the number one reason is the forex exchange.

the official rate is 301 and whereas the real rate is 369 as at 4/01/2018.

any country that has this much difference between official rate to the real rate will experience economic down time and hardship.

what this means is that money sent to Nigeria will be received in 301 rate. with this policy no foreign investors will bring in their money to Nigeria at this time. since the forex can not be guaranteed at 301 when they are leaving. the CBN and banks doesn't create any provision for investors to exchange their naira to dollars at rate of 301 when collecting their investment return.

this was the reason why many of them pulled out from the country. let be sincere with ourself the difference from official and market rate shouldn't more than 2 to 3 margin. that's how its done anywhere in the world.

by now CBN should have adjust it up closely to real rate. until than Nigeria economy will be a disaster.

Are you willing to buy a litre of fuel for 250 naira? If the official rare is taken to 360 the price of fuel will also go up.

trillville:
Are you willing to buy a litre of fuel for 250 naira? If the official rare is taken to 360 the price of fuel will also go up.

if i have $1 billion abroad no way i can bring in the money to Nigeria because of lose. they are robbing investors. reason investors will not come.

The zoo will soon collapse under its own weight of economic failure thanks to vegetable.

yanshDoctor:
if i have $1 billion abroad no way i can bring in the money to Nigeria because of lose. they are robbing investors. reason investors will not come.

So you are willing to pay 250 naira and above for fuel with the hope that investors will come?

How many investors will come to a country with poor security, poor roads, poor electricity, poor healthcare, and extreme corruption?

I remember Richard Branson setup Virgin Nigeria but was chased out by corruption.

yanshDoctor:
the number one reason is the forex exchange.

the official rate is 301 and whereas the real rate is 369 as at 4/01/2018.

any country that has this much difference between official rate to the real rate will experience economic down time and hardship.

what this means is that money sent to Nigeria will be received in 301 rate. with this policy no foreign investors will bring in their money to Nigeria at this time. since the forex can not be guaranteed at 301 when they are leaving. the CBN and banks doesn't create any provision for investors to exchange their naira to dollars at rate of 301 when collecting their investment return.

this was the reason why many of them pulled out from the country. let be sincere with ourself the difference from official and market rate shouldn't more than 2 to 3 margin. that's how its done anywhere in the world.

by now CBN should have adjust it up closely to real rate. until than Nigeria economy will be a disaster.

Only third world countries and failing economies have parallel markets. There should be one single exchange rate

Guy the major problem is Buharis dullness

Still waiting for when the dullard will make 1dollar equal 1naira