₦airaland Forum

Kai. That means they are better than us that is not at war.

Lol. No be small ransom. Instead of GOVT to encourage non oil export to improve our exchange rate they are busy blaming binance that is a platform for buyers and sellers just like CBN I &E WINDOW which determines our official Exchange

Looking at the USDT/Naira 1 week chart , the naira seems to be retesting previous resistance of around 1200 to 1300. Usually after it's test it will want to reclaim previous high . I really hope it doesn't go back to previous high but what I am saying is that we should not rejoice yet on the fall, it may just be a retest for a higher high.

Price of mobile phones shocked me the most. It's like they don't want us to change phone

Lagos is no longer a good investment destination. Too much taxes and levies and area boys

This is a good development.i have always said it that the government should not pretend that the BDC and black market rate does not affect the economy especially when they started paying people in Naira claiming they want to starve BDC . I immediately knew the dollar will touch 2k

if they succeed with this development I tell you this will stabilise the currency at its current rate and it may drop the exchange rate if the pump sufficient volume into the BDC.

So many SME do not have the documentation to access official rate . As a result they compete over the little that trickles into the black market and the higher black market goes, the higher official market goes

Na wa o. Nobody will say he was spared from this hardship. The funny thing is that there is no hope in sight.

Those quoting binance P2P should wait for tomorrow to know the real value. P2P are usually low during weekends .

I wish the rise will be tackled for good.

We missed this man. Sometimes I wonder aloud " if only those in Ogun,ekiti , osun and oyo gave him upto 40% to 50% vote like Lagos did maybe he would have won"

If this is true, I am happy for this progress.

At least we are getting somewhere.

How come the app is still working ?

This is another bad move against the naira. Because if i cannot hedge against inflation with usdt any more I will have no choice than to use physical dollar to hedge and I believe others previously hedging with usdt will do same. Now tell me what will eventually happen to the black market rate? Your Guess is as good as mine.

Our leaders don't understand demand and supply, currency

I hope this does not become the new normal as this will further ground economic activities

Those calling for military want to move us to fire from the fry pan we are in

These set of military men are not like those God fearing ones that once ruled Nigeria.

[quote author=Temi2468 post=128495097]How please?[/yquote]

Export!!!. The easiest to start is charcoal. There are so many nairalanders doing it. Search them out . I do timber and solid minerals but that may be too capital intensive for export starters.

I am also trying out my hand on crypto and Forex because I believe in the future export will no more be lucrative with the way government is trying to be in charge of dollar in our account and also the kidnap risk of going to those remote northern villages to buy export items because you have to be on ground to buy the best. If you depend on your workers they will send you back to village .

If you know you don't want your living standard to drop you better Find a way to earn in dollars.

Una never see anything. Prepare to buy bread at 5k soon. Fuel will soon be increased to 750 to reduce subsidy payment . Landlord will increase rent to reflect new price of cement and other building materials. I heard Uber corolla is now 5m, no more hope for the average Nigerian to buy tokumbo car unless they will manage Nigerian used that is giving the former owner problems. As dollar is increasing, price of rice is going up as well. Today diesel is 1400 and it will soon reflect on commodity . Custom now use 1500 to calculate duty and this new development is yet to reflect on commodity. When it does, some people will start living on trees and eat the leaves .

I think APC voters should just admit a mistake was made so we can forgive them and start planning a way to compel the government to think of its citizens first .

thelegend1:
I know it's for building.
Which size are you referring to 8mm, 10mm, 12mm, or 16mm?

They are all same price per ton. The only difference is the number . For example 52 pcs of 16mm makes 1ton and 93pcs of 12 mm makes 1 ton . Hope it is clear?

thelegend1:
Which of the iron and how many tonnes?

Iron rod for building houses and price is for just 1 ton .

I just got this update from my supplier . Let the Government do something about building materials prices. If not cost of house rent will be unbearable in coming years,l. Also people will be tempted to cut corners and it will lead to more building collapse.

We should put cement on export prohibition list and customs should instensify effort to ensure people do not succeed in exporting scrap iron as this is the raw material for making Nigerian iron rod. Also finished iron products (iron rod, beam and sheet) should be put in the export prohibition list so that the prices of these building materials will not be influenced by the exchange rate so much

Each day seems to bring new problems

Honestly speaking, it is supposed to be a good venture but supermarket owners I know are complaining of not making much because when they wantto restock the price has gone beyond what they sold. So they need to borrow , if not their shelves will be getting emptier and emptier .

The most painful part is that they are sealing warehouses in Kano that stored processed food(pasta, sugar etc) . Something you can order from the factory and it will be delivered . It is not as if they hoarded egusi or palm oil or other farm produce. Maybe soon they will start attacking Coca-Cola depots for hoarding.

Maybe we should send FAAN there to teach Americans how to have safe sky.

He would have gone after those who borrowed to loot in last regeme.

Abi there was no more space and they told you to go by road?

Subsidy has little hand in the current inflation . Blame it on the high exchange rate. Tinubu did not shop for the best hands to handle the CBN and the economy as you must be a Yoruba man to get such position . That is why we must blame him for the inflation .

drlateef:
Your argument is illogical. When people don’t receive dollars in Nigeria, they cannot go to Aboki to get naira at black market rate. Aboki would have no dollars to sell and it will improve the value of naira. The banks will then officially declare the dollars obtained from IMTO to CBN. In that way, the over $20 billion diaspora remittance will be going to CBN, not BDC.

Are you aware the difficulty in accessing USD at official rate ? Or you think people saw where to buy it at 900 in December and decided to pay 1250 instead?

There are lots of documentations that make some importers shy away from it. The black market will always thrive because it is easy to access dollar and do your business.

It must exist because of the ease it offers for changing currency for SME especially those without company registeration .if you starve it of dollar the price will keep increasing . Government can stop this by making dollar available to to BDC'S and resume the dollar they give SMEs monthly. Emefiele was giving SME $20,000 monthly with very little documentation between 2017 to 2020 and it helped stabilise the exchange. I know we cannot afford to do this at the moment but at least they should not starve the little that comes to the parallel market.

With this new directive for banks to pay naira instead of dollar, it will get to 2k soon because the black market will have fewer supply. They should not pretend as if black market rates do not decide price of goods in the Nigerian market

Government to do this or will do this. Why can't they tell us after it has been done and the good result is being felt. It will help restore trust in government

Chai. Iron rod has also gone up. On Friday it was 750k for TIGER which I usually buy. This is something I bought in October for 570k. I am confused if to abandon or continue but the reality is that things may never change for Good.

Wow these things are so expensive. I guess no insurance company will agree to insure it against terrorist fire. War is so expensive .