mayorall:
Naira is now ₦172.4.
Naija which way?
External reserve depletion or stealing?.

http://ngn.fxexchangerate.com/

Built2last:
Some clueles ones with no knowledge about the present oil dive and how the money market operates will flood this thread and insult people.....

jcflex:
still GEJ fresh air.


and smpple still wnt us to continue wit the man. I jst nid a change, either fr the same ss, north, sw, se, I dnt care.

destante:
davide470 have you seen this?

UkwuNnu:
This is simple economics matrices. We are in a season when importation is at its peak and more people are going into importation business, this does not help our foreign exchange, its simple demand and supply from basic economics coupled with the oil price dive

Shouting government this and that when we react to banning of some imported products.

Consume made in NIGERIA Products!!!

honeric01:
If you have cash, start hoarding dollars, by Jan-Feb Next year, naira to a dollar should be around N190-N220.


Quote me.

eddiebruk:
I received WU Today via quickteller and got Credited @171 per dollar. It is good in a way tho, Nobody should quote me sha, More reason why you should embrace Foreign Investment, mostly in Real Estate

honeric01:
If you have cash, start hoarding dollars, by Jan-Feb Next year, naira to a dollar should be around N190-N220.


Quote me.

mayorall:
Wow I made FP

special dedication to my lady *missmayorall*. My business partner *kennyman20* . My business friends. ymodulus, mcfynest, youngzedd, madam Tyconcepts, merit, oga steven. My pb buyers, ojestas, oga damc, octavo, juwonmannia, rasco, Beckham. And many I can't remember. Special thanks to my CSO (walker). My six months old GSD


Now feeling on top of the world, goods just hit me from Asia, my goods had arrived . Good news on nairaland. nairaland FP is intoxicating. . I never knew this is how it is until I heat FP the second time.


To those that are jealous of me , You will also hit FP in the nearest future, just a matter of time

Long live seun

long live the mod and super mods

Long live nairaland

Long live Nigeria

davide470:
Yes. Scary. Economic Outlook at the moment is not so good.

bushdoc9919:




Consider this not a defence of PDP.

Yes, we must vote PDP out. But the APC, or indeed any of the opposition parties are just as bad ''economically speaking''. Let me explain.

APC has no plan to get Nigeria off its dependency on oil ....which is the real reason why we have troubles with our naira.If we had had an industrial economy, exporting goods to Africa and Asia and even Europe (Inida sells Tata cars worldwide)....we would have had a strong industrial economy.....and a strong currency.

(Note that I do not mention agric. That is resource dependency under another name. Many African countries that produce cotton are in serious trobule because of falling cotton prices. Ditto for metals....ask Zambia).

APC and PDP are both clueless about the economy and how it should be run. Both of them don't want to make the hard choices needed to make the economy run well. Likewise, many of you Nigerians blame the problem on ''corruption'' (true)....but the big issue is that the pot they are stealing from is not big enough.

Oil rich countries that do well have small populations and/or diversified economies. I notice a lot of you Nigerian admire Libya under Ghaddafi. Libya had/has a population under 6million....and produces far more oil than Nigeria. Libya had so much cash that the Gaddafi family and the elite could siphon off cash....and there would still be surplus for the people. But Libya fell to the West in battle because that oil they loved was used to import weapons from the same West....which proved to be their downfall.

What I want you Nigerians is to stop saying GEJ is bad, or APC are cankers. Ask both parties, at all levels....do they have an immediate plan for our industrialisation. Because what is happening now is an instant replay of 1982....and back then, we still had a somewhat diversifed economy. Now we do not. And unless you Nigerians stop thinking that we have more than enough oil money to play around with....and vote for leaders, regardless of party, with that mindset....that we are not a rich nation, and riches come with work....then we will move out of our oil dependency and into a glorious future.

Nigerians what will it be? The choice in 2015 really is not between PDP and APC....RATHER....it is a choice every Nigerian must make....will we forever pretend that we are rich....or accept that we are poor and start using what we have to make ourselves rich?

Oil is a curse.

grandstar:
There are 2 reasons for this. One is that dollar receipts from crude oil has reduced and demand for forex has shot up as we approach winter. Double wahala for deady body and the owner of deady body.

nijanigga:
End of oil is coming to an end. We've been warned longtime that oil will soon become useless. A CNBC analyst is forecasting $30/barrel soon.
CBN have been shoring up the naira for too long using reserves, but reserve itself is drying up because price of oil is plummeting and Nigeria's budget is based on $78/barrel with 70% of Nigeria's budget going towards recurrent expenditures. Less than 30% is going towards capital projects.
Nigeria has eaten deep into future generation. GEJ can hardly pay salaries to federal workers now.

ichidodo:
[b]....The Naira has always been buoyed up artificially by the CBN since 1900 with the use of our external reserves which is mainly funded by our crude oil sales.This CBN policy though patriotic is economically unviable imaddition to the fact that it opens doors for sharp practices,corruption and serious depletion of the reserve -something that has been going on for years- never mind it being a very short term method to building a strong Naira. So the CBN has stopped that policy thus leaving this exchange to demand and supply(hence the current dollar reflex) which in this case allows the sheer size of Africa biggest economy to 'pull its weight' allowing the dollar price to get to its natural equilibrium point at par with Nigeria's current economic growth rate instead of steady currency attrition akin to burning dollars just to fund consumerisms that is the Nigerian populace and political class.Thus our external reserves becomes very buoyant leaving a golden nest egg for generations unborn and the strenght of the Naira ,naturally (without help from the cbn but from the power of the Nigerian people and their economic activites) matches the sheer might of Africa biggest economy.This is going to be an interesting scenario to observe from an economic perspective..****grabs seat and popcorn***[/b]

destante:
Lol see that last end. It means it even has the potential to depreciate more. Really scary.
By the way, I needed to use my glasses for that.