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The Truth About Naira And Dollar Exchange Rate - Business - Nairaland

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The Truth About Naira And Dollar Exchange Rate by odutolasodiq(m): 10:12pm On Feb 24, 2016
Please let me explain to those of us who don't understand Economic terms. Dollar has not increased since Buhari became president.

1. Dollar is not our currency so dollar should not be our business.

2. Our problem is not d government but our problem is our importers and consumers.

3. Naira has remained at 197 naira to 1 dollar since Buhari became president.

4. Buhari has promised not to devalue the Naira and he has maintained that promise.

5. Both at CBN and at interbank rates, dollar has remained 197.

6. However because we are too lazy to produce what we use in Nigeria we import even toothpicks and matches.

7. Buhari does not like d importation of luxury goods because luxury goods is d reason for most corruption, that is why he banned 41 products from having access to forex.

8. However when Nigerian importers insisted on importing those 41 products, FG asked them to find their dollar at d BDCs parallel market also known as black market.

9. And to discourage the pressure Nigerians are mounting on the Naira just to get dollars for importation, CBN banned DMBs from selling dollars to BDCs.

10. To survive the pressure of excess dollar demands, BDCs resorted to sourcing for dollars from neighbouring countries through illicit money laundering routes.

11. Because of the risks faced by BDCs to source for dollars, and because of the increase in demand for dollars by importers because China just resumed from their business holidays, BDCs keep increasing the price at which they exchange dollars to naira and now it is 400 naira to 1 dollars.

12. However that does not mean that govt has changed the exchange rate because if our genuine importers go to CBN and fill Form M to import raw materials for local production, they will get dollars at 197 naira each.

13. So the problem is that we love to consume luxury foreign products yet we are too lazy to manufacture them here.

14. For example u will see a dull girl using iPhone 5 without even knowing simple physics and computer engineering part of how that phone was produced.

15. I want Buhari to ban every foreign product from Nigeria until Nigerians learn to produce and use Made in Nigeria products.

16. Let us stop complaining about dollar as if dollar has become Nigeria's currency.

17. It is even bad enough that most of those complaining about the high exchange rate of dollar do not have 1 single dollar in their purse.

PLEASE USE MADE IN NIGERIA PRODUCTS...God bless 9ja.
Share if you love Nigeria !

2 Likes 2 Shares

Re: The Truth About Naira And Dollar Exchange Rate by yungchief(m): 10:20pm On Feb 24, 2016
Aiiit
Re: The Truth About Naira And Dollar Exchange Rate by alorax2(f): 10:35pm On Feb 24, 2016
May God open our eyes to see whats actualy happening
Re: The Truth About Naira And Dollar Exchange Rate by JESUSBOY2009(m): 10:36pm On Feb 24, 2016
ok smileyok
Re: The Truth About Naira And Dollar Exchange Rate by pacino26(m): 10:41pm On Feb 24, 2016
I think we've got more professors in NL than in any institution world over. Nice analysis.

2 Likes

Re: The Truth About Naira And Dollar Exchange Rate by Inova(m): 10:45pm On Feb 24, 2016
Very brilliant analysis. This is exactly what I have been explaining to my ignorant friends. It's just a pity this type of intelligent post never make it to front page. This is what Nairaland has reduced to.

1 Like

Re: The Truth About Naira And Dollar Exchange Rate by foriz4u(m): 10:58pm On Feb 24, 2016
nice piece of education there by op.
but some questions begging for answers
1) why is it that its only in Nigeria government don't make substantial and solid alternative 4 going ahead to block n implement a law?
since buhari either wants to fight corruption or wants our local industries to pick up, why didn't he create an enabling environment 1st, let the local industries kick start n hold grounds solidly b4 blocking foreign depended goods?
2) since u said getting dollar from d bank is @197, what is the selling limit CB gives each banks daily n why us it so difficult that parents can't even get dollar to send their children who school abroad for upkeep

truely the dollar is not our currency, just like u rightly mention, we r import depended.

look at the Ajaokuta Steel Company is it me an ordinary citizen will mk it work? why has the FG not done anything about it? if that steel Company is working it will stop so many form of importations.

how about how refinaries, why are they not working optimally? why can't the FG fix them or is it a rocket science for our refinaries to work for us to buycut importation of PMS?


many tins to ask.

1 Like

Re: The Truth About Naira And Dollar Exchange Rate by Jirate(m): 11:13pm On Feb 24, 2016
You sound as if the Dollar is not important, but you forgot that your Party, the APC used its importance to gain Votes during the last general Election, the board below will serve as a painful reminder.

2 Likes

Re: The Truth About Naira And Dollar Exchange Rate by tuniski: 11:42pm On Feb 24, 2016
odutolasodiq:
Please let me explain to those of us who don't understand Economic terms. Dollar has not increased since Buhari became president.

1. Dollar is not our currency so dollar should not be our business.

2. Our problem is not d government but our problem is our importers and consumers.

3. Naira has remained at 197 naira to 1 dollar since Buhari became president.

4. Buhari has promised not to devalue the Naira and he has maintained that promise.

5. Both at CBN and at interbank rates, dollar has remained 197.

6. However because we are too lazy to produce what we use in Nigeria we import even toothpicks and matches.

7. Buhari does not like d importation of luxury goods because luxury goods is d reason for most corruption, that is why he banned 41 products from having access to forex.

8. However when Nigerian importers insisted on importing those 41 products, FG asked them to find their dollar at d BDCs parallel market also known as black market.

9. And to discourage the pressure Nigerians are mounting on the Naira just to get dollars for importation, CBN banned DMBs from selling dollars to BDCs.

10. To survive the pressure of excess dollar demands, BDCs resorted to sourcing for dollars from neighbouring countries through illicit money laundering routes.

11. Because of the risks faced by BDCs to source for dollars, and because of the increase in demand for dollars by importers because China just resumed from their business holidays, BDCs keep increasing the price at which they exchange dollars to naira and now it is 400 naira to 1 dollars.

12. However that does not mean that govt has changed the exchange rate because if our genuine importers go to CBN and fill Form M to import raw materials for local production, they will get dollars at 197 naira each.

13. So the problem is that we love to consume luxury foreign products yet we are too lazy to manufacture them here.

14. For example u will see a dull girl using iPhone 5 without even knowing simple physics and computer engineering part of how that phone was produced.

15. I want Buhari to ban every foreign product from Nigeria until Nigerians learn to produce and use Made in Nigeria products.

16. Let us stop complaining about dollar as if dollar has become Nigeria's currency.

17. It is even bad enough that most of those complaining about the high exchange rate of dollar do not have 1 single dollar in their purse.

PLEASE USE MADE IN NIGERIA PRODUCTS...God bless 9ja.
Share if you love Nigeria !
Off point!
U can't preach one thing and do another. Our problem is hypocrisy as being displayed by the president. Spending scarce forex on worthless foreign trips to go begging and demarket nigeria.

The naira depreciation actually discourages importation and foreign products/services consumption. On the other hand, buhari's Policy is encouraging dependency and corruption!

1 Like

Re: The Truth About Naira And Dollar Exchange Rate by isbish(m): 12:22am On Feb 25, 2016
My Brother you have written well. The problem is that the wailers hate PMB so much that they won't reason well. They attribute anything bad to him and pray that things move from bad to worse not cos of anything but to ridicule us. God pass dem. PMB ride on. You are God's chosen one.

1 Like

Re: The Truth About Naira And Dollar Exchange Rate by Pidggin(f): 12:26am On Feb 25, 2016
Dollar is not important to APC supporters suddenly, but it was among the propaganda used to unseat GEJ, how convenient.

(1) (Reply)

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