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Nairaland Forum / Nairaland / General / Business / Dollar Sells For N445 As Forex Scarcity Persists (30171 Views)
Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market / Forex Scarcity Persists As CBN Resumes Intervention / Dollar Sells For N420, Naira Crashes In Value (2) (3) (4)
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Re: Dollar Sells For N445 As Forex Scarcity Persists by Daxxx: 11:38am On May 12, 2020 |
Thats Huge |
Re: Dollar Sells For N445 As Forex Scarcity Persists by Eziokwugbaoto: 11:39am On May 12, 2020 |
SweetOlive:my exact thoughts 1 Like 1 Share |
Re: Dollar Sells For N445 As Forex Scarcity Persists by nedekid: 11:39am On May 12, 2020 |
Fragility6:Thanks bro 1 Like |
Re: Dollar Sells For N445 As Forex Scarcity Persists by Truflame: 11:40am On May 12, 2020 |
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Re: Dollar Sells For N445 As Forex Scarcity Persists by OgogoroFreak(m): 11:40am On May 12, 2020 |
shiki:₦1,000 precisely 1 Like |
Re: Dollar Sells For N445 As Forex Scarcity Persists by Nobody: 11:42am On May 12, 2020 |
gurunlocker:You are spot on, i use transerwise always. the only reason is they reliable. |
Re: Dollar Sells For N445 As Forex Scarcity Persists by Nobody: 11:45am On May 12, 2020 |
Etinosa1234: Not really. Some of us have some dollars to sell. But we are waiting for at 500 or 600 naira. |
Re: Dollar Sells For N445 As Forex Scarcity Persists by Hypnotise: 11:45am On May 12, 2020 |
God abeg oo 1 Like |
Re: Dollar Sells For N445 As Forex Scarcity Persists by wink2015(m): 11:45am On May 12, 2020 |
THIS IS THE SIDE EFFECT OF A MONO PRODUCT ECONOMY IMPOSED BY THE NORTHERN POLITICAL LEADERS AND THEIR SUPPORTERS. This is the preferred choice of the Northerners who want Nigeria to remain down so long as they get one kobo from crude oil. Agriculture is there for them to take up and add value to nation building but their political leader Buhari want to die over crude oil that is not even in the north. I AM VERY HAPPY THAT NIGERIA SHIP LOAD OF CRUDE OIL IS BERTHING AT THE SPANISH CANARY ISLAND WITH NO INTERNATIONAL BUYER. Let Nigeria find a better way to generate true NATIONAL WEALTH not to exploit the one of only region while they GET LAZY ABOUT. |
Re: Dollar Sells For N445 As Forex Scarcity Persists by whatmoreng: 11:46am On May 12, 2020 |
SenecaTheYonger:Which of them? |
Re: Dollar Sells For N445 As Forex Scarcity Persists by Nobody: 11:47am On May 12, 2020 |
SenecaTheYonger: As an economist, I understand their stupid games. If we all know why Syria, Lybia, others were forcefully ambushed by criminal Americans and false state of Israel, we'll realised the innocent-looking modern day slavery upon our nation. Nigeria is sold! |
Re: Dollar Sells For N445 As Forex Scarcity Persists by Nobody: 11:47am On May 12, 2020 |
TheGodlessGod: Then we go don blow be that. Lol |
Re: Dollar Sells For N445 As Forex Scarcity Persists by marvin906(m): 11:50am On May 12, 2020 |
1 Like
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Re: Dollar Sells For N445 As Forex Scarcity Persists by saracen: 11:51am On May 12, 2020 |
gurunlocker: Its not their fault or a BDC. CBN forces services like TransferWise and Western Union to sell to banks at official IFEX rates which are around 370 Naira. If you use an informal service like BDC's you get the street or black market rates. 2 Likes 1 Share |
Re: Dollar Sells For N445 As Forex Scarcity Persists by Chicastle: 11:53am On May 12, 2020 |
hidhrhis: And you are happy 1 Like |
Re: Dollar Sells For N445 As Forex Scarcity Persists by Unity19(m): 11:54am On May 12, 2020 |
hidhrhis: To help you a little bit, in forex market, you have the sell rate and the buy rate. The rate we are talking about here is the sell rate. i.e. the rate at which you will buy $1. Say for example, if you need $100, you will have to pay $100*450=N45,000. Therefore, you will be paying N45,000 to get $100 This is different from a situation where you have $100 and you what to change it to NGN. the rate at which it will be changed to Naira will be lower than the rate at which you will buy USD. For example your $100 may be change to at N445/$. Therefore, your $100 will give you 44,500. The margin (i.e. difference between buy and sell rate) is the profit of the BDCs. 7 Likes 2 Shares |
Re: Dollar Sells For N445 As Forex Scarcity Persists by motionarena: 11:57am On May 12, 2020 |
ecolime:but to be told I paid 26.5 dollars to an foreign hosting company and was charged 9500 naira 1 Like |
Re: Dollar Sells For N445 As Forex Scarcity Persists by Etinosa1234: 11:57am On May 12, 2020 |
DeepRealm: Ahhh...U wan make e crash completely 1 Like |
Re: Dollar Sells For N445 As Forex Scarcity Persists by MrNipplesLover(m): 11:58am On May 12, 2020 |
E don Red, finally. our money is in crisis as well as we all are. |
Re: Dollar Sells For N445 As Forex Scarcity Persists by Chatflick(m): 11:58am On May 12, 2020 |
Etinosa1234:And forex traders |
Re: Dollar Sells For N445 As Forex Scarcity Persists by Wuzyurdaddy(m): 11:59am On May 12, 2020 |
EXLOVER: You don't know when the dollar goes up, the cost of commodities in Naira goes up too. How is that good news mate? 1 Like |
Re: Dollar Sells For N445 As Forex Scarcity Persists by Galloman(m): 12:00pm On May 12, 2020 |
It will get worse if care is not taken, since our major source of foreign exchange earnings is from crude oil and the price of crude oil is plummeting by the day. The multiplier effect on our economy would be disastrous. Our diversification agenda is yet to rake in expected returns that could cushion any shock emanating from crude oil market. May Nigeria survive this hard time. |
Re: Dollar Sells For N445 As Forex Scarcity Persists by Nobody: 12:04pm On May 12, 2020 |
rottencorpse:You mean Zoogeria? |
Re: Dollar Sells For N445 As Forex Scarcity Persists by motionarena: 12:04pm On May 12, 2020 |
9jaDoomCountry:by then it will be 100000 naira to a dollar |
Re: Dollar Sells For N445 As Forex Scarcity Persists by GEEBITE: 12:05pm On May 12, 2020 |
What about your undies or they are locally made too. okomile: |
Re: Dollar Sells For N445 As Forex Scarcity Persists by Iddfx: 12:05pm On May 12, 2020 |
If you are not a forex trader....sorry for your lose.08095577228 am here to help |
Re: Dollar Sells For N445 As Forex Scarcity Persists by MondayOsunbor(m): 12:05pm On May 12, 2020 |
Kendumazy: my prediction is that nigeria will be off the cliff by june i am doing my best to prepare for it but i did not expect it to be this bad this fast 1 Like |
Re: Dollar Sells For N445 As Forex Scarcity Persists by OROSUNBOLB(m): 12:06pm On May 12, 2020 |
#1 = $1 comes to mind ! Sai baba fulani ! |
Re: Dollar Sells For N445 As Forex Scarcity Persists by GEEBITE: 12:07pm On May 12, 2020 |
Yeah you broke it down well for any layman.It is called ask and bid rates in trading .Spread is the margin or gain.quote author=Unity19 post=89462759] To help you a little bit, in forex market, you have the sell rate and the buy rate. The rate we are talking about here is the sell rate. i.e. the rate at which you will buy $1. Say for example, if you need $100, you will have to pay $100*450=N45,000. Therefore, you will be paying N45,000 to get $100 This is different from a situation where you have $100 and you what to change it to USD. the rate at which it will be changed to Naira will be lower than the rate at which you will buy USD. For example your $100 may be change to at N445/$. Therefore, your $100 will give you 44,500. The margin (i.e. difference between buy and sell rate) is the profit of the BDCs.[/quote] |
Re: Dollar Sells For N445 As Forex Scarcity Persists by contumely2: 12:08pm On May 12, 2020 |
SenecaTheYonger: which please? |
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