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Nairaland Forum / Nairaland / General / Politics / Dollar Has Not Increased Since Buhari Entered Office. (3471 Views)
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Dollar Has Not Increased Since Buhari Entered Office. by Nobody: 11:32pm On Apr 19, 2016 |
Please let me explain to those of us who don't understand Economic terms. Dollar has not increased since Buhari became president. 1. Dollar is not our currency so dollar should not be our business. 2. Our problem is not d government but our problem is our importers and consumers. 3. Naira has remained at 197 naira to 1 dollar since Buhari became president. 4. Buhari has promised not to devalue the Naira and he has maintained that promise. 5. Both at CBN and at interbank rates, dollar has remained 197. 6. However because we are too lazy to produce what we use in Nigeria we import even toothpicks and matches. 7. Buhari does not like d importation of luxury goods because luxury goods is d reason for most corruption, that is why he banned 41 products from having access to forex. 8. However when Nigerian importers insisted on importing those 41 products, FG asked them to find their dollar at d BDCs parallel market also known as black market. 9. And to discourage the pressure Nigerians are mounting on the Naira just to get dollars for importation, CBN banned DMBs from selling dollars to BDCs. 10. To survive the pressure of excess dollar demands, BDCs resorted to sourcing for dollars from neighbouring countries through illicit money laundering routes. 11. Because of the risks faced by BDCs to source for dollars, and because of the increase in demand for dollars by importers because China just resumed from their business holidays, BDCs keep increasing the price at which they exchange dollars to naira and now it is 400 naira to 1 dollars. 12. However that does not mean that govt has changed the exchange rate because if our genuine importers go to CBN and fill Form M to import raw materials for local production, they will get dollars at 197 naira each. 13. So the problem is that we love to consume luxury foreign products yet we are too lazy to manufacture them here. 14. For example u will see a dull girl using iPhone 5 without even knowing simple physics and computer engineer Stop... Insinuating.. Learn the facts 12 Likes 2 Shares |
Re: Dollar Has Not Increased Since Buhari Entered Office. by fistonati(m): 11:36pm On Apr 19, 2016 |
I think so too but I will be interested in you telling me how much volume the banks can produce without relying on the parallel markets. If I may ask you, how many made in Nigeria products are the governments patronizing. Government must live by Moral example's. Try to be more constructive 12 Likes 1 Share |
Re: Dollar Has Not Increased Since Buhari Entered Office. by TheDevilIsALai: 11:41pm On Apr 19, 2016 |
And fuel scarcity has not increased only the queues and demand for fuel. Power generation has not also decreased but a sign that Nigerians are consuming too much as more and more homes become wealthier and thus utilise on average 300 horsepower air conditions to brace the soaring heat. Also, Boko Haram has been technically defeated. So the dollar is still technically stagnant to the naira. Zombie 49 Likes 1 Share |
Re: Dollar Has Not Increased Since Buhari Entered Office. by TheDevilIsALai: 11:42pm On Apr 19, 2016 |
Alero3Arubi: Zombie name just one pin you have manufactured to boost our industries and consumer market? 25 Likes 1 Share |
Re: Dollar Has Not Increased Since Buhari Entered Office. by Mistermamus(m): 11:44pm On Apr 19, 2016 |
Mofo 7 Likes |
Re: Dollar Has Not Increased Since Buhari Entered Office. by eph12(m): 11:50pm On Apr 19, 2016 |
I want to believe this government is buying only made in naija things? 15 Likes |
Re: Dollar Has Not Increased Since Buhari Entered Office. by TheDevilIsALai: 11:52pm On Apr 19, 2016 |
eph12: Duara fura and kunu 10 Likes 1 Share |
Re: Dollar Has Not Increased Since Buhari Entered Office. by psucc(m): 12:09am On Apr 20, 2016 |
Lame and dumb excuses. 6 Likes 1 Share |
Re: Dollar Has Not Increased Since Buhari Entered Office. by LONGFUELCUE: 2:07am On Apr 20, 2016 |
Alero3Arubi:And now we import grasses from Brazil for grazing. Zombie oh zombie. 22 Likes 2 Shares |
Re: Dollar Has Not Increased Since Buhari Entered Office. by Pavarottii(m): 2:18am On Apr 20, 2016 |
What is this one saying? People just open. Thread and start spitting thrash, am sure the OP does not do business in dollars, hence his ignorance about the shameless forex policy by Buhari. Does he know the process to get dollar in d bank at official rate of just a common citizen. Does he know that the increase in dollar, is the cause of inflation skyrocketing. Check the price of camera, washing machine, generator, television, fridge, sound system, fan, oven, toaster etc. Last year and now, and see whether it is the same thing. Is not because of the increase in dollar? Or do we produce all this in Nigeria. My friend no make me vex. U just showed a huge sign of ignorance of ur country happenings. Good riddance. 8 Likes 1 Share |
Re: Dollar Has Not Increased Since Buhari Entered Office. by dandollaz: 2:49am On Apr 20, 2016 |
Talk tru op how much Apc give u. 1 Like |
Re: Dollar Has Not Increased Since Buhari Entered Office. by Nobody: 2:59am On Apr 20, 2016 |
TheDevilIsALai: Best response ever! 7 Likes 1 Share |
Re: Dollar Has Not Increased Since Buhari Entered Office. by grevotech(m): 3:11am On Apr 20, 2016 |
The problem is not We patronizing our own. About 80-90% of things manufactured in Nigeria does not last. I bought a tablet made in Nigeria last year June (Name Withheld) and After 4 days, screen went blank and they did not have a service centre in PH where I stay, had to travel to lag to fix it and they charged me 7000 for a phone I just bought, I had to drop it for them and Ask for a refund which was not complete but at least I was done with that. So if we insist on Patronizing Nigerian made goods, then we should learn to make the original ones. Why don't Government use cars manufactured by Innoson? 3 Likes 1 Share |
Re: Dollar Has Not Increased Since Buhari Entered Office. by Qualer: 4:25am On Apr 20, 2016 |
Alero3Arubi: you know this is the most aloof crap ever, right? but you have a nice smile though, that compensates for the stuppid copied submission! |
Re: Dollar Has Not Increased Since Buhari Entered Office. by LordReed(m): 7:52am On Apr 20, 2016 |
You are correct in saying that the official dollar/naira exchange rate has not changed since Buhari assumed office however it does not excuse the ineffectiveness of FG policies in combating the dollar shortage. 1 Like |
Re: Dollar Has Not Increased Since Buhari Entered Office. by Nobody: 10:17am On Apr 20, 2016 |
LordReed:As always, LordReed understands the effect of an intelligent opposition. |
Re: Dollar Has Not Increased Since Buhari Entered Office. by Nobody: 10:21am On Apr 20, 2016 |
I do not mean to offend with my thread, but obviously I have. I hope we learn to make constructive and intelligent oppositions and less insultive remarks. Its amazing how my research that obviously have loopholes which you helped me discover makes you realise how terrible your manners are. My apologies for the offence. ...But then again,...I aim to learn whether anyone else chooses to or not. 2 Likes 1 Share |
Re: Dollar Has Not Increased Since Buhari Entered Office. by bejeria101(m): 12:36pm On Apr 20, 2016 |
LordReed: Otunba! Been trying to reach you,both lines no gree,the text bounced bak nt delivered. What planet are thou? Need to hookup |
Re: Dollar Has Not Increased Since Buhari Entered Office. by LordReed(m): 2:17pm On Apr 20, 2016 |
bejeria101: Broda my mobile has gone bonkers, using wifey's lappy to browse now. 1 Like |
Re: Dollar Has Not Increased Since Buhari Entered Office. by bejeria101(m): 2:29pm On Apr 20, 2016 |
LordReed: Ok just got the hp lappy as a gift yesterday,wantd to get it to you for pimping,wld tomorrow be good? Where do i meet you sir. Thanks 1 Like |
Re: Dollar Has Not Increased Since Buhari Entered Office. by magicalx(m): 2:37pm On Apr 20, 2016 |
Alero3Arubi: Zombie spotted! 1 Like |
Re: Dollar Has Not Increased Since Buhari Entered Office. by Africandope(m): 2:46pm On Apr 20, 2016 |
5. Both at CBN and at interbank rates, dollar has remained 197. this supposed to be in the jokes section 2 Likes |
Re: Dollar Has Not Increased Since Buhari Entered Office. by calculator123(m): 3:30pm On Apr 20, 2016 |
when the economy isn't smiling. -you provide ur own light even after paying light bills. -sourcing for fuel to distribute ur product means wasting useful man hours queing. -bad roads increase the income of most mechanics .That how substandard our roads are. -harsh govt policies. with those little points tell me how a business would strive and compete favorably with their abroad counterparts. hence now u see why import things even down to ruler(made in china). 1 Like |
Re: Dollar Has Not Increased Since Buhari Entered Office. by calculator123(m): 3:33pm On Apr 20, 2016 |
Pavarottii:seconded and thirded.thumbsup bro. |
Re: Dollar Has Not Increased Since Buhari Entered Office. by calculator123(m): 3:37pm On Apr 20, 2016 |
grevotech:is ben bruce not part of govt? 1 Like 1 Share |
Re: Dollar Has Not Increased Since Buhari Entered Office. by Houseofglam7(f): 4:16pm On Apr 20, 2016 |
@Op, whatever you smoking is the real deal |
Re: Dollar Has Not Increased Since Buhari Entered Office. by grevotech(m): 4:55pm On Apr 20, 2016 |
calculator123:Ben Bruce out of how many Senators 2 Likes |
Re: Dollar Has Not Increased Since Buhari Entered Office. by calculator123(m): 8:54pm On Apr 20, 2016 |
grevotech:it is because they don't have commonsense like him. |
Re: Dollar Has Not Increased Since Buhari Entered Office. by grevotech(m): 10:50pm On Apr 20, 2016 |
calculator123:That's my point if they want Us to patronize Nigerian made goods then let them start it.. |
Re: Dollar Has Not Increased Since Buhari Entered Office. by calculator123(m): 1:28am On Apr 21, 2016 |
grevotech:. i guess innoson doesnt have bullet proof cars yet and dat is what most govt officials drive |
Re: Dollar Has Not Increased Since Buhari Entered Office. by tit(f): 1:31am On Apr 21, 2016 |
Alero3Arubi: why did mad buhari promise to make one naira equal to one dollar? "Cigarette smoking is dangerous" - beko ransome-kuti 1 Like |
Re: Dollar Has Not Increased Since Buhari Entered Office. by 989900: 5:22am On Apr 21, 2016 |
Stick to what you'r good at . . . this is beyond your 'wheelhouse'. |
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