BishopMagic:



Passingshit, we are waiting for one naira to be equal to one dollar.


When GEJ left it was trading at 190 and you call 208 progress?


You must be as daft as your boko commander

liar, you an ageless and a headless pig. Dollar was already 220 before gej left.

addey:


Fool with all the money given to your father still no development in ND

Mention one city other than Lagos which our oil money built in your useless Southwest that is on par with Uyo, Calabar, Port Harcourt and Warri.


Mention just one.

Caseless:
liar, you an ageless and a headless pig. Dollar was already 220 before gej left.

Dunce

BishopMagic:



The Current administration has since reverted back to maintaining our reserves only on the dollar being part fulfilment in getting White House support for the APC.

As things stand now, the naira is highly overpriced and what any sensible govt will do is to devalue the naira to meet the primary currency it uses to back it.

But what we have now is politics of naira appreciation and not naira revaluation.

As the chinnese continue devaluing expect the dollar to continue devaluing in response.


The only reason we are not feeling the shock is because:

1. Govt spending is near zero with little or not major contracts being awarded or the current budget passed by the past administrator being followed

2. Thus, manufacturers and businesses are not getting big patronage from the primary spender which happens to be the federal govt.

3. Artificial tightening controls on forex have made forex conversion harder and placed an artificial scarcity or rather inflexibility in converting and spending forex.

This is similar to what one poster posted here as having your parents starve you in order to conserve food in the kitchen.

You have only succeeded in not answering the question: how is the Naira appreciation to our disadvantage?

Would it make you more prosperous if the Naira is continuously devalued or revalued, as you say?

BishopMagic:


The parallel market is insignificant as to the economy.


How much do Igbo traders going to Dubai carry on them?

How much do students with relatives abroad convert in the parallel market?


The black market is there to carter for those wishing to avoid scrutiny and paper work and as such can never compare to the official market rate.



Only the governors and crooked civil servant thieves patronise the black market and this is not in any way substantial when compared to how much the CBN offers for sale every week.

Try and grasp my point.


Every container vessel entering Nigeria needs a forex form before it is cleared and this is done through the official market and not the black market.

Now consider daily fuel imports? Do they collect forex from the black marke?



As I said the black market can never be used to gauge the currency unless in a highly controlled forex market which is where we are heading again just as in 1984.

Here you go wrong again, I am a student in Ghana and i pay in dollars..business men also use parallel price.due to the cbn policy of 300 dollars per day and 50,000 per year restrain..businessmen have no option than to buy from parallel market,when the dollar price in the parralel market falls, Naira do increase against the likes of cedis and co...Is that not ur economy boosting? Not only politicains use the parallel market.

menxer:


You have only succeeded in not answering the question: how is the Naira appreciation to our disadvantage?

Imports becomes cheaper at the expense of local manufacturers thereby leading to close of businesses, unemployment and a service oriented economy that will sooner or later go bust.


Why do you think the Chinnese and Japanese have been accused of artificially undermining their own currency by the US?


I am not here to educate you. Do your own research.

donifez:

Here you go wrong again, I am a student in Ghana and i pay in dollars..business men also use parallel price.due to the cbn policy of 300 dollars per day and 50,000 per year restrain..businessmen have no option than to buy from parallel market,when the dollar price in the parralel market falls, Naira do increase against the likes of cedis and co...Is that not ur economy boosting? Not only politicains use the parallel market.

You chose to school in Ghana because you could not pass JAMB.


How many Nigerian families send their children to Ghana or abroad?


If you spend in dollars then you must plan on dollars.


My uncle has three kids abroad schooling in the UK. He hardly has time for local venture as he only spends dollars so he tries to earn forex by exporting anything he can sell abroad even at one time coal to china.

Truckpusher:
Oya sorry nau.
I go soon bounce back .
Gerara here joor! Madam wash wash

Ermm....! *Scratches head* Nice DP

Ocho'okwu
Why did it take you this long to say chomtin
Thanks plenty


I don't wash people anymore, I've changed.

BishopMagic:




You chose to school in Ghana because you could not pass JAMB.


How many Nigerian families send their children to Ghana or abroad?


If you spend in dollars then you must plan on dollars.


My uncle has three kids abroad schooling in the UK. He hardly has time for local venture as he only spends dollars so he tries to earn forex by exporting anything he can sell abroad even at one time coal to china.

I know you will surely resort to insult knowing you can't win this argument, Yes i school in Ghana and FYI i passed jamb, Do i debate like an illiterate..as a mouse potato on the internet and an outstanding student in my discipline, I am good at what i do, I won't tradewords with you,arguments must be made in a civil manner, Thanks.

BishopMagic:



Fool. Nobody is requesting for forex anymore other than fuel importers. The economy is at a standstill and just like any hyper inflation storm, the currency which is like the wind stagnates before spiralling down.


Expect the Naira to crash even further.

If you read the article, you will see where the rise in the naira was attributed to the devaluation of the dollar by the US Feds which is in direct response to the chinnese devaluation of their currency.


All the gains fools like you want to attribute to Buhari are what Jonathan did in terms of infrastructure or flimsy flukes with this clueless administration not doing a damn thing.

You can not see the good work going on in the land. You belong to them that doesn't believe anything good can come out of Nigeria.
Watch out for more good news.

donifez:

I know you will surely resort to insult knowing you can't win this argument, Yes i school in Ghana and FYI i passed jamb, Do i debate like an illiterate..as a mouse potato on the internet and an outstanding student in my discipline, I am good at what i do, I won't tradewords with you,arguments must be made in a civil manner, Thanks.

Your father is probably one of the thieves from the Southwest who Buhari needs to arrest.

Pavore9:

Do a PM.

Done

ishiamu:
Meanwhile, below are some of the latest topics from APC propaganda machinery. Enjoy and feel free to add yours

#APCpropaganda
Buhari's planned probe of FIFA: Sepp Blatter goes into hiding- Liar Mohammed

#APCpropaganda
Fear of Buhari: Satan falls from sky, sustains serious head injury - Passingshot

#APCpropaganda
Buhari's integrity sweeps through the animal world as mosquitoes suspend biting action indefinitely - Premium Times

#APCpropaganda
Buhari's body language: an aide of former president returns #12 trillion loot, begs for forgiveness - Liar Mohammed

#APCpropaganda
Buhari's body language: statue of George Washington shows sign of life in far away US - Mynd_4



#APCpropaganda
Fear of Buhari: One million witches and wizards storm Eagles square, renounce evil and beg for forgiveness- Beremx

#APCpropaganda
Buhari's fart powering Nigeria's power plants - Nations

#APCpropaganda
Buhari's body language: 65 year old woman healed of cervical cancer - Passingshot

#APCpropaganda
Buhari's integrity: over 12 million Nigerians employed in 2 months - Liar Mohammed

got to move this to jokes

BishopMagic:




You chose to school in Ghana because you could not pass JAMB.


How many Nigerian families send their children to Ghana or abroad?


If you spend in dollars then you must plan on dollars.


My uncle has three kids abroad schooling in the UK. He hardly has time for local venture as he only spends dollars so he tries to earn forex by exporting anything he can sell abroad even at one time coal to china.

You are crude! That is what semi-literacy causes

walexy30:


You are crude! That is what semi-literacy causes

It's the bitter sweet truth.


Like it or not it is the truth.

Now gerrout

baseless propaganda a usual.. have we started exporting cars and helicopters worldwide.. our primary source of dollars is crude exports.. hhave major world buyers stopped buying cheap oil in favour of the brent. has buhari used sheer will power to do the impossible? what we are experiencing is only a local phenomena. when pastor emefilie eventually removes his finger from his nutsack.. the shiit that will overflow will take nigeria back into a second financial crisis again. using rccg biblical economics... no wonder the economist threw jibes at him.. this is what happens when you put religion in governance.. illiterate initiatives

BishopMagic:



It's the bitter sweet truth.


Like it or not it is the truth.

Now gerrout

What is true about all the lies you have been giving out.

BishopMagic:



Your father is probably one of the thieves from the Southwest who Buhari needs to arrest.

Yes he is a thief and he will still steal away your family livelihood,FOOL.

He is also far better than your dad,with your warped mentality which makes u believe that those who send their children abroad are all politicians, Thieves and their ilks.

walexy30:


What is true about all the lies you have been giving out.

Liar Mohammed has put you in an owerllian state to believe a lie as the truth and the truth as a lie.


We are here to remove you from his hypnotic possession of your brain.

donifez:


Yes he is a thief and he will still steal away your family livelihood,FOOL.

He is also far better than your dad,with your warped mentality which makes u believe that those who send their children abroad are all politicians, Thieves and their ilks.

Thank God you know your father is a thief.


When Buhari arrests him don't come wailing here.

BishopMagic:



Passingshit, we are waiting for one naira to be equal to one dollar.


When GEJ left it was trading at 190 and you call 208 progress?


You must be as daft as your boko commander

you angry son of a bastard

BishopMagic:



Liar Mohammed has put you in an owerllian state to believe a lie as the truth and the truth as a lie.


We are here to remove you from his hypnotic possession of your brain.

No wonder you cannot differentiate btw parallel and official rates. Charlatan!

BishopMagic:

Thank God you know your father is a thief.

When Buhari arrests him don't come wailing here.

If he does not arrest him, at least you can,Twerp.

walexy30:


No wonder you cannot differentiate btw parallel and official rates. Charlatan!

What is this useless Nijeriya saying.


Was the parallel rate under GEJ ever up to 260 like in August?

Benzzle:
you angry son of a bastard

owambe conceived bastard product of an ab0ki trailer driver and multi colored Tattoed face paraga slinging hoe dey call me bastard?

We know the region with the highest bastard gdp.


Keep showing your omota upbringing

BishopMagic:



What is this useless Nijeriya saying.


Was the parallel rate under GEJ ever up to 260 like in August?

Mr. Dunce, you asked this questio "Did the dollar not appreciate to 240 in the official market in August".

Now tell me when the official rate got to that level. Does it mean you are a confused fellow?

Baawaa:

What will happened when the importers empty their warehouses They will import another goods with new exchange rate,invariably,they will buy more dollars with their Nairas,and it will lead to reduction on imported goods.

No dear,dollar is useless now,no bank will send your dollar abroad now and you can't spend it locally. The only option now to both importers and manufacturer that import their raw materials is trans border smuggling of dollars, which is risky,and Nigeria is a consumer Nation. I pity those gullibles that jubilates that Naira is appreciating.

simseg01:
The Naira, on Friday, regained its strength and appreciated to N208 to the Dollar in the parallel market, compared with the N212 it traded for on Thursday.
The British Pound Sterling and the Euro also traded at N330 and N230, respectively, at the parallel market on Friday.
The official interbank exchange rate, however, remained at N197 to the Dollar.
Olufukeje Adegbeye, a currency trader, attributed the fluctuation of the Naira [b]to the global devaluation of the dollar [/b]and recent monetary policies of the Central Bank of Nigeria (CBN); adding that the intervention of the CBN had stifled the forces of demand and supply in the nation’s currency market.
“The businessman on the street should be taken into consideration,” he said. “Some of our manufacturers still depend on the importation of raw materials for their operations. The policy
on foreign exchange restriction has made life extremely difficult for manufacturers.”
He also said that the CBN, through its policies, has created avenues for the cross border smuggling of foreign currencies, especially the dollar.

http://dailytimes.com.ng/naira-rallies-against-the-dollar/

where is the devaluation of the dollar you are talking about? At close of the NYSE , the market continued trading in bear territory as it she'd 531 points at close of business. The dollar however gained against major world currencies like the Euro, GBP and the Yen. Due to the stagnant growth in China, oil closed below $40 per barrel.

menxer:


You have only succeeded in not answering the question: how is the Naira appreciation to our disadvantage?

Would it make you more prosperous if the Naira is continuously devalued or revalued, as you say?

Naira is not appreciating because the fundamentals remain the same, what is happening is that CBN has made spending of dollars near impossible.

ishiamu:
Meanwhile, below are some of the latest topics from APC propaganda machinery. Enjoy and feel free to add yours

#APCpropaganda
Buhari's planned probe of FIFA: Sepp Blatter goes into hiding- Liar Mohammed

#APCpropaganda
Fear of Buhari: Satan falls from sky, sustains serious head injury - Passingshot

#APCpropaganda
Buhari's integrity sweeps through the animal world as mosquitoes suspend biting action indefinitely - Premium Times

#APCpropaganda
Buhari's body language: an aide of former president returns #12 trillion loot, begs for forgiveness - Liar Mohammed

#APCpropaganda
Buhari's body language: statue of George Washington shows sign of life in far away US - Mynd_4

#APCpropaganda
Fear of Buhari: One million witches and wizards storm Eagles square, renounce evil and beg for forgiveness- Beremx

#APCpropaganda
Buhari's fart powering Nigeria's power plants - Nations

#APCpropaganda
Buhari's body language: 65 year old woman healed of cervical cancer - Passingshot

#APCpropaganda
Buhari's integrity: over 12 million Nigerians employed in 2 months - Liar Mohammed

this is sooo hillarious,guy ,laugh wan tear my belle ooo

PassingShot:
Another sad day for wailers who will never see any good in this country.

The bad news they pray for shall be their lot.

Passingshot, I believe you're intelligent. Please read that news again and see if the content of that news truly calls for celebration. Read it with an objective mindset.
Thanks.

BishopMagic:



As far as I am concerned the current CBN needs to resign honorably as he is on the verge of destroying the autonomy the past CBN governor was able to achieve.


The CBN under the current governor is interested in keeping his job than attending to the naira.

What we have now is the politics of naira value over the economics of managing our scarce forex in the light of dwindling oil revenue.

Finally, we agree on something!