we told our good luck to leave...

BLOOD OF MUHAMMED

This is what happens when a vissionless and a clueless one is in the herm of affairs.

Lifestone:
Some will blame PMB for this but I won't.
So long our appetite for foreign goods consumption is high, Naira will continue to fall. I heard the story of a Nigerian family that buys their vegetables from stores in the UK.
Buhari must stand firm with steady hands and force a change of taste from Nigerians.This is our time to finally restructure how our FX are utilised.
We must eat Nigerian Rice, buy Nigeria made cars etc.

But you can blame GEJ and use that to campaign when it was #216?

Hypocrites

And Jesus Said It's Finished!!!..Chai,chimo!!!

check my signature for urgent deal

Honestly if Buhari is allowed in that seat till 2019 Nigeria might be unable to recover from the mess he is leading this country into. A thing like this has never happened in the history of Nigeria and yet people are still playing politics with it

damola311:


But you can blame GEJ and use that to campaign when it was #216?

Hypocrites

I hail you bros

The greatest threat to Naira is the FOREX underground deals which many political stakeholders have benefited from....FOREX CORRUPTION is PREVALENT in this GOVERNMENT and the POOR MASSES are suffering for their GREED.

Not everybody uses forex to buy foods, I need for my training here, some need it for their business to buy materials we don't have in Nija and technology as well. So expand your reasoning. The fact is the political big cheats don't have these issues, it's end users like us that are suffering. Some people in their houses have stacks on deck of foreign currency which belonged to the nation.

Lifestone:
Some will blame PMB for this but I won't.
So long our appetite for foreign goods consumption is high, Naira will continue to fall. I heard the story of a Nigerian family that buys their vegetables from stores in the UK.
Buhari must stand firm with steady hands and force a change of taste from Nigerians.This is our time to finally restructure how our FX are utilised.
We must eat Nigerian Rice, buy Nigeria made cars etc.

See how buhari dey increase pogba salary for Nigeria alone

LoveMachine:
PMB has some tough luck. I can't even imagine where we'd be if the other guys were still in control. With the budget implementation and the coming peace in the Delta things will rebound. Gotta keep on pushing.

Coming peace when the militants have declared cease fire for negotiation, the army is now showing off their strength and buhari is talking though. The main sabotage activities are clandestine operations in the middle of the night.
This is a time to achieve peace and starting to solve the root cause of the niger delta problem....not updating successes against pirates and criminals and talking though.

Lifestone:
Some will blame PMB for this but I won't.
So long our appetite for foreign goods consumption is high, Naira will continue to fall. I heard the story of a Nigerian family that buys their vegetables from stores in the UK.
Buhari must stand firm with steady hands and force a change of taste from Nigerians.This is our time to finally restructure how our FX are utilised.
We must eat Nigerian Rice, buy Nigeria made cars etc.

You didn't also talk about our president who seek medical care and vacate in UK. His children also schooled there. He talks more to foreign media houses than local ones, buys his shoes and wristwatches from the most expensive stores abroad,enjoy foreign trips than visit to his local constituencies but come back home to preach that his citizens should embrace local goods.

Truth234:
The Nigerian Naira plunged to a record low against the US dollar on Sunday at the parallel market.

The local currency was sold for 414 per dollar in Lagos and Abuja on Sunday.

Currency experts have said even though the CBN continued to intervene by selling dollars daily on the interbank market, its efforts were inadequate and considered weak.

“There is nothing in the policy environment that will arrest the decline unless the central bank has increased capacity to supply the market, which unfortunately it doesn’t have. So, we should expect the naira to remain under pressure in the coming week,” said Mr. Johnson Chukwu, the Chief Executive Officer, Cowry Asset Management Limited.

This is a liquidity issue, at this point, the Federal Government or CBN needs access to credit support either from a trading partner like China or the World Bank to stabilise the Naira.

“The decline of the naira against the dollar is beyond the recent suspension of some banks from the forex market. We have witnessed suspension of banks in the past, and it did not lead to any spike in exchange rate. The major challenge we have now is supply shortage. If that improves, naira will stabilise,” Chukwu added.

It should be recalled that some currency analysts interviewed by Bloomberg last week forecast 515 a dollar by the first half of 2017, and insisted the CBN needs to be more result oriented.

A currency analyst at Ecobank, Mr. Kunle Ezun, said “A lot of people in the official market will want to actually maximise the gains on their dollar holding by channelling it through the parallel market.”

“Sincerely, there is no major thing that one can expect in the parallel market. The only thing that could bring calm to the market is the supply of the US dollar. What we have in the market is basically demand and supply interplay,” Ezun added.

http://investorsking.com/naira-hits-record-low-of-414-a-dollar/

I've been saying it ever since (check my previous posts since last year), expect the Naira at N500/$1 in the next 1 year (7 months left). That would be first stage.

After that, we will enter stage 2 where things will get out of hand and Buhari under pressure will accept any condition from any anybody offering a solution. That's when IMF and world bank will ''go for the kill''. They will crash the Naira to the range of N1,000/$1. Then, foreign business syndicates and afiliates of the IMF and world bank will come to Nigeria in droves to buy up everything of value in Nigeria.

We were better off not devaluing the Naira the first time. And that's why I was against it. As it stands now, nothing stops the Naira from going to N1,000/$1. Just time!!.

Anybody who don't want to leave the Buhari government in shame should just resign now, cause things are even going to get out of hand soon. The Naira is dead!. Forget it!!.

Lifestone:
Some will blame PMB for this but I won't.
So long our appetite for foreign goods consumption is high, Naira will continue to fall. I heard the story of a Nigerian family that buys their vegetables from stores in the UK.
Buhari must stand firm with steady hands and force a change of taste from Nigerians.This is our time to finally restructure how our FX are utilised.
We must eat Nigerian Rice, buy Nigeria made cars etc.

He's responsible. He's both directly and indirectly responsible for initiating economy - resuscitating policies. His days of honeymoon are over. Things arnt going well with the economy. I don't wanna believe he's at his wit's end else we r done for.

Lifestone:
Some will blame PMB for this but I won't.
So long our appetite for foreign goods consumption is high, Naira will continue to fall. I heard the story of a Nigerian family that buys their vegetables from stores in the UK.
Buhari must stand firm with steady hands and force a change of taste from Nigerians.This is our time to finally restructure how our FX are utilised.
We must eat Nigerian Rice, buy Nigeria made cars etc.

Oga you can't make a sharp U-turn on the high way without a tumble. A favourable condition should be created first to encourage local production. How can we grow when the so called government patronise more of foreigners than our local experts. And with the unfavourable exchange rate even the foreign investors are pulling out. Can Nigeria survive if things continue this way?

a

Dumb change! Clueless govt.

Lifestone:
Some will blame PMB for this but I won't.
So long our appetite for foreign goods consumption is high, Naira will continue to fall. I heard the story of a Nigerian family that buys their vegetables from stores in the UK.
Buhari must stand firm with steady hands and force a change of taste from Nigerians.This is our time to finally restructure how our FX are utilised.
We must eat Nigerian Rice, buy Nigeria made cars etc.

What about the govt policies that are hindrances to local production of goods? What about those factors that are not encouraging local production?
What about those in govt trading in FX and making life hell for those using same to do legitimate biz?
My brother, our govt has a lot to do in controlling how our naira fear!

Naira Exchanges For 414 A Dollar, is this the change we vote for? now my client are complaining about domain and hosting price, as a web designers in lagos this dollar thing is really not good for business

No, No, No NOT AGAIN

recievesense:
Buhari and breaking economic records are like

In fact eh! This your comment reninds me of when moyes took over as man u manager. I picture buhari as moyes and nigeria as man u! Unless we sack the manager we are gooners.

Lifestone:
Some will blame PMB for this but I won't.
So long our appetite for foreign goods consumption is high, Naira will continue to fall. I heard the story of a Nigerian family that buys their vegetables from stores in the UK.
Buhari must stand firm with steady hands and force a change of taste from Nigerians.This is our time to finally restructure how our FX are utilised.
We must eat Nigerian Rice, buy Nigeria made cars etc.

Zombie, who do we blame? GEJ as usual

Lifestone:
Some will blame PMB for this but I won't.
So long our appetite for foreign goods consumption is high, Naira will continue to fall. I heard the story of a Nigerian family that buys their vegetables from stores in the UK.
Buhari must stand firm with steady hands and force a change of taste from Nigerians.This is our time to finally restructure how our FX are utilised.
We must eat Nigerian Rice, buy Nigeria made cars etc.

your point is just 2 percent of wats affecting the economy .. There is global fall in oil prices before GEJ left power , now Buhari did not hit the ground running after takin over from office , he was travelin here nd there for months no cabinet was established , there was no direction , no fiscal policies in place , couple with the voilatile state of global economy and u think our economy will not contract ? Mordern economy waits for no one , during the period where there was no cabinet how much was lost in the Nigeria stock market ? Who runs a nation without a government in place for months and expect a viable economy .. Couple with all the bad monetary polices , pipleline explosions so many fundamental and techical principles are hitting our economy hard my friend ..

have we ask ourselves this questions? the forex trade is been dominated by northerners. and now buhari is turning it to their favors.

Okay

musicwriter:


I've been saying it ever since (check my previous posts since last year), expect the Naira at N500/$1 in the next 1 year (7 months left). That would be first stage.

After that, we will enter stage 2 where things will get out of hand and Buhari under pressure will accept any condition from any anybody offering a solution. That's when IMF and world bank will ''go for the kill''. They will crash the Naira to the range of N1,000/$1. Then, foreign business syndicates and afiliates of the IMF and world bank will come to Nigeria in droves to buy up everything of value in Nigeria.

We were better off not devaluing the Naira the first time. And that's why I was against it. As it stands now, nothing stops the Naira from going to N1,000/$1. Just time!!.

Anybody who don't want to leave the Buhari government in shame should just resign now, cause things are even going to get out of hand soon. The Naira is dead!. Forget it!!.

You are the 2nd person saying this in my hearing in less than 4 days. And the way person had documentation to back it up. He said the IMF and World Bank are allowing our government to make as many mistakes as possible in order to sweep in and mop up assets at a cheap price. He had so much evidence but I thought it was a conspiracy. And that they were in competition with Asian countries to own as much of African assets as possible (in order to shore up their own economies). That by the time they are done, everything in Nigeria will be run by foreign companies with Nigerian figureheads and they will always have a market to dump and sell their goods on to repartriate funds back to their economy. He called it the "2nd Great Colonisation". And last year, people who have families in government (not small names o) quietly started moving their families and assets out of Nigeria. I have even mentioned this on NL before.

I'm now terrified.

Lifestone:
Some will blame PMB for this but I won't.
So long our appetite for foreign goods consumption is high, Naira will continue to fall. I heard the story of a Nigerian family that buys their vegetables from stores in the UK.
Buhari must stand firm with steady hands and force a change of taste from Nigerians.This is our time to finally restructure how our FX are utilised.
We must eat Nigerian Rice, buy Nigeria made cars etc.

God bless you for this. Until the govt stops subsidizing dollar and let Nigerians realize their taste for foreign goods is the cause of rising dollar rate no hope.
Everyone asking that govt keep subsidizing dollar forgets that exporters suffer when govt subsidizes dollar the way the it has been doing.

From Fuel subsidy canals to Currency cabals...

Where is the Nigeria and China currency swap?/??/??

I have 1$ for sale at #350

since the govt has also banned petrol importers for accessing forex at the inter bank rate. why can't it re- admit most of the 40 importers it placed ban on for close to a year now, I believe that will reduce inflation and reduce pressure on the naira at the parallel market.
aside from oil sales, Nigeria gets over 20billion dollars annually as remittances from those living abroad, that alone should ease the pressure wholesomely. something is not just adding up

Everyone screaming "Buy Nigerian", you don't understand. I used to say that as well. But I know better now.

It costs more to buy a Nigerian finished good compared to its foreign counterpart. Labour, infrastructure, lack of power, lack of tax incentives and technology, all these make Nigerian goods hard to compete with their foreign counterparts (whom have solved all those problems). Which means even though my salary has not increased and I'm buying Made-in-Naija, I'm spending the same or more to be patriotic. And worse, I'm being patriotic to a country whose own government is not serious about fixing those problems or even enabling its parastatals to do their jobs and make sure the Made-in-Nigeria goods are of a decent quality. I just found out proof of this is a hard way that would have cost me a trip to the doctors and we even saw Water Bottling companies breaking laws with impunity, even Cway has not bothered to dignify the public with a response to the fact a dead frog was found in its product. Then someone will tell me to sacrifice my family for the betterment of the Nigerian economy? When my own government runs abroad for Healthcare and Education, I am to stay here and be patriotic? When my government is rewarding its cronies with contracts to import fuel instead of slash their salaries and pour it into the power sector and Transportation sector and make it easy for any manufacturer to source for materials locally and abroad, am I to sit tight and wave the Nigerian flag and watch my children suffer?

Is this what I voted for?