What's all this bayi

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Front page abeg

Iremis:
The guys are on fire these days. Kudos to the information age

I hope you read through the news

Wahala

Old news

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iamtoofan:





How is it a bad time esp. when Majority of the traders have form a resistance and refuse to drop price .... when dollar reduce, it is then omo igbo know say it will take 3months for new shipment to arrive,

But as selfish, inhuman and wicked as traders are, if dollar jump to 1500 today, by evening the whole market will increase there price again, all that talk we bought stock at 1900 will disappear ... naa another theory we go hear

What i found funny the most is, every trader in Nigeria or every stock in warehouse was bought when dollar was 1900 ... xchange rate that didnt even last 2 weeks haba !

We go dy alright

erniok:


It has nothing to do with petrol. Keep your ears down. Some of them in market has agreed not to sell below a certain price not to incur heavy losses as they imported when dollar was 1,800, some at 1,600 or less. It would take new imports at say 1,200 to really crash prices.

It's really a bad time for them and us, citizens of an import dependent nation.

Glad you put it the way it is

SlavaUkraini:


One Bastard even told me that he cannot reduce the price of brake pads because he bought them while the dollar was close to 2k

That it would take up to 3 months before prices will fall because that is when new shipments bought at current dollar rate will arrive...

Na so the guy take Colonize me and I pay for the brake pads..... As if I had a choice

Opportunist indeed...

No need to call him a bastard....this time is actually a terrible time for importers and business men....you can imagine your stock value depreciate by over 50%.
With time, everything will be balanced and we'd all be happy

This arsenal team must be a cursed team

TermsAC:
Firstly, the value of both currencies was a result of wild speculations because there really isn't any major shift in economic activities to cause such a major shift. (Although the value of the naira was never really 450 like Emefiele wanted us to believe.)

Secondly, the demand for dollars dropped significantly because people are not buying imported products like they used to. Their purchasing power for foreign goods dropped. Imagine trying to buy a Chinese phone that used to cost 30k, now going for 80k when your salary still remains 50k.

Thirdly, exports increased in that period, including oil (our major source of forex income).

Fourthly, importation of petroleum products reduced by close to 15-30% because there was no subsidy anymore. We aren't subsidizing the entire West Africa like we used to.


Fifthly, CBN reforms (which is the major driver that brought dollars to its knees).
- First, they went after the number 1, the speculators; the BDCs and Binance people.
- Then forced forex to pass through the system (the Nigerian banks) instead of Flutterwave and Binance, who just store dollars in offshore accounts while they put more pressure on the naira when diasporans send money.
-
-then forced forex to pass through the system, (the Nigerian banks) when diasporans send money home, you are not to collect the dollars so you can hoard it and wait for it to increase so you can sell the same money for profit without any ecomomic activities from your end.

-He then payed the backlogs of dollars to investors to restore their confidence.

-Lastly, they started the speculations of their own through the media by selling dollars at a certain amount to some selected BDC operators to make it look like that's the value of dollars.
This then sent panic into the market (especially those hoarding the dollars or betting against the naira to quickly dump their dollars before they make a huge loss).

That's why you have a situation whereby the black market rate is lower than the official rate now. (Something that rarely ever happens.)




CC: koyeni

Thanks for your perspective boss

Basic123:

I am so sorry about.
It pains me when I see people dishing out wrong knowledge out of hate or just to score a cheap political points. Most people will take that wrong knowledge and they will never have the opportunity of being corrected. I used to believe in this theory of production bla bla until an economist Schooled me well on the difference between fiscal and monetary policies and point of convergence!

Good one. Nigeria will be great again

Basic123:


You have been learning economics from the man who receive advice from the mad man and his supporters.

Who tells you that it's just fiscal policy that influences the values of currencies?....its majorly monetary policy. Many countries have positive balance of trade but still have weaker currencies relative to Dollars.

Okay,from a lay man point of view,what increase happened to our imports within 2months of jumping from 900 to 1900??

I learnt one or 2 things from this. However, i dont think you needed to have added your first paragraph

CodeTemplar:
tge demand for dollar reduced. People can't buy imported goods or import dependent produce fast enough to make the importers demand the old level of forex they used to. That means more dollar to meet lowering forex demand. Plus crude prices spiked a little. Export volume also jumped but is on a decline as I type this.

People saying N5000 to a dollar forgot that Nigerians have limited Naira to demand for forex driven goods.

Thanks for your response

As much as I'm happy abt the fall...what exactly was done to bring dollar down?
Not like we increased production/export or something

cenaman:
The only crime of Emefiele is because he is Igbo....

He's not igbo sir.
We wont make a headway in this country with this our tribal sentiments

Zico5:
These politicians are the most foolish people. Why will u not think before spitting out rubbish. Truly Oyo people dodged bullet by not voting this guy as governor. He is uncultured, myopic and crude. He has no pedigree to be a leader. I'm sure he worked in CBN due to quota system and whom u know in the government.

.

I was abt to say this....the people of oyo saw 'far'. I always wondered why they rejected him at the polls after spending lots of money buying sienna buses like water and his posters everywhere. I never knew the guy is dumb

$260 paypal needed
Escrow needed.
Legit deal pls

Why dm no dy push all these matches for fp

highchief1:
amen bros front is ok.Na hit e go hit u if u get luck u survive.but u see the falling untop car.i have never seen a survivor.Thank God we no longer use public transport because those drivers no Dey drive with rules.me I know how to avoid dangers on the highway.no be say person no go die but make e no be yeye death.

na2016:


Some of you talk like wild animal.

You can imagine the trash he spilled.... it's the reason the country is not Making progress

highchief1:
na mumu Dey drive side by side with container.i have educated my wife on how to do it.stay in front or behind.dont ever go side by side.road safety Dey road Dey collect 200.

You are very right with this. I avoid those containers like a plague. I no even they stay their front.
May we not be victims of evil circumstances

Soon now... 'don't judge me with my past' will come.up