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Nairaland Forum / Nairaland / General / Business / Why Is Pound Outstripping Dollars In Nigeria (18476 Views)
Pound Falls As Lawmakers Challenge May’s Brexit Deal Before Crucial Vote / CBN To Sell Dollars In Special Auction To Clear Backlogs (2) (3) (4)
Why Is Pound Outstripping Dollars In Nigeria by spinna: 10:10pm On Dec 13, 2016 |
Before the dollar was usually a 100 naira behind the pound. Today pound is 605 so the dollar would usually be 505 butthe dollar is 485..i think its the recent clampdown on bdcs |
Re: Why Is Pound Outstripping Dollars In Nigeria by Nobody: 7:00am On Dec 14, 2016 |
My brother, Nigeria no longer subscribes to the international laws of physics, economics and politics. We are left with just each other, God and our leaders. 148 Likes 5 Shares |
Re: Why Is Pound Outstripping Dollars In Nigeria by RentALodge: 7:00am On Dec 14, 2016 |
LOL. It's because the Nigerian government made it that way. Anytime the government talks about Forex, it's almost always referring to dollars, at least in action. In order to force a favourable exchange rate for the Naira, the Nigerian government commenced a clampdown on money changers, called Bureau De Change operators, and ordered for the price of dollar to come down. They neglected to do that for pounds. Dozens of money changers have since this clampdown been arrested by officials of the State Security Service, SSS, in Lagos and Abuja. This is something great about the free market system, it is difficult for you to cheat it. The communist mindset of the present government fails to realize that. You cannot force the dollar to come down and make it available. It's not possible. You either free float it and make the forces of demand and supply to balance out, or force it to come down and make it scarce. Businesses are in business because they want to make money, not because they want to do charity. 24 Likes 1 Share
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Re: Why Is Pound Outstripping Dollars In Nigeria by nony43(m): 7:00am On Dec 14, 2016 |
Ask Vuhari 1 Like |
Re: Why Is Pound Outstripping Dollars In Nigeria by sucreblazing(m): 7:01am On Dec 14, 2016 |
because there are more nigerian in the U.S than uk...smiles 1 Like |
Re: Why Is Pound Outstripping Dollars In Nigeria by buharimustlive: 7:02am On Dec 14, 2016 |
BUHARI is the cause.. That Fulani herdsman is the dullest president in the world.... See what he did to our Nigeria economy he destroyed, killed and buried it. GEJ please come back. 53 Likes 3 Shares |
Re: Why Is Pound Outstripping Dollars In Nigeria by eleojo23: 7:02am On Dec 14, 2016 |
I don't know...maybe the gods must be responsible. 2 Likes 1 Share |
Re: Why Is Pound Outstripping Dollars In Nigeria by doctorofgirls(m): 7:02am On Dec 14, 2016 |
They use black magic on us 1 Like 1 Share |
Re: Why Is Pound Outstripping Dollars In Nigeria by casttlebarbz(m): 7:03am On Dec 14, 2016 |
mmm 2 Likes |
Re: Why Is Pound Outstripping Dollars In Nigeria by doctorofgirls(m): 7:03am On Dec 14, 2016 |
1 Like 2 Shares |
Re: Why Is Pound Outstripping Dollars In Nigeria by tbanj07(m): 7:03am On Dec 14, 2016 |
1 Like |
Re: Why Is Pound Outstripping Dollars In Nigeria by Nobody: 7:03am On Dec 14, 2016 |
I always tell my friends that I would not hesitate to leave this stupid ass country if the opportunity presents itself, even if I am in final year. l will still take off. 23 Likes 1 Share |
Re: Why Is Pound Outstripping Dollars In Nigeria by papauju(m): 7:04am On Dec 14, 2016 |
Intreasting |
Re: Why Is Pound Outstripping Dollars In Nigeria by TopsyKrete: 7:04am On Dec 14, 2016 |
na d will of D cause am |
Re: Why Is Pound Outstripping Dollars In Nigeria by dhardline(m): 7:04am On Dec 14, 2016 |
. Am surprised Buhari is still in power. The senate of a sane country would have impeached this man already. Just look at the level of suffering the masses are facing. It's Dec, Christmas is less than 2weeks from now but it looks like we are in May. 59 Likes 5 Shares |
Re: Why Is Pound Outstripping Dollars In Nigeria by jyomite(m): 7:05am On Dec 14, 2016 |
I can shout |
Re: Why Is Pound Outstripping Dollars In Nigeria by Nobody: 7:06am On Dec 14, 2016 |
eddd: 10 Likes
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Re: Why Is Pound Outstripping Dollars In Nigeria by porshuch: 7:06am On Dec 14, 2016 |
Because buhari is a failure 11 Likes |
Re: Why Is Pound Outstripping Dollars In Nigeria by Atiku2019: 7:06am On Dec 14, 2016 |
unclezuma: 5 Likes
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Re: Why Is Pound Outstripping Dollars In Nigeria by googlepikins: 7:07am On Dec 14, 2016 |
doctorofgirls:you sef
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Re: Why Is Pound Outstripping Dollars In Nigeria by Nobody: 7:08am On Dec 14, 2016 |
Well, I think it has more to do with a balance of trade and basic economic principles. The pounds even sounds more sexy than the greenback, true. 5 Likes |
Re: Why Is Pound Outstripping Dollars In Nigeria by OBAGADAFFI: 7:08am On Dec 14, 2016 |
eddd: Read rule 16 before posting. People are still crying about MMM you're are here talking about Bitcoin. 9 Likes 1 Share |
Re: Why Is Pound Outstripping Dollars In Nigeria by Adekorya: 7:10am On Dec 14, 2016 |
The handler of EFCC official twitter account is a big clown 21 Likes 3 Shares
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Re: Why Is Pound Outstripping Dollars In Nigeria by Ayoswit(f): 7:11am On Dec 14, 2016 |
k |
Re: Why Is Pound Outstripping Dollars In Nigeria by rawtouch: 7:12am On Dec 14, 2016 |
ok |
Re: Why Is Pound Outstripping Dollars In Nigeria by Firefire(m): 7:13am On Dec 14, 2016 |
unclezuma: Due largely to Buharynomics. - I will make 1$ = 1# - I will stabilize the world crude oil price - I don't know the meaning of Naira devaluation, I need the Economists to come and explain to me.. In the 21st century, Buhary is not fit to rule. 6 Likes |
Re: Why Is Pound Outstripping Dollars In Nigeria by Coolcash1: 7:13am On Dec 14, 2016 |
It's due to the law of demand and supply. The supply channel for pounds is very limited unlike dollar while the demand side continues to grow. Hence accounts for the spiral in exchange rate. |
Re: Why Is Pound Outstripping Dollars In Nigeria by funstufz(m): 7:19am On Dec 14, 2016 |
Pls info me on: nushyte@yahoo.co.uk Thanks [quote author=eddd post=51907639]In this period of economic downturn, there's no denying the fact that life has become very harsh and almost unbearable for the majority. But another truth we must accept is the fact that few are still thriving financially in the midst of this harsh economic weather. Why is this? I believe you know the answer already. There are so many people today with their sight set on big financial goals for their future. More specifically, there are many individuals today who are looking for ways to become a millionaire. In fact there is no end to the different types of approaches and suggestions out there. But unfortunately, majority do not consider the trend in making decision on choosing their approach to building wealth. They seem to have forgotten that in every time and age, people who have become very successful are those that have carefully ride on the tide of trend . |
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