Naira Falls To N370 Per Dollar - Business (7)

Naira Falls To N370 Per Dollar - Business (7) - Nairaland

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Re: Naira Falls To N370 Per Dollar by precious1967(m): 1:47pm On Feb 18, 2016

all those who keep dollars away from our reach ll suffer also with us (we poor people).

Re: Naira Falls To N370 Per Dollar by maleeks(m): 1:48pm On Feb 18, 2016

Chukzyfcb:
Omo there's notin that you'll do that the rate wouldn't be 197...I'm also in such state of confusion. Our banks don't give dollar again, they only accept. Be it western union, dom account, moneygram. Na 197 ohhh, na to find who dey come naija give am the currency give u. Na I'm sure pass

you don't mean it bro, this is serious

Re: Naira Falls To N370 Per Dollar by zurine(f): 1:50pm On Feb 18, 2016

my gosh

Re: Naira Falls To N370 Per Dollar by warrenweste(m): 1:51pm On Feb 18, 2016

maleeks:
thanks alot bro, you just solved my worries

u welcm

Re: Naira Falls To N370 Per Dollar by Stevebamdex(m): 1:54pm On Feb 18, 2016

mrlaw93:
Where sir!

Opposite sambisa forest,Bokoharam highway behind mohammadu shekau avenue maiduguri,borno state..na 5000k I wan give you self..

Re: Naira Falls To N370 Per Dollar by grandstar(m): 1:58pm On Feb 18, 2016

adipemcanis1:
GEJ would have still done the same thing...restrict dollars,and enforce TSA.

(Keep in mind that TSA and emefiele were both GEJ ideas......).

The problem is that we do not have enough dollars....because oil prices have fallen. Unless you have a better idea....we have to accept the fact that our economy is oil-linked....and we have to break the link.

Which is why pmb Has to do more than sing diversify.

(GEJ had a lot of achievements....when oil price was at $112per barrel....and you compare him with Buhari who when he took over ...oil was at $50 and falling? )

Re: Naira Falls To N370 Per Dollar by EPOMA(m): 1:58pm On Feb 18, 2016

tyav7:
Let them continue blaming GEJ till it gets to $1 to 1000 before our eyes go clear. 12 yrs ago oil was this low but our economy never nose-dived like this.

12 years ago no one had all the Visa and master card to withdraw money at will overseas

12 years ago the amount of nigerians paying school fees abroad was minimal

12 years ago the amount of private jets needing forex to pay foreign pilots and do a and c checks on the plane was minimal

12 year ago we had a better goverement that did not did steal our dollars and then print naira to decieve the public that the economy was the fastest growing economy in africa.

12 years ago companies like michellin did not leave nigeria to ghana or other african countries

I can continue more.

we were busy playing party politics and still are. Lets sort our selves out simple. we depend too much on foreign goods and services

Re: Naira Falls To N370 Per Dollar by Chukzyfcb(m): 1:59pm On Feb 18, 2016*

maleeks:
you don't mean it bro, this is serious

No be small shumtin. Your bro for instance might send you $1000...you might be anticpating
380,000 ($1000 * 380). You will only have the idea tht you'v $1000 in your account. The moment you ask for naira from your bank, na 197,000 you go receive(offiicial rate). You just lost a whopping 183,000 awuuff,lol....Its the CBN directive oo, all payments must be made in Naira & at the official rate. #banks na ole! See western union rate if you still dey doubt me.

Re: Naira Falls To N370 Per Dollar by grandstar(m): 2:03pm On Feb 18, 2016

adipemcanis1:
GEJ would have still done the same thing...restrict dollars,and enforce TSA.

(Keep in mind that TSA and emefiele were both GEJ ideas......).

The problem is that we do not have enough dollars....because oil prices have fallen. Unless you have a better idea....we have to accept the fact that our economy is oil-linked....and we have to break the link.

Which is why pmb Has to do more than sing diversify.

(GEJ had a lot of achievements....when oil price was at $112per barrel....and you compare him with Buhari who when he took over ...oil was at $50 and falling? )

Wrong. GEJ would have allowed the official rate to depreciate. Buhari has refused to allow that to happen and that is way there is mayhem today.

In 2009, when the oil price collapsed to $35 from $148 in 2008, Soludo refused to allow the naira to depreciate from around 120. He started introducing all kinds of foriegn exchange restrictions. Despite all these, the rate depreciated as low as 190 at the black market, a difference of almost 70 from the official rate.

When Sanusi came in that same year, he immediately devalued the naira to 150. immediately the black market appreciated to aound 155.

Buhari needs to do likewise.

2 Likes

Re: Naira Falls To N370 Per Dollar by RaeMystix: 2:03pm On Feb 18, 2016

It was $380 as of yesterday morning.

Re: Naira Falls To N370 Per Dollar by LordAdam: 2:07pm On Feb 18, 2016

adipemcanis1:
GEJ would have still done the same thing...restrict dollars,and enforce TSA.

(Keep in mind that TSA and emefiele were both GEJ ideas......).

The problem is that we do not have enough dollars....because oil prices have fallen. Unless you have a better idea....we have to accept the fact that our economy is oil-linked....and we have to break the link.

Which is why pmb Has to do more than sing diversify.

(GEJ had a lot of achievements....when oil price was at $112per barrel....and you compare him with Buhari who when he took over ...oil was at $50 and falling? )

GEJ and Emefiele would have devalued the Naira. He devalued the naira from 150 to 166 then to 197.

That is why our reserve fell by $10b.

The fact is that Buhari should have also continued the systemic devaluation to cushion the effect of the falling naira, but alas he waited for 7 months before assembling an economic team. Naira was always going to lose value. GEJ's systemic devaluation was the reason why Nigerians were not feeling the effect much.

Now that PMB has wasted all the time, the space between official and parallel market is high, and depression is imminent, the pressure to devalue the naira is heightened. But here is where Buhari has his hands tied. The Real Value of the Naira presently is around N400 to $1. If he wants to truly devalue the Naira to follow market rate, that is how low the naira will fall, and the country will fall into a recession the next second. Inflation will be rife. And our reserve will reduce to somewhere around $15b to $17b.

Buhari slow nature and inaction is why we are in this situation. He had the chance to do something and he did nothing. Now we can only hope that oil price increases on or before June 1 in 2016, else the economy will force Buhari to devalue the Naira at a point where we will be at Venezuela's position (there will be anarchy, massive layoffs, owed wages and entitlements, massive inflation). Buhari's future as the president of this country rests on how the next four months play out.

The CBN has almost exhausted all the possible moves to keep the naira afloat. The Budget that should provide the cushion is having an unprecedented hold-up that will extend to march or april.

-Lord

Re: Naira Falls To N370 Per Dollar by LordAdam: 2:08pm On Feb 18, 2016

grandstar:
Wrong. GEJ would have allowed the official rate to depreciate. Buhari has refused to allow that to happen and that is way there is mayhem today.

In 2009, when the oil price collapsed to $35 from $148 in 2008, Soludo refused to allow the naira to depreciate from around 120. He started introducing all kinds of foriegn exchange restrictions. Despite all these, the rate depreciated as low as 190 at the black market, a difference of almost 70 from the official rate.

When Sanusi came in that same year, he immediately devalued the naira to 150. immediately the black market appreciated to aound 155.

Buhari needs to do likewise.

Those who do not learn from history are bound to make the same mistakes. Only that this time, the consequences will be more dire.

-Lord

Re: Naira Falls To N370 Per Dollar by LordAdam: 2:17pm On Feb 18, 2016

EPOMA:
12 years ago no one had all the Visa and master card to withdraw money at will overseas

12 years ago the amount of nigerians paying school fees abroad was minimal

12 years ago the amount of private jets needing forex to pay foreign pilots and do a and c checks on the plane was minimal

12 year ago we had a better goverement that did not did steal our dollars and then print naira to decieve the public that the economy was the fastest growing economy in africa.

12 years ago companies like michellin did not leave nigeria to ghana or other african countries

I can continue more.

we were busy playing party politics and still are. Lets sort our selves out simple. we depend too much on foreign goods and services

Several economists have said that Nigeria does not have an Import crisis. True, we need to boost our industrialization and consumption of made in Nigeria goods/services. But that is not something that can happen overnight. Large industries take time to open, and break even. Nigeria is one of the worst countries on earth to do business.

We have a fundamental problem of the system in which we operate, not Nigerians.

Fix the system then you can blame Nigerians on their consumption habit.

-Lord

Re: Naira Falls To N370 Per Dollar by Chazzyboy: 2:17pm On Feb 18, 2016

Nienie:
Lord have mercy

mercy on u?

Re: Naira Falls To N370 Per Dollar by Nobody: 2:20pm On Feb 18, 2016

iAmCharis:
197? Babe check that thing well or kukuma give me the branch address.

My dear, I am very sure. Your friend should be the one telling us who charged him N305/$1.

I don't think the official bank rate should change, regardless of the transaction_ but since I don't know so much about PayPal, I can't really say much on that.

Re: Naira Falls To N370 Per Dollar by playtheblues(f): 2:21pm On Feb 18, 2016

Borrow more pleaseeeeee.

adipemcanis1:
Well, if you understood my posts properly, you would see that I am not into critiquing the government....even though they do have problems...rather...I am into critiquing the way our economy has functioned.

When we got independence....our economy was based on selling raw materials to Western countries. The idea then was that this would be temporary.....eventually we would industrialse. And we were making great strides in the 1970's.The problem was that in 1973...oil prcies went up to really high levels....and thus...we became oil dependent.

In my opinion, this government needs to free us from oil.Sorry....I meant to free us from raw materials dependency. We need to become a producer nation like China, and Japan....using our raw materials as the basis of a new industrial revolution.

That should be the PMB blueprint. And the blueprint of every subsequent government.

Thank you for your extra megabytes.

http://www.nytimes.com/2012/03/11/opinion/sunday/friedman-pass-the-books-hold-the-oil.html?_r=0

Re: Naira Falls To N370 Per Dollar by EPOMA(m): 2:24pm On Feb 18, 2016

grandstar:
Wrong. GEJ would have allowed the official rate to depreciate. Buhari has refused to allow that to happen and that is way there is mayhem today.
In 2009, when the oil price collapsed to $35 from $148 in 2008, Soludo refused to allow the naira to depreciate from around 120. He started introducing all kinds of foriegn exchange restrictions. Despite all these, the rate depreciated as low as 190 at the bl

LordAdam:
Several economists have said that Nigeria does not have an Import crisis. True, we need to boost our industrialization and consumption of made in Nigeria goods/services. But that is not something that can happen overnight. Large industries take time to open, and break even. Nigeria is one of the worst countries on earth to do business.

We have a fundamental problem of the system in which we operate, not Nigerians.

Fix the system then you can blame Nigerians on their consumption habit.

-Lord

True

Re: Naira Falls To N370 Per Dollar by EPOMA(m): 2:25pm On Feb 18, 2016

LordAdam:
Several economists have said that Nigeria does not have an Import crisis. True, we need to boost our industrialization and consumption of made in Nigeria goods/services. But that is not something that can happen overnight. Large industries take time to open, and break even. Nigeria is one of the worst countries on earth to do business.

We have a fundamental problem of the system in which we operate, not Nigerians.

Fix the system then you can blame Nigerians on their consumption habit.

-Lord

true

Re: Naira Falls To N370 Per Dollar by Nobody: 2:31pm On Feb 18, 2016

Kachisbarbie:
My dear, I am very sure. Your friend should be the one telling us who charged him N305/$1.

I don't think the official bank rate should change, regardless of the transaction_ but since I don't know so much about PayPal, I can't really say much on that.

Hmmmm odi egwu oo. I have always been charged above the rate on exchange board.

Anyway, maybe there are exceptions... huh

Re: Naira Falls To N370 Per Dollar by scachy(m): 2:33pm On Feb 18, 2016

MissingBudget:
#390 some minutes ago.

It's well.

Re: Naira Falls To N370 Per Dollar by Nobody: 2:34pm On Feb 18, 2016

LordAdam:
Several economists have said that Nigeria does not have an Import crisis. True, we need to boost our industrialization and consumption of made in Nigeria goods/services. But that is not something that can happen overnight. Large industries take time to open, and break even. Nigeria is one of the worst countries on earth to do business.

We have a fundamental problem of the system in which we operate, not Nigerians.

Fix the system then you can blame Nigerians on their consumption habit.

-Lord

How can we produce when we dont even have electricity?

Re: Naira Falls To N370 Per Dollar by Pappyto: 2:37pm On Feb 18, 2016

mrlaw93:
Congratulations Buhari, for taking change even to every household in Nigeria. From the big niggas in the country down to the poorest. Walai! u try.

Pure water is now #200 per bag. Is nt the price that vex me here ooo. But the fact that i drink more than 1bag per day is d problem. Abeg! who get #500 make hin borrow me. I swear i go return am bk.

#500 pay $20

Re: Naira Falls To N370 Per Dollar by Chukzyfcb(m): 2:39pm On Feb 18, 2016

Although there's no Budget implementation on ground, No Project whatsoever..... Despite the Ban of sales of dollar to BDC & Ban on over 40importers from accessing dollar at official rate, our FOREX RESERVE lost over 1BILLION DOLLARS in just 6WEEKS! Someborri is stealing from our purse ohhhh....

Re: Naira Falls To N370 Per Dollar by LordAdam: 2:40pm On Feb 18, 2016

ehie:
How can we produce when we dont even have electricity?

Another valid question!

We have a very annoying habit of living in denial in Nigeria.

-Lord

Re: Naira Falls To N370 Per Dollar by erico2k2(m): 2:43pm On Feb 18, 2016

Chukzyfcb:
Euro is 390, see the rates below
DOLLAR POUND EURO

That's the rates on the book on the street it's diffrent. £1 is N450

Re: Naira Falls To N370 Per Dollar by toyeanlawlah(f): 2:46pm On Feb 18, 2016

guys pls, in respect 2 d recent issue wit naira, which 1 z beta; exchanging money @ a bureau de change or 4rm mallams.......

4rm naira 2 anoda currency ni o

Re: Naira Falls To N370 Per Dollar by onatisi(m): 2:47pm On Feb 18, 2016

romme2u:
lips sealed

BTW where is onatisi and anonimi

1 Share

Re: Naira Falls To N370 Per Dollar by Chukzyfcb(m): 2:54pm On Feb 18, 2016

erico2k2:
That's the rates on the book on the street it's diffrent. £1 is N450

What do you mean its the rate on the book on the street? Is £1 = 450naira the official rate?
Were you the one who authorised it, go get some real info man!

Re: Naira Falls To N370 Per Dollar by Nobody: 3:03pm On Feb 18, 2016

Chukzyfcb:
No be small shumtin. Your bro for instance might send you $1000...you might be anticpating
380,000 ($1000 * 380). You will only have the idea tht you'v $1000 in your account. The moment you ask for naira from your bank, na 197,000 you go receive(offiicial rate). You just lost a whopping 183,000 awuuff,lol....Its the CBN directive oo, all payments must be made in Naira & at the official rate. #banks na ole! See western union rate if you still dey doubt me.

is not true,those living abroad transfer money to domiciliary account and withdraw in dollars,then change in black market or you send through azimo international money transfer,their exchange rate is near to black market rate. Western union and moneygram is for official transactions

Re: Naira Falls To N370 Per Dollar by diegwu01: 3:04pm On Feb 18, 2016

ehie:
How can we produce when we dont even have electricity?

We have Electricity...it may not be stable though, we could do more with a cheaper and more staple source of electricity.
lets not use that as an excuse not to do anything. there are industries working, Innoson, dangote et al millions of others.
Only a lazy man would fold his arms looking looking for an excuse to do nothing..
You say there's no electricity..Have you been sleeping in darkness all these while or charging your phones or powering you PC with candles?

Re: Naira Falls To N370 Per Dollar by Chartey(m): 3:07pm On Feb 18, 2016

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?

Most banks are above 300 now.

Re: Naira Falls To N370 Per Dollar by diegwu01: 3:08pm On Feb 18, 2016

I expected a hyper inflation with the fall in value of the Naira aganst the US dollar, but this seem not to be the case. The Price of Garri is stiill what it was in 2013. it seems only ostentatious and imported goods are bearing the brunt.. its time to look inwards and face our own products

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