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 engineering part
of how that phone was produced
15. I want Buhari to ban every foreign product from Nigeria
until Nigerians learn to produce and use Made in Nigeria
products
16. Let us stop complaining about dollar as if dollar has
become Nigeria's currency
17. It is even bad enough that most of those complaining
about the high exchange rate of dollar do not have 1 single
dollar in their purse, some av not even seen the so called dollar b4.