musicwriter:


The world is being ran by the capitalist network that control the world's economy, and at the top of the chain is the world Bank and the IMF. Every other organization, including OPEC, even the UN is in their pocket. See the capitalist network that control the world's economy http://www.africason.com/2015/05/the-capitalist-network-that-control.html

jpphilips:



So your understanding of that link is that World bank and IMF control crude prices right?

musicwriter:


First of all, let me know what you understand from the link.

jpphilips:


Are you implying you posted a link without a clue what it says?

jpphilips:



The USD is a local currency for the USA and fortunately for them it is a global currency, America does not balance her trade with currency variations but trade volume, in other words, once a Nigerian buys a made in China toothpick, the CBN will worry next about balance of trade, in the US, when Americans buy made in China toothpick, they worry about loss of jobs accrued to the manufacturing process.
America wants more containers of finished goods shipped out of the US more than the containers of finished goods that arrive from China not because it affects their currency but because they want to maintain a production capacity that guarantees Government revenue through taxes and employment.
Nigeria isn't quintessential to the US in terms of forex dispositions. damn! you guys

Badgers14:


For your mind you don blow grammar abi

Before diving in to a topic to flaunt your single figure IQ make sure you understand the original post in relation to someone's opinion.

My primary argument was that in my opinion the major issue why This currency fluctuations affect Nigerians was "primarily because USD is used heavily as a legal tender in Nigeria.".

You can never use any other currency except the USD in the U.S.

Do you understand what a balance of trade is? Look up the meaning then go through your post again.

Okay

jpphilips:


it is ok to make dumb excuses for your intellectual inefficiency, why did you stup!dly compare made in China products in the US with made in china products in Nigeria? why the other walmart and kroeger stup!d examples you gave on that post if
you never thought that a made in China product imported in the US is supposed to affect the value of the USD in the US?
Olodo seeking Asylum, kindly donate your brain to charity.

hobermener:
The smart ones will increase their stock of dollars, i repeat, the smart ones will increase their stock of dollars!!!!
Funelling millions of dollars into the forex maket on a daily basis, is a stupid short term solution to a longer term problem, which i assume is just a calculated move to score cheap political points.the price of Oil, the major foreign exchange earner is still very low, with opec struggling to stick with its production quota, any sensible human will evisage a further drop in oil prices, as the world moves to cleaner energy, and opec member nations continue to ignore the organizations agreements. Though slow, a long term policy of import substitution and agressive exportation through economic diversification would ultimately lead to a precipitous decline in the dollar price, but what do we have, a government still spending billions on oil prospecting, foreign direct investment at an all time low, and one of the worst economic contraction in recent times, yet some fools still cheer this fire brigade method of pumping dollars into the market for school fee payments and tourism, things that only end up driving exports higher, further complicating balance of payment problems.
Producers who need forex the most do not get them, these people are supposed to be top priority, expecially the agricultural sector and the mining sector, agressive importation of producer goods is the top priority of any country that seeks to curb foreign exchange problems in the long run, these producers should have government acting as payment agents(in dollars) after these purchases have been verified by the cbn, while these producers pay in naira at subsidized rates, but what do we have, a government subsidizing payments for pilgrimage and other bullshït of little to no economic significance.
Call me a pessimist, that's your opinion, buth when the inevitable consequence of this stupid move raises its ugly head, there will be no one to save the naira!!!!!

Noblepreneur:
I had to go through all your post as it relates to Forex when I saw your post this morning. You are smart bro.

Is it still adviceable one gets dollars even at this current amount?

Do you still see a situation where dollars will rise to what it were as at February beginning?

Thanks bro
I see the situation getting worse. I fear our reserves are dwindling at the speed of light and this current government is not being sincere with the issue.
Recall the insincerity of buhari in declaring how much his frivolous overseas trips have cost the nation
Thats the quagmire we're caught up in.
When our reserves hit rock bottom, and excess demand for dollars hit the market(being an import dependent nation), which cannot be matched by increased liquidity, then the unthinkable might likely happen.
I repeat the cbn has to stop this madness when they still can, even though its pretty late!!!