Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,201,509 members, 7,978,698 topics. Date: Friday, 18 October 2024 at 12:37 PM |
Nairaland Forum / Nairaland / General / Business / Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers (10381 Views)
Naira Trades At ₦1,730/$ At Parallel Market / Naira Trades At ₦1,520 Per Dollar / Naira Slips To 490/$ At Parallel Market, CBN Plans Digital Currency (2) (3) (4)
Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by NaijaCover(m): 6:18am On Feb 16 |
The Naira appreciated slightly against the United States dollars at the Nigerian Autonomous Foreign Exchange Market on Thursday, closing at the rate of N1,498.25/$ from N1,503.38/$ recorded the previous day. Source: https://www.google.com/amp/s/punchng.com/naira-trades-1498-at-official-market-cbn-tackles-racketeers/%3famp 2 Likes 2 Shares
|
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by NaijaCover(m): 6:18am On Feb 16 |
Dollar To Naira Rate, For February 16th 2024. 2 Likes 1 Share |
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by Naijanascam: 6:36am On Feb 16 |
We must learn a lesson... ... Na statistics we go chop Down payment for a roasted corn and many laughed and clapped then because it's their turn without giving a second thought to those statements... Meanwhile the renewed shege has just been activated... Let's make merry and celebrate🎉🎊🎁🎉🎊🎁🎉🎊🎁 47 Likes 3 Shares |
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by chiiraq802(m): 6:40am On Feb 16 |
1 step forward, 100 step backward. mk dem sell this shrine of a country, and give me my own share. shikina!!! mk ah use am see front. 12 Likes 1 Share |
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by DohFahSo: 7:48am On Feb 16 |
Tinubu makes Buhari look like a Harvard professor. Tinubu is hopelessly clueless. Sad. 60 Likes 3 Shares
|
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by abhosts(m): 8:16am On Feb 16 |
CBN sold dollar to banks @ ₦1490 but turns around to complain when parallel market rate fell from ₦1500 to ₦1620 shortly after. If they wanted parallel rate to remain ₦1500, they should have provided dollar to banks at a much lower price. 17 Likes 2 Shares |
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by VeryWickedMan: 8:17am On Feb 16 |
1 step forward today, 10 steps backward tomorrow. 24 Likes 1 Share
|
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by Gasayi(m): 8:17am On Feb 16 |
Hmmm |
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by saddler: 8:17am On Feb 16 |
As at this morning, dollar is over 1600 on the streets. 7 Likes 1 Share |
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by sukkot: 8:18am On Feb 16 |
Has improved |
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by Olachase(m): 8:18am On Feb 16 |
With Time I believe things will fall in the right place Some don't have anything to offer they just want the economy to fall It surprised me how I no longer hear Yoruba Muslim and Yoruba Christian Right now they no longer have interest on those Yorubas that voted there Obi Once you hear Agbado or Ebi pawa that's south West in general Buh guess Ókon yín óni balé 😄😄 8 Likes |
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by A305: 8:19am On Feb 16 |
These policies didn't work as dollar rebounded this morning and is currently trading above 1600 this morning. The mistake done was undoing Emiefele's policy of floating the naira against the dollar — Naira could have lost value either ways but not with this sharp increase, it wouldn't even have reached 1000 dollars. The government should first reinstate pegging the dollar and all these other new policies will stick to curbing naira decline. 5 Likes |
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by Boogyman557: 8:19am On Feb 16 |
.. 1 Like |
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by Olachase(m): 8:19am On Feb 16 |
saddler:even when $1 equal #100 you day see ham buy for bank Nothing they can do to please some people Bad Government Wicked citizens 😏😏😏 8 Likes 1 Share |
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by UncleAyo: 8:20am On Feb 16 |
World's Top Performing Currency and Insight for Naira * Government/CBN should stop the printing 500 NGN notes and 1,000 NGN notes (the use of #200 note should be sparingly) and officially discontinue the use of these currencies! * Reintroduction of Nigeria coins, 50Kobo, 1 NGN and 2 NGN. * Focus should be on Local Business and not call for foreign investment; as foreigner will eventually and continually repatriate their profits in USD. (learning from what is happening in China) Welcome, lets get started by examining the top 10 performing currencies in the world to gain necessary insights before drawing our conclusions. *.Kuwait Dinar KWD: ( 1 KWD = 4,920.49 NGN ) Bank notes: 1/4, 1/2, 1, 5, 10, 20 Dinars -------------- Highest denomination == 20 Dinars; Coins == Yes Coins: 5, 10, 20, 50, 100, 200 Fils *.Bahraini Dinar BHD: ( 1 BHD = 4,021.64 NGN ) Bank note: BD 1/2, BD 1, BD 5, BD 10, BD 20 --------------- Highest denomination == BD 20; Coins == Yes Coins: 5, 10, 25, 50, 100 Fils, BD 1/2 *.Omani Rial OMR: ( 1 OMR = 3,937.77 NGN ) Bank note: 1/2, 1, 5, 10, 20, 50 Rials --------------- Highest denomination == 50 Rials; Coin == Yes Coin: 50, 10, 20, 50, 100 baisa and rarely used 200 biasa *.Jordanian Dinar JDD: ( 1 JDD = 507,65070 NGN ) Bank notes: 1, 5, 10, 20, 50, Dinars ------------------- Highest denomination == 50 Dinars; Coin == Yes Coins: 1/2, 1, quirsh, 21/2, 5, 10 Piastras *.British Pound GBP: ( 1 GBP = 2,135.49 NGN ) Bank notes: €5, €10, €20, €50 ----------------------- Highest denomination == €50; Coin == Yes Coins: 1P, 2P, 5P, 10P, 50P, €1, €2 *.Caymanian dollar KYD: ( 1 KYD = 1,815.81 NGN ) Bank notes: 1, 5, 10, 25, 50, 100 Dollars ------------------- Highest denomination == 100 Dollars; Coin == Yes Coin: 1, 5, 10, 25 Cents *.Euro EUR: ( 1 EUR = 1,631.43 NGN ) Bank notes: €5, €10, €20, €50, €100, and €200 --------------- Highest denomination == €200; Coin == Yes *.Swiss Franc CHF: ( 1 CHF = 1,719.44 NGN ) Bank note: 10, 20, 50, 100, 200, 1000 francs ------------------- Highest denomination == 200 francs; Coin == Yes Coins: 5, 10 and 20 Rp/cts, 1/2, 1, 2 and 5 Fracs *.United State dollar USD: ( 1 USD = 1600 NGN ) Bank note: $1, $2, $5, $10, $20, $50, $100 ----------------- Highest denomination == $100; Coin == Yes Coins: 1C, 5C, 10C, $1/4, $1/2, $1. Go back to the list once again and check what's the highest denominations of each currency (and population of users of each currency), You will discover that the top performing currencies do not have high face value like we have 500 NGN and 1,000 NGN in Nigeria. Also, you will notice that the top performing currencies have coins form of currency with denomination of very low face value. The highest of the denomination is 1000 Franc followed by 500 EUR. 1000 Franc is not in frequent use and the highest Franc denomination next to it is 200 Frank ( not like 500 NGN as we have here in nigeria ). Also the use of 500 EUR was discontinue in year 2018. Get a hold on history of exchange rate in Nigerian, you will find out that every introduction of new high (face value) denomination currency note has adverse effect on exchange rate. Why High Denominational Currency Note Is Bad: 1. Increase in prints of currency notes with high face value e.g 1000 NGN makes other lower currency of less important and less useful. This can gradually lead to upgrade of price of goods and services in market. 2. It makes stealing, looting and hoarding of cash easier as larger amount of money value can be packed into a very small space. 3. 500 NGN and 1000 NGN are no money for the common man, go to the market and examine what denomination are most in use. 4. It's in a way opposing the cashless policy by the federal government of Nigeria. What The Wise Nations Did: 1. United State of Ameria used to have $500, $1000, $2000 currency notes until December 14, 1945, when the high denominational bills were last printed and officially discontinued on July 14, 1969 by the Federal Reserve System. 2. Europian Central Bank announced on 4 May, 2016 that it would phase out the 500 Euro notes by the end of 2018. Other Factors That May Affect The Exchange Rate Of A Currency Include: 1. Ratio of goods/services importation to exportation 2. Availability of currency and number of complying users. The Illegal illegal printing of currency by the CBN according to as reported by some news media outlets has a long way to desctroy value on our cash. 3. Inflation rate 4. Government debts and federal reserve. 5. Political policies and stability 6. And many more My Recomendations: Nigerian government should permanently discontinue and remove 500 NGN and 1,000 NGN currency notes from circulation. Reintroduction of 50 Kobo, 1 NGN and 2 NGN coins should also be done. A government fighting corruption will yield to this advice as abundance of lower denomination currency will discourage looters from hoarding and keeping cash in a safe instead of bank. Caveat emptor: This writeup is a personal opinion resulting from my many observations. It is not a scholarly work and should not be treated as one. Copy-and-paste bloggers should please reference the link and author of the article. TOP PERFORMING CURRENCY (UPDATED CONVERSION RATEs) 1. Kuwaiti dinar (KWD) The Kuwaiti dinar is the strongest currency in the world with 1 Kuwaiti dinar buying 3.26 US dollars (or, put another way, US$1 equals 0.31 Kuwaiti dinars). Kuwait is located between Saudi Arabia and Iraq, earning much of its wealth from being a leading global exporter of oil. The Kuwaiti dinar was introduced in the 1960s and was initially pegged to the British pound before being re-pegged to an undisclosed basket of currencies. 2. Bahraini dinar (BHD) The Bahraini dinar is the second strongest currency in the world with 1 Bahraini dinar buying 2.65 US dollars (or US$1 equals 0.38 Bahraini dinars). Bahrain is an island nation in the Persian Gulf off the coast of Saudi Arabia. Like Kuwait, the country earns much of its wealth from oil and gas exports. The Bahraini dinar entered circulation in 1965 and is pegged to the US dollar. 3. Omani rial (OMR) The Omani rial is the third strongest currency in the world with 1 Omani rial buying 2.60 US dollars (or US$1 equals 0.38 Omani rial). Oman sits between the United Arab Emirates and Yemen at the tip of the Arabian peninsula. As with its other wealthy neighbours, Oman is a major exporter of oil and gas. The Omani rial was introduced in the 1970s and is pegged to the US dollar. 4. Jordanian dinar (JOD) The Jordanian dinar is the fourth strongest currency in the world with 1 Jordanian dinar buying 1.41 US dollars (or US$1 equals 0.71 Jordanian dinar). Jordan is largely land-locked country in the Middle East. Jordan is less dependent on oil and gas exports than its neighbours and has struggled with sluggish economic growth and rising debt. The Jordanian dinar entered circulation in 1950 and is pegged to the US dollar. 5. British pound (GBP) The British pound is the fifth strongest currency in the world with 1 British pound buying 1.28 US dollars (or US$1 equals 0.78 British pounds). Britain is the sixth largest country by Gross Domestic Product (GDP), according to the World Bank. The pound was first introduced in the 1400s before being decimalised in 1971. It is free-floating and thus not pegged to other currencies. 5. (Tie) Gibraltar pound (GIP) The Gibraltar pound is the joint fifth strongest currency in the world with 1 Gibraltar pound buying 1.28 US dollars (or US$1 equals 0.78 Gibraltar pounds). Gibraltar is located at the southern tip of Spain and is officially a British territory. The Gibraltar pound was first introduced in the 1920s and is pegged to the British pound (at par, meaning that one GIP equals one GBP). 6. Cayman Islands dollar (KYD) The Cayman Islands dollar is the sixth-strongest currency in the world with 1 Cayman Islands dollar buying 1.20 US dollars (or US$1 equals 0.83 Cayman Islands dollars). The Cayman Islands is a British territory in the Caribbean and is an offshore financial centre. The Cayman Islands dollar was first introduced in the 1970s and is pegged to the US dollar. 7. Swiss franc (CHF) The Swiss franc is the seventh strongest currency in the world with 1 Swiss franc buying 1.15 US dollars (or US$1 equals 0.87 Swiss francs). The Swiss franc is the official legal tender of Switzerland and Liechtenstein and is seen as a safe haven due to Switzerland’s political stability. The Swiss franc was introduced in 1850 and was later briefly pegged to the Euro before moving to a free-float. 8. Euro (EUR) The Euro is the eighth strongest currency in the world with 1 Euro buying 1.10 US dollars (or US$1 equals 0.91 euros). The Euro is the official currency of the Eurozone, being 20 out of the 27 countries that form part of the European Union. The physical currency entered circulation in 2002 and is free-floating. Related: Euro to AUD forecast 10. US dollar (USD) The US dollar is the 10th strongest currency in the world, worth exactly 1 against itself. All other units of currency across the globe are worth less than a US dollar. Created in the 1700s, the US dollar is legal tender in the USA, other US territories and sovereign nations including Ecuador and Zimbabwe. The US is the world’s largest economy by GDP and the US dollar is by far the most-traded currency globally. The US dollar is also the largest reserve currency in the world (the currency most held by central banks) and is the currency used to price many commodities, including oil, gold and copper. https://www.forbes.com/advisor/au/investing/currencies/top-10-strongest-currencies-in-the-world/ My piece of contribution. 16 Likes 2 Shares |
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by buJu234: 8:20am On Feb 16 |
I think we always to fast to jubilant. I will when the Forex is less than 1000 naira and sustained for min.2 - 3mths. Ok Anyway good job by the CBN, continue to arrest all the loopholes. 2 Likes |
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by Yankee101: 8:23am On Feb 16 |
It’s been a disaster Even some of us abroad are not happy The implication is a collapsing economy, erased savings, net zero or negative investments you changed dollars to naira to do in nigeria and an obliterated middle class. The erosion In purchasing power means businesses will fold up as people are not buying their goods and services anymore as they used to |
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by Nwaezeudo: 8:25am On Feb 16 |
"We need his brain not his body" Nigeria done finally jam apako... Thank God for Web3 at least if I change the least $50 my week will be sweet Moreover, I Peter Obi and Obidients are still learning our lessons! 10 Likes 1 Share |
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by englishmart(m): 8:30am On Feb 16 |
CBN tackles Amadioha. Why can't the Naira make a significant gain against the Dollar? Always #2, #1, 25Kobo, etc. 3 Likes |
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by flexyrule(m): 8:31am On Feb 16 |
Problem |
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by meum: 8:32am On Feb 16 |
It will favour me and my family The most selfish statement I heard from his supporters. I ask them how is the favour going? 6 Likes 1 Share |
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by naijaboy756: 8:33am On Feb 16 |
buJu234:some sense dey here ooo |
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by Kelvin5214: 8:36am On Feb 16 |
Emilokan |
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by Emmizay12(m): 8:37am On Feb 16 |
All this long discussion CBN should stop printing the naira making our currency lose value Racketeering is no basis for this kind of inflation 1 Like |
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by AngelicBeing: 8:41am On Feb 16 |
UncleAyo: |
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by Deogratiasfx: 8:44am On Feb 16 |
One step forward three steps backward |
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by specialmati(m): 8:49am On Feb 16 |
any plan for it not to hit 2000 🔥 🔥 🔥 |
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by Xox1945(m): 8:50am On Feb 16 |
Another story again |
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by Whalis: 8:53am On Feb 16 |
Go and buy now. It will come back in full force. |
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by Tajbol4splend(m): 8:58am On Feb 16 |
Cardoso understands the evil forces battling naira, some hidden gentlemen throwing the catapult from nowhere for personal gain, I hope he wins the battle against them 1 Like |
Re: Naira Trades 1,498/$ At Official Market, CBN Tackles Racketeers by CorrectionFLuid: 9:00am On Feb 16 |
Omo. CorrectionFluid is tired Soludo had done this sort of thing before shaa. Although high denominations weren't cut off, coins were introduced: the N1 and N2 coins. I can remember the high denomination notes were then controlled such that there became a scarcity. Went with a friend to pay school fees at the bank, and he had a nylon full of N1 and N2 coins. The cashier look am like "God what is all this nau" |
How You Can Get Loans For Your Online Business / FG, BOI To Disburse N140bn To Petty Traders, Artisans Nationwide / How To Start A Profitable Mobile App Biz Without Learning Coding
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 96 |