| Re: CBN Claims Responsibility For Parallel Market Crash by zheroes(m): 2:25pm On Feb 26, 2016 |
currency10:
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
the banks are the culprits already. Bank managers and executives have or run BDC so as greedy business men they sell in the black market. There is nothing CBN can do other than for more dollars to hit the market, that is supply exceeding demand and price will naturally fall. We don't have the exports to handle that at this time and those importing say if they don't import they will die. For me I look for the better side in every bad situation, I know the government isn't responsible enough to care for me so I care for myself. Anywhere this dollar like let it be going I will follow. I remember what happens during fuel scarcity!!! NNPC supplies marketers at N76 , meanwhile pump price mandated by NNPC is N87, because demand is more than supply price goes uphill, now the markers who in this instance are banks are there to profit so they sell to BDC who are like petty retailers, at the end of the day the masses suffer. If you ask me the problem is from CBN. They should put their acts together. But I doubt if there is much they can do. 1 Like |
| Re: CBN Claims Responsibility For Parallel Market Crash by emonkey(m): 2:34pm 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. Ode. " I want Buhari to ban every foreign product from Nigeria until Nigerians learn to produce and use Made in Nigeria products". The phone/computer you are using nko ? They are made in your village abi ?. People talk as if no common sense.  1 Like |
| Re: CBN Claims Responsibility For Parallel Market Crash by millionboi(m): 2:37pm 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. U r a big fool.........are u paid to defend buhari |
| Re: CBN Claims Responsibility For Parallel Market Crash by PBundles(m): 2:39pm On Feb 26, 2016 |
Tried to elaborate on this in an earlier post, this is NOT ECONOMICALLY CORRECT.PBundles:
Though you have made some valid remarks, the general underlying assumption is not correct and is NOT supported by basic economics. Let me explain if I may.
The first point is where I have the most issue as this is the base problem.
1 The Dollar is not our currency but we have an issue with it and should be wary of its value. Why? We are a net importing (bar oil) country so if it appreciation means goods brought back will be expensive. should I remind you a vital point, we dont have refineries so we are selling oil and buying it back ( guess in what currency, dollar) refined.
Foreign investors will not invest in your country if the official rate and parallel are so far apart as this would cause losses. This will also chase away investors to the capital markets and will limit the government in selling bonds to finance be it Naira or dollar.
2 The Official rate is nice but genuine importers are not getting the total amount the request simply because the government reserves are depleted. If Im not mistaken even Dangote was quoted as having issues source FX at offical rate.
3 Sorry to tell you this but its not what you say the value is of a product, but what the market has determined, thats how economics worsk, basic supply and demand and at equilibrium a price is determined. And at this moment the market is saying its 350 to 1. The president or CBN can proclaim all they want, the market determines. Just because they say its a certain value doesnt make it such.
4. I dont think that luxury goods ( you can always place a high import tax/rate if you wanted to curb it) or any goods for that matter are the issue, the main problem is as you pointed out we dont produce enough whereas we can. In such an instance a higher dollar is actually a great thing as your products become cheaper compared to the international competitors. The main issue for the ban was indeed to curb this and start internal production, but also simply WE DONT HAVE ENOUGH USD RESERVES and sighting the oil price and projections, this will be the case for the coming 18+/- months.
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.
simtosul:
http://www.ngrguardiannews.com/2016/02/cbn-claims-responsibility-for-parallel-market-crash/ 1 Like |
| Re: CBN Claims Responsibility For Parallel Market Crash by tuniski: 2:42pm On Feb 26, 2016 |
2sex:
my sister that is the same question i have been asking and yet no body has been able to give us an answer If they do, the foreign reserve will be depleted within 6months! It is both economical and political what is happening. If buhari devalues that negates his campaign cheap talk. At the same time, if he floods the market and the naira appreciates/maintain while the reserve vanishes, he gets backlash! |
| Re: CBN Claims Responsibility For Parallel Market Crash by 2sex(m): 2:49pm On Feb 26, 2016 |
|
| Re: CBN Claims Responsibility For Parallel Market Crash by li2pac1717: 2:58pm On Feb 26, 2016 |
Most of the problems you listed is not the fault of the current givernment. If you really want the solution to the problems you just listed, then you will support what the present government is doing. I know from the beginning that CBN is the cause to naira depreciation. There aim is to force Nigerians to start manufacturing. We are lazy and greedy, the government have to create a tough policy that will force us to start manufacturing. For the crude oil importation, the major problem our refineries is facing is us. Vadalism of pipelines is major problem of our refunaries. Finally, I will remind you that this a new administration. we have to give them the chance to improve the economy. Most people have started saying negative things since the inauguration of Buhari. We have to forget tribal differences and work together as a Nigerian. Gaskia:
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.
|
| Re: CBN Claims Responsibility For Parallel Market Crash by senatorbayor(m): 3:07pm On Feb 26, 2016 |
I read thru the submissions of the writer as copied and read some home truth with few hypocritical lines from his article.
That You don't Bear English name does not imply you to be patriotic . Though Naturally I dont Fancy such names as all my kids have never bored same even when prod by my spiritual father, Nevertheless it wont be nice for me to cast aspersions on those who have choose to bear it just becos I want to make some points and condemned the point of others.
back to the issue. If dollar is not our currency , why do we base our budget on dollars per barrel? why not state them in naira form . why did we have to trade in dollars and be more concerns with the strength of dollar to Naira and even the president have to feel concern also. has the country ever bothered about cedis or pounds value ?
stating that our problem is not the govt is another hypocrisy from the writer. Putting whole blame on the consumers and importers is very unfair. The writer should note that the govt is into import of fuel also and a large consumer of the foreign products. Hope he is aware that our govt make use of foreign cars (BMW) and all the materials used to beautify or improved the beauty of their houses and aso-rock are imported .
our govt have not encouraged the economy to be a production or manufacturing dependent nation but largely a consuming nation. what efforts have they made in terms of social infrastructure improvement like power,good road network, provision of enabling environment to encourage local production and full patronage of the local products .
why did OBJ paid Okonjo and others in dollars?
what signs have showed that the govt wants to encouraged local products ; NOTE: when i mean "GOVT" ( its just a combination of our leaders both past and present and all strata )
on point no 3. I agree totally with him that official rate of Naira to dollar with CBN is still 197. but the writer should have put into consideration that such amount has not reflected in the life of Nigerians as the importers and business men who source their funds from BDC pass the burden to the consumers as no alternative have been created by the govt.
Our discuss here yesterday on the activities of the BDC exposes a lot .
in as much as there is no alternative to those banned imported goods, the consumers will always bear the burden of the increased in dollars in the BDC as passed by importers and the fixed dollar rate by CBN thru FG does not have a meaning .
point 4. This is a good step in the right direction. #IstandwithPMB on this . I dont support deregulation and will also urged the FG to start creating enabling enviroment to sustained local production and export , hence the crash of dollars as witnessed in 24 hours ago will just be artificial
Point 5 is same as point 4. hence no need for reaction. My concern is just the shady transactions btw the BDC and CBN officials who seems to have bonded a symbiotic relationship at the expense of the masses
Point 6. I would have love the writer to share some thoughts on those things he had produced locally and to show evidence that he has stopped patronising foreign goods and not just that he does not bear foreign names. I hope none of his kids (If any) drank foreign milk except pap and breast milk. he has stopped putting on suits and blazers even if he needs to attend interview since those fabrics are imported even if a local tailor will sow it. I would have loved the writer to share some thoughts about him now using Innosom or other locally manufactured car while he does not need to travel abroad for vacations since doing so will amount to patronizing the BDC at the current dollar rate .
in addition, its an insult for him to say Nigerians are lazy not to produced what they need locally. definitely, he is part of the Lazy Nigerians of which I am not.
Many Nigerians want to do business that we encourage local production but govt have not given any encouragement
point 7. I hope this is not one of the SA on media for PMB disguising as Odewale Abayomi Oladimeji, I suspect something fishy and meaty jare
I smell image making for our dear president here . How could you say PMB does not like importation of luxury goods. So our president does not use any foreign and luxury items . what of his wrist watch , Cars and home materials ?
this is in no way to cast aspersion on my dear president but the idea of the writer.
on the ban of 41 items , I am in total support provided there is alternative with same quality and same is used by our leaders
point 8. if other country like Japan and China had taken same decisions that their importers can approach their BDC if they need to buy those "banned" goods, they wont be where they are today.
the Govt should be decisive in its pronouncement. take a deep look at those items to be banned and if they have concluded that it does not have economy and intrinsic values to his people and the nation, he should place outright ban on it. giving the importers an alternative is just a way of inflicting pains on the consumers and indirectly not encouraging and forcing local production and alternative.
point 9. having banned DMB thru CBN to stop selling dollars to BDC. I say a big kudos
the FG should move a step further to check mate and regulate the infiltration of dollars to the BDC from any illegal source.
Point 10. this was part of my revelations bout BDC operations and the laxity of CBN to regulate its activities . they should intensify their efforts to show the efforts of CBN in regulating the illegal activities of BDC in dollar transactions
Point 11 is the effects of the laxity and exposures of point 9 and 10.
point 12. good move but how will govt regulate prices of this commodities that the importers got its dollar exchange at official rates . every one is now cashing in on the rise of dollars as an excuse for increase in price of products . Including those who got their FX at govt official rate . Where are the price regulators as practiced in 1984 where you dont sell above regulated price especially for some certain commodities whose source of funding is known to the FG.
point 13. this is a replica of POINT 6.
I have given adequate response and a challenge to the writer also. How i wished our reactions are copied to him unedited.
Point 14. this is non of the writer's business. The "dull' girl could afford it and with time, he will get use to the functions.
May be he meant ostentatious or grandiose goods and lifestyles. This is subjective and personal.
Does the writer know every dynamics of items he purchased and how many has he invented ?
Of what use is the manual guide attached to products and goods if the manufacturers feels you must have had some basic dynamism of the products.
every items including consumption goods comes with usage description to guide consumers . same is applicable to the iPhone and other gadgets. its no crime to buy any items you dont have basic knowledge of especially if you love it and could afford it, With time you will get the rudiments . It all happened to every one of us including the writer.
it would have been better if he paraphrased it to mean that some people spend huge money on items they don't need despite that they could afford it.
someone who used iPhone needs it not minding if he or she is dull. at least he or she is making use of it and could make or receive calls with it and perform other functions, It will only be too bad to buy it and Never make use of it after purchase.
: point 15. same assertions and the writer kept making emphasis to POINT 6 and 13.
let him know quite well that Nigerians aint lazy and are ready to produced if the govt plays its part by creating an enabling environment suitable for business to thrive
let him tell us what goods he has manufactured locally and the challenge I threw at him in Point 6 is still valid.
Point 16. No one is complaining about rise of dollars compared to those who transact with it. The complain of the masses is the passing of burden to them as they share the effect of such rise and rise of dollars when in real sense, majority have never sighted nor transact with dollars in their life time , yet they are meant to share the burden of such rise when its never our official currencies.
what happened to our 1kobo,5kobo,10 kobo,25kobo,50kobo,1 naira,5 naira , they have lost their purchasing powers . yet our counterpart still make use of coin notes
point 17. his assertions have been corrected in my response to his point 16.
the complaint of the masses is the hike in prices of common and every day commodities that majority of these importers have increased in the guise of increased in dollars and this is largely due to inability of govt to act decisively to checkmate the activities of the traders .
wetin concern Garri and some local foods with hike in dollars rates. But becos these BIG men don't eat with us, they feel less concern
my submissions are.
Govt should in earnest check the activities of the BDC and also focus its attention on how to encourage local production also.
They should ensure to re-direct our economy from consumption to production and manufacturing in order to encourage export .
writers who are sympathetic to politicians should not just pick their pen to insult the collective intelligence of Nigerians cos they want to write .
same writers will boast of collections of foreign items in their kitty, show you their international passport that is filled with Visas granted to foreign country for vacations thereby neglecting our local tourist.
Majority of our govt officials now go abroad for vacations ,come back with some foreign items as evidence of shopping abroad.
Our Govt officials hardly patronised our hospitals,educational facilities,wares and others stuff but want to force down our throat the idea of local patronage.
I submit and rise
God bless the writer
God bless Nigeria 2 Likes |
| Re: CBN Claims Responsibility For Parallel Market Crash by tecmon: 3:18pm On Feb 26, 2016 |
When FG closes down the aboki black market, then we know they are serious |
| Re: CBN Claims Responsibility For Parallel Market Crash by Nuahall2k14(m): 3:37pm On Feb 26, 2016 |
Epic! Explanation 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 mondob2k(m): 4:01pm On Feb 26, 2016 |
Adesiji77:
I wonder o...why didn't they claim responsibility for the previous increases? no mind them jare |
| Re: CBN Claims Responsibility For Parallel Market Crash by olasunky15(m): 4:02pm 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 don't have business wit dollar? Wat re u smoking |
| Re: CBN Claims Responsibility For Parallel Market Crash by Eluwilussit(m): 4:17pm 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. Why should there be a parallel market in the first place? Is it naira that Bubu uses in paying Zara's school fees? All his travelling is paid in naira abi? You see, our naira is our local currency. It is not international yet. The dollar is the global standard of exchange. The value of the dollar determines even the value of the pound sterling, though the pound sterling has more value than the dollar. If the importers insist on buying them, why not seize their imports? Tax them exorbitantly? Prosecute them? Is it only those 41 items that are imported by Nigerians? Everybody is suffering because of 41 items? Whatever the reason is, with the glut in oil prices, this is not the right time to start this experiment. Nigerians are suffering. Is it when people start dropping dead on the streets that the govts will realize that Nigerians need some help? |
| Re: CBN Claims Responsibility For Parallel Market Crash by Kollyman: 4:35pm On Feb 26, 2016 |
mavinc4u:
you are very funny because nobody cares about that N199 since they can't buy dollar at that rate. why can't cbn ask bank to sell dollar at N199 to their customers at least that one would make a lot of sense. That wouldn't work at all as it would end-up mounting greater pressure on naira |
| Re: CBN Claims Responsibility For Parallel Market Crash by Kollyman: 4:38pm On Feb 26, 2016 |
plaetton:
My friend, stop deluding yourself and deceiving others.
The exchange rate is whatever obtains at the open Market, which today, is N330, certainly not N197.
N197 is the subsidized rate. Government subsidizing fraud and robbery.
No matter what ad-hoc measures the CBN might be politically motivated to adopt to shore up the Naira in this short term, it will be very costly to the economy in the medium and long term.
No nation in the world wages a war against exchange rate gravity and comes better for it. None whatsoever. Your theory is clueless and biass. God forbid you are the President, finance minister or CBN governor, you would have done greater havoc to Nigeria economy. |
| Re: CBN Claims Responsibility For Parallel Market Crash by plaetton: 4:42pm On Feb 26, 2016 |
Kollyman:
Your theory is clueless and biass.
God forbid you are the President, finance minister or CBN governor, you would have done greater havoc to Nigeria economy. Lol. If you were any smarter, you would shown how clueless and biased my theories were. |
| Re: CBN Claims Responsibility For Parallel Market Crash by mindurword(m): 4:54pm On Feb 26, 2016 |
Simple truth no matter how you try to paint it buhari government has fail the masses of this great nation. |
| Re: CBN Claims Responsibility For Parallel Market Crash by opomulero(m): 6:21pm 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. CBN PLEASE TELL THE BANKS TO STOP EXTORTING US, THEY ARE CHARGING HIGER RATE / $ and i believe the TRANSACTION IS PASSING THROUGH CENTRAL BANK WHENEVER THEY (the BANKS are to remit the $ into FOREIGN ACCOUNTS) |
| Re: CBN Claims Responsibility For Parallel Market Crash by arsenal1(m): 6:58pm 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 friend BDC are not sourcing dollars through illicit means. CBN authorized BDCs to source dollars for their operations from ANYWHERE |
| Re: CBN Claims Responsibility For Parallel Market Crash by 999west: 7:38pm On Feb 26, 2016 |
Dollar is #360 as at this evening
So what are we talking about |
| Re: CBN Claims Responsibility For Parallel Market Crash by ItuExchange(m): 9:09pm On Feb 26, 2016 |
I think CBN does only what they think is in the interest of the nation. Black markets are crazy, volatile and unpredictable. |
| Re: CBN Claims Responsibility For Parallel Market Crash by ifyan(m): 9:28pm On Feb 26, 2016 |
mavinc4u:
you are very funny because nobody cares about that N199 since they can't buy dollar at that rate. why can't cbn ask bank to sell dollar at N199 to their customers at least that one would make a lot of sense. May God continue to bless you. |
| Re: CBN Claims Responsibility For Parallel Market Crash by mikolo80: 3:38am On Feb 27, 2016 |
mavinc4u:
you are very funny because nobody cares about that N199 since they can't buy dollar at that rate. why can't cbn ask bank to sell dollar at N199 to their customers at least that one would make a lot of sense. so that you can go and sell to bureau de change abi, economic saboteur. we have laid our bed, we will lie in it together |
| Re: CBN Claims Responsibility For Parallel Market Crash by mavinc4u(f): 3:50am On Feb 27, 2016 |
mikolo80:
so that you can go and sell to bureau de change abi, economic saboteur. we have laid our bed, we will lie in it together i am sorry dear but you are very sick and you need your drugs as soon as possible. Fish brain. you got no human brain; there is nothing left in your head, is just an empty skull. Look for any biology lab and donate it for experiments. look for your type to lie on that bed with you instead of constituting nuisance here. |
| Re: CBN Claims Responsibility For Parallel Market Crash by mikolo80: 3:59am On Feb 27, 2016 |
mavinc4u:
i am sorry dear but you are very sick and you need your drugs as soon as possible. Fish brain. you got no human brain; there is nothing left in your head, is just an empty skull. Look for any biology lab and donate it for experiments. look for your type to lie on that bed with you instead of constituting nuisance here. 9 insults not one economic argument. guess who needs brain surgery |
| Re: CBN Claims Responsibility For Parallel Market Crash by mavinc4u(f): 4:20am On Feb 27, 2016 |
mikolo80:
9 insults not one economic argument. guess who needs brain surgery economic argument? what will you do with that when you got no brain? you really need more than. Go back and check my post then check your idiotic response and you will find the answer to the equation of who needs brain surgery. you must not comment when you are... Any way, let me leave you here because is not in my nature giving people sleepless night. watch what you type next time. |
| Re: CBN Claims Responsibility For Parallel Market Crash by mikolo80: 5:20am On Feb 27, 2016 |
mavinc4u:
economic argument? what will you do with that when you got no brain? you really need more than. Go back and check my post then check your idiotic response and you will find the answer to the equation of who needs brain surgery. you must not comment when you are... Any way, let me leave you here because is not in my nature giving people sleepless night. watch what you type next time. Chai and one mumu go marry dis wan begin de multiply lack of home training. |
| Re: CBN Claims Responsibility For Parallel Market Crash by klevotino: 1:58am On Mar 11, 2016 |
NOIBMUUL:
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 brother you really annaylise your point wella. Make I no too flow..just getting the rythe.. |
