obaaderemi:
I like the Obi movement but he goofed here. And I don't understand why his supporters are defending nonsense.

You have to divide by the official rate of #460 and that gives you $30bn+.

If you export your goods, you deal with banks to get your money paid in forex. Will the bank give you your money at the black Market rate of #650? Reason well nah. Not everything is politics and tribalism.

You should answer the question. As a businessman, would you exchange your forex earnings at cbn rate or black market rate?

oyatz:



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.

Obi gave you the real figure, there is no point sugarcoating what is not obtainable, its penny wise pound foolish.

dedollarman:
Peter Gregory Obi, the presidential flag bearer of the Labour Party and former governor of Anambra state has sent out a message to those saying that he lied about Nigeria's total export rate. He made this known while addressing members at the Labour Party summit in Abuja. He took his audience down memory lane by reminding them of the statement he made last month about the total export of Nigeria not being up to thirty billion dollars in 2021.



He referred to the information shared by the National Bureau of Statistics(NBS). According to his findings, the Nigeria's total export last year was 18.9 trillion naira and at that time he made that statement, the exchange rate of dollar to naira was about six hundred and fifty naira, not 399.6 naira as claimed by those who countered him. So, to get the actual figure in dollars, he divided 18.9 trillion naira by 650 naira and that's about $29.1 billion. He concluded by asking those present at the summit to go and verify.

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

PO do you use black market value to determine the value of a countries money? Presidential material? None of the candidates can rescue this country. Nigeria is unruly.

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 may have said the truth. But I want to ask you to factor in the fact that more than 60-70% of exporters gets their forex from the black market . Unless there is something I'm missing.

In politics everyone does not say the best truth or the best lies. He may have underquoted the total export but he is not far from the threshold. They clear-cut message he's trying to pass is that Nigeria can do better considering the enormous potential that God blessed her with.

Buhari and APC cannot diversify. They want to continue to tax Nigerians to get that which they want. Calls and data tax for instance ( not considering VAT as a component of calls and data tax.)

james078:


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

Government don't do business in black market rates but use the official exchange rates.



On Government records, the dollars will be recorded based on the official exchange rates.
Ask experts in the Financial Sector.

james078:

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

For Government, the convertion is done based on the exchange rates.
The figures of export by the country was released by a Government Agency, the National Bureau of Statistics (NBS).

The funny thing is Nigeria is trading on a negative trading balance and some uninformed people are talking as if to get this dollars is easy..

90 percent of importers even critical importers like those of petroleum products are trading at blackmarket rate..

Then u are quoting wrong statistics based on sentiments..

To. Those who do export by the time u calculate your expenses in logistics u will find out that 450 or even 500 isn't realistic..

Talk more of importers who have to source virtually from any means


Peter is correct..


Vote who u want to vote Sha but he is 100 percent correct

royal231:
The funny thing is Nigeria is trading on a negative trading balance and some uninformed people are talking as if to get this dollars is easy..

90 percent of importers even critical importers like those of petroleum products are trading at blackmarket rate..

Then u are quoting wrong statistics based on sentiments..

To. Those who do export by the time u calculate your expenses in logistics u will find out that 450 or even 500 isn't realistic..

Talk more of importers who have to source virtually from any means


Peter is correct..


Vote who u want to vote Sha but he is 100 percent correct

Wuru wuru to the answer.

frugal:


You should answer the question. As a businessman, would you exchange your forex earnings at cbn rate or black market rate?

You answer my question first.

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?

Were the figures for this year or last year? How much was dollar to naira last year? Around#500.
No matter how we twist this, Obi goofed.

2ndBase:


You may have said the truth. But I want to ask you to factor in the fact that more than 60-70% of exporters gets their forex from the black market . Unless there is something I'm missing.

In politics everyone does not say the best truth or the best lies. He may have underquoted the total export but he is not far from the threshold. They clear-cut message he's trying to pass is that Nigeria can do better considering the enormous potential that God blessed her with.

Buhari and APC cannot diversify. They want to continue to tax Nigerians to get that which they want. Calls and data tax for instance ( not considering VAT as a component of calls and data tax.)

Dollar to naira last year was #500 at the black market. So if we used the black market rate for last year, it's still more than#30bn.
Obi went back to the subject as if he had been accurate initially. So this your logic about "best lie, best truth" actually is for Obi. He should get his facts right abeg.