Taich:


I am not sure Aldi and Co can save the day, except if they source locally for their goods. The moment you buy anything not made in Nigeria, that more pressure against the Naira

They can by regulating the price of foreign foods and beverages. They will also reduce the demand for black market dollars as they’ll be processing transfers through banks.

Illustration using Heinz foods
Small-medium retailers - forex from black market - family or friends overseas (markup price) - store overseas (markup price) - shipping and custom (markup price) - logistics/cost of operation (markup price), between Heinz company and the consumer, money changes too many hands and cause prices go up. Also, all these engenders inflation, the black market etc

Global retailers - get products directly from the company - do not meet forex to import these products - if the FG provides zero custom duty (no markup) - logistics/cost of operation (first markup), so between Heinz company and the consumer you can predict or regulate the markup.

In figures, heinz ketchup from the company 0.50 cents, with global retailers after a government regulated markup 0.60 cents in Nigeria.

With small/medium/large local retailers, Heinz ketchup at 0.50 cents from the company may become 1 dollar by the time it gets to the consumer.

Petty trader/supermarkets will benchmark their prices slightly above, equal to or below these global brands on selected items.

Another advantage is that, these companies are in business to make profit so if they find local alternatives they’ll help exportation.

Also, local brand can participate in shelf competition with foreign brands at a competitive rate.

This news is sweetest first thing in the morning...

bigpicture001:


That will still not solve the problems...only dollar supply will sort the problem

Correct but they’ll stabilize food prices which is what impacts the common man the most.
Purchasing power is measured in the value of a basket of goods which has been reducing considerably over the last few months.
They’ll also create employment and food security.

Reduce demands for forex

It’s medium level value but it’s still something.

D suffering continues wit agbado miscreants

Cromagnon:
So slavery? You not wise at all
What is difficult in going back to farm with everybody armed against bandits?

You didn’t have to start off condescending.

Even with ants not all of them are workers, they have organization.

Some of us have to be engineers, some must be lawyers, doctors etc. the issue with food production is multifaceted from security, loans, mechanization, fortified grains, climate change, what I propose is a short-medium term solution.

Eventually we would replace most of the goods on the shelves with local alternatives.

PepeXKermit:


Do yoi think that inviting these companoes are a way to go? When we said nigeria is hell for foreign investments una dey talk another thing. The world saw what the ng govt did to those binance execs and they took note. The ones that were successful here for years are leaving, talkless of the ones you are askimg to come..

You’re 100% correct.
When LASG flipped the switch on GO-kada and co I raised alarm
When Citi and a few foreign banks left during Buhari’s first term in office… his folly was encouraged
Shell, PZ, etc

I have posted on a separate thread the metrics investors utilize to make decisions on where and where not to invest. Nigeria is doing poorly, but my recent submission is that these global retail brands will have good ROI with minimal investment. Hopefully their outfits can be protected from exorbitant taxes and insecurity by the government.

Baxilexi:
It’s time for humble pie… outdate the old naira notes.

Encourage e-banking on all platforms.

Invite global food retailers (Aldi, Kroger, Carrefour) to open shop in the country, this will help stabilize/reduce demands FX, support food security and create employment. On the downside, It’s will temporarily halt local production but the issues bedeviling local production are multifaceted and cannot be addressed in the short-medium term.

Wow, sounds so easy on paper. Why not kukuma add "make 1N = 1$"

CheapHomes1:


how is old notes and e-banking responsible for the exchange rate? how will global food retailers operating in Nigeria help stabilize and reduce demand for forex? how ill global food retailers operating in nigeria support food security?

Old notes - they’re redundant and do not possess any value. Usually money (currency) is tied to some asset. The excess notes in circulation have no value.

E-banking - fight corruption

Global food retailer - reduce the markups created by blackmarket, small/medium/large local retailers. In every country they’re situated their prices are the lowest.

stuffs2002:












Nigeria is going through a challenging time and OBIDIENTS are happy.

I have never voted in Nigeria but that is going to change with the way OBIDIENTS have been attacking Nigeria, I will vigorously campaign against Peter Obi in any elections he presents himself. You can not be enemy of Nigeria and still want to rule Nigeria.


That Is a promise I have made

Your IQ is less than that of a wild goat to be honest, I agree you don't support PO but I don't understand why you shouldn't be transferring your time and energy demanding better governance from the person in charge currently, Po supporters might be bitter and vindictive but they foresaw the consequences of not voting right.

Wen you run country by tribal division and propaganda. U can try but you can't drive economy with propaganda and deceit

You were busy defending Naira all this while with our foreign reserve.














.

marenkurz:
In a country where people make money by trading the local currency (naira). CBN and EFCC doesn't see anything wrong in it.
And everyone is asking why people are making money trading dollars.

Can you pls expanciate this

0d0gwu:
Whom to blame again? Maybe Okada

Let's blame Twitter

Elon might have mercy on us and dash us some of his billions

Not true!!

Zone 4 has been sanitised!

P2P has been banned

The naira is strong

The value of 1000 naira should be 1000 naira. Nigerians should not be buying 1000 naira for 1100 naira. What POS agents are doing should be a crime.
If I can make money selling naira, how then do you expect people not to trade dollars?
No other countries around the globe trade their local currency the way Nigerians does.

alimiadedayo1:
Can you pls expanciate this

Tinubu/APC supporters should learn somethings from Obidients; the group is populated with very knowledgeable and smart young people who can predict accurately the effect of every policy decision and tell you what will most likely happen in the near future. When Tinubu floated the naira, Obidients warned them that it will sound a death sentence on the Naira. Obidients informed them that CBN is just using our foreign reserves to bring down the naira. Tinubu)APC supporters began castigating them of being disloyal to the country and their source of income is about to be closed. Who now is right now? It is not about hating or loving your country, its about facing the reality of a country that left its currency floating without being a production based/ exporting
economy.

Who is to be blame as the Naira is crashing again? Speculators, Binance, Crypto or bad government policies. The present predicament of Naira is created by government policy and nobody should be blame. The government is the cause and the cure for Naira's problem.

PepeXKermit:


So aldi and kroger will save naira from falling? How? Male una explain this magic to me

.

That was not my intention.

DMerciful:
Where are the gazelle gagaragas to defend Amoda?

Seunmsg, LegendHero paraman, yarimo...come and demonstrate your cluelessness

Many kids and on this forum. Go and educate yourself about FME.

In lay man’s terms, what’s currently happening is that Cardoso is playing a cat and mouse game with the currency speculators.

He knows that the economic saboteurs will not desist from speculating until they get their fingers burnt so whilst the CBN is building up its forex reserves it’s deliberately allowing the naira to temporarily weaken/float before the next intervention. However , you are too dumb to read between the lines but by the time the regulators repeat this market pattern several times you will get sense

Look at you...so ignorant but taking pride in your ignorance!

The only way out is production, production,
production.

Speculators will only buy low and sell high. Some people bought at N1000 and can now sell at N1500. Thats 50% gain.

If it comes to by Cardy B intervention, they buy low again and wait for the reserve to deplete and sell when it gets high. Rinse and repeat!

Bovis:


Many kids and on this forum. Go and educate yourself about FME.

In lay man’s terms, what’s currently happening is that Cardoso is playing a cat and mouse game with the currency speculators.

He knows that the economic saboteurs will not desist from speculating until they get their fingers burnt so whilst the CBN is building up its forex reserves it’s deliberately allowing the naira to float before the next intervention. However , you are too dumb to read between the lines but by the time the regulators repeat this market pattern several times you will get sense

DMerciful:
Look at you...so ignorant but taking pride in your ignorance!

The only way out is production, production,
production.

Speculators will only buy low and sell high. Some people bought at N1000 and can now sell at N1500. Thats 50% gain.

If it comes to by Cardy B intervention, they buy low again and wait for the reserve to deplete and sell when it gets high. Rinse and repeat!

Alright then, keep on speculating. Time will tell ….

marenkurz:
The value of 1000 naira should be 1000 naira. Nigerians should not be buying 1000 naira for 1100 naira. What POS agents are doing should be a crime.
If I can make money selling naira, how then do you expect people not to trade dollars?
No other countries around the globe trade their local currency the way Nigerians does.

I just want to get my picture clear on what you type before.. But you cannot blame people for selling naira to get naira, if government provide a better economic environment.People will resort in getting another means to survive and that is why POS is one the only option left for Nigerians to survive for now until there is an alternative to it

marenkurz:
Leave dollars, why are people trading naira? You pay 1030 naira to POS agent to get 1000 naira. Isn't that itself devaluing naira?
We have elected the most stupid people among us.

Get the fact right.
The people did not elect them, they only selected themselves.
How long will it take people to realize this?

Bovis:

Alright then, keep on speculating. Time will tell ….

Time already told, smart as you are you couldn't already have deduced from past existing data?

You deliberately avoid production and building the economy at all costs and keep banking on cosmetics to save the day?

mightyhazel:
Haa

So soon?


Agbadorian stay one place o... I thought bat was the best thing since slice bread . Why using alternative monikers to cap shit?

What you should do now is write another epistle castigating peter obi, obidients and that ethnic group u always love to hate.. that's what time it is now,not this wailing...e too early abeg

Your hand writes faster than your brain processes information. What do you know about me or my political view....dunce like you are the people that make people believe Obi was supported by fanatics

The easiest one to fix is for CBN to direct banks to satisfy their customers with naira.
If CBN can't even supply sufficient naira, how then can CBN have a say over dollars?

alimiadedayo1:

I just want to get my picture clear on what you type before.. But you cannot blame people for selling naira to get naira, if government provide a better economic environment.People will resort in getting another means to survive and that is why POS is one the only option left for Nigerians to survive for now until there is an alternative to it

eldoradoxx:
Tinubu/APC supporters should learn somethings from Obidients; the group is populated with very knowledgeable and smart young people who can predict accurately the effect of every policy decision and tell you what will most likely happen in the near future. When Tinubu floated the naira, Obidients warned them that it will sound a death sentence on the Naira. Obidients informed them that CBN is just using our foreign reserves to bring down the naira. Tinubu)APC supporters began castigating them of being disloyal to the country and their source of income is about to be closed. Who now is right now? It is not about hating or loving your country, its about facing the reality of a country that left its currency floating without being a production based/ exporting
economy.

You be real OG Nigga

Ur explanation would haave made sense to BATerians only if you communicated in gaz"elle garan"gaja language.

Those creatures are despicably tribalistic & forever daft

Righthussle:
Na Kucoin cause am. I saw them with all their cryptocurrencies yesterday with long ropes dragging Naira down. I come ask them say why na only naira them dey drag down. Say make them try drag Dollars, Euro, Great Britain Pounds, United Arab Emirates Dirham, Ghanaian Cedi, etc down too. Dem say na only Naira dem go drag down.

I come dey shout "Tinubu, come see oo" . Dem come run.

My lord, na so e happen.

Nigeria's naira is the largest economy in Africa and we spend more on importation.

Tinubu is trying his best

yewit37486:


Exactly. We need to go back to the fundamentals - sort out security so people can go back to the farms, improve electricity supply to support local manufacturers, cut the cost of governance and of doing business in the country etc. Addressing some of these basics is enough to draw investors naturally. But if anyone thinks bringing Aldi and the rest to Nigeria in this current state is the answer, I am sorry to say, it's not.

100% agree.

Baxilexi:


Old notes - they’re redundant and do not possess any value. Usually money (currency) is tied to some asset. The excess notes in circulation have no value.

E-banking - fight corruption

Global food retailer - reduce the markups created by black market, small/medium/large local retailers. In every country they’re situated their prices are the lowest.

what has e-banking and old notes that u mentioned responsible for exchange rate?

what are "excess notes"? how do these "excess notes" have no value?

do global retailers sell garri, yam, beans, fresh pepper, palm oil and nigerian staple foods?
how did you come to the conclusion that "In every country they’re situated their prices are the lowest"?

marenkurz:
The easiest one to fix is for CBN to direct banks to satisfy their customers with naira.
If CBN can't even supply sufficient naira, how then can CBN have a say over dollars?

It seems you are misquoting me, I did not support CBN any of their policy..My own bone of contention here is that it is not a good thing for government to stop the source of livelihood of people because we are using naira to buy naira if they cannot provide a better alternative for people to survive