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Nairaland Forum / Nairaland / General / Business / Dollar Free Fall Continues, Sells At N425/dollar (24927 Views)
Again Naira Falls, Sells At N465 Per Dollar / Naira Appreciates Further, Sells At N425/$ In Parallel Market / Naira Improves On Parallel Market, Sells At N501/$ (2) (3) (4)
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Re: Dollar Free Fall Continues, Sells At N425/dollar by MabraO: 8:47am On Mar 01, 2017 |
some comments coming from these loyal liepods dey suddenly praising a Yoruba Ag President nd still cursing Buhari. I tot anything Yoruba or Hausa they were against. Why d sudden love for a Yoruba man? Liepods u guys don't know what u really want Never seen s more confused prior like them before. 1 Like |
Re: Dollar Free Fall Continues, Sells At N425/dollar by Nobody: 8:48am On Mar 01, 2017 |
ToriBlue: They're increasing prices to measure up with the economic reality of the country, and no it's not just the East. & lastly there are greedy people everywhere. |
Re: Dollar Free Fall Continues, Sells At N425/dollar by Nobody: 8:54am On Mar 01, 2017 |
SamuelAnyawu: Love that masonic pose. |
Re: Dollar Free Fall Continues, Sells At N425/dollar by joey150(m): 8:54am On Mar 01, 2017 |
omenkaLives: Dont you get it?? If he sells his antelope 8k would he be able to afford the car or electronics or gadget that got more expensive? Its a chain effect. |
Re: Dollar Free Fall Continues, Sells At N425/dollar by effty(m): 8:55am On Mar 01, 2017 |
omenkaLives:Did you study Economics/Commerce in your secondary school days? If you did, you would understand why the antelope is now expensive. |
Re: Dollar Free Fall Continues, Sells At N425/dollar by adadike281(f): 9:00am On Mar 01, 2017 |
ToriBlue:pls say what you know. I live in d east and ve been to both west and north, things are far cheaper here. In fact, if you are in d east , you don't have to starve, just relocate to anam and biafra market for your free yam, rice and vegs. |
Re: Dollar Free Fall Continues, Sells At N425/dollar by Sezua(m): 9:05am On Mar 01, 2017 |
omenkaLives:do u understand basic economics at all? If not you canpay me to organize remedial classes for you. |
Re: Dollar Free Fall Continues, Sells At N425/dollar by adadike281(f): 9:07am On Mar 01, 2017 |
SamuelAnyawu:Dalu, jisike. I see you are defending umu Igbo , don't worry, ije we go na 2019. I hope you have achieved something for your constituency.? |
Re: Dollar Free Fall Continues, Sells At N425/dollar by Nobody: 9:07am On Mar 01, 2017 |
omenkaLives: Hi there, how are you doing. I like reading your posts. Nigeria can't do a full float. The country isn't cohesive enough for that. It's a strange situation because there are tons of paper dollars in the country but outside the system. What we need to do is 1) increase tariffs on non essential imports; I mean cheese, biscuits?? 2) Ease the process of exports. It's a nightmare for exporters right now. Especially start ups. The next one will sound strange 3) improve NOIP ( nigerian office for intellectual property) and allow bright young people monetize their ideas and 4) steady supply of fx for invisible and crash price from time to time to create uncertainty in the parallel market 5) pay states their allocation in dollars or partially in dollars and force them sell to obtain their naira needs. Omenka, point 3. Is critical to stem unrest amongst the young. Right now they have ideas they can't protect. They are frustrated and angry. Nigeria needs an idea economy. Once, they can protect and sell their ideas, pressure from millenials will reduce and longer range planning/ execution can take place. It doesn't sound like it connects with fx right? But it does. Calm the noise, focus on the issues. Government must adopt an enablement instead of a control mentality. Problem is not policy it's usually foot soldiers in the ministry. Have a good day. 1 Like |
Re: Dollar Free Fall Continues, Sells At N425/dollar by Nobody: 9:08am On Mar 01, 2017 |
The summary of the new forex policy is this: the dollar would be freely available to people that need them, BUT what you can use your dollar to spend on would be limited. Federal Government is likely going to increase import duty on some items and ban some items from being imported. You can transact freely online if you have a domiciliary account that has forex inflows from outside Nigeria. If people begin opening domiciliary account just to deposit dollar to buy all sorts of things online, banks would take action and restrict your spending (except you have forex inflows from outside Nigeria). CBN seems to have found a policy that is working for now, so they would do everything to maintain it. celestialAgent: |
Re: Dollar Free Fall Continues, Sells At N425/dollar by Crixie(m): 9:10am On Mar 01, 2017 |
steppin:God bless You! |
Re: Dollar Free Fall Continues, Sells At N425/dollar by citee(m): 9:32am On Mar 01, 2017 |
SamuelAnyawu:u Unnecessary comments like these make it seem like Osinbajo is running a one man show. When positive things happen in government you cannot ascribe them to just one person. Government is a collective and such everyone should share in the positive and negative aspects. As far as am concerned this is Buhari/Osinbajo administration, period! |
Re: Dollar Free Fall Continues, Sells At N425/dollar by edudguy(m): 9:40am On Mar 01, 2017 |
ToriBlue: And we are all crying Biafra! When we like to exploit each other.. When the Biafra comes is it not the same people that will be in Biafra or will new peopl come... We sometimes blame the government everytimr but in reality its our fault |
Re: Dollar Free Fall Continues, Sells At N425/dollar by dannybomb(m): 9:43am On Mar 01, 2017 |
omenkaLives:says who, most commodities in nigeria are exported, so when the local commodities are sold at cheaper price how do you expect the farmers who goes under the sun to process this product to survive, believe this farmers sell the local product at high price in other to buy exported product. 1 Like |
Re: Dollar Free Fall Continues, Sells At N425/dollar by Nobody: 9:45am On Mar 01, 2017 |
ToriBlue:You dont have to blame the traders because they sell what they have to purchase the one they have not. If they sell their products at a cheaper rate because it has nothing to do with the dollar, How can they get money to buy the the things they dont have, that are expensive in the market? |
Re: Dollar Free Fall Continues, Sells At N425/dollar by omenkaLives(m): 9:48am On Mar 01, 2017 |
Sezua:Just look at the crap one has to put up with all because one is somehow constrained to share the same space with these toddlers. Look at the kid. If i met someone like you outside, with this, i'd hold you up on one hand, pull your skirt down, and flog the crap out of you with the other hand. @ Greenpasture: I do appreciate your points, very valid. There are indeed some measures the government could take to further ease the pressure on the naira like a couple of those you mentioned, but as you rightly pointed out, the country isnt ripe for them. Raising tariffs on nonessential imports like those you stated could see a revolt from certain blocks and unfortunately, these people make up a major fraction of importers, and their wrath isn't one you wanna incure especially given the current state of affairs where the government seems to trying to put some lustre on her image. The attendant political backlash would be enormous. In addition, there are certain policy makers in and out of government making a killing out of the current situation and would do whatever they can to ensure we never get out of the woods. These are moneybags with tons upon tons of forex stashed away in secret vaults across the country and what they tend to do is use fronts to keep mopping up whatever forex is injected into the market by the Central Bank, creating a perennial scarcity. I have no idea how the government can deal with these ones. We are at a crossroads of our National experience as the choices we make today would, whether right or wrong, would form the basis upon which we make decisions, both political and economic, in future- except our leaders so what they seem to do best; show their disdain for learning. I am especially glad the solutions being preferred so far are home grown and not some IMF or World Bank prescription that almost always tend to send patients into the ICU. |
Re: Dollar Free Fall Continues, Sells At N425/dollar by AngelicBeing: 9:55am On Mar 01, 2017 |
omenkaLives: |
Re: Dollar Free Fall Continues, Sells At N425/dollar by MKO4ever(m): 9:58am On Mar 01, 2017 |
Please, anyone here in this FX business? Send me your contact I need to buy like $10,000.00 |
Re: Dollar Free Fall Continues, Sells At N425/dollar by rallymento(m): 9:59am On Mar 01, 2017 |
Nigerians are gullible, FX Ended Last Night at 445 to $1 then by Morning it fell to N425 to $1.... Could it be the little last night transaction that lead to the fall from 445 - 425? mind you most late night transactions are carried over to the next day for proper maturity level analysis and the volume of transaction could not be compared to a typical 9-5.... $3.2 billion has been pumped into the economy to stabilize FX, the same people will hijack the money and hoard it to keep making their lives miserable.... I see Osibanjo doing the same Mistakes Jonathan did....i.e if Buhari Resigns.. 1 Like |
Re: Dollar Free Fall Continues, Sells At N425/dollar by Nobody: 10:10am On Mar 01, 2017 |
omenkaLives: If the hunter has to pay more for fuel, pay more for medicine, pay more for transport, pay more for rice and indomie, he definitely has to find a way to make more money! hence he has to increase his own price else he dies for nothing |
Re: Dollar Free Fall Continues, Sells At N425/dollar by ekanDamie: 10:26am On Mar 01, 2017 |
omenkaLives:imagine someone who wanted to sell a 2nd hand naija used fine to me telling me DAT d reason why d price selling to me is high is because dollar was then 520. I asked him if he was importing the fone everyday he uses it or if our transactions will be in dollars? I ended up walking away cos he must have infected d fone with stupidity/greed virus. |
Re: Dollar Free Fall Continues, Sells At N425/dollar by Akpan107(m): 10:29am On Mar 01, 2017 |
nextprince:You are sounding so aggressive and frustrated at the same time! Where did i call Fayose my hero? The true change Pastor Osinbanjo is bringing into the system is a welcome devolpment. Every sane Nigerian must support him, atleast, to stop the killing of innocent persons by the Fulani herdsmen. You may agree with me that Pastor Osinbajo has done alot on that area than Buhari. |
Re: Dollar Free Fall Continues, Sells At N425/dollar by Nobody: 10:43am On Mar 01, 2017 |
ToriBlue: Not only in the East dear. even the onion seller in Ibadan would tell you "dont you know dollar don rise up"? And yould start to think where dollar comes in, in growing and harvesting common Onion (Alubosa) in Naija. |
Re: Dollar Free Fall Continues, Sells At N425/dollar by Nobody: 10:46am On Mar 01, 2017 |
[/b]In addition, there are certain policy makers in and out of government making a killing out of the current situation and would do whatever they can to ensure we never get out of the woods.[b] True. Yes the problem isn't so much policy as people. The government is toeing a fine line between market friendly policies and allowing thieves profit from the very problems they've created. The amounts of money stashed away is a security risk in itself. The Nigerian is an instant gratification animal. We don't have a post WW2 Germany mentality. We want it now. This is an incredible hurdle for any government to surmount. But if they " cynically" calibrate the gains towards the 2019 elections, they may get sufficient time to finish the job. It won't be perfect; there are too many conflicting interests for this to happen. But if they can create a productive economy that rewards honest hard work; I will take that. |
Re: Dollar Free Fall Continues, Sells At N425/dollar by Rezponder: 10:46am On Mar 01, 2017 |
Don’t be fooled by the Naira biggest black Market gain in a year The rally, sparked by increased sales of foreign-exchange forwards and looser capital controls, is contingent on the central bank continuing to sell down its reserves. And until it devalues or makes a clear switch to a free-floating currency, Africa’s most-populous country will struggle to lure back foreign investors, according to JPMorgan Chase & Co. and Renaissance Capital. Forwards suggest more declines to come, investors are shunning naira assets, and a web of alternative exchange rates only adds to the confusion over the currency’s real value. After sales of $600 million of one- and two-month forwards last week, the naira’s black-market rate rose 13 percent to 460 per dollar from an all-time low of 520. It appreciated another 2.2 percent to 450 on Monday after the central bank sold $100 million of 60-day forwards. That narrowed the gap with the official rate, which the central bank has kept at around 315 since August, to the smallest since September. Read more https://rezponder.com/dont-fooled-naira-biggest-black-market-gain-year/
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Re: Dollar Free Fall Continues, Sells At N425/dollar by moststylish(m): 11:10am On Mar 01, 2017 |
omenkaLives:so u don't know that dollar increase will affect the economy, the person selling the antelope is not going to pay for transportation and the vehicle which is being used for transportation,will it run on water?our refineries are bad,where will the fuel come from? import,last time I check, we import with hard currency,so u now see the chain? BTW Nigeria is an import dependent country |
Re: Dollar Free Fall Continues, Sells At N425/dollar by justiz5(m): 11:23am On Mar 01, 2017 |
omenkaLives: The price of Dollar affects every thing due to the "multiplier" effect |
Re: Dollar Free Fall Continues, Sells At N425/dollar by maasoap(m): 11:35am On Mar 01, 2017 |
SamuelAnyawu:Liar! |
Re: Dollar Free Fall Continues, Sells At N425/dollar by SamuelAnyawu(m): 11:58am On Mar 01, 2017 |
Re: Dollar Free Fall Continues, Sells At N425/dollar by emmykk(m): 12:08pm On Mar 01, 2017 |
SamuelAnyawu:kudos for doing his job haba? |
Re: Dollar Free Fall Continues, Sells At N425/dollar by Kondomatic(m): 12:11pm On Mar 01, 2017 |
gowaga68:No1 Is Red Oil. |
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