http://tribuneonlineng.com/naira-falls-to-record-n335-to-dollar


The naira on Friday exchanged at N335 to the dollar as the scarcity of the greenback worsened at the parallel market.

The News Agency of Nigeria (NAN) reports that the naira lost N10 to exchange at N335 to the dollar, a depreciation of three per cent.
It previously traded at N225 to the dollar.

Meanwhile, the official Central Bank of Nigeria (CBN) exchange rate remained at N197 to the dollar.

Traders at the market expressed worry at the increasing shortage of the greenback and urged the government to take immediate steps to stem the tide.

http://www.vanguardngr.com/2015/07/if-theres-no-subsidy-well-end-up-buying-a-dollar-at-n500-dangote/

The issue with subsidy is that government needs to block all loopholes. If there’s no subsidy, it will affect our foreign exchange, we’ll end up buying a dollar at N500, because there’s no VAT on petroleum products

Read more at: http://www.vanguardngr.com/2015/07/if-theres-no-subsidy-well-end-up-buying-a-dollar-at-n500-dangote/

All because we are so dependent on dollar. if in the last 16 years of PDP, they tried making us independent of every foreign product we wouldn't have gotten to this point.

God help PMB to save this nation. Amen.

We are slowly becoming like Venezuela. I hope hyperinflation will not deal with the Nigerian economy. God help us all!!

mrphysics:
All because we are so dependent on dollar. if in the last 16 years of PDP, they tried making us independent of every foreign product we wouldn't have gotten to this point.

God help PMB to save this nation. Amen.

This country is finished!

Let me see the hypocritical twit that will invoke GEJ. GEJ left office with naira to dollar at 210 and today it's 335. 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 210-335 in barely 7 months? This is disastrous...an invitation to anarchy.

Keep blaming GEJ and oil price until dollar hits 1000 Naira by 2017 by the rate Naira is falling.

Is naira becoming worthless in this apc change. Since this government came to power Nigerians have been experiencing bad luck . Zombie why?

SAI BUHARI SAI BUHARI...

SAI STUPIDITY.

That's what happens when you bring back someone retired from coups to be President in 2016. Is he back from "vacation" or medical leave?

Issorite

Meaning that 500 of Dangotes will represent one Trump in the standings of Billionaires. What a sense of value? Dollar will soon wipe Naira out and America will soon wipe Nigeria out of circulation. Saudi Arabia and Iran, Ghana and Kenya, are they suffering our kind of devaluation?

mrphysics:
All because we are so dependent on dollar. if in the last 16 years of PDP, they tried making us independent of every foreign product we wouldn't have gotten to this point.

God help PMB to save this nation. Amen.

U dey blame pdp, pmb dey blame ibb, uncle lai dey blame gej, na who me go blame na?

.

Ugonnax:


This country is finished!

Let me see the hypocritical twit that will invoke GEJ. GEJ left office with naira to dollar at 210 and today it's 335. 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 210-335 in barely 7 months? This is disastrous...an invitation to anarchy.

Keep blaming GEJ and oil price until dollar hits 1000 Naira by 2017 by the rate Naira is falling.

In trying to defend your god, the Ineffectual Ogogoro Buffoon, you indicted him at the same time.

He inherited an exchange rate of N150 to $1 and handed over N210 to $1 after 6 years. Then, we didn't see any of you guys Wail for a second, but today not a moment goes by without you people drowning the world in your tears over a falling Naira.

He (Jogogoro) inherited a GDP that was growing at 10.7% and in two years of his leadership, it dropped to 4.3% and eventually handed over a GDP growing at 7.6% after 6years, yet you people scream he's the best thing that ever happened to Nigeria and admonish Baba to seek advice from him on how to handle the economy.

In the days the Buffoon held sway and oil was selling at an average of over 100dpb, what buffers did he put in place?? Did he manage to curb our dependence on imports?? Had that been the case, would we have been witnessing all these today??

Rather, he cheered his employees on to steal hard currencies with reckless abandon so much so that some dug pits in their private apartments to stash them away from authorities!

The Nigerian economy became effectively dollarised as even bribes were given and taken in dollars!! Our appetite for the currency grew to epic proportions, today, we are paying the price of that useless admin and its maladjusted administrators yet some useless Ekpas and defenders of all Crooks in the universe would want to blame an admin less than a year old for something that has been in the making for 6years.

All these is borne out of nothing but pains over an election your preferred candidate lost, a candidate that was nothing but a doormat to a group of women and a band of crooked politicians.

Naught Hypocrites.

Buhari has 4years to reverse the trend. Judge him if he fails after 4.

Thanks.

Ugonnax:


This country is finished!

Let me see the hypocritical twit that will invoke GEJ. GEJ left office with naira to dollar at 210 and today it's 335. 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 210-335 in barely 7 months? This is disastrous...an invitation to anarchy.

Keep blaming GEJ and oil price until dollar hits 1000 Naira by 2017 by the rate Naira is falling.

ipod shatap up.

Iroh88:
In trying to defend your god, the Ineffectual Ogogoro Buffoon, you indicted him at the same time.

He inherited an exchange rate of N150 to $1 and handed over N210 to $1 after 6 years. Than, we didn't see any of you guys for Wail for a second, but today not a moment goes by without you people drowning the world in your tears over a falling Naira.

He inherited a GDP that was growing at 10.7% and in two years of his leadership, it dropped to 4.3% and eventually handed over a GDP growing at 7.6% after 6years, yet you people scream he's the best thing that ever happened to Nigeria and admonish Baba to seek advice from him on how to handle the economy.

In the days the Buffoon held sway and oil was selling at an average of over 100dpb, what buffers did he put in place?? Did he manage to curb our dependence on imports?? Had that been the case, would we have been witnessing all these today??

Rather, he cheered his employees on to steal hard currencies with reckless abandon so much so that some dug pits in their private apartments to stash them away from authorities!

The Nigerian economy became effectively dollarised as even bribes were given and taken in dollars!! Our appetite for the currency grew to epic proportions, today, we are paying the price of that useless admin and its maladjusted administrators yet some useless Ekpas and defenders of all Crooks in the universe would want to blame an admin less than a year old for something that has been in the making for 6years.

All these is borne out of nothing but pains over an election your preferred candidate lost, a candidate that was nothing but a doormat to a group of women and a band of crooked politicians.

Naught Hypocrites.

Buhari has 4years to reverse the trend. Judge him if he fails after 4.

Thanks.

Don't mind all these ineffectual buffoons call Ipod touts. They r nothing but children of hate.

Buhari sef

It's too early to say, what can or cannot happen.

Every economy that has a major source of income related to the oil industry is feeling the heat.

We all must no loose faith in the current government, the declining naira has nothing to do with a flawed fiscal policy.

Officially, 1 dollar is equal to 198 naira. So no qualms. You only have problems if your buying or selling dollars on the parallel market.

You need to ask yourselves - those of you in Nigeria. Has the prices of garri or rice risen so high.

Given, the risen in petrol prices in Nigeria will affect the price of food but this rise is corroleted but not entirely caused by the international market.

All forex prices have remained the same. And, investments from the west or east will continue to trickle in.

You know why ? Because, the naira is stable where it matters and not where it does not and because corruption is been exposed on a massive scale - credibility is a currency we are now growing in value for.

Businessmen do not go to the parallel market to buy USD, they exchange on legal and formal systems.

Granted, greedy, unethical and opportunistic businessmen will want the naira devalued. This would mean a cheaper investment in an economy that is properous, growing and has a lot of potential. Cheaper naira means cheaper business startups.

But, cheaper naira also means cheap labor - and cheaper labor means ; more hunger you cant but food with your salaries. When a dollar exchanges for 300 naira and petrol prices contribute to the cost of food and electricity as it is happening, can you imagine how much a bottle of that cheap beer you drink on weekends cost OR ur nkwobi or fresh fish. (Remember it is correlated but not caused)

Naira must not shake. The oil prices will rise, it is inevitable - Oil production is owned and controlled by a cartel, we suffer and enjoy from all decisions. Oil demand is falling, yes but oil still remains the product every country needs to have in quantum not only to power cars but to influence decision of oil producing countries .

My brothers, just cool down.

Ever since the Zombies voted the dullard into power all we hear everyday is bad News,if naira is not falling against d dollar,companies are laying off workers,how did we get here??
The dullard will finish Nigeria b4 2019 the way things are going @ d moment.

mrphysics:
All because we are so dependent on dollar. if in the last 16 years of PDP, they tried making us independent of every foreign product we wouldn't have gotten to this point.

God help PMB to save this nation. Amen.

I am a buhari supporter, but please enough of all these stupid "16 years PDP" WHAT is the fuvcking solution?

I am tired of this blame game and I can gun down any man who indulge in blaming at this point in time.


From the look of things, this government ain't serious about alleviating the pains of the man on the street as against exchange rate. He is busy flying around and do you know how much those trips cost or is it PDP that is still the cause of his globetrotter display with hard earned money?

I will pour you acid if you mention it's PDP's fault again. How shall we keep blaming PDP? All we keep hearing is PDP PDP PDP and no solutions.

We need an urgent economic summit!!

mrphysics:
All because we are so dependent on dollar. if in the last 16 years of PDP, they tried making us independent of every foreign product we wouldn't have gotten to this point.

God help PMB to save this nation. Amen.

Warped! Nigeria is 16ys and Buhari just dropped from moon abi? Abegi there is nothing like the last 16yrs of pdp cos pdp never controlled every inch of nigeria only d military does that.
Apc is a scam and they ain't ready to lead sai propaganda! Every naira depreciation is tantamount to income reduction yet, they are increasing tariffs, tolling, retrenchments and. Unemployment on the rise even as prices hit the roof!

2sex:
I am a buhari supporter, but please enough of all these stupid "16 years PDP" WHAT is the fuvcking solution?

I am tired of this blame game and I can gun down any man who indulge in blaming at this point in time.


From the look of things, this government ain't serious about alleviating the pains of the man on the street as against exchange rate. He is busy flying around and do you know how much those trips cost or is it PDP that is still the cause of his globetrotter display with hard earned money?

I will pour you acid if you mention it's PDP's fault again. How shall we keep blaming PDP? All we keep hearing is PDP PDP PDP and no solutions.

My friend shut up. Name any product in Nigeria that has increased in price.

The reason why you know and want to die because of increase in naira against dollar is because you are almost 100% dependent on dollar. Do you know that Euro is higher than the Dollar, but do you hear Americans or read in their newspapers how it is killing them?? why don't you see such? because they don't depend so much on foreign goods.


And for that your acid, use t on yourself.

I went to a campus yesterday and an old friend told me he wants to cook rice. I gave him money to buy what he need for the food. He told me clearly that since he was born, he has never eaten locally produced rice and he can't even eat it now.

I quickly withdrew my money because even as he keep complaining about the dollar, he is still not doing anything on his part to help the economy.

Rather than wail, it will make more sense that l sit down to think out what is within my capacity to produce with d raw materials locally available that will be cheaper than d imported ones & of high quality..that will be my gain from the situation!

deathmen12:
U dey blame pdp, pmb dey blame ibb, uncle lai dey blame gej, na who me go blame na?

oga is not all about blame. when something happens, the first thing is to trace the history even as you solve the problem. the problem can't be solved in a day not even month. it's something that should take time. Take for instance Ghana and South Africa. These countries also suffer the effect of dollar on their currency but they don't so much depend on foreign goods as we do.

We complain too much because almost everything we use are imported. As a Nigerian, you can't spend two hours without using a foreign product. If we have started early enough we wouldn't have gotten to this point.

The economy is dynamics, it behaves as a living thing. it gets sick at a point if not properly handled with healthy economic food .

let me stop here for now.

Ugonnax:


This country is finished!

Let me see the hypocritical twit that will invoke GEJ. GEJ left office with naira to dollar at 210 and today it's 335. 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 210-335 in barely 7 months? This is disastrous...an invitation to anarchy.

Keep blaming GEJ and oil price until dollar hits 1000 Naira by 2017 by the rate Naira is falling.

I got your point. the naira will soon relax. they is enough pressure in it. money will soon come out and inflow and the naira will regain it's value with time. When Gej was in office, they were too much money in circulation, someone can be with 2bn in the airport, politicians sharing money anyhow, but is that how it's suppose to be?

My point is, let leave start getting ourselves isolated from foreign products by using foreign products. take a look at Zimbabwe, is dollar like let is be at 1$=1000z$, even as it is a bad economy yet they are looking for ways to live independent of foreign products. Libya too.

PMB is taking hard decisions to push us to work. let's pray for him and do our best too.

tuniski:
Warped! Nigeria is 16ys and Buhari just dropped from moon abi? Abegi there is nothing like the last 16yrs of pdp cos pdp never controlled every inch of nigeria only d military does that.
Apc is a scam and they ain't ready to lead sai propaganda! Every naira depreciation is tantamount to income reduction yet, they are increasing tariffs, tolling, retrenchments and. Unemployment on the rise even as prices hit the roof!

All because our main source of income is OIL. will you buy something that you have? don't you know that other countries are discovering oil in the country and as such will soon stop buying from you?

oga, at the current state of Nigeria, everyone have to start working.

Go to the science section of nairaland, you wouldn't see anyone. people are just busy with Tonto dike in the toilet and in romance section. how do we now contribute to the economy.

mrphysics:


All because our main source of income is OIL. will you buy something that you have? don't you know that other countries are discovering oil in the country and as such will soon stop buying from you?

oga, at the current state of Nigeria, everyone have to start working.

Go to the science section of nairaland, you wouldn't see anyone. people are just busy with Tonto dike in the toilet and in romance section. how do we now contribute to the economy.

I don't buy the lame talk of oil price crash and dependency, yet, it is a wasteful almajiri 5k for the buharists that is the rudderless way this yeye govt is heading.
from a #budgetOfCorruption to a denial of budget even after given a rousing speech during budget presentation at NASS it turns out to be empty air!
We are on a long thing with this govt.

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.

Can we all see how the Ekpas think??!! Jeeez!! Can a human being with an organic brain be this dumb?? How did anyone in Nigeria cause the fall in Naira??

Let us for the purpose of argument assume "those who didn't want him to get re-elected" caused the gradual decline of the value of the currency, let us assume they are the ones in power now, how come the naira is still falling, or are they themselves now "sabotaging themselves" so they can get voted out

Can we all see how difficult it is to engage these so called jonathanians in an argument of wits??

Lord, please help these guys with a little fraction of wisdom due a human being so they can be able to hell a bread from a rock.

Tufiakwa.

mrphysics:


My friend shut up. Name any product in Nigeria that has increased in price.

The reason why you know and want to die because of increase in naira against dollar is because you are almost 100% dependent on dollar. Do you know that Euro is higher than the Dollar, but do you hear Americans or read in their newspapers how it is killing them?? why don't you see such? because they don't depend so much on foreign goods.


And for that your acid, use t on yourself.

I went to a campus yesterday and an old friend told me he wants to cook rice. I gave him money to buy what he need for the food. He told me clearly that since he was born, he has never eaten locally produced rice and he can't even eat it now.

I quickly withdrew my money because even as he keep complaining about the dollar, he is still not doing anything on his part to help the economy.

Dude, people engage in digital products that are not found in Nigeria and stop thinking that when someone talk about dollar, it's only imported goods.

Tell me what business you have that is currently helping economy, do you have a company in your name? You only talk here and beat chest yet, what effort have you taken to reduce the employment in the country.

I know we can export but what has the government done to encourage export? As far as that sector is concerned, the information on how the system works is not circulating when compared to importation. Make the information by means of public sensitization readily available and see if it won't explode.

People are more into importation because the information is readily available.

There are thousands of brains in this country that can kick off the industrial revolution if given the take off ground but what is the government doing to encourage them? What?

It's simple yet the government make it a daunting task.

Have you heard of technology transfer? Go figure how Japan and other Asian tigers used it to change their world.

Where is Nigeria in all of these?

Science and Technology is the only solution, all these patches of development won't cut it.

What is the government doing to help guys in Aba? What?

What is the government doing to agriculture or do you consider their snail pace achievement tailored towards campaign hype a progression? Dude, you are sleeping and better wake up reality. This country is burning.


Let the government lead the front by large scale encourage to engage in made in Nigerian goods ONLY like Asian tigers did and see if this country won't change within 10 years, not all these their eye service "achievement"

LoveDecay:


Officially, 1 dollar is equal to 198 naira. So no qualms. You only have problems if your buying or selling dollars on the parallel market.

I agree with all your points except this.

Today, UBA charged N330 per dollar flat rate, Abeg, are the banks operating a parallel market? Inquiring minds wanna know.

Iroh88:
[s][/s]In trying to defend your god, the Ineffectual Ogogoro Buffoon, you indicted him at the same time.

He inherited an exchange rate of N150 to $1 and handed over N210 to $1 after 6 years. Than, we didn't see any of you guys for Wail for a second, but today not a moment goes by without you people drowning the world in your tears over a falling Naira.

He inherited a GDP that was growing at 10.7% and in two years of his leadership, it dropped to 4.3% and eventually handed over a GDP growing at 7.6% after 6years, yet you people scream he's the best thing that ever happened to Nigeria and admonish Baba to seek advice from him on how to handle the economy.

In the days the Buffoon held sway and oil was selling at an average of over 100dpb, what buffers did he put in place?? Did he manage to curb our dependence on imports?? Had that been the case, would we have been witnessing all these today??

Rather, he cheered his employees on to steal hard currencies with reckless abandon so much so that some dug pits in their private apartments to stash them away from authorities!

The Nigerian economy became effectively dollarised as even bribes were given and taken in dollars!! Our appetite for the currency grew to epic proportions, today, we are paying the price of that useless admin and its maladjusted administrators yet some useless Ekpas and defenders of all Crooks in the universe would want to blame an admin less than a year old for something that has been in the making for 6years.

All these is borne out of nothing but pains over an election your preferred candidate lost, a candidate that was nothing but a doormat to a group of women and a band of crooked politicians.

Naught Hypocrites.

Buhari has 4years to reverse the trend. Judge him if he fails after 4.

Thanks.[s][/s]

Who will you blame for your idol's economic failure before IBB sent him packing in 1985

deathmen12:
U dey blame pdp, pmb dey blame ibb, uncle lai dey blame gej, na who me go blame na?

I beg u, blame urself for REFUSING to be done president of Naija in spite of all our plea.

mrphysics:


My friend shut up. Name any product in Nigeria that has increased in price.

The reason why you know and want to die because of increase in naira against dollar is because you are almost 100% dependent on dollar. Do you know that Euro is higher than the Dollar, but do you hear Americans or read in their newspapers how it is killing them?? why don't you see such? because they don't depend so much on foreign goods.


And for that your acid, use t on yourself.

I went to a campus yesterday and an old friend told me he wants to cook rice. I gave him money to buy what he need for the food. He told me clearly that since he was born, he has never eaten locally produced rice and he can't even eat it now.

I quickly withdrew my money because even as he keep complaining about the dollar, he is still not doing anything on his part to help the economy.

Haha dude, every product has increased in price obviously you no dey Nigeria or you still dey collect alawee from your parents. APC is a useless party, if no be say na nairaland be dis, if you talk this nonsense for my front, I will surely lock the door, and we go beat ourselves till one person succumb, 335 ke?