Tahtah:
Become a World mathematician! A cyclist cycles for x hours at 12km/hour and y hours at 18km/hour. Altogether she cycles 78km in 5hours. Find x and y

X=2, y=3

iykedare:




Is there any crime in saving your money in dollars? I worked for my money and so I should decide in what currency I should save it in . Why all these bad Belle sef? Should we all save our money in failed naira?

Because of the nature of things now and the character of Nigerians, there should be currency restrictions to some extents

Tahtah:
Become a World mathematician! A cyclist cycles for x hours at 12km/hour and y hours at 18km/hour. Altogether she cycles 78km in 5hours. Find x and y

Y=3hours, X=2hours

I have read a lot of comments with most being against the CBN.

I support the CBN on this move and would explain why in my elementary understanding of demand and supply.

Yes, if you have $1billion in your dorm account and u earned it legitimately , in saner climes government should not ask you to spend it by force but this is not saner climes.

On the flip side, how did you get the dollars? There are 3 broad ways to earn dollars as a Nigerian; repatriated funds, export earnings and direct currency swap deals through BDC or banks.

The 1st two are very good for our economy but when such an owner of the funds does not utilize the money, Nigeria does not benefit. When such monies are exchanged for the Naira, a sizeable demand for fx is taken off government's back as supply. We all know that the more supply the less demand and the less the price. So why would a patriotic Nigerian store fx.

Say the $1billion was exchanged by either bank or BDC, who supplied the Bank or BDC? CBN right? How did CBN get the Dollars? Selling crude oil right? Now this is where the problem is, while other legitimate Nigerian business men demand dollars to import useful commodities and equipment for local consumption, the government can't afford to give every body but someone has gotten it and locks it up. That's called saboteuring even if the money is urs.

Its like a wayward child whose father gave 100k for sch fees but child reports he was robbed which never happened. The father takes another 100k from the home building fund to give the child. Now, this child is not aware that its an investment meant to provide a goodhome for him, but no the child's wants a wayward life and doesn't care about the repercussions. When the father retires without completing the home building, the family becomes distressed without a home just because the child was wayward.

Every Nigerian has a responsibility to make this economy great but we are wayward and still blame government for not doing enough after deliberately sabotaging it. We all know Nigeria is a mono product economy which means government provides for upwards of 90percent of forex demand, it is wrong for anyone to take a large portion of that forex and lock it up. Based on this premise, I support the govt to create a timeframe for keeping forex unused especially when we know govt provides the forex.