wink2015:
[size=18pt]Let Nigeria learn to manufacture the things we need here in Nigeria and our currency will appreciate in the international market. Our market is flooded with too much chinese mobile phones, chinese radios, chinese rechargable lamp etc.

Each of the 36 states of the federation must have a private sector driven industrial farms for modernised agriculture.

We must learn to eat what we grow and you will see our nations moving forward.

[/size]

ichidodo:
[b] As we recalled Ngozi Okonjo Iweala shouting herself hoarse on the need to diversify the economy and save far back as 2012. Maybe you also cast your mind back on her instituting the SWF on the backdrop of vitriolic oppositions from political elements -who,ironically,are now 'saints' in this admin e.g Amaechi,Saraki etc and most gullible Nigerians- Heck, we even remembered the constant yearly fights btw NOI and the political class especially those of the opposition back then on what point to peg our budget about a certain oil price so as to fund it and also save for the rainy day....whilst NOI insisted on pegging way below the crude oil price so as to have excess dollars to save,amaechi and his rabid dogs insisted and pegged it higher so as to have that excess dollars to loot.At a point the Federal Government was taken to court and that was the end of it for NOI,but as bad as it is right now, NOI could have steered this economy away from this global downturn just as her policies auto piloted us away from the 2008 financial meltdown....but who are we kidding when we are stucked with janjaweede propagandists,imbecilic,illiterate tyrants from daura with zombies as their fanatic supporters and wait for it......a rookie and a horribly mentally limited finance minister whose last gig was impoverishing a state into begging for bail out funds, let us leave the topic of her getting the job via tribal and regional sentiments for another day.....And you wondered why we laugh?! Thank goodness we relocated back to France in time.[/b]

Kikero112:


And in response.....

You want to avoid problems like the one we are in?

We have to become an industrial nation producing good quality industrial goods.....WHICH can then be exported for large amounts of forex.

Devaluing our currency under those circumstances would be beneficial to us...because it makes our exports cheaper.....and imports expensive....reducing our dependency on imports.

We cannot do that now...because our industries are dependent on imported goods.

Judge the present govt on how it does in that area.

Kikero112:


So...what do you want him to do?

What do you think that GEJ would have done if he was still in charge.?

What the CBN has done is the best of two bad choices. The other one.....straight devaluation....would have crashed our naira further.

We are paying the price for an oil dependent economy. And it is going to take more than seven months and lots of hard work to get off the oil dependency.

Pavore9:
The combined effect of not diversifying the economy before now and gross mismanagement of what was accrued from oil over the decades.

toprealman:
story... so how much be pounds?
$1=199.2300 naira as of 8am naija time.

otokx:
The BDC are very greedy, after buying $ at 197 they will go and sell 287+ to fellow Nigerians.

That is how we just deceive and oppress ourselves in this country.

NEPA will bring bill when there is hardly and light.

Pavore9:
The combined effect of not diversifying the economy before now and gross mismanagement of what was accrued from oil over the decades.

babosky2008:

it is only in Nigeria , where govt supply foreign currency to bureau de change .we should stop dz illegal speculations and face the reality on ground.if you need $..and other forex .approach ur bank...u will definitely get it at the official xchange rate plus 5%commission on transactions . govt should withdraw all the bdc licences and declared their activities illegal.

Hunnydropps:


I also checked the exchange rate, just now, and it shows the exact amount you have quoted.

Kikero112:


So...what do you want him to do?

What do you think that GEJ would have done if he was still in charge.?

What the CBN has done is the best of two bad choices. The other one.....straight devaluation....would have crashed our naira further.

We are paying the price for an oil dependent economy. And it is going to take more than seven months and lots of hard work to get off the oil dependency.

ichidodo:
[b] As we recalled Ngozi Okonjo Iweala shouting herself hoarse on the need to diversify the economy and save far back as 2012. Maybe you also cast your mind back on her instituting the SWF on the backdrop of vitriolic oppositions from political elements -who,ironically,are now 'saints' in this admin e.g Amaechi,Saraki etc and most gullible Nigerians- Heck, we even remembered the constant yearly fights btw NOI and the political class especially those of the opposition back then on what point to peg our budget about a certain oil price so as to fund it and also save for the rainy day....whilst NOI insisted on pegging way below the crude oil price so as to have excess dollars to save,amaechi and his rabid dogs insisted and pegged it higher so as to have that excess dollars to loot.At a point the Federal Government was taken to court and that was the end of it for NOI,but as bad as it is right now, NOI could have steered this economy away from this global downturn just as her policies auto piloted us away from the 2008 financial meltdown....but who are we kidding when we are stucked with janjaweede propagandists,imbecilic,illiterate tyrants from daura with zombies as their fanatic supporters and wait for it......a rookie and a horribly mentally limited finance minister whose last gig was impoverishing a state into begging for bail out funds, let us leave the topic of her getting the job via tribal and regional sentiments for another day.....And you wondered why we laugh?! Thank goodness we relocated back to France in time.[/b]

Hunnydropps:


I also checked the exchange rate, just now, and it shows the exact amount you have quoted.

grandstar:
An official devaluation would have crashed the price to 230 at most. This was the. same experience in 2009 when Soludo tried in vain not to devalue it from120. It hit 190 at the black market.Sanusi came, devalued it to 150 andd the black market rate rose towards 150. Experts know why they say devalue.

Boss13:
The CBN must find a way to fizzle out both the BDCs and parallel market. There is a change of consumer preference in holding the dollars rather than the naira. The preference will not change. The CBN must look for ways to ensure that holding the dollars is worthless in this country.

Informing the public that they can now deposit dollars into their account only increases the demand for dollars. There are businesses in this country that accepts only dollars as a means of exchange. We have importers in essential sectors in the country example Rice consumption.

A lot of people are screaming diversify the economy. Nobody is considering the stress and cost of production. An importer is merely a middleman. He calls his manufacturers who supplies him with products, he pays and sell to desperate consumers. That's a lot much easier than manufacturing and likewise, managing a business. Nobody is even considering international competition, where the Chinese are willingly to cut down the prices of their products to encourage buyers to continue patronage.

Trafford:



We would still devalue the naira as some point, so why procrastinate it?

ichidodo:
[b] As we recalled Ngozi Okonjo Iweala shouting herself hoarse on the need to diversify the economy and save far back as 2012. Maybe you also cast your mind back on her instituting the SWF on the backdrop of vitriolic oppositions from political elements -who,ironically,are now 'saints' in this admin e.g Amaechi,Saraki etc and most gullible Nigerians- Heck, we even remembered the constant yearly fights btw NOI and the political class especially those of the opposition back then on what point to peg our budget about a certain oil price so as to fund it and also save for the rainy day....whilst NOI insisted on pegging way below the crude oil price so as to have excess dollars to save,amaechi and his rabid dogs insisted and pegged it higher so as to have that excess dollars to loot.At a point the Federal Government was taken to court and that was the end of it for NOI,but as bad as it is right now, NOI could have steered this economy away from this global downturn just as her policies auto piloted us away from the 2008 financial meltdown....but who are we kidding when we are stucked with janjaweede propagandists,imbecilic,illiterate tyrants from daura with zombies as their fanatic supporters and wait for it......a rookie and a horribly mentally limited finance minister whose last gig was impoverishing a state into begging for bail out funds, let us leave the topic of her getting the job via tribal and regional sentiments for another day.....And you wondered why we laugh?! Thank goodness we relocated back to France in time.[/b]

Addicted2Women:
I got $30,000 stacked up.
Will still continue working, then i will storm Nigeria in December.

I saw people selling their dollars on Nairaland.
I no go sell even if you give me 400 naira for 1 dollar.
I can see naira fall to it's death.
God is so good to his people.

ichidodo:
[b] As we recalled Ngozi Okonjo Iweala shouting herself hoarse on the need to diversify the economy and save far back as 2012. Maybe you also cast your mind back on her instituting the SWF on the backdrop of vitriolic oppositions from political elements -who,ironically,are now 'saints' in this admin e.g Amaechi,Saraki etc and most gullible Nigerians- Heck, we even remembered the constant yearly fights btw NOI and the political class especially those of the opposition back then on what point to peg our budget about a certain oil price so as to fund it and also save for the rainy day....whilst NOI insisted on pegging way below the crude oil price so as to have excess dollars to save,amaechi and his rabid dogs insisted and pegged it higher so as to have that excess dollars to loot.At a point the Federal Government was taken to court and that was the end of it for NOI,but as bad as it is right now, NOI could have steered this economy away from this global downturn just as her policies auto piloted us away from the 2008 financial meltdown....but who are we kidding when we are stucked with janjaweede propagandists,imbecilic,illiterate tyrants from daura with zombies as their fanatic supporters and wait for it......a rookie and a horribly mentally limited finance minister whose last gig was impoverishing a state into begging for bail out funds, let us leave the topic of her getting the job via tribal and regional sentiments for another day.....And you wondered why we laugh?! Thank goodness we relocated back to France in time.[/b]

ZZ22:
anu mpama

ultrazone:

www.punchng.com/naira-crashes-to-300-against-dollar/

ZZ22:
anu mpama

Kikero112:


And in response.....

You want to avoid problems like the one we are in?

We have to become an industrial nation producing good quality industrial goods.....WHICH can then be exported for large amounts of forex.

Devaluing our currency under those circumstances would be beneficial to us...because it makes our exports cheaper.....and imports expensive....reducing our dependency on imports.

We cannot do that now...because our industries are dependent on imported goods.

Judge the present govt on how it does in that area.