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Naira Depreciates To 410/$ At Official Market - Business (3) - Nairaland

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Naira Depreciates To N1,305/$ In Parallel Market / Naira Depreciates To ₦‎1,300/$ In Official Market / Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens (2) (3) (4)

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Re: Naira Depreciates To 410/$ At Official Market by kelvindj98: 8:44am On Feb 27, 2021
The source link for this post is dead and the mods pushed it to front page. Don't they do checks?
Re: Naira Depreciates To 410/$ At Official Market by Blackdisciple(m): 8:49am On Feb 27, 2021
This man might leave dollar to us at 500-600 in the end of his tenure

1 Like

Re: Naira Depreciates To 410/$ At Official Market by gnykelly(m): 8:52am On Feb 27, 2021
the current CBN and his team glued themselves to the old textbook. the world have radically changed.

crypto and technology had changed the fundamentals of many old economics.

government having dollars from crude revenue and foreign remittance is long gone.

Nigerians needing to send money home gives to those that want to school abroad and equivalent is paid in naira.
Re: Naira Depreciates To 410/$ At Official Market by hakeem4(m): 8:52am On Feb 27, 2021
The way it’s going. It is never going to get low again
Blackdisciple:
This man might leave dollar to us at 500-600 in the end of his tenure
Re: Naira Depreciates To 410/$ At Official Market by BluntTheApostle(m): 9:06am On Feb 27, 2021
chatinent:
I also have a feeling $0.00 is greater than ₦0.00

grin cheesy
Re: Naira Depreciates To 410/$ At Official Market by 9jaRealist: 9:10am On Feb 27, 2021
>
Nigerians accord way too much attention to exchange rate...
That’s why Sai Bubu was able to fool you by promising 1-to-1 rate. grin

Nigeria’s problem is NOT exchange rate but an UNPRODUCTIVE economy. If the Nigerian economy was PRODUCTIVE, and didn’t have import toothpicks and almost everything else, then a weak currency would actually be a GOOD because it would make locally-produced goods more price-competitive, reducing expensive imports and leading to increased local production - which in turn would lead to more jobs for Nigerians in Nigeria, create more wealth and generate more tax revenues for the government to (if the politicians do not steal it first) invest in infrastructure, education, healthcare and public transportation, among others. Also, a weaker currency would mean that Nigerian-made exports would be cheaper and more price-attractive and would ideally therefore garner greater market share, especially with the coming of AFCTA.

Instead, we are stuck wailing about the increased exchange rate because we produce little to nothing of real value (even petrol that we are blessed with the crude oil to produce it, we spend billions of scarce dollars to import - in fact, it’s the single largest component of our import bill). Therefore, when the local price of US dollars increase (which is basically what the ‘exchange rate’ is), having little or no local products to substitute for consequently more expensive foreign imports, we can only wail and curse the CBN Governor, while other con men remain waiting in the wings for the next elections to come around and fool us with more 1-to-1 exchange rate gibberish. Meanwhile, our artificially propped-up Naira continues to essentially SUBSIDIZE CONSUMPTION instead of encouraging domestic PRODUCTION. SMH

PS: Btw, the closest thing that Nigeria has to a market-determined (and thus colloquially “true”) exchange rate is the so-called Parallel Market (also pejoratively known as the Black Market). It is the only FREE exchange rate market in Nigeria with freely-willing buyers and sellers.
>

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Re: Naira Depreciates To 410/$ At Official Market by AFONJACOW(m): 9:13am On Feb 27, 2021
And some useless Zone-B from West haven't seen anything wrong with this present government once they can still afford bowl of ewedu and Amala
Re: Naira Depreciates To 410/$ At Official Market by BluntTheApostle(m): 9:21am On Feb 27, 2021
And I have been buying a dollar for 480 naira from Piggyvest for quite sometime now.

That is even more than it sells on the black market.

Can someone explain why an organization will peg dollar that high, about 30 dollars more than it sold early this year on the black market?
Re: Naira Depreciates To 410/$ At Official Market by nedekid: 9:37am On Feb 27, 2021
seunoj:
The painful part is, if prices of crude increase today and we are able to sell, the exchange rate will not appreciate. They will rather resume their stealocracy
You stuck the nail on the head.
I thought the reason for depreciating naira all this while has been low crude prices in the 20ies. Now God is helping crude dependent countries eg Russia, Brazil, Nigeria, Angola etc by beating all predictions surpassing $65 per barrel. This means we have more forex income. Infact over 300%!. Why them has our naira not gained value by thesame commensurate 300%? I mean our fx income has increased. It's just like the petrol matter, crude reduces value fuel price increases, crude increases value fuel price Increases.
Its like naija the more you look the less you see.
As I told someone the other day, make oil $1000 per barrel, there will still be story.
This is a case of gross incompetence. Give almajeri a stethoscope and he will use it to crack nuts to eat, give a doctor and he will use it to check vital signs of a patient.

1 Like

Re: Naira Depreciates To 410/$ At Official Market by ChrisLegacy007: 9:37am On Feb 27, 2021
cry too bad..
Re: Naira Depreciates To 410/$ At Official Market by BluntTheApostle(m): 9:39am On Feb 27, 2021
Seniorwriter:
CBN governor only nosing about on Endsars and Crypto whilst it neglects its basic function of creating regulatory locomotives to strengthen the naira....SMH
Nigeria has been in this mess since this present crop of political party leadership came on board with so many promises but clueless policies.

I'm less concerned though thank goodness for the internet and little skills that gives me my sumptuous constant residual income ....
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Do you know that some people make money from Small skills like sending emails for agricultural companies...... There are so many remote jobs out there for all irrespective of your gender(both for males & females).

I have a lady that earns steadily by just helping some hair making factory reach prospective buyers via her SM handles...she is paid for publication and also get a commission from any successful transaction made weekly.

We Mooove!!!!

Proactivity Leads To Productivity!!!!

@seniorwriter

You people keep blaming CBN and the government, forgetting that the naira had been stable for a while now, and even depreciations along the line were barely noticeable.

Shortages of the dollar can be for many reasons, including reasons beyond the government's control.

The only blame I will give the government is concerning drop in foreign portfolio, and I will blame that partly on the rising level of insecurity in the country.
Re: Naira Depreciates To 410/$ At Official Market by Seniorwriter(m): 9:53am On Feb 27, 2021
BluntTheApostle:


You people keep blaming CBN and the government, forgetting that the naira had been stable for a while now, and even depreciations along the line were barely noticeable.

Shortages of the dollar can be for many reasons, including reasons beyond the government's control.

The only blame I will give the government is concerning drop in foreign portfolio, and I will blame that partly on the rising level of insecurity in the country.

Imagine ...i was thinking you'll rather blame YOURSELF since you don't want the blame to be on the Government! SMH for you.
Anyway for those that are interested in knowing how to earn residual income with existing or newer skills and never lack cash for your livelihood then contact me for the tools needed to be put in place and allow the locomotives generate you money online, offline or both.

Imagine you have the right skill to create 1k clients that you make constant $50 from them each doing small task for them ones or twice a week.!! Awesome right.

Howbeit this ain't for the get rich quickly youths out there.....but if you want to grow wealth then contact me via my facebook on my profile.

Do you know that some people make money from Small skills like sending emails for agricultural companies...... There are so many remote jobs out there.

For those that have contacted me pls kindly quote me with your thoughts on our convo so far if it's worthwhile ...Lols

We Moove!!!
No space for been broke when there are many ways to earn good $# legitimately
Proactivity Leads To Productivity!!!!

@seniorwriter

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Re: Naira Depreciates To 410/$ At Official Market by Wierdceo: 10:16am On Feb 27, 2021
Seniorwriter:


Imagine ...i was thinking you'll rather blame YOURSELF since you don't want the blame to be on the Government! SMH for you.
Anyway for those that are interested in knowing how to earn residual income with existing or newer skills and never lack cash for your livelihood then contact me for the tools needed to be put in place and allow the locomotives generate you money online, offline or both.

Imagine you have the right skill to create 1k clients that you make constant $50 from them each doing small task for them ones or twice a week.!! Awesome right.

Howbeit this ain't for the get rich quickly youths out there.....but if you want to grow wealth then contact me via my facebook on my profile.

Do you know that some people make money from Small skills like sending emails for agricultural companies...... There are so many remote jobs out there.

For those that have contacted me pls kindly quote me with your thoughts on our convo so far if it's worthwhile ...Lols

We Moove!!!
No space for been broke when there are many ways to earn good $# legitimately
Proactivity Leads To Productivity!!!!

@seniorwriter
I contacted you yesterday and i want to say you are actuaply doing a great job bringing to so many of us in this profession ideas we need to grow wealth. I have learnt a lot from our conversation and i really want to learn more from you. You are making me realize there is more to this writing career that i don't yet know of.
Re: Naira Depreciates To 410/$ At Official Market by Seniorwriter(m): 10:21am On Feb 27, 2021
Wierdceo:

I contacted you yesterday and i want to say you are actuaply doing a great job bringing to so many of us in this profession ideas we need to grow wealth. I have learnt a lot from our conversation and i really want to learn more from you. You are making me realize there is more to this writing career that i don't yet know of.

Thanks for this and I humbly appreciate it....howbeit I look forward to a time of your testimonies on your earings here too...Nice one.

We Mooove!
Deep Quote
Ability to convert your passion to getting you residual income is a Superpower!!! Get intouch to know how!
@Seniorwriter
Re: Naira Depreciates To 410/$ At Official Market by pacespot(m): 10:23am On Feb 27, 2021
Instead of these people to make it easier for Nigerians to accept payment from their foreign clients in dollars, they are tightening every channel that will bring forex to this country. PayPal hasn't yet given Nigerians the ability to accept and receive payment into their Nigerian bank accounts because of the banking policies of the CBN according to PayPal. Do you know how much forex that change alone will bring to this country by making PayPal accessible to Nigerians in receiving and withdrawing dollars into their Nigerian banks? Myself alone has a lot of dollars in my foreign PayPal account but can only use it for online shopping except I want to go through the costly third-party process to withdraw the money into my Nigerian bank
Re: Naira Depreciates To 410/$ At Official Market by Nobody: 10:36am On Feb 27, 2021
Crypto banning or not, Naira will still be trash. Nigerian economy is stagnant always will be. Imagine cement i bought for 2000 Naira last year is not 4500 Naira.

But I am not complaining, £1= 645 Naira favours me fine.
Re: Naira Depreciates To 410/$ At Official Market by globalresource: 10:57am On Feb 27, 2021
Oh.,or CBN devalue naira. Lol
Re: Naira Depreciates To 410/$ At Official Market by Baitullah: 11:41am On Feb 27, 2021
Dollar don nack Naira another smackdown...

Nigerian leaders are still naive with respect to Economic boosting...

my major concerns... "Security and Economy"
Re: Naira Depreciates To 410/$ At Official Market by neonbash0: 11:56am On Feb 27, 2021
This report is not even true because I changed dollars at presidential portharcourt yesterday for 480 per dollar


1 dollar = 480 naira


That was the exchange rate as at yesterday black market in portharcourt
Re: Naira Depreciates To 410/$ At Official Market by nurudeen181(m): 11:57am On Feb 27, 2021
I have always and only hear of nairas depreciation..i use to wonder, when did it appreciate that its already depreciating...how can only one currency be depreciating ftom decem last year like 5x and yet it never passed 500 against a dollar...please let me know whenever it appreciates too
Re: Naira Depreciates To 410/$ At Official Market by pat077: 12:22pm On Feb 27, 2021
That's what u get when u have a CBN that is more interested in politics than economics
Re: Naira Depreciates To 410/$ At Official Market by CodeTemplar: 12:29pm On Feb 27, 2021
They blocked a major source of for ex inflow when they blocked cryptocurrencies. Not so surprised.
Re: Naira Depreciates To 410/$ At Official Market by KaluwisxPRO: 12:30pm On Feb 27, 2021
Until they ban that $100 diaspora monthly limit, the Naira will keep falling. Allow those who want to shop with their Naira cards overseas to do so, there will be no need to source for dollar. But the banks are finding it difficult charging black market rates, hence they will continue lobbying the CBN to keep the ban on.
Re: Naira Depreciates To 410/$ At Official Market by Blackdisciple(m): 12:40pm On Feb 27, 2021
hakeem4:
The way it’s going. It is never going to get low again


Hmmmm....!
Re: Naira Depreciates To 410/$ At Official Market by gevans(m): 12:48pm On Feb 27, 2021
Siberia01:
cool
better
so people will stop crowding our cities with tokunbo
2003 Corolla sports

What's wrong with 2003 Corolla Sport?
Re: Naira Depreciates To 410/$ At Official Market by Nyamuriflathead: 1:29pm On Feb 27, 2021
Iatrogen:


Meen I should have stored my naira as dollar in my GTBank domiciliary account while I still had 600k. Now my money don turn to nonsense.

No wonder dollar is like the un-official currency of most developing countries like ours...

domiciliary account? please expantiate more on it... I dey cry like you too
Re: Naira Depreciates To 410/$ At Official Market by Nyamuriflathead: 1:31pm On Feb 27, 2021
alingo2013:
You guys still use naira lol I do business with my Bitcoin and dollars o I can't keep losing money

how do u save your money in dollars sir?
Re: Naira Depreciates To 410/$ At Official Market by Nyamuriflathead: 1:38pm On Feb 27, 2021
pacespot:
Instead of these people to make it easier for Nigerians to accept payment from their foreign clients in dollars, they are tightening every channel that will bring forex to this country. PayPal hasn't yet given Nigerians the ability to accept and receive payment into their Nigerian bank accounts because of the banking policies of the CBN according to PayPal. Do you know how much forex that change alone will bring to this country by making PayPal accessible to Nigerians in receiving and withdrawing dollars into their Nigerian banks? Myself alone has a lot of dollars in my foreign PayPal account but can only use it for online shopping except I want to go through the costly third-party process to withdraw the money into my Nigerian bank

1 Like

Re: Naira Depreciates To 410/$ At Official Market by alingo2013(m): 1:39pm On Feb 27, 2021
Nyamuriflathead:


how do u save your money in dollars sir?


Buy either locally from bank and transfer to cash app or save it in a bank, I just learn't you can save money in special account in banks
Re: Naira Depreciates To 410/$ At Official Market by Nyamuriflathead: 1:51pm On Feb 27, 2021
alingo2013:


Buy either locally from bank and transfer to cash app or save it in a bank, I just learn't you can save money in special account in banks

yeah I'm aware of transfers from banks to Cash Apps.. but someone close to me lost a substantial amount of money when the app owners for no just course closed his account after detecting what they tagged "inconsistencies". I mean, how do u just close someones account with his money just like that...
I'll prefer to save in special accounts(domicillary account) in a bank like you put it, that way u know whom to hold should anything shady happens

1 Like

Re: Naira Depreciates To 410/$ At Official Market by showafrica(m): 5:27pm On Feb 27, 2021
yudee233:
When we finished paying the bandits and printing more Naira it will hit 500 per dollar

I tell you, Naira dey depreciate against dollar even when the dollar is depreciating against other currencies. Any day dollar gains bull momentum, Nigerians will wonder what happened to Naira.
Re: Naira Depreciates To 410/$ At Official Market by Coinbased: 5:30pm On Feb 27, 2021
Nigeria becomes more useless under buhari

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