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Friday, 19 February 2016

$1 now N400 : Basic Info You Need to Know About Naira & Dollar Exchange R

Nigerian Naira has fall to a deplorable rate of N400 per dollar in the black market but the currency remains stable at N199.34.at the formal interbank foreign exchange market. Below is a simple explanation of the dollar rates for easy comprehension:
* if you are buying anything on the internet in dollars, you are to be charged N199.34 per dollar while you be charged N400 if you are exchanging dollars with
Naira at local market e.g. the Aboki or Mallam, will exchange dollars with naira for you at the rate of N400.
The unofficial price of dollar exchange rate is N400 while the official price of dollar exchange rate is N199.34. The fall in value of Naira will increase the prices of goods that are being imported to Nigeria making the consumer suffer hardship in buying things at higher prices
One of the reason why naira is depreciating is the decreasing demand for Nigeria’s crude oil in the international market. Due to that the Nigerian National Petroleum Corporation had to reduce the price of the country’s crude oils to their lowest points in over a decade.
Also, the increasing demand for dollar against naira is also a major factor for the devaluation of naira.
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(Written by: ENDY EDESON)
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GUYS, What do you have to say about this development?
Let's have your views.
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FACEBOOK COMMENTS

Mercy Dan

... and the real change is here. Sai buhari till 2019.

Emmanuel Gilbert

soon even the cowries will have more value than the naira

Endy Edeson

@DAN & gilbert: econonic diversification and patronage of locally made goods can go a long way to curb this issue. the masses are the ones suffering more

Emmanuel Gilbert

Endy you need to know that even when u buy from the internet or go to the bank to exchange the dollar its still at that 400naira, i was pained some weeks ago because I could not pay for a course online of 15k which was due to exchange selling for about 30k, we r in trouble oo

Endy Edeson

@emmanuel: no. I buy stuffs online. the internet exchange rate which is also the official international exchange rate is stable at N199.34, except you are buying from a Nigerian internet payment platform that is structured to work with a local market exchange rate

Mercy Dan

Hmmmmmmmm, Endy Edeson, the way they preached before coming into power was a if they already gotton formular for everything. but now their president is flying everyway like bird forgething if your product is good, it will adverticed itself.

Emmanuel Gilbert

which bank do u use i use gtbank and ecobank and these things i tell u is what happens, i paid for facebook ads @ that amount, i recently tried to purchase from shaw academy thats when i was crying for the naira, so tell me which bank do u use endy??

Endy Edeson

@mercy: well, pressure is on the president to fulfil his promise of N1 to $1. my prayer is, let the naira bounce back to at leat N150 per dollar in official exchange rate. N199 is at a very high level

Endy Edeson

@gilbert: i use GTBANK and FCMB. do your calculations very well before you pay online. know how much is remaining in your account and how much you expect to be deducted from your account after transaction, so you won't feel confused on how the money went. seriously i purchase a domain name for a client recently with GTBANK mastercard and the deduction was based on the N199.34 exchange rate

Emmanuel Gilbert

endy i can pay u an extra 1k if you can then pay for the course for me at that 199.34, just go to shaw academy online or i will be willing to send you the link if you agree

Ezenwa Okorocha Peculiar

@Endy. Emmanuel is right. I bought with my GTB card online.I paid $3 and dey deducted #1190. Abeg help me do de calculation

Emmanuel Gilbert

thank you Ezenwa, Endy am waiting for your reply or message

Endy Edeson

@EZENWA: when did you buy it? the last time i bought online was January 20,2016

Eze Solomon Emeka

This is February

Eze Solomon Emeka

And please correct your headline

Endy Edeson

why should i correct my headline ? @eze

Ezenwa Okorocha Peculiar

kK you are still far @Endy. I bought on the 17th of feb. That was tuesday this week.

Ezenwa Okorocha Peculiar

And from my calculation, I paid over #395 per $1

Endy Edeson

@ezenwa: I'm speechless right now. i promise to inbox you or inform you how much i spent when next i buy online. I plan to buy something online next week. i will give you feedback. i don't doubt you, i just want to confirm too

Princess Adetoun E. Hassan

1 dollar now 400naira

Jeremiah Ademolu

@Endy, Ezenwa is very correct #395 per $1 this week. U can check for ur self before market close for d day. That's y i said Emefiele or Buhari shld b sacked or resigned before they kill dis nation. I dey vex!

Endy Edeson

@JEREMIAH: OKAY. i have to confirm myself too.thanks

Micheal Nwofe

Dat is d best way @Jeremaih

Samson Sunday Ameh

endy this is era of change so no complain.rich are getting richer poor are getting poorer

Eze Solomon Emeka

It reads "1 naira now 400 dollars"
And that's a lie , scrap that!..... A mistake.

Jeremiah Ademolu

I supplied musical instrument(keyboard) for ‪#‎187k‬ first week of January, someone wanted to buy that same keyboard yesterday n i said ‪#‎294k‬ d man almost ran out of my office. What's d problem with nation sef!

Uroko Victor Onuora

Endy.., if I should say my own personal mind I would say WHO CARE.., you know why?., I'll let you into a secret., a friend of mine that have been suffering for a long time in the US with little or nothing to show for it cleared his account and smuggled himself down to naija with his cash.., he's been smiling to the banks since he came back and his routine these days includes brief visits to aboki then onwards to the nearest bank to deposit the money he changed..,he's even planning to start acquiring properties.., now tell me if we care..., like an old igbo adage goes., ANY DISPUTE IN THE LAND IS TO THE BENEFIT OF THE ELDERS

Endy Edeson

@eze: let's not quarel over this. I placed the headline like that to show how bad the naira is doing. Though, it was $1 to N400, the price is not stable, it's fluctuating, around N400, N395 etc. so it isn't wrong if i tag it N400 per $1 in my headline

Eze Solomon Emeka

N1=$400.
That's your headline sir, check it.

Endy Edeson

@jeremiah: that is what is envouge right now, everyone wants a price that suits him, it happens to me too, some clients will just underprice. @uroko: you mean, then the exchange rate did him good

Endy Edeson

@EZE: hahahahahah. i'm lauging at myself now. thanks for detecting that error. i have corrected it. thanks very much

Emmanuel Gilbert

The way this old man is going very soon just like all the factories in the north he and his co-horts will close down Nigeria and sell the remains to those foreign govts he is traveling to, Nigeria needs help and fast!

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