ojesymsym:
I don't understand, if people really bring such large forex into the country, why then has the surplus not being driving down the cost even below the 357 that it stayed in for a long time.

hoarding,speculations and supply exceed demand always

ojesymsym:
I don't understand, if people really bring such large forex into the country, why then has the surplus not being driving down the cost even below the 357 that it stayed in for a long time.

How can it bring it down to 357 when he is smuggling so as to sell at 475?
The only money that stabilizes naira is the one that goes through CBN,not smuggled currency.

NIGERIAN NAIRA FAST BECOMING THE WEAKEST CURRENCY IN AFRICA....

South Africa: Rand 1= 79 Naira
Angola: 1 kwanza = 12 Naira
Botswana: 1 Pula = 28 Naira
Cape Verde: 1 Escudo = 8 Naira
Algeria: 1 Dinar = 12 Naira
Egypt: 1 Pound = 35 Naira
Eritrea: 1 Nakata = 18 Naira
Ethiopia: 1 Birr = 19 Naira
Ghana: 1 Cedi = 56 Naira
Gambia 1 Dalasi = 9 Naira
Kenya: 1 shilling = 6 Naira
Liberia: 1 Dinar = 8 Naira
Lesotho: 1 Loti = 19 Naira
Libya: 1 Dinar = 156 Naira
Morocco: 1 Dirham = 176 Naira
Madagascar: 1 Ariary = 14 Naira
Mauritius: 1 Rupee = 16 Naira
Malawi: 1 kwacha = 21 Naira
Mozambique: 1 Metical = 24 Naira
Namibia: 1 Dollar = 32 Naira
Seychelles: 1 Rupee = 22 Naira
Sudan: 1 pound = 42 Naira
Swaziland: 1 Lilangeri = 19 Naira
Tunisia: 1 Dinar = 150 Naira
Zambia: 1 kwacha = 28 Naira

Even the worst economies of Africa now have more valuable exchange rate than us.

Is Nigeria still the GIANT of Africa?

Sholapey:
NIGERIAN NAIRA FAST BECOMING THE WEAKEST CURRENCY IN AFRICA....

South Africa: Rand 1= 79 Naira
Angola: 1 kwanza = 12 Naira
Botswana: 1 Pula = 28 Naira
Cape Verde: 1 Escudo = 8 Naira
Algeria: 1 Dinar = 12 Naira
Egypt: 1 Pound = 35 Naira
Eritrea: 1 Nakata = 18 Naira
Ethiopia: 1 Birr = 19 Naira
Ghana: 1 Cedi = 56 Naira
Gambia 1 Dalasi = 9 Naira
Kenya: 1 shilling = 6 Naira
Liberia: 1 Dinar = 8 Naira
Lesotho: 1 Loti = 19 Naira
Libya: 1 Dinar = 156 Naira
Morocco: 1 Dirham = 176 Naira
Madagascar: 1 Ariary = 14 Naira
Mauritius: 1 Rupee = 16 Naira
Malawi: 1 kwacha = 21 Naira
Mozambique: 1 Metical = 24 Naira
Namibia: 1 Dollar = 32 Naira
Seychelles: 1 Rupee = 22 Naira
Sudan: 1 pound = 42 Naira
Swaziland: 1 Lilangeri = 19 Naira
Tunisia: 1 Dinar = 150 Naira
Zambia: 1 kwacha = 28 Naira

Even the worst economies of Africa now have more valuable exchange rate than us.

Is Nigeria still the GIANT of Africa?

U should thank Buhari for this... That is what he meant by 1-1

Sholapey:
NIGERIAN NAIRA FAST BECOMING THE WEAKEST CURRENCY IN AFRICA....

South Africa: Rand 1= 79 Naira
Angola: 1 kwanza = 12 Naira
Botswana: 1 Pula = 28 Naira
Cape Verde: 1 Escudo = 8 Naira
Algeria: 1 Dinar = 12 Naira
Egypt: 1 Pound = 35 Naira
Eritrea: 1 Nakata = 18 Naira
Ethiopia: 1 Birr = 19 Naira
Ghana: 1 Cedi = 56 Naira
Gambia 1 Dalasi = 9 Naira
Kenya: 1 shilling = 6 Naira
Liberia: 1 Dinar = 8 Naira
Lesotho: 1 Loti = 19 Naira
Libya: 1 Dinar = 156 Naira
Morocco: 1 Dirham = 176 Naira
Madagascar: 1 Ariary = 14 Naira
Mauritius: 1 Rupee = 16 Naira
Malawi: 1 kwacha = 21 Naira
Mozambique: 1 Metical = 24 Naira
Namibia: 1 Dollar = 32 Naira
Seychelles: 1 Rupee = 22 Naira
Sudan: 1 pound = 42 Naira
Swaziland: 1 Lilangeri = 19 Naira
Tunisia: 1 Dinar = 150 Naira
Zambia: 1 kwacha = 28 Naira

Even the worst economies of Africa now have more valuable exchange rate than us.

Is Nigeria still the GIANT of Africa?

You guys keep making the same mistake over and over again.
Forget nominal value,what should matter to you is purchasing power.

Madam Shola, it is not possible for Nigeria to have one of the weakest currency in Africa.

Sholapey:
NIGERIAN NAIRA FAST BECOMING THE WEAKEST CURRENCY IN AFRICA....

South Africa: Rand 1= 79 Naira
Angola: 1 kwanza = 12 Naira
Botswana: 1 Pula = 28 Naira
Cape Verde: 1 Escudo = 8 Naira
Algeria: 1 Dinar = 12 Naira
Egypt: 1 Pound = 35 Naira
Eritrea: 1 Nakata = 18 Naira
Ethiopia: 1 Birr = 19 Naira
Ghana: 1 Cedi = 56 Naira
Gambia 1 Dalasi = 9 Naira
Kenya: 1 shilling = 6 Naira
Liberia: 1 Dinar = 8 Naira
Lesotho: 1 Loti = 19 Naira
Libya: 1 Dinar = 156 Naira
Morocco: 1 Dirham = 176 Naira
Madagascar: 1 Ariary = 14 Naira
Mauritius: 1 Rupee = 16 Naira
Malawi: 1 kwacha = 21 Naira
Mozambique: 1 Metical = 24 Naira
Namibia: 1 Dollar = 32 Naira
Seychelles: 1 Rupee = 22 Naira
Sudan: 1 pound = 42 Naira
Swaziland: 1 Lilangeri = 19 Naira
Tunisia: 1 Dinar = 150 Naira
Zambia: 1 kwacha = 28 Naira

Even the worst economies of Africa now have more valuable exchange rate than us.

Is Nigeria still the GIANT of Africa?

Sholapey:
NIGERIAN NAIRA FAST BECOMING THE WEAKEST CURRENCY IN AFRICA....

South Africa: Rand 1= 79 Naira
Angola: 1 kwanza = 12 Naira
Botswana: 1 Pula = 28 Naira
Cape Verde: 1 Escudo = 8 Naira
Algeria: 1 Dinar = 12 Naira
Egypt: 1 Pound = 35 Naira
Eritrea: 1 Nakata = 18 Naira
Ethiopia: 1 Birr = 19 Naira
Ghana: 1 Cedi = 56 Naira
Gambia 1 Dalasi = 9 Naira
Kenya: 1 shilling = 6 Naira
Liberia: 1 Dinar = 8 Naira
Lesotho: 1 Loti = 19 Naira
Libya: 1 Dinar = 156 Naira
Morocco: 1 Dirham = 176 Naira
Madagascar: 1 Ariary = 14 Naira
Mauritius: 1 Rupee = 16 Naira
Malawi: 1 kwacha = 21 Naira
Mozambique: 1 Metical = 24 Naira
Namibia: 1 Dollar = 32 Naira
Seychelles: 1 Rupee = 22 Naira
Sudan: 1 pound = 42 Naira
Swaziland: 1 Lilangeri = 19 Naira
Tunisia: 1 Dinar = 150 Naira
Zambia: 1 kwacha = 28 Naira

Even the worst economies of Africa now have more valuable exchange rate than us.

Is Nigeria still the GIANT of Africa?

Lot of falsehoods on this list. Speaking about those I know of - the Kenyan shilling is more like 1 to 3.8 with Nigeria's latest devaluation, naira is much stronger (actually about 1 naira to 10Ar) than the Madagascan ariary which is a very very weak currency and the Sudanese pound is a worthless piece of paper.

TransAtlanticEx:
You guys keep making the same mistake over and over again.
Forget nominal value,what should matter to you is purchasing power.

Exactly.
You got it.
I'm no fan of Nigeria's monetary management, but the naira is not as weak as this list alleges.
And also, many if not all of these currencies have their "values" artificially propped up by their central banks, just like Nigeria recently claimed it has ceased to do.

TransAtlanticEx:
You guys keep making the same mistake over and over again.
Forget nominal value,what should matter to you is purchasing power.

Some people won't stop making that same mistake. The purchasing power of a currency matters most.

Sholapey:
NIGERIAN NAIRA FAST BECOMING THE WEAKEST CURRENCY IN AFRICA....

South Africa: Rand 1= 79 Naira
Angola: 1 kwanza = 12 Naira
Botswana: 1 Pula = 28 Naira
Cape Verde: 1 Escudo = 8 Naira
Algeria: 1 Dinar = 12 Naira
Egypt: 1 Pound = 35 Naira
Eritrea: 1 Nakata = 18 Naira
Ethiopia: 1 Birr = 19 Naira
Ghana: 1 Cedi = 56 Naira
Gambia 1 Dalasi = 9 Naira
Kenya: 1 shilling = 6 Naira
Liberia: 1 Dinar = 8 Naira
Lesotho: 1 Loti = 19 Naira
Libya: 1 Dinar = 156 Naira
Morocco: 1 Dirham = 176 Naira
Madagascar: 1 Ariary = 14 Naira
Mauritius: 1 Rupee = 16 Naira
Malawi: 1 kwacha = 21 Naira
Mozambique: 1 Metical = 24 Naira
Namibia: 1 Dollar = 32 Naira
Seychelles: 1 Rupee = 22 Naira
Sudan: 1 pound = 42 Naira
Swaziland: 1 Lilangeri = 19 Naira
Tunisia: 1 Dinar = 150 Naira
Zambia: 1 kwacha = 28 Naira

Even the worst economies of Africa now have more valuable exchange rate than us.

Is Nigeria still the GIANT of Africa?

Chai. Dem go soon start dey compare Nigeria currency to Benin Republic CFA Franc or the 'artificial' Ghana Cedis wen dem comot plenty zeros.

Sholapey:
NIGERIAN NAIRA FAST BECOMING THE WEAKEST CURRENCY IN AFRICA....

South Africa: Rand 1= 79 Naira
Angola: 1 kwanza = 12 Naira
Botswana: 1 Pula = 28 Naira
Cape Verde: 1 Escudo = 8 Naira
Algeria: 1 Dinar = 12 Naira
Egypt: 1 Pound = 35 Naira
Eritrea: 1 Nakata = 18 Naira
Ethiopia: 1 Birr = 19 Naira
Ghana: 1 Cedi = 56 Naira
Gambia 1 Dalasi = 9 Naira
Kenya: 1 shilling = 6 Naira
Liberia: 1 Dinar = 8 Naira
Lesotho: 1 Loti = 19 Naira
Libya: 1 Dinar = 156 Naira
Morocco: 1 Dirham = 176 Naira
Madagascar: 1 Ariary = 14 Naira
Mauritius: 1 Rupee = 16 Naira
Malawi: 1 kwacha = 21 Naira
Mozambique: 1 Metical = 24 Naira
Namibia: 1 Dollar = 32 Naira
Seychelles: 1 Rupee = 22 Naira
Sudan: 1 pound = 42 Naira
Swaziland: 1 Lilangeri = 19 Naira
Tunisia: 1 Dinar = 150 Naira
Zambia: 1 kwacha = 28 Naira

Even the worst economies of Africa now have more valuable exchange rate than us.

Is Nigeria still the GIANT of Africa?

Stupidity of the highest order.

Firstly, this write up is filled with lies. Since when did Madagascar's currency become higher than the naira. 1 Malagasy Ariary = 0.1 Naira. The Sudanese Pound is equivalent to 7 Naira, not 42 Naira. The Malawian Kwacha is not stronger than the Naira, it is not equivalent to 21 Naira. 1 Naira = 2 Malawian Kwacha. These are just few of the numerous lies up there. What do you hope to achieve by sharing these devilish lies?

Secondly,

1 Naira = 3 South Korean Wons

Does that mean Nigeria, Ghana, Kenya and others have a better economy than South Korea?

1 Gambian Dallasi = 2 Japanese Yen
1 Ghanaian Cedi = 18.2 Japanese Yen (Let's assume we don't know about Ghana's currency redomination)

Do these mean that Gambia and Ghana have a stronger economy then Japan?


Exchange rates do not represent the reality on ground. In fact, if we Nigerians were a serious people, we would have used this low exchange rate to turn ourselves into an export-based nation as this will make our exports cheaper and more competitive on the global market. But no, we must sit down doing nothing and complain. It's the Chinese, Lebanese and Indians that will come and take advantage.

China's dream would be to have the chance to devalue their currency to our level without being called a currency manipulator and getting slammed with sanctions from US and EU. Sensible countries like Vietnam keep their exchange rates very low to stimulate exports.

Nigeria's target should be to solve exchange rate instability, and not to be striving for N1=$1. The Naira can be 300, 360, 400, 500 to a dollar but let it be stable, so that investors and business people can plan for the future. Not today 300, tomorrow 450, next tomorrow 390, the other day 610. You collect dollar loan to invest in Nigeria at 1$ to N300, but when it's time to pay back, it's 1$ to 500. Exchange rate stability is what is needed. If we solve this and bring down inflation, it would go a long way in helping businesses.

It appears no one is ready to reply me. Please has anyone done investment with Renmoney before? Between them and Investment one which will you advise. Thanks.

davit:
It appears no one is ready to reply me. Please has anyone done investment with Renmoney before? Between them and Investment one which will you advise. Thanks.

Follow your mind

Get in touch with your Investment advisers.

Contact both firms and make your decision

I actually don't have advisers. I only follow what people say here.

emmanuelewumi:



Follow your mind

Get in touch with your Investment advisers.

Contact both firms and make your decision

davit:
I actually don't have advisers. I only follow what people say here.

But you have a mind.

If you don't have a mind, I will advise you to play Baba Ijebu with the fund

ultron12345:


Stupidity of the highest order.

Firstly, this write up is filled with lies. Since when did Madagascar's currency become higher than the naira. 1 Malagasy Ariary = 0.1 Naira. The Sudanese Pound is equivalent to 7 Naira, not 42 Naira. The Malawian Kwacha is not stronger than the Naira, it is not equivalent to 21 Naira. 1 Naira = 2 Malawian Kwacha. These are just few of the numerous lies up there. What do you hope to achieve by sharing these devilish lies?

Secondly,

1 Naira = 3 South Korean Wons

Does that mean Nigeria, Ghana, Kenya and others have a better economy than South Korea?

1 Gambian Dallasi = 2 Japanese Yen
1 Ghanaian Cedi = 18.2 Japanese Yen (Let's assume we don't know about Ghana's currency redomination)

Do these mean that Gambia and Ghana have a stronger economy then Japan?


Exchange rates do not represent the reality on ground. In fact, if we Nigerians were a serious people, we would have used this low exchange rate to turn ourselves into an export-based nation as this will make our exports cheaper and more competitive on the global market. But no, we must sit down doing nothing and complain. It's the Chinese, Lebanese and Indians that will come and take advantage.

China's dream would be to have the chance to devalue their currency to our level without being called a currency manipulator and getting slammed with sanctions from US and EU. Sensible countries like Vietnam keep their exchange rates very low to stimulate exports.

Nigeria's target should be to solve exchange rate instability, and not to be striving for N1=$1. The Naira can be 300, 360, 400, 500 to a dollar but let it be stable, so that investors and business people can plan for the future. Not today 300, tomorrow 450, next tomorrow 390, the other day 610. You collect dollar loan to invest in Nigeria at 1$ to N300, but when it's time to pay back, it's 1$ to 500. Exchange rate stability is what is needed. If we solve this and bring down inflation, it would go a long way in helping businesses.

I said this exact thing here and they were coming for my head.
Naira needs to be 500+ for this shithole to progress.
They say nigeria is not an export economy bla bla bla...
Like they dont know that devaluation and stability can stimulate exports.
Na wa sha..we are waiting for Aug29 sha to see If Emefiele will resume his madness so we can finally burn down CBN las las

ultron12345:


Stupidity of the highest order.

Firstly, this write up is filled with lies. Since when did Madagascar's currency become higher than the naira. 1 Malagasy Ariary = 0.1 Naira. The Sudanese Pound is equivalent to 7 Naira, not 42 Naira. The Malawian Kwacha is not stronger than the Naira, it is not equivalent to 21 Naira. 1 Naira = 2 Malawian Kwacha. These are just few of the numerous lies up there. What do you hope to achieve by sharing these devilish lies?

Secondly,

1 Naira = 3 South Korean Wons

Does that mean Nigeria, Ghana, Kenya and others have a better economy than South Korea?

1 Gambian Dallasi = 2 Japanese Yen
1 Ghanaian Cedi = 18.2 Japanese Yen (Let's assume we don't know about Ghana's currency redomination)

Do these mean that Gambia and Ghana have a stronger economy then Japan?


Exchange rates do not represent the reality on ground. In fact, if we Nigerians were a serious people, we would have used this low exchange rate to turn ourselves into an export-based nation as this will make our exports cheaper and more competitive on the global market. But no, we must sit down doing nothing and complain. It's the Chinese, Lebanese and Indians that will come and take advantage.

China's dream would be to have the chance to devalue their currency to our level without being called a currency manipulator and getting slammed with sanctions from US and EU. Sensible countries like Vietnam keep their exchange rates very low to stimulate exports.

Nigeria's target should be to solve exchange rate instability, and not to be striving for N1=$1. The Naira can be 300, 360, 400, 500 to a dollar but let it be stable, so that investors and business people can plan for the future. Not today 300, tomorrow 450, next tomorrow 390, the other day 610. You collect dollar loan to invest in Nigeria at 1$ to N300, but when it's time to pay back, it's 1$ to 500. Exchange rate stability is what is needed. If we solve this and bring down inflation, it would go a long way in helping businesses.

Why is it that you people only comment when you have the opportunity to attack someone's intelligent? I only said what I know, i didn't say I know it all. Someone have to say what they know for people to debate on...that's how we learn. You can make your statement and we can all learn one or two things without your stupidity of the highest order. Please don't quote me in your attack next time.

I was at the bank today. I tried to withdraw some USD, but I was told I can't withdraw, forex recieved via transfer/inflow. This leaves me no legal option to transfer this money to Naira. I am able to use this funds to shop online without issues using GTbank dollar card.

This seems crazy at the moment since I need some Naira. But looking at thing from CBN angle, this is very smart. This with limit craze for forex in Naija, what we spend in Naija is Naira. Now I feel it. I need to buy a bag of rice and other stuff, the dollat is just useless in my account.

Wiseoldman:
I was at the bank today. I tried to withdraw some USD, but I was told I can't withdraw, forex recieved via transfer/inflow. This leaves me no legal option to transfer this money to Naira. I am able to use this funds to shop online without issues using GTbank dollar card.

This seems crazy at the moment since I need some Naira. But looking at thing from CBN angle, this is very smart. This with limit craze for forex in Naija, what we spend in Naija is Naira. Now I feel it. I need to buy a bag of rice and other stuff, the dollat is just useless in my account.

Why do you think the black market I'd overheating?
I don't wanna believe you typed this intentionally.

TransAtlanticEx:
Why do you think the black market I'd overheating?
I don't wanna believe you typed this intentionally.

I typed intentionally. Black market folks move money from inflow to cash and cash to inflow. With this rule, they can't move money between cash and inflow. People that need cash and inflow will never be balanced.

Wiseoldman:


I typed intentionally. Black market folks move money from inflow to cash and cash to inflow. With this rule, they can't move money between cash and inflow. People that need cash and inflow will never be balanced.

Speculators,not black market.
Nothing concern mallam and dorm account,especially in times like these.
Speculators won't be able to withdraw to sell at black market rate which is true,but mallams aka BDC do cash most times or have their compatriots in other countries doing "wire" for them so how does this affect them?
It even favours them because the harder it is for you to get your legit dollars,the more he can hike his selling price.
Na 480 right now as we dey yarn laidis

emmanuelewumi:



But you have a mind.

If you don't have a mind, I will advise you to play Baba Ijebu with the fund

TransAtlanticEx:
Speculators,not black market.
Nothing concern mallam and dorm account,especially in times like these.
Speculators won't be able to withdraw to sell at black market rate which is true,but mallams aka BDC do cash most times or have their compatriots in other countries doing "wire" for them so how does this affect them?
It even favours them because the harder it is for you to get your legit dollars,the more he can hike his selling price.
Na 480 right now as we dey yarn laidis

Lol, everything concerns mallam with dom account. I know more folks changes 1000 dollars on he street. But more money is moved in dorm accounts by these mallams. Alot of these money is what folks buy on the street.

TransAtlanticEx:
Speculators,not black market.
Nothing concern mallam and dorm account,especially in times like these.
Speculators won't be able to withdraw to sell at black market rate which is true,but mallams aka BDC do cash most times or have their compatriots in other countries doing "wire" for them so how does this affect them?
It even favours them because the harder it is for you to get your legit dollars,the more he can hike his selling price.
Na 480 right now as we dey yarn laidis

Not all of them. I can transfer to my aboki BDC account from my dom account and I get Naira cash.

Wiseoldman:


Lol, everything concerns mallam with dom account. I know more folks changes 1000 dollars on he street. But more money is moved in dorm accounts by these mallams. Alot of these money is what folks buy on the street.

Explain,how so?
Mallams collect your naira and wire from the account of their compatriots or theirs to USA,Europe,etc..not dorm account.
And they also keep cash in their safes in office or homes.
Why would a mallam keep money in a dorm account?
Some that can sell up to $300k+ in a day cash,so make e dey go bank go withdraw am
Which bank want give am?Do you know the protocol involved?
Or you think mallams are as daft as the citizenry not to know that when anything happens,to get their dollars from their dorm accounts will be impossible?
Shebi I said this way earlier and people were arguing?
Dont Argue what you dont know please.

What rate does your mallam buy usd?
Are you able to withdraw cash too and sell?

IamR:

Not all of them. I can transfer to my aboki BDC account from my dom account and I get Naira cash.

IamR:

Not all of them. I can transfer to my aboki BDC account from my dom account and I get Naira cash.

Do you think he owns the account?
He can always provide accounts like these for customers like you for such transfers,doesn't mean it is his or is part of his MO.
They don't do it!

TotoNaRubber:

What rate does your mallam buy usd?
Are you able to withdraw cash too and sell?

My friend sold his USD at N470 last week, but I have neither sold nor withdrawn USD this month.

TransAtlanticEx:
Do you think he owns the account?
He can always provide accounts like these for customers like you for such transfers,doesn't mean it is his or is part of his MO.
They don't do it!

That is very possible.

If it was cash deposit, you could easily withdraw the money and solve your problems.
This policy of funds coming as transfer/inflow has been on since jan 2020 before covid.

Wiseoldman:
I was at the bank today. I tried to withdraw some USD, but I was told I can't withdraw, forex recieved via transfer/inflow. This leaves me no legal option to transfer this money to Naira. I am able to use this funds to shop online without issues using GTbank dollar card.

This seems crazy at the moment since I need some Naira. But looking at thing from CBN angle, this is very smart. This with limit craze for forex in Naija, what we spend in Naija is Naira. Now I feel it. I need to buy a bag of rice and other stuff, the dollat is just useless in my account.

Good day guys, it's been long since I last posted here but I've been following up with the thread and I've gained a whole lot, thanks to everyone.

I'm about to go into money market fund with a few millions and my two options are united capital and fbnquest, which among these two have better customer service response? As that is very important to me. Also hope my capital is preserved with money market funds?

PLEASE I will appreciate response from anyone that is using either of the two management mentioned above. Thank you

tipzy001:
Good day guys, it's been long since I last posted here but I've been following up with the thread and I've gained a whole lot, thanks to everyone.

I'm about to go into money market fund with a few millions and my two options are united capital and fbnquest, which among these two have better customer service response? As that is very important to me. Also hope my capital is preserved with money market funds?

PLEASE I will appreciate response from anyone that is using either of the two management mentioned above. Thank you

For customer service except you go physically to their office and be given an account officer, FBNQUEST customer service will stress you more. I have dealt with both United Capital customer service is more responsive.