WhiteTechnology:




Why was the dollar at the parallel market $1.70 almost twice the official rate $0.894

When you understand the article below, you will know.

Having decided not to devalue or to rush into privatization and liberalization Buharism still faced an economic crisis it must address. There was pressure on foreign reserves, mounting foreign debt and a Balance of Payments crisis. Clearly the demand for foreign exchange outstripped its supply. The government therefore adopted demand management measures. The basic principle was that we did not really need all that we imported and if we could ensure that our scarce foreign exchange was only allocated to what we really needed we would be able to pay our debts and lay the foundations for economic stability. But this line of action also has its drawbacks.

First, there are political costs to be borne in terms of opposition from those who feel unfairly excluded from the allocation process and who do not share the government’s sense of priorities. Muslims for example cursed Buhari’s government for restricting the number of pilgrims in order to conserve foreign exchange.

Second, in all attempts to manage demand through quotas and quantitative restrictions there is room for abuse because there is always the incentive of a premium to be earned through circumvention of due process. Import licenses become “hot cake” and the black market for foreign exchange highly lucrative. This policy can only succeed if backed by strong deterrent laws and strict and enforcible exchange rules. Again it is trite micro-economic theory that where price is fixed below equilibrium the market is only cleared through quotas and the potential exists for round tripping as there will be a minority willing and able to offer a very high price for the “artificially scarce” product. So again we see that the harsh exchange control and economic sabotage laws of Buharism were a necessary and logical fallout of its economic theory.

Obiagelli:


How much is the dollar in the parallel market to official rate today?

I don't know pls educate me

barcanista:
Obiagelli, I saw the thread on fp and deliberately avoided it. When a lie is being promoted without any attempt by the admin to verify its veracity, it becomes sensible for total avoidance without resorting to arguing with an insane. Well Done

Thanks, i have ignored so many threads on this forum in the last week, looks like this forum enjoy falsehood these days

Bayswater:


Now I can see you janjaweeeds have been programmed to function like robots. The information is actually from your goddamn post and link above.

Can you not see? You were in a hurry to make a point so you never bothered to look at the real facts in the data you posted here. Shame, Obiagelli, shame.

Datolee, your minced meat is ready. Obiagelli, you be suya lol

They cannot help themselves.

Datolee! Datolee!! Datolee!!!, na three times I call you. Oya appear for this thread.

Obiagelli:


How much is the dollar in the parallel market to official rate today?

Do you still agree with the fact that during UNFORTUNATE Buhari regime, Naira depreciated from 72 kobo to 1.70 naira. That's 330%.

WOW.

chemali:


When you understand the article below, you will know.

Correct me if I am wrong

From the article , the high exchange rate was due to the few minority that got it by influencing the sellers to sell at higher rate so as to easily get dollars


But the fact is


Did Buhari diversify our economy.?

If yes , what method did he use.?

Bayswater:


Now I can see you janjaweeeds have been programmed to function like robots. The information is actually from your goddamn post and link above.

Can you not see? You were in a hurry to make a point so you never bothered to look at the real facts in the data you posted here. Shame, Obiagelli, shame.

Datolee, your minced meat is ready. Obiagelli, you be suya lol

You are a dunce, you said there was no pronounced parallel market before buhari, i ask you a link.
I see you deliberately omitted my question

Obiagelli:

Thanks

You need not respond to the exchange price in the black market because the black market isn't controlled by the government. The price of fuel is sold at 130-150 naira per litre in the black market but we only attribute the N97 as the rate in the country to the government.

Let's TANoids state the exchange rate of the naira to the dollar as at the time their 'Jesus' took over from late Yar'adua and now. Let's see the difference and compare and then we will arrive at a reasonable conclusion.

Nigerians have had enough. Imagine organized electricity workers donating half a billion to GEJ re-election bid. We are finished in this country.

Who are these still supporting this govt! If we fail to change the govt peacefully now, I cannot predict what will happen next.

PhockPhockMan:
Is there no freedom of speech in your dictionary?

There's a freedom of speech. However, he needs to make use of his brain when contributing to a plausible thread like this!

barcanista:
You need not respond to the exchange price in the black market because the black market isn't controlled by the government The price of fuel is sold at 130-150 naira per litre in the black market but we only attribute the N97 as the rate in the country to the government.

This is it

You nailed it

WhiteTechnology:


Correct me if I am wrong

From the article , the high exchange rate was due to the few minority that got it by influencing the sellers to sell at higher rate so as to easily get dollars


But the fact is


Did Buhari diversify our economy.?

If yes , what method did he use.?

I responded on how to diversify the economy in another thread. Sadly, we lost the opportunity over the past 8 years as the conditions were right in terms of finance. I do not know for certain if he made attempts to but one thing is sure while battling an economic crisis, diversification is difficult. He put in place the right program to take us on the path to stabilization. Curbed our appetite for foreign items which would have spurred domestic production and consumption. But this was cut short by IBB's coup and his giving in to IMF demands.

http://www.exchangerates.org.uk/USD-NGN-19_03_2010-exchange-rate-history.html


US Dollar to Nigerian Naira (USD NGN) for 19 March 2010 (19/03/2010)



The US Dollar to Nigerian Naira exchange rate on 19 March 2010 was as follows:
1 USD = 150.3346 NGN


I hope our APC friends can adjust the percentage difference to today's values.

My problem is more of the Admin or Mod that pushed a misleading figure to the FP without confirming its veracity or otherwise. It is more heartbreaking when one is to put into factor that credible info doesn't enjoy such promo all in the name of politics.

Aussie:
Let's TANoids state the exchange rate of the naira to the dollar as at the time their 'Jesus' took over from late Yar'adua and now. Let's see the difference and compare and then we will arrive at a reasonable conclusion.

Nigerians have had enough. Imagine organized electricity workers donating half a billion to GEJ re-election bid. We are finished in this country.

Who are these still supporting this govt! If we fail to change the govt peacefully now, I cannot predict what will happen next.

barcanista:
You need not respond to the exchange price in the black market because the black market isn't controlled by the government. The price of fuel is sold at 130-150 naira per litre in the black market but we only attribute the N97 as the rate in the country to the government.

It funny how datolee quoted official exchange rate for 1983 against parallel rate for 1985. It's just plain evil

barcanista:
You need not respond to the exchange price in the black market because the black market isn't controlled by the government. The price of fuel is sold at 130-150 naira per litre in the black market but we only attribute the N97 as the rate in the country to the government.

You're on point.

OrlandoOwoh:
Datolee! Datolee!! Datolee!!!, na three times I call you. Oya appear for this thread.

Present Sir! reporting for duty

I have answered Oby in the other thread... as at today, the official CBN exchange rate is 168 naira to a dollar, however, the real exchange rate is between 180 to 189 and that is what the bank will give you (by your analogy, the naira only fall from 155 to 168 in 2014?)... even Buhari himself stated that the exchange rate was between 1.2 to 1.5..

Obiagelli:

It funny how datolee quoted official exchange rate for 1983 against parallel rate for 1985. It's just plain evil

Anty Oby

Firefire:




see that Buhari government is worst and Buhari is a very bad economic manager

GMB (1983-1985)
Official Rate 0.724
Official Rate 0.89 23% Devaluation
Parrellel Mrkt 1.5 40% Official Rate @ devaluation vs Parrallel Market
107% Initial Official Rate vs Parrallel Market


GEJ (2014)
Official Rate 155.0
Official Rate 168.0 8% Devaluation
Parrellel Mrkt 185.0 9% Official Rate @ devaluation vs Parrallel Market
19% Initial Official Rate vs Parrallel Market

so what the datolee have shown represent the facts and nothing but the facts.

Obiagelli:
Who hid my post? Since when did it become a crime to mention people on nairaland?

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and all Omexonomy, jmaine, mikeansy, Firefire,
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Post! Post! And Post!

#GMB15 Project

Obiageli do you have any objection to my submission above and below?

barcanista:
You need not respond to the exchange price in the black market because the black market isn't controlled by the government. The price of fuel is sold at 130-150 naira per litre in the black market but we only attribute the N97 as the rate in the country to the government.

Question for you, what is the exchange of Naira to dollar today?

datolee:


Present Sir! reporting for duty

I have answered Oby in the other thread... as at today, the official CBN exchange rate is 168 naira to a dollar, however, the real exchange rate is between 180 to 189 and that is what the bank will give you (by your analogy, the naira only fall from 155 to 168 in 2014?)... even Buhari himself stated that the exchange rate was between 1.2 to 1.5..

Why did you qoute official rate for 1983 against parallel rate for 1985?

Obiagelli:

It funny how datolee quoted official exchange rate for 1983 against parallel rate for 1985. It's just plain evil

The PDP guys are desperate,they have shown it over and over again, and they won't go down without a fight. From Buhari making the "Nigeria ungovernable statemment' to Buhari "taking Nigeria to IOC" to Buhari jailing Southerners with fiat unjustly while leaving the Northerners etc, it is not unexpected for them to come up with further cock and bull propaganda just to smear the brand gmb. As for datolee, I know when to respond to and when not to respond to him. If I see a need for legitimate argument, I engage him, but if otherwise, I ignore him.

Mods do the neeedful

barcanista:
My problem is more of the Admin or Mod that pushed a misleading figure to the FP without confirming its veracity or otherwise. It is more heartbreaking when one is to put into factor that credible info doesn't enjoy such promo all in the name of politics.

He has pushed two misleading threads in the space of an hour - The Soyinka one and the exchange rate one.

Obiagelli:


You are a dunce, you said there was no pronounced parallel market before buhari, i ask you a link.
I see you deliberately omitted my question

I will still give you that privilege for you to spot your foolishness and crawl back into the little hole you came from lol

http://en.wikipedia.org/wiki/Nigerian_naira

That's your link above, there you have the historical official and parallel market rates.

I know you can do better, denounce janjaweeedism and turn your life around. You are better than this

Firefire:
Obiageli do you have any objection to my submission above ?

Can you give me the parallel rate for 1983 before buhari?

The reason for the disparity is not the purpose of this thread, neither was it for datolee's

You don't expect me to discuss black market prices

APC roaches crying over spilt milk
this same group of people are running about shouting 197 NGN to a dollar on nairaland

double standards killing APC since formation

Obiagelli:

Can you give me the parallel rate for 1983 before buhari?

The reason for the disparity is not the purpose of this thread, neither was it for datolee's

Buhari brought blackmarket

it surfaced only once before his tenure but it became rampant under him

Obiagelli:


Why did you qoute official rate for 1983 against parallel rate for 1985?

Because there was no parallel market (yet to be reported anywhere).. Haven you forgotten that during Abacha there was 2 different exchange rates? My emphasis is how much your dollar will be exchanged at the bank not what the government is exchanging on it's own

I will repeat my question, what is the exchange rate of naira to dollar today?

Bayswater:


I will still give you that privilege for you to spot your foolishness and crawl back into the little hole you came from lol

http://en.wikipedia.org/wiki/Nigerian_naira

That's your link above, there you have the historical official and parallel market rates.

I know you can do better, denounce janjaweeedism and turn your life around. You are better than this

Don't quote me again till you go back to read and answer my initial question