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Nairaland Forum / Nairaland / General / Business / Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years (55154 Views)
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Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Nobody: 11:02pm On Dec 11, 2015 |
With all the economic problems facing the country now the president seems not to bother about it, because all meets and summits he has attended the major thing he talks about is "FIGHT CORRUPTION". Is it not better for him put on hold the fight against corruption first and fight the survival of the economy? StOla:With all the economic problems facing the country now the president seems not to bother about it, because all meets and summits he has attended the major thing he talks about is "FIGHT CORRUPTION". Is it not better for him put on hold the fight against corruption first and fight the survival of the economy? How do your president intend to do it. Is it by fighting corruption alone will turn the economy around? 3 Likes |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by NaLaugh: 11:02pm On Dec 11, 2015 |
BuddhaPalm: Imports are a valid example. However, as far as I know, major importers whose activities are likely to impact the economy, and cost of everyday products, do have access to official rates. 1 Like |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Nobody: 11:04pm On Dec 11, 2015 |
Nigeria's biggest problem is that the country's leaders are a reflection of the average intellectual capacity. Almost every comment on this thread is the result of ignorance. Nobody has taken their time to gather enough information, knowledge and understanding to provide a proper analysis of the current fiscal and monetary policies, which should form the basis of any such discussion. There are several reasons why currencies are devalued: 1. to encourage exports 2. to discourage imports 3. to improve the trade deficit (Nigeria's trade imbalance is positive with a higher export rate). Additionally, external shocks (e.g. food and fuel price upsurge, global economic recession) also lead to currency fluctuations. 5 Likes |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by MizMyColi(f): 11:07pm On Dec 11, 2015 |
StOla: Dude, must you always sound like a broken record each time you quote me? What part of "I was writing exams AT the time" and "I have already made my position on Dasuki, Dokpesi and GEJ known" do you not comprehend. I for one know you're not daft, so? So far so good, it is you and your Sai chanters that have been continually shamed by your Idol, Buhari and his hermit policies. And until he does something right and masses-centric, you and your fellow bandwagoners should hide your heads. First it was a ban on small gens then lifting the ban or rice imports and then raiding the shops of rice sellers at night, carting away their goods and worse still, valuables. Second, it was a ban on PRESSID Third, it was a queue of petrol users begging and having vigils at filling stations in order to get fuel. Where do I end my wailingnese if I go beyond the above mentioned? Whenever there's a cleaning going on, it is expected that progress would be made, and no matter how miniscule, the affected parts feel it. Pray tell, what is the word on the streets today? Is there any sector of the populace genuinely applauding Buhari? You lot keep "cleaning PDP's mess" soon Go and ask the president of Tanzania what it means to be a real change agent and not a compromiser. Mess ko; Yaso ni ![]() 20 Likes 6 Shares |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by InvertedHammer: 11:07pm On Dec 11, 2015 |
BuddhaPalm:/ Don't mind him. We used to have importers pay naira into account in Nigeria and have their representatives collect the dollar equivalent over here at an agreed exchange rate. But with this wild gyrations in exchange rate, what manner of an importer will continue to do business this way? I am currently looking towards Hong Kong. I am so done with Nigeria. It is not worth the stress. Oil closed lower today. It is hovering around $38. I expect a minor bounce by next week. Nigeria is in deep sh1t if this trend continues. Don't forget that 2016 is based on oil price at 38. Middle Eastern nations have billions of dollars in reserves to cushion the effects of any rout in oil prices. But like drunken sailors, Jonathan and cohorts carried on as if every condition is permanent with the goading of Okonjo iweala, a colossal failure by the way. 7 Likes 1 Share |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by NaLaugh: 11:08pm On Dec 11, 2015 |
4Play: One does not simply do a "fiat pump" and "fix" an exchange rate. The true exchange rate will only respond to true economic and financial changes, not an ON/OFF switch "solution." I haven't seen anyone here declare themselves as a trained and seasoned economist, so all we're doing here is speculating, at the end of the day. 2 Likes |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Kaykay(m): 11:08pm On Dec 11, 2015 |
livefromnaija:Dear, these are the effects of mismanagement we had during that administration. Nairas taken from CBN were changed into dollars, distributed to chiefs &big goons of the party. Don't let us have short memories, the arrest of Dasuki recently exposed these. 1 Like |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by HzRF(m): 11:12pm On Dec 11, 2015 |
InvertedHammer:Here they come again with their theme song Tell me What was Buhari thinking when he was making the promises Tell me 1 thing apc didn't accuse GEJ of So they don't know what they are getting into? Leave story that moves the gravity Bubu has failed QED After 6 no definite direction/policy 9 Likes |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Royalprestidge(m): 11:12pm On Dec 11, 2015 |
It is far from truth. As at today
CBN Exchange Rates
Export Exchange Rate Results to Excel / CSV
Date Currency Buying(NGN)
Central(NGN)
Selling(NGN)
12/11/2015 US DOLLAR
196 196.5 197
POUNDS STERLING
296.9204 297.6779 298.4353
EURO 215.0316 215.5802 216.1287 |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by UncleJudax(m): 11:13pm On Dec 11, 2015 |
Raiders:Eww! English ![]() 1 Like |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by HzRF(m): 11:18pm On Dec 11, 2015 |
TimeManager: Mumu which useless policy will make naira stronger Jan will soon be here then u will know that ur messiah is too dull to handle this country. All the useless policy CBN was forcing on banks where has it led to 5 Likes |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Nobody: 11:20pm On Dec 11, 2015 |
PEREP: Nigeria's export rate is higher than its import rate, isn't it? We had some good alternatives to increase our FX earnings in the banking expansion of 2007-2009 but unfortunately we got a CBN governor with zero urge for business but vigour to over-regulate the whole space which we are still paying for today. Does the government have the money to spend? What should they invest in? The Central Bank is there to have both eyes on inflation. It is not a government's job. Nigeria's handlers (from President down) need to understand all factors that are external but very influential to the outcome of every policy and handle them cautiously. Expertise is urgently needed. |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Nobody: 11:21pm On Dec 11, 2015 |
Nigerians Stand up! Behold your change... enjoy it I'm so loving this ![]() ![]() ![]() 4 Likes |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Atlantian: 11:21pm On Dec 11, 2015 |
Hahahahaaha A country that people use plastic bags to buy petrol and where IDP are fed with buckets. 1 Like |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by UncleJudax(m): 11:23pm On Dec 11, 2015 |
Papertrail11:Hahaha. You no even do home economies ![]() I bet you do not know there are so many imported things that the importers sole source of Dollars is Bureau De Change. Where have you been, Chihuahua Island? 2 Likes |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by InvertedHammer: 11:23pm On Dec 11, 2015 |
HzRF:/ Ask any landlord. Some tenants facing eviction will trash an apartment to make the place uninhabitable by the next tenant. For you goons, you are advocating that the landlord pretend that nothing is amiss and rent out the place, carry on like it is an el Eldorado. No! The place must be fixed first. Buhari must step up the house cleaning. A programme that contains a lot of errors on compiling must be fully debugged to be fully operational. Only a mor.on will continue coding with multiple errors staring him in the face. Buhari must debug Nigeria first before any reasonable progress will be made. How much more do I need to educate you on the difference between reality and fantasy? / 7 Likes |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Atmmachine(m): 11:25pm On Dec 11, 2015 |
I love this. Ask me why. When i send $8000 down to Nigeria, i will build like 3 story building. 4 Likes |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by HzRF(m): 11:27pm On Dec 11, 2015 |
InvertedHammer:Debug Nigeria with the help of those who he claimed destroy it U think u have seen the height of gullibility cum stupidity login to nairaland and sumone is waiting to prove you wrong 5 Likes |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by dOnLarich: 11:28pm On Dec 11, 2015 |
felixchip:yes bro .. How do you wanna get it.. |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by TolaniLuv: 11:30pm On Dec 11, 2015 |
Yahoo boys season! Check & Balance |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by oliver003: 11:32pm On Dec 11, 2015 |
I am very ashemed of myself today when I went to Niger Republic to buy some things for the weekend from my boarder town in Nigeria, when I want to change my Naira to their cefa, they are rejecting Naira and laughing at me that the Naira is not money. I have to look for a friend to help beg them before they change my Naira to cefa at #500 to 1000f which as at this period last year was #225 to 1000f. We need serious prayer for this country because we are in serious problem. Our currency is like toilet paper. 1 Like |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by InvertedHammer: 11:32pm On Dec 11, 2015 |
HzRF:/ Go report to Jesus so that Angel Michael will come down from heaven to fix it. Nigeria is made up of looters, looters-in-waiting and wanna be looters. Sadly, every government must choose from the pack. If you don't like it, jump off a cliff. After all, they are your people and you folks encourage and worship them. / |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Nobody: 11:32pm On Dec 11, 2015 |
Demmocrats:it is not the lady's fault. Buhari is simply too dull to know what to do |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by porka: 11:33pm On Dec 11, 2015 |
RedCapChief: Shouldn't Buhari have been appointed as the EFCC Chairman instead? 1 Like |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by felixchip(m): 11:33pm On Dec 11, 2015 |
dOnLarich: I no know whether you fit upload am somewhere for me. Or abeg, send am for me via whatsapp or BBM. |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Lovelynature(m): 11:34pm On Dec 11, 2015 |
2 Likes |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Lovelynature(m): 11:35pm On Dec 11, 2015 |
Samirana360:hahaha, see talk oo. Bro you funny ehh |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by dOnLarich: 11:36pm On Dec 11, 2015 |
felixchip:whatsapp... 081-6427-4529 |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by AceRoyal: 11:36pm On Dec 11, 2015 |
InvertedHammer:Well said BUT CORRUPTION DID NOT START FROM GEJ'S ADMINISTRATION!OBJ IS ALSO GROSSLY AND EQUALLY RESPONSIBLE.ALL PAST NIGERIAN LEADERS ARE RESPONSIBLE. I'M NOT IN SUPPORT OF GEJ OR PMB,ALL I WANT IS FAIRNESS AND EQUALITY IN APPROPRIATING BLAMES,PROBES AND JUSTICE! 3 Likes |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Geniro: 11:37pm On Dec 11, 2015 |
InvertedHammer: Your analogy is moronic. quit posting. 6 Likes 2 Shares |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by lasisi69(f): 11:39pm On Dec 11, 2015 |
Lovelynature:lol.. Na u talk am o 1 Like |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by porka: 11:39pm On Dec 11, 2015 |
Atmmachine: You better be careful, if they see dollars with your siblings, they might say it's 'stolen money'. Anybody with access to hard currency now in Nigeria is a 'treasury looter'. |
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