Sibrah:
you forgot to educate us about how the policies made your explanation happen . . .

Graphy:
And some stupid pple will still be supporting him...dats hw an aboki dat came to amend my shoe refused to collect d 20niara i wanted to pay him and said we shuld give him food instead dat he is very hungry....cus we were actually cooking for a wedding......and pple still cme here to bak him up instead of admiting that they ve made a wrong decision....oloshi them

Sibrah:
$ shortage made the govt adopt 2 exchange rates in the first place.

Sibrah:
Let's not edify stupidity here. The topic clearly link the fall of Naira to continual Dollar shortage here. Is Buhari your Dollar machine?

fallout87:
When Buhari got the position, Naira was around 220 to every dollar. Now it is almost 500.

Then he will tell you this is someone else fault and finish people will actually listen.

ephi123:


It is nobody's job to educate you, if you can't logically see the link between his failed policies and the corresponding impact on forex, then please go back to school and stop defending rubbish online.

Sibrah:
Let's not edify stupidity here. The topic clearly link the fall of Naira to continual Dollar shortage here. Is Buhari your Dollar machine?

greenermodels:
which was the wrong move that got us into the mess we're in now.

Sibrah:
see them.

Sibrah:
And what's the right move according to you?

greenermodels:
by floating the dollar completely as was been done by okonjo iweala. right now the official price of dollar is #305 while the parallel market price is #490,if the naira is to find it's true value, then it should be between the two figures above. if the naira is freely highest i believe it would settle is around #400.this would mean cheaper goods and more money for the government.

MrSly:

Blind zombie! Whose forex policies resulted in the current dollar shortage?

Sibrah:
Are you aware of the volume of dollar needed to float the Dollar (A.K.A. Defend the Naira)?
We spent $217Bn in 12 years on that. In Iweala's second stint as minister, it averaged $20Bn/Year. Where will Buhari or Adeosun get that from?

Uzor644:
When u make a foolish decision u will get a foolish result. This is the kind of result u get when u replace a PhD holder with a man whose highest level of education is a controversial ssce.we should stop complaining and enjoy the change we voted for

passionate88:
did you give him?

greenermodels:
defending the defending the dollar and floating it at the same time is super stupid, like i said before, if floated the dollar won't sell more than #400 while Nigerians are already buying it at #490.you don't need money to manage the foreign exchange, you need policies and we both know that the current regime lack policies.

fallout87:
When Buhari got the position, Naira was around 220 to every dollar. Now it is almost 500.

Then he will tell you this is someone else fault and finish people will actually listen.

Sibrah:
Let's not edify stupidity here. The topic clearly link the fall of Naira to continual Dollar shortage here. Is Buhari your Dollar machine?

Pavore9:


So if l send down $100 na almost N50k! Nigerians at home should seek out what should be earning them foreign currencies.

tiwiex:


So don't blame GEJ. He was not a supplier of dollars too. From ur argument, no one is responsible.

fallout87:
When Buhari got the position, Naira was around 220 to every dollar. Now it is almost 500.

Then he will tell you this is someone else fault and finish people will actually listen.

MrSly:

I wanted to tell you to correct finished to foolish but you are right anyway. A finished person is worse than a foolish person.
They are really finished!

abiolafisher:

it is people like you that dont understand economics, the naira was going to fall Buhari or no Buhari, global oil prices are down, our import index far outway our export amongst other things and you are complaining. U better wake up from your slumber and shrug off your ignorance.

Sibrah:
If money isn't needed to maintain forex rate then why did Iweala allow $20Bn/year to be "wasted" or "spended"?
You need to stop the blind defence of what you obviously don't understand.
Govt spent $217b between 2002 and 2014 [12 years period] in defending the Naira . . . Google it up as I am not chanced to dig it out right now.

greenermodels:
iweala was defending it because of the approaching election and the fall in the price of petroleum was not thought of then to be persistent, in order words,it was a political decision not economic. i have laid out my points so if you still think that the dual exchange rate we have now is the best then good day to you.

Excellent7:



Sir, It is not as you presume!
From my findings, If you send $100 to Nigeria at the moment through Western Union for instance the recipient is getting around 31,000 NGN to 37,500 NGN (that is around $1 to 310 rate).
If you subtract the cost of the transfer the actual pay out can be around 28,000 to 35,000 NGN (around $1 to 280 to 350 NGN effective rate).
Hence your friend, brother, sister, uncle etc. in the diaspora is unlikely to send you any funds this season as one looses money by sending funds through these government approved channels to Nigeria.
In this scenario, the circa. $20 USD yearly inbound Forex to Nigeria is threatened adding to an already bad Forex position.
Little wonder the FOREX rates are skewed against the Naira at this period when the reverse should have been the case with FOREX from "diasporans" visiting the homeland.
Concerning the rates, you do not have to take my word for it. Check by yourself on the links below:
http://onlinefx.westernunion.com/Currency-calculator
https://www.moneygram.com/wps/portal/moneygramonline/home/estimator?LC=en-GB

Excellent7:



Sir, It is not as you presume!
From my findings, If you send $100 to Nigeria at the moment through Western Union for instance the recipient is getting around 31,000 NGN to 37,500 NGN (that is around $1 to 310 rate).
If you subtract the cost of the transfer the actual pay out can be around 28,000 to 35,000 NGN (around $1 to 280 to 350 NGN effective rate).
Hence your friend, brother, sister, uncle etc. in the diaspora is unlikely to send you any funds this season as one looses money by sending funds through these government approved channels to Nigeria.
In this scenario, the circa. $20 USD yearly inbound Forex to Nigeria is threatened adding to an already bad Forex position.
Little wonder the FOREX rates are skewed against the Naira at this period when the reverse should have been the case with FOREX from "diasporans" visiting the homeland.
Concerning the rates, you do not have to take my word for it. Check by yourself on the links below:
http://onlinefx.westernunion.com/Currency-calculator
https://www.moneygram.com/wps/portal/moneygramonline/home/estimator?LC=en-GB

Sibrah:
Stop the barefaced lie. Iweala did it under OBJ and GEJ. I bet you don't know is a standard practice that's why you told the lie you just told . . .

Sibrah:
Let's not edify stupidity here. The topic clearly link the fall of Naira to continual Dollar shortage here. Is Buhari your Dollar machine?

greenermodels:
you're deviating from the topic to start tackling iweala, it's standard practice to defend the national currency in order for it to trade within a fixed band .the current management approach is plain juju economics.