emmabest2000:
China with strong economy and powerful leader has been dreaming of bringing down the exchange rate of USD for two decades by all means but .....
RMB to USD
2003 to 2005 100usd - 820rmb
2006 to 2009 100usd - 810rmb
2010 to 2012 100usd - 780rmb
From 2013 till 2022 the lowest was
100usd - 640rmb
Currently the price now is around
100usd - 710rmb
Believe me if it is that easy China would have force down the exchange rate to 100usd = 100rmb

But for Naira
2003 100usd 130naira
2023 100usd 700naira

SmartPolician:
Those who forecast that naira will gain over the dollar as mere speculators. Exchange rate doesn't require prayer and fasting. You must be willing to put in the work for naira to gain over foreign currencies.

Sadly, Bola Tinubu is busy gallivanting all over the South West instead of taking steps to kick off projects that will increase Nigeria's FX earnings like harnessing Nigeria's gas reserves, meeting OPEC's crude oil export for Nigeria, and increasing Nigeria's cash crops for export.

Does he even know the level of hardship he has caused for floating the naira and removing PMS subsidy?

By next month Fuel will hit 700 per litre . Maybe then will he understand , When people can’t literally leave their houses because of cost and the economy suffers .

Racoon:
The floating of the naira was a disastrous policy given the inflation and forex scarcity. Meanwhile, minimum wage is nothing to write home about. Nigeria are always carried away by frenzy of emotions.

Before the reforms,nigeria inflation keep rising to 22.22% with fuel subsidy and CBN forex in place,why? Spending 95% of our revenue on Subsidy that went to into the hands of few. What kind of development and growth do we expect with 5% revenue?

emmabest2000:
China with strong economy and powerful leader has been dreaming of bringing down the exchange rate of USD for two decades by all means but .....
RMB to USD
2003 to 2005 100usd - 820rmb
2006 to 2009 100usd - 810rmb
2010 to 2012 100usd - 780rmb
From 2013 till 2022 the lowest was
100usd - 640rmb
Currently the price now is around
100usd - 710rmb
Believe me if it is that easy China would have force down the exchange rate to 100usd = 100rmb

But for Naira
2003 100usd 130naira
2023 100usd 700naira

I will try to explain a little Economic concept that you might not be aware of...

Actually, China's exact currency rate to the usd is really not far off as portrayed, however due to China's heavy production based economy they dubiously undervalue their currency deliberately- so as to sustain continuity in mass scale production by attractive production prices & costs.

So an ideal instance for China is to keep their currency at least 5 steps behind the USD value.

China does not want a situation where 1RMB = 1USD even though theoretically speaking it is almost the case.

optimusprime2:


I will try to explain a little Economic concept that you might not be aware of...

Actually, China's exact currency rate to the usd is really not far off as portrayed, however due to China's heavy production based economy they dubiously undervalue their currency deliberately- so as to sustain continuity in mass scale production by attractive production prices & costs.

So an ideal instance for China is to keep their currency at least 5 steps behind the USD value.

China does not want a situation where 1RMB = 1USD even though theoretically speaking it is almost the case.

Thank you.

People dont even understand that a "strong" currency is a double edged sword. When a country currency is too strong compared to others, it discourages local production (export) and make such country heavily reliant on import, which will eventually kill such country in the long run.

jumper524:
If unethical caution is not taken, these Americans would still devalue our naira and blame it on some economic factor.

Any currency devaluation is a direct consequence of the actions of the operators of that currency.

JasonScoolari:
You are correct my dear.... According to Tinubu, "Na Bank of America statistics we go chop"

It's not by giving rubbish statistics. Tinubu himself is an accountant with Honours.

He was once a Treasurer at Mobil. So he probably understand statistics better than Obi.

Statistics nor be by to quote Bangladesh and China.

JasonScoolari:
This is just the beginning.... First thing tomorrow, hike in Electricity Tariff will hit everyone hard.

Sad thing is that one Kwara Polytechnic Nd2 dropout, living in the suburbs of Ilorin as a part-time agbero, with a heavily padded Itel A2 as his major property and traits of mental disorder will come here to abuse Obidients and everyone who speaks against Tinubu and his tax killing government..

Prophet of doom

There is nothing like that. It's all a rumour

DeLaRue:


It's laughable.

Every hour, Nigerians are monitoring Naira/USD rate even when they don't do any international trade.

Tailors, office workers, landlords, teachers, market men and women etc are discussing dollar rate every day.

Every time the value goes up by any amount, people's blood pressure rises enmass.

My sister has no business with the dollar, but anytime she calls, she will ask if I know that dollar is so and so

The slavish obsession with the dollar is contributing to making more people wanting to buy it, therefore destroying the naira.

People are just 'doing themselves '.

We are not Americans. Dollar is not our currency.

Why are we obsessed with this currency.

I don't think there's any country in the world where whole swathes of the population have deified another country 's currency.

It's because we are an import dependent country, if far more than half of what we use daily are imported with dollar, then we are clearly spending dollar through our falling naira

The tailor you mentioned above probably all the clothes she is sowing are imported

You sister that panicked probably have her work tools, wig, clothes, personal care up to menstral pad been imported with unsubsidized dollar so dollar will for a long time remaining her concerns

The only way is for us to earn enough dollar to balance out trade deficit

Bidema:
Guys please when last did your country monitored American economy.

That's what you get when you depend on people for your daily bread

I swear. Imagine countries without wealth and resources backing have higher value than nigeria because of our greed and illiteracy.

It's so painful

blaise26abj:
Okay we don hear, USA . If only you can pump tens of billions to us after your unsolicited analysis, the way you are giving Ukraine money for a useless war wey no concern Una , we for appreciate the analysis.

Since you can’t , you can shove it up your arse

So that make ona politicians thief am abi ? American government will not give money to Nigeria when they see a convoy of 130 cars harrasing people in the streets forming alaye strongman when they know you gat nothing upstairs...


Ukraine is of strategic importance to USA because it checkmates Russia - of what strategic importance is Nigeria to the USA ?

Lastly, you think Americans dont read about it or hear about it where snakes and monkey swallow billions of naira ?


Accountant General stole N109 Billion ($143.421 Million) and nobody is seeing jail time for it ? If US President Joe Biden himself steals 1% of that money $1.43 million from US Treasury and there is evidence he stole that money (just like there is evidence the accountant general stole Nigeria's money) Joe Biden will be impeached within a month - that money will be taken away from him in restitution and he will see jail time ----- even if him no go prison, him go know say something hit am as he will be so disgraced in the media and run down so badly him no go fit comot from him house again because of shame -----------------------------------------> why can't that be same in Nigeria ?

The jobless son of your current President has acquired the home seized from a corrupt former petroleum minister for a whopping $11 Million in London and some people here are expecting a miracle from Emilokan when he is more corrupt than corruption himself - While Emefiele sits in detention due to selective justice of impunity, no one is asking Seyi Tinubu what he invented or what business he did to acquire $11 million to purchase a vacation home in London that he is not even residing ? For him to buy a house for $11m he doesn't live in shows he has at least $100 million to his name kept in some vaults - that is just pure common sense

It is only in Nigeria - someone expect good from evil --- in Majek Fasek's voice, "you can't expect to sow cassava and reap up cocoyam - you can't expect to sow rice, and reap up cassava" ------- since we no won get sense for this country and tribalism and religion is our biggest issue

then make that sofa kee everybody ... cheers to all - Happy Emilokan

jumper524:
If unethical caution is not taken, these Americans would still devalue our naira and blame it on some economic factor.

Please Sir, what is unethical caution?

Karnice600:

Bross, abeg answer these 2 questions with the fear of God make thunder no fire you.

1. What have you ever benefited directly, from the Nigerian government as a citizen since you were born?

2. The supposed subsidy funds retrieved after its removal, where are they channelled?

You are crying about fuel subsidy removal today. Wasn't that a benefit?

Today some are saying Tinubu should not scrap education subsidy for Tertiary institutions. Wasn't that a benefit?

You can say the benefits are not enough but not that you haven't benefited at all.

vanitybutiwanti:
Your father is stupid and bereft of common sense that is why you go around constituting nuisance on the cyber space. If your dad had made hay while the sun shines, he would have probably sent you to good schools, unfortunately your dad is a church rat and a peasant and you were badly educated that is why you cant recognize a policies geared at making Nigeria a better place, you want the coming generations to be peasants like your miserable father hence your advocacy for subsidies and a parallel exchange rate

You're still mistaking me for your Dad 🤣🤣🤣

Proud retired employee of Bank of America

JasonScoolari:
This is just the beginning.... First thing tomorrow, hike in Electricity Tariff will hit everyone hard.

Sad thing is that one Kwara Polytechnic Nd2 dropout, living in the suburbs of Ilorin as a part-time agbero, with a heavily padded Itel A2 as his major property and traits of mental disorder will come here to abuse Obidients and everyone who speaks against Tinubu and his tax killing government..

Why do you dish out falsehoods to people?
Despite that All DISCOS have debunked the Social Media reports on proposed Power-Tariffs increase,you and other fellow on this Forum continued to be negative on anything Tinubu or Nigeria!
Is that the way to win Nigerians to your side. The earlier you desist from this unpleasant paths,the better for you!

DeLaRue:


It's laughable.

Every hour, Nigerians are monitoring Naira/USD rate even when they don't do any international trade.

Tailors, office workers, landlords, teachers, market men and women etc are discussing dollar rate every day.

Every time the value goes up by any amount, people's blood pressure rises enmass.

My sister has no business with the dollar, but anytime she calls, she will ask if I know that dollar is so and so

The slavish obsession with the dollar is contributing to making more people wanting to buy it, therefore destroying the naira.

People are just 'doing themselves '.

We are not Americans. Dollar is not our currency.

Why are we obsessed with this currency.

I don't think there's any country in the world where whole swathes of the population have deified another country 's currency.

From your comment, you have little knowledge of how the currency rate exchange works, and how it affects a common man on the street, whatever happens between the naira/dollar exchange reflex across everything that has to do with Nigerian economy , cause Nigeria depends on imported goods

The shithole from fry pan to FIRE!

JasonScoolari:
This is just the beginning.... First thing tomorrow, hike in Electricity Tariff will hit everyone hard.

Sad thing is that one Kwara Polytechnic Nd2 dropout, living in the suburbs of Ilorin as a part-time agbero, with a heavily padded Itel A2 as his major property and traits of mental disorder will come here to abuse Obidients and everyone who speaks against Tinubu and his tax killing government..

😂😂

JasonScoolari:
This is just the beginning.... First thing tomorrow, hike in Electricity Tariff will hit everyone hard.

Sad thing is that one Kwara Polytechnic Nd2 dropout, living in the suburbs of Ilorin as a part-time agbero, with a heavily padded Itel A2 as his major property and traits of mental disorder will come here to abuse Obidients and everyone who speaks against Tinubu and his tax killing government..

Whatever you think about Tinubu government as an OBIDIENT fellow is irrelevant.
You people are too bitter

clydecarson:



The smart slowpoke you voted where is he hitting the ground to....Y'all are just bunch of nitwits

Jagaban is the greatest politician this country has produced since independence.

You must worship and adore him.

JasonScoolari:
You're still mistaking me for your Dad 🤣🤣🤣

The Apple does not fall too far from a tree, your father is a definitely a peasant

JasonScoolari:
This is just the beginning.... First thing tomorrow, hike in Electricity Tariff will hit everyone hard.

Sad thing is that one Kwara Polytechnic Nd2 dropout, living in the suburbs of Ilorin as a part-time agbero, with a heavily padded Itel A2 as his major property and traits of mental disorder will come here to abuse Obidients and everyone who speaks against Tinubu and his tax killing government..

Guy plis apply FIFA fair play in this vawolens. Haba, pipu wey the use bow and arrow fight you(obidients) you go carry ICBM NUCLEAR BOMB THROW. It's not fair.

vanitybutiwanti:
The Apple does not fall too far from a tree, your father is a definitely a peasant

Still, you're still mistaking me for your Dad 🤣🤣🤣

JasonScoolari:
This is just the beginning.... First thing tomorrow, hike in Electricity Tariff will hit everyone hard.

Sad thing is that one Kwara Polytechnic Nd2 dropout, living in the suburbs of Ilorin as a part-time agbero, with a heavily padded Itel A2 as his major property and traits of mental disorder will come here to abuse Obidients and everyone who speaks against Tinubu and his tax killing government..

Did you even understand what op posted especially the analysts comments?

DeLaRue:


It's laughable.

Every hour, Nigerians are monitoring Naira/USD rate even when they don't do any international trade.

Tailors, office workers, landlords, teachers, market men and women etc are discussing dollar rate every day.

Every time the value goes up by any amount, people's blood pressure rises enmass.

My sister has no business with the dollar, but anytime she calls, she will ask if I know that dollar is so and so

The slavish obsession with the dollar is contributing to making more people wanting to buy it, therefore destroying the naira.

People are just 'doing themselves '.

We are not Americans. Dollar is not our currency.

Why are we obsessed with this currency.

I don't think there's any country in the world where whole swathes of the population have deified another country 's currency.

Nigeria imports everything, when you want to buy from the foreign market you pay in dollars, how do you get the dollars to buy goods to be imported for sale in Nigeria, you convert you naira to dollars, when you buy this goods who automatically prices of commodities go up, Nigeria school in foreign nations when you want to japa do you pay in naira or dollars.

Imperialism is real

GeneralDae:

You are crying about fuel subsidy removal today. Wasn't that a benefit?

Today some are saying Tinubu should not scrap education subsidy for Tertiary institutions. Wasn't that a benefit?

You can say the benefits are not enough but not that you haven't benefited at all.

You are crying about fuel subsidy removal today. Wasn't that a benefit?



How? Benefit bawo?
Show me one average Nigerian that is benefiting from subsidy removal currently.
You don't even know where the said funds are going. No clarity. You just believe as a believer that the government will favor you and your family.

JasonScoolari:
This is just the beginning.... First thing tomorrow, hike in Electricity Tariff will hit everyone hard.

Sad thing is that one Kwara Polytechnic Nd2 dropout, living in the suburbs of Ilorin as a part-time agbero, with a heavily padded Itel A2 as his major property and traits of mental disorder will come here to abuse Obidients and everyone who speaks against Tinubu and his tax killing government..

The part Nigerians don't understand is that they will have to fight tooth and nail to have their lives back cos if they believe that BAT, a master rigger and compromiser will give them a free and fair election ever again, they joking, be it from the north or south. The only person that will continue to be President if the courts don't do the right thing, is for an approved stooge that will further entrench Tinubu ever taxing policies and style of governance. InEC will be forever compromised. Peter Obi on the other hand will be able to survive it cos he has the capacity to, also extended that capacity to Nigerians but they refused.