nedekid:

You de fast

SpecialAgent:


It seems you are new to this, let me break it to you, as long as you earn the dollar to spend in Nigeria, na same thing unless you are into export

SpecialAgent:


It seems you are new to this, let me break it to you, as long as you earn the dollar to spend in Nigeria, na same thing unless you are into export

mrkings84:
I don't understand

Pls can someone braeak it now for me!!

proeast:


Lol, you ended up confusing yourself

What do you mean by "unless you're into export"?

By the way I have heard people say that those earning in dollars and spending in naira gains nothing when naira depreciates but that's not true. Everyone earning in dollar gains once naira depreciates. Now, let me break it down for you.
Someone earning $500 monthly when naira exchanges at 400 to a dollar would have 200k but once naira depreciates to 500 per dollar, his income becomes 250k monthly i.e. 50k extra.

However, when dollar appreciates, only imported commodities are directly affected. Rent remains static, likewise transport and locally grown food. Remember that FG still subsidizes fuel while means that they will offset the increase due to exchange rate.

So, while salary earners and businessmen would have a static income regardless of exchange rate fluctuation, the person who earns in dollar is now 50k naira richer and all of them will still go to the same market, buy the same commodities and pay the same rent.

In summary, when dollar appreciates those that earn forex gain.

mrkings84:


No ooo... No food na my brother... Some days are like that shall!

BlackfireX:
Lifeless shocker


2 feet forward, 10 feet backward


Where is our supreme leader of toilet matters

proeast:


Lol, you ended up confusing yourself

What do you mean by "unless you're into export"?

By the way I have heard people say that those earning in dollars and spending in naira gains nothing when naira depreciates but that's not true. Everyone earning in dollar gains once naira depreciates. Now, let me break it down for you.
Someone earning $500 monthly when naira exchanges at 400 to a dollar would have 200k but once naira depreciates to 500 per dollar, his income becomes 250k monthly i.e. 50k extra.

However, when dollar appreciates, only imported commodities are directly affected. Rent remains static, likewise transport and locally grown food. Remember that FG still subsidizes fuel while means that they will offset the increase due to exchange rate.

So, while salary earners and businessmen would have a static income regardless of exchange rate fluctuation, the person who earns in dollar is now 50k naira richer and all of them will still go to the same market, buy the same commodities and pay the same rent.

In summary, when dollar appreciates those that earn forex gain.

SpecialAgent:


Bros forget, we IMPORT VIRTUALLY EVERYTHING IN THIS COUNTRY, When importing na dollars them dey use, they won't sell it to you any cheaper than it's value in naira. Ones dollar goes up, the price of even tomatoes goes up. About your 50k richer theory, once the inflation goes to high, the minimum wage has to be adjusted to reflect the realities on ground.

The tomotes I usually buy for 50 naira in 2016 is now valued at almost 200 naira. I usually buy direct from farmers.

The gain you are talking about is minimal, no be only you get the dollar

nedekid:

Na pepe issues?

mrkings84:


Of course na....but I don chop now!

nedekid:

Thank God.
Show ur Acc make I arrange you small breakfast even if na for indomie superpack and egg with coke for tomorrow.

mrkings84:


That would be nice of u...
0040-744-933- access/Kings/Idio

proeast:


You're not getting it. Landlords don't increase rent annually, it can take up to five years in some instances before rents are increased.

Do government increase increase salary every year? It takes many years before government increases salary.

Do you buy imported commodities everyday? Like what and what? Do you buy things like cars, televisions, electronics, gadgets etc every month.

Basic things like food, clothing and shelter among others does not increase in price everyday, they take years to do so and that's enough time for dollar earners to accumulate profit.

However, someone earning in dollars is seeing increased earnings daily courtesy of higher exchange rate.

At worst, a dollar earner would see increase in income at a geometric rate while inflation would be at an arithmetic rate.

I have explained enough already but if you still want to believe otherwise, you're free to do so.

nedekid:

Thank God.
Show ur Acc make I arrange you small breakfast even if na for indomie superpack and egg with coke for tomorrow.

Penboy:


No, you get it all wrong.. On paper, you're correct. But in reality it is not so, especially for a heavily import country like Nigeria.

What happens is that rents would go up for house owners to make more money to purchase imported goods. Prices of other locally made goods would go up to make manufacturers buy the more imported goods.
That is usually the long term result of depreciation.

So you that earn the dollar would convert in Naira and buy more goods expensively.

SUPERPACK:
I am here, you called me.

DenreleDave:


Nedekid, you don buy market ooo


Truly truly you called him.. Oya Nedekid baba, settle superpack now

SUPERPACK:
I am here, you called me.

nedekid:
Lol

nedekid:

Thank God.
Show ur Acc make I arrange you small breakfast even if na for indomie superpack and egg with coke for tomorrow.

mrkings84:


Unlike our politicians with unfulfilled promises. I woke up to meet an alert. Thanks man.
God bless and replenish your source.


I'm grateful!