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Dollar Is Not Our Problem (don Voice) by samcofac(m): 10:04pm On Feb 25, 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
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.
PLEASE USE MADE IN NIGERIA
PRODUCTS...
God bless 9ja.
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