nedekid:

Poorer, poorer we are getting.
Even if you have 20m, you even feel it more. That money wount be 20m in the next 1 week! Besides only a crazy person will have that much cash and keep it in Naira.
2019 just before covid. 2m got me 2k pounds and $3k which I put in dom acct.
Today, that 2m cannot get me $2k.
6 months ago, I was broke, withdrew 2k and got ₦1,450,000. One and a half months ago I needed to complete sch fees for my ward, withdrew 2k and it gave me, ₦1,840,000. Today if I withdraw that same 2k it will give me ₦2,200,000! No be juju be that?
These apc characters are turning us to Zimbabwe, difference is that they were on sanctions Nigerians are not.

True... but my point is ... I can tell you one million and one commodities price that changed from 2019 to 2023.

2019 is even far ... price of some commodities just last year self , I know schools that have increased school fees by almost 100% , just from last year.

No matter how you put it, inflation will not let you really enjoy ... I'm not saying it not good to save in dollars... but the effect , I dont see much coz price of food or other important commodities will go up

Update; I just got a circular from my landlord, rent has been adjusted , taking effect from December.

Who said tinubu is not a magician?
Fuel 180 but in one day he make 700
Dollar was 600 but in 3 months he make 1200
Semovita of 3000 is now 13,000
Tomatoes and pepper of 500 is now 5000
70 millions Nigerians were in poverty now 180millions Nigeria are in poverty
School fees was 35,000 in federal university now it is almost 350,000.
And this things were done under 3 months of his administration.
Who can do that if not a magician?
Nigerians! This is just the beginning.

Kachidubem:
I'm a gamer ... the price of PS4 console still remains the biggest example I can use , still remains a mystery to me

How something that was 70k just 2015 is now 200k plus

Normally, the price should even come down since it an old console but for where.

Inflation will not still let you enjoy that small money you save in dollars... except you putting something really huge.

Na lie ,
Saving in dollars prepares you better for the inflation, because your dollar savings will increase as the inflation increases

Whereas in naira, your earning remains stagnant with rising inflation, especially if you are a salary earner; Unless you get a salary raise, else you get poorer

It might not affect biz owners as much as salary earners because biz owners increase price in line with how they bought while maintening same profit margin. The only way it will affect them is decrease in sales due to low patronage

That's why salary earners get hit hardest during soaring inflation like we have in naija today

Juanmike:
Corn market nko?

Comrade,

'Vawulence activated'.

Kachidubem:

True... but my point is ... I can tell you one million and one commodities price that changed from 2019 to 2023.

2019 is even far ... price of some commodities just last year self , I know schools that have increased school fees by almost 100% , just from last year.

No matter how you put it, inflation will not let you really enjoy ... I'm not saying it not good to save in dollars... but the effect , I do not see much coz the price of food or other important commodities will go up

Update; I just got a circular from my landlord, rent has been adjusted, taking effect from December.

Saving in dollars is not bad but still won't have much positive effect.

The best is to earn in dollars. That way, you don't have to bother about inflation, because as the dollar rises, so does the value of your earnings.

In reality, nothing increased, you were just immune to the inflation.

Kachidubem:

True... but my point is ... I can tell you one million and one commodities price that changed from 2019 to 2023.

2019 is even far ... price of some commodities just last year self , I know schools that have increased school fees by almost 100% , just from last year.

No matter how you put it, inflation will not let you really enjoy ... I'm not saying it not good to save in dollars... but the effect , I dont see much coz price of food or other important commodities will go up

Update; I just got a circular from my landlord, rent has been adjusted , taking effect from December.

Bro It is well, look up, God will provide.

Yeah I get your point and I agree with you. Saving and holding in Forex becomes less attractive at the point when the saver or holder decides to convert it back to naira.

So the precedence of importance will be like this:

Saving/investment in Naira < saving/investing in Forex < earning $/other forex

Earning is the best idea right now out of the three.

hardon1:


Na lie ,
Saving in dollars prepares you better for the inflation, because your dollar savings will increase as the inflation increases

Whereas in naira, your earning remains stagnant with rising inflation, especially if you are a salary earner; Unless you get a salary raise, else you get poorer

It might not affect biz owners as much as salary earners because biz owners increase price in line with how they bought while maintening same profit margin. The only way it will affect them is decrease in sales due to low patronage

That's why salary earners get hit hardest during soaring inflation like we have in naija today

Go thru my posts , I've said this already about business owners vs salary earners.

juman:
We were living fake lives before.
The government is adjusting to the realistic level of the economy.

I have faith in jagaban.
He is experienced administrator.
He knows what he is doing.

hahahaaaaaaàa! Even tinubu himself will ask you if you know what you are saying.

VeeVeeMyLuv:

Bro It is well, look up, God will provide.

Yeah I get your and I agree with you.

So the precedence of importance will be like this:

Saving/investment in Naira < saving/investing in Forex < earning $/other forex

Na naija we dey, it even hard for some people to save in naira self ...lmao

Wahala and issues nor dey finish, billing here and dere no dey even make person save in Naira in peace talkless of saving in dollars

Anyways, I get your point.

orisa37:
BANKERS ARE THE TRADERS IN THAT MARKET.

It's UnPatriotic to be telling Nigerians that the Exchange Rates is ,so,so in the Black Market?
Who created this so called Black Market in the First place?
Do you go to Britain or New York and be shouting
Black Market? We are the architect of what Nigeria becomes- if na Banks, let us get sense into them!
Why can't we have our Exchange directly In the Banking industry but we decided to do it differently because of Corruption!
We created the Problems- imagine the Aboki/ Mallam saying' come and buy Dallas,etc,- how did they get those dollars ?
Are they Bankers? Who are those Sponsorers?

Na to start trading be that ooo

dreamxhaser:


Saving in dollars is not bad but still won't have much positive effect.

The best is to earn in dollars. That way, you don't have to bother about inflation, because as the dollar rises, so does the value of your earnings.

In reality, nothing increased, you were just immune to the inflation.

You guys sound this thing like it easy as ABC...

Less than 1% of our population earn in dollars, less than 1%

Bluntemperor:


It's UnPatriotic to be telling Nigerians that the Exchange Rates is ,so,so in the Black Market?
Who created this so called Black Market in the First place?
Do you go to Britain or New York and be shouting
Black Market? We are the architect of what Nigeria becomes- if na Banks, let us get sense into them!
Why can't we have our Exchange directly In the Banking industry but we decided to do it differently because of Corruption!
We created the Problems- imagine the Aboki/ Mallam saying' come and buy Dallas,etc,- how did they get those dollars ?
Are they Bankers? Who are those Sponsorers?

Remember always that HIS EXCELLENCY was a famous world class banker/Auditor, many of his appointees/ministers were also bankers.

That means u are saying we have unpatriotic people at the helm? 😂🤣🤣🤣🙀

Kachidubem:

You guys sound this thing like it easy as ABC...

Less than 1% of our population earn in dollars, less than 1%

That's the only option left.

The only option left is to earn Forex which ever way possible, however, whatever it takes

opamoses1:

How many Nigerians spend dollars on a daily or even monthly basis.

Everyone spends dollar indirectly in Nigeria, Nigeria is an import driven economy. We have a huge trade deficit.

Inflation will soon swallow many...This is ridiculous.

baralatie:
Make una send me $35 000 na!

Kachidubem:

True... but my point is ... I can tell you one million and one commodities price that changed from 2019 to 2023.

2019 is even far ... price of some commodities just last year self , I know schools that have increased school fees by almost 100% , just from last year.

No matter how you put it, inflation will not let you really enjoy ... I'm not saying it not good to save in dollars... but the effect , I dont see much coz price of food or other important commodities will go up

Update; I just got a circular from my landlord, rent has been adjusted , taking effect from December.

Haa, na wah.
God is your strength.

VeeVeeMyLuv:

Nigerians don't realise the shit they are in yet. People will toil, they will cry blood not just tears.

Except there is a change, only tears is what they have in stock for Nigerians.

See suicide rates in so-called happiest country of the world (sufferings and smiling) has by far exceeded world average, and we just entered the last quarter of the year.

One thing I am sure of is that we, the righteous, that did not bring or support this calamity on Nigerians will survive.

SensualMan:
#YorubaRonu Anthem below:

On your mandate we shall stand!
On your mandate we shall stand!
On your mandate!
Bola on your mandate!
Bola on your mandate we shall stand!

Bola mbok make it 2k before December.
Fuel 1300 by December
Lng 1800 by December
Rice 80k by December
Agbado 1 for N500

Hunger and starvation about to wipe out existence of the tribe that will teach Peter Obi Pol 101

Hahaha 😂😂😂

How will the naira appreciate when we are import dependent while the only thing we export is a raw material called crude oil!
We are clearly and undeniably a consuming country!

Even the companies that are trying to stay afloat are bedeviled with insecurity,multiplicity of taxes,inconsistent to zero power supply,high cost of transport....
The only thing this government knows is to share monies extravagantly which we don't even have while the legislative arm is practically a slave to the executive!
As for the judiciary, the less said about them the better!

I blame some Nigerians who instead of voting in a personality that will make a positive impact to our fortunes decides to toe the path of religion and tribalism to bring in a dull.ardinho who even refused to have a debate which was a first sign that he had nothing to offer!

One thing is certain, everyone no matter your political affiliation will suffer from this monumental failure called Tinubu aka balablu whose first blunder was to float a worthless currency hoping that it will miraculously gain value against other superior and powerful currencies around the world!

The Chicago criminal is a disgrace to the black race

KillIgbohoN0W:


Source: Independent

It will favor us and our family

opamoses1:
Reno has something to say:

You and the anywhere belle face Reno that you copied his posts are very ignorant of what you are saying.
What does Nigeria as a nation export that makes naira devaluation favour us? Do you know how much Nigeria's trade deficit is?
Do you know the attendant inflation and dwindling of purchasing power the devaluation has caused Nigerians?
Dundee following Dundee united.

DLSReigns:
"Tinubu will handle the economy, Shetima will handle security " what went wrong pls. I guess I am missing something.

Buhari will handle security
Osinbajo will handle economy
APC and deceit. Useless people

See what APC and Tinubu has caused

What do you expect when you vote an old man into power

Nawaoooo.... nigerians miss Peter obi

I thought they said he built Lagos...let him build nigeria na

Christmas this year will be BLACK CHRISTMAS...on his mandate we stand folks are now piping low. It's hitting everybody. No one to help anymore

Bluntemperor:


It's UnPatriotic to be telling Nigerians that the Exchange Rates is ,so,so in the Black Market?
Who created this so called Black Market in the First place?
Do you go to Britain or New York and be shouting
Black Market? We are the architect of what Nigeria becomes- if na Banks, let us get sense into them!
Why can't we have our Exchange directly In the Banking industry but we decided to do it differently because of Corruption!
We created the Problems- imagine the Aboki/ Mallam saying' come and buy Dallas,etc,- how did they get those dollars ?
Are they Bankers? Who are those Sponsorers?

Oga, a unified exchange rate system can only work if we have sufficient inflow of FX to cater for demand.

Anything other than that, Black market is inevitable!!!