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Nairaland Forum / Nairaland / General / Business / Naira Drops To 313.5 As Dollar Shortage Persists (21449 Views)
Naira Extends Gains As Dollar Glut Hits Market / Travellers Can’t Get Forex As Dollar Scarcity Persists / Naira Drops To 490/$1, 600/£1 (2) (3) (4)
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Re: Naira Drops To 313.5 As Dollar Shortage Persists by stinggy(m): 5:58pm On Feb 10, 2016 |
Kenai: kenai, has the budget kicked in? When does the fiscal year start? |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Nsonaso(m): 6:05pm On Feb 10, 2016 |
Remii:Will such history ever repeat itself? ₦2 to £1 not even £ or $.... |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by justi4jesu(f): 6:05pm On Feb 10, 2016 |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by anigbajumo(m): 6:31pm On Feb 10, 2016 |
justmenoni: It depend on the type or truck dat you want.If it is man diesel...Germany, if it is daf then he will go to Holland..... If it is daf,he cnt travel to Holland coz of single truck bt if it is man diesel PM me. |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by udatso: 6:44pm On Feb 10, 2016 |
Know2020:Clearly you have spoken like an ignorant one. Let me break it down for you. Our reserve keeps our naira value strong. Our reserve increases with our sale of crude oil. In those years you speak of, they sold one barrel of crude oil for an average of $100. Right now we are selling for less than $35. ......hence the reason for your naira value drop 3 Likes 1 Share |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by edoziebobbyyahoocom(m): 6:52pm On Feb 10, 2016 |
godoluwa:These are the ripple effects of voting wrongly, it pained me that there wasn't any worthy candidate in the presidential race last year. Before this tenure is over only God knows which shape this country will take, lets us just pray and work towards a better Nigeria in our respective capacities. |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Know2020: 7:26pm On Feb 10, 2016 |
Pesuzok:Go and find out What Spring, Mid-Year and Fall is. That's an assignment for you! |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by coachwilcox(m): 8:14pm On Feb 10, 2016 |
Nigerians are indeed daft and too stupid to see beyond their nose in most matters in their own country. Last 3 weeks I bought a KLM ticket to London for 800 dollars. I paid 160k into Zenith Bank to secure same ticket. That's because the airlines are using CBN rate. If I'd gone to the aboki to buy 800 usd, I'd have spent 240k or thereabout. My point is, the rate being announced is actually the parallel market rate which shouldn't be more than 10 to 20 naira above the CBN rate. However, the BDCs are profiting on speculation and funding importation of banned items we can produce in nigeria. This driving the rate way above the cbn rate. You don't grow your economy to compete with Asia or Europe by importing what you can produce. Those crying foul about the exchange rate are those ruining the economy and making it import dependent. Since Customs are not successfully screening and seizing banned items, the best way is to starve the illegal importers from forex to kill the economy further. Next focus I want PMB to face is Seme border and the massive inflow of items from port novo which are largely banned. If Naija will be great, we must feel the pinch. |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Nobody: 8:46pm On Feb 10, 2016 |
Know2020: The fall in crude oil price contributed immensely to this mess. |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by erico2k2(m): 9:23pm On Feb 10, 2016 |
coachwilcox:what makes you think the BDC fund importation of goods we can produce in Nigeria? Let me set something straight, importing of good has nothing to do with weather we can produce it in Nigeria or not, its basic Economics, you go and source your product wherever you think you can bring your overhead down. I shal give you an example,the Indian steel giant called Lakshmi Mittal has to close his factory in the Uk, up to 1000 people lost their jobs, reason being builders and Engineers are importing cheap steel from china.It cost more to produce same steel in the UK than landing cost of chinese steel as its a free market.that's in the west Now if the cost of an office table from raw material to finished product in a shop is N30k and I can import from china to my shop at N25k, what do you think as a Business man would go for? Solution:the only way round this is government intervention,give industrialist tax break.waivers for certain machineries.Loans and grant plus starters pack for small scale Business .Govt needs to initiate strategic policies to encourage Industrialization.We should coporate with china cos they are the only ones who will listen to us. 2 Likes 1 Share |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by erico2k2(m): 9:25pm On Feb 10, 2016 |
coachwilcox:As regards illegal importation that's a non issue reason being, if I import banned Items, well i will just moved into importing things that are not banned, there are thousands of them so why would I stress myself? its going to cost me more to clear as they are banned, and same cost to buy them,why will I not divert into ligal importation? see teh logic? that argument is not really true bro its a smoke screen for teh real scam. |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by RaeMystix: 9:31pm On Feb 10, 2016 |
Lexusgs430: Amen oooo |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by sunday2012(m): 9:44pm On Feb 10, 2016 |
daywalker02:only u hw many job? |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by harmony940(m): 9:48pm On Feb 10, 2016 |
Reference: Yes i agree with you again,diversifying the economy from oil to non oil comes with his own challenges.The president is trying so hard in that regard,for instance the Nigerian custom now generates like 2 billion naira daily,the firs,are generate money too as well as other generating agencies. The is the first time ever that the Nigerian budget will be based on non oil sector,basically driven by taxes. All we need is time and patience,lets give him these and see how things work out. One of challenges of of the present administration is that it is being so rounded by people who are corrupt themselves. I just pray he gets it right because if he fails Nigeria as a country will fail. 1 Like |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by erico2k2(m): 9:48pm On Feb 10, 2016 |
Lexusgs430:E don reach 430?, thought it was 425 |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by erico2k2(m): 9:57pm On Feb 10, 2016 |
harmony940:I think sometimes we have to be sincere in our submissions, talking about the president surrounding himself with thieves right,, did you listen in the news today how they labeled something as house rent for ASO ROCK? now who lives there?.Never believe politicians, they are all career liars.If you recall PMB said he borrowed the money to buy the registration form in order to come accross as humble, the other one said he had no shoes.Now we know different. Regard raising revenue YES we can do it from the non Oil export.Government should formulate policies to encourage local producers.Give them tax brakes, make it easy a transparent to export products. 1 Like |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Lexusgs430: 11:20pm On Feb 10, 2016 |
erico2k2: Lol. 430 vs 425? Let's be friends and share the N5.00 difference!!! |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by erico2k2(m): 11:25pm On Feb 10, 2016 |
Lexusgs430:I nor dey share the galla share the booze |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by sevule(m): 11:28pm On Feb 10, 2016 |
Reference: I completely agree with you. My problem with the Buhari administration is that it does not seem to have an economic road map. Which sectors of the economy does the government want to grow? How can we industrialize when we don't have power? How can the Naira ever strengthen against the dollar when we import most of the fuel we use? The truth is that you can't tackle all of Nigeria's problems but a wise man would concentrate on tackling the problems that would yield the most benefit. Unfortunately our government seems to have no idea how to stir the economy 2 Likes |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Lexusgs430: 11:44pm On Feb 10, 2016 |
erico2k2: Even the forex has another boo!!! |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by miriamT: 2:16am On Feb 11, 2016 |
Buhari has no economic road map or clear cut vision for this country,he is just floating. I see Dollar been exchanged for over 500 naira before Dec. 1 Like |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by 989900: 5:45am On Feb 11, 2016 |
Too much ignorance/misconception on just one thread. |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by 989900: 5:49am On Feb 11, 2016 |
erico2k2: Correct! "Your head dey there!" 1 Like |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by harmony940(m): 11:33am On Feb 11, 2016 |
erico2k2: My brother you see one of the most greatest challenge that Nigeriana as a Nation is facing is the use of Cash to buy things around its borders and the world in general. Take of instance,a Nigerian goes to Benin Republic to buy used shoes,with the Nigeria Naira being converted to Cephass,that alone as weaken the Naira,He buys the used shoes,smuggled it to Nigeria makes good profit at the detriment of the economy. Its time for him/her to celebrate because he has made good profit,what is the next step,he goes again to Benin Republic with the raw cash the naira,converts again to Cephas and buys the ankara,foreign beer,and a new car to change his/her status in benin and for the big party in Nigeria. He makes a very great mistake now he smuggles all these things into Nigeria. We should patronize our goods and one day it will become a standard product,we cant expect everything to be ok at first. When be begin to buy our own product and export it to even the neighboring countries and the world,our Naira will appreciate greatly. Let the federal Government close the seme border for just two weeks you will see how the Naira will bounce back,we cannot be improving the economy of another nation by smuggling things in, at the detriment of our own dear country. As i said earlier the government is critically looking at the non oil sector to drive the economy,Steel,Iron,and other minerals have to be taped,agriculture needs to be given a serious priority.Diversifying the economy is a very crucial issue,it is an economical shift,and if it is not done with great wisdom,the whole economy will collapse. In addition why on earth should we pay money to the Benin Republic Government for custom duties,when clearing our cars,why cant we used the ports to ship whatever we buy from Benin republic to the Nigeria Ports. The federal government should enforce that,and stiffer measures should be placed on anyone that violates this procedures. It is only Nigeria that i see the government buying arms with millions of dollars in cash,there fore killing the naira. The rich and not happy because all their accounts are being monitored by the BVN,via the central bank....all accounts are being verified,and it will get to a time where anyone with suspicious accounts will be called upon to make clarifications of how and what they did to make such money. To strengthen the Naira me and you and most importantly the PRESENT Government needs one or two parts to play,I still believe in Nigeria,we might not live to enjoy the great days,but what of our children and grand children. God me and you,and every one who reads,God bless Nigeria. |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by erico2k2(m): 6:20pm On Feb 11, 2016 |
harmony940:I am at work and on my mobile phone. Will respond. D to you wen I get home |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by ringolo: 12:02am On Feb 12, 2016 |
Udatso, let me add to your knowlegde. The main cause of this sharp fall in the value of naira is simply because of scarcity of dollars. As crude oil prices kept dropping due to over-supply, it was only common sense for the govt to devalue the currency as advise by JP Morgan, IMF, World Bank, etc, thus making our oil about the cheapest to buy and hence our supply of foreign exchange (dollars) is not hindered, although a bit more expensive. For your information , Nigeria's oil is NOT selling, i mean, crude oil prices cant be falling due to over-supply in the world market and your dumbass Buhari expects buyers to still trade on our oil at N199 to $1 bench mark. Nigeria has since been delisted from JP-Morgan and is currently on an economic rating of B-. Trust me when i say that if the Naira had been officially devalued on time, the naira would never have fallen to N315/$1. I am sorry to say this but the reality is that the Naira will keep falling till your crack head President Buhari stops his 1985 economics, there is no hope in sight. We are doomed under this government. udatso: |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by 2sex(m): 12:09am On Feb 14, 2016 |
coachwilcox:please what is the exchange rate zenith bank and the rate at which you bought your ticket, is it only applicable to ticket purchase or can same rate be used at other places? Thanks |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by 2sex(m): 12:13am On Feb 14, 2016 |
coachwilcox:but why are banks selling at BDC rates when you use their cards? Why? Why? |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by udatso: 10:26am On Feb 14, 2016 |
ringolo:Experts have actually analysed this evaluation issue. They came to conclusion that devaluation won't do us any good. I think cbn should focus on Playing and maintaining policies that would solve this Forex issues |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by erico2k2(m): 12:20pm On Feb 14, 2016 |
udatso:which expert and what economy in the world adopt it? Read this link see if any of our mechanism conforms with these listed https://en.wikipedia.org/wiki/Currency_war How about: Britain, which recovered strongly from its early 90s doldrums after it devalued the pound against the mark in 1992. (At the time, some wags suggested putting a statue of George Soros in Trafalgar Square.) Sweden, which recovered from its early 90s banking crisis with an export boom, driven by a devalued kronor. South Korea, which roared back from the 1997-1998 crisis with an export boom, driven by a depreciated won. Argentina, which roared back from its 2002 crisis with an export boom, driven by a depreciated peso. And more. The truth is that every recovery from financial crisis I know of since World War II was driven by currency depreciation. In fact, that’s the biggest reason for pessimism now: because of the global scope of this crisis, the usual exit is blocked. But at that point we're not learning from history; on the face of it, history seems to suggest many cases of countries prospering through devaluation. |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by divide9ja: 2:06pm On Feb 18, 2016 |
surestakes: No vex, I beg |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by oyinkinola: 6:36pm On Feb 18, 2016 |
[b]...there are very many commentary on depreciation of ₦ nowadays expecially in parallel market, although parallel or black market can be manipulated by the traders, they either do it on their self interest, so those who doesn't beleive in the prosperity of nigeria can harbour $ as they can on imported goods hereby cause hike! But in my own point of view the depreciation of ₦ is a great success to this nation if well manage to nigeria situation today. the looted fund is in $ and it must be refunded back in $, so if $1 is ₦198 when the money is looted, then if the money is refund today at $1 to ₦350 the nation has gained ₦152! imagine if $1=₦1000, the gain is ₦902! So in conclusion if the government managed to refund the $trillion looted and the refunded money, change it in parallel market, this will reduce the pressure on ₦ and the scarcity of $ in parallel market so the ₦=$. (take note all the money took out of CBN during jonathan regime were changed in parallel market before ditributed) you have other opinion?[/b] |
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