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Naira Drops To 313.5 As Dollar Shortage Persists - Business (3) - Nairaland

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Re: Naira Drops To 313.5 As Dollar Shortage Persists by toshmann(m): 12:47pm On Feb 10, 2016
APC fans will still believe this is the best thing that happened to Nigeria


Sai Buhari

2 Likes

Re: Naira Drops To 313.5 As Dollar Shortage Persists by Nobody: 12:47pm On Feb 10, 2016
Ptcheeeeeeeeeeeewwwwww....

Naira Don dey old Atleast make dem change am to [ND] NIGERIA DOLLARS:/
Re: Naira Drops To 313.5 As Dollar Shortage Persists by bigtt76(f): 12:48pm On Feb 10, 2016
Funny how people seem to attribute the fall of the Naira to the current administration despite all revelations showing the unchecked dollarization of the electoral process by the past government.

People seem to have forgotten how the foreign reserve dropped drastically under the past government as well as the importance of the foreign reserve to keeping the sanity of the local currency against their counterpart currencies round the world especially in an economy that thrives solely on imports.

Agreed that PMB and Yemi Osinbajo promised equating the dollar to the naira .....its usually the case when you're not in the system to know the factors. For example in the past regime's handover note, I would believe there was no revelation of how the phantom BDCs were emerging daily in their thousands seeking for new licences, in the note. I also believe the president did not know of this until he was told by the CBN governor.

In essence, we should not expect the mess created over the years to be rectified in less than one year of attaining the position ...haba! Lets all be patient and let 4years lapse before judging.

Note I'm apoliticial here!

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Re: Naira Drops To 313.5 As Dollar Shortage Persists by Know2020: 12:53pm On Feb 10, 2016
Pesuzok:


Dont be economical with the truth. That was caused by the decline in the price of crude oil with has persisted even with the new govt. Please say the truth and dont politicise everything

Oil price has been falling since spring of 2014 and Naira was stable up until october. I actually researched this prior to commenting.

1 Like

Re: Naira Drops To 313.5 As Dollar Shortage Persists by mediachirps(m): 12:57pm On Feb 10, 2016
sapientia:
Am not an economist..

But the acclaimed economists at the helm of affairs should fix this.

If they cant, they should resign honourably
have you heard or seen any African leader resigned from office before?
Re: Naira Drops To 313.5 As Dollar Shortage Persists by jcflex(m): 12:58pm On Feb 10, 2016
Kenai:
Now that the Naira is 313 per dollar, I'd like to refresh your memories with some of the hypocritical comments made by the former "activists", better known today, as Buharists... grin

I'll be focusing on some posts made on this thread created during GEJ's tenure titled "Naira Now 172 To A Dollar. Why?"

Number 1

My broda, it took all of 16 Years for Naira to fall to 172 under PDP, but JUST 8 months to fall to 313 (141 steps!) under APC. Choi!
In that case, God only knows how many wheelbarrows of money we'll be needing to buy a sachet of Milo after 16 years of APC.

Number 2

Today, this dude is mute

Number 3

Bros, how far naa? GEJ has left oh. Now we have the Budget of Yams... But wait, did NOI cause this one too?

Number 4

Well, we now hear "FeBuhari". Nothing's still changed.

Number 5

It's 313 now nigga. How about that? grin



Pls i dnt get what you are insinuating.


what all we are seeing now, is a ripple effect of misappropriation and management.

i dnt wnt to blame anybody here, but the truth is previous administration (bth OBJ, Yardua & GEJ) during the raining days fail to save for time like this.

mind you, this is not only affecting nigeria, but just that we are one of the most hit nation, reason been that our economy depend only on crude, and crude is no more selling.

the only way out for us now is to diversify.

and at present only two things can save us, which is IT and Agriculture.

importation should be reduce drastically.
Re: Naira Drops To 313.5 As Dollar Shortage Persists by emiye(m): 1:00pm On Feb 10, 2016
Know2020:
This country is finished!

Let me see the twit that will invoke GEJ. GEJ left office with naira to dollar at 210 and today it's 313. WTF? GEJ inherited naira to dollar from Yaradua at 165, it stayed at this rate +/-15 for 4 yrs, it was only towards the end of 2014 that we began to see fall in naira largely caused by those who are bent on sabotaging his achievements to make sure he doesn't get re-elected. Compare dollar to naira lost in value under GEJ from 165 to 210 within 4-5 yrs span...that's very reasonable. However under Buhari from 210-313 in barely 6 months? This is disastrous...an invitation to anarchy. Same goes for fuel scarcity, there was never a fuel scarcity under GEJ except for his last few months in office, again largely perpetrated by the same very savages who are bent on making sure he never got re-elected.

You noticed how yorubas are quiet all of a sudden? Because their sister Kemi Adeosun is at the helm of the finance. Had this drastic dollar free fall happened under Iweala? Oh lord...they will be calling for her head not even resignation. They are already making excuses for Fashola to downplay the expectations on him...see 3rd topic now on front page. Hypocrites!

Your analysis is fraudulent, The drop in oil price started from July 2014 from his peak of 117usd/b to 110 , 90, 80, 70, and 65 around december2014, there was so much pressure on the forex due to the drop in oil price, Naira was devaluated officicially from 159 to 198 /usd, it was over 220 at the parallel/black market. Why do you wailing zombies love to lie, and bury your heads in sand like a messed up ostrich.?

The pressure on naira that has led to his current value is 99% directly due to the continuos fall in oil price, price is now 28usd/barrel. If we were under GEJ may be dollar would be 450 naira by now. Get lost with your blind loyalty. Nigerians took a wise decision on March 28, 2015. It is either you are dumb , ignorant or gullible.

8 Likes

Re: Naira Drops To 313.5 As Dollar Shortage Persists by seangy4konji: 1:01pm On Feb 10, 2016
Wake me again when its $1 to N700 grin

1 Like

Re: Naira Drops To 313.5 As Dollar Shortage Persists by divide9ja: 1:13pm On Feb 10, 2016
surestakes:
Let's not panic yet. It's quite certain it will get to N1,000 by the end of the year undecided
Until fire enter ya house you no go do anything Abi?
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Pesuzok(m): 1:16pm On Feb 10, 2016
Know2020:


Oil price has been falling since spring of 2014 and Naira was stable up until october. I actually researched this prior to commenting.

Which month in spring, and from what value to what value?
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Pesuzok(m): 1:17pm On Feb 10, 2016
emiye:


Your analysis is fraudulent, The drop in oil price started from July 2014 from his peak of 117usd/b to 110 , 90, 80, 70, and 65 around december2014, there was so much pressure on the forex due to the drop in oil price, Naira was devaluated officicially from 159 to 198 /usd, it was over 220 at the parallel/black market. Why do you wailing zombies love to lie, and bury your heads in sand like a messed up ostrich.?

The pressure on naira that has led to his current value is 99% directly due to the continuos fall in oil price, price is now 28usd/barrel. If we were under GEJ may be dollar would be 450 naira by now. Get lost with your blind loyalty. Nigerians took a wise decision on March 28, 2015. It is either you are dumb , ignorant or gullible.
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Ymodulus: 1:27pm On Feb 10, 2016
....
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Elxandre(m): 1:31pm On Feb 10, 2016
#000000
Re: Naira Drops To 313.5 As Dollar Shortage Persists by amusadele: 1:35pm On Feb 10, 2016
justi4jesu:
sad sad Are we safe? It's becoming unbearable...
I have said it many times, that when a very bad, wicked, a man whose luck is against the ways of good omen leads, things will as well go bad. It is written in the Bible. The people will cry when ever there is very bad leader. Very bad leaders include devilish one like Buhari. Just six month into his government, more than thousand Shiit muslem were kill for nothing. Till today, from Indenpendence, he remained the highest killers, the highest jailer of innocent Nigerians. The records are still there.
Buhari is a Fulani man, a core and a regional commander of Islam. Have we forgotton the records of the Fulanis and Islamist? These are religions that goes for the killings, and destruction. Check out their records. Take boko haram for example, no human being will come out and tell us what they want other than to kill and destroy. Now, Buhari is the president, look at the ways things are right now. We pretent everywhere, we are gradually going down, take the free down fall of the Naira. What can be more threatened than what we are seeing now. Buhari is evil. He is a complete bad luck. This happened when he was military head of state. Let us continue to pray him down.

1 Like

Re: Naira Drops To 313.5 As Dollar Shortage Persists by chinnyonwu(m): 1:38pm On Feb 10, 2016
Know2020:
This country is finished!

Let me see the twit that will invoke GEJ. GEJ left office with naira to dollar at 210 and today it's 313. WTF? GEJ inherited naira to dollar from Yaradua at 165, it stayed at this rate +/-15 for 4 yrs, it was only towards the end of 2014 that we began to see fall in naira largely caused by those who are bent on sabotaging his achievements to make sure he doesn't get re-elected. Compare dollar to naira lost in value under GEJ from 165 to 210 within 4-5 yrs span...that's very reasonable. However under Buhari from 210-313 in barely 6 months? This is disastrous...an invitation to anarchy. Same goes for fuel scarcity, there was never a fuel scarcity under GEJ except for his last few months in office, again largely perpetrated by the same very savages who are bent on making sure he never got re-elected.

You noticed how yorubas are quiet all of a sudden? Because their sister Kemi Adeosun is at the helm of the finance. Had this drastic dollar free fall happened under Iweala? Oh lord...they will be calling for her head not even resignation. They are already making excuses for Fashola to downplay the expectations on him...see 3rd topic now on front page. Hypocrites!
Bithc pls STFU!
So it was only during time for election that GEJ,s savages woke up?
We are in this position today because of our mono economy which your GOD GEJ should've diversified when the harvest was bountiful. Gej left when everything was already on its way down and if anything, naira would've been worse than it is today if he got reelected.

2 Likes

Re: Naira Drops To 313.5 As Dollar Shortage Persists by amusadele: 1:47pm On Feb 10, 2016
sapientia:
Am not an economist..

But the acclaimed economists at the helm of affairs should fix this.

If they cant, they should resign honourably
To me, the problesm is beyond the best ecomonists. Our problem is Buhari himself. It is in the Bible. When there is very bad leader, one can even borrow the best planners from the most powerful enconomies, he nor go work. Buhari's spirit will block any progross. He is very bad luck. In his military day, it happened. We go soon tire to pretend. To me this a very big threat. It is nit joke any longer. God is not happy, GEJ himself was not a Saint, but Buhari had plans to finish up both GEJ and as many people as possible, if GEJ had not left. They forced him out. Look at the what is happening. The apc government is totaly hopeless. Completely lock up. Imagine.

1 Like

Re: Naira Drops To 313.5 As Dollar Shortage Persists by erico2k2(m): 1:51pm On Feb 10, 2016
Know2020:


Oil price has been falling since spring of 2014 and Naira was stable up until october. I actually researched this prior to commenting.
Ready for e-bashing from the BATs
Re: Naira Drops To 313.5 As Dollar Shortage Persists by erico2k2(m): 1:52pm On Feb 10, 2016
chinnyonwu:

Bithc pls STFU!
So it was only during time for election that GEJ,s savages woke up?
We are in this position today because of our mono economy which your GOD GEJ should've diversified when the harvest was bountiful. Gej left when everything was already on its way down and if anything, naira would've been worse than it is today if he got reelected.
Ok how about OBJ? 8 years of killing Nigeria.
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Boeing777pilot: 2:06pm On Feb 10, 2016
Know2020:
This country is finished!

Let me see the twit that will invoke GEJ. GEJ left office with naira to dollar at 210 and today it's 313. WTF? GEJ inherited naira to dollar from Yaradua at 165, it stayed at this rate +/-15 for 4 yrs, it was only towards the end of 2014 that we began to see fall in naira largely caused by those who are bent on sabotaging his achievements to make sure he doesn't get re-elected. Compare dollar to naira lost in value under GEJ from 165 to 210 within 4-5 yrs span...that's very reasonable. However under Buhari from 210-313 in barely 6 months? This is disastrous...an invitation to anarchy. Same goes for fuel scarcity, there was never a fuel scarcity under GEJ except for his last few months in office, again largely perpetrated by the same very savages who are bent on making sure he never got re-elected.

You noticed how yorubas are quiet all of a sudden? Because their sister Kemi Adeosun is at the helm of the finance. Had this drastic dollar free fall happened under Iweala? Oh lord...they will be calling for her head not even resignation. They are already making excuses for Fashola to downplay the expectations on him...see 3rd topic now on front page. Hypocrites!

In ignorance, you forgot to mention that it was GEJ that laid the foundation for all this to happen.

1 Like

Re: Naira Drops To 313.5 As Dollar Shortage Persists by harmony940(m): 2:07pm On Feb 10, 2016
When a government tries to fight corruption,it surely will fight back very hard,and that is what is happening,the rich have stocked their accounts with millions of dollars,and the central bank of Nigeria restriction is killing them because most of their monies are trapped in the Nigeria bank,with the introduction of the cbn policies regarding foreign currencies. The introduction of the BVN by the central bank is a very good step,because all the accounts with millions of foreign currencies is being monitored.
In addition, as things are unfolding, we should not be surprise to see people being questioned and scrutinized to the later on how they make their so called millions in dollars,euros and pounds.


It will be tough at first but later the Naira will gain its strength when these so called rich thieves are dealt with...What pains me so much is that, it is the poor that surfers the most,is not that the rich don't surfer but the poor swallow all the pills.

Corruption is a rot in the economy,it has gotten to the stage where drastic measure is highly needed. If corruption is gone for good, Nigeria will be one of the best nations in the world.

1 Like

Re: Naira Drops To 313.5 As Dollar Shortage Persists by bedspread: 2:08pm On Feb 10, 2016
[quote author=lordkay10 post=42791766][/quote]kay10 thanks for the correction!

1 Like

Re: Naira Drops To 313.5 As Dollar Shortage Persists by francababy(f): 2:10pm On Feb 10, 2016
dbucas:
JUS TO FUSTRATE WE IGBOS AS THEY DID AFTER THE BIAFRAN WAR, WHEN THEY TOLD US TO BRING OUR BIAFRAN POUNDS TO COLLECT NAIRA. BC THEY KNW WE ARE THE BIZNESS PEOPLE AND WE DO THE MOST IMPORTATION.

MY FELLOW IGBO IMPORTERS, HARD TIMES ARE NOT FOREVER, BIAFRA IS FAST COMING.




Your obsession with Biafra will kill you one day.I swear. There was no Naira during or after the civil war. People who do not know this will sympathize with your statement and think you are making sense. The Naira was introduced many years later. So please always tell the truth. These kind of lies is what your leaders used in selling invalid biafra passports and raise over N500m for their personal enrichment.

1 Like

Re: Naira Drops To 313.5 As Dollar Shortage Persists by amusadele: 2:17pm On Feb 10, 2016
anigbajumo:
This is gradually moving from bad to worse, my dad has been in Germany some weeks to buy new trucks as usual, he called me on Sunday that it is a big problem coz it is too expensive Dan what he speculate..dollar don rise again I swear am in deep poo coz this thin don dey hit my backbone.....

Imagine a truck of 6.5 million before as at beginning of 2015 nw over 9million,dollar still don increase again now ....


I swear ah don dey regret this change coz this is not my thoughts b4 I vote...


U doubt me as an APC supporter check my post and punch out where I supported PDP....
No normal being will doubt you except those apc members. Whether they like or not, no matter the degree of lie they will tell, we are face to face with the greatest danger.
Re: Naira Drops To 313.5 As Dollar Shortage Persists by monex(m): 2:22pm On Feb 10, 2016
Pesuzok:


Dont be economical with the truth. That was caused by the decline in the price of crude oil with has persisted even with the new govt. Please say the truth and dont politicise everything

i laughed when i saw that part. I wish peeps can criticize Buhari without praising the ineffectual & clueless GEJ. then i can join in criticizing not the wailing-induced criticism.

meanwhile APC peeps should keep on making excuses for Buhari o. we are watching.
Re: Naira Drops To 313.5 As Dollar Shortage Persists by gsalvatore: 2:28pm On Feb 10, 2016
This present govt has no plans on how to stabilize the economy, now don't tell me their is fall in oil price because our leaders should be in a pole position to stabile the economy one way or the other...

but it's very obvious that the present administration is total clueless and insensitive to the situation we find ourselves.

The oil price is falling and affecting the Nigerian economy and it took the President months to assemble his team to do something about it...enough time for things to even deteriorate further...That was when I know that this administration is not serious...

makes me remember towards the end of President Bush's administration when America had to pump in huge funds inorder to stabilize their economy from crashing the Soviet style/way and the Present Obama administration carried on the torch to rectify the economy.. If you follow the recent American convention you'd realize that non of the candidates campaign with the American economy... That's because someone competent came onbord and did his job with out blaming the previous administration, that's how competent people do unlike what we see here.

The worst and the people I call the real enemies of Nigeria are the ones that defend these high level of misappropriation and incompetence being displayed by the leaders...it pains them to hear were these politicians are being criticized for their stupidity.. They defend these politicians by throwing blames to people that can't do anything to help the current situation.. And these people are the present day youths...

Makes you think if these country will even move head..

1 Like

Re: Naira Drops To 313.5 As Dollar Shortage Persists by engrshakespeare: 2:28pm On Feb 10, 2016
[quote author=bedspread post=42791597]With the manner our. Naira de fall, it remembers me of Zimbabwe!!


You mean to say remind
Re: Naira Drops To 313.5 As Dollar Shortage Persists by zheroes(m): 2:28pm On Feb 10, 2016
Know2020:
This country is finished!

Let me see the twit that will invoke GEJ. GEJ left office with naira to dollar at 210 and today it's 313. WTF? GEJ inherited naira to dollar from Yaradua at 165, it stayed at this rate +/-15 for 4 yrs, it was only towards the end of 2014 that we began to see fall in naira largely caused by those who are bent on sabotaging his achievements to make sure he doesn't get re-elected. Compare dollar to naira lost in value under GEJ from 165 to 210 within 4-5 yrs span...that's very reasonable. However under Buhari from 210-313 in barely 6 months? This is disastrous...an invitation to anarchy. Same goes for fuel scarcity, there was never a fuel scarcity under GEJ except for his last few months in office, again largely perpetrated by the same very savages who are bent on making sure he never got re-elected.

You noticed how yorubas are quiet all of a sudden? Because their sister Kemi Adeosun is at the helm of the finance. Had this drastic dollar free fall happened under Iweala? Oh lord...they will be calling for her head not even resignation. They are already making excuses for Fashola to downplay the expectations on him...see 3rd topic now on front page. Hypocrites!

you are making sense but you need to add more sense!!! how much was oil which happens to be your only and major source of FX trading at when your hero was in office and when he left?

truth is things are bad, oil producing countries are feeling it the most, but it would have been worse if your brother was still there.
Re: Naira Drops To 313.5 As Dollar Shortage Persists by zheroes(m): 2:35pm On Feb 10, 2016
this country is just beginning to take shape!!!!! reduce dependence on foreign exchange!!!!!! we are complaining because our only export is oil!!! start exporting other viable product and then there will be a balance. when demand for a product is more than supply, its no rocket science price will jump. we love oversea commodities, then we must pay the price or resort to making ours and improving on them gradually. it wont happen overnight so guys tighten your seat belts and stop whinning!!!!!!
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Reference(m): 2:35pm On Feb 10, 2016
GetOvaMe:
When Buhari is through with Nigeria, there will be no use stealing the naira; as it will have no value!


President Buhari is, Indeed, winning the anti-corruption war.

Sai Baba!

Hahahaha...good one....on a very sad day. Some of my foreign clients are beginning to hold back on investments in anticipation of further falls and ever cheaper assets. Its called speculating against the naira and its bad. I should be pulling more business bv the uncertainty is threatening everything. Can the government just do the right thing. He said we do not export but I do so why punish me for what others won't.
Re: Naira Drops To 313.5 As Dollar Shortage Persists by buchilino(m): 2:40pm On Feb 10, 2016
Know2020:
This country is finished!

Let me see the twit that will invoke GEJ. GEJ left office with naira to dollar at 210 and today it's 313. WTF? GEJ inherited naira to dollar from Yaradua at 165, it stayed at this rate +/-15 for 4 yrs, it was only towards the end of 2014 that we began to see fall in naira largely caused by those who are bent on sabotaging his achievements to make sure he doesn't get re-elected. Compare dollar to naira lost in value under GEJ from 165 to 210 within 4-5 yrs span...that's very reasonable. However under Buhari from 210-313 in barely 6 months? This is disastrous...an invitation to anarchy. Same goes for fuel scarcity, there was never a fuel scarcity under GEJ except for his last few months in office, again largely perpetrated by the same very savages who are bent on making sure he never got re-elected.

You noticed how yorubas are quiet all of a sudden? Because their sister Kemi Adeosun is at the helm of the finance. Had this drastic dollar free fall happened under Iweala? Oh lord...they will be calling for her head not even resignation. They are already making excuses for Fashola to downplay the expectations on him...see 3rd topic now on front page. Hypocrites!

MY BROTHER U SAID IT ALL
Re: Naira Drops To 313.5 As Dollar Shortage Persists by grandstar(m): 2:45pm On Feb 10, 2016
godoluwa:
ok, only those that transact in dollar will understand that Buhari led CBN policy will do us more harm than good

You are wrong my brother.

It will do us far far far far far far more harm than good! The naira is heading to 400 this year

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