Throwback:
Tinubu made it clear that the dollar should trade for whatever value those who are demanding it are willing to pay for it.

The question then is why are Nigerians so concerned about the naira value of the dollar?

The exchange rate is not a value of our local economy.

We were never a bigger economy than the USA when our Naira traded higher to a dollar on the 1960s and 1970s.

The UK is not a bigger economy than the USA despite the exchange rate between the British Pound and the US Dollar.

The government should focus on our local economy and achieving local sustenance, and ignore the exchange rate speculators.

As long as the average Nigerian can get all their needs and have enough left for savings and investments for the future, the exchange rate would be nothing but a number, just as it was when we had a higher exchange rate but a poorer economy compared to the US economy.

You're very correct
The problem is those who have the means and responsibility to do this are too fixated on dollars to care about the local economy

ford101:
also blame your yoruba and hausa brothers that can't produce anything but buy from the igbo importers.

oga there are alot of manufacturing industries in the SW.
Igbo importers are a threat to our manufacturing sector.

Kennyswag:
then you should be blaming the Nigerians(igbos) that has killed the economy with importation na.
is it tinubu that is importing every nonsense into Nigeria including those that can be/are been manufactured in Nigeria?

blame your importation loving igbo brothers.

But they are importing for you to buy. Are you not happy? You what do produce in commercial quantity of they don't import for you?

Dunno how old you are but have you heard about "Ibo made" from your grandparents and great grandparents?

The rest of Nigerians used to mock any product not imported as Ibo made, this should give you an insight into Igbo ingenuity. My people are smart, creative and resourceful. But because of hatred and unnecessary fear of the Igbo man, successive governments denied them the necessary support to take their hustle to point B.
By now, all these hullabaloo about the dollars wouldn't be because Nigeria will be an exporter of good repute earning plenty dollars.

LoL..

We die here!

We’re like rats. We will survive.

Angelfrost:


Lol... It's already a full blown crisis!

Try and keep up.

🤣

Kennyswag:
oga there are alot of manufacturing industries in the SW.
Igbo importers are a threat to our manufacturing sector.

How are they a threat to the manufacturing sector? Is the playing ground not level? By the way, Aba and Nnewi are industrial hubs churning out some of the best products money can buy.

The igbo importers probably discovered it's cheaper to import than manufacture in Nigeria.

Kennyswag:
So much noise about dollar as if dollar is the national currency.

It's inconsistency has a ripple effect on the well being of the economy.
Where do you live oga, mars?

What at time to be a Nigerian living in Nigeria. As heartbreaking as it may sound, I'm beginning to succumb to the belief that the Nigeria is hopeless, atleast in this generation.

Kennyswag:
then you should be blaming the Nigerians(igbos) that has killed the economy with importation na.
is it tinubu that is importing every nonsense into Nigeria including those that can be/are been manufactured in Nigeria?

blame your importation loving igbo brothers.

I am very sure that you have not answered the question within yourself. Have you seen someone open shop from January to December and made no sale or good profit and goes back to that same shop the following year? I thought your buhari said that once foreign rice has been banned that local rice will take over and become cheaper, so how much is a bag of rice today

What are we even arguing about, reality is upon us, the stage is set, tinubu has absolute power, enjoy your loot

Throwback:


Why should exchange rate of the dollar cause a rise in the cost of living inside Nigeria?

That is the problem the government needs to address.

Eliminate importation of the commodities we should never be importing, like our fuels.

Are we importing agricultural products?

Exchange rate is not just a number but the current value of your currency in the international market. A key determination of the prices of all goods and services on the international market. The more your currency loses value, the higher the inflation the poorer the people. Ask Zimbabwe

GBPUSD:
The second most religious nation on earth. They'd rather keep praying than think of a solution.

So unfortunate you can't choose your country before birth.

Life is not fair.

what is your problem wig religion? Tinubu is your problem in this country. Leave religion alone

No comment

5k/$ is the goal...

If not for secret subsidy fuel should be at least 1300 now

If USD is over 1520 then fuel at 680 is almost given for free aka giveaway price.

Throwback:
Tinubu made it clear that the dollar should trade for whatever value those who are demanding it are willing to pay for it.

The question then is why are Nigerians so concerned about the naira value of the dollar?

The exchange rate is not a value of our local economy.

We were never a bigger economy than the USA when our Naira traded higher to a dollar on the 1960s and 1970s.

The UK is not a bigger economy than the USA despite the exchange rate between the British Pound and the US Dollar.

The government should focus on our local economy and achieving local sustenance, and ignore the exchange rate speculators.

As long as the average Nigerian can get all their needs and have enough left for savings and investments for the future, the exchange rate would be nothing but a number, just as it was when we had a higher exchange rate but a poorer economy compared to the US economy.

Because people can no longer afford what they were able to afford less than a year ago.

Are you like this in real life?

Mdf plywood is now #21,500 for any one concern.

sirpharrell:
It is obvious that the recent steep decline in the value of the naira is not due to any proven economic factor.
It is artificial, mainly due to speculations by Nigerians.
I think the government should not intervene but ensure that there is little or no room for arbitrage as they seem to be doing lately.
Let the naira even fall down to 10,000 to the dollar if that is what the currency speculators want.
The market will naturally get to a bursting limit, like all ponzi schemes are bound to, where late entrants will lose heavily.
There is no difference between ponzi and what they are doing now.

It's either we improve local production or allow manufacturers and genuine business access forex easily at official rates. This is only what can shame the black market operations

This one have already won the most foolish Nigerian of the year award one month into the new year.
It's obvious ignorance runs in your DNA, stop exposing and embarrassing your ancestors on a public forum

Throwback:
Tinubu made it clear that the dollar should trade for whatever value those who are demanding it are willing to pay for it.

The question then is why are Nigerians so concerned about the naira value of the dollar?

The exchange rate is not a value of our local economy.

We were never a bigger economy than the USA when our Naira traded higher to a dollar on the 1960s and 1970s.

The UK is not a bigger economy than the USA despite the exchange rate between the British Pound and the US Dollar.

The government should focus on our local economy and achieving local sustenance, and ignore the exchange rate speculators.

As long as the average Nigerian can get all their needs and have enough left for savings and investments for the future, the exchange rate would be nothing but a number, just as it was when we had a higher exchange rate but a poorer economy compared to the US economy.

Truth be told, Tinubu only said it was his turn and that he will snatch it and run away at all costs

At this point, it is most likely that this is caused by multiple factors.

Be that as it may, only serious, competent, and God-fearing leaders can help this situation.

Seems massive looting at unprecedented levels is taking place.
There no other explanation for this.
Who did we offend for God's sake. Calamity had been brought on Nigerians.
I really don't know what to say again.
$10,000 is now ₦15m.

Freebills12:
[color=#000099][/color]

You are nothing but a fool. People like you should not have access to phone because it is a waste... 70% of all you use in this country is imported with dollar and your brain with which you used to type this can't articulate that there will be increase in price of commodity. Don't you know that fuel is imported in dollars? Gas, disel... Better respect yourself. Once our currency has no value the mass will suffer because Nigeria is not among the country that produce rather we consume.

You huffed and puffed and still concluded on the same problems I identified.

Emotions over logic.

Throwback:
Tinubu made it clear that the dollar should trade for whatever value those who are demanding it are willing to pay for it.

The question then is why are Nigerians so concerned about the naira value of the dollar?

The exchange rate is not a value of our local economy.

We were never a bigger economy than the USA when our Naira traded higher to a dollar on the 1960s and 1970s.

The UK is not a bigger economy than the USA despite the exchange rate between the British Pound and the US Dollar.

The government should focus on our local economy and achieving local sustenance, and ignore the exchange rate speculators.

As long as the average Nigerian can get all their needs and have enough left for savings and investments for the future, the exchange rate would be nothing but a number, just as it was when we had a higher exchange rate but a poorer economy compared to the US economy.

Yeah, it has been said before, all the average Nigerian needs is cassava, garri, ewa to be contented. As you said let's focus on our local economy. We trek to go to work, we jog to visit relatives, we bath with black soap, brush out teeth with chewing stick, use local herbs for medicine, use human shit for as fertilizer for growing crops etc.

Jonathan8:
[quote author=Throwback post=128219051]Tinubu made it clear that the dollar should trade for whatever value those who are demanding it are willing to pay for it.

The question then is why are Nigerians so concerned about the naira value of the dollar?

The exchange rate is not a value of our local economy.

We were never a bigger economy than the USA when our Naira traded higher to a dollar on the 1960s and 1970s.

The UK is not a bigger economy than the USA despite the exchange rate between the British Pound and the US Dollar.

The government should focus on our local economy and achieving local sustenance, and ignore the exchange rate speculators.

As long as the average Nigerian can get all their needs and have enough left for savings and investments for the future, the exchange rate would be nothing but a number, just as it was when we had a higher exchange rate but a poorer economy compared to the US economy.


You are a simp. How can you not be concerned in a country where her economy depends largely on import?

You wanted to appear smart but your foolishness betrays your clumsiness.

If exchange rate is nothing, why did Senate have to summon the CBN governor?
How many times have the common household items doubled in price in the last 365 days or even tripled, for some?

So you can't draw a line between why items are ever on the rising trajectory perpetually and why Nigerians are groaning because their take-home can't take them home?
How many things do Nigeria produce locally or that are used in producing many of them?

You are here mumbling as "long as Nigerians can get all their needs and have enough left.. "
You are badly representing those paying you.
You should do better...

Well I can't complain cos same people facing this hardship will still vote for Tinubu because he is either their tribe, zone or party affiliation. Our mumu never finish

Every one is feeling the heat, economic hardships, insecurity no no bounds or ethnicity

Na statistic pesin go chop? when i told some ignoramuses on here that World Bank was just mocking Naigeeria when they claimed that Naigeeria's economy is growing.

No be statistic we go chop.

Mozegee:
Every one is feeling the heat, economic hardships, insecurity no no bounds or ethnicity

And there are people that are still defending government day and night and asking what other presidential candidates would have done , instead of holding the one they voted for accountable

Most world currencies are affected, thanks to backgrounds moves by US. The shilling is falling dramatically. It may get alarming towrds the end of the year.

HajiMT:
The government needs to arrest this situation before it degenerates to a full-blown crisis.

Why?

The arbitrage rate between the official market and the street is gone.

Will the street sell into official channels? Keep watching the game.

10k per $1

Stupid people (YORUBA) must learn the hard way..

Hopefully they (YORUBA ) all die off starvation.

Zimbabwe loading.

Very soon we will be buying common bread at 5000