A Dollar = N197 - Investment - Nairaland
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A Dollar = N197 by fromnigeria(m): 9:49pm On Feb 24, 2016 |
I Came across this informative piece on facebook and felt its worth sharing.
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.
Credit: Adetukom Akeem |
Re: A Dollar = N197 by lordizak(m): 10:00pm On Feb 24, 2016 |
fromnigeria: I Came across this informative piece on facebook and felt its worth sharing.
Credit: Adetukom Akeem When some of our graduates talk, I wonder which institution certified them, illiteracy has become the order of the day. Many people want to blame PMB for everything, while he's busy trying to strengthen our bilateral tie with the leaders of the world's economies, wailers are here wailing. Na only heartbreak them go dey get o. |
Re: A Dollar = N197 by Atesunate15(m): 10:17pm On Feb 24, 2016 |
mj |
Re: A Dollar = N197 by fromnigeria(m): 10:24pm On Feb 24, 2016 |
lordizak:
When some of our graduates talk, I wonder which institution certified them, illiteracy has become the other of the day. Many people want to blame PMB for everything, while he's busy trying to strengthen our bilateral tie with the leaders of the world's economies, wailers are here wailing. Na only heartbreak them go dey get o.
Lolz, not their fault, if you know what ignorance can do to a person. |
Re: A Dollar = N197 by lordizak(m): 11:04pm On Feb 24, 2016 |
The will never comment on threads like this one, but if na to slay PMB................ |