musicwriter:
All we have to pray now is for the world Bank and IMF not to crash crude oil price.

chinoify:
Dollar sales that has so many conditions attached, is that one dollar sales

scam

alt3r3g0:


And peace unity and peace in this country. The conflict made it exponentially worse.

LastSurvivor11:


Don't be daft man..
Was is enemy of the state that made policies that increased the price of dollar and other commodities in the 1st place.
The state "government" is its own very enemy..

menxer:
Prices of items in the market went up because dollar exchange rate was high, now that the exchange rate has come down, why hasn't there been a corresponding decrease in the prices of things in the market?

I know someone will say, "traders get to offload their stock bought at the high Exchange rate" forgetting when the price was jacked up, they bought their stock at a prior lower exchange rate.

menxer:
Prices of items in the market went up because dollar exchange rate was high, now that the exchange rate has come down, why hasn't there been a corresponding decrease in the prices of things in the market?

I know someone will say, "traders get to offload their stock bought at the high Exchange rate" forgetting when the price was jacked up, they bought their stock at a prior lower exchange rate.

hobermener:
The smart ones will increase their stock of dollars, i repeat, the smart ones will increase their stock of dollars!!!!
Funelling millions of dollars into the forex maket on a daily basis, is a stupid short term solution to a longer term problem, which i assume is just a calculated move to score cheap political points.the price of Oil, the major foreign exchange earner is still very low, with opec struggling to stick with its production quota, any sensible human will evisage a further drop in oil prices, as the world moves to cleaner energy, and opec member nations continue to ignore the organizations agreements. Though slow, a long term policy of import substitution and agressive exportation through economic diversification would ultimately lead to a precipitous decline in the dollar price, but what do we have, a government still spending billions on oil prospecting, foreign direct investment at an all time low, and one of the worst economic contraction in recent times, yet some fools still cheer this fire brigade method of pumping dollars into the market for school fee payments and tourism, things that only end up driving exports higher, further complicating balance of payment problems.
Producers who need forex the most do not get them, these people are supposed to be top priority, expecially the agricultural sector and the mining sector, agressive importation of producer goods is the top priority of any country that seeks to curb foreign exchange problems in the long run, these producers should have government acting as payment agents(in dollars) after these purchases have been verified by the cbn, while these producers pay in naira at subsidized rates, but what do we have, a government subsidizing payments for pilgrimage and other bullshït of little to no economic significance.
Call me a pessimist, that's your opinion, buth when the inevitable consequence of this stupid move raises its ugly head, there will be no one to save the naira!!!!!

LuckyLadolce:
sorry, no one was ready to read this craps, m not even a like. Kpele.

hobermener:
The smart ones will increase their stock of dollars, i repeat, the smart ones will increase their stock of dollars!!!!
Funelling millions of dollars into the forex maket on a daily basis, is a stupid short term solution to a longer term problem, which i assume is just a calculated move to score cheap political points.the price of Oil, the major foreign exchange earner is still very low, with opec struggling to stick with its production quota, any sensible human will evisage a further drop in oil prices, as the world moves to cleaner energy, and opec member nations continue to ignore the organizations agreements. Though slow, a long term policy of import substitution and agressive exportation through economic diversification would ultimately lead to a precipitous decline in the dollar price, but what do we have, a government still spending billions on oil prospecting, foreign direct investment at an all time low, and one of the worst economic contraction in recent times, yet some fools still cheer this fire brigade method of pumping dollars into the market for school fee payments and tourism, things that only end up driving exports higher, further complicating balance of payment problems.
Producers who need forex the most do not get them, these people are supposed to be top priority, expecially the agricultural sector and the mining sector, agressive importation of producer goods is the top priority of any country that seeks to curb foreign exchange problems in the long run, these producers should have government acting as payment agents(in dollars) after these purchases have been verified by the cbn, while these producers pay in naira at subsidized rates, but what do we have, a government subsidizing payments for pilgrimage and other bullshït of little to no economic significance.
Call me a pessimist, that's your opinion, buth when the inevitable consequence of this stupid move raises its ugly head, there will be no one to save the naira!!!!!

Nusaf:


Small fry, stop spitting saliva all over the places while not saying anything in effect and loosing coordination at the same time.

Was it the govt policies that reduced the price and quantity of crude?

The beer parlour economists that keep churning out their beer parlour analyses to discourage the CBN short-term palliative measures while still encouraging nd militancy are the enemies of state.

littlewonders:
I don't posses much knowledge on how this forex stuff works wanted allowing the girl above me explain But her case is worst even the guy below me makes it even harder.

Let me go watch tom and Jerry cos this entirely won't plunge the dollar story.

Hhahahahaha,

Reference:


No sir, they are the real agents of change. They want to wean you addicts off petrodollar fumes but you will have none of it. The malaria tablet of austerity
is partially administered. Watch out for the full blown economic infection when 'toothpick importers' resume operations. There is nothing like painless reforms.

gypsey:
If all these dollar fall is supposed to be good news, why are goods and commodities still very expensive to purchase? I don't get!.

hobermener:

I feel Nigeria is condemned to a damning fate with empty minds like yours making up a bulk of the populace.
Go get an education, and trust me, its no waste of money

hobermener:
The smart ones will increase their stock of dollars, i repeat, the smart ones will increase their stock of dollars!!!!
Funelling millions of dollars into the forex maket on a daily basis, is a stupid short term solution to a longer term problem, which i assume is just a calculated move to score cheap political points.the price of Oil, the major foreign exchange earner is still very low, with opec struggling to stick with its production quota, any sensible human will evisage a further drop in oil prices, as the world moves to cleaner energy, and opec member nations continue to ignore the organizations agreements. Though slow, a long term policy of import substitution and agressive exportation through economic diversification would ultimately lead to a precipitous decline in the dollar price, but what do we have, a government still spending billions on oil prospecting, foreign direct investment at an all time low, and one of the worst economic contraction in recent times, yet some fools still cheer this fire brigade method of pumping dollars into the market for school fee payments and tourism, things that only end up driving exports higher, further complicating balance of payment problems.
Producers who need forex the most do not get them, these people are supposed to be top priority, expecially the agricultural sector and the mining sector, agressive importation of producer goods is the top priority of any country that seeks to curb foreign exchange problems in the long run, these producers should have government acting as payment agents(in dollars) after these purchases have been verified by the cbn, while these producers pay in naira at subsidized rates, but what do we have, a government subsidizing payments for pilgrimage and other bullshït of little to no economic significance.
Call me a pessimist, that's your opinion, buth when the inevitable consequence of this stupid move raises its ugly head, there will be no one to save the naira!!!!!

HAH:
Is time for CBN to converge all rates in same place an equilibrium price should determined this is because the parallel market rate of 380 is almost the rate at which bank sell PTA which 375 and the CBN should reduce the spread between interbank and selling rate by banks the present 20% is very high infact the highest in the world at best it should be 5% just imagine the CBN give them dollars at 315 and they sell at 375, now if parallel market will sell at 375 too no one will go to bank bank buy because there is limit, trail or much documentation unless the ban drop their rate

LuckyLadolce:
Poeple like you feels you're better than people in the authority, but you're just a nairaland attention seeking slowpoke who's got nothing productive to do with his time. I'm sure people like you will be the first to still condemn this government if dollar keeps gaining strength against Naira.. what else do you want? if you really want to understand what the government is trying to do by this new approach, ask, some of us here will educate you. Imagine you calling yourself a FOREX TRADER, forex trader my as.s . Once you guys start selling BTC, PM , WEBMONEY online, you immediately qualify yourself as a forex expert. Oga go and learn so you will have less time to post waggish comments on nairaland. Nonsense!

You badly need to get educated , and pretending to be is not gonna help either. I'll advice you improve on your reading and comprehension, which i bet a high school ged will help you achieve. Go through my post again, this time slowly, and point out where i laid claims to being a forex trader! . Lol.
Nigeria is filled with empty lousy brains like yours, little wonder the country is where it is

wristbangle:


God bless you. Well said

Cc: Modath

hobermener:

I sight you the love doctor

HAH:
Is time for CBN to converge all rates in same place an equilibrium price should determined this is because the parallel market rate of 380 is almost the rate at which bank sell PTA which 375 and the CBN should reduce the spread between interbank and selling rate by banks the present 20% is very high infact the highest in the world at best it should be 5% just imagine the CBN give them dollars at 315 and they sell at 375, now if parallel market will sell at 375 too no one will go to bank bank buy because there is limit, trail or much documentation unless the banks drop their rate too thereby competing with the BDC for customers which will lead to drop in price, during the soludo and even sanusi era spread by BDC are hardly 5% sometimes just 2%.


Those saying we should float the naira should have a rethink, most nations defend their currency, floating your currency is like opening up the borders of your country no customs, no immigration, no visa, no duty everyone and everything enters at will. Assuming Nigeria is a major multi product exporting country floating may be ok, but as it is our major export is oil which is very volatile, believe me if we float speculators will run this country down dollar will be N1000 in no time.

@$50 per barrel Nigeria earn about $110M daily let's say 40% goes to the JV that means we will be left with $66m daily, I recommend a 50-50 approach between reserve and injection into the economy that means every week about $220M will be injected and $220M will be saved in the reserves. I believe the present intervention by CBN is necessary and very sustainable if there is the political will.

wristbangle:


Lol how @ the bolded?

hobermener:
The smart ones will increase their stock of dollars, i repeat, the smart ones will increase their stock of dollars!!!!
Funelling millions of dollars into the forex maket on a daily basis, is a stupid short term solution to a longer term problem, which i assume is just a calculated move to score cheap political points.the price of Oil, the major foreign exchange earner is still very low, with opec struggling to stick with its production quota, any sensible human will evisage a further drop in oil prices, as the world moves to cleaner energy, and opec member nations continue to ignore the organizations agreements. Though slow, a long term policy of import substitution and agressive exportation through economic diversification would ultimately lead to a precipitous decline in the dollar price, but what do we have, a government still spending billions on oil prospecting, foreign direct investment at an all time low, and one of the worst economic contraction in recent times, yet some fools still cheer this fire brigade method of pumping dollars into the market for school fee payments and tourism, things that only end up driving exports higher, further complicating balance of payment problems.
Producers who need forex the most do not get them, these people are supposed to be top priority, expecially the agricultural sector and the mining sector, agressive importation of producer goods is the top priority of any country that seeks to curb foreign exchange problems in the long run, these producers should have government acting as payment agents(in dollars) after these purchases have been verified by the cbn, while these producers pay in naira at subsidized rates, but what do we have, a government subsidizing payments for pilgrimage and other bullshït of little to no economic significance.
Call me a pessimist, that's your opinion, buth when the inevitable consequence of this stupid move raises its ugly head, there will be no one to save the naira!!!!!

hobermener:

You badly need to get educated , and pretending to be is not gonna help either. I'll advice you improve on your reading and comprehension, which i bet a high school ged will help you achieve. Go through my post again, this time slowly, and point out where i laid claims to being a forex trader! . Lol.
Nigeria is filled with empty lousy brains like yours, little wonder the country is where it is