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Naira falls to a record low against the Dollar! BellaNaijarians Tell Us How This Dip is Affecting Your Life & Business

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??????????????????????????????????????????????????????????????????????????????????????????????????????????As Nigeria’s currency – the Naira continues to fall against the US Dollar, almost everyone has been feeling the pinch.

The postponement of the 2015 general elections hit the naira even more and today Google’s currency converter gives a rate of N196.03 to $1 while a quick call to black market currency traders reveals an exchange rate of between N210 to $1 and N215 to $1.

Dear BellaNaijarians, let us know how this dip is affecting you.
At BN, several of our  key vendors including photo agencies, stock image sites, technical partners and developers all bill in US $ so to go from paying at N165 to $1 in June to the present rate certainly has a major impact.

We have heard stories from parents struggling to cover the school fees of their children overseas, traders whose cost of goods have increased drastically and so many more examples.

Let us know your thoughts.

Photo Credit: © Billkret | Dreamstime.comNigerian Currency Photo

32 Comments

  1. mrs chidukane

    February 9, 2015 at 11:31 am

    I paid N203 last night. It was not funny at all. People are just shocked, business men are scared to travel for business and the worst is the uncertainty because nobody knows if it will keep going up or come down. Of course the price of commodities have already gone up, me i’m just weak.

  2. Nnamdi Uzo

    February 9, 2015 at 11:45 am

    I weep for my country. The ruling party and the presidency now using the military as their tool.

  3. Jennifer Ndoma

    February 9, 2015 at 11:47 am

    I am afraid the future looks bleak for my dear nation. Which way Nigeria ? I dont see GEJ leaving the office in 2015!

  4. Ngozi

    February 9, 2015 at 11:49 am

    For the sake of our children and innocent lives….GEJ please leave the office or allow for a peaceful democratic process to take place. No one is bigger than Nigeria.

    • Anon

      February 9, 2015 at 12:25 pm

      Nnamdi, Jennifer and Ngozi – you should have compressed your 3 comments into 1.

    • Busarni

      February 9, 2015 at 1:46 pm

      @Anon; you are a wicked someborrii; don’t mind the mugu. He/she has just been busted. Must be new to the blog. Lol

    • Uby

      February 9, 2015 at 1:50 pm

      LMAO!!!!!!!!!!!!!

    • Fatimah

      February 9, 2015 at 4:19 pm

      *crying*

    • baby

      February 9, 2015 at 1:44 pm

      nnamdi…husband,jennifer…wife,ngozi….child…..and the three shall become ONE!

  5. deb

    February 9, 2015 at 12:09 pm

    GOD will save us from our WICKED politicians , because of campaign fees, in order to rake in more money from their foreign currencies, they inflated our naira. No body should tell me it’s the fall in oil price oooo. Dollar will go back to its former value after elections.

  6. ufuoma

    February 9, 2015 at 12:23 pm

    In as much as iam affected too dis has nothing to do with the president.this is as a result of fall in oil prices

    • D

      February 9, 2015 at 3:00 pm

      Only one that has not bothered to do their research will make a comment like this, So let me tell you how things work. Prior to oil price plummeting the US was fast on its way to becoming a major playing in oil production hence the reason why Saudi is doing it’s absolute best to ensure that does not happen. Now if the US was like Nigeria, that is, solely dependent on oil, guess what the economy would have gone kaput just like it is in Nigeria. However, because the US is well diversified when it comes to resources, the plummeting oil prices as only done the reverse, that is helped the US economy boom, as other industries are benefiting from the decrease in oil price. So to say it has to do with the drop in oil price and not our government goes to show why we find ourselves in this situation, because the problem is not with the drop in oil price it is with our sole dependency on oil and that needs to change which comes back to the government but again like I tell people we are the government.

  7. Hafsat Blacksoap, Oils , Body & Hair Butters

    February 9, 2015 at 12:24 pm

    Apparently, cocoa prices are determined by international prices( i didnt know this my self, even for local users). So the cost of cocoa butter has risen up by 28.7% which will affect the cost prices of our products. So we have to stay action on production for the mean time….. With the further postponement of the elections, dollar wont come down anytime soon…

  8. Dare

    February 9, 2015 at 12:24 pm

    Hmm my dear it’s not funny at all especially those of us relying on handouts from our parents who reside in Naija. Serious reduction in pocket money!! Govt please sort it out before school fees season approaches. May God help us.

  9. Introvertedhumanist

    February 9, 2015 at 1:04 pm

    Its not funny at all. I was depressed for days after I had to change some money to pounds at 208 and dollars at 210. Its a shame that our government does not give a crap about us…

    SIDENOTE: The first lady and her parachute outfits should keep quiet.

    • Introvertedhumanist

      February 9, 2015 at 1:10 pm

      Correction: Pounds – 308

  10. baby

    February 9, 2015 at 1:45 pm

    nnamdi…husband,jennifer…wife,ngozi….child…..and the three shall become ONE!

  11. Tunde

    February 9, 2015 at 2:02 pm

    *Sighs* I don’t know where to start. Nigeria is crushing down before our eyes and our leaders are stagnant. I long for the day we have a president that cares about this country and the people. The rest of the world keeps developing while we keep degenerating

  12. BB

    February 9, 2015 at 2:40 pm

    Pounds -N312 not N308

  13. D

    February 9, 2015 at 2:52 pm

    As a Nigerian it is very sad but I shan’t lie I have taken advantage of it … Sent some money home so I can get the most for my money, it is bound to come back up because oil price will rebound eventually and yes I am praying oil prices rebound speedily but until then I am sending as much as I can home.

    • Mz Socially Awkward...

      February 9, 2015 at 5:13 pm

      Same here – re the prayers. Yes, the price of fuelling one’s car and heating one’s home has definitely dropped but one would be fooling one’s self if one decided they were happy with the fall in oil prices for these paltry reasons. The global economy (especially in Europe) is feeling the brunt so yes, I’m filling that car tank as much as possibly but praying hard for the plummet to finally turnaround. And you’re right: all previous cycles show that it eventually will but the question is “when?”.

      Cannot believe the GB£ is now valued at £1 = N312. That is a crazy amount of inflation.

    • D

      February 9, 2015 at 7:30 pm

      @ Mz Socially Awkward..that’s why I pray for speed in the rebound. I am telling God by July let there be a change, let us go back to buying gas $3/gallon…

  14. NagosBigBoi

    February 9, 2015 at 2:55 pm

    BN, I beg give example of businesses like yours that are suffering!
    I would not list “parents struggling to cover the school fees of their children overseas” as examples o!

    • NaijaPikin

      February 9, 2015 at 4:49 pm

      Why should it not be covered as an example? You think everyone that sends their children out of the country is a thief? Best believe there are still hardworking middle income folks that are willing to invest in their children’s future by getting them exposure to a better educational system.

    • NagosBigBoi

      February 9, 2015 at 10:03 pm

      I never said any thing about those people being thieves. How do you know that I am not one of those who is being trained abroad or have someone that I am training abroad?
      I think for them it is an “inconvenience” and not “suffering”. Suffering is when you make N18,000 a month and prices have gone up. Or you own a business that provides jobs for the people who make N18,000 and you are now thinking how you will meet your next payroll.

  15. ogeAdiro

    February 9, 2015 at 3:31 pm

    Ala adighi nma wu uru ndi nze.

  16. Oge

    February 9, 2015 at 3:54 pm

    The reverse is the case for me as I have 90% of my savings in DOM account. Atleast I am not adversely affected.

  17. maria

    February 9, 2015 at 6:29 pm

    It is a sad situation but it benefits me i make my money here in the state so more money for my mother oh

  18. Isalright

    February 9, 2015 at 8:04 pm

    LOL, real bursted in deed. Silly and laughable. Now Ngozi,Jennifer and Nnamdi who is one person will gather sense next time when commenting here. Anon u no well o LOL.

  19. cleo

    February 10, 2015 at 10:04 am

    It is so bad. Since December, my alternate source of income which is importing fashion items is on halt. Cos after the conversion, pay for shipping, clearance and pick up fee, i cant sell it here. It is frustrating I pray it stabilizes quickly.
    It is had on everyone and has a ripple effect on all sectors of the society.

  20. Amiphat

    February 10, 2015 at 11:23 am

    The value of my savings dropped before my very eyes. I decided to convert the Naira I have to USD so that I wouldn’t feel the pinch too much as I do not see the oil prices rising dramatically in the next few months.

    For those who live in Lagos, I do not know how much power you are getting but I have been buying more petrol to fuel my generator as PHCN has literarily had me ‘holding candles’. Weirdly enough, I went to fuel up my car this weekend and there were more people filling their jerrycans with fuel for their generators than there were filling up vehicles.

    To say Nigeria is in deep “doo, doo” would be the understatement of the century.

  21. Edwin

    February 14, 2015 at 4:37 pm

    When men say there is a casting down, I am lifted up!

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