james078:


Importers have no where to buy dollars except for black market cause banks don't have liquidity
And if you bought from black market at 650 /700 why would you go to the bank and collect 450 /400 na father Christmas you be.

Please oga buy like that make I come buy for your hand cause you are a good business man

See links below make e no be like say I dey talk without facts

https://nairametrics.com/2022/07/29/nigerian-importers-are-desperate-to-pay-for-dollars-at-any-price/?

https://qz.com/africa/2058300/nigerias-central-bank-says-it-will-not-seize-dollars-in-accounts/?

What is actually wrong with you people?!!!!!!!!!

We're talking about export you are talking about import! Do you need to source dollars to sell your goods to foreigners? Exporting is. a source of forex to Nigeria and there is absolutely no way the banks or the exporters will convert the forex back to naira at the black market rate of #650. By the way the figures are for 2021. Even if we must go by Obi's wrong and asinine narrative, was dollar black market rate #650 last year? Don't reduce everything to something to argue over. Obi is not infallible. Far from it. He should have kept quiet. He's becoming a clown.

Owopariola001:


First of all, export earnings are in dollars. Because we're paid by foreigners using an international foreign exchange which is dollars.

Even Intercontinental football transfers are done/quoted in dollars ($), while International transfers in Europe are done/quoted in Euro (€) and UK transfers are done/quoted in Pounds (£).

Another example is Gas Russian trade which was conducted in dollars ($) before the Russian-Ukraine War started.

2. As of 2021, the average official dollar exchange rate was #403/dollar, and the black market was around #500 at the highest.

3. Since the earnings are in dollars, that implies that NBS converted dollars to naira, thereby getting the #18.9trillion amount.

4. To know the amount in dollars, that means the #18.9 trillion will be divided with an average rate of #403 which equates to "46,898,263,027.295285" ≈ $47million.

When using the black market rate of an average of #500, we have about $37.8million

5. Hence, Peter Obi is either a bad mathematician, a poor economist, or just a chronic liar.

Are you not a stupid person

So you are proud of 45bn export

Other nation are moving forward with huge exports and you are here happy with 45bn export.


Nigeria is sinking thats what obi is trying to tell you.

What is 45bn for 200 million people.

Discuss issues not multiplication times table

Dangrace01:


Are you not a stupid person

So you are proud of 45bn export

Other nation are moving forward with huge exports and you are here happy with 45bn export.


Nigeria is sinking thats what obi is trying to tell you.

What is 45bn for 200 million people.

Discuss issues not multiplication times table

Calm down. At least you agree with me that Obi, your principal is a chronic liar.

Owopariola001:


Calm down. At least you agree with me that Obi, your principal is a chronic liar.

Whats the lie there you refused to listen to his speech

He mentioned 18.9 trn he was correct

The politicians you fellas argue and make enemies over don't know you exist.

ThrownBack:


Can you get me dollars from CBN? Why should I use CBN unreliable rates when I will still source my foreign from the black market?

Export are sold in Dollars, so you don't need to still get dollar from CBN.

Peter Obi goofed big time on this.

ThrownBack:


This is how you people destroyed the economy with your ignorance. NBS using official rates to compile their statistics is an attempt to give a good impression of a very bad economy, but the people bearing the brunt of their madness is me and you, and the masses on the streets.

It won't surprise me if you are not benefitting from this government, and you're here mounting this strong defence for their wrong policies and wrong data, only to enter market later today and buy goods imported with dollars bought at #680. In the end you still come back here and blame the traders instead of the wrong stats from your government.

Nigeria needs new leadership that will say things as they are, not sugarcoating figures to push a faulty narrative.

You are digressing from the main issues.


If Peter Obi wanted to quote the export earnings,he could have quoted it directly from the source without using misleading convertion rates.


There are multiple reliable institutions like the World Bank, IMF or Reputable Economic Journals like The Economist that publish exports of different countries in dollars.



If you take any data from a source ,alter it for any reason before presenting the data, you must disclose the alternation to retain it's credibility.

james078:


Oga banks don't give dollars again I don go banks and they have removed forex access to individuals so dollars are being bought and sold on the black market and that is what's being used phone parts etc are bought with black market rate.

Do you earn in Dollar or Naira?

tctrills:

Bro doesn't be fooled. The official CBN rate is the dishonest rate. If you want to buy dollar, you can never get it at the official CBN rate so why quote a rate that doesn't work?

You don't understand this simple fact; you don't need to buy dollars when the export are sold in Dollars!


Dollar is the currency of international trade, the only reason why you need to buy dollars is because you are earning in Naira, so you will need to convert it to Dollars to IMPORT.


EXPORT: you earn in Dollars and need to convert it to Naira to use the money in Nigeria.

obaaderemi:
What is actually wrong with you people?!!!!!!!!!

We're talking about export you are talking about import! Do you need to source dollars to sell your goods to foreigners? Exporting is. a source of forex to Nigeria and there is absolutely no way the banks or the exporters will convert the forex back to naira at the black market rate of #650. By the way the figures are for 2021. Even if we must go by Obi's wrong and asinine narrative, was dollar black market rate #650 last year? Don't reduce everything to something to argue over. Obi is not infallible. Far from it. He should have kept quiet. He's becoming a clown.

Okay oga I give you goods you pay me in dollars.
But before I made those goods I bought the tools I used at black market rate so why should I still use official rate when black market is where I would get my profit from.
You reason am for me, I come this world to do father Christmas?

james078:


Importers have no where to buy dollars except for black market cause banks don't have liquidity


https://nairametrics.com/2022/07/29/nigerian-importers-are-desperate-to-pay-for-dollars-at-any-price/?

https://qz.com/africa/2058300/nigerias-central-bank-says-it-will-not-seize-dollars-in-accounts/?

You people just love disgracing una self

I doubt you know the difference between an Importer and an Exporter

oyatz:


You don't understand this simple fact; you don't need to buy dollars when the export are sold in Dollars!


Dollar is the currency of international trade, the only reason why you need to buy dollars is because you are earning in Naira, so you will need to convert it to Dollars to IMPORT.


EXPORT: you earn in Dollars and need to convert it to Naira to use the money in Nigeria.

When you convert in official and black market rate where do you get profit?
Am just asking for a friend

Parachoko:
You people just love disgracing una self

I doubt you know the difference between an Importer and an Exporter

You talk too much bro

james078:


Okay oga I give you goods you pay me in dollars.
But before I made those goods I bought the tools I used at black market rate so why should I still use official rate when black market is where I would get my profit from.
You reason am for me, I come this world to do father Christmas?

I will keep on insisting Obi supporters is made up of IPOB members and Tinubu haters.

See the way this guy they argue in an unreasonable way, even after all the explanation dem dey give am.

Esseite:


Stop being ignorant... do you think export goods are submitted to Government to be given to international trade companies.. you deal on your transactions from top to bottom while paying Government levies for various charges..

When you export, would you as a business man want to receive your payment at black market rate or CBN rate?...

E.g - you are owed $2,000 × 410 = 820k (CBN)
You are owed $2000 × 650 = 1,3m (black market)

Don jump into arguement with mentors on half knowledge, you would only disgrace yourself.

Try and be objective, the Statistics is for Nigeria as a country ,not individual business men.


The sum total of export as reported by the NBS have been converted to local currency based on Government fixed exchange rate.


Government Agencies quote Government Fixed exchange rate for their calculations, not black market rates which Obi quoted.

Parachoko:
Do you earn in Dollar or Naira?

I earn in naira but 1 dollar means more naira for me in black market than the official rate.
So which one should I go for?

Parachoko:
I will keep on insisting Obi supporters is made up of IPOB members and Tinubu haters.

See the way this guy they argue in an unreasonable way, even after all the explanation dem dey give am.

You are a talkative bro

james078:

I earn in naira but 1 dollar means more naira for me in black market than the official rate.
So which one should I go for?

You're complaining as if you earn in US dollar.

james078:


Abeg o that phone wey you get how much wey you think say the importers dey give the dollar rate
You forget say CBN ban banks from exchanging forex so no one is compelled to use official rate?
Fertilizer sells at the black market rate so everything being imported uses aboki rate abi aboki, hausas no be Nigerians again?

NBS didn't give that stat in dollar currency oga

Do you know the differences between EXPORT and import?

oyatz:


Do you know the differences between EXPORT and import?

I don't know my brother please explain to me in layman terms

life2017:
Obi is a die hard liar.

If the export was quoted in naira by NBS, knowing fully well export is done in dollars, NBS can only use official CBN rate to convert it to Naira. NBS is an agent of Nigeria govt and as such can only use CBN approved exchange rate for its statistics.

Because his followers are gullible, OBi is taking advantage of it to say nonsense.

If nigeria bureau of statistics (NBS) had used black market rate, the amount of the export in Naira would have been higher than 18.9trillion Naira.

Obi should be humble enough and accept his ignorance or lie


Nigeria does not sell its goods to foreigners in Naira. The product are exported in dollars. what Nigeria received from export is dollars and not Naira.

Since NBS quoted it in Naira, NBS simply converted the dollars received by Nigeria to Naira. And NBS being an agent of govt, can only use approved CBN rate to convert the value of the export done in Dollars to Naira.

If you must convert it back to the dollars, which is the original currency for the trade, you must use the same exchange rate.

If we use official exchange rate of 420 naira to 1 USD that will mean our export is $45bn dollar.

You talk too much bro and always end up saying nonsense.

Seems you don't understand what you read ?

Talkative

Owopariola001:


First of all, export earnings are in dollars. Because we're paid by foreigners using an international foreign exchange which is dollars.

Even Intercontinental football transfers are done/quoted in dollars ($), while International transfers in Europe are done/quoted in Euro (€) and UK transfers are done/quoted in Pounds (£).

Another example is Gas Russian trade which was conducted in dollars ($) before the Russian-Ukraine War started.

2. As of 2021, the average official dollar exchange rate was #403/dollar, and the black market was around #500 at the highest.

3. Since the earnings are in dollars, that implies that NBS converted dollars to naira, thereby getting the #18.9trillion amount.

4. To know the amount in dollars, that means the #18.9 trillion will be divided with an average rate of #403 which equates to "46,898,263,027.295285" ≈ $47million.

When using the black market rate of an average of #500, we have about $37.8million

5. Hence, Peter Obi is either a bad mathematician, a poor economist, or just a chronic liar.

Peter Obi makes too numerous mistakes with the Statistics he always quotes which reflect his poor understanding of the subject matters.


Even if he wanted to convert based on the black market rates, he ought to have used the prevailing black market rate for 2021 (#500= $1) which will still be far higher than $30Billion, instead he said he used the prevailing black market rates of this week to calculate what Nigeria exported in 2021.

Parachoko:
You're complaining as if you earn in US dollar and the bank refuse to give your dollar when you ask for it. That's why I asked you the question.

Oga I don't know how to explain to you again o
First off why are people storing dollars?
Reason is because the dollar would rise in value compared to the naira
So if I had bought dollars at the rate of #400 and it increased to #650 rate and I sell it how much profit have I made? #250 sweet profit oga

How else you want make I spin am make you for understand?

obaaderemi:
This thing is simple. You export cashew beans to Korea from Aba. The Koreans will not hand money to you in cash, will they? They wire your money into your account in dollars. Will the bank give you #450 or #650 for a dollar? Oya, answer.
Obi needs to take it easy with his mouth.

They think export trade is done like buying & selling at Ariara or Ladipo Markets in a cash-and-carry system.

oyatz:




Peter Obi makes too numerous mistakes with the Statistics he always quotes which reflect his poor understanding of the subject matters.


Even if he wanted to convert based on the black market rates, he ought to have used the prevailing black market rate for 2021 (#500= $1) which will still be far higher than $30Billion, instead he said he used the prevailing black market rates of this week to calculate what Nigeria exported in 2021.

Maybe that's a mistake maybe it's not but please calculate it based on the day he did the interview.
In 2021 the rate was 650 this year it got to 680-690
I buy dollars once in a while so I know the stats is not far-fetched

james078:


Oga I don't know how to explain to you again I
First off why are people storing dollars?
Reason is because the dollar would rise in value compared to the naira
So if I had bought dollars at the rate of #400 and it increased to #650 rate and I sell it how much profit have I made? #250 sweet profit oga

How else you want make I spin am make you for understand?

Suppose you export 800tonnes of Cocoa to Netherlands, sold it in Dollars and the money sent to your Domiciliary account in dollars.


If you want to withdraw from the bank in Naira, which exchange rate will the Bank use to calculate your money in Naira? (CBN rates or Black mate rates)?

james078:


Oga I don't know how to explain to you again I
First off why are people storing dollars?
Reason is because the dollar would rise in value compared to the naira
So if I had bought dollars at the rate of #400 and it increased to #650 rate and I sell it how much profit have I made? #250 sweet profit oga

How else you want make I spin am make you for understand?

This thread is about Obi lying about how much Nigeria exporters earn in US dollar.

dedollarman:


Source
"I Was Called A Liar When I Said Nigeria's Total Export Is Less Than $30 Billion" - Peter Obi - Opera News Official
http:///s33389655220811en_ng?link=1&client=news

So what is the correlation between the question you are asking and the thread?

People dey talk A

You dey talk B

Parachoko:
This thread is about Obi lying about how much Nigeria exporters earn in US dollar.



So what is the correlation between the question you are asking and the thread?

People they talk A

You dey talk B

Guy what do you talk so much ?

oyatz:



Suppose you export 800tonnes of Cocoa to Netherlands, sold it in Dollars and the money sent to your Domiciliary account in dollars.


If you want to withdraw from the bank in Naira, which exchange rate will the Bank use to calculate your money in Naira? (CBN rates or Black mate rates)?

I would collect the official rate if I used the official rate to buy fertilizer
Else I would sell it to exchangers that would be begging me for #600-#650 rate

oyatz:


You don't understand this simple fact; you don't need to buy dollars when the export are sold in Dollars!


Dollar is the currency of international trade, the only reason why you need to buy dollars is because you are earning in Naira, so you will need to convert it to Dollars to IMPORT.


EXPORT: you earn in Dollars and need to convert it to Naira to use the money in Nigeria.

All you wrote is perfectly correct but you forget to do the final maths now let's complete it.

The problem here is with the reporting by the CBN in Naira. The NBS reported an export of N18.9 trillion using the accurate exchange rate of about N650 at the time, we discover that we only had N29.1 worth of exports. But if one uses the CBN official rate which is only recognized within Nigeria you would be deceived by the dollar size of our export. It is that simple

Parachoko:
This thread is about Obi lying about how much Nigeria exporters earn in US dollar.




So what is the correlation between the question you are asking and the thread?

People dey talk A

You dey talk B

I said that to make you understand why people go for black market rate because there is enough dollars in the black market and it's more profitable than the official rate for exporters.
I am not wrong in the explanation I just used it as am example to explain my point.

So far this is 2015 happening all over again
This is the same effort if not double I used to explain why buhari would be a collosal disaster and I think I might have to stop this cause these would be wasted Again!

Please don't quote me again cause I won't respond!

james078:


I said that to make you understand why people go for black market rate because there is enough dollars in the black market and it's more profitable than the official rate for exporters.
I am not wrong in the explanation I just used it as am example to explain my point.

So far this is 2015 happening all over again
This is the same effort if not double I used to explain why buhari would be a collosal disaster and I think I might have to stop this cause these would be wasted Again!

Please don't quote me again cause I won't respond!

You are talking off point

Bye!