What is Ghana, Benin Republic, Togo and Cameroon producing yet their currency’s are not free falling like Naira.

I sense sabotage by Tinubu’s Enemies.

People talk of lack of productivity what these countries I mentioned producing that we are not producing.

KnowAll:
What is Ghana, Benin Republic, Togo and Cameroon producing yet their currency’s are not free falling like Naira.

I sense sabotage by Tinubu’s Enemies.

They are not importing petroleum products, they are not buying designer bags, shoes, marbles, plates, e.t.c. from abroad

Not only Naira. Check the news and see what is happening past few days to Ghana Cedis, Kenyan Shillings, Egyptian Pounds etc

sholatech:
Not only Naira. Check the news and see what is happening past few days to Ghana Cedis, Kenyan Shillings, Egyptian Pounds etc

Ghana ceedis have not moved from 11 to 1 to the dollars.

StreetFight:


They are not importing petroleum products, they are not buying designer bags, shoes, marbles, plates, e.t.c. from abroad

Don’t be silly who doesn’t like designing bags, & talking of designer bags less than 1 % of population buy those things.

Today one dollar = 11.84 cedis you can check it out this time next month. Yet Naira might be nearing 1500 by then.

Sabotage,I can bet anything that is a sabotage

Our import volume keeps increasing due to population growth, and greedy Nigerians are hoarding dollars via currency speculation, Nigeria is peculiar in greed, both the politicians and citizens are greedy idiots. CBN must work with banks, and set a limit for domiciliary accounts, other finance solutions applications, that aids in dollar purchase, currency dealing and domiciliary accounts for Nigerians in Nigeria, should be regulated, Nigerians should not be allowed to save money in dollars in Nigeria. The specualation, hoarding of dollars and chronic importation are the problems.

The blame game has reached Tinubu's enemies

These are thesame people who believed Gej never had enemies & unleashed hell on his administration.. so when you all emilokans gathered to destroy the administration of the best Southern Christian President, did you all also check zhe currency of oher countries if it is falling or rising ??

There are no enemies anywhere, no Sabotage & no spiritual hands. Tinubu is simply corrupt ,inept & very incompetent. I wonder what some people were expecting from the coain addict whose life, certificate are all in mystery

The question is.. when are the emilokans gathering at Ojota before they lay their emilokan hands on the die hard enemies of the certificate forger

KnowAll:
What is Ghana, Benin Republic, Togo and Cameroon producing yet their currency’s are not free falling like Naira.

I sense sabotage by Tinubu’s Enemies.

Theirs too has been falling compared to dollar but our has made theirs look stable. Ghana cedi dropped from 12.5 to 12.8 to a dollar few days ago but no one noticed it because ours was screeching as it was falling.

CodeTemplar:
Theirs too has been falling compared to dollar but our has made theirs look stable. Ghana cedi dropped from 12.5 to 12.8 to a dollar few days ago but no one noticed it because ours was screeching as it was falling.

But today it is 11.81 that means it has dropped.

creativehubb:
Our import volume keeps increasing due to population growth, and greedy Nigerians are hoarding dollars via currency speculation, Nigeria is peculiar in greed, both the politicians and citizens are greedy idiots. CBN must work with banks, and set a limit for domiciliary accounts, others finance solutions applications should be regulated, Nigerians should not be allowed to save money in dollars in Nigeria. The specualation, hoarding of dollars and chronic importation are the problems.

How did the greedy Nigerians lay hold of these dollars? Through witchcraft?

Govt doesn't have enough of something(dollar) yet wants to sell it low and expect those who can't buy from govt not to seek alternatives(black market). The govt is trying to dictate going rate of what is not in their hands. That's worse than subsidy. It is robbery in principle.

KnowAll:


But today it is 11.81 that means it has dropped.

black market.

creativehubb:
Our import volume keeps increasing due to population growth, and greedy Nigerians are hoarding dollars via currency speculation, Nigeria is peculiar in greed, both the politicians and citizens are greedy idiots. CBN must work with banks, and set a limit for domiciliary accounts, others finance solutions applications should be regulated, Nigerians should not be allowed to save money in dollars in Nigeria. The specualation, hoarding of dollars and chronic importation are the problems.

I agree with you. Greed is in over drive now. Just like the P & ID scam some Nigerian officials who have stolen lots of money are undermining the Naira by speculating.

KnowAll:


I agree with you. Greed is in over drive now. Just like the P & ID scam some Nigerian officials who have stolen lots of money are undermining the Naira by speculating.

Exactly, most citizens of other nations are not as greedy as Nigerians, but CBN can control this by mandating banks to limit the amount of dollars people can hold in their domiciliary accounts with Nigerian banks.

CodeTemplar:
How did the greedy Nigerians lay hold of these dollars? Through witchcraft?

Govt doesn't have enough of something(dollar) yet wants to sell it low and expect those who can't buy from govt not to seek alternatives(black market). The govt is trying to dictate going rate of what is not in their hands. That's worse than subsidy. It is robbery in principle.

Am talking of hoarding dollars, and dollar speculating as a business...not getting dollars to pay for foreign services and bills, that is different, banks can ask for documentation to show what the dollar is to be used for, speculation of USD in Nigeria must be ended.

Kenya Shilling wasn't left out too

YoungBlackRico:
Kenya Shilling wasn't left out too

They are not falling like Naira.

One of the major causes of the fall of the naira is external borrowing.

During Sani Abacha's rule from 1993 to 1998, there was some reduction in Nigeria's external debt. The naira remained relatively stable.

During Obasanjo's second term as president from 2003 to 2007, the minister of finance successfully negotiated debt relief. For a brief period, the naira appreciated.

creativehubb:

Exactly, most citizens of other nations are not as greedy as Nigerians, but CBN can control this by mandating banks to limit the amount of dollars people can hold in their domiciliary accounts with Nigerian banks.

Story. Even the elites are looking for how they can mop up the scarce dollars in the system and take them out of the country.
We only hear of Abacha loot. What about the loot of OBJ, IBB, JONATHAN, DEIZANI, BUHARI, SARAKI, TINUBU, ATIKU AND EVEN SAINT OBI plus all state governors past and present. People who have emptied all the treasury totally and hidden Nigeria's wealth in their personal accounts in Switzerland, Panama, etc.

But guess who's to blame: 'greedy' Nigerians trying to protect themselves from government maladministration.

Make una rest abeg.

@KnowAll It's simple...

Most (Francophone) countries in West Africa including central Africa use the CFA which is tied to the Euro, courtesy of "La France" (That Economic tie to France is a different issue to be discussed another day). However due to that lock of the CFA to the Euro, the CFA is a very stable currency to the USD, except the USD slumps.

Now as for Ghana's Cedi, it also fluctuates against the USD, however when the Cedi is directly compared to the Naira, the Economics of Ghana comes to play... unlike Nigeria that bases a large percentage of it's export on Crude oil and other raw petroleum resources, Ghana's export is more diversified(A larger chunk of Ghana's exports are Agricultural based), so Ghana's Economy is not as sensitive to Global petroleum price fluctuations as Nigeria is.

Secondly Nigeria imports waaaay more fuel than Ghana or other African countries do, due to;
1.Nigeria's dead petroleum refineries
2.Massive population (200M+ is not a joke)
and
3.industrial sectors(that rely heavily on diesel/petrol for power production)...

So that higher petrol import demand creates a higher cost in which currency? ... Yes you guessed right, USD!

And of course if you require that much USD (which is not your currency) to pay for a daily consumable, what happens to your currency?... yes! it would nose dive ... because there will always be a general demand for USD everyday simple.

To make matters worse, the USD payments for the petro-consumables in Nigeria are shrouded in a complex Nexus of corruption (fuel Subsidy, NDDC, Bunkering etc) so Nigeria is actually paying waaaaay much more than officially stated, because of that, there is always a USD deficit or shortage, which means, all the USD loans and foreign aid Nigeria gets, are used to service that petro- consumption shortage, which keeps going on and on and on... (easily put, since the USD account for Naija no balance, because of tiff-tiff, then normal normal, Naija go always owe USD debt) therefore the whole Economy is literally in a mess, because the Foreign reserve no balance (Ask Buhari).

Notable mentions
In Ghana, and other African countries that have stable currencies, it is relatively easy to do business when compared to Nigeria, due to good security, transparency in administrative procedures, relatively stable electricity, etc which welcomes foreign investors. How do foreign investors boost a nations currency?

So in layman's terms, Foreign investors do either of the two to a nations economy;

1. inject a fresh supply of foreign currency into the Economy from within, which rejuvenates internal supply, dropping the value of Foreign currency...
Or
2. Create a higher demand for local currency, which increases the value of a local currency.

Now with that being said; the truth is; Nigeria is not investor friendly at aaaallll. Foreign investors no dey like come 9ja.

In these hostile situations how will foreign investors feel confident in coming to sink USD/Multi billion Naira investments into the Nigerian Economy (to boost USD circulation or Naira demand) when they are constantly warned about corruption, insecurity, power shortage, kidnapping and banditry?

I tried to use layman definitions to explain why the Naira is crashing. So, nobody is plotting anything against B.A.T... instead na B.A.T dey scatter economy dey go.

And if B.A.T's administration continues in this same APC approach of Buhari, the Economy will be in absolute tatters by 2024.

LeopardX:

Story. Even the elites are looking for how they can mop up the scarce dollars in the system and take them out of the country.
We only hear of Abacha loot. What about the loot of OBJ, IBB, JONATHAN, DEIZANI, BUHARI, SARAKI, TINUBU, ATIKU AND EVEN SAINT OBI plus all state governors past and present. People who have emptied all the treasury totally and hidden Nigeria's wealth in their personal accounts in Switzerland, Panama, etc.

But guess who's to blame: 'greedy' Nigerians trying to protect themselves from government maladministration.

Make una rest abeg.

Everyone who has been Governor since 1999 are culprits of how bad our economy has been ran. Just a few weeks ago we read of how JJ Rawlings could not pay his wife hospital bill in Germany only £10,000.00

Any wonder y the Ghanaian currency is not dropping like a stone.

panpan:
One of the major causes of the fall of the naira is external borrowing.

During Sani Abacha's rule from 1993 to 1998, there was some reduction in Nigeria's external debt. The naira remained relatively stable.

During Obasanjo's second term as president from 2003 to 2007, the minister of finance successfully negotiated debt relief. For a brief period, the naira appreciated.

I had already checked this out. Naira only appreciated around 2005 and 2007 courtesy of the debt relief.

Nigeria is choking on excess borrowing. This is compounded by years of trade deficits. Why won't the naira fall like a bird that is shot and falls from the sky?

APC economic experts are now blaming the masses for the fall of the naira in that they don't patronise local goods and services. Many firms have folded up and more to follow. Is it not the local spending of Nigerians that sustained those firms till Buhari and Tinubu happened?

LeopardX:

Story. Even the elites are looking for how they can mop up the scarce dollars in the system and take them out of the country.
We only hear of Abacha loot. What about the loot of OBJ, IBB, JONATHAN, DEIZANI, BUHARI, SARAKI, TINUBU, ATIKU AND EVEN SAINT OBI plus all state governors past and present. People who have emptied all the treasury totally and hidden Nigeria's wealth in their personal accounts in Switzerland, Panama, etc.

But guess who's to blame: 'greedy' Nigerians trying to protect themselves from government maladministration.

Make una rest abeg.

You stupid dummy, is elite not Nigerians too, fool if you don't understand English don't mention me... stupid monkey, you can't give solutions just to talk nonsense. Dumb head. So if they have looted the treasury we should be in comatose, not find solutions to present challenge?

Dumb head can we hear your solution?

creativehubb:

You stupid dummy, is elite not Nigerians too, fool if you don't understand English don't mention me... stupid monkey, you can't give solutions just to talk nonsense. Dumb head. So if they have looted the treasury we should be in comatose, not find solutions to present challenge?

Dumb head can we hear your solution?

You can't drag me into the mud with you alaye.

Solution that will only affect the ordinary masses is a useless solution. Most measures taken to solve Nigeria's forex issues don't affect the elites, so it's pointless.

Corruption should be tackled from the top.

btw have you heard the latest reason the Senate gave as to why they gifted themselves the latest SUV? BAD ROADS!

Roads are bad, so instead of fixing them, let's buy rugged cars.

Education sector is in disarray.....let's send our children abroad for studies.

No security? Let's increase our convoy and the number of servicemen guarding us.

But the ordinary masses trying to find their way as well are the unpatriotic Nigerians.

Again, any policy or sacrifice we're asked to make for Nigeria's growth that will not affect the elites (many of whom are even dual citizens lol) , but only ordinary Nigerians is a useless policy.

Now you may continue your insults.

The value of the currency of any country is partly a measure of how much trust the inhabitants of that country have in its government.

https://www.investopedia.com/articles/investing/092413/how-currency-works.asp

If every Nigerian believed in the country and worked together, the Naira would strengthen.

KnowAll:
What is Ghana, Benin Republic, Togo and Cameroon producing yet their currency’s are not free falling like Naira.

I sense sabotage by Tinubu’s Enemies.

KnowAll:
Today one dollar = 11.84 cedis you can check it out this time next month. Yet Naira might be nearing 1500 by then.

Bro,11.84 will be 1 dollar in real sense and you will be here doing what? Stop displaying your ignorance in public. Na so ghana better reach

emerged01:


Bro,11.84 will be 1 dollar in real sense and you will be here doing what? Stop displaying your ignorance in public. Na so ghana better reach

What is dollar to a Cedis today, google is your friend mate.

KnowAll:


Ghana ceedis have not moved from 11 to 1 to the dollars.

who said? Thats just two weeks ago. See their own version of abokifx website: https://afriswap.com/bdc/#sell

Bank of Ghana as well moved to 11.45 Ghs to 1 USD on 24th October

creativehubb:
Our import volume keeps increasing due to population growth, and greedy Nigerians are hoarding dollars via currency speculation, Nigeria is peculiar in greed, both the politicians and citizens are greedy idiots. CBN must work with banks, and set a limit for domiciliary accounts, others finance solutions applications should be regulated, Nigerians should not be allowed to save money in dollars in Nigeria. The specualation, hoarding of dollars and chronic importation are the problems.

This one enter. I know family members that only want dollars when anyone from abroad tries to send them money. They all have US domiciliary accounts for just money transfer

Buhari put a stop to it but Tinubu brought it back.