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Nairaland Forum / Nairaland / General / Business / Naira Now N166 To $1. Can Someone Tell Me What Is Happening? (17697 Views)
It’s N209 To $1 As Appetite For Dollars Falls / Devaluation: Naira Now N183 To The Dollar / Naira Now 172 Naira To A Dollar. Why? (2) (3) (4)
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Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by anishe(m): 8:13am On Jul 14, 2011 |
What else do you expect? I am not surprised at all. GEJ is as useless as the Aganga of a minister. All the nation's reserves have beeen squandered by these useless elements. No clue, no diorection. and when there is no direction, everything remains static. |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by eros(m): 8:22am On Jul 14, 2011 |
Hmmmm!!! This increase is good for some folks and bad for others. The former will be most excited about this increase anyways. |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by 2bosun: 8:24am On Jul 14, 2011 |
4 Play: You're joking right?? It has everything to do with the CBN governor and his policies. Nigeria gets revenue in dollars but instead of sharing the allocation in dollars (or certificates). The CBN in their "wisdom" decide to print the Naira equivalent to allocate to states and hoard the dollar revenue. This floods the economy with too much Naira chasing fewer and fewer goods and services. So really, the more revenue is coming in- the weaker the Naira is going to get until it's corrected. Ex- President Yaradua cancelled the dollar allocation account due to his obsession with the rule of law back then. To make matters worse they end up borrowing the Naira back from banks at a rate of 10% to reduce inflation- it's almost criminal! The CBN sold $400,000 every week to registered Bureau De Change- which illegal smugglers and looters patronize- so the dollar still does not enter the system. It was recently changed to $250k. At some point in time, they would have to consider re-denominating the Naira if they really intend on moving this country forward. If not, it's going to be $1=N200 before we know it. |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by blank(f): 8:50am On Jul 14, 2011 |
Oh God, why did i dilly-dally? Wanted to send money but i waited now its too expensive. Chei God help me. |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by PeeDaVinci: 8:57am On Jul 14, 2011 |
[size=14pt]any reasonable person will know that 150 naira to a dollar is too high for a country that imports everything, and exports only oil, and have so much naira in circulation.[/size]. the xchange rate is not sustainable, govt will not be able to do much (anyways, they are even not ready to do anything), and the foreign reserve is going to reduce at a much faster rate which in the end, will affect a lot of things. . . |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by Nobody: 8:57am On Jul 14, 2011 |
THIS IS GOOD NEWS TO YAHOO YAHOO ![]() ![]() ![]() ![]() ![]() |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by jason2010(m): 9:02am On Jul 14, 2011 |
2bosun: Well said my brother. Prttty scrary that by the look of things the exchange rate might get to $1=N200. Sh----t, we really wish that the limit the CBN is able to lend is 400 thousand USD. The limit that the CBN sells is actually 250K, and I know a few Nigerias that travel abroad with 4 times that much. There is just not enough dollars in circulation. I just wonder where the loot from the libya war oil boom is going http://www.cenbank.org/OUT/2011/CIRCULARS/TED/TED.FEM.FPC.GEN.01.010.PDF |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by Brai777(m): 9:02am On Jul 14, 2011 |
I rarely add comment on NL, we are ignorant and most of the time we make un-informed comments. I am not here to defend the CBN governor. I work in the financial sector and if you know the damage these BDC mallams are doing to the economy you will weep for the country. These BDC mallams buy so much US dollars, failed to render account of how the US dollar was used by way of injection into the economy, they sell to your corrupt politicians who then carry the raw cash $$$$$$ under diplomatic passport to Dubai, China, India and other countries with lenient anti money laundry laws. More than 80% US Dollar sold by CBN find its way outside Nigeria and that is why despite weakening US Dollar, Naira could not appreciate. If you have a genuine need for US dollar, take your documents to bank and buy at N151 -N154. |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by Augustinaz(m): 9:02am On Jul 14, 2011 |
Popular Port Harcourt Musician Winny A1 has officially released his latest single Jigidem. You can check http://listn.to/WiNnYA1 to listen to the track. Mixtawn Recordz
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Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by 1025: 9:05am On Jul 14, 2011 |
this is the fresh air preached to us a couple of months back. since we fail for their tricks again, we must shut our mouths and watch pdp deal with us. |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by WaltherPPK: 9:09am On Jul 14, 2011 |
With all his purported reforms and noise making and grandstanding in the media sanusi has good to show.He is just as clueless as GEJ. And some idiots are saying that the strength of the Naira has nothing to do with CBN and I wonder if these people are not some primary school pupils that have dabbled into this forum. |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by jason2010(m): 9:10am On Jul 14, 2011 |
Brai777: Great info brah, but the banks can only sell you so much. I believe that the limit they can sell you at that rate with your travel documents is 4000 usd pta and 5000 usd bta |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by violent(m): 9:16am On Jul 14, 2011 |
can anyone confirm how much the pound is selling for? |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by 1025: 9:22am On Jul 14, 2011 |
I rarely add comment on NL, we are ignorant and most of the time we make un-informed comments. I am not here to defend the CBN governor. I work in the financial sector and if you know the damage these BDC mallams are doing to the economy you will weep for the country. These BDC mallams buy so much US dollars, failed to render account of how the US dollar was used by way of injection into the economy, they sell to your corrupt politicians who then carry the raw cash $$$$$$ under diplomatic passport to Dubai, China, India and other countries with lenient anti money laundry laws. @brai777, those of you who claim to be informed in nigeria are the main problems of this country? these mallams got their licenses of operations from the CBn governor abi? the idea of a businessman is tobuy at the cheapest possible rate and sell at the highest possible rate but if u doubt that, contact arsene wenger. we are living in a lawless country where the so-called rulers have failed in making reliable and effective policies that could control the affairs of the country but instead of accepting these blames, you now want us to take the mallams to the cross for ur inabilities. if i may ask u, are these same mallams responsible for the kerosine saga, bad roads, insecurity, poor health and education facilities in the country, corrupt public officials etc? which part of our economy is ok? the class should own up to their failures and not blaming the common men in the streets. economic policies are made, interpreted and implemented by the govt so it is the duty of a common man to work according to the led down rules and regulations or get punished in the case of failures. please do not take those of us here as fools whether u work with the financial sector or aso rock sector. what the govt does is make noise day in, day out on things they imagine. jonathan declared state of emergency on our power sector on assumption of office and he is getting to two yrs as the president of nigeria. what does emergency mean to u? in the history of nigeria, we have had regimes that brought dollars to a standstill but the criminal activities of this pdp robbery gangs will never work towards yet the poor suffer in every situation. |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by cinzo: 9:24am On Jul 14, 2011 |
Brai777: Am surprised at your comment, Soludo banned the activities of the BDC when he was gov but Sanusi came in and gave them his blessings to carry on as usual. So who should we blame now ![]() |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by jodeci(m): 9:25am On Jul 14, 2011 |
In essence as the exchange rate begins to go higher everyday,the Black market mallams will go out of business. |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by kasiem(m): 9:27am On Jul 14, 2011 |
Will gej be the coach and the player. This came as a result of people saddled with onerous task leaving for frivolities. If we cant reproach sanusi for this otiose mishap, then when are we to blame him? Op in his beclouded sentiment has started blaming a woman who's yet to assume full responsibility. It's quite shameful of nigerians misdirecting their grievances to innocent people, cos of sentiment. Islamic bank here we come. When is sanusi doing coup de grace to our economy, with his liquidations? |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by Sike(m): 9:33am On Jul 14, 2011 |
jodeci: |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by ebere1712: 9:37am On Jul 14, 2011 |
The sanusi man should be judged by what we see not what he speaks or laws he implements. All the laws he has implemented so far have and will all have negative impacts. He should have more education and experience before occupying such sensitive position. May be this will help Nigerians see why they should patronize made in Nigeria goods. |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by mrjingles(m): 9:44am On Jul 14, 2011 |
Stupidity reigns supreme on NLand, a country that PRODUCES NOTHING of note, IMPORTS nearly EVERYTHING and EXPORTS only ONE product of note wants a relatively strong currency. This thread is riddled with so much ignorance its alarming. Wrong information on CBN policy, upside down economic analysis (guys please review your O.A Lawal) Very few people here know what they are talking about. *bracing for the inevitable insult that will follow* |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by chamber2(m): 9:48am On Jul 14, 2011 |
Stupidity reigns supreme on NLand, a country that PRODUCES NOTHING of note, IMPORTS nearly EVERYTHING and EXPORTS only ONE product of note wants a relatively strong currency. This thread is riddled with so much ignorance its alarming. Wrong information on CBN policy, upside down economic analysis (guys please review your O.A Lawal) Very few people here know what they are talking about. *bracing for the inevitable insult that will follow* You are yet to make any meaningful contribution.What does your A.O Lawal say about the current issue? We are waiting |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by Nobody: 9:57am On Jul 14, 2011 |
I really wonder what this naira land can be at times. Why is this story on the front page. The official rate is under N150, these abokis are manipulating you people and you should find a way to control them. |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by zenus(m): 10:01am On Jul 14, 2011 |
165 in calabar ![]() I had a chance to change it @159 but was hoping it will fall |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by blank(f): 10:02am On Jul 14, 2011 |
Do banks really sell at N151 - N154? Sanusi made a proclamation that banks should sell at the prevailing market rate 2 years ago. HAs it changed? |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by Koolking(m): 10:06am On Jul 14, 2011 |
it is a breathe of fresh air. |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by God4: 10:06am On Jul 14, 2011 |
Why going up all the time |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by bountimore: 10:18am On Jul 14, 2011 |
PLease lousy people can someone confirm how much ponds sterling exchange for?, also can one get it in any of how local banks instaed of the aboki gray markets?, if so, which of the banks? |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by Koolking(m): 10:25am On Jul 14, 2011 |
, promise fulfilled indeed
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Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by Nobody: 10:43am On Jul 14, 2011 |
first, the US does not depend on Nigeria for manufactured goods or consumer products! Good point my bro, I also think that the directive issued to banks that led to increase in price of dollar as against the local currency my not be unconnected to a deliberate attempt to get back the increament on workers' salary and make the increament illusionary. it may also be a tactics to make purchase of amunitions by the boko haram sectcs very expensive so as to reduce their ability to purchase more dangerous weapons. whatever, it is, Nigerians should brace up for tough times ahead |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by Pinoralia: 11:03am On Jul 14, 2011 |
It's not a curse, it 'll keep increasing in as much Nigeria is not productive. That's what is expected of a country that imports more and exports less. The increase in the quest for foreign currencies seems unstoppable until we rely less on western products. This will also create employment opportunity alongside. I pray it gets better one day. |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by Taiwohmo: 11:10am On Jul 14, 2011 |
That is a sign of inflation. It means that there are too money in circulation which causes more money to chase few goods. This is an indication of the reduction in the purchasing power of naira. The CBN really need to act fast and introduce measures to stabilize our Naira currency. I am sure the CBN should have been aware of the decrease in the value of the naira. The CBN should act accordingly to protect our economy. Get Informed: Do you know that you can now send your bulk sms for as low as #2 per sms to all gsm networks within and outside Nigeria? Visit www.jirelsms.com for detailed information and start enjoying the wonderful service. |
Re: Naira Now N166 To $1. Can Someone Tell Me What Is Happening? by Ultrame(m): 11:14am On Jul 14, 2011 |
Actually, It's now 170 in zone 4 as at this morning. The thing is getting really worse. |
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