erico2k2:
It's Ironic that loads of us here are so used to suffering that we think it's normal.the £ lost grounds to the $yesterday cos of shift in the EU and specular about the UK leaving the EU thus the buying power of forex with £from the US mkt has slowed/weakened .it wil Contin to depreciate untill after the vote to stay or leave the EU.
So U guys seriously think your president did some magic ahahaha.Name the magic then.

What does £ dropping against $ have to do with N gaining against $?

olu77:
Narrow escape for me as I was about to begin this buy and sell business. I was about to buy dollar in U.S for 330 to sell in Nigeria for 400+

You can still use a mathematical/hypothetical speculation..since there is a greenback..most investors will be beared scared away in the next one week.This will make the market greener.

For offshore biz like yours,you may want to look at some derivative options.Get an intelligent bullish speculator to teach you.

Know that in life,you cannot make money by Saving money.You can only make money by investing money.The higher the risk the higher the gain

olu77:


beautiful you.

I run a home for fatherless children, all the proceed would have gone there.

Now am I patriotic or not?

Hehehehehehehehe

Charity work is not economic wealth creation, if you make profit from charity work it's no longer charity but business.

plaetton:

Pure bullshyte.

It was simply demand and supply economics.
The drop was to steep, too fast, hence the anticipated near term correction or dead cat bounce, as it is called.

Based on visible economic fundamentals, and a government that has NO clear economic policy or vision going forward, the Naira should continue it's free fall down to 500 in the next two months and 600 by year end.

Do not forget that this government is going into debt, foreign denominated debt, to fund a bloated budget that is guaranteed to do nothing to stimulate the economy.

Currencies are usually defended with foriegn reserves or gold, not by mouth.

There are no Hail Marys in economics.

Granted Buhari has shown he has no economic policy, if how ridiculous the budget looks, is used as a yardstick.

However, it's one thing to say a lot, and it's another thing to have a clue about what you're saying. And since you have the answer, how about tell us how you'll save the naira? Please, don't say devaluation cos that's the last thing an economy as effed up as naij's needs right now, unless you want an economic crisis with crazy inflation.

HungerBAD:
Sai Buhari.

Where are those that called Buhari a Dullard?

Where are those that insulted the Minister of Finance?

Where are the Doom Prophets?

When we said this artificial scarcity of Dollars, was orchestrated by the last standing soldiers of the Clueless one, we were called names. It's alright, Nigeria is getting there now.

Buhari 5- Boko Haram 0

Buhari 5- Corruption 0

Buhari 5- Artificial scarcity 0

Buhari 5- MTN 0

Buhari 5- The Economy IMPROVING.


Changeeeeee.

Have you blamed Jonathan today?

So Jonathan (the clueless one) had such influence and was the one controlling speculators?

plaetton:


Pure bullshyte.

It was simply demand and supply economics.
The drop was to steep, too fast, hence the anticipated near term correction or dead cat bounce, as it is called.


Based on visible economic fundamentals, and a government that has NO clear economic policy or vision going forward, the Naira should continue it's free fall down to 500 in the next two months and 600 by year end.

Do not forget that this government is going into debt, foreign denominated debt, to fund a bloated budget that is guaranteed to do nothing to stimulate the economy.

Currencies are usually defended with foriegn reserves or gold, not by mouth.

There are no Hail Marys in economics.

Mr ITK, Now that you are happy, let see how far you and your household are immune from the effect of a crashing Niara.

Has oil price gone up? When I tell people that the problem of our economy is not due to fallen oil price and depleting foreign reserve, they wouldn't believe, we need positive news to push our currency, all thanks to ifeanyi uba.

this news almost killed someone in bank yesterday, after buy goods with dollar at rate 380, they told him dollar has dropped to 310. that 70 naira difference. let's say he bought a good worth 4000 dollar. now multiply 4000 dollar x the 70 naira diff. my people. he just lost #280,000

PentiumPro:


Mr ITK, Now that you are happy, let see how far you and your household are immune from the effect of a crashing Niara.

There is a mysterious thing about idiocy that compels them to advertise themselves.

plaetton:


There is a mysterious thing about idiocy that compels them to advertise themselves.

You have little idea about what you are writing about.
I would rather see a half filled glass cup than a half empty glass cup. Our reaction to challenges is what always make the difference between a failure ( what you see ahead of you) and a success ( what I see ahead)
So STFU!

The difference between the official rate and the black market rate is still a cause for concern. If we can narrow it to between 2 and 5 naira it will reduce the pressure on CBN. But I guess any encouraging news should be celebrated like good news in Nigeria because it's very rare to get any encouraging news

Realdeals:
I believe this spike is just for a while, if dollars supply to the market do not improve, the rate will still go up....

wailer

I sincerely wish it stayed at that #400 for a couple more weeks. I had hoped it would boost the local market. I was thrilled traders had started thronging Aba for their supply. But hey, I guess its still good news

You people should stop lying for christ's sakes... The dollar is 360 on the parrallel market as at today.. it's not a good thing and we should keep pressurizing the government till they get it right.. enough of these sponsored lies everywhere

SirShymexx:


Granted Buhari has shown he has no economic policy, if how ridiculous the budget looks, is used as a yardstick.

However, it's one thing to say a lot, and it's another thing to have a clue about what you're saying. And since you have the answer, how about tell us how you'll save the naira? Please, don't say devaluation cos that's the last thing an economy as effed up as naij's needs right now, unless you want an economic crisis with crazy inflation.

You can't eat your cake and still have it.

First, let me repeat it for the hundredth time; the Naira has already been devalued by the market forces. That's why we are talking about it right now .

The one thing left is for the government to acknowledge it by stoping the SUBSIDY called official rate. Their refusal to end this subsidy to banks, government agencies and select importers is penny wise, pounds foolish.
They are just delaying the inevitable.

Currency devaluation is a bitter pill we must swallow.

During the decades of sanctions, Iran's currency lost most of it's value against foreign currencies.

But it made them more self reliant in almost all areas of national life.

There are no miracle solutions to save the Naira.
We must focus on agriculture, infrastructural development, balance of trade with our trading partners, and, explore gold and solid minerals.

We should, as a matter of urgency, encourage rail links with our West African neighbors to facilitate trade.

Nigerian should take the lead in promoting crypto currencies like bitcoin for international transactions to help ease the demand for physical dollars.

Last , but not the least is that the CBN, as a matter if urgency, should once again allow Western Union and moneygram to pay out in dollars.

This would encourage Nigerians in the diaspora, who remit $23 billion yearly, to flood the economy with more dollars for both investments and support it would give to the Naira.

Paying out remittances at $200 while the Market is $375 is a GRAND THEFT that should not continue.

RichYoungNigga:
Analysis from uneducated people.
So, because naira gained 60 naira, you have the courage to dance around ??

The oil sale is only source of Nigeria income, what happens when the top dogs like Saudi Arabia and Iran floods the market with excessive oil ?? and they also sells way cheaper.

This your jubilation will turn to sorrow soon.
Let's watch and see.
Next month, $1 will exchange for 500 naira.

Nigerians 200million curses for u n ur family, ur sorrow will b longer dan d nile



Imagine sum1 bittered coz tinz r taking a good shape in dis country

I pray u live to see dz nation become great, bt u Mr will b bittered abt it for d rest of ur life.

This shows that wisdom and tenacity to principles is more of a requirement for a good leadership that PhD degree

PentiumPro:


You have little idea about what you are writing about.
I would rather see a half filled glass cup than a half empty glass cup. Our reaction to challenges is what always make the difference between a failure ( what you see ahead of you) and a success ( what I see ahead)
So STFU!

Silly Africans and their magical thinking.

This why your genius leader proposed a budget predicated on $38 per barrel of oil at a time the price of oil is hovering between $26 and $31.
It takes a great genius to do that.

Keep your Hail Marys to yourself.

There are no Hail Marys in economics,..assuming that you understand economics 101.

RichYoungNigga:
Analysis from uneducated people.
So, because naira gained 60 naira, you have the courage to dance around ??

The oil sale is only source of Nigeria income, what happens when the top dogs like Saudi Arabia and Iran floods the market with excessive oil ?? and they also sells way cheaper.

This your jubilation will turn to sorrow soon.
Let's watch and see.
Next month, $1 will exchange for 500 naira.

No brother don't pray for a dollar to get to N500. Whatever happens to our country affects all of us.
But did the government do anything concerning the currency? or is it because of Ifeanyi Ubah's stake that the Naira appreciates?
Ifeanyi Ubah showing concern an acting like a government.
Wisdom is the principal thing

plaetton:


You can't eat your cake and still have it.

First, let me repeat it for the hundredth time; the Naira has already been devalued by the market forces. That's why we are talking about it right now .

The on thing left is the for the government to acknowledge it by stoping the SUBSIDY called official rate. Their refusal to end this subsidy to banks, government agencies and select importers is penny wise, pounds foolish.
They are just delaying the inevitable.

Currency devaluation is a bitter pill we must swallow.

During the decades of sanctions, Iran's currency lost most of it's value against foreign currencies.

But it made them more self reliant in almost all areas of national life.

There are no miracle solutions to save the Naira.
We must focus on agriculture, infrastructural development, balance of trade with our trading partners, and, explore gold and solid minerals.

We should, as a matter of urgency, encourage rail links with our West African neighbors to facilitate trade.

Nigerian should take the lead in promoting crypto currencies like bitcoin for international transactions to help ease the demand for physical dollars.

Last , but not the least is that the CBN, as a matter if urgency, should once again allow Western Union and moneygram to pay out in dollars.

This would encourage Nigerians in the diaspora, who remit $23 billion yearly, to flood the economy with more dollars for both investments and support it would give to the Naira.

Paying out remittances at $200 while the Market is $375 is a GRAND THEFT that should not continue.

You make so much sense my brother.

/
Thanks to verbal interventions by Ifeanyi Ubah. That's what CBN governor should have done--create uncertainties that make speculators unwind. JAPAN and Switzerland are the masters of that kind of game. And when they do, speculators are wiped out by a huge gap in price.
/

fineguy11:
f.ool..Saudi and iran and russia has agreed on the need for oil supply cuts,Oil price cant sink futher than it is presently..

What of the UK.vanuzila. Angola and China?

myproperty:

No brother don't pray for a dollar to get to N500. Whatever happens to our country affects all of us.
But did the government do anything concerning the currency? or is it because of Ifeanyi Ubah's stake that the Naira appreciates?
Ifeanyi Ubah showing concern an acting like a government.
Wisdom is the principal thing

Govt did nothing. These events are as a result of xternal factors which Nigerians have no control of.the £ lost to the dollar today lowest in 7 yrs 1.3.

shogotermies:
this news almost killed someone in bank yesterday, after buy goods with dollar at rate 380, they told him dollar has dropped to 310. that 70 naira difference. let's say he bought a good worth 4000 dollar. now multiply 4000 dollar x the 70 naira diff. my people. he just lost #280,000

Lol... the guy lost bigtime

RichYoungNigga:
Analysis from uneducated people.
So, because naira gained 60 naira, you have the courage to dance around ??

The oil sale is only source of Nigeria income, what happens when the top dogs like Saudi Arabia and Iran floods the market with excessive oil ?? and they also sells way cheaper.
This your jubilation will turn to sorrow soon.
Let's watch and see.
Next month, $1 will exchange for 500 naira.

Empty

RichYoungNigga:
Analysis from uneducated people.
So, because naira gained 60 naira, you have the courage to dance around ??

The oil sale is only source of Nigeria income, what happens when the top dogs like Saudi Arabia and Iran floods the market with excessive oil ?? and they also sells way cheaper.

This your jubilation will turn to sorrow soon.
Let's watch and see.
Next month, $1 will exchange for 500 naira.

why are you so pessimistic and unpatriotic? just because of the hate you have for the Fulani president? you want the country to crumble? how old are you?

plaetton:


Silly Africans and their magical thinking.

This why your genius leader proposed a budget predicated on $38 per barrel of oil at a time the price of oil is hovering between $26 and $31.
It takes a great genius to do that.

Keep your Hail Marys to yourself.

There are no Hail Marys in economics,..assuming that you understand economics 101.

They won't learn my guy.This why they kill themselves during election for N100k

olu77:


You are worrying yourself, wailers are merely bitter that the end of looting has come and they have no other skill or talent to make a living. If they can't beat the succeeding party they will eventually join them. Some emotional ones are busy shouting rising sun at sunset. Funny lots...change is here to stay

Bingo!!!

HungerBAD:
Sai Buhari.

Where are those that called Buhari a Dullard?

Where are those that insulted the Minister of Finance?

Where are the Doom Prophets?

When we said this artificial scarcity of Dollars, was orchestrated by the last standing soldiers of the Clueless one, we were called names. It's alright, Nigeria is getting there now.

Buhari 5- Boko Haram 0

Buhari 5- Corruption 0

Buhari 5- Artificial scarcity 0

Buhari 5- MTN 0

Buhari 5- The Economy IMPROVING.


Changeeeeee.

hhmm

erico2k2:

What of the UK.vanuzila. Angola and China?

UK and CHINA are minor oil producers,,Angola and Venezuela are major oil exporters/ core opec members,and will support any move to curtail supply in the global oil market..

plaetton:


You can't eat your cake and still have it.

First, let me repeat it for the hundredth time; the Naira has already been devalued by the market forces. That's why we are talking about it right now .

The on thing left is the for the government to acknowledge it by stoping the SUBSIDY called official rate. Their refusal to end this subsidy to banks, government agencies and select importers is penny wise, pounds foolish.
They are just delaying the inevitable.

Currency devaluation is a bitter pill we must swallow.

During the decades of sanctions, Iran's currency lost most of it's value against foreign currencies.

But it made them more self reliant in almost all areas of national life.

There are no miracle solutions to save the Naira.
We must focus on agriculture, infrastructural development, balance of trade with our trading partners, and, explore gold and solid minerals.

We should, as a matter of urgency, encourage rail links with our West African neighbors to facilitate trade.

Nigerian should take the lead in promoting crypto currencies like bitcoin for international transactions to help ease the demand for physical dollars.

Last , but not the least is that the CBN, as a matter if urgency, should once again allow Western Union and moneygram to pay out in dollars.

This would encourage Nigerians in the diaspora, who remit $23 billion yearly, to flood the economy with more dollars for both investments and support it would give to the Naira.

Paying out remittances at $200 while the Market is $375 is a GRAND THEFT that should not continue.

Trash.

olu77:


beautiful you.

I run a home for fatherless children, all the proceed would have gone there.

Now am I patriotic or not?

You are still not patriotic. You would have made more fatherless children out of the businesses of those with fathers cos over thinking of lost business kills the father thus making their kids fatherless.