Take Note, l didn't author or Co-author this neither am l endorsing it but l want Nigerians, economists, financial analysts to fault the reasoning behind it. Please let me explain to those of us who don't
understand Economic terms. Though I'm not an economist but an Engineer..

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.If you trade with any Nigeria bank you'll know what I am saying..

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

Next is Arm deal....

cc: Moh'd T. Lukman

Ok

All roads leads to Aba,Onitsha and Lagos for made in Nigeria goods.

Honestly your write up is so dumb and it's obvious you are not an economist.

Ban all foreign product until we learn how to produce?

And the dumbest thing I read; I quote "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"

Must everyone know physics and computer engineering?

Have u heard of the word diversity?

Must you knw how to produce what you are using?

And if she could own an iphone5 which most likely you are not using its simply means she's not so dumb afterall.

But honestly That's the dumbest statement have read all my life.

NB: Am not in anyway calling you dumb, you might be a smart ass for all I know, but you post is dumb and you might do well to edit some part.

Have a nice day.

Though I think the dude above me is harsh, he kind of has good points. The exchange rate is surely the business of Nigerians as we import more than we export. I can't say it's possible to be totally self sufficient. We would always need things from other countries. The level we would like to get to though is other countries needing our products and expertise. In that way our economy strengthens and the country gets revenue from d exported goods and it's expatriate.
Finally, getting industries running is not so easy because of high start ups with bank interest rates very high. So its not that we are too lazy to manufacture. The people who have the ideas and zeal are too poor.

Peezy:
Though I think the dude above me is harsh, he kind of has good points. The exchange rate is surely the business of Nigerians as we import more than we export. I can't say it's possible to be totally self sufficient. We would always need things from other countries. The level we would like to get to though is other countries needing our products and expertise. In that way our economy strengthens and the country gets revenue from d exported goods and it's expatriate.
Finally, getting industries running is not so easy because of high start ups with bank interest rates very high. So its not that we are too lazy to manufacture. The people who have the ideas and zeal are too poor.

I just got educated thru ur post, thanks man.