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Nairaland Forum / Nairaland / General / Business / Naira Hits All-Time Low Of ₦1,152/$1 In Black Market (22325 Views)
Dollar Hits All-time Low, Crosses N1,500 At Official Market / Naira Hits Record Low Of N1,348.63 /$1 At The Official Market / Naira Falls To All-time Low Of 527 Naira To A Dollar (2) (3) (4)
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Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by Trustmea: 7:44am On Oct 20, 2023 |
emerged01:Funny thing is that they will still increase the price of locally made products even when it has nothing to do with dollar that's how this country is programed |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by TheOgaBoss: 7:47am On Oct 20, 2023 |
Vision101:Nigeria has bluechip companies? LOL? |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by TheOgaBoss: 7:53am On Oct 20, 2023 |
orisa37:cbn officials and tip politicians are involved in the game too, that is why they cannot regulate banks. |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by airsaylongcome: 7:53am On Oct 20, 2023 |
Artscollection: I dey hope say nobi me u dey call omokri sha o |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by sedIoyol(m): 8:05am On Oct 20, 2023 |
Trustmea:you don't know economics . I am sure you are not business oriented person |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by Thegamingorca(m): 8:22am On Oct 20, 2023 |
BannedUser: What you don't realize is that your money is still worth that same amount in dollars. You have not gained anything by converting to usdt other than saving the value of your money at the point of exchange. The naira continues to be worthless and the moment you change it back to naira, you will only get the equivalent of the naira you exchanged for the US dollar at the time of your purchase all those years ago |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by emerged01(m): 8:28am On Oct 20, 2023 |
Trustmea:I tell you! Buhari made us to eat local rice but it became so expensive because the farmers were given opportunity to grow. 1 Like |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by Kachidubem: 8:46am On Oct 20, 2023 |
Thegamingorca:I'm tired of explaining and talking to that dude...once he converts back to naira ... the money is still worthless coz of inflation self |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by modernWays: 8:50am On Oct 20, 2023 |
Ckonnet: Invest your money in stocks or physical business and stop keeping dollar to cause havoc on our economy. |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by Ckonnet: 9:14am On Oct 20, 2023 |
modernWays: I know you don't understand what is going on so no need explaining to you. 1 Like |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by IbeOkehie: 9:43am On Oct 20, 2023 |
Kachidubem: Still arguing about a very clear issue. 🙄 I had this same discussion on another thread with someone claiming that investing in Nigerian real estate is better than saving in dollars. Now you're making fun of "salary earners". Again very elementary things... 1) Business owners and investors also have savings accounts, even LONG TERM savings accounts. I'm sure even Bill Gates and Aliko Dangote have some savings. 2) As I wrote on this thread https://www.nairaland.com/7772322/japa-worth-it/15#125548332 saving in dollars is the basic MINIMUM that anyone should do. Even doing that BASIC LEVEL of saving still puts you ahead of anyone saving in naira. The situation goes off the charts when you INVEST the dollars in USA assets. That's what many people do including businessmen...they invest for the long term as a form of pension! Do you also want to argue about the relative returns of USA based assets compared to Nigeria based assets? Even Dangote is moving assets to the USA to escape the stagnant Nigerian economy https://www.bloomberg.com/news/articles/2020-01-09/africa-s-richest-man-plans-u-s-office-to-help-diversify-wealth Are you smarter than Dangote❗️❓️❗️ Kachidubem: You're just wrong. Sorry 😞 It's terrible trying to have a logical discussion with most Nigerians. 😕 A very special people indeed. Enjoy your country😉 thank goodness I can't be there with you 😅 3 Likes |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by Kachidubem: 10:13am On Oct 20, 2023 |
IbeOkehie:Okay 1 Like |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by VeeVeeMyLuv(m): 10:50am On Oct 20, 2023 |
Kachidubem:Bros what are u saying sef? that your friend 2.7 m naira 13500 dollars in 2014 is now worth 13m black market rate. So you see he will buy the car now in 2023 and even have more than enough change to spare to play with that is enough to conveniently buy another same car. As u can see, Saving in $ is very wise and earning in $ more wiser 3 Likes |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by VeeVeeMyLuv(m): 10:53am On Oct 20, 2023 |
modernWays:govt is not serious Na govt go drive the process take the initiative Just like Singapore, Vietnam and China. Govt has to be actively involved and intentional about it. |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by Artscollection: 11:03am On Oct 20, 2023 |
VeeVeeMyLuv: Honestly is frightening!! with the liquidity crunch, any foreign investor will avoid such economy Because you can't repatriate your profit as well. |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by Kachidubem: 11:18am On Oct 20, 2023 |
VeeVeeMyLuv:Not 2,7 million in dollars .... it is 2.7 million in naira Read again |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by Kachidubem: 11:18am On Oct 20, 2023 |
VeeVeeMyLuv:Read read read He had 2.7 mill naira to buy Lexus in 2014, if he had saved that 2.7 mill naira in dollars and leave it ... it would be like 6.6 mill naira today in 2023 But today , that same lexus car cost 6.6 million naira in 2023... so wetin him gain exactly My point is ... inflation will not still let you enjoy your money |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by VeeVeeMyLuv(m): 11:30am On Oct 20, 2023 |
Kachidubem:Yea I know it's in naira Best exchange rate: 185.2778 NGN on 23 Dec 2014. Average exchange rate in 2014: 165.15 NGN. Worst exchange rate: 158.7483 NGN on 04 Jan 2014 So @ N200 to $1 your friend's 2.7 m was $13,500 in 2014 Now in 2023 $13500 is N10,314,000.00 (CBN official rate) N13,500,000 in black market. Stop defending bad thing, stop defending these bad leaders (your paymasters). |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by Kachidubem: 11:31am On Oct 20, 2023 |
VeeVeeMyLuv: Back in. 2013/14, you could get this car for 2.6 or 2.7 (around that range) Today , look at the price car dealers are putting ... inflation na vibes killer Try dey understand my point before you jump
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Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by Kachidubem: 11:33am On Oct 20, 2023 |
VeeVeeMyLuv:I'm done with...happy saving in dollars for 10 years ...and still watch it result to almost nothing meaningful when you concert it back to naira Byeee |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by Kachidubem: 11:35am On Oct 20, 2023 |
VeeVeeMyLuv:200 naira was $1.... is this one black Market rate ? So you want to use bank official rate and buy den sell in Market... stop deceiving yourself bro Tell us if this your 200 to $1 was the official or black market rate |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by VeeVeeMyLuv(m): 12:16pm On Oct 20, 2023 |
Kachidubem:Even if he buys the car at the asking price of 8.350m naira after converting his $13,500 saved since 2014, there will still be change of Over 1m naira remaining. So your friend is still the winner at the end. |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by mindtricks: 12:32pm On Oct 20, 2023 |
Ckonnet: Some do but pretend. Same people. |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by VeeVeeMyLuv(m): 12:37pm On Oct 20, 2023 |
Kachidubem: The pressure on the naira at the foreign exchange market might continue to mount and see further depreciation in value of the naira this year. The Naira fell by 200 kobo on Tuesday, as the parallel market exchange rate rose to N180 per dollar from N178 per dollar on Monday. This was on vanguard newspaper November, 2014 See link here : https://www.google.com/amp/s/www.vanguardngr.com/2014/11/unending-woes-naira-exchange-rate/amp/ As you can see it was even lower than 200 in parallel market! Goodluck really tried for our economy then, if not for insecurity caused by those who swore to make the country ungovernable. 1 Like |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by Thegamingorca(m): 1:05pm On Oct 20, 2023 |
Kachidubem: What's worse is that the car don tey for market and should cost comparatively less in 2023 as a 2009 car. If it sure for him make he go price rx350 of 2018 ![]() 1 Like 1 Share |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by VeeVeeMyLuv(m): 1:15pm On Oct 20, 2023 |
Kachidubem: The question we should ask ourselves is that if the car's price tripled after 10 years did our income/salary also triple? It did not triple that's why the price is killing vibes. Had it been salary or income tripled automatically accordingly in response to devaluation and inflation, buyer would have been able to purchase it conveniently like it was in 2014. |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by Kachidubem: 3:02pm On Oct 20, 2023 |
VeeVeeMyLuv:So ...man a to wait for 9 years to buy his first car in 2023 ... and it a 2009 car Everything about ypur reasoning and logic about saving is nonsense... sorry man ! I put it to you , you can't save or put your money in place for 9 years untouched...you can't even do it for two years All these , if to say 'i save in dollars 2013' BLA BLA bla is trash... how many average citizens in this country can actually leave money untouched for that long... abi wahala and expenses don finish |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by Kachidubem: 3:03pm On Oct 20, 2023 |
Thegamingorca:Abi...na true self ... 2009 car in 2023... almost 14 years ..chai !!! Na 2018 Lexus Rx we suppose dey talk for 2023 with him saved dollars ...lol |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by Kachidubem: 3:08pm On Oct 20, 2023 |
VeeVeeMyLuv:Since he saved in dollars and sacrificed 9 good years ...he shouldn't be going for a 2009 car in 2023 ... at least let him get a Tokunbo 2018 Rx350 Lexus Asking price ; 32 million naira ... choke on it bro. Saving in dollars still nonsense when you concert it back after years 1 Like
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Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by VeeVeeMyLuv(m): 3:29pm On Oct 20, 2023 |
Kachidubem:Okay I get your point now I fully agree with you you win I apologize for reasoning that way Pardon me. |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by micxwell(m): 4:30pm On Oct 20, 2023 |
opamoses1:You're completely ignorant. You need to get more knowledge. |
Re: Naira Hits All-Time Low Of ₦1,152/$1 In Black Market by micxwell(m): 4:31pm On Oct 20, 2023 |
valentineuwakwe: ![]() ![]() ![]() 1 Like |
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