[left][/left]The news popped up on FP on dollar rise, which obviously might be just panic creation by the regulators because if you look at it objectively, it has no reason to rise.

Of what purpose are you using the dollar today?

- Plane tickets? - Airports shut

- Vacations? - Visas cancelled

- Foreign items except related to basic items? Borders shut

- Cars import? stay at home

- Supermarket items (foreign)? Basic food necessities are really not the foreign items.

- the world economy is at its lowest ebb aswell.

What really are you using the dollar for today that has warranted the panic rise?...

Let's discuss..

Save their money against impending depreciation of the naira.

Na those wey get dollars you dey talk to na. I dey igbudu market dey hustle for my daily bread. No time to check corona virus time.

Tumbulum:
Save their money against impending depreciation of the naira.

The world economy would rebound almost in same period aswell, as well as various economies.. the virus affects everyone.

Esseite:


The world economy would rebound almost in same period aswell, as well as various economies.. the virus affects everyone.

it will rebound but trust Nigeria naira to remain where the depreciation Left it. The CBN for the first time sold the naira at 380 per dollar. I think that is enough for any body to predict the future of the naira.

Tumbulum:
it will rebound but trust Nigeria naira to remain where the depreciation Left it. The CBN for the first time sold the naira at 380 per dollar. I think that is enough for any body to predict the future of the naira.

Just maybe when it blows over, people might just have experienced and found alternatives that does not warrant so much imports..

Esseite:


Just maybe when it blows over, people might just have experienced and found alternatives that does not warrant so much imports..

I applaud your resolve to remain positive in the face of the impending doom. It takes a lot more than positivity for us to move from import dependent to become a manufacturing hub.

People are converting their naira reserve into dollars to to protect the value from Buharis ineptitude

Tumbulum:
I applaud your resolve to remain positive in the face of the impending doom. It takes a lot more than positivity for us to move from import dependent to become a manufacturing hub.

Yes it does, we have always not believed in it because we want a standard like the chinese produce it or the Americans produce it..

Now is an opportunity to produce it like we know and with what is available aswell, as no foreign competitive market would serve as alternative.

Keeping it and waiting for it to appreciate more... so i can take advantage of the real estate in Nigeria lol

Esseite. How does the federal government pay salaries to workers. Where do the federal and state governments get the naira from that they share on a monthly basis. From crude oil sales right?

Crude oil has lost 50 percent of its value so revenues have also falling by about 50 percent.

When Nigeria earns oil money, dollars are deposited with the CBN which then gives the government back naira and then credits the foreign reserves with the dollars.

If earnings are above the budgeted amount, the excess earnings are put in a special fund such as the excess crude account or the sovereign wealth fund for a rainy day.

Nigeria has little to no money in its excess crude account and the amount of dollar earnings has dwindled. If the naira is not devalued, how will the government get enough naira to pay its workers?

Tianamen1:
Esseite. How does the federal government pay salaries to workers. Where do the federal and state governments get the naira from that they share on a monthly basis. From crude oil sales right?

Crude oil has lost 50 percent of its value so revenues have also falling by about 50 percent.

When Nigeria earns oil money, dollars are deposited with the CBN which then gives the government back naira and then credits the foreign reserves with the dollars.

If earnings are above the budgeted amount, the excess earnings are put in a special fund such as the excess crude account or the sovereign wealth fund for a rainy day.

Nigeria has little to no money in its excess crude account and the amount of dollar earnings has dwindled. If the naira is not devalued, how will the government get enough naira to pay its workers?

This is the reality government( both past and present) have always avoided.

The government can either live within its means ( which is the logical thing to do) or borrow more money ( which will make our future generation run into more debt).
Another possibility is heavy taxation and disengagement of non -functional government parastatals/ officials.

Nigeria is dead and should be sold off.

fineboynl:
Nigeria is dead and should be sold off.

I am suspecting you, i hope you don't have buyers already to buy Nigeria.

Esseite:
[left][/left]The news popped up on FP on dollar rise, which obviously might be just panic creation by the regulators because if you look at it objectively, it has no reason to rise.

Of what purpose are you using the dollar today?

- Plane tickets? - Airports shut

- Vacations? - Visas cancelled

- Foreign items except related to basic items? Borders shut

- Cars import? stay at home

- Supermarket items (foreign)? Basic food necessities are really not the foreign items.

- the world economy is at its lowest ebb aswell.

What really are you using the dollar for today that has warranted the panic rise?...

Let's discuss..

I'm using my dollars to buy gold!