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Nairaland Forum / Nairaland / General / Business / Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years (55571 Views)
Naira Finally Improves At The Interbank Rate / Naira Crashes To 288/dollar At New Official Market / Naira Finally Devalued To N290/$ By Buhari (2) (3) (4)
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Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Nobody: 8:21am On Dec 12, 2015 |
Cutehector:I like your signature |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by 190: 8:21am On Dec 12, 2015 |
Always knew that buhari is a useless man I said it, what do u expect from a Muslim notherner who isn't educated Smh Na una sabi enjoy your new president 1 Like |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by NaLaugh: 8:22am On Dec 12, 2015 |
mployer: Addressing the bold sections: 1. How is it the "real price" to someone like myself? When I process a Western Union to Nigeria, my transaction is based off the official rate. So I guess "real price" then depends on who you ask. 2. That proposed solution isn't feasible without first decommissioning any parallel market operations. i.e as long as the "black market" exists, the CBN can not "devalue" the naira to mirror the "black market" rate. Black market rates have a working formula of: official rate + arbitration driven profit markups. Therefore, it is mathematically impossible for that to be a feasible solution. Except I have misconstrued your tutelage, oh dear professor. 2 Likes |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Dikechigozie: 8:30am On Dec 12, 2015 |
God will purnishment all the almajiri and the president of northern nigeria buhari. Naira is dead waiting for its burial. $1=#1 indeed |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by loomer: 8:33am On Dec 12, 2015 |
Raiders: Na jonathan also dey responsible for ur english? 2 Likes |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by HAH: 8:34am On Dec 12, 2015 |
Papertrail11: I feel you bro, tell them anyone who has legitimate business can put the naira equivalent in his account go to his bank to fill form M with relevant document, whatever amount will be sourced from CBN at official rate All nigerians are entitled to $5000 BTA per quarter that is $20000 per annum and $4000 PTA per quarter and $16000 per annum 1 Like |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Nobody: 8:38am On Dec 12, 2015 |
Samirana360:ACUALLY A 1000YRS IN OUR EYES IS LIKE A DAY WHEN ITS PASSED IN GOD'S EYE. U GOT THAT. RIGHT? |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by danbrowndmf(m): 8:44am On Dec 12, 2015 |
zikmarty:i gree with you sir... 2 Likes 1 Share |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by TimeManager(m): 8:46am On Dec 12, 2015 |
@HzRF, Dont You Understand The Meaning Of "A Partial Ban"? The Link You Posted Supports My Point. Rice Importation Is Lifted On 'Land Borders' Only But That Of The 'Ports' Still Remains. The Truth Has Spoken! |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by HzRF(m): 9:03am On Dec 12, 2015 |
TimeManager:. Hw does it help d economy Look at the groups of those hailing the move Those that will benefit Why not tigthen the border and find a way to stop the falling of naira been a sad news. China,N.korea devalue their currency at will since they produce what they use When we produce what we use den naira can heighten All these yeye policy is just waste of time |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Adamma22(f): 9:03am On Dec 12, 2015 |
Buhari's house is on fire and he's busy chasing rats...I weep for this country 3 Likes 2 Shares |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Mentcee(m): 9:06am On Dec 12, 2015 |
Samirana360:Great allusion. |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Billygee2u: 9:07am On Dec 12, 2015 |
Kenai: |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by ikenna123: 9:10am On Dec 12, 2015 |
Funny when people say that the fall in naira is nothing when we all know the bad impact of such to the economy. The economy is weak,inflation is high,high unemployment and I just read that all the economic indicators used to measure any economy is down. The government is about to borrow about 1.9tr naira to finance they budget increasing the debt ratio of the economy while hoping that the prize of crude doesn't fall below 38 dollars because if it does then they will need to borrow money to finance consumption. To borrow from Bloomberg,Nigeria economy needs a serious help before it becomes a disaster. I rest my case. |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Nobody: 9:11am On Dec 12, 2015 |
DickDastardly: lmao.. funny you |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by FabioPeter: 9:15am On Dec 12, 2015 |
Bollinger:Yes, it takes years to collapse but it also takes the right fiscal policy to halt its free fall. Some economies wittingly devalue their currency and rip its economic benefit but in this case it's a loss any way you look at it. 1 Like |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by donJ2(m): 9:17am On Dec 12, 2015 |
Mindfulness: I bet u r post is also delusional, a sincere govt will put structures to encourage local production on ground (which will drastically improve an economy) b4 thinking of policies to discourage the importation of that product. Like the 40 banned agro products, how much has d current admin invested in agric and wat is the success rate of that investment??..they jst woke up one day and denied access to forex for importation... Theres no job, wat of youths doing mini importation to survive?? Before u ban importation of fone, u must have built 3 phone factories or train youths to learn how to manufacture fones. I bet u all these cbn governors still eat imported rice and other food. Nonsense! 2 Likes |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by juman(m): 9:19am On Dec 12, 2015 |
After unprecedented noises (lies and propaganda) apc got the presidency: the chance to rule the country. But apc lack the ability to put the country on the right track. 1 Like |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by donJ2(m): 9:19am On Dec 12, 2015 |
Mindfulness: bet u r post is also delusional, a sincere govt will put structures to encourage local production on ground (which will drastically improve an economy) b4 thinking of policies to discourage the importation of that product. Like the 40 banned agro products, how much has d current admin invested in agric and wat is the success rate of that investment??..they jst woke up one day and denied access to forex for importation... Theres no job, wat of youths doing mini importation to survive?? Before u ban importation of fone, u must have built 3 phone factories or train youths to learn how to manufacture fones. I bet u all these cbn governors still eat imported rice and other food. Nonsense! |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by ikenna123: 9:23am On Dec 12, 2015 |
The economy is down and we are now in the 7th month of this government yet we don't know they economic blueprint. We need to wake up from all these media bla bla about the missing dollars and let the courts do they jobs but let us focus on the economy that is going down each day. Today naira is almost 360 to a pound and some people are saying it doesn't matter for an economy that is import driven yet we are trying to borrow 1.9tr to finance this year budget will hoping the prize of oil doesn't go below 38 dollar. It's getting scary because small medium scale businesses are crying while the big ones are sacking staffs to cut costs. It's scary ...... 1 Like |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by TimeManager(m): 9:27am On Dec 12, 2015 |
@HzRF, Which Yeye Policy Are You Talking About? The Essence Of A Ban On Those Lists Of Products Is To Encourage Local Production. Dont You Get It? No Lie Only Truth! 1 Like |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by 5thcolm(m): 9:29am On Dec 12, 2015 |
Most comment on this thread further emphasize the decay in our education system, its unfortunate dat so cald literate does not no the cause and effect of a weak currency.. With the price of oil at the current rate, nobody can stop the naira from goin down A weak naira is not neccessarily a bad omen, the cbn could av just devalued buh we just wont understand cause we a lazy thinkers 1 Like |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by ikenna123: 9:33am On Dec 12, 2015 |
TimeManager: |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by 5thcolm(m): 9:34am On Dec 12, 2015 |
What is an economic blueprint? From the comments above i understand this administration does not have economic blueprint. So please what was the last administration's economic blueprint |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Bollinger(m): 9:34am On Dec 12, 2015 |
FabioPeter: The last recession in America took one and half years to stop before there was a turn around. At one time in their history, it took four years to stop one. It took quality leadership to make that happen. Nigeria has been in a recession since independence, so, blaming buhari is nonsensical. If you say that is not accurate, then point to a period in Nigeria's history when we were not in a recession. Oil was discovered in Nigeria in 1956 and we have been dependent on it ever since. When a whole country's source of income is solely based on one source of revenue and lately, the recovery of looted funds, then that country does not deserve to exist. Nigerian's have no grasp of it's history which is why we blame whoever is in charge at that point in time. Also, amnesia reigns supreme. They forget too quickly. Obasanjo did more damage to this country than any other President in our history, but for some reason people can't see it. Nigerians, i hail una. 2 Likes |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Rekeb: 9:37am On Dec 12, 2015 |
InvertedHammer: Very well said, @invertedhammer 1 Like |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by dandollaz: 9:47am On Dec 12, 2015 |
Papertrail11:u r an importer?do u have any transaction with fx?if not you are a learner.approach bank with huge sum na olamide song you will be hearing.it might take you another administration to get the money complete.you never go bank and they tell you that naira waiting for dollar is in billioms talkless of change you came with.on the other hand black market is run by which tribe?SMH 1 Like |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by chrysolite1: 9:47am On Dec 12, 2015 |
At least, APC has turned the naira to "change".. 2 Likes |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by FabioPeter: 9:52am On Dec 12, 2015 |
mployer: It would have been so if we had Nigerian made product to fall back to. As it stands we will spend the hard earn cash to buy essential products which are imports. |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Tmonex: 9:53am On Dec 12, 2015 |
if you have paypal acc. with funds in it... kindly reach me here: dplentyt(at)gmail.com with your exchange rate I need to purchase some fiverr gigs with paypal |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by ikenna123: 10:01am On Dec 12, 2015 |
[quote author=NaLaugh post=40920290]Each time I see these "Naira Crashes" topics on Nairaland, I rush to check the official rate, to see if it's a sweet time to send cash to Naija. But it is ALWAYS hovering at the same $1 = 199.05. Other than the very few people in Nigeria who have to make payments in USD for visas and such, I don't see how the "black market" rates are relevant to average Nigerians. These fluctuations at the "black market" are only driven by arbitration done by people running that market. It has zero reflection on the strengths or weaknesses of the Naira. ONLY an official change in the exchange rate signals that. At this moment, the official exchange rate remains $1 = 199.05. note: I have no interest in the underlying politics of any of this. This post has nothing to do with whether or not Nigeria's current administration is failing or working. I honestly don't care. At the end of the day, it's the same sh!t different toilet.[/quote Are you serious? Nigeria is an import driven economy meaning we do more of import than export. We even import our refine fuel. Since we are import driven economy we use more of dollars, euros or pounds so the rise in such currency affect the prizes of such goods in the market. My brother nobody will sell both dollar or pounds at the official rate. They always sell using the black market prizes. Go to your bank and try to buy such with official prizes then you stay in the bank until Thu Kingdom come. Today one pound is almost 360 to naira. You see how it affect the common man. 1 Like |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by yinkeys(m): 10:05am On Dec 12, 2015 |
This is ridiculous. |
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