Elbinawi:
Naira Plunges Further To N543 Per $1 Under @MBuhari Government | Sahara Reporters

Mee:

So much for the bloodthirsty killer and monumental fraudster #TyrantBuhari who promised during campaign: "I will make a Dollar equal to a Naira."

The Nigerian economy is dead, the public treasury is empty. Everything stolen by Buhari and his extremely corrupt cronies. Before Buhari leaves power by 2023, one Dollar will be close to one thousand Naira.

Pray For Nigeria!

#ElbinawiTweets

Look at it this way: if the Naira drops to 1,000 to a $1,the CBN can now redenominate and make it N1 to $1.

Buhari can claim that he achieved 1 to 1 as he promised

DSC7:
Bubu is working......

You want make the fake ear fall off? Or you never hear say na Jubrin levels be dis guy?!

Dialpad:
Allow Nigerians to spend dollars ($3000 minimum) using their visa/Master card


The rates will drop significantly

Don't tell me emefele does not realize this.

I don't know why it's SO DIFFICULT for Emefiele to do this. Increase the limit on cards from a paltry $100 to $2000 and above, and less people will go to abokis. This will make the rates drop

Why can't they do this, actually?

Lanretoye:
ur mates dey hustle,u better goan find something to do.99% of people here needs help,so stop lazying about.

Sir am in a very very difficult situation at the moment
If only you will understand sir it's not about being lazy

ThEGodFaThEr103:

You still don't understand the dynamics of economics. Every buyer and seller are rational thinkers. Go and check 100 naira Agege bread and you'll notice that it has reduced in size. If you 100 naira Agege being dey bellefull you before but now you'll need like extra 2 to chop belle full, that's like 300 naira. That's is what happens during severe inflationary trends. For the fact that you're having plentiful dollars doesn't transcend into increased value of the money. A case of the more you earn, the higher you spend. A rat race.

You still don't get my point.

I'm not saying there's been no inflation, what I'm saying is that the level inflation is not as terrible as the depreciation of the Naira.

For example, the average price of a bottle of beer 6 years ago was about N200-250, today, 6 years after it's about N300-350.

Inflation and interest rates affect every economy but when your currency is fast depreciating, then there's a huge problem. The strength of any economy in the world is measured via it's currency.

How can I earn dollars legitimately online without shipping any pin?

Very tempting....

I don't mean peanuts, I mean like $1m per month.

See an idiot way of reasoning..

Is it their fault that naira is depreciating against dollar

Or is it their fault that dollar will be on high demand?? Haha

EFCC should better go after our polithiefians

ThEGodFaThEr103:

As long as naira keep falling, inflation will keep rising.
Why? We have too much money chasing few available goods. This is just one of the factors if not the main factor.

That's why anyone who thinks he is safe cos he earns dollars is fooling himself

Yoighaman:


You still don't get my point.

I'm not saying there's been no inflation, what I'm saying is that the level inflation is not as terrible as the depreciation of the Naira.

For example, the average price of a bottle of beer 6 years ago was about N200-250, today, 6 years after it's about N300-350.

Inflation and interest rates affects every economy but when your currency is fast depreciating, then there's a huge problem. The strength of any economy in the world is measured via it's currency.

Your analysis of beer as an analogy is flawed. How many people drink beer? Can beer be a substitute for food? We are talking about commodities that serve as food and services that are essential. There may not be a geometric progression in the prices of beverages because not everyone drinks beer but the prices of foods will skyrocket because everybody needs food and it's an essential good. In 2015, the price of rice stood at N5,500 a price but fast forward 2021 the price has gone to over twenty something thousand naira, the same for other foodstuffs.

SarkinYarki:
Like I predicted when that slow Emeiefele banished BDC without a concrete plan and now we are there back to the era of Bank Forex fraud .. Emeiefele should be sacked

What those bdc were doing was unacceptable.
How many countries in the world use bdc?

I'm all for it.
Short term won't be easy.
But it's better in the long run..

# legacies of the redundant coupist!

The lifeless daddy of brainless buffoons is a colossal disaster

The doomed herder is Nigeria's worst blunder!

Yoighaman:


You still don't get my point.

I'm not saying there's been no inflation, what I'm saying is that the level inflation is not as terrible as the depreciation of the Naira.

For example, the average price of a bottle of beer 6 years ago was about N200-250, today, 6 years after it's about N300-350.

Inflation and interest rates affect every economy but when your currency is fast depreciating, then there's a huge problem. The strength of any economy in the world is measured via it's currency.

As an addendum, the strength of an economy can not just be measured via its currency but in its currency purchasing Power Parity ( PPP). Economics is not that complex, it's an every day to day activity.

ThEGodFaThEr103:

Your analysis of beer as an analogy is flawed. How many people drink beer? Can beer be a substitute for food? We are talking about commodities that serve as food and services that are essential. There may not be a geometric progression in the prices of beverages because not everyone drinks beer but the prices of foods will skyrocket because everybody needs food and it's an essential good. In 2015, the price of rice stood at N5,500 a price but fast forward 2021 the price has gone to over twenty something thousand naira, the same for other foodstuffs.

Did you just say how many people drink beer?

A bag of rice 6 years ago was N10,000+, not N5,500.

Anyway, let's put an end to our discussion since we are both not giving in to our differing perspectives.

Thanks and have a blessed day.

SarkinYarki:
Like I predicted when that slow Emeiefele banished BDC without a concrete plan and now we are there back to the era of Bank Forex fraud .. Emeiefele should be sacked

I wonder what was in their mind when they took that decision. This is why some people who perform poorly back in school achieve better in politics. An average street wise graduate should have known that the policy is more like a suicide note.

ThEGodFaThEr103:

As an addendum, the strength of an economy can not just be measured via its currency but in its currency purchasing Power Parity ( PPP). Economics is not that complex, it's an every day to day activity.

Definitely, Economics is not that complex, you never can tell if the person you are chatting with, has an M.Sc in it.

Have a blessed day.

We all know the problem and solutions to all these but we keep ignoring and looking for easiest but lame ways out

ThEGodFaThEr103:

Not true, Nigeria today is faced with Hyper-inflation. Price of goods and services are skyrocketing in geometric progression, I.e cost of living has thrice doubled if there's any word like dat. Say, What you buy for 50 naira when you were earning N250,000 dollar it's now 200 naira now that you're earning N 550,000. Nothing changed, you just have plenty naira without a real value.

You're right,

Yoighaman:


Definitely, Economics is not that complex, you never can tell if the person you are chatting with, has an M.Sc in it.

Have a blessed day.

My man, it's not about having an M.Sc in Economics but understanding the dynamics of economics. Most of the classical school of thoughts in Economics, the founding fathers were not economists, most were philosophers. Yes! Having an M.sc in Economics is good but knowing the dynamics and how the economy works is better.
I've carried out works in the field of quantitative and qualitative research analysis so I know what I'm saying, Ceteris Paribus.

Warlord12:



2k sent hope it help

Omo GOD will bless you sir
You will never lack financially
If only you know what you just did for me is like a million in my eyes
Sir words cannot type how I feel right now for what you just did for me I really appreciate you sir
May your source of income never run dry amen

Omo e dey sweet us wey dey UK.

Hmm...time to sell some crypto to get some valueless Naira.

You see why saving your money in Naira and Nigerian Banks is pointless. Since January, I have stored money in cryptocurrency across different tokens.

Today i have not only preserved the value of my money but also made one 13,000% in profits. Plus i bought the currency in the low 400's and today i can swap it for 550.

Fair deal

This is what u get when nepotism is preferred than merit

Hmmm 1k loading by December then 2k5 to 3k before Buhari leaves office 2023 .

Thanks to the people who voted him in they are also feeling the heat.

ThEGodFaThEr103:

My man, it's not about having an M.Sc in Economics but understanding the dynamics of economics. Most of the classical school of thoughts in Economics, the founding fathers were not economists, most were philosophers. Yes! Having an M.sc in Economics is good but knowing the dynamics and how the economy works is better.
I've carried out works in the field of quantitative and qualitative research analysis so I know what I'm saying, Ceteris Paribus.

I am not saying I have an M.Sc in Economics, I am just saying you never can tell but you sound like you know it all, which shouldn't be the case.

That we both don't agree on our perspectives does not make you know better.

Anyway, nice chatting with you.

dirtydiva:
The only solution is for all of us to come out clean and tell ourselves the bitter truth, all ds dollars importers are demanding for are dey using it as dem request or are they stockpiling them? Thats the question we have to ask ourselves.

Imagine CBN releasing forex from our forex reserve dat is going down heavily only to end up in foreign accts of some Nigerians who are speculators because dey want to cash out big

The market demands that people like this will always exist. It's the job of the government to deploy economic policies that will punish such people. Any draconian law that doesn't solve the root problem, but instead attempts to impede speculators, will only make things worse. With sound economic policies designed to punish speculators, nobody will tell them before they convert their dollars back to naira.

Yoighaman:


I am not saying I have an M.Sc in Economics, I am just saying you never can tell but you sound like you know it all, which shouldn't be the case.

That we both don't agree on our perspectives does not make you know better.

Anyway, nice chatting with you.

No nah! Never said I know it all and my arguments are in no way to deride yours. In Economics, no two economic postulations are the same. due to the dynamics nature of economics scholars counter scholars but at the end we will come to an agreement and that's the beauty of the discipline. Like I said earlier, you're my man and I enjoyed your analysis.

CBN just messed this policy up ...it should have been implemented but nothing should have been announced it should have been done quietly as not to cause a run on the dollar ....

CBN step up and do your regulatory control stop being lax for gods sake, deal severely with any bank committing FOREX fraud stop being a toothless lion ....show some leadership this is why too much nepotism is a danger it does not allow the real competent people to do a better job

Sysdatek:
Wetin concerned me
Usdt and usdc for crypto
Fck banks
The only money I can put in a Nigerian bank is food money
Useless fraudsters in suit
The naira is also dead and buried

assume crypto exchange platform is hacked.
How do you recover ur assets

ThEGodFaThEr103:

No nah! Never said I know it all and my arguments are in no way to deride yours. In Economics, no two economic postulations are the same. due to the dynamics nature of economics scholars counter scholars but at the end we will come to an agreement and that's the beauty of the discipline. Like I said earlier, you're my man and I enjoyed your analysis.

The person you were arguing with has more knowledge than you now listen;

As a worker you earn 35k monthly in the past 6yrs when naira was $1-N200 and a bag of rice was sold at 8k, fast down the line everything skyrocketed now you earn 50k and a bag of rice is 30k because the exchange rate is now $550

How would you compare yourself with someone who's money rises each time $ gains strength to someone who's earning in naira and hardly gets salary uprise

Besk:


Your comment is filled with hatred and no iota of basis. You’re probably a bitter BDC operator who was rightly deprived of profiteering from free dollars from the CBN.

Stopping sale of dollars to BDCs was the right policy. The other problem they have refused to fix, which is one of the main root causes of this problem is individual dollar accounts. As far as I know, most of the educated folks in Nigeria who are slightly well to do, no longer save in Naira. Most funds are usually mopped up in their accounts and Converter to dollars for their dollar accounts in Nigeria.

Imagine that on a daily basis? The sheer demand by lets says 25 million Nigerians converting Naira to dollar just because they don’t want to save in Naira? Which other country in the world allows this and prospers?

Either for lack of political will or because they are huge beneficiaries of it too, they have refused to stop this practice and it is a huge strain on the currency value because of the huge dollar demands which mop up dollars that should be going to the productive sector.

CBN should institute a policy whereby everyone that has a local dollar account must ensure that no more than 5% of their total money-in-the-bank at any point in time is held in a foreign-denominated local account.

Before i insult you, lemme just calm down. Is this North korea or China If the country and the economy was good enough you wont need to tell Nigerians not to change there money to foreign currency. But please try and analyze from the standpoint of a father/mother running a family.
As useless as Jonathans administration was dollar was still 300 naira. Infact before that it was actually i think 200, then 250 and finally 300. Cost of living was not this high, we still had foreign reserve. You could still buy full loaf of bread for less than 100 naira. You could actually make a living off 30000 a month in jonathans regime were stealing and unaccountability was the orderof the day. He wanted to remove subsidy buhari, Tinubu, lai homammed all campaigned that no, it was a ploy to siphon funds. If he had done that maybe we would have been in a better place. Buhari campaigned on building a couple of refineries that would at least reduce the need for humongous foreign currency we were using to buy our refined crude oil back.
Under this hitler of a president nothing has worked.
You know the reason why people change there salary to naira ? Because they could see our naira loosing value from afar. Infact alot of people just change there salary to USDT and keep on binance or FTX not to buy crypro but to ensure their money still holds value. 30000 2 months ago in dollar is not the same now. At the end of the day everybody is trying looking for the best way to save and get the best value for money from their small salary. You cant tell a common Nigerian not to convert there money to dollar or pound when they are making money from it.
I challenge you to change 100k to dollar now and see if at the end of the month the value wont increase. How can you now tell a grown ass man who is not a poisoner and not in China or North Korea not to do what is best for their future because the clueless government has scattered everything with nepotism and inadequate appointments