Saib4Jesus:
For you to know the true exchange rate of N/$ check the price of burger at KFC in America and how much they are selling same at KFC in Nigeria, that is the true rate of N/$ the rest rates are political!

chimdi101:
Naira is making evrything become priceless

Xpol:
priceless simply means valuable

chimdi101:

Yes, for example, N30 pen is guarded preciously this days

Xpol:
smh. The 2nd stanza of our national anthem is "E go better" to stay in 9ja these days dey even fear me

chimdi101:

As in eh, kai kai

NubiLove:
Zombies would keep defending Buhari.

abumeinben:
Is it

Budget ₦305/$

Interbank ₦315/$

BDC ₦389/$

Parallel Market ₦450/$ or

Black Market ₦485/$...? Ha

Anyone?

19naia:
VENEZUELA had a tiered exchange rate where it was a different rate for goverment compared to banks and then the black market had its own rate.
The government and bank rates of Venezuela were the ones trying to make the currency equal to value or more than the value of US$.
It basically made it nearly impossible for stable prices of market goods .
Government connected people were doing the rounds buying dollars at a low rate and selling it high on the black market.
It allowed them to mop up lots of local currency to hoard. The drop in oil prices made sure the country lost revenue and the unstable currency trade system made international trade very difficult.

Venezuela became one of the most expensive countries in the world by dollar value ,at the exchange rates banks and govt made avalaible to foriegn visitors.
So people stopped going to Venezuela with their money where they would have to pay huge amounts just for a plate of beans. Because of multi tiered exchange rate .

The black market was an option but a small option. VENEZUELA was very hard cracking on the black market and that made it a small $ operation overall. The black market was dealing more in trading regional border nation currencies for goods.
Eventually Venezuela bank and government currency exchange schemes collapsed and the black market prevailed. But by then, no one wanted to be paid in Venezuela currency for importing goods and Venezuela was so hard crashed that it did not want to let go of dollars and other viable currencies it had. That led the crash into a compounding effect where statvation began because of few basic goods flowing into the country and no sufficient level of local productivity of the goods.

I, myself would not be starving in Venezuela because they have a huge area of Amazon jungle and Orinoco river among others full of fish and wild life.
I would leave god forsaken civilization to enter bush with cutlass and a strong long-stick.
Amazon jungle people never starve. The venezuelan people who are starving are the ones unable to rise above pride and shame or bad physical condition.
They will not imagine entering bush to find food and would rather starve in the cities or fall to murder in one of the most violent countries on earth.

Venezuela. Low productivity of diverse basics and wreckless currency value manipulation that overvalues the local currency backed mainly by oil who's price was falling.

Nigeria is doing ok compared to what Venezuela had happen, because Nigeria is allowing the currency to fall and allowing black market to have some space to reign. It's the abuse of the currency system, the coruption that is making it as hard as it is.
If Nigeria had tried to force Naira to equal $dollar, it would be doing as Venezuela did and would suffer as bad as Venezuela.

Its better to let Naira fall while focusing on local productivity. It will keep Nigeria attractive to foriegn buyers and keep Nigeria on a path to self sufficiency and beyond even if for just the basic survival needs of food ,shelter and clothing.

China and Japan economies grew mighty by huge and diverse productivity and letting their currency fall lower than US$.
They still try to keep it low after their strong economies naturally push their currency value towards being equal to US$.

USA has been the best customer to have for so many countries that rose up in Asia. JAPAN ,TAIWAN AND CHINA among others like Mexico.
That is about to change as well as the oil market significance.
USA is starting to focus on producing for itself as a way to restore employment opportunities to the country and that will bring price increases to US products as well as a rise in value of the US$ as it takes production back from China and other Countries. Those asian and latin american countries will still make cheap products for the world but they are going to lose a huge customer base that came from USA.
They will lose revenue and possibly stability, while USA goes into a boom and possibly more wars.

This is in the next 20 years if Trump manages to set it in motion and have it proceed with stability while properly mitigating any risks of a USA crash along the way. Productivity boost to meet local needs and replace imports is always the best way to avoid economic crash while making big ajustments in the economy.

USA can do whatever. They can dictate world trade policy and organize the crash of any global market that is being manipulated out of their favor. Even wars are a part of their economic strategy. Oil pipe wars and then controlling OPEC to raise and lower oil prices in ways that can bring oil nations to their knees if they have poor reserves or poor relations with top economies.

If Nigeria is going to be so caught up in US$, it is best to anticipate USA economy and prepare with prepositioning to be in the right place at the right time to stay afloat in the ever changing global economic oceans.
NO MATTER WHAT, NIGERIA MUST GO STRONG IN LOCAL DIVERSE PRODUCTIVITY FOR ITS OWN NEEDS AND EXPORTS.

chibuzorAbia:



Great stuff you've written up there. But the wailing lot (idiots all of them) have little brain capacity to understand this. They want the exotic goods and products from industrial countries but forget they don't produce anything and do not earn enough dollar to consume imports. Awon werey!

APCHaram:


Shut up zombie

Wasn't it your useless APC that campaigned against Jonathan devaluing the naira to 210 in response to lowering oil price only for your donkey buhari to stubbornly refuse to devaluate the naira further but rather return it to 199 where it remained stagnant and inaccessible to local businesses for months thereby creating the largest disparity between the official rate and black market?

May I also remind you zombie that your foolish president campaigned to equate the naira to the dollar as well

Kizyte:
Naira has no real value because someone is busy being taken care of in the kitchen.