| Re: CBN Claims Responsibility For Parallel Market Crash by Ecoterrorism(f): 1:20pm On Feb 26, 2016 |
Aufbauh:
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.
#Copied. GTB refused to sell dollars to me so where is the dollars domiciled at if not with BDCs. Stop making yourself look small when you engage in discourse above your pay grade 5 Likes 1 Share |
| Re: CBN Claims Responsibility For Parallel Market Crash by qualityovenbake(m): 1:21pm On Feb 26, 2016 |
I see hope, Naira will stabilize |
| Re: CBN Claims Responsibility For Parallel Market Crash by snthesis(m): 1:22pm On Feb 26, 2016 |
TechWalker007:
Suddenly it's now the fault of Nigerians that Naira is crashing?
But when it crashed to N197 under GEJ it was GEJ's fault?
Even though we know GEJ pushed for local content in automobile, agriculture and even oil sector.
Zombies keep deceiving zombies one big orijin for u 3 Likes 1 Share |
| Re: CBN Claims Responsibility For Parallel Market Crash by vikktor: 1:23pm On Feb 26, 2016 |
execuse for incompetency of CBN... does Nigerians have the facility to produce what we will depend on for just a day? 1 Like |
| Re: CBN Claims Responsibility For Parallel Market Crash by anonimi: 1:23pm On Feb 26, 2016 |
1 Like 2 Shares |
| Re: CBN Claims Responsibility For Parallel Market Crash by gurunlocker: 1:24pm On Feb 26, 2016 |
Aufbauh:
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.
#Copied. even if Buhari give you his faeces to eat with juice, you will gladly eat it..... so you see anywhere dollar is been sold for 197? you don't buy things online right?.... if you want to defend someone, try and speak the truth sometimes, it doesn't hurt. 2 Likes 1 Share |
| Re: CBN Claims Responsibility For Parallel Market Crash by Nobody: 1:25pm On Feb 26, 2016 |
Emekamex:
The best way to solve this forex palaver is to find something besides oil to export. Tell them o, all this bubus travels to fight for better oil prices is a joke. There is a global shift from fossil fuels to clean energy, anyone investing in oil explorations is wasting his time.  1 Like |
| Re: CBN Claims Responsibility For Parallel Market Crash by amtaken(f): 1:26pm On Feb 26, 2016 |
Can someone post that picture where APC was making mockery of the last regime due to dollar rate to naira then which was even relatively low compared to the disaster it has turned out to become now. Please stop playing with our intelligence. We are not daft. Aufbauh:
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.
#Copied. 1 Like |
| Re: CBN Claims Responsibility For Parallel Market Crash by 989900: 1:26pm On Feb 26, 2016 |
Aufbauh:
DOLLAR = N197
[s]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.[/s]
#Copied.
Dangote's demand for dollars for his foreign factories and our refined fuel imports demand alone, is 6-8 times more responsible than our 'cheap' imports.
Throw in excess liquidity, racketeering and profiteering. 1 Like 1 Share |
| Re: CBN Claims Responsibility For Parallel Market Crash by 7lives: 1:26pm On Feb 26, 2016 |
Motherfucker2:
Why can't they blame Buhari ??
Oh, he will fire them ??
I wish $1 would exchange for 9,000 naira What do you know about fiorex trading?, every government in the world will at a period intervene on the value of their currency exchange rates. The flogging is just starting, a lot of bdg operators will end up with a heart attack, by the tme CBN continue to manipulate the currency to create a deadly volatility, some bdg like you will decide to either start playing baba Ijebu or BOM. |
| Re: CBN Claims Responsibility For Parallel Market Crash by anonimi: 1:27pm On Feb 26, 2016 |
1 Like |
| Re: CBN Claims Responsibility For Parallel Market Crash by Bevista: 1:29pm On Feb 26, 2016 |
Kx:
OIL Oil,oil oil oil!!!!
The countries that dont have oil but still maintain and sustain their currency valuation over time, how come the value of their local currencies against the dollar is not experiencing what naira is going through?
Excessive importation, greed and speculative activities is the bane of our naira, not fall in intl price of crude.
Its a shame that we blame God's gift in the form of oil as the beginning and end of our problem instead of blaming poor leadership and management of the proceeds of the natural resources. Because they have other sources of exports and their currencies are already trading at the equilibrium of import/export balance. Their exports may not be commodities (with volatile prices), as such they can maintain a fairly stable exchange rate. |
| Re: CBN Claims Responsibility For Parallel Market Crash by kahal29: 1:32pm On Feb 26, 2016 |
It's appreciating again 
|
| Re: CBN Claims Responsibility For Parallel Market Crash by gtrust: 1:33pm On Feb 26, 2016 |
Conspiracy theorists have it that the CBN changes $$ at the parallel market to have enough to pay salaries  They now have enough to pay February and March salaries and can do same again in March or April. The CBN are reserving the "surprise factor" and benefit from the exchange rate differentials without resorting to borrowing. Though this saves a lot of money, we all know it's a fraud and corrupt practice 2 Likes |
| Re: CBN Claims Responsibility For Parallel Market Crash by 9jatatafo(m): 1:36pm On Feb 26, 2016 |
Let the OP keep fooling himself with over syllabus moves. By the time your eyes get cleared then you will know. This government will achieve nothing with this useless policy. 1 Like |
| Re: CBN Claims Responsibility For Parallel Market Crash by kahal29: 1:37pm On Feb 26, 2016 |
gtrust:
Conspiracy theorists have it that the CBN changes $$ at the parallel market to have enough to pay salaries
They now have enough to pay February and March salaries and can do same again in March or April.
The CBN are reserving the "surprise factor" and benefit from the exchange rate differentials without resorting to borrowing.
Though this saves a lot of money, we all know it's a fraud and corrupt practice You have a serious point here and it makes economic sense. No country in the world allows it currency to float 100% it intervenes to manage it. |
| Re: CBN Claims Responsibility For Parallel Market Crash by babydioku(f): 1:38pm On Feb 26, 2016 |
don't blame the dollar, blame the dullard 1 Like |
| Re: CBN Claims Responsibility For Parallel Market Crash by Kbworld: 1:39pm On Feb 26, 2016 |
CBN don turn to boko haram dat are fond of claiming responsibility? |
|
| Re: CBN Claims Responsibility For Parallel Market Crash by Larrykaysail(m): 1:46pm On Feb 26, 2016 |
[quote author=Aufbauh post=43264657]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.
#Copied., if you see anyone that is paying for UK visa fee, when the visa is $260 use your card and calculate how much ur bank will charge you, dollar is not 197 in any bank, is close to black market rate, 1 Like |
| Re: CBN Claims Responsibility For Parallel Market Crash by zheroes(m): 1:47pm On Feb 26, 2016 |
babydioku:
don't blame the dollar, blame the dullard which is you!!! When demand exceeds supply prices will go up. Reduce your demand or buy at current rate and stop whinning.. 1 Like |
| Re: CBN Claims Responsibility For Parallel Market Crash by dandollaz: 1:48pm On Feb 26, 2016 |
Aufbauh:
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.
#Copied. we are not in classroom.its affecting everybody,even pure water is high because of dollar.why not suggest the best way to make the dollar available and cheap instaed of educating.it should be more of practical not theory.meanwhile most madeinnigeria raw material are imported.let buhari find way so that companies that need the raw material will have easy access to dollar.madeinnigeria will be gradual process we will get there. 1 Like |
| Re: CBN Claims Responsibility For Parallel Market Crash by babydioku(f): 1:56pm On Feb 26, 2016 |
zheroes:
which is you!!! When demand exceeds supply prices will go up. Reduce your demand or buy at current rate and stop whinning.. mumu talk from mumu |
| Re: CBN Claims Responsibility For Parallel Market Crash by zheroes(m): 2:01pm On Feb 26, 2016 |
babydioku:
mumu talk from mumu mu mu is manchester united in my area , unfortunately am not their fan lol Learn how to export quality charcoal to europe or overseas, can be done within a 6 weeks period! You get paid in euros or US dollars |
| Re: CBN Claims Responsibility For Parallel Market Crash by omonnakoda: 2:03pm On Feb 26, 2016 |
Aufbauh:
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.
#Copied. Your remarks are too one sided and lack balance. We are not TOO LAZY to consume what we produce. There are too many constraints against production. Firstly in case you do not know Nigeria is a member of WTO so we cannot adopt a protectionist strategy against very powerful globalization forces. Government over the years have created many distortions in the market and so there is not a level playing field when duty waivers for manufacturing inputs are granted unilaterally and partially. Government fails to combat smuggling and so manufacturers cannot compete with cheap imports. End consumer just goes to the market to buy cheap good heedless of nationality There is no electricity and this again makes finished products far too costly Nigerian economy is far too dependent on dollar denominated imports and that needs to change. The question is how should it change? to say the currency has not been devalued is self deception. We continuously urge diaspora to contribute to the economy.If a person living abroad imports anything into Nigeria and sells it where does he go to buy foreign exchange to return. The government won't sell to him so for him there is only one option and that by far is the largest part of our economy. The government fails to provide electricity and other enablers of production and then expects magic. Let me be clear I am not a Buhari advocate or enemy and so when I say government this predates Buhari. But I think Buhari apologists are taking their loyalty too far when they try to tell us the sky is green. Devaluing the currency or more accurately allowing it to float if not totally then partially is the thing to do. The current system cannot work in a country like Nigeria and only encourages arbitrage and corruption. In order to encourage manufacturing government must articulate a strategy with priority areas. Already they claim to have received concessions from the WTO this is positive,the other thing is our approach to entrepreneurship. The truth is we are not er entrepreneurial even though we like to think we are. We have very little inclination or knowledge about manufacturing and this is not emphasized in our education. We cannot manufacture reasonably priced goods without electricity OR other enabling factors. A typical example is Chicken Who can afford to buy Nigerian produced Chicken ? Not the masses. Compare the price with the imported stuff. That is not LAZINESS Let us look at the things Indians come to Nigeria to do.: Making juice ,selling frozen fish and running restaurants. The currency approach of the government lacks two things effective communication with the population a wider strategy to encourage production. If it is so easy to make toothpicks why have you not started a factory. Can you tell me the name of one tree used for toothpicks. The government before this was terrible but I am not convinced Buhari has a plan though I am of the school that is willing to wait till the end of his first budget cycle before passing judgment 4 Likes |
| Re: CBN Claims Responsibility For Parallel Market Crash by Gaskia: 2:04pm On Feb 26, 2016 |
Aufbauh:
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.
#Copied. Your economic sense is like that of Zimbabwe who decide to print more currency notes to fight 'lack of money' without taking into consideration the inflow and outflow of values through the permeable boundaries of the economic space. You say dollar is not our currency and should not be our business? You forget that we sell our crude to the international market in dollar and buy finished products (PMS, AGO and DPK) also in dollars. Because our government has not put our refineries in good stead or be able to create favorable environment for private investors to do so, it is our business to worry about the dollars. Your currency is the legal tender that you can exchange for values: What is our balance of trade level? We currently import more than we export at an alarming unfavorable ratio so the Naira is struggling against the dollar by the second. You first of all take the import / export ratio to a near equilibrium by exporting more or importing less through self sustenance (not by banning of trades because shadow economy will thrive) before you can say the dollar is not our business. The 198 Naira exchange rate is not real, it is fixed by fiat and is not a mirror of the dynamics of market. Also the 330 exchange rate is not real, it is a product of speculation. But whose job is it to manage market perception and by extension subdue speculation? The FEC, CBN, ministry of trade and investment, SEC, NSE and the various tiers of govt have a role to play in inspiring a consumption philosophy , but they have failed because the lack the insight and the will to do so. 1 Like |
| Re: CBN Claims Responsibility For Parallel Market Crash by currency10(m): 2:09pm On Feb 26, 2016 |
My candid advice and support for the Apex bank the CBN is : They should allow all the commercial bank in Nigeria to sales the American dollar to every one that have genuine purpose use for the currency in trendy now.
Just like the way there selling it to people that want to travel internationally for there BTA and PTA and genuine international business purpose; I think if they can do this they will be know black market on the street again to sale this diamond currency" Dollar".
Since every one know he /she can get dollar at bank at official rate of 199 know one we still want to patronize the parallel market again.
I just want to make a common sense. Lol |
| Re: CBN Claims Responsibility For Parallel Market Crash by Adesiji77: 2:09pm On Feb 26, 2016 |
mondob2k:
CBN claims responsibility like say na terrorist attack.... Let them do their job jare. I wonder o...why didn't they claim responsibility for the previous increases?  |
| Re: CBN Claims Responsibility For Parallel Market Crash by BuddhaPalm(m): 2:13pm On Feb 26, 2016 |
Aufbauh:
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.
#Copied. My dad told us this story about a certain boy, when they were young, and living in the village... Having just learnt about Negative Numbers (arithmetic), this boy came home to his illiterate dad and wanted to show him how smart he was. He said to his father, "Dad, if you removed three chickens from two chickens, how many will you have left?"His dad replied, "Son, that's not possible. You can't remove three things from two things."So this smart boy laughed at his illiterate father, and told him that he was wrong, and would be left with -1 chickens. His stoic father, being how elders used to be, said nothing. Well, you know where this going, don't you... Now, along comes Christmas. Chickens are slaughtered. Everyone gets a share except Mr Smarty-pants. He complains about this, and his father delivers this line...a line that had it been used in a movie, would have been, hands-down, the most badass line of all-time: "Go and eat minus one"When last did YOU buy dollars for N197? Your logic is minus-one logic, and doesn't translate to real life. 4 Likes |
| Re: CBN Claims Responsibility For Parallel Market Crash by babydioku(f): 2:17pm On Feb 26, 2016 |
zheroes:
mu mu is manchester united in my area , unfortunately am not their fan lol
Learn how to export quality charcoal to europe or overseas, can be done within a 6 weeks period! You get paid in euros or US dollars you just confirmed what i said |
| Re: CBN Claims Responsibility For Parallel Market Crash by NOIBMUUL(m): 2:17pm On Feb 26, 2016 |
Aufbauh:
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.
#Copied. All you people just talking trash about growing Nigeria because one theoretical person (without practical knowledge) said so. Let me paint this picture to drive my message in; Doctors give drugs to sick patients so their health can improve. But even Doctors will say when you have a weak immune system, the drugs have less certainty to work. The same can be said of our dear country Nigeria. How can we grow (drugs) the economy (sick) if there are no fundamental infrastructures (functioning immune system) to aid the growth. We do not have light (electrical energy), our transportation system is in a hot mess, and we do not even have a functioning system! How do we want to grow With all due respect, small countries like Madagascar, Malawi have no problem with electrical energy. What am I even saying, Nigeria's GDP (at over USD 500 billion) is bigger than more than half of European countries (including Norway, Denmark, Portugal) yet we do not have light! How do we want to grow the economy? On generators? Imagine those brothers in Aba that produce stuffs, the Innosun man manufacturing cars and thousands of vibrant Nigeria's creating/developing things, how far will they go without light? As a young boy in JSS, i used to build transistor radios and allocate a frequency to each. Imagine what i would have achieved if we had lights or a functioning system. Now, I am on a job when I know deep down that i should be an employer of labour and creating jobs. Do you really think people like Bill Gates, late Steve Jobs, Steve Wozniak, Mark Zuckerberg etc would have succeeded without these things? Or do we think they are better than us? And out Government is quick to enact policies and law without even creating an enabling environment for things to thrive. No work, people will try and sell snacks and drinks in traffic = Govt will harass them and even jail some. No food, people will try and start a small biz around this = Govt will harass and start demanding tax and irrelevant charges. DO you even know Nigeria since the discovery of oil has squandered more than the amount that was used to rebuild the whole of Europe after the second World War? Yes, check it! I can fill the whole of nairaland if i continue to go on and on. But my point is we should not always join the wagon and adopt things just because someone said it. They might be saying it because they were paid to, have their own agenda or are dancing to the music of their stomach. This generation have the best platform ever (social media) in the history of humankind; we should use it to demand accountability, transparency and effectiveness from the Government. No European country posses a quarter of an average African country's resources yet we are the poor and third world country while they that extract resources here are the elite and rich country. Without African resources and market, half of the global economy will crumble. Yet our Govt will still continue to move blindly, obviously for selfish reasons.... ...Make i drop my pen, have a meeting to facilitate. #IJustDeyVex 6 Likes |
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