NIGERIA ECONOMY AND THE DOLLAR WAHALA.
DOLLAR = N197
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.

simple.

Waoh! So brilliant an explanation. Infact for this beautiful explanation you have a gold star( naira star) not the dollar star.
Inside the bus na dollar matter, for market na dollar matter. Bike man don hike price onto dollar wahala. This will go a long way to help every non-economist.. Abeg help drop breakdown that will make those who hiked price of stuffs have a re think. THANKS!!

Nice Piece.

thanks Op ... Now i understand better

Straight forward and simple, no much grammar to paint it, just a simple fact

Lol!... Why u no go talk say make dem ban foreign goods when u don buy enough keep for Hause!!.
You don buy better Phone and data take read news, come buy better TV take watch the economic market, come still buy buy better Laptop take type this epistle.

You for talk all this one when u never come township.
My mind dey tell me say u dey cruise one imported car sef.
Why u no use Carmel?.

You no try abeg!. U for say Ban some not All!!!!. Haba!.
Apply conscience abeg!

Meanwhile, You sabi write. Be like u go foreign school too