tbaba1234:


Dollar will come from people that have it... There will be demand and supply...

my brother these people hay have it sold @ 360 when official rate was 197 what will they sell now. These people a have it can they meet the demand of the every Business in Nigeria

wayodude:


What did your PhD friend suggest as a superior alternative?

None, because someone wrote the thesis for that PhD.

PassingShot:

Please remind me of what happened to it.

many governors insisted that the money should be shared amongst states.

deflover:
I have read all the talk about this policy....I have had a discussion with a PhD friend of mine who is in support of this government and wants us to pray....lol

I love prayer but the institutional investors don't pray they act
the fundamentals are bad....the news is just an ill attempt to cover our exposed private parts

It would stabilize around 250-280, maybe even 300. no way it will rise up to 600... That's just dreams.

crazymommy:
...the annoying thing about some people on nairaland is that they feel they know it ALL and they are not ready to hear the opinion of any other person especially if it is coming from a woman....smh...

You are not just a woman, you are "crazymommy"

PassingShot:


The good quality of our president is he accepts sound advice/argument provided you're able to convince him.

He said he was not convinced that devaluing the Naira was best for Nigeria and he has been proved right.

Imagine what would have happened to our economy if he had devalued the Naira to say N250 to a dollar. I am sure it will have shot up to N500 at the black market.

But his refusal to do that, plus non-working of the two parallel rates (official and black market), have made Emefiele and his team to put on their thinking cap to find an acceptable solution to the problem.

Salute to PMB once more.

I am very optimistic that naira will rise again with this policy and i pray it succeds. But it would do you guys a whole lot of good to spare us this early praise singing, this is just d first day.
This was how you guys opened countless threads praising PMB. on the yuan deal and i thought the dollar will crash but up till now, the yuan fire has quenched.
If i were u guys that like licking politicans smelly ass, i will give enough time for policies to bed in before praise singing since that is all you guys do.

Prayer is that this buharinomics works this time.

AtlanticBreeze:

you lack knowledge of economics.. Nigeria, a largely importing nation is floating naira and you think it's sound economics. The fact is that the CBN and Buhari are totally confused.

I think we have to be offering solutions no to criticize any attempt to correct things. When CBN & buhari are fixed the rate you cry foul & now with floating you are still not comfortable. What will you do if are in there shoe.

bakila:

For your dreams, no nightmare. You don't want this country to succeed but your nightmares will continue.

which nightmares? is the country succeeding? Or you are seeing it from the zombie angle

deflover:
I have read all the talk about this policy....I have had a discussion with a PhD friend of mine who is in support of this government and wants us to pray....lol

I love prayer but the institutional investors don't pray they act
the fundamentals are bad....the news is just an ill attempt to cover our exposed private parts

it wont work

watch us buy dollar at 600naira in a few months

oil is still down
manufacturing is down
power is down
insecurity is high
food is scare
this will only increase demands on the dollar.


trust me naira is tissue paper now with dry shit on it
no one will touch naira with a stick

You don't even need PHD to know market forces, 'just need common sense 600 could be exaggeration but dollar will shootup no doubt. But it will stay in one place for a long time.

iboboyswag:


The same kind of professors akin to your phd touting clueless president Don't worry bros, we will pass.

Ds ur reply made my day... loving u like mad nao. At least I av a deep thinker in d house... am a phd students too.... dat doesnt me, I get it right all d time. In short woo unto anybody dat believes academic prowess automatically answers economical problems.

crazymommy:
As expected....about 3 days ago a guy on a thread said he wants to sell his 10000$ Which he said he bought at the rate of 302 but that he wants to wait till it gets to 400naira per dollar,I adviced him that he should better sell it at that moment when it was around 350 because anything can happen on Monday which is today because I believe that the market might possibly fall in between the official price and the last parallel market price and that should be around 250-290.guess what??the guy said I am deceiving myself...that he is very intelligent and he believes that the dollar price will even open higher on Monday which is today....I hope the overconfident ignorant fellow his reading this...the annoying thing about some people on nairaland is that they feel they know it ALL and they are not ready to hear the opinion of any other person especially if it is coming from a woman....smh...

Pls , it's not over yet.

Pple will panic buy and panic sell, then rate will start to rise again because there is no enuf fx to satisfy all the want.

crazymommy:
As expected....about 3 days ago a guy on a thread said he wants to sell his 10000$ Which he said he bought at the rate of 302 but that he wants to wait till it gets to 400naira per dollar,I adviced him that he should better sell it at that moment when it was around 350 because anything can happen on Monday which is today because I believe that the market might possibly fall in between the official price and the last parallel market price and that should be around 250-290.guess what??the guy said I am deceiving myself...that he is very intelligent and he believes that the dollar price will even open higher on Monday which is today....I hope the overconfident ignorant fellow his reading this...the annoying thing about some people on nairaland is that they feel they know it ALL and they are not ready to hear the opinion of any other person especially if it is coming from a woman....smh...

I saw the guy's post too, he later advertised it for 350, I just dey laff am, I wan comment to tell him the truth, but I noticed some form of pride in his post so I maintain my lane. he is just into buying and selling, knows nothing about fx system.

donsteady:

What are u high on?

He is high on fresh tomato syrup (my prediction)

adams009:


I think we have to be offering solutions no to criticize any attempt to correct things. When CBN & buhari are fixed the rate you cry foul & now with floating you are still not comfortable. What will you do if are in there shoe.

You are talking to unreasonable devilish folks. These guys are not interested in proffering any solution to these economics crises, they are indeed happy that things are not working. The more the economy hit crises the more they can taunt you and I and say **yes we warned you people not to vote a certificate-less dullard***

Mftivi:
many governors insisted that the money should be shared amongst states.

That was for excess crude account. Not foreign reserves. They're not same thing.

This floating policy is the sure way to go for our dying economy to be resuscitated, As at last week my BDC client said dollar is 370/$,but when I called this Monday morning he told me its now 360/$ at the parallel market and I asked hope it won't increase again and he said no... So you see the effect is already been felt

Current rates

Pound: 377
Euro:291
Dollar: 257.75

Which bank quoted 257 ? GTB told me 340 ten minutes ago.

Y'all should give us the name of the bank(s) selling below 300 please. Hope this is not the usual propaganda.

Saintp:


I am very optimistic that naira will rise again with this policy and i pray it succeds. But it would do you guys a whole lot of good to spare us this early praise singing, this is just d first day.
This was how you guys opened countless threads praising PMB. on the yuan deal and i thought the dollar will crash but up till now, the yuan fire has quenched.
If i were u guys that like licking politicans smelly ass, i will give enough time for policies to bed in before praise singing since that is all you guys do.

you just aired my thoughts, they've already started singing kumbaaya this early morning....

iboboyswag:


The same kind of professors akin to your phd touting clueless president Don't worry bros, we will pass.

ok, I should have asked the oluwole waec serfiticate holder Buhari who has refused to produce his real waec certificate and has destroyed the naira from where the "phd touting clueless president" left it? yeye

blarkraimez:

Ds ur reply made my day... loving u like mad nao. At least I av a deep thinker in d house... am a phd students too.... dat doesnt me, I get it right all d time. In short woo unto anybody dat believes academic prowess automatically answers economical problems.

ok, phd students.. lmao

Dude you're sick, The bolded got me trolling.hahahhhaha

Businessideas:
Let's see how far it goes.I pray that the CBN succeeds.If Naira were to be a human being, he would be an abiku.
I don't know if this is enough incentive for investors to bring in their dollars.

ifyalways:
Which bank quoted 257 ? GTB told me 340 ten minutes ago.

Y'all should give us the name of the bank(s) selling below 300 please. Hope this is not the usual propaganda.

maybe you should ask the CBN governor on nairaland below.. he has been updating the rates per second. The news is fake.. I already told lalasticlala

tbaba1234:
Current rates
Pound: 377
Euro:291
Dollar: 257.75

ifyalways:
Which bank quoted 257 ? GTB told me 340 ten minutes ago.

Y'all should give us the name of the bank(s) selling below 300 please. Hope this is not the usual propaganda.

Wait for a few days, the current rate is 257.75/$ via Bloomberg... The market needs to settle first.

We seem to have more pessimist than optimist. All I want is a value to the naira by not devaluing it, @the same time flexible exchange rate that is determined by an open market system.

crazymommy:
As expected....about 3 days .

Don't mind some iganoraous pple Dat full Nl now some of them are so stupe so silly,you are a very intelligent lady,suprise because most of those ladies here are mofos,fine face on empty head but are looking for cute guy to marry them,your follower just increased

tbaba1234:
Current rates

Pound: 377
Euro:291
Dollar: 257.75

Which bank(s) ?

I called gtb again just now and its still 340.

AtlanticBreeze:

maybe you should ask the CBN governor on nairaland below.. he has been updating the rates per second. The news is fake.. I already told lalasticlala

You are dumb, mate..

http://www.bloomberg.com/quote/USDNGN:CUR

Sincerely this reasoning is from the anus!
You will find peace, contentment and completion when you accept the truth. Trying to deny the obvious is really pathetic. You didn't devalue the naira but floated it and still it officially lost value.
Zombism is really a strange affliction.

PassingShot:
Happy days are ahead of us.

With the news, the worst of our economic woes are behind us.

Kudos to the government for floating the Naira rather than devaluing it. A first in the history of Nigeria.

*Modified*

Some ignorant mourning wailers are saying floating the naira is same as devaluing it. Hell NO!

If you devalue the Naira, you fix an official exchange rate to it. E.g N250 to a dollar. With that approach, the black market rate will jump to beyond N400 to a dollar.

But with floating, many traders with high volume of dollars come in and trade dollars based on demand. In this approach, there is no official dollar rate set by the government. The rate is purely determined by how much dollars are demanded and how much dollars are available. This way, the Naira finds its true value.

Let's wait for a while appreciate the benefits or otherwise of this new policy b4 we start hailing. Na so people hail China parole finish it turned out to be the more look d less u see

tbaba1234:


Wait for a few days, the current rate is 257.75/$ via Bloomberg... The market needs to settle first.

Then stop typing it here!

I had to quickly log in to NLD cos of this obvious fake news.
Seun
Lalasticlala
Dominique

Take down this fake thread abeg. Until its sold for 257, lets stop misinforming people.

The naira would seem devalued when supply drops and demand sky rockets within the next few days as everyone would be looking to cash out of the economy fast

tbaba1234:


Floating the Naira is sound economics and should have been done months ago...

There is no basis for comparing with IBB SAP program.

Before the float, the naira was already devalued... Floating it would actually lead to a deflation as prices will fall.