sholatech:

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

From 11.84 to 12 compare ours from 700 to 1300

KnowAll:


From 11.84 to 12 compare ours from 700 to 1300

It's actually dropping as well. If Ghana did not redomininate it's currency, it would appear worse. As you can see from below, the cedi is still falling.

KnowAll:


From 11.84 to 12 compare ours from 700 to 1300

First, was to clarify your 11Ghs to 1 USD stability in Ghana. Secondly, it moved from 11 Ghs to 12 Ghs in just past few days. While ours is more, it is also volatile currently

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?

Hahaha this guy wan kill me

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.

You've got it right![color=#000099][/color]

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.

this primary the main reason,the rest is secondary.

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.

It was during Abacha time, the black market started.

Nigeria was sanctioned by the international community.

Official exchange rate was 21 to 1 dollars, in the black market, it was 88 to 1 dollar

sholatech:

First, was to clarify your 11Ghs to 1 USD stability in Ghana. Secondly, it moved from 11 Ghs to 12 Ghs in just past few days. While ours is more, it is also volatile currently

That is the official rate.

In the black market, the cedis has a different rate.

KnowAll:


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

On the black market in accra, the rates are high.

Ghana has an inflation of almost 30 to 40%

IPOB sit-at-home has finished naira and the country's economy in general

KnowAll:


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

Oga forget google. No be everything wey glitter na Gold. Ask yourself why is Ghana's economy and its currency say different thing?

KnowAll:


From 11.84 to 12 compare ours from 700 to 1300

Bro,read the below article for better understanding of ghana currently and thank me later. Source below


https://opinion.premiumtimesng.com/2017/02/01/176779/?tztc=1

How come Nigeria has a drug dealer as a president?

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

remember they removed like 3 zeros from their currency do add the zeros back and that's the true value of their currency

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.

You blamed Jonathan and in Tinubu's turn tire blaming his enemy??

Going by what you wrote, it is obvious that you have never approached Nigerian bank for us dollars.
To say it lightly, you're naive.

For example, I have a study visa (PhD). I approached the bank for forex. Among other things, the bank requested that I bring a return ticket.
If a student can't access forex from Nigerian bank without return ticket, then who is qualified?
Remember, airlines don't offer return ticket open for more than 12 months. Besides, why does the CBN care if I return to Nigeria or not?

You see my friend, it is your government that encourage black market.

creativehubb:

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.

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.

France is the country defending the CFA .
Go an seek knowledge pls.

marenkurz:
Going by what you wrote, it is obvious that you have never approached Nigerian bank for us dollars.
To say it lightly, you're naive.

For example, I have a study visa (PhD). I approached the bank for forex. Among other things, the bank requested that I bring a return ticket.
If a student can't access forex from Nigerian bank without return ticket, then who is qualified?
Remember, airlines don't offer return ticket open for more than 12 months. Besides, why does the CBN care if I return to Nigeria or not?

You see my friend, it is your government that encourage black market.

That means the CBN is implementing the advice I gave, you are naive.

Can you give your own solutions?

Panic buying. Check what happened to lebanese currency last year

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, 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.

To the lay man the fault is an increase in our import volume, the the truth is, that’s not the problem..

Nigerian has the largest economy in Africa, which is enough evidence to prove that we are more productive than the other, even when it come to industrialization..

Let me tell you a truth, the factories we have in Nigeria the more the Naira will loose more value…

The value of the Naira was 1 Naira to $1 when we had less factories and imported everything from overseas…

Import is not the problem..

Raskimonojendor:

It's actually dropping as well. If Ghana did not redomininate it's currency, it would appear worse. As you can see from below, the cedi is still falling.

Not like our own na!!


What point are you trying to prove?

LikeAking:


To the lay man the fault is an increase in our import volume, the the truth is, that’s not the problem..

Nigerian has the largest economy in Africa, which is enough evidence to prove that we are more productive than the other, even when it come to industrialization..

Let me tell you a truth, the factories we have in Nigeria the more the Naira will loose more value…

The value of the Naira was 1 Naira to $1 when we had less factories and imported everything from overseas…

Import is not the problem..

Mr professor, what's the problem?

It's not enough to disprove, any fool can do that, we need solutions here professor... what's the problem?

creativehubb:

Mr professor, what's the problem?

It's not enough to disprove, any fool can do that, we need solutions here professor... what's the problem?

Just know the truth…

When we were manufacturing both Naira was doing well….

Now we manufacture a lot it’s doing worse..

Something must be wrong..

It’s left for you to do ya research, instead of capping careless..

LikeAking:



Just know the truth…

When we were manufacturing both Naira was doing well….

Now we manufacture a lot it’s doing worse..

Something must be wrong..

It’s left for you to do ya research, instead of capping careless..

You are talking nonsense...do you know what's called balance of payments?

If we produce more and import less, our balance of payments deficit will reduce, and if we start exporting more, it will reduce further, strengthening our currency...the fact you can't give a reason shows you are clueless.

have seen any other country where everyone is focusing on $ against their currency like nigerians internet community do?

creativehubb:

You are talking nonsense...do you know what's called balance of payments?

If we produce more and import less, our balance of payments deficit will reduce...the fact you can't give a reason shows you are clueless.

No be you go teach me dis one..

Relax!

FG said Naira is loosing is value cos of speculators not cause of balance of payments, not cause we import too much..

Go and read.. Leave all those mumu out dated economics thing… E no dey work for Naija..

You are the one talking nonsense..

A layman like you think import is the only thing killing the Naira..

U need to read more…

Na small, small..

U fit become knowledge in this things too..

LikeAking:


No be you go teach me dis one..

Relax!

FG said Naira is loosing is value cos of speculators not cause of balance of payments, not cause we import too much..

Go and read.. Leave all those mumu out dated economics thing… E no dey work for Naija..

You are the one talking nonsense..

A layman like you think import is the only thing killing the Naira..

U need to read more…

Na small, small..

U fit become knowledge in this things too..

Both speculators and too much imports are to blame, it's common sense, if we import too much, we demand for too much dollars, higher demand leads to high value...this is basic economics, if we don't demand dollars the value drops. This is true and constant everytime.

This is basic knowledge even a primary school economic student knows these things, you people just talk but are very dull.

Give me one reason, you can't.

creativehubb:

You are talking nonsense...do you know what's called balance of payments?

If we produce more and import less, our balance of payments deficit will reduce, and if we start exporting more, it will reduce further, strengthening our currency...the fact you can't give a reason shows you are clueless.

Class room, 10, 10 Naira economics nonesense..

Nigeria has the largest economy in Africa and you think we are doing badly when it comes to production?

At least we are better than Egypt, Algeria, Tunisia, Ghana, SA, Kenya, etc.. Yet their currencies have more value than ours..

It’s also mean all th above mentioned countries also import more than us ..

Nigeria is importing less, very less compared to our population… Majority of what we import are machines and raw materials used for production..

The rest is fuel and cars, plus other small, foreign goods me and you enjoy..

80% of Nigerians are poor and can’t afford the foreign goods..

creativehubb:

Both speculators and too much imports are to blame, it's common sense, if we import too much, we demand for too much dollars, higher demand leads to high value...this is basic economics, if we don't demand dollars the value drops. This is true and constant everytime.

This is basic knowledge even a primary school economic student knows these things, you people just talk but are very dull.

Give me one reason, you can't.

In reality we are not importing too much, cos 80% of Nigerians are poor… Our import is even low when compared to our population..

Many other factors are responsible for the demise of the Naira.. Imports or basic goods is among the bottom problems..

Corruption..
Evil govt..
Senseless polices..
People have lost intrest in Nigeria, so they send their funds abroad..

Many multi national and Nigerian companies have to constantly remit their funds abroad in other to avoid losses that will come from the constant inflation in Nigeria..

The other smart biz men store their funds in crypto, dom accounts, and foreign cash..

All these people need dollars to manipulate..

LikeAking:


Class room, 10, 10 Naira economics nonesense..

Nigeria has the largest economy in Africa and you think we are doing badly when it comes to production?

At least we are better than Egypt, Algeria, Tunisia, Ghana, SA, Kenya, etc.. Yet their currencies have more value than ours..

It’s also mean all th above mentioned countries also import more than us ..

Nigeria is importing less, very less compared to our population… Majority of what we import are machines and raw materials used for production..

The rest is fuel and cars, plus other small, foreign goods me and you enjoy..

80% of Nigerians are poor and can’t afford the foreign goods..

Compare our production/import ratio to those nations you mention, and compare our population to them...we import everything from food to raw materials, to wines and spirits, to medicines, weapons, liquor, beer, we import almost 80% of what we use in Nigeria.

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 without common sense, stop embarrassing your generation with foolishness

If I have a four years study visa, why does the CBN require a return ticket before I can legally access forex when they know that I can't get it, except I waste money on a return ticket I won't use.
You're naive to think that Nigerian government wish you well.
Wake up! These people don't care about you. If they care about you, they will start defending naira now. 10 million in April is now worth less than 6 million naira. Wake up!!
By the way, I live outside Nigeria and earn in Euros. Tinubu should start defending naira immediately.

creativehubb:

That means the CBN is implementing the advice I gave, you are naive.

Can you give your own solutions?