Nigeria exchange rates to dollar-history – business – nigeria electricity definition science


The euro has dropped in value by nearly a quarter since its height of euro1.6038 in 2008, down to $1.23 Tuesday. That means a German car priced at euro50,000 two years ago — worth $80,000 in U.S. dollars at the time — would cost the equivalent of a little more than $60,000, strictly according to currency effects.

"The euro’s becoming weaker naturally helps the German export economy and that helps all of the German economy get back on track," Volker Treier, chief economist at the German Chambers of Industry and Commerce, told The Associated Press on Tuesday.

After having slowed in 2009, German exports in March jumped 10.7 percent on the month and the think tank IW reported this week that it was now predicting a 7.25 percent increase in exports from Germany, Europe’s largest economy, on the year. It predicted a further 6 percent for 2011.

[b]The export advantage of a weaker euro extends to all the 16 nations that use the common currency, so long as they are trading outside the bloc. They have some competition in the weaker currency department, as Britain has seen a similar dramatic drop in the pound [/b]from a high of $2.1161 in November 2007 to this week’s level of around $1.45 — a decline of nearly a third.

Companies across the country are expanding outside the U.S.: Sheet Music Plus in Emeryville, Calif., says its international sales rose 22% last year. Fuel Tech of Warrenville, Ill., which makes emissions-control systems, last week announced $1.75 million in contracts in China, Italy and South Korea. Pemco World Air Services of Dothan, Ala., last week announced a deal to convert six Boeing 737-300 passenger aircraft into cargo planes for China’s Hainan Airlines.

Exports won’t keep up the blistering quarterly pace — but are likely to remain a bigger part of the nation’s economic growth. "We will become more of a producing nation and not so much of a consuming nation," says Nigel Gault, chief U.S. economist for IHS Global Insight.

Part of the fourth-quarter boom was a rebound from the depths of a global recession: Exports plunged 19.5% in the fourth quarter of 2008, 29.9% in the first quarter of 2009 and 9.9% for all of last year, the worst annual performance in 51 years.

The weak dollar also gives U.S. exporters a price advantage over foreign competitors. Dyke Messinger, president of construction equipment manufacturer Power Curbers in Salisbury, N.C., says the weak dollar means his company doesn’t have to offer discounts to compete with a German rival. Re: Nigeria Exchange Rates To Dollar-history by doyin13( m): 12:53pm On Aug 17, 2010

Paddy_lo has a way of digging too deep into his points without taking a little walk around his argument. But still, I believe you are the most creative and most informed nairalander followed by ajanlekoko, babapupa and lawyer of nland property forum.

The fact our major export is crude oil doesnt mean the naira should become an ant beside the goliath dollar. The more we devalue the naira because of our mono-economy, the more we have to rely totally on oil, and the same we are likely to remain. Its like accepting defeat in the face of a fast evolving global economy thats looking for every means to avoid over-reliance of crude oil and come up with cheaper alternatives. I believe that is something Nigerian govt never even consider at all.

Canada is a country blessed with more oil than Nigeria, though their currency remains strong and stable. The same goes for some of the countries in the Middle East as well as Brasil; and I believe that keeping a stronger currency has many merits than its current alarming dismerits and scare.

I agree with you that CBN shouldnt try to waste our reserves on trying to strenghten the naira against the dollar as it would be totally counterproductive since the country reserve wasnt built up for this reasons. But this are things that should be delibrated on, and extensively planned for, maybe for the next 30 – 40 years.

We need a naira that has value, and that doesnt render Nigeria as the dumping ground for medicail, technological and economical gabbages from developed world. Though, it would be completely misplaced priority if the CBN guns for such a process right now as it would kill our economy completely, and wane our reserves.

It took decades for the Naira to become completely weakened and almost useless; it will also take decades to beat up the value again. And the value wont grow by just building reserves and creating articial values for the naira, but by replacing all the economical and national values that was long erroded by different regimes the country has witnessed.[/b] Re: Nigeria Exchange Rates To Dollar-history by Nobody: 4:51pm On Aug 17, 2010