Floating d naira means allowing mkt forces to determine d price of d naira...d useless gornment floated d naira & now want to ban d market forces.no b cluelessness be that,let them first remove d log in their eyes...let Baba bullion vans,shetti,all governors paste & present,APC & PDP returned all d looted dollars in their closets.

nedekid:

Dont mind the op, being smart by half. Which one of those countries have had in 6 months their currency devalued by
close to 200%? Or in 9 years of a locust party from ₦200 to ₦1900 to a dollar?
Do Nigerians even understand the kind of poverty this apc has brought?
If you had ₦50m in your account 9 years ago, you had $250,000.
Today if you have 50m it is now worth $27,000!

Jezuz!so If am buying #50k worth of $$$$ every month as saving for 9yrs ago I go b omo baba olowo.

Just look at Egypt & Kenya exchange rate to a dollar still in hundreds

efemena5050:
bross food is scarce due to limitations in supply .....the demand is now more than the supply for food hence the inflation ......meanwhile due to this limited supply patterns of food the remaining available food is now being sold to the sellers at higher prices.....since they don't want to loose they will place the overhead cost (vat) on the prices thereby making me and u to pay the deficits(inflation).....based on ur argument.....about food not being scarce ....hope u know state like Niger state has band movement of goods out of the state ...also some norther state have place restrictions of movement of supply from their state.......to finally state my points pls read up the meaning of inflation .......due to limited supply of foods the purchasing power (value of money) becomes eroded ......today farmers can not farm .....all GDP accurals .....and balance of trade of Nigeria is at the deficits ....we don't produce we consume ...the limited supply result to high inflation cost.....

Solution .......once the border is opened people will now go and access these good at lesser cost which will necessitate reduction in cost per sale .....this since the average consumer knows the market very well..(perfect market) ...no market union or trader can set or fix an arbitrary price ......

It look like you are an economic graduate,pls tell us how can Nigeria get out of this economic crises & free fall of d naira.

If Nigeria is not a useless country this kind of move would have been called Export not smuggling to earn dollars from Niger but Nigerian marketers proffered to be paid in CFA because naira is useless.

If BAT has not close Niger border over niger coup food will not have been scarce in Niger warranting Nigeriens to mop up our food supply.now Nigerian farmers, middlemen makes huge profit selling food to Niger than nigeria.people in power need to thought out their policies be implementation.

To read Law graduate & finish law school pass means you are brilliant,if you get master degree in law & no job means you cannot use your brain well unless you want to enter street they blow bombastic grammers for nothing,I advice you to think outside d box..maybe be a skitmaker create a court session where you will be blowing big big grammar for court like sabinus.

efemena5050:
No na ......when you decide to hoard ur good despite being of an inelastic nature ......when aggregate supply exceeds aggregate demand .....due to market surplus ur MR (marginal revenue will be less than ur MC ....marginal cost ) based on. This ....u will be forced to sell ....during surplus ....price will fall .... hoarding of good will either backfire the seller since he need to wait for a long time before he can make profit ........trust me if the border is open give this inflation 3 months food prices will fall

All this economic theories does work in reality,they said food is scarce but go to d market d market is not empty it is full with rice,beans,garri, tomatoes etc but d high prices reduces d quantity demanded,making d market not to be empty of food.
Don't forget those marketers has unions who fixed high prices for goods,you cannot sell lesser even if you sell @ lesser prices you dnt have enough supply to crash down d prices.
That is why BUA cement cannot sell his cement @ #3,500 to crash d market BUA production or supply is not high enough to meet national demand has 17% market share while dangote cement has 60% market share.

efemena5050:
simple economics pls can u explain how it will worsen it

.......cause I remember in economics when there is excess supply over demand the excess abnormal price will fall back to it's equilibrium position ...due to forces of the invisible hands ......so pls explain ur own economics to me .......thus based of the foregoing opening of the border will act as curative measure to the hyper or galloping inflation currently destroying the currency......


When food full markets no body go force tht stupid mama emeka to reduce her stupid price she selling her stupid garri..........oga the purchasing power index will bring more surplus (budget surplus )...........

S
No same people will want to sell @ a loss..they will hoard it till it is scarce especially for product with high shelve life.

Which kind report be this no stage name

Those Judases should be hunted down & erased from mother earth!

Haw can a sane person be swimming with anaconda.

@solarengr I thought solar solution is a easy as bread & butter...
plug & play,I bought & install two 500w pv if connected in series or parallel d voltage reads 0V but if connected individually the voltage reads about 47V.
I can only use one panel what could be d cause?

What baffles me is cement is #15,000/bag 50kg which bad,but rice is #80,000/50kg bag nobody is talking much about rice.

With this kind excessive heat,I discovered only beer can quench my thirst ,this iz not good ooo! :'

This wrong moves will just drive up d prices of poultry,eggs,beef,goat meat & others...thereby creating a viscious cycle.

President Lulu da Silva need to apologize quickly for he goofed big time.... where was he when d fula terrorists are killing people in middle belt of Nigeria?

There time has not come.... everybody has his own elastic limit.

But why can't State governments has their own STRATEGIC GRAINS RESERVE programs(SGR) it is high time people focus d heat on governors & local government chairmen their ineptitude is too much.
Infact this iz no grains stored anywhere by federal government even when budgeted for.

Madam professor gather your fellow science and engineering professors challenge them,let them design & produce a system that gather moisture from d air & convert to water they should even produce device that turns piss to electricity like wet cell.... my one Kobo advice.

Twonubu let d Agbado flows ....Ebi a pawa da da!
Signed:The Agbadorians

Nvestor02:
Naira rise and fall base on the choice of people.... Tinubu has already taken that burden of baring responsibility of Naira on his head.

He has unificate Naira, the market and choice of the Nigerian citizen will determine the performance of Naira in the international market.

I would also advice the president and the senators to take down our denominations. There is no reason why we should have 1k in one note.

There is no country that have that amount in one note and their currency is doing well. Dollar last denominations in $100. Same as Pounds and euro.

Even there pounds end at £50. The highest Ghana denominations is 200 cedis.

Nigeria govt should take down our denominations too and make small dominations like 5N 10N and coins to be available.

US still dey spend coins. Why not us?

Tinubu is doing well in the cost of living, it's now the government that needs to step up to the new reality.

Even if you change d naira sign to dollar on our not this economic crises will still be there....no country will value our notes it is not among d major attractive currencies.
What we need to do is reduce imports of unnecessary goods,increase productivity, exports more finished goods,makes foreign countries set up manufacturing plants in naija:Samsung,Toyota,Honda,electronic, batteries.
Government should create infrastructures,reduced in security,
Encourage FDI.
Promote value-added agricultural activities for export.
Let us have a market where foreign buyer comes in and buy our processed cocoa,coffee, sesame seed,cashew nut @ international prices let them buy in naira...our naira should be exchanged in London, US,Japan.
Our crude oil should be sold in naira to foreign buyer by d time they brings in their dollars to exchange for naira we will have surplus dollars in d system making dollars to fall & naira to rise.
I am not an economist but I just want to make common sense.

malali:
Do you know what you have to do to earn a 100 DOLLARS ?

Healthcare: Go to the hospital in the dollar country, ordinary headache they will charge you $350 after insurance deductions and co-pay. In Nigeria, there is no hospital that will charge you $10. Some hospital visits abroad can cost you $50000. (Giving birth with C/S, 1 or 2 days of ICU). In Nigeria you wont spend $500.

Education: Come and study in dollar economy let them give you loan with 7% percent compund interests, you will work and die without finish paying for such loans. In Nigeria people study for free and "japa" Thats essentially free human capital, No country in the world allows there manpower to JAPA free of charge.

Public Transportation: Compare the airfares and bus fares, $500 tickets is europe or america if you buy last minute, is a cheap ticket. In naija you can walk into Abuja airport and fly to Lagos last minute, with $100.

Utilities: Electricity, power and water, Have you paid water bill, heating bill $800 before ? You are comparing dollar to naira ?

Telecommunications: Even Internet costs are comparable, phones services, standalone phone servces can cost up to $120 plus taxes for a month. Do you pay that much to sub your phone in a month ?

Certain Agricultural Products: Agricultural produce are cheaper in Nigeria, than any dollar economy. A big Mango can be $3-4, Have you ever bought 1 mango for 5000naira ? Meat is cheaper in Nigeria, food stuff even with the cry is still cheaper than abroad.

Would you rather earn $5000 and have to spend $4995 for bills and living.
Or earn 100,000 naira and spend 50000 naira for bills and living ?

Make una just dey compare dollar with naira all I know is dollar no be naira mate.

No be that proff loot money for NHISin a saner country like Togo or Ethiopia he will surely be in jail.nncheew!

matify83:
It's splendid!

I use a 3.5kva 12v kartel inverter and 4 220AH tubular batteries I connected in parallel to make 880AH.

I power virtually every thing in the house including an lg inverter AC for most of the afternoons , an lg inverter fridge/freezer and a bona solar chest freezer.

I've been fully off grid for going to 6 years by May and I don't have any regrets at all.

The installation was done DIY with little touch by my electrician.

Kartel has 12v,3.5kva?

MASTERCHIEF0847:

Where in Nigeria can a cement kiln be manufactured?

Am not saying cement kiln is manufactures on Nigeria...but it is not very complex it is just made of heat resistant metal,ceramic,heating elements & probes.

maasoap:

There was artificial scarcity. In fact, that was the genesis.

Cement is not scarce unless you are saying d factory refuse to release them to d market making seller to hold into their products so that they will all benefits from d hikes in price.

gaskiyamagana:

Good talk but what of corruption instinct of Nigerians? What did not damaged, he will say it's damaged, given money to buy new ones, he will buy fairly used or stealing some parts and sell to get more money but indirectly ruining the business for the owner.

Even investment own by whites black still steal under their nose.local contents laws made it mandatory for locals coys to handles some aspect unless he does has d capacity.still it is d Nigerian management that brings in expatriates for what can be fixed cheaper because of what they will get bringing in expatriates.

MASTERCHIEF0847:

Yes, they can't because they were never taught theories of such ... and am not kidding.

I doubt that, cement industry dnt has complex machineries like oil & gas industries but we have lots of indigenous technicians servicing it.

maasoap:

No, you're partially wrong. They first created artificial scarcity, a situation where what they supply to the market is less than what people need. Ask yourself, why all of a sudden? Prices of other materials have going up steadily under Tinubu but cement price remained the same until about three or four weeks ago when the supply was reduced.
The major component of cement is limestone and it's abundantly found in Nigeria. How much does it cost a bag of cement to be transported from the factory to the remotest part of Nigeria? Can't be more than N500

My brother No artificial scarcity cements are everywhere.

ufotunang:
..the cause is the high costs of fuel, disel due to the removal of fuel subsidy, the dollars exchange rate rising everyday..1500 naira to a dollar...due to floating of the naira which makes the dollars to keep on rising and make the naira to lose value...this causes the costs of production of the cements to be high and the high costs of transporting the cement to the market....due to high costs of fuel and disel

How much should fairly be d cost of transportation of a bag of cement by dangote cement to warrant price increase from #5000 to #15000.
Because cost of diesel is still between #1000-#1500.

MASTERCHIEF0847:

Have you ever been to a cement factory? Have you seen the mining equipment used for mining limestone? To even service those equipment you have to bring in expatriates who will be paid in dollars, spare parts will be paid in dollars, same as importing stuff like gypsum which is imported and paid for in dollars. Those mining equipment and spare parts are not produced by INNOSON so they have to be imported from Europe mostly and it's paid for in dollars.
At least do a little research on cement production before you display your ignorance na.

Are u saying Nigerians engineers/technicians cannot service those mining equipment:crushers,kiln,bulldozers,dump trucks,conveyors etc those hoards of $$$$ guzzling expatriates has to be rallied upon.