Oluwabusobomi:
It will never be well with Buhari, Lai Muhammed, Elrufai, and all APC families (zombies) worldwide

cc: NgeneUkwune, omenka, PassingShop, et al

fine girl

sinking naira bad news for the nation's economy. People have already experienced enough hardship and if the fall should continue more businesses will collapse and many will still loose jobs. Government should do something meaningful to safe the country.

The idea of mini importation is already fading as most importers have been compelled to stop the Biz.

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Am very surprised when I bought a phone of $29 from eBay and paid through PayPal and uba debit my account with #11,068.83.? This is madness of the highest oder.

Curvinus:


1. Demand and supply. If more people are demanding the dollar for importation and you do not have enough in your foreing reserve to service these needs, the currency will become scarce and expensive, meaning you will need more of your local currency - in this case the naira - to buy a unit of the dollar.

2. Of course, if your economy is structured in such a manner that you do more of imports, you will have a negative ballance of trade/ballance of payment and this leads to unemployment, currency devaluation and all the other problems Nigeria is facing.


2. Why would we want to raise the value? So you can use your N10,000 salary to buy a brand new car based on an artificial value created by the sale of oil. Of course this is not sustainable as we would be back to ground zero if the price of oil falls again. We need not be obsessed about the value of naira to the dollar. Rather, we should be thinking of how to produce what we need and be immune to whatever happens in the monetary market.

4. See above.



5. We were producing what we needed then. The regions were self sustaining through agriculture. But Gowon's counter coup laid the foundation for the destruction of Nigeria's economy. Oil became our mainstay and the 12 states Gowon created became more or less, glorified military formations fed directly by the FG. We lost our incentives to work hard and oil boom made sure this madness continued until what you have now. This is why you have calls for restructuring our fiscal federalism.

Thank you so much, believe me I now understand better. But what are the solution to the problems ?

Rexyl:


The idea of mini importation is already fading as most importers have been compelled to stop the Biz.

Mehn I was considering mini-imp oh, but when I saw the exchange rate I had to forget about it.

darelar:
Am very surprised when I bought a phone of $29 from eBay and paid through PayPal and uba debit my account with #11,068.83.? This is madness of the highest oder.

No sir, it is madness that your country cannot make phones or anything of substance for that matter and insanity for you then to believe you will get them cheap. Get making stuff. Buying is for lazy bones and oil sheikhs, are you?

This country needs more entrepreneurs to make our economy better

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I saw 307 this morning on punch newspaper so where you get 375 @op.

thats united States dollar. If you Africans use one currency example afro dollars , don't you think you will live better and valuable?

sarrki:


Make your point and don't rant

Thank you sis for your understanding

so u think every f u see, is a female. Na guy b dat na

Empero1:


Step aside. Since when did cfa's now gain weight more than naira, to the extend of exchanging 1k naira for 916 cfa ... parallel market or not. In fact, before close of office today, we exchanged 1k cfa for 650 naira. And this happened to be worst it has gotten to.

At xe currency, it's still even 2 cfa to 1 naira... and this happen to be its worst slide against cfa, too.

Brother man forget about parallel market and XE currency converter, am telling you of what my I changed from Eco Bank yesterday being 22/07/2016

Reference:


That is a good development. Come back and make the stuff they purchase from there over here. We can no longer support the Togolese economy at our expense. We are not Saudi Arabia. Why should we help you there in Togo. Why. Every damn country in the world makes a living at our expense. Do we have a trade surplus with any country, no. Every other nation is getting rich at our expense, and we should continue like this?

My brother shey you think say I happy as I dey anoda country dey do my business, na Okirika Bales I dey sell, Nigeria Economy no gree see am as better business na, for Togo here dona Legit and Legal business and I like am, so try tell you government make dem raise the embargo on Okrika...

Dollars will continue to rise as much as the dullards of okrika markets continued to import used and tattered wears like pants braziers, thrown away clothing wears, thrown away babies and adult shoes including goat hairs for their women too numerous to name from obodoyinbo at the expense of made in Nigerian goods. What you hear of from time immemorial is tokunbo this tokunbo that are being imported in dollars by the dullards of okrika markets as a result of this they can afford to go to sabo markets to purchase the dollars at any rate from the sabo touts who in their own case got these dollars from the country's stolen wealth. All you hear in this country from time immemorial is tokunbo tyres, tokunbo radio tokunbo TV tokunbo fridge tokunbo cars tokunbo batteries name it, all these are disused,disposable materials from over seas being used to kill Nigerian markets by the dullards scrambling for dollars at any black market rates.