Ignore that guy. He is either joking or completely stupid. Either way, he will only drag you to is level.

ZombieNation:


Olofo and SWIFT network is controlled by BIS which all Central Bank regulated merchant banks operate with it.

You can't have access to swift if you are not regulated by central bank which is under the BIS.

Russian Central bank were cut off from this platform by the BIS.

I can not send money to or from Russia using SWIFT.

Why are you people so daft.

Is the SWIFT platform available to anyone outside the CBN merchant bank regulation?

Idiots everywhere.

thebosstrevor1:


He is right

Inflation is what matters

Is your salary in dollars.

The only people who are supposed to be worried are importers, people travelling abroad, people paying for school fee abroad etc

Who are the importers selling to? Don't you think the importers will pass on the cost to their customers? Who are their customers if not Nigerians? The people paying school fees abroad are converting their naira to dollar. For those that legit earned their naira, dont you think it would pain them? The school fees are even more expensive for them. If they budgeted $10k 5m when $1=N500 and now $1=710, don't you see there is a shortfall? For those that looted their naira, they will have to loot even more naira to meet the dollars required.

Also, inflation can be caused when cost of production goes up. As Nigeria imports most goods it means that invariably, cost has gone up. These things go hand in hand. You can't expect purchasing power of a weak currency to be high especially when the country imports way more than it exports.

marenkurz:
Ignore that guy. He is either joking or completely stupid. Either way, he will only drag you to is level.

The backbone to all international transactions is the SWIFT network .

Every other interface is linked to SWIFT via another application that can only be granted access by the Central Bank of any country .

thebosstrevor1:


He is right

Inflation is what matters

Is your salary in dollars.

The only people who are supposed to be worried are importers, people travelling abroad, people paying for school fee abroad etc

Don't be foolish! Who buys the products imported with dollars and at what cost? Did salaries increase? A loaf of bread is heading to N1000 and you're here talking nonsense. God punish you!

Onigawara:
Please what is causing the naira to crash so rapidly? Enlighten me

simplest explanation is we have a dullard as president

ZombieNation:


The backbone to all international transactions is the SWIFT network .

Every other interface is linked to SWIFT via another application that can only be granted access by the Central Bank of any country .

You keep saying rubbish, the back bone of this and that. Yes swift is from bank account to bank account

But there are other systems of transfer, companies like tranferwise and sendwave uses, they have accounts in each countries they operate and that is how people are paid very fast, now all the dollars you receive through swift from domiciliary accounts and also the dollar from sendwaves, worldremit and the rest all end in the blackmarket because people want more money for their dollar, and that is the way, the black market guys gets dollars to sell to the importer and the rest who needs dollars

Onigawara:
Please what is causing the naira to crash so rapidly? Enlighten me

Clear case of demand and supply, in addition it's not available so the few Ines who have it are hoarding it.

fx45:
Don't be foolish! Who buys the products imported with dollars and at what cost? Did salaries increase? A loaf of bread is heading to N1000 and you're here talking nonsense. God punish you!

There are also local goods, you can buy that rather than buy imported products.

Lastbornbuns:

Who are the importers selling to? Don't you think the importers will pass on the cost to their customers? Who are their customers if not Nigerians? The people paying school fees abroad are converting their naira to dollar. For those that legit earned their naira, dont you think it would pain them? The school fees are even more expensive for them. If they budgeted $10k 5m when $1=N500 and now $1=710, don't you see there is a shortfall? For those that looted their naira, they will have to loot even more naira to meet the dollars required.

Also, inflation can be caused when cost of production goes up. As Nigeria imports most goods it means that invariably, cost has gone up. These things go hand in hand. You can't expect purchasing power of a weak currency to be high especially when the country imports way more than it exports.

My point is simple, the man is right..maybe we need to look into local production.

thebosstrevor1:



My point is simple, the man is right..maybe we need to look into local production

No nation can be self sufficient

Lastbornbuns:

No nation can be self sufficient

But we can be self sufficient in somethings.

thebosstrevor1:


He is right

Inflation is what matters

Is your salary in dollars.

The only people who are supposed to be worried are importers, people travelling abroad, people paying for school fee abroad etc

At bolded......are you for real?
How can we talk about devaluation and not talk about inflation.
Don't we import a chunck of what we consume?
The petrol and diesel we are importing, won't it rise thereby causing higher consumer goods prices thereby cause inflation?

Binancian:
hmm make i go sell 1k usd from my crypto trading account

700k for the weekend
sai baba

Unless you are using the fund to hire a labourer there is no gain per se. Everything you will in the market will reflect the new price.

ZombieNation:


Not true.

I for one believe Emefile is deliberately crashing the naira to force his digital eNaira on us.

The Nigerian Central bank is the only country in the world to have rolled out the WEF dictated digital currency.

This is a deliberate destruction of our sovereign currency towards embracing the WEF global digital currency .

You don't know how jewed and screwed we are under this Satanic Jewish installed govt .

Will the e-naira benefit us? won't it keep devaluing like physical naira?

JohnBullMySon:
If you've ever remitted dollars before you would have easily understood. At this point i'm done talking with you.

Oga, that nigga get point. As far as I'm concerned, the BDCs get the dollars they sell in the black market through the CBN. If they have to depend only on individuals who sell their dollars to them, then I can guarantee you that the Dollar would be scarcer(sic) than it is today. I'm an importer, and I know how much dollars I need monthly for biz, and I have not placed an order for it and I did not get. The dollars are always available on the black market- the only problem is price. It's this unending availability of dollars in the black market that made me think twice about how BDCs get the dollars they sell in the black market

ZombieNation:


Olofo and SWIFT network is controlled by BIS which all Central Bank regulated merchant banks operate with it.

You can't have access to swift if you are not regulated by central bank which is under the BIS.

Russian Central bank were cut off from this platform by the BIS.

I can not send money to or from Russia using SWIFT.

Why are you people so daft.

Is the SWIFT platform available to anyone outside the CBN merchant bank regulation?

Idiots everywhere.

The boy just dey amaze me. He clearly doesn't understand what the Central Bank represents in any jurisdiction. So money can pass from UBA to Chase Morgan and vice versa? Just like that?

thebosstrevor1:
There are also local goods, you can buy that rather than buy imported products.

You're quite an irritating person. Price of local goods is determined by the cost of production. Right now cost of production in Nigeria is above the roof. Diesel is selling above N800 per liter and almost every business in Nigeria is running on diesel. I'm sure you still won't get it. Nigeria is collapsing and Northern elites like yourself would be the first to run when sh1t hits the fan. You guys don't have an idea what is coming. The oppressed masses are going to start pushing back soon.

You can take this to the bank

IDeyNL:
Archbishop of Agbado archdiocese said drop in naira against dollar doesn't matter since salaries are being paid in naira.

Soon his urchins won't be able to afford Agbado or Cassava or even the Ewa to soak garri with

We are seeing this now,imagine this....