It never crossed my mind how bastardised the naira has become against major currencies like the US Dollar until I needed to do an FX transaction of $2,000.

I thought I could do an online transaction. You know, filling your naira debit card details in the marchant’s portal online and be done with. Little did I know I’m old school in this. I kept getting insufficient funds error message thrown back at me. No, hell no I thought. I have more than enough funds in this account I shouldn’t be getting this damn message I said to myself furious.

What I thought was an error message isn’t an error message, it’s in fact a valid message. To my surprise I can only carry out an FX transaction if $100 from my caccount per month. What in the world.

Had to go source for US Dollar at the black market. Eventually I manage to get $2,000 for 964,000 naira. Just 36,000 naira short of 1million naira?

I know quite alright Dollar to naira exchange rate is a major issue in Nigeria today but I cared less cause most of my transactions are done in naira until today when I had cause to get some dollars.

The moral of this is, ditch the naira asap else you might live to regret later in future. I’m putting plans in place to convert my naira to a better relatable currency.

i don't know what kind of contract Nigeria signed with world Bank that makes them to keep devaluating our currency.
even at this they insisted our currency is 18% over valued..
this country matter Taya me jare..

Amaechi2023:
i don't know what kind of contract Nigeria signed with world Bank that makes them to keep devaluating our currency.
even at this they insisted our currency is 18% over valued..
this country matter Taya me jare..

What do you mean contract? Why wont they devalue your money when you are not exporting anything to get more dollar? You export crude and import it back as motor spirit and later be forming exporter in Africa. Until smart and industrious entrepreneurs are elected to lead, the economy will continue to go zigzag.

nlreserve:
What do you mean contract? Why wont they devalue your money when you are not exporting anything to get more dollar? You export crude and import it back as motor spirit and later be forming exporter in Africa. Until smart and industrious entrepreneurs are elected to lead, the economy will continue to go zigzag.

that's what economics told you but it's all a lie.
our import rates from 2015 till date has dropped when FG intervened in banning some foreign products and closing of boders, also our export rate after the 2016 recession increased when oil price rose from $18 per barrel to $60 per barrel.
thing is, no matter what we do, our currency can never gain against the dollar.
south Africa economy is not as good as China but the rand's is stronger than yen.
or are you saying Kuwait economy is stronger than Russia or US?
forget what economics teaches you.
even top economist don't know how the exchange rate sysytem really works.

that covid period when there was no import the naira was still loosing value.

Yoruba's voted for this disaster, now they have the change they requested for

I have been converting mine to assets
I just pray I don't regret it.
Buhari jaga jaga the economy in 1984 and he is doing same today.

You should be more interested in what's happening to Nigeria.

Amaechi2023:
that's what economics told you but it's all a lie.
our import rates from 2015 till date has dropped when FG intervened in banning some foreign products and closing of boders, also our export rate after the 2016 recession increased when oil price rose from $18 per barrel to $60 per barrel.
thing is, no matter what we do, our currency can never gain against the dollar.
south Africa economy is not as good as China but the rand's is stronger than yen.
or are you saying Kuwait economy is stronger than Russia or US?
forget what economics teaches you.
even top economist don't know how the exchange rate sysytem really works.

that covid period when there was no import the naira was still loosing value.

You need to go back to school or do a research. You just dey talk trash.

hmmm, everything don tired person

nlreserve:
You need to go back to school or do a research. You just dey talk trash.

I don't think he is talking trash,he is making sense. I use to go in the line of your thought before until he made a point ,comparing China and south Africa.

China produces almost everything they use if not all,yet Rand is stronger than Yen. What of Kuwait Dinar,what are they producing in Kuwait better than china that made their currency one if not the strongest currency.

The guy is right.

nlreserve:
You need to go back to school or do a research. You just dey talk trash.

I don't think you know economics, if you know better then I'm willing to learn.
no be everything be bashing.

Pierocash:
I don't think he is talking trash,he is making sense. I use to go in the line of your thought before until he made a point ,comparing China and south Africa.

China produces almost everything they use if not all,yet Rand is stronger than Yen. What of Kuwait Dinar,what are they producing in Kuwait better than china that made their currency one if not the strongest currency.

The guy is right.

China deliberately kept the value of their currency low because China is a net exporter of manufactured goods. That makes the prices of their goods cheap outside China, especially in America, Europe Asia and South America. That's why they are competitive.

The naira lost value during covid lockdown because oil prices were ridiculously low. We couldn't earn dollars.

So the guy is wrong.

Jbleenk:
It never crossed my mind how bastardised the naira has become against major currencies like the US Dollar until I needed to do an FX transaction of $2,000.

I thought I could do an online transaction. You know, filling your naira debit card details in the marchant’s portal online and be done with. Little did I know I’m old school in this. I kept getting insufficient funds error message thrown back at me. No, hell no I thought. I have more than enough funds in this account I shouldn’t be getting this damn message I said to myself furious.

What I thought was an error message isn’t an error message, it’s in fact a valid message. To my surprise I can only carry out an FX transaction if $100 from my caccount per month. What in the world.

Had to go source for US Dollar at the black market. Eventually I manage to get $2,000 for 964,000 naira. Just 36,000 naira short of 1million naira?

I know quite alright Dollar to naira exchange rate is a major issue in Nigeria today but I cared less cause most of my transactions are done in naira until today when I had cause to get some dollars.

The moral of this is, ditch the naira asap else you might live to regret later in future. I’m putting plans in place to convert my naira to a better relatable currency.

APC government is Hippocrates when oil is $30 they will quick to tell Nigeria know oil is going up $70 they keep quiet

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