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.
...
(Written by: ENDY EDESON)
...
GUYS, What do you have to say about this development?
Let's have your views.
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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.
...
(Written by: ENDY EDESON)
...
GUYS, What do you have to say about this development?
Let's have your views.
...
…
Follow EDESON NEWS on TWITTER:
@EndyEdesonNews
..
FACEBOOK COMMENTS
Tomisin 'Hikmah' Ladipo and 2 others like this.
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
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.
And that's a lie
, scrap that!..... A mistake.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.
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!