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Nairaland Forum / Nairaland / General / Business / FG Mulls Unified Naira Exchange Rate Regime (25894 Views)
Dollar-to-naira Exchange Rate Hits N1603.80 On Official FX Market / FG Mulls Redenomination Option To Stabilise Naira / CBN Signals End To Official Rate Regime For Naira (2) (3) (4)
Re: FG Mulls Unified Naira Exchange Rate Regime by mrkings84(m): 4:35pm On Jun 18, 2020 |
nedekid: No ooo... No food na my brother... Some days are like that shall! |
Re: FG Mulls Unified Naira Exchange Rate Regime by awoo47: 4:41pm On Jun 18, 2020 |
SpecialAgent:its still d same thing...abi u no go spend d money wey u earn?? things will go up too although nt linearly sha |
Re: FG Mulls Unified Naira Exchange Rate Regime by pacespot(m): 4:44pm On Jun 18, 2020 |
What does this mean per se, does it reduce the value of naira to dollar or increase it? I know increase is the closer option to this, any expert in the field? |
Re: FG Mulls Unified Naira Exchange Rate Regime by proeast(m): 5:13pm On Jun 18, 2020 |
SpecialAgent: Lol, you ended up confusing yourself What do you mean by "unless you're into export"? By the way I have heard people say that those earning in dollars and spending in naira gains nothing when naira depreciates but that's not true. Everyone earning in dollar gains once naira depreciates. Now, let me break it down for you. Someone earning $500 monthly when naira exchanges at 400 to a dollar would have 200k but once naira depreciates to 500 per dollar, his income becomes 250k monthly i.e. 50k extra. However, when dollar appreciates, only imported commodities are directly affected. Rent remains static, likewise transport and locally grown food. Remember that FG still subsidizes fuel while means that they will offset the increase due to exchange rate. So, while salary earners and businessmen would have a static income regardless of exchange rate fluctuation, the person who earns in dollar is now 50k naira richer and all of them will still go to the same market, buy the same commodities and pay the same rent. In summary, when dollar appreciates those that earn forex gain. 1 Like |
Re: FG Mulls Unified Naira Exchange Rate Regime by bobolaga: 5:21pm On Jun 18, 2020 |
is better you witness buhari on action those of you that voted him in,with empty promise that he will made one naira equal to one dolar. |
Re: FG Mulls Unified Naira Exchange Rate Regime by InvertedHammer: 5:29pm On Jun 18, 2020 |
/ The goal is to get naira to / |
Re: FG Mulls Unified Naira Exchange Rate Regime by MondayOsunbor(m): 5:31pm On Jun 18, 2020 |
mrkings84: all you need is this direct oil companies to sell dollars to the Central Bank of Nigeria instead of the Nigerian National Petroleum Corporation (NNPC) |
Re: FG Mulls Unified Naira Exchange Rate Regime by Penboy: 5:36pm On Jun 18, 2020 |
proeast: No, you get it all wrong.. On paper, you're correct. But in reality it is not so, especially for a heavily import country like Nigeria. What happens is that rents would go up for house owners to make more money to purchase imported goods. Prices of other locally made goods would go up to make manufacturers buy the more imported goods. That is usually the long term result of depreciation. So you that earn the dollar would convert in Naira and buy more goods expensively. 2 Likes |
Re: FG Mulls Unified Naira Exchange Rate Regime by nedekid: 5:37pm On Jun 18, 2020 |
mrkings84:Na pepe issues? |
Re: FG Mulls Unified Naira Exchange Rate Regime by crystalzoe: 5:55pm On Jun 18, 2020 |
BlackfireX: |
Re: FG Mulls Unified Naira Exchange Rate Regime by Nobody: 6:52pm On Jun 18, 2020 |
proeast: Bros forget, we IMPORT VIRTUALLY EVERYTHING IN THIS COUNTRY, When importing na dollars them dey use, they won't sell it to you any cheaper than it's value in naira. Ones dollar goes up, the price of even tomatoes goes up. About your 50k richer theory, once the inflation goes to high, the minimum wage has to be adjusted to reflect the realities on ground. The tomotes I usually buy for 50 naira in 2016 is now valued at almost 200 naira. I usually buy direct from farmers. The gain you are talking about is minimal, no be only you get the dollar |
Re: FG Mulls Unified Naira Exchange Rate Regime by proeast(m): 7:20pm On Jun 18, 2020 |
SpecialAgent: You're not getting it. Landlords don't increase rent annually, it can take up to five years in some instances before rents are increased. Do government increase increase salary every year? It takes many years before government increases salary. Do you buy imported commodities everyday? Like what and what? Do you buy things like cars, televisions, electronics, gadgets etc every month. Basic things like food, clothing and shelter among others does not increase in price everyday, they take years to do so and that's enough time for dollar earners to accumulate profit. However, someone earning in dollars is seeing increased earnings daily courtesy of higher exchange rate. At worst, a dollar earner would see increase in income at a geometric rate while inflation would be at an arithmetic rate. I have explained enough already but if you still want to believe otherwise, you're free to do so. 1 Like |
Re: FG Mulls Unified Naira Exchange Rate Regime by guychidile: 7:31pm On Jun 18, 2020 |
too much swag in grammar .,meaning pls. |
Re: FG Mulls Unified Naira Exchange Rate Regime by mrkings84(m): 8:11pm On Jun 18, 2020 |
nedekid: Of course na....but I don chop now! |
Re: FG Mulls Unified Naira Exchange Rate Regime by nedekid: 8:16pm On Jun 18, 2020 |
mrkings84:Thank God. Show ur Acc make I arrange you small breakfast even if na for indomie superpack and egg with coke for tomorrow. 1 Like 1 Share |
Re: FG Mulls Unified Naira Exchange Rate Regime by mrkings84(m): 8:24pm On Jun 18, 2020 |
nedekid: That would be nice of u... 0040-744-933- access/Kings/Idio 1 Like |
Re: FG Mulls Unified Naira Exchange Rate Regime by nedekid: 9:25pm On Jun 18, 2020 |
mrkings84: |
Re: FG Mulls Unified Naira Exchange Rate Regime by Nobody: 9:28pm On Jun 18, 2020 |
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Re: FG Mulls Unified Naira Exchange Rate Regime by Nobody: 9:41pm On Jun 18, 2020 |
proeast: Lol, ok...o, maybe na different country we dey live sha, so let's just agree to disagree. Thank you for ur time sir |
Re: FG Mulls Unified Naira Exchange Rate Regime by SUPERPACK: 9:44pm On Jun 18, 2020 |
nedekid:I am here, you called me. 1 Like |
Re: FG Mulls Unified Naira Exchange Rate Regime by Nobody: 9:45pm On Jun 18, 2020 |
Penboy: Bros, leave am, some things require experience to understand. It's the best teacher |
Re: FG Mulls Unified Naira Exchange Rate Regime by DenreleDave(m): 9:48pm On Jun 18, 2020 |
SUPERPACK: Nedekid, you don buy market ooo Truly truly you called him.. Oya Nedekid baba, settle superpack now 1 Like
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Re: FG Mulls Unified Naira Exchange Rate Regime by nedekid: 10:10pm On Jun 18, 2020 |
DenreleDave:Lol |
Re: FG Mulls Unified Naira Exchange Rate Regime by nedekid: 10:11pm On Jun 18, 2020 |
SUPERPACK:Lol |
Re: FG Mulls Unified Naira Exchange Rate Regime by DenreleDave(m): 10:11pm On Jun 18, 2020 |
nedekid:Baba Oya settle dt guy oooo |
Re: FG Mulls Unified Naira Exchange Rate Regime by mrkings84(m): 7:12am On Jun 19, 2020 |
nedekid: Unlike our politicians with unfulfilled promises. I woke up to meet an alert. Thanks man. God bless and replenish your source. I'm grateful! 1 Like |
Re: FG Mulls Unified Naira Exchange Rate Regime by nedekid: 7:27am On Jun 19, 2020 |
mrkings84:Thanks. Have a great weekend |
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