PHijo:
God please make the price of oil fall below $15. This I pray in your holy and most high name.

DollarBuddy:
Buhari is the biggest Yahoo Boy in 9ja history.

CanadaOrBust:
This makes sense. Nigeria should adopt a uniform exchange rate that eliminates black market and round-tripping and the rampant corruption that goes with them!

** I dedicate this FTC to our FG for keeping our borders open despite heartfelt pleadings from Nigerians to close them and also for refusing to institute any automatic quarantine of people from hot zones.
Otherwise we won’t have any corona by now, something that all better countries have. Thanks to them now we can proudly close our schools and churches and sports like US and UK are doing, all thanks to our wonderful FG!
GOD BLESS NIGERIA!

PHijo:
God please make the price of oil fall below $15. This I pray in your holy and most high name.

post=87624249:


Anything that will move our darling nation forward at this perilous period and much after is what we are after.

This too shall pass.

globalresource:
Is this not devaluation? Why using confusing language for Nigerians? CBN governor recently said he will not devaluate but behold the APC vir×s don catch am.

We are facing the economic realities. I dont see bubu team able to revive this economy. Buhari needs to bring more technocrat on board. But sorry he doesn't care much about the economy

agbari1:
What this means is that dollar was exchanged BY CBN for importer AT N357 and N307 for exporter. This means you you pay more Naira to get dollar if you are importing. This goes for payment of school fees abroad and other goods and services. Black market operators also get dollar from CBN at 357 to 1 dollars. That is why at black markets the exchange rate hovers around 358 to 362 to one dollar during the period. Government receives dollar from the sales of her oil which is kept by CBN. Projected budget of government for 2020 is based on oil benchmark price of 57 dollar per barrel. The price of oil has fallen in the global market to below $30. This means that government revenue has fallen substantially as oil accounts for about 90% of export earnings. In order to get more Naira to pay for internal spendings in the country such as payment of salaries and contractors, government must get more Naira. In doing so, quantity of Naira to be exchanged for dollar must be increased. Government doesn’t want to use the term “devaluation” hence it used exchange rate equalization. This means that no more 307, 357 Naira exchange to the dollar anymore but N380 for all multiple exchanges to a dollar. So our official rate to one dollar is now N380. Black market operators will be selling at amount higher than this may be N400 to one dollar depending on the availability of dollar in the market. Remember that over 50 oil cargo of Nigeria is on the see without willing buyers ad the demand for oil has reduced in the international market. The price is on the free fall because of Saudi and Russia price and output war. If the price of oil falls further to say $20 per barrel, Naira nearly collapse. Government may ban importation of less essential goods. It may go and borrow money from from international financial institutions such as IMF with stringent measures. It may devalue the currency further. Those with fixed income will be worse off. Prices of goods and services will go up. Demand for goods and services will fall. It will affect company revenue and lead to job loses.

abbaapple:




Welcome back from the Banned! Seems 30k alert is still dropping, by this time you no sleep still defending your Darling Everything

LowerPriceData0:
Welcome Back.

post=87624249:


Anything that will move our darling nation forward at this perilous period and much after is what we are after.

This too shall pass.

CanadaOrBust:
This makes sense. Nigeria should adopt a uniform exchange rate that eliminates black market and round-tripping and the rampant corruption that goes with them!

** I dedicate this FTC to our FG for keeping our borders open despite heartfelt pleadings from Nigerians to close them and also for refusing to institute any automatic quarantine of people from hot zones.
Otherwise we won’t have any corona by now, something that all better countries have. Thanks to them now we can proudly close our schools and churches and sports like US and UK are doing, all thanks to our wonderful FG!
GOD BLESS NIGERIA!

ehbellsho:
I am trying to understand but still can't/don't get it.
pls, anyone with the summary package?

ehbellsho:
I am trying to understand but still can't/don't get it.
pls, anyone with the summary package?

ehbellsho:
I am trying to understand but still can't/don't get it.
pls, anyone with the summary package?

Excuzeme:


Dont mind the ediots, after the allocation of subsidized Dollars to Hajj Pilgrims has just been finalised... they suddenly remembered.

Kobicove:
I though the CBN continuously denied any plans to devalue the Naira

BlackPantherCri:
In order words,

Naira will be allowed to free fall against the dollar. N400 to $1 loading

GAZZUZZ:

It's been a while I saw your posts. Welcome back

Raalsalghul:


Amen to this prayer.

agbari1:
What this means is that dollar was exchanged BY CBN for importer AT N357 and N307 for exporter. This means you you pay more Naira to get dollar if you are importing. This goes for payment of school fees abroad and other goods and services. Black market operators also get dollar from CBN at 357 to 1 dollars. That is why at black markets the exchange rate hovers around 358 to 362 to one dollar during the period. Government receives dollar from the sales of her oil which is kept by CBN. Projected budget of government for 2020 is based on oil benchmark price of 57 dollar per barrel. The price of oil has fallen in the global market to below $30. This means that government revenue has fallen substantially as oil accounts for about 90% of export earnings. In order to get more Naira to pay for internal spendings in the country such as payment of salaries and contractors, government must get more Naira. In doing so, quantity of Naira to be exchanged for dollar must be increased. Government doesn’t want to use the term “devaluation” hence it used exchange rate equalization. This means that no more 307, 357 Naira exchange to the dollar anymore but N380 for all multiple exchanges to a dollar. So our official rate to one dollar is now N380. Black market operators will be selling at amount higher than this may be N400 to one dollar depending on the availability of dollar in the market. Remember that over 50 oil cargo of Nigeria is on the see without willing buyers ad the demand for oil has reduced in the international market. The price is on the free fall because of Saudi and Russia price and output war. If the price of oil falls further to say $20 per barrel, Naira nearly collapse. Government may ban importation of less essential goods. It may go and borrow money from from international financial institutions such as IMF with stringent measures. It may devalue the currency further. Those with fixed income will be worse off. Prices of goods and services will go up. Demand for goods and services will fall. It will affect company revenue and lead to job loses.

einsteino:


it just means Naira has been devalued. The below quote says it all. Govt would be able to get more naira to service it's responsibilities at home with the less dollar it gets from oil sales abroad. The common man would be the one to bear the brunt, as he would be able to buy less goods(which is all imported with dollar), leaving him with less disposable income to meet his needs.

andyanders:
This is a welcomed idear. There has been corruption within the banking sector over this multiple exchange rates as most of them cornive with the black market operators through getting at official rate and selling through black market rates, making huge profit which goes back to their individual pockets.

CanadaOrBust:
This makes sense. Nigeria should adopt a uniform exchange rate that eliminates black market and round-tripping and the rampant corruption that goes with them!

** I dedicate this FTC to our FG for keeping our borders open despite heartfelt pleadings from Nigerians to close them and also for refusing to institute any automatic quarantine of people from hot zones.
Otherwise we won’t have any corona by now, something that all better countries have. Thanks to them now we can proudly close our schools and churches and sports like US and UK are doing! All thanks to our wonderful FG!
GOD BLESS NIGERIA!

nedekid:

Well said. It also means if you had 1m in the bank yesterday, this morning you only have 1m in name not in value. It is now worth N947,160. @$380.
YOU ARE GETTING POORER!