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Nairaland Forum / Nairaland / General / Business / Naira Now 172 Naira To A Dollar. Why? (54616 Views)
Naira Now N225 In Paralllel Market On Friday 25th June 2015 / Devaluation: Naira Now N183 To The Dollar / Naira Now N166 To $1. Can Someone Tell Me What Is Happening? (2) (3) (4)
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Re: Naira Now 172 Naira To A Dollar. Why? by Nobody: 6:11pm On Nov 13, 2014 |
One word: oil. 1 Like |
Re: Naira Now 172 Naira To A Dollar. Why? by UkwuNnu(m): 6:12pm On Nov 13, 2014 |
barcanista: Dude are you always like this? Are you this ignorant or purely daft? Did you ever pass basic economics in school? Must you equate everything to politics and try to gain cheap points from such? If this is how and what you understand by the dollar rise against naira then your economic clueless has no rival and it makes me wonder who truly should be called clueless all the names your laptop gang call the President. If this is the altanative "Change" you lots are promising Nigerians, then Nigeria is in for a bigger mess ![]() ![]() ![]() 9 Likes |
Re: Naira Now 172 Naira To A Dollar. Why? by datguru: 6:15pm On Nov 13, 2014 |
asiwajumi: Watch your tongue |
Re: Naira Now 172 Naira To A Dollar. Why? by 19naia(m): 6:16pm On Nov 13, 2014 |
Nigeria is over priced.. The average quality of living and services is lower than the the developed world but many prices are higher than developed world prices when it comes to developed world things.. This alone will always lead to the devaluation of the Naira. And other factors are related to the same theme of Inflation caused within Nigeria by people reaching to raise prices for profit at every chance they get.. Eventually it circulates through the nations economy until everything becomes higher priced and imbalanced to the world economy... Thats when the Dollar or pound adjust for equity... The rise in price has to coincide with rise in real value/quality of the service and products.. If not, then its just wreckless inflation by people in a culture of profit gouging.. Housing in Lagos for homes that compare to international quality homes, cost more than in the USA.. The roads, general sanitation and utilities supplied to those homes is much lower than in USA.. The public services stability/reliability such as police, medical, roadway and traffic management, and so on, they are all unreliable and some are a liability such as police extorting money all the time... The value of a currency will always be measured internationally and be weighed against how well the economy values the well being of the people who make the economy... Either increase the quality of living and products/services or drop the price of every thing in the country until it is nominally equal to what would be paid in US dollars... The best thing is to forget the dollar and focus on equity among all people in the economy.. Better wages is a good start and then better public services will carry the good start forward... 6 Likes |
Re: Naira Now 172 Naira To A Dollar. Why? by justi4jesu(f): 6:16pm On Nov 13, 2014 |
Re: Naira Now 172 Naira To A Dollar. Why? by jcccccc: 6:17pm On Nov 13, 2014 |
[color=#990000]YOUR LIVES AND COUNTRY WILL CHANGE WHEN YOU STOP HATING THE BEST THAT GOD HAS GIVEN YOU. THIS HAS NOTHING TO DO WITH JONATHAN BECAUSE IF HE BAN IMPORTATION OF CARS SO THAT INNOSON AND INDEGINOUS MANUFACTURERS COULD PROVIDE JOBS, YOU WILL USE YOUR JUNK PRESS TO SHOUT MR PRESIDENT DOWN. YOU HATE ACHIEVERS AND LOVE LESS ACHIEVERS. YOU USE YOUR JUNK PRESS TO INITIATE HATRED AGAINST HEROES AND YOUR VERY BEST. NO GROUP OF PEOPLE ON PLANET EARTH HATE PEOPLE BECAUSE THEY ACHIEVE RESULTS ONLY NIGERIANS SO YOU WILL REMAIN POVERTY STRICKEN MINUS ME AND ALL LOVERS OF SUCCESSFUL PEOPLE. HATERS GONNA DIE[/color] 3 Likes |
Re: Naira Now 172 Naira To A Dollar. Why? by jerryjere(m): 6:18pm On Nov 13, 2014 |
barcanista:oloshi which change are you looking for stupid APC come rule make I see 2 Likes |
Re: Naira Now 172 Naira To A Dollar. Why? by datguru: 6:19pm On Nov 13, 2014 |
eddiebruk: Yahoo ni . How that Wu to quickteller dey work? |
Re: Naira Now 172 Naira To A Dollar. Why? by mayorall(m): 6:20pm On Nov 13, 2014 |
Re: Naira Now 172 Naira To A Dollar. Why? by destante(f): 6:21pm On Nov 13, 2014 |
davide470:Wait, ECA that is being depleted before now already or another one? I'm scared for my country. Thanks btw. ![]() |
Re: Naira Now 172 Naira To A Dollar. Why? by mayorall(m): 6:21pm On Nov 13, 2014 |
19naia: |
Re: Naira Now 172 Naira To A Dollar. Why? by courage89(m): 6:21pm On Nov 13, 2014 |
I hope we still have some economists in government that are willing to stand against depreciation. I hope based on the history of depreciating naira, the effect it has had on our manufacturing system, they will not make the mistake to depreciate naira again. Because there will be dire consequences; 1. Reverse in manufacturing gains and benefits. Because manufacturers will not be able to compete with foreign products, due to high cost of raw materials based on foreign exchange. 2. We will pay more to import petroleum products. The inflationary effect of this. 3.We will pay more as Nigerians to get higher education overseas 4. We will pay more as Nigerians to get health care overseas 5. High unemployment due to closure of manufacturing facilities, because of their inability to compete. I think for now, the cost benefit analysis favors defending the naira by all necessary means. I'm convinced spending $10 billion in the spate of 2 years to defend the naira is a better alternative than devaluing our currency by that much. When you go the route of devaluation, it will be much more difficult to reverse; hence further exposing our economy to major shock. 4 Likes |
Re: Naira Now 172 Naira To A Dollar. Why? by Nobody: 6:22pm On Nov 13, 2014 |
Falling crude oil price it is..... It may get worse . Has anybody wondered why America stopped buying oil from naija ? Am guessing this is a reason.#effect of the Dutch disease. |
Re: Naira Now 172 Naira To A Dollar. Why? by Naijamericana: 6:23pm On Nov 13, 2014 |
N180 to $1.00 by Feb 2015 1 Like |
Re: Naira Now 172 Naira To A Dollar. Why? by datguru: 6:23pm On Nov 13, 2014 |
1 Like |
Re: Naira Now 172 Naira To A Dollar. Why? by synergycom19: 6:24pm On Nov 13, 2014 |
This is what happens when you ran an economy based on Voodoo ,concocted,padded, statistical figure.With PHD parading economic policy markers, Ngozi Iweala,apostle of subsidy in charge 1 Like |
Re: Naira Now 172 Naira To A Dollar. Why? by jerryjere(m): 6:25pm On Nov 13, 2014 |
Well it's very painful for a country like naija to allowed naira to depreciate up cedis |
Re: Naira Now 172 Naira To A Dollar. Why? by iamord(m): 6:25pm On Nov 13, 2014 |
Three7Ty9: That's why is not good to condemn. Both countries suffer from similar issues |
Re: Naira Now 172 Naira To A Dollar. Why? by kayusbrown(m): 6:25pm On Nov 13, 2014 |
EagleNest:This is what happens when a country fails to build local capacity and indigenous technology. We import everything, even toothpicks. Here is a chart based on your data. The devaluation is very visible here. 5 Likes
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Re: Naira Now 172 Naira To A Dollar. Why? by datguru: 6:27pm On Nov 13, 2014 |
Re: Naira Now 172 Naira To A Dollar. Why? by erico2k2(m): 6:30pm On Nov 13, 2014 |
Seye25:How much did it use to be b4 nw? |
Re: Naira Now 172 Naira To A Dollar. Why? by chukwuinya: 6:31pm On Nov 13, 2014 |
Some people here are jst shouting corruption when they dont even understand anything about the foreign exchange market and the implication of rise or fall in value of ones currency, enough is enough of all this rush for foreign goods. One man's meat is another man's poison,lets look inward people of naija. Last bullet when our politicians understand that value of their loot is falling they go sharpenly go carry the money back and better still invest it in the economy 2 Likes |
Re: Naira Now 172 Naira To A Dollar. Why? by tranxo(m): 6:31pm On Nov 13, 2014 |
mayorall:Storage? How? |
Re: Naira Now 172 Naira To A Dollar. Why? by xynerise: 6:32pm On Nov 13, 2014 |
Make I go change my dollars for caseless shop ![]() |
Re: Naira Now 172 Naira To A Dollar. Why? by drakeskull(m): 6:33pm On Nov 13, 2014 |
N175, confirmed!!! |
Re: Naira Now 172 Naira To A Dollar. Why? by Beetroot: 6:35pm On Nov 13, 2014 |
Politicians buying up. |
Re: Naira Now 172 Naira To A Dollar. Why? by Nobody: 6:35pm On Nov 13, 2014 |
19naia:very fine analysis...definitely superior argument...my dear their inordinate primordial avaricious greed will not allow them to reason with your perspective. i am surprised it is still 172 to the dollar...by now it should have been N200 per dollar. 1 Like |
Re: Naira Now 172 Naira To A Dollar. Why? by Nobody: 6:39pm On Nov 13, 2014 |
datguru: go to quickteller, make sure your bank supports WU receive money online, (i use GTBank) to go Receive money, select WU, Choose your bank, put your MTCN, Receiving bank account number and account name, expected amount, and text question. Sharply if your MTCN and account info is correct your get you cash in your account instantly. |
Re: Naira Now 172 Naira To A Dollar. Why? by Nobody: 6:39pm On Nov 13, 2014 |
Even the euro increased,it was 209 before |
Re: Naira Now 172 Naira To A Dollar. Why? by mayorall(m): 6:44pm On Nov 13, 2014 |
Re: Naira Now 172 Naira To A Dollar. Why? by datguru: 6:46pm On Nov 13, 2014 |
eddiebruk: Really? Na him be say my work go dey go well now. Some times I dey get transactions on saturday, hope it will work on saturdays ? |
Re: Naira Now 172 Naira To A Dollar. Why? by Osgilliat(m): 6:46pm On Nov 13, 2014 |
Nigeria is not broke,only Nigerians are broke.this statement was made by okonjo this week. if an ordinary person says that something is wrong with this administration,the PDPs will say that APC are behind it. is it APC that are behind this also? 1 Like |
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