smartkester:
but Nigeria was importing heavily during the days of Sani Abacha and exchange rate was #22 to $1 back then. Importation is a problem but is that the major problem?

It isn't, and if it had been, a one-time devaluation of the Naira would have ended the problem once and for all. The real problem is that Nigerian governments spend more than they earn, which they try to reconcile by a mix of borrowing abroad and simply printing more money. It's the printing of ever more money that causes the problems, as it gives rise to inflation, of which the slide in the Naira's value against the US Dollar is just another manifestation. Nigerians aren't surprised when tomatoes cost 20% more than they did this time last year, yet act shocked when USD also costs 20% more, as if Dollars weren't simply another good to be purchased.

CBN rate is 790... hehehehehe and you call am crash..1500 is the next bull run

money121:

Ok no vex

But na still GOOD NEWS

Good news because they reported that it is 790naira or good news because that is the reality?

AlphaWolf27:


It's obvious you've got the smaller brain. Anything can make it crash and could range from change in policies, announcement of perceived changes, change in govt, etc. Please be educated on subjects before you run your mouth.

You are correct, but in this case it didn't crash or it may have crashed on TV screen but not at physical market, even if it did crash, Naigerians would still sell at high price, nothing ever crashes in price in Naigeria, not prices of commodities in Naigeria rather it goes up high.


Tell me, did you exchange dollar last?

Binance and Kucoin are the problem of naira in Nigeria. Kucoin and binance and still selling 940 naira for one dollar.
Federal government should ban Binance and Kucoin now if they want the stability of naira. Since binance and Kucoin have refused to sell at the central bank official rate, Tinubu should ban them now

Hahaha, lol. Na by media propaganda

omohayek:

It isn't, and if it had been, a one-time devaluation of the Naira would have ended the problem once and for all. The real problem is that Nigerian governments spend more than they earn, which they try to reconcile by a mix of borrowing abroad and simply printing more money. It's the printing of ever more money that causes the problems, as it gives rise to inflation, of which the slide in the Naira's value against the US Dollar is just another manifestation. Nigerians aren't surprised when tomatoes cost 20% more than they did this time last year, yet act shocked when USD also costs 20% more, as if Dollars weren't simply another good to be purchased.

How does printing of more money cause inflation?

It goes to show that the main driver of the naira/dollar price is speculation.

Speculators are trading the naira like they are trading tomatoes.

Instead of people to put their money into productive use that'll benefit the economy they are buying another country's currency just to make profit.

These people wake up every morning hoping the dollar has gone up.

Yet, these unpatriotic lot are also on social media blaming the President and the CBN.

Ok na.

Midehi3:
This man should step down, atleast his 'Emilokan has been achieved, he will be addressed as ex president. He knows nothing and can't save this country.

But he built Lagos alone single handedly with cement and shovel

Dollar crash, this useless politician just dey toll with masses

lexy2014:


How does printing of more money cause inflation?

It doesn't, but It reduces the value of the money. Inflations are caused by greedy rich people/humans made problems.

IPOB/OBIDIENTS left the group

Elvis2kay:
All dollars account must be close. This is Nigeria and Naira is what we spend. No Naira account is allow in USA.

Naira is not a strong currency.NIMASA,NPA etc conduct some of their transactions in dollar.

DailyTrust?

Propaganda!
I don’t know who told these APC ediots that propaganda moves any economy

occfx:


But he built Lagos alone single handedly with cement and shovel

please remind them.

Lies from the pit of hell.

spencekat:
Naira is not a strong currency.NIMASA,NPA etc conduct some of their transactions in dollar.

That guy must be deluded how far can Naigerian currency take anyone? if not only in Naigeria.

Goodlady:
Crash it more o. To N100 per dollar.

Until I hear that naira has hit 350/$, that's when I'll believe that it has actually crashed. Otherwise, this is still not crash, rather, it is scratch

Elvis2kay:
All dollars account must be close. This is Nigeria and Naira is what we spend. No Naira account is allow in USA.

so how can you pay foreign companies in Naigeria in Naira that has no value? They want their money in valued currencies. i.e dollar.

Ikaeniyan0:
You're sad the news is about the naira strengthening against the dollar

Wake up and face reality... Dollar is still 940 this morning.

We are Nigerians and we can't keep allowing politicians deceive us with the media. You and I will suffer it.

All of our problems are greedy man made!




Some Mfs are solely responsible for determining the dollar prices, the dollar spending rate in the US doesn’t determine our rate over here
BUT
Instead it’s some greedy MFs who have brainwashed most Nigerians to accept the dollar over the naira and this has caused instability for Nigerians.

All of this is man made and one day “they” will be made to answer to every child that went to bed hungry and every sick that died out of poverty.

leisuretym:
How can the their own currency be so powerful when we are the one that have the gold, oil and diamonds , these people keep coming here with piece of paper for us to sign , they keep coming with nothing but baseless arguments in exchange for our resources , every Anglo and Franco German Agreement with our illiterate grand fathers should be terminated, we are not part of it, how can 1 dollar be 700 Naira when we are the one blessed with everything?
This scam is got to stop 🛑

you don't have to blame them my brother, our leader are not ready to stop answering yes Sir to them, rather they are ready to suffer the masses to deaths to prove to them (master) that they are loyal to them, in all blame our leader we voted in and also blame our selv

Ikaeniyan0:
You're sad the news is about the naira strengthening against the dollar

When was the last time you exchanged dollar or pounds? Please tell us.


As at this morning apparently it is still at 940 and you on here yapping rubbish.

complexstuffs:

This news go dey turn OBIDIENTS for belle

Have you called Aboki to confirm it, or you just swallow everything policians concoct through the media.

How daft some of you can be. Now anyone who refused to be fooled by politicians is Obedient?

iCauseTrouble:
Audio crash. Something that I sold N915 per $ 30 minutes ago

But some sold Monday 946

Abokifx posted 950 yesterday, those guys contribute a lot the issue on ground.

The crash will favour me and my family

RealEmilokan:


Wake up and face reality... Dollar is still 940 this morning.

We are Nigerians and we can't keep allowing politicians deceive with the media. You and I will suffer it.

Some of them are very stupeed! He probarbly has never seen a dollar bill.

And don't forget to pray that your aspect of life should be revert back to GEJ era including financial capability 🙏🏼

Okortor:
Trash! Still on d high side and until dollar revert back to d price it was under GEJ before I can take jagaban/apc serious........

money121:
Good news

wetin be good news, he should revert it to where he met it