₦airaland Forum

MyGeneration:
Let me go nd own cow in a place where they bomb there own people then imagine what they wud do to me that's not one of them, u dats talking hv u ever asked d reason y d worst thing u can do to any Southerner is to post him to the north for nysc, even Yoruba's.
If everything is ok then y re they running.

repogirl:
fine, so what happens to the Naira they receive from the importers.

repogirl:
okay, financial economics 101....

I guess you are aware that CBN provides Nigerian importers with dollars to pay their foreign suppliers. For example, let's take the petrol importers.

These petrol importers pay CBN in naira and collect dollars at the official rate of N197. Remember CBN is paying them from our foreign reserves, so they have to return the money to the reserves.

Now,the issue is CBN cannot exchange this naira at their rate of 197 anywhere and they are forced to exchange at the market rates which is presently hovering around N400 at the moment. This means CBN will be exchanging the Naira back to dollars at a higher rate than they gave the importers, thereby losing a lot of money in the process.

To make it clearer

CBN gives Importer , $2 billion at N197 per dollar, means the importer pays CBN 394 billion naira.

But when CBN wants to exchange the Naira received from importer to dollars, they exchange at lets say N375 per dollar, which becomes, 394 billion/ 375 = $1.05 billion.

This means CBN has made a loss of N950 million.

This is the reason why they have stopped exchanging for some imports, medicals and students abroad, they are losing money seriously.

If the Naira had been devalued since, it might not have gotten as bad as it presently is, because now the market is being fueled by desperation and panick.

Hope I have hereby been able to convince you in the need for a devaluation of currency. It's simple, we are losing money.

bizgenius1:
278

bizgenius1:
both

bizgenius1:
50,000 account opening opening deposit and daily limit 750..u can ask again to confirm though

juman:
The president here in nigeria should also pump billions of dollars into the economy.
He should be building the much needed infrastructure across the country, that are his legacy to leave behind.

But right now the apc government is non performing.

juman:
Obviously this apc government is not a good one.

Look, obama also met terrible economic situation when he became american president but he turned things around and economy recovered.

One thing is clear, those apc people have so far proven to be clueless and incapable to rule a country.

Futurewiser:
for real ohh. they are the cheapest followed by stanbic. all other banks na thieve

demosoft:
gtb now 299.78 earlier this morning was 298.26.

1Dray:
Access bank now a certified/confirmed thief.

Carshopper:
Yes I have 700$

Carshopper:
Still available

Palmwinetapper:
then get lost

Palmwinetapper:
no she hasn't but that's what makes her unique.

Palmwinetapper:
why come here then?

Tennix:
@ ka24dett. Pls do u knw d cost of complete tokunbo engine for 94 Quest cos my engine is smoking n d car doesn't move when engaged until u tap on d throttle. Or u think I should ring d engine?

Runtingz16:
oh shut it. You've been nowhere. You are living in one mud village with know knowledge of abroad. Have several seats.......

amtaken:
Muna you are ugly anywhere in the world. Fake ass grandma.

charix:
Believe whatever you want to. For the mean time I'm here enjoying the steady stream of criticism flowing your way.

Runtingz16:
you obviously haven't travelled nowhere and you're just talking. Because if you have you'll know colder climate's dry people out. Dry lips and face and that's why people abroad go on vacation to hotter climates to brown their skin more and get a glow. So if you don't know stuff don't talk. You run the risk of sounding stupid.

Runtingz16:
if one is beautiful they are beautiful anywhere. Sun is nothing. What kind of nonsense talk is that?

Jilov:
shutup and let people in nigeria judge him