«Home

Naira Vs Dollar: The Crash Of A Pampered Currency?

If the economic sequence of the last few days is anything to go buy, the naira seems to be collapsing, what does this mean for the Nigerian economy as at last count it was N130 to $1 from N117, Will it continue to fall, i'm predicting N145 to $1 before the end of the week.

Should Nigerians oversea take advantage of this drop to send money home?,

Avatar
Newbie
105 answers

@BAC

Which time u go US come back now now, na wa for all these hyping o, your ability to get a job in USA today depends on ur past record! has always been. Some firms are cuttin jobs and while others are fast recruiting. Food is the cheapest thing in the USA prices have gone down cars are now at bottom level they beg u to buy a car, credit lines for car purchase has opened up, It took me less than a week to get credit with 1yr interest free into my account to purchase my car outrightly from d dealer. There isnt any better time to take advantage of business in USA than now especially for those buying cars and sending to naija. Jobs that seriously need workers are: Hospital, IT technology, construction. If u are in the banking, accounting or insurance sector u're in trouble except u go for retraining. Gordone brown was here yesterday preaching against protectionism i hope he wasnt asking American tax payers to extend funds for contruction project to business in the UK. Cos' it has been said that only made in america steel and other equipment will be used in the project.

So! my friend u re dead wrong in ur assumption. As regards housing foreclosure help has come for about 5million Americans with Obama. Those loosing their homes took advantage of d system, bought 2 or 3 homes which was placed on rent. In the new bill before u get help for ur home, u must be living in it. They dont call the U S of A the greatest country in the world for nothing!

0
Avatar
Newbie

I really pity your situation. The only comfort I have for you is that Easter is coming a lot of Nigerians are coming home with money. That may swing the price lower a bit . But as you know there is economy problem here as well. I Just came back from the USA,  men,  the people down there are suffering a lot,  unless you are in a profession like the medical profession. Most people are losing their homes right left and center, landlord are not telling tenants to move until the bank foreclose and board the house.  I also notice that Food is very expensive in the US compared to the last time i visited,  More people are moving into washington for Jobs for some strange reasons, maybe obama is providing more opportunities there, I don't know.

I still think things are still more stable here in the UK. on the Job front, if you have a good skill.

0
Avatar
Newbie

tRY To sleep my friend.

it'll settle, and when it settles, it's only those that slept well that'll smile,

So, please, sleep, and think,

0
Avatar
Newbie

only God can save us. there are losts of containers at various ports awaiting clearing and most of the owners cant get money to clear it because they depended on the banks for money which is not forth coming.

well, i never believed in borrowing from banks, so i'm safe in that angle, but the truth is that the rise in dollar or rather the fall of the naira will cause a scale of infaltion never seen before unless something is done about it.

many importers have made orders from factories abroad but cant get their supplies because of the naira crash.

i personnally have goods in a chinese factory and they called yesterday that my goods are ready.

My people, i cant pay 175 naira for a dollar. considering the balance i'll pay the factory,, the difference is huge!!!!!!!!!!!

i couldnt sleep last night.

0
Avatar
Newbie

Yes brother, I pity those businessmen in Nigeria that survive on the exchange rate for business transactions. And the people that do not have a way out but to survive on imported goods. Inflation is the order of the day. Soludo and friends knows they do not have power to stop this. All they can do is talk empty talks.

0
Avatar
Newbie

Do not use this means to try to launder cash, only interested in buying from reliable Nigerians with verifiable source of income.

We are SSM Nigeria, a local franchise trading company with affiliation with SSM UK, HK, China etc.

We are interested in buying any of the following currencies paid into HSBC Hong Kong:

United States Dollars ($)

Great Britain Pounds (£)

Euros ( € )

Japanese Yen (¥)

Hong Kong Dollars ($)

Canadian Dollars

And any other major currency.

We will be glad to pay your recipient anywhere in Nigeria, either by pick up at our office or payment into their bank account.

Interested sellers should please email: damola@damola.com with offered rate, volume of cash, and we will be glad to get the ball rolling.

Thanks.

0
Avatar
Newbie

Bac, I guess you're right. Today two people cofirmed 180+ to a dollar

Another NL source confirmed 175 at Eko Hotel

0
Avatar
Newbie

I Advised people to buy the dollar and keep a month ago, I hope you did. if you are selling now do you know that you will be laughing to the bank. My target price is $1 - N175,

Nothing is stopping this one, not even Soludo X 100 , except JESUS of course,

0
Avatar
Newbie

Exactly, He is in charge of the CBN so he should take responsibilities for almost everything that happens with the currency and the banking sector, the CBN has been threatening the banks as if he is scared of throwing the books at them, he is protecting them too much. All they have to do is explain what's happening to the public instead of allowing unnecessary speculations

the things are in nigeria its very difficult to believe our so called technocrats haven't got a shares in major banks and companies which will definitely affect their duties as regulators- with people like madam Ndi Okereke its really hard to believe she hasn't got her hands in the cookie jar

0
Avatar
Newbie

That you have a Phd does not mean you can handle this type of crisis. Soludo is just going through the motions. He has not got a clue what to do. The best thing though is to tell the truth, the truth is that not much can be done for the naira,

0
Avatar
Newbie

I think the $ is settling at N150, at least thats where it's been rotating at in the last 2-3 weeks.

0
Avatar
Newbie

I knew it from day one!, CBN has lost the battle to save the naira for now. I am predicting N170-$1.

All these hurding policy will only keep pushing the dollar up.

Yaradua bleeped up big time! if he had fought corruption Ibori's money would have cushioned the effect of the economic crisis.

0
Avatar
Newbie

Today rates please £ and $

0
Avatar
Newbie

@Tristr86,

Very good observation, I have a huge investment in Nigeria real estate, but as I am not looking to turn them to cash, so the fall of naira does not make much difference to me. But on the other hand I am still investing heavily using ££ and as you well know the ££ has been pulling back at an alarming rate against the $. That is causing my money not to go far enough. The only hope I have is the Naira falling against the dollar, that will make me recover a little bit from the falling £.

That is a picture of where I stand. The way currencies affect everyone may be very different. But does that mean I do not pity my Nigerian breadren? No I do feel for them. But until Nigerians can find other ways to serve the world by not only drilling oil, I don't see naira appreciating in an economic down turn. We have left the industial Ago long ago, we are in the information Age, we are about to enter the communication age. What is Nigeria doing about it? They can't even turn on the Light constantly in a city of 10M people. The last time I visited a police stopped me at Ikeja Allen Junction for going through the red light even though it was green. I have to pay him an offering of N1000, and that is what our so called empty headed rulers are doing as well. Nigeria needs a lot of cleaning up to do.

Well this is epistle written and read by me, don't take it as gospel.

Peace

0
Avatar
Newbie

@ BAC its actually so surprising that you keep expressing your joy at the fact that the naira is falling. I have watched for a while and noticed this trend. Imagine you saying Amen to someones comment about the dwindling fortunes of the Naira. Have it in mind that what goes around ma Brother definitely comes around. No hard feelings cos I aint hating on you for any reasons its just an observable truth. Things would can definitely be better for the nation thats ma hope. Cheers.

0
Avatar
Newbie

Amen brother,  Down the naira goes again. Inflation will be mad in Naija in the next few months. It will take time for all these instability to feed through.

When I was in Naija last week I when to buy tiles for one of my unfinished projects at a company on the oshodi- Mile2 express. The owners of the company told me they are still keeping december prices and they don't know what to do as their tiles are shipped from spain. I asked if Naira goes to N200 to a Dollar. The guy said if that happens, he will close shop and go back to his country as not many nigerians will be able to afford their products. And that translates to Job losses as well.

0
Avatar
Newbie

The Naira is being set to crash against the Dollar by Nigeria's reserve Bank the CBN as it claims it has to safe guard its Foreign exchange reserves. Nigeria looks set to face inflation from scarcity of international trade products and a drop in world wide production levels.

0
Avatar
Newbie

Buying today is: N151 in the white market.

0
Avatar
Newbie

Last week I was told dollar is N147 buying not selling. So selling should be about N145

0
Avatar
Newbie

Do you think the Naira has satbilized at around 150,

0
Avatar
Newbie

@BAC how much was the Dollar?

0
Avatar
Newbie

Just got back from Naija today. Last week I changed Pounds for N220. White market.

0
Avatar
Newbie

i feel ur pains my Naija Brother, u ve made some real touching points, i only which u see things from my perspective also. Yes its true that most of our leaders have not been very fair to us, yes, its true that Soludo is hiding something(i ve already writing an article on some of the things i feel the CBN is not telling Nigerians as far as the country's finances is concerned). But back to my earlier worries. I am an investment Analyst with one of the State Governments, communicating with investors is a big part of my job, after several networkings,if i manage to convince two/three investors in a month. and par adventure they decide to go onto the internet like they always do and search for free info on state of things in my country and they stumble across NEGATIVES. what do u thing will happen, they simple close the deal and move on to another country. One investor lost equals more suffering for the average Naija guy and girls on the street searching for jobs that might never come.U and I know that the Govt can not create all the jobs that Naija needs to move to the next level. PLS, SEE IT FROM THAT ANGEL AND LETS START PREACH THE GOOD MESSAGES OVER THE INTERNET AND LEAVE THE NEGATIVES OUT.PLEASEEEEEEEEEEEEEEEEE.

Ade from Ogun

0
Avatar
Newbie

@Aro 8

Where were u when naira was stronger than the dollar?,  back in the 80s when it was N5-$1 there wasnt internet to my understanding and we werent battering our country as u stated, rather we were naive had faith and had immaginery dreams. Yet the naira dropped like a dead body.

Right now technology has given us the opportunity to debate the exchange rate and decide which side of the coin we wanna be, be it dollar or naira. In Russian today, ordinary Russians store their currency in dollars, pounds and euros because they dont wanna wake up one morning and loose all their hard earn money, it has happened to them in the past and they know how it feels. Wht is wrong if we do same in Nigeria?, the leaders who lead us store their funds in hard currency oversea, how will my N1.00 solve Nigeria's financial problem?,

Revolution does start by sit-don-look attitude, it starts by looking ur self in d mirror and telling urself the truth no matter how degrading it might be. Ego better is wishful speaking and has never nor will it ever solve naija's problem, especially when u have leaders who cant speak the truth, soludo has never told us our true financial situation in naija, if it were in some countries in the west he would have resigned, but no, he comes on smart-speaking.

0
Avatar
Newbie

It saddens my heart most times when we as Nigerians take so much pride in ridiculing ourselves.We go onto the internet and write all manners of ills about ourselves,nacent economy and politics.still yet deep inside we want progress and growth to come to Nigeria. How will that happen when the image of the country continues to be subjected to our batterings. the Naira Vs Dollar issue is a global implication of relaying on one single currency for global trade: the pound is also not speared in this problem so is the naira. So lets use the internet as a medium of exchanging quality advice on how to move Nigeria forward not the other way round. (NIGERIA NEEDS US).

Ade from OGUN

0
Avatar
Newbie

The strength of the naira is artificial, i predict the naira will be weaker. Besides i learnt most banks are now paying western union in naira equivalent using + - CBN exchange rate. That isnt a good sign for the naira at all it only goes to show the demand for dollar is growing. And that the banks can meet up wit it.

0
Avatar
Newbie

How can dollar be 148 naira to $1 when forex as of today is showing $1 to 150.35. Dollar will me more than 160.00 at the black market by Monday

Check it out yourself

http://finance.yahoo.com/currency-converter?a=1&s=USD&t=IDR

0
Avatar
Newbie

Bros, why 175? Unless there is a major conflict in the Middle-East(say Israel bombing Iran), oil prices won't be going up significantly for another 6 months. Within that time, what stops the Naira going down to N200 per dollar?

0
Avatar
Newbie

Can someone tell what the price of euro is today 23/01/2009 ?

0
Avatar
Newbie

please can we know the rate of the dollar and pound for today 23/01/09

0
Avatar
Newbie

Buying,

I had a friend who sold today for: N137 to the Northerners, so, if you are selling, at a fair deal, feel free to email me: damola@damola.com

0
Avatar
Newbie

Your dollar rate;is that for buying or selling?

0
Avatar
Newbie

Same today.

£1 = N230

0
Avatar
Newbie

Damola,

   Please I am making my way down to Naija this weekend. Please keep us updated.   ££££££ Rates Please

0
Avatar
Newbie

I will be very glad to.

The rate is absolutely correct, the Yahoo or Xe version is purely for indication. I get the rates directly from the white market.

I will update tommorrow, besides the CBN issue, the other issue bothering the Naira vs USD is actually demand and supply within the local market. There's scarcity sometimes and at other times, no scarcity.

If anyone needs simply advise I will call and update online,

0
Avatar
Newbie

I belive the rate damola1 is correct and up to date. Damola please update us as frequently as you can, your rate is very reliable.

thanks

0
Avatar
Newbie

Sorry ooo Damola,

The rate you quoted is not correct. It is the Yahoo version, we can all see the yahoo version online. The one we need is the White Market value. or to be negative "BLACK MARKET ONE"

0
Avatar
Newbie

Please when you update us. make sure you give us £ rates as well. There are a lot of people who need £££ rates as well

0
Avatar
Newbie

All my rates quote are directly from the white market.

As of today, or this morning, or 1min. Ago, it's N148 vs 1USD.

It's to come down,

0
Avatar
Newbie

Someone emailed me today from Nigeria stating that dollar is now N200. Please can anyone in lagos confirm this from the White Market.

As you may well know, our Nigerian friends likes to blow things out of proportion. I still can't believe it though.

Now if dollar goes to N200. There is big trouble for Nigerians. no doubt,

0
Avatar
Newbie

O'boy easier said than done, where is the money to make ur veto a reality? The CBN gov is even trying his best now. The problem with him is that he devalued the currency late and without any time frame for manufacturers to work with. So the panic is what is determing the current market value no body believes wht the CBN gov says any more.

0
Avatar
Newbie

Whats current exchange rate

0
Avatar
Newbie

Your comments make sense.

But not to the point of devaluation as much as: 50%.

down it goes, target would be between: 130-135

0
Avatar
Newbie

That was a Dead Cat bounce. Soludo's talks cannot produce dollars. You need dollars to support this currency. Until we ascertain where dollars will be coming from,  Target remains N175. Oils cannot produce those dollars now.  And another consideration, banks abroad have been moving their money out of Nigeria as they are in trouble at home. Santanader the Spanish Bank,  owers of Abbey in the UK, has moved loads of money out last year. Continental Bank has been affected drastically by that  move. Nigerian sending money home from abroad are worried about their Jobs,  So less money is flowing in,  Nigeria's dependence on oil is not paying off. Oil is going to stay where it is as a slow down in the global economy is huge, less oil is now needed, hence the price.

These are not speculations, they are real fundametals. if you think otherwise state your reasons please,  direction for Naira is down Brothers and sisters in the house,

0
Avatar
Newbie

it is 142 as of early today. hope it gets lower as the new dutch auction statrs.

0
Avatar
Newbie

The fundamentals are not looking good for naira at all. There is nothing soludo can do. if he tries to fill the gap using the Reserve, he is digging another big hole for Nigerians. It does not work. New Target N180 to a Dollar. Everyone out there in Nigeria should be buying dollars right now,

0
Avatar
Newbie

well there more then just the government "fixing" the naira .

Where the government has failed is to make plans beyond oil and banking .2 sectors hugely hit by the credit crunch.

Lets analyse the naira .It is a currency highly dependant on strong oil prices and sadly if jan/feb shows weak oil prices then it is likely to be so at least till next winter.

oil prices traditionally are high in winter as it is more in demand then for heating europe ,NA and other cold countries.At the moment it is sitting $35/36 a barrel which is a poor sign.

People are flying less,switiching from suv to more fuel economical cars,using less heat and the list goes on to save money .

The banking sector has all but collapsed so really nigeria is going to be hit hard by the crisis.

Reason naira enjoyed for a few months to exchange the £ for 170 was because it got to nigeria late.Similarly how the pound exhanged for $2.1 in jan 2008 because the credit crunch did not hit the uk by then.

I think the naira tradtionally traded for about 250 to the £ and thats where it is heading once again to its usual level as the crisis hits nigeria too.

A lot put faith in merill lynch saying nigeria is safest economy but merill prediction in last 1 year has been totally laughable and based on the criteria that getting credit in nigeria is extremely hard but that on the other hand is also a bad thing long term as it is the cause of the current world recession.

A good read on why merill lynch might be wrong is http://www.businessdayonline.com/index.php?option=com_content&view=article&id=1886:cost-of-doing-business-and-a-safe-economy&catid=117:news&Itemid=298

0
Avatar
Newbie

The indices doesnt show naira coming stronger against the dollar, rather its all a scam from Soludo to create artificial confidence in the Naira hoping that speculators will crumble. There is already a scare in the investment environment and the artificial stability of the naira without increament in the price of crude oil is a hoax and will not stop the jittery that was created by the confessed devaluation of the naira by Soludo, rather this will create more panic and an unprecedented rush for the dollar for conservation. Everyone knows Soludo was jittery in devaluing the naira in the first place, the drop in the price of oil caused a panic in Soludo and the business class will rely on the oil price to determine the true state of the naira. Even yesterday Yara-disaster confessed that the global financial crunch has affected Nigeria. If you have dollars conserve it, i bet dollar hoarding will begin, we are now caught in e-forex trading in Nigeria with the USD/NGN @149.500 / 152.370 (bid/ask) (1-17-09)and you know what happens in forex? fingers get burnt. I see a more stronger dollars cos the dollar is gaining grounds against the pounds, euro, CAD, Rumble for the first time in 16yrs. Unless oil price rises, brace up for N195 - $1 in the coming weeks with $35 per barrel (1-16-09) we are truly in for it no more cover for naira. I only hope the panic in govt will not push them to IMF for borrowing because that will lead to the total collapse of the naira even CFA will be stronger than the naira then.

International investors are checking out the reminder of their funds, local investors are confused!!!, The Nigeria investment environment requires a serious bail out, but politicians are busy bailing out their pockets and speaking words to us, as if words have ever cured Mr. president's kidney.

0
Avatar
Newbie

Just for those who are interested,I 've just checked the Naira to pound rate from the post office (MoneyGram) and it's N215 - £1.

0
Avatar
Newbie
Your answer
Add image

By posting your answer, you agree to the privacy policy and terms of service.