jornie:

Browsky,Naira is not yet valueless,infact the exchange rate of 1 dollar to naira is still 199.25 naira in the globalmarket.The reason for the high cost of the dollar is its scarcity, this is a result of our already depleted foreign reserve current ,i read its only 16 billion dollars now and cant run the cost our imports even for 6 months.so, the Govt. is currently trying to build it up while stylishly forcing sellers to accept naira as legal tender and encouraging patronage of locally made goods.Which is a good thing.A lot of people are ignorant of this because they only want here bad news when this is actually a good news..in my own opinion tho.
https://www.google.com/search?q=1+dollar+to+naira&ie=utf-8&oe=utf-8(Google exchange rate index)

Psylas:
"like" if you think l'm s.tupid!

twoondei:
Meanwhile, as the Naira drops, purchasing power reduces and salaries aren't increasing.

People become poorer.

Sant1m:
The ignorance of people is pissing me off, have you ever heard Manufactures Association of Nigeria(MAN) complain that the high price of Dollar is driving them out of business? No,,, because it is to their advantage. They can now compete in price with importers. PMB is fighting to build local capacity and growth yet most of us are ignorant about this. What PMB is saying look, i will not deregulate, we will keep funding local MAN and all those who wants to import raw materials and machinery from the official market at 197, for those who ve the desire to import wine, tomato paste, yatch, planes, school fees etc go source your dollars yourself at 340 or above. Devaluation means NNPc will be importing at 340 and this will lead to increase in pump price, demand for salary increase, Fg and local manufacturers paying more for salaries, high inflation, importers having the advantage again and pricing MAN out of the market, loss of jobs and the country staring the circle over again. People should stop listening to Times, CNN, Blomberg they can and will never desire we become self reliant and produce at home, it is not to their Govt best interest.
Nations that took the leap make hard choices, it comes as a deliberate ploy to favour local manufacturing over imports. Its unfortunate we no longer support or look at things objectively. PMB is right on this. If truly the price of dollar at 340 is not to the advantage of local manufacturers why is it that the price of imported items or goods have not risen in proportion to the rise in dollar at the parrarel market? Simple, they want to still compete in pricing with local manufacturers. If this is sustained most of them will ve no choice other than to go into producing those items here, thereby employing Nigerians. That is PMB's desire.

scarffield:
Crazy things ppl do cox of likes!

Atlantian:
My Oh My, this is the Era that the yahoo yahoo internet guys are kings. Who will teach me the business ?

Joarams:



To add to your expose. For those who have genuine business to do with dollars (e.g. paying for school fees abroad), they can still apply for dollars at the official rate of NGN199 to $1 plus bank charges. I'm a living witness to this. So why are so many people complaining?

emzila:

can you tell us the relationship between the reduction in foreign reserve and the scarcity and what you think the government can do to avoid depleting the reserve. u sound like one who just want to talk because others are talking and unfortunately your likes like your comment.

Oladimejy:
Biafra pikin spoted

YoungBrain:


@modath

I do not know of any bank that is giving PTA, they all claim that they
are not honouring such requests at the moment.

Sant1m:
The ignorance of people is pissing me off, have you ever heard Manufactures Association of Nigeria(MAN) complain that the high price of Dollar is driving them out of business? No,,, because it is to their advantage. They can now compete in price with importers. PMB is fighting to build local capacity and growth yet most of us are ignorant about this. What PMB is saying look, i will not deregulate, we will keep funding local MAN and all those who wants to import raw materials and machinery from the official market at 197, for those who ve the desire to import wine, tomato paste, yatch, planes, school fees etc go source your dollars yourself at 340 or above. Devaluation means NNPc will be importing at 340 and this will lead to increase in pump price, demand for salary increase, Fg and local manufacturers paying more for salaries, high inflation, importers having the advantage again and pricing MAN out of the market, loss of jobs and the country staring the circle over again. People should stop listening to Times, CNN, Blomberg they can and will never desire we become self reliant and produce at home, it is not to their Govt best interest.
Nations that took the leap make hard choices, it comes as a deliberate ploy to favour local manufacturing over imports. Its unfortunate we no longer support or look at things objectively. PMB is right on this. If truly the price of dollar at 340 is not to the advantage of local manufacturers why is it that the price of imported items or goods have not risen in proportion to the rise in dollar at the parrarel market? Simple, they want to still compete in pricing with local manufacturers. If this is sustained most of them will ve no choice other than to go into producing those items here, thereby employing Nigerians. That is PMB's desire.

Joarams:



To add to your expose. For those who have genuine business to do with dollars (e.g. paying for school fees abroad), they can still apply for dollars at the official rate of NGN199 to $1 plus bank charges. I'm a living witness to this. So why are so many people complaining?

godoluwa:
@sant1m, you seems not to understand how things works in Nigeria. the current trend will kill sme & local manufucter. the mobile phone/laptop that u use to reply me was manufactured at where? motor vehicle/motorcycles r frm where? ordinary transistor radio is from where? some keep on screaming patronize local products only & i laughed at their ignorance. buhari that made the law, where did her daughter av her education? wheres buhari personal doctor? yet he ban forex for overseas tuition & medical purposes. go to the market & know the prices of daily needs. as per all this ban toothpicks, tomatoe paste etc, i'm in support of banning irrelevant things bt are you saying we should drive phone dealer out of business? common satchet water now cost 10naira because the cost of production is on the high side. devaluation is inevitable & failure to act fast will do the economy more harm.

godoluwa:
sant1m, theres lot of lies in your post.
satchet water was sold at the rate of 5naira till the beginning of this month. as regard bringing down the manufacturer to Nigeria, its not something thats possible like that because theres no enabling environment. epileptic power supply & bad government policy have drove manufacturers away. wheres exide battery today? USA as well experienced as they her in technology still import from china (google will help you to verify). commercial banks are making killing profits from this bad policy & thats why they dont care. how many manufacturer known to you get required forex to keep their business moving?

Firefire:
Naira going down... Nigerian Naira might soon top the list of the valueless currency in the world going by this rate...>>>>>>>>

1. Vietnamese dong where 33,000 dong to buy just £1

2. Indonesian rupiah, which has an exchange rate of about 15,300 against the £1.

3. Columbian peso – you would need 2,880 of them to buy a single £1 coin.

4. The Tanzanian shilling, with an exchange rate of around 2,500 to £1.

5. South Korean's won is valued at about 1,730 to £1.

6. The Chilean peso is the sixth least valuable unit of currency – 760 are equivalent to £1.

7. Nigerian Naira where 470 Naira exchanges for £1.

8. Hungarian forint, at about 350 to the pound



It is well with Nigeria.

Sant1m:
by your comment that sachet water is 5naira, i now know that you are not in Nigeria.

bigtt76:
Come on! I nor daft yaaa. If CBN is complaining about dwindling forex reserve because of all those sily imports and restricting our cards for international transactions, it goes on to show that CBN draws from the reserve to settle the foreign payments on our behalf. On the other hand, by making dollars scarce in the market and still restricting our cards, I should believe that they don't have to draw from the forex reserve to settle anything since we did not or could not carry out a transaction using our cards I hope it answers your doubt.

godoluwa:
u must be a joker