Stats: 3,153,235 members, 7,818,790 topics. Date: Monday, 06 May 2024 at 03:40 AM |
Nairaland Forum / Nairaland / General / Business / Naira Exchange Rates Today (50979 Views)
Naira Exchange Rates Today / Naira Exchange Rates Today / Naira Exchange Rates Today (2) (3) (4)
Re: Naira Exchange Rates Today by Eluzomo47(m): 2:20pm On Mar 23, 2016 |
Does that mean it will be difficult to study in US or UK or seek immigration in the two countries? ![]() |
Re: Naira Exchange Rates Today by Kongonya(m): 2:23pm On Mar 23, 2016 |
The nation’s falling foreign reserves is not the fault of President Goodluck Jonathan, the Society for One Nigeria, an Abuja-based group, said on Tuesday. The group, which rose in defence of Jonathan over the accusation of Olusegun Obasanjo, former president, that the present government had depleted the foreign reserves by $25 billion, argued that the ex-president’s administration was just lucky, as it did not experience a plummeting of oil price leading to its ability to increase the foreign reserves to about $43.17 billion in 2007. It said instead of constant criticisms, the Jonathan administration should be commended for keeping the foreign reserves at $34.4 billion against the backdrop of falling oil price, oil bunkering and sabotage of oil facilities. The group also argued that the fall in the nation’s foreign reserves and the depreciation of the naira were both related to exogenous global factors, which are not under the control of anyone. The group reasoned that while Obasanjo boasted that he left $43.17billion in the reserves, he failed to mention that his ability to do so was simply due to rising oil prices during his tenure. “As of May 1999 when Obasanjo became president, oil price was $14.74 per barrel. By May 2007 when he left office, oil price was $68.75 per barrel, representing an increase of more than 350 percent,” it said in a statement issued by Abubakar Danladi, its spokesman. “This increase in oil prices enabled the Obasanjo administration to increase our foreign reserves to about $43.17 billion in 2007. In contrast, President Jonathan assumed office in May 2011 when oil prices were $117.18 with foreign reserves at $32.1 billion. “Since mid-2014, global oil prices have been falling precipitously from a peak of $116 per barrel in January 2014 to about $58 per barrel in January 2015. Despite this significant fall in global prices coupled with rising incidence of oil bunkering and sabotage of oil facilities, the country has managed to maintain $34.4 billion in foreign reserves, a level that is higher than the $32.1 billion which President Jonathan met when he assumed office.” The organisation further argued that Nigeria was undergoing significant pressures from spillovers resulting from three factors that no single country has control over. It listed the factors as end of quantitative easing by the United States Federal Reserve, which implied that the monthly injection of about $85 billion into the global economy suddenly ended; the sustained fall in oil prices from a peak of $116 per barrel in January 2014 to about $58 per barrel in January 2015; and subsisting sanctions against Russia for its alleged role in the ongoing crisis in Ukraine. It argued that given Nigeria’s interconnectedness with the global economy and its dependence on crude oil proceeds, the economy had been affected like other economies. The civil society group listed some emerging market countries that had experienced a drop in their foreign reserves as a result of the drop in global oil price to include Chile, Czech Republic, Egypt, Ghana, Hungary, Kenya, Malaysia, Morocco and Russia. It added that while some countries like Russia had depleted their reserves by nearly $75 billion in 2014, Nigeria lost only $9.2 billion in reserves from the reduction in the price of crude oil. It concluded that although the average depreciation in exchange rate for the countries under consideration was about 11 percent, Nigeria’s exchange rate depreciated by eight percent. 1 Like |
Re: Naira Exchange Rates Today by Nobody: 2:23pm On Mar 23, 2016 |
5mb |
Re: Naira Exchange Rates Today by lifestyle1(m): 2:24pm On Mar 23, 2016 |
I was charged 280/1usd this morning. 1 Like |
Re: Naira Exchange Rates Today by nellyelitz(m): 2:26pm On Mar 23, 2016 |
Zico5:you and u |
Re: Naira Exchange Rates Today by R0LL0N(m): 2:27pm On Mar 23, 2016 |
ibon of the highest order Damalex4luv: |
Re: Naira Exchange Rates Today by luke10: 2:28pm On Mar 23, 2016 |
Zico5:Just know it that you are the ONLY one that is day dreaming. If you are serious, go and tell your Fulani brother, Buhari that since his assumption, there have being so much killings, destructions, forced marriages, open undermindings etc. Ask him too to explain to you why is his first term carry with him so much evil across the country? Ask him also if there were no Fulanis, Islams and Muslems that were former heads of states abi president? Abi is he the only dumbest northerner? Damn |
Re: Naira Exchange Rates Today by anonimi: 2:37pm On Mar 23, 2016 |
Zico5: Our new president and his party were deaf & dumb to these your words last year. Do you know why ![]() www.nairaland.com/attachments/3431120_cdatausersdefappsappdatainternetexplorertempsavedimages3420191picsart1455886204785jpeg503a9ea978cee321112203705090d494_jpeg42f7ff794fb9c526b6223de620a8596b |
Re: Naira Exchange Rates Today by anonimi: 2:39pm On Mar 23, 2016 |
Elzends: ...but can he ![]() www.nairaland.com/attachments/2403078_buharinairatodollarpromise_jpeg536f4a3346e6a689940c6ceb025c51a7 1 Like |
Re: Naira Exchange Rates Today by Empiree: 2:47pm On Mar 23, 2016 |
Zico5:Lol. Nigerians in diaspora wish for $1 = 400 ![]() ![]() ![]() 1 Like |
Re: Naira Exchange Rates Today by HRich(m): 2:53pm On Mar 23, 2016 |
360frolic:You guys agreed that Doller is not our Currency, how come you are now monitoring it? |
Re: Naira Exchange Rates Today by 4nobody4every1: 3:40pm On Mar 23, 2016 |
![]() |
Re: Naira Exchange Rates Today by Nobody: 3:41pm On Mar 23, 2016 |
Re: Naira Exchange Rates Today by sunkieisland(m): 4:02pm On Mar 23, 2016 |
solid3: People in hell fire always wish for Air conditioner... Doesn't mean they're gonna get it. If wishes were horses...... I'm not saying Nigeria is hell, i'm just of d opinion that our currency can never stabilise by nigerians wishing for stability but us working for stability in our economy. |
Re: Naira Exchange Rates Today by Btruth: 4:11pm On Mar 23, 2016 |
Re: Naira Exchange Rates Today by ToyosiR(f): 5:02pm On Mar 23, 2016 |
pls, can i withdraw dollar from my domicilliary account in gtbank? |
Re: Naira Exchange Rates Today by LaExpert: 5:05pm On Mar 23, 2016 |
solid3: When it was at 216, APC called it a 'shame.' 2 Likes |
Re: Naira Exchange Rates Today by paradice: 5:17pm On Mar 23, 2016 |
lifestyle1:which bank! |
Re: Naira Exchange Rates Today by lifestyle1(m): 5:22pm On Mar 23, 2016 |
paradice: stanbic |
Re: Naira Exchange Rates Today by Nobody: 5:45pm On Mar 23, 2016 |
donsteady:you are wrong bro. you cannot compare the cost of living of then, to what the world is facing now. Are you a finance graduate or undergraduate? if you are bro, you will understand better. go to google now and read about the intrinsic value of money. #100 now is worth more than #100 in the future. bye |
Re: Naira Exchange Rates Today by Nobody: 5:46pm On Mar 23, 2016 |
So I went to Dubai with family last week and used the Fidelity mastercard and to my suprise I was charged 95 naira to 1 Dirham. Even when the exchnge rate is suppose to be 55.6 Naira to 1 dirhams. Please skol me maybe am missing something. Regards |
Re: Naira Exchange Rates Today by donsteady(m): 6:41pm On Mar 23, 2016 |
strong766:So you want to tell me now that value $3b in 1999 is greater than $30b in 2016? Bro where are you from? |
Re: Naira Exchange Rates Today by Nobody: 7:35pm On Mar 23, 2016 |
donsteady:Bro no offense but u are not intelligent. Do u tink 1 dollar in the 90s is the same as 1 dollar in 2016? Gej met abt 43 billion dollars in reserve, oil price was above 100 dollars, but he left 30 billion. Gej is indeed our hero, let's clap for him. |
Re: Naira Exchange Rates Today by Nobody: 7:46pm On Mar 23, 2016 |
donsteady:Its not abt the value but the cost of leaving, do u even kw what they use this money for? Cus u don't sound very smart. |
Re: Naira Exchange Rates Today by Nobody: 9:04pm On Mar 23, 2016 |
charliboy654:please tell him more, my friend. donsteady hope you are following? charliboy654, are u a finance man?...twale for u. |
Re: Naira Exchange Rates Today by Nobody: 9:25pm On Mar 23, 2016 |
Everyone's complaining..I earn in dollars from fiverr.com. I can't complain |
Re: Naira Exchange Rates Today by Nobody: 4:45am On Mar 24, 2016 |
donsteady: GEJ met the reserve at 60bn.....and he also had high oil prices for most of his regime. And it went down to 30bn DESPITE oil being high as $112 per barrel from 2012-2014. Sorry...but that is bad management. |
Re: Naira Exchange Rates Today by Nobody: 4:49am On Mar 24, 2016 |
Kongonya: I hate being snarky.....but you comedians have made me laugh 1.Yaradua raised the reserve from43.17 bn to 60 bn dollars. 2.GEJ met the reserve at 60bn. 3.GEJ also benefited from HIGH oil prices.....112 dollars per barrel on the average. 4.DESPITE that....our reserves dropped to 32 bn by the end of 2014. Why are you people telling half truths? |
Re: Naira Exchange Rates Today by Demainman1: 6:16am On Mar 24, 2016 |
Speculators now have their hands burnt according to APC zombies ![]() |
Re: Naira Exchange Rates Today by Nobody: 7:05am On Mar 24, 2016 |
See Why The Naira May Fall To The Dollar At #1000/$ / How Can Somebody Be Selling Catapult For A Living / "My Experience As A Taxify Driver In Abuja"
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 40 |