I am sure must of you know that naira is crashing against the dollar in the black market.

The main reason is why naira is crashing against the dollar in the black market is that most corrupt people and criminal individuals, are using the black market to launder their ill gotten money.

Please ask the federal government

The fg should close the black market.

Demand Vs Supply- the federal government and indeed the CBN have failed woefully in managing our currency

touchalex25:
Demand Vs Supply- the federal government and indeed the CBN have failed woefully in managing our currency

How much forex did your state make last year from exportation of commodities?

Or you also, what did you export for foreign exchange last year to help the Nigerian economy?

thebosstrevor1:
I am sure must of you know that naira is crashing against the dollar in the black market.

The main reason is why naira is crashing against the dollar in the black market is that most corrupt people and criminal individuals, are using the black market to launder their ill gotten money.

Go to school you refused ...now see you disgracing yourself

buckeyemedia:
How much forex did your state make last year from exportation of commodities?

Or you also, what did you export for foreign exchange last year to help the Nigerian economy?

I'm from IMO ..well apart from our oil n gas ...we exported thousands of skills that remit dollars to Nigeria

What did your state contribute ?

These are the factors and don't let anyone tell you that Nigeria is an import dependent country that is why the naira is weaken by the dollar.
Politicians exchange naira to the dollars and sends to their children for upkeep.

Most top government officials and politicians travels to Europe and America frequently to either visit their children who studies and live in America or do a political meetings like gov Wike and co.

Most private universities in Nigeria uses dollars as a medium for payment of school fees.
These institutions and individuals need dollars to carryout their transaction abroad.This has make the demand for dollar high.Infact, politicians stack it in their houses too.

Also,dollars is now our official currency because politicians are now using it to bribe big wigs in their party for votes and enforcement because it doesn't require a Ghana must go bag that can easily be detected.

That is one of the reasons CBN Governor want to introduce #2k and #5k notes to minimise the use of Ghana must go bag to steal large sums of money.

mrvitalis:

Go to school you refused ...now see you disgracing yourself

I think you are the one that need the schooling

Terrorists, money launderers, corrupt politicians, fraudsters, criminal elements are the majority of the people putting pressure on the naira.

Nigeria is the only country in the world where anybody can access dollar on the street without kyc or transaction threshold. Why won't there be pressure on the naira.

Is it normal for someone to access $20k without documentation or the bdc reporting such transactions

buckeyemedia:
How much forex did your state make last year from exportation of commodities?

Or you also, what did you export for foreign exchange last year to help the Nigerian economy?

you guys think exportation of commodities will automatically make your currency perform better. Oyibo will turn that commodity into something that will make you take that your dollars and buy the stuff times 10. The demand for dollars in Nigeria is so high. People throw it away in lagos parties.
Another angle is tilting of international trade. The Us led west with their lackeys in Imf and world bank have created an unbalanced world since world war 2. Infact is now everybody eye don open because of russia and korean war. What we need is to build our economy that will attract dollars by way of investments especially financial like banks, venture capitals, and other investors.

buckeyemedia:
How much forex did your state make last year from exportation of commodities?

Or you also, what did you export for foreign exchange last year to help the Nigerian economy?

does every US citizen export products to help the US dollar remain strong? I’m not into export or production we all can’t be, I don’t think there is any country where all citizens are exporters or manufacturers

touchalex25:
does every US citizen export products to help the US dollar remain strong? I’m not into export or production we all can’t be, I don’t think there is any country where all citizens are exporters or manufacturers

Very daft analogy, the US dollar is local currency in the United States.

buckeyemedia:
Very daft analogy, the US dollar is local currency in the United States.

Do you have poor upbringing or something can’t you discuss with someone without insult.

jesmond3945:
you guys think exportation of commodities will automatically make your currency perform better. Oyibo will turn that commodity into something that will make you take that your dollars and buy the stuff times 10. The demand for dollars in Nigeria is so high. People throw it away in lagos parties.
Another angle is tilting of international trade. The Us led west with their lackeys in Imf and world bank have created an unbalanced world since world war 2. Infact is now everybody eye don open because of russia and korean war. What we need is to build our economy that will attract dollars by way of investments especially financial like banks, venture capitals, and other investors.

Thank you, people who have zero knowledge about economics turn over night expert on Nairaland