To N370 Per Dollar by punkyellla(f): 12:40pm On Feb 18, 2016 |
NaLaugh:Why not come and buy a state now, thank me latter. This was how Abacha came and made fuel and light to be very scarce, blaming Babaginda, for the fall in Naira. While nigerians were tightening our belt, the sons of atiku,babangida and abacha suddenly emerged as the youngest billionaires in dollars. Nigerians dont like to tell themselves the truth. 1 Like 1 Share |
Re: Naira Falls To N370 Per Dollar by MyGeneration(m): 12:40pm On Feb 18, 2016 |
I blame Gej. |
Re: Naira Falls To N370 Per Dollar by dejdel(m): 12:41pm On Feb 18, 2016 |
[quote author=TeOwl post=43030196]This is what happens when a currency is 90% dependent on a commodity item like crude oil.[/quote gbam!...you've said it all.We are in for it,my major concern is that the poor masses will be @ receiving end the more and not those who dragged us into this mess. |
Re: Naira Falls To N370 Per Dollar by 4Play(m): 12:45pm On Feb 18, 2016 |
Omotolu: They can stop this collapse. They need to do things that encourage the inflow of foreign currency into the country - Privatisation Remove the fixed currency regime Reform the CBN by appointing accomplished technocrats and strenghtening its independence (A contradiction I acknowledge but Emefiele needs to go) Deregulate key sectors like petroleum and electricity to attract foreign capital Cut the budget deficit The above is not an exhaustive list but it will go a long way in attracting foreign investment into the country and demonstrating committment to sound economic policies. 2 Likes |
Re: Naira Falls To N370 Per Dollar by poseidon12: 12:46pm On Feb 18, 2016 |
4Play: I agree completely. That is why I did not vote Buhari although I believed he would run a less corrupt government. I felt he would mess up the economy. A lot of Nigerians believe that as soon as corruption is fought, everything falls in place. But it's not that simple. 2 Likes |
Re: Naira Falls To N370 Per Dollar by mafioso47(m): 12:47pm On Feb 18, 2016 |
Boss13:the raw materials aren't manufactured locally forex has a bite on local manufacturing in terms of RM importation and all of that. local manufacturers would have to reduce the quality of their products or lay off workers to maintain price or increase price to maintain quality.. |
Re: Naira Falls To N370 Per Dollar by Nobody: 12:47pm On Feb 18, 2016 |
playtheblues: In the first part of your comment you accused me of not beleiving in Buhari...then you turn round and accuse me of being his fan. To answer your question....we are an oil dependent economy. So long as the oil price is high....we can keep the naira buffered up. When the oil price falls....we run out of dollars to keep the naira buffered up...which means that we have to hoard dollars.....or we devalue the currency....and watch as it becomes worthless. The Govt is doing the best it can right now. Meanwhile....we have to diversify....but it is going to take time. And of course....I am no friend of this government. I regard every politician with equal suspicion. If we do not start spending more on powerand industry....2019 is there |
Re: Naira Falls To N370 Per Dollar by darlenese(f): 12:48pm On Feb 18, 2016 |
Congratts |
Re: Naira Falls To N370 Per Dollar by vigasimple(m): 12:49pm On Feb 18, 2016 |
Emekamex: Thank you. We fail to tell each others the truth in this country. Buhari is never a change option to GEJ. We have very competent and intelligent leaders but Bubu, the BORN TO RULE FULANI MAN 'must' be the President, otherwise he cannot serve Nigeria in other capacity. 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. |
Re: Naira Falls To N370 Per Dollar by duality(m): 12:49pm On Feb 18, 2016 |
Buharai, Ambode, APC told us GEJ was the problem of the naira. now they say it's no export. Chai!!!! 2 Likes |
Re: Naira Falls To N370 Per Dollar by Nobody: 12:51pm On Feb 18, 2016 |
magicminister: First....I am not excusing the government..... I am merely pointing out the reality.....we no longer have enough dollars to fund the economy and the naira.So...we have to hoard dollars. As for foreign trips....I criticised past governments for everything else...except for (offical) foreign trips. Eventually....we will start spending more at home and less abroad. If the govt can't see it now....it will be seen later . |
Re: Naira Falls To N370 Per Dollar by FTBOY: 12:51pm On Feb 18, 2016 |
actually, it's N383 now |
Re: Naira Falls To N370 Per Dollar by Nobody: 12:51pm On Feb 18, 2016 |
iAmCharis: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? |
Re: Naira Falls To N370 Per Dollar by Nobody: 12:52pm On Feb 18, 2016 |
Icecomrade: Good afternoon.....and do try not to insult someone you disagree with. As a parting shot......read about oil dependency. |
Re: Naira Falls To N370 Per Dollar by ronald4lif(m): 12:53pm On Feb 18, 2016 |
elderstan: And why not? How does the naira fall affect your holiday? |
Re: Naira Falls To N370 Per Dollar by kajoula(m): 12:53pm On Feb 18, 2016 |
prettythicksme: LIKE SERIOUSLY ? 1 Like |
Re: Naira Falls To N370 Per Dollar by chidooh1: 12:55pm On Feb 18, 2016 |
love like a movie |
Re: Naira Falls To N370 Per Dollar by maleeks(m): 12:55pm On Feb 18, 2016 |
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 |
Re: Naira Falls To N370 Per Dollar by SirShymexx: 12:56pm On Feb 18, 2016 |
vigasimple: In as much as Buhari is an economics illiterate and leadership isn't his forte - apart from travelling around and exhibiting tyranny tendencies, impeachment isn't the answer. There are no quick fixes to a problem that's more of a cumulative thing, from years of gross mismanagement, carelessness, and utter stupidity. Even if you're to impeach him, who'll replace him? If successive governments had saved enough, when oil prices were at all time high, like other countries did. And probably diversified the country's economy a bit - the naira wouldn't be on the free fall to abyss that it's right now. 2 Likes |
Re: Naira Falls To N370 Per Dollar by wristbangle: 12:56pm On Feb 18, 2016 |
Mehn it is now 390 naira ooo 1 Like |
Re: Naira Falls To N370 Per Dollar by Nobody: 12:57pm On Feb 18, 2016 |
Remii: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 1 Like |
Re: Naira Falls To N370 Per Dollar by Nobody: 12:57pm On Feb 18, 2016 |
duality: 1.GEJ is partly to blame in that he did not save when in office....and he was not strong enough to resist the governors who asked him to share (although in fairness....it was the Supreme Court that ordered the sharing). 2.Even if GEJ saved though....all that would have done would have delayed the problem till next year. As long as oil prcies stay low.....the lack of dollar issue would be still there. 3.Right now.....PMB is singing diversify diversify.. But beyond that...we have to do the hard work on diversification by spending more on power, spending more on industries, buying Nigerian products....and being patient. And most importantly....being willing to spend decades working on the quality of what we make. In other words....dump oil...and work hard. |
Re: Naira Falls To N370 Per Dollar by Nobody: 12:58pm On Feb 18, 2016 |
Kachisbarbie:Yes o. What rate were you charged? PayPal transaction. |
Re: Naira Falls To N370 Per Dollar by Nobody: 1:01pm On Feb 18, 2016 |
ehie: If Buhari lets the dollars flow as you want him to.....we would run out of dollars....and at the end of the day, the naira would look like Zimbabwean currency. So...unless oil prices rise again....we have to hoard dollars. Diversification is fine....but it takes time. We can do kidney transplants in Nigeria, by the way. Buhari has to up his game....but the situation we are in is as a result of oil depdnency. |
Re: Naira Falls To N370 Per Dollar by ajebuter(f): 1:02pm On Feb 18, 2016 |
Shehucom: Bros, things are falling totally apart around PMB and you still don't see the fire on the mountain? You think we hate him or something and that's why we wail? It's time you face reality and that is: PMB doesn't have the magic wand to resurrect our comatose economy It's not his fault, he just doesn't have it in him And lastly, I wish him as much GOODLUCK as he wished the last administration |
Re: Naira Falls To N370 Per Dollar by ronald4lif(m): 1:02pm On Feb 18, 2016 |
maleeks: Courier companies don't accept cash items so that's not an option. I thought it can be cashed in dollars via WU? That way you can then change it at black market rate. And you can still repay him via same WU or Moneygram. Though at exorbitant sending charges rates. 1 Like |
Re: Naira Falls To N370 Per Dollar by ajebuter(f): 1:03pm On Feb 18, 2016 |
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