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Naira Weakens Against Dollar 357/ 1$ - Business (3) - Nairaland

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External Reserves Hit Two-week Low As Naira Weakens / Naira Weakens To N458 Per Dollar At Parallel Market / Today's Naira Rate Against Dollar, Pound And Euro (2) (3) (4)

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Re: Naira Weakens Against Dollar 357/ 1$ by Nobody: 1:33pm On Jun 07, 2016
GodwinBash:
Clueless presido. Na corruption war wey him sabi & nothing say about economy. From tomato ebola, dollar naira exchange, rise in market product prices, transport fair rise, petrol price wahala and nothing to say after one year in office. History will always keep these records of him.

So....what should we be doing differently, chief economist.?

Nigeria needs to get off oil....that is my solution.
Re: Naira Weakens Against Dollar 357/ 1$ by doyinisaac(m): 1:33pm On Jun 07, 2016
Flets:


Wow... that's a lot of negative energy. Instead of the lots of ranting, why not do some critical thinking yourself?

The only hope for a united Nigeria is True Federalism.... That is the response to your question of what do we do about it.
Let me repeat... Buhari should implement the confab report and watch this our economy revitalize in 2 years. Its that simple if only you spend more time thinking than ranting.
The question is will you and people wait for the next 2years without nagging??
Re: Naira Weakens Against Dollar 357/ 1$ by Flets: 1:39pm On Jun 07, 2016
Jayceo:


You are indeed a very wise individual and foresight driven. Your prediction came to pass. But whats the way out?
Way out is true federalism
Re: Naira Weakens Against Dollar 357/ 1$ by Decryptor(m): 1:42pm On Jun 07, 2016
Pavore9:
I no longer moan over the exchange rate because it changes nothing, I have channelled my mental energy in making the best out of it......export is it!

And tell me what it is you can export out of Nigeria which is viable in the International market without Customs still swooping on it and asking for their egunje?

1 Like

Re: Naira Weakens Against Dollar 357/ 1$ by cckris: 1:54pm On Jun 07, 2016
Quakertellicus1:


So....what should we be doing differently, chief economist.?

Nigeria needs to get off oil....that is my solution.
774 LGA were created to share oil money, not to work, or, produce anything, otherwise they would've been producing. It's payback time.

1 Like

Re: Naira Weakens Against Dollar 357/ 1$ by Ralphlauren(m): 1:54pm On Jun 07, 2016
Flets:
Nigeria is finished under Buhari. This was my post in March 2015 Below:






And the zombies called it threat, noise and all sorts of names. Today, its exactly their reality.

Even if dollar exchanges at $1000 to the naira, GEJ will NEVER EVER NEVER EVER AGAIN head this country as a president. DEAL WITH IT !!!

the earlier you, your likes and the f00ls bombing the pipelines realise this, the better
Re: Naira Weakens Against Dollar 357/ 1$ by Flets: 1:54pm On Jun 07, 2016
Quakertellicus1:


I have news for you.
Even without the bombing, even with true federalism.....we will still have a depreciating naira.
For the simple reason that oil is at $50 per barrel.....not at the $120 per barrel we need it to be to make the naira go to 114 to $1.
We don't have enough forex. And the irony is that zero bombing, true federalism= lower oil prices(due to increased production)=naira depreciates further due to lower amounts of orex.
What we need to do now is simple. Face the fact that oil money is not enough.....and get our economy free from resource dependency. Simples.

Without getting into so much of your details, you want to get our economy free from resource dependency?... How do you get that under a unitary federal system that we practice today..... I am talking practical reality.

The only hope is true federalism, that is the only way we can be less dependent on oil. Let me break it down for you.

Under True Federalism, the governors wont be running cap in hand every month to Abuja for allocations. They will sit their ass down and figure out ways to make the states and regions viable. Every region is this country has resources and potentials to be great but there is no incentive or motivation to tap into these potentials where there is some free lazy oil money available for sharing in the name of allocation.

Let every people manage their potentials and resources and grow at their pace. Lets allow healthy competition across the various regions. That would drive tribalism and nepotism to the ground as we are not grappling for common resources. Niger Delta should be allowed to manage their resources and contribute some percentage to the FG.

Listen, nobody sabotages his own property. Militants will not bomb pipelines under their custody. Patriotism at the regional level will be galvanized for speedy growth. The gains are immense. Infact, no progressive democracy in the world practices the rubbish unitary FG system we run here.

Under True federalism, some regions might struggle for a while but Nigeria's economy will bounce back in less than 3 years and will only get stronger from there. Unfortunately, without true federalism..... Nigeria is gone forever.

Imagine a business partnership where a partner has sworn from the onset that such business will never succeed and sabotages every effort to make gains. No such business ever survives and that is the Nigerian case, Bokoharam will disturb a southern president while militants will disturb a northern president.

2 Likes 2 Shares

Re: Naira Weakens Against Dollar 357/ 1$ by onatisi(m): 1:56pm On Jun 07, 2016
Ugosample:



He can do stuffs without the presidential approval. he is the DAMN CBN governor.......
Were u not in Nigeria when the president repeatedly made statements and announcements that he wont devalue the naira because he isn't convinced of its positive implications Stop making excuses for dullardihno ,buhari simply hasn't got the stuff to deliver. You cant give what you don't have
Re: Naira Weakens Against Dollar 357/ 1$ by cckris: 1:57pm On Jun 07, 2016
Decryptor:


And tell me what it is you can export out of Nigeria which is viable in the International market without Customs still swooping on it and asking for their egunje?
It's like you live in Nigeria, unlike these East Londoners that write nonsense, always.
Re: Naira Weakens Against Dollar 357/ 1$ by Flets: 1:57pm On Jun 07, 2016
Ralphlauren:


Even if dollar exchanges at $1000 to the naira, GEJ will NEVER EVER NEVER EVER AGAIN head this country as a president. DEAL WITH IT !!!

the earlier you, your likes and the f00ls bombing the pipelines realise this, the better

How does GEJ get into the discourse? are your comprehensionally challenged?
Re: Naira Weakens Against Dollar 357/ 1$ by cckris: 2:03pm On Jun 07, 2016
Ugosample:



He can do stuffs without the presidential approval. he is the DAMN CBN governor.......
Under Jonathan, Sanusi spent over 500 billion naira, without even informing the CBN Board. But not so under Buhari that is a totalitarian DICTATOR, that wants every Nigerian to come & beg him for any approval.
Re: Naira Weakens Against Dollar 357/ 1$ by Nawa4nl: 2:07pm On Jun 07, 2016
B00hari is working, even with his travel we can all feel the effect of change
Re: Naira Weakens Against Dollar 357/ 1$ by Pavore9: 2:12pm On Jun 07, 2016
Decryptor:


And tell me what it is you can export out of Nigeria which is viable in the International market without Customs still swooping on it and asking for their egunje?

There are people at the port who know their way around. Let me cite an example, some of us in Kenya who bring in goods for sale from Nigeria, all we have to do is tell our contact person in Nigeria to have the goods dropped at a particular place within the trade fair complex in Lagos, the goods are weighed, about N450 is paid per kilo. Your contact person's duty ends there as every Saturday the forwarding company takes the cargo to the Airport then the following Wednesday we go to the shop of their partner here in Nairobi to pick our goods, paying 200ksh per kilo to clear it. No direct contact with Customs both in Nigeria and Kenya! Igbo guys run the forwarding business on both sides.

1 Like

Re: Naira Weakens Against Dollar 357/ 1$ by Ralphlauren(m): 2:15pm On Jun 07, 2016
Flets:


How does GEJ get into the discourse? are your comprehensionally challenged?

you are f00lish.

didnt you mention GEJ in the useless rant you quoted from 2015?

didnt you state that the econmomy will crumble if GEJ was not re-elected? ndi ara
Re: Naira Weakens Against Dollar 357/ 1$ by Flets: 2:21pm On Jun 07, 2016
Ralphlauren:


you are f00lish.

didnt you mention GEJ in the useless rant you quoted from 2015?

didnt you state that the econmomy will crumble if GEJ was re-elected? ndi ara

How does GEJ never being the president of Nigeria again get into the discourse? Was anyone arguing that he would be president again?

So I ask again... are you comprehensionally challenged?
Re: Naira Weakens Against Dollar 357/ 1$ by Nobody: 2:47pm On Jun 07, 2016
doyinisaac:
You and your family might be finished...as for me I am not finished....u people curse yourself without knowing just to make point...
please be careful with the use of your words,i am not cursing,it is the absolute truth that you are scared of admitting,an average nigerian hardly eat thrice in a day, compared to when dollar was still 150 and now it has risen from 350 to 375,my sister,we have to start praying for this country not to finish
Re: Naira Weakens Against Dollar 357/ 1$ by onatisi(m): 2:59pm On Jun 07, 2016
tiwiex:


lol @ the sarcasm. Unfortunately, you are right. We asked for it. Even though the CBN should be autonomous. That has not been the case. Everything is being run by body language who knows nothing about economics. e don't realize investors flee from countries where planning is almost impossible. no one knows what they will do te next minute. Scary.

Re: Naira Weakens Against Dollar 357/ 1$ by Nobody: 2:59pm On Jun 07, 2016
I just finished speaking to my mum on the phone. In Nigeria too much reliance on govt. It is time Nigerians start thinking outside the box. School is now overrated. World over. The govt can't do nothing for u. And to me,its sign of a touch economy. The land in the Nigeria is very fertile. I wonder why people can't engage in agriculture. Fisheries, goats, cattle etc. Imagine if one planted tomatoes in the southwest. By now, the person will be a millionaire. In fact the school system needs to be drastically reviewed. Too many people study useless courses in school. Only to become unemployable after.
Re: Naira Weakens Against Dollar 357/ 1$ by Ugosample(m): 3:00pm On Jun 07, 2016
onatisi:

Were u not in Nigeria when the president repeatedly made statements and announcements that he wont devalue the naira because he isn't convinced of its positive implications Stop making excuses for dullardihno ,buhari simply hasn't got the stuff to deliver. You cant give what you don't have


I am not defending him, and you do not hate Buhari more than I do, but the fact is that you as CBN governor can do what you think is best for the country without presidential approval.
The president cannot sack him..
Re: Naira Weakens Against Dollar 357/ 1$ by Ugosample(m): 3:01pm On Jun 07, 2016
cckris:

Under Jonathan, Sanusi spent over 500 billion naira, without even informing the CBN Board. But not so under Buhari that is a totalitarian DICTATOR, that wants every Nigerian to come & beg him for any approval.

The money he pumped into the banks right?
Buhari is just .....smh
Re: Naira Weakens Against Dollar 357/ 1$ by manbuchai: 3:14pm On Jun 07, 2016
jeffoe:
i just hope they could channel the energy used in complaining to providing solution to the problem. if this country fail we would all surfer it directly or indirectly.
You are wrong,it is not every body that would go through suffering.Some are praying for it to fail for them to have a new begining
Re: Naira Weakens Against Dollar 357/ 1$ by ken4jj(m): 3:18pm On Jun 07, 2016
Quakertellicus1:


I have news for you.

Even without the bombing, even with true federalism.....we will still have a depreciating naira.

For the simple reason that oil is at $50 per barrel.....not at the $120 per barrel we need it to be to make the naira go to 114 to $1.

We don't have enough forex. And the irony is that zero bombing, true federalism= lower oil prices(due to increased production)=naira depreciates further due to lower amounts of orex.

What we need to do now is simple. Face the fact that oil money is not enough.....and get our economy free from resource dependency. Simples.

Bros,you keep muddling issues up. How can we truly get our economy free from oil if we don't practice true federalism. Do you think that these governors will think when they have free money coming from Abuja every month? Since we have been talking of economy diversification for the past 2 decades, why have we not been able to achieve that? Think about it.
It is only possible on paper to diversify the economy in this present structure.
Re: Naira Weakens Against Dollar 357/ 1$ by alakara(m): 3:28pm On Jun 07, 2016
Pavore9:
I no longer moan over the exchange rate because it changes nothing, I have channelled my mental energy in making the best out of it......export is it!
how can I export agro products in a mini way
Re: Naira Weakens Against Dollar 357/ 1$ by Decryptor(m): 3:32pm On Jun 07, 2016
Pavore9:


There are people at the port who know their way around. Let me cite an example, some of us in Kenya who bring in goods for sale from Nigeria, all we have to do is tell our contact person in Nigeria to have the goods dropped at a particular place within the trade fair complex in Lagos, the goods are weighed, about N450 is paid per kilo. Your contact person's duty ends there as every Saturday the forwarding company takes the cargo to the Airport then the following Wednesday we go to the shop of their partner here in Nairobi to pick our goods, paying 200ksh per kilo to clear it. No direct contact with Customs both in Nigeria and Kenya! Igbo guys run the forwarding business on both sides.

Nice arrangement. So tell me, what sort of "goods" can someone actually send to kenya as you cited which is in high demand there which can rake in money? Are those goods food items, household wares, appliances? What are they?? I'm just curious
Re: Naira Weakens Against Dollar 357/ 1$ by ken4jj(m): 3:32pm On Jun 07, 2016
Flets:


Without getting into so much of your details, you want to get our economy free from resource dependency?... How do you get that under a unitary federal system that we practice today..... I am talking practical reality.

The only hope is true federalism, that is the only way we can be less dependent on oil. Let me break it down for you.

Under True Federalism, the governors wont be running cap in hand every month to Abuja for allocations. They will sit their ass down and figure out ways to make the states and regions viable. Every region is this country has resources and potentials to be great but there is no incentive or motivation to tap into these potentials where there is some free lazy oil money available for sharing in the name of allocation.

Let every people manage their potentials and resources and grow at their pace. Lets allow healthy competition across the various regions. That would drive tribalism and nepotism to the ground as we are not grappling for common resources. Niger Delta should be allowed to manage their resources and contribute some percentage to the FG.

Listen, nobody sabotages his own property. Militants will not bomb pipelines under their custody. Patriotism at the regional level will be galvanized for speedy growth. The gains are immense. Infact, no progressive democracy in the world practices the rubbish unitary FG system we run here.

Under True federalism, some regions might struggle for a while but Nigeria's economy will bounce back in less than 3 years and will only get stronger from there. Unfortunately, without true federalism..... Nigeria is gone forever.

Imagine a business partnership where a partner has sworn from the onset that such business will never succeed and sabotages every effort to make gains. No such business ever survives and that is the Nigerian case, Bokoharam will disturb a southern president while militants will disturb a northern president.

Thank you. I did not see your response before i even replied him. Some people forget that fever is a symptom of some many sickness therefore if one has fever, it is not enough to drink paracetamol to suppress the fever but you must have to eliminate what is causing the fever in the first place else it will return.
For Nigeria to be great, we must solve the problems from the foundation and not from the roof.
Re: Naira Weakens Against Dollar 357/ 1$ by Pavore9: 4:00pm On Jun 07, 2016
Decryptor:


Nice arrangement. So tell me, what sort of "goods" can someone actually send to kenya as you cited which is in high demand there which can rake in money? Are those goods food items, household wares, appliances? What are they?? I'm just curious

l know some who bring in spare parts, hair extensions, shea butter, raw cocoa powder etc.
Re: Naira Weakens Against Dollar 357/ 1$ by Pavore9: 4:03pm On Jun 07, 2016
alakara:

how can I export agro products in a mini way

The destination determines a lot of things.
Re: Naira Weakens Against Dollar 357/ 1$ by Ralphlauren(m): 4:09pm On Jun 07, 2016
Flets:


How does GEJ never being the president of Nigeria again get into the discourse? Was anyone arguing that he would be president again?

So I ask again... are you comprehensionally challenged?

then why quote or refer to a useless rant made in 2015? mumu.

its good you've acknowledged that your rant is irrelevant and it will do nothing to change the fact that buhari is your president.

learn how to put your points across without referring to GEJ. kapish ?
Re: Naira Weakens Against Dollar 357/ 1$ by Decryptor(m): 4:18pm On Jun 07, 2016
Pavore9:


l know some who bring in spare parts, hair extensions, shea butter, raw cocoa powder etc.

Ok. Thank alot for the info
Re: Naira Weakens Against Dollar 357/ 1$ by Pavore9: 4:21pm On Jun 07, 2016
Decryptor:


Ok. Thank alot for the info

You are welcome.
Re: Naira Weakens Against Dollar 357/ 1$ by Joygalore(f): 4:24pm On Jun 07, 2016
Please this should get to 1000$
Re: Naira Weakens Against Dollar 357/ 1$ by JUBILEE2000: 4:32pm On Jun 07, 2016
Flets:


Without getting into so much of your details, you want to get our economy free from resource dependency?... How do you get that under a unitary federal system that we practice today..... I am talking practical reality.

The only hope is true federalism, that is the only way we can be less dependent on oil. Let me break it down for you.

Under True Federalism, the governors wont be running cap in hand every month to Abuja for allocations. They will sit their ass down and figure out ways to make the states and regions viable. Every region is this country has resources and potentials to be great but there is no incentive or motivation to tap into these potentials where there is some free lazy oil money available for sharing in the name of allocation.

Let every people manage their potentials and resources and grow at their pace. Lets allow healthy competition across the various regions. That would drive tribalism and nepotism to the ground as we are not grappling for common resources. Niger Delta should be allowed to manage their resources and contribute some percentage to the FG.

Listen, nobody sabotages his own property. Militants will not bomb pipelines under their custody. Patriotism at the regional level will be galvanized for speedy growth. The gains are immense. Infact, no progressive democracy in the world practices the rubbish unitary FG system we run here.

Under True federalism, some regions might struggle for a while but Nigeria's economy will bounce back in less than 3 years and will only get stronger from there. Unfortunately, without true federalism..... Nigeria is gone forever.

Imagine a business partnership where a partner has sworn from the onset that such business will never succeed and sabotages every effort to make gains. No such business ever survives and that is the Nigerian case, Bokoharam will disturb a southern president while militants will disturb a northern president.

well said

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