₦airaland Forum

Its gone

Life is too cheap in Nigeria. Senseless deaths everyday

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ibechris:
U are a smart guy and I like the fact that u are interested in ur children's future. Honestly,there is nothing like it.

I will advice u to invest in people's businesses. That is what I do.

Like for instance this year alone,i have made close to 15million naira from Jan to date. Because of the situation in the country,most business guys now need tremendous amount of capital supports because of the volatile nature of the market now especially when it comes to price.

Many guys are now storing up good so as to meet up with Challenges ahead...go find such people have an agreement with them and each 5million can give u 200k or 300k minimum on 5million,that is about 2million per month.

Gradually,u start diversifying into other investments too.

Can you pls throw more light on this

Funny leaders. The citizens are yet to get anything meaningful from the first tenure. They are talking abt reelection

I dont seem to understand young men these days.
When a woman knows you don't give a damn abt losing her... you've just won her.
You can imagine a man saying he doesn't feel loved. You no well sir

geoworldedu:
Have you heard of bottling company before? If Tottenham wins this match, Arsenal will eventually bottle it in their last match. It is a certainty and a fat elephant is destined to fall off a tree

Same way u guys kept saying arsenal would lose against tot, chelsea and man u...
Una no dy tire

Tottenham no wan gree oooo

Hezzyluv:
I bought mine 1.6m around this time last year. I have recouped almost 1.5m and the keke still looking new. Meaning, I could resell it around 1.5 atlist.

Guess u are driving it yourself...

It's pathetic..same maruwa that was around 200-250 when it entered lagos

Same thing dy kept saying for bubu..

SoNature:
I'd like to think that we Nigerians either like to deceive ourselves or we are just ignorant about what leadership is. In truth, leadership is all NOT about choosing between good and evil. No!

Think of a leader as a civilian in charge of security operatives chasing after one dangerous terrorist who has masterminded the killing of hundreds in the past. This terrorist runs into a building full of people just to escape from security operatives.

The leader knows that if the tells the security agents to go into the building to arrest the man, he will waste all of them and escape because he's a specialist in doing that. Instead, he tells them to throw bombs into the building, killing the terrorist and other innocent people.

He knows that if he keeps that terrorist alive, he will kill more. So, it's better to sacrifice just 5 - 10 innocent people in place of hundreds. That's something these leaders face every now and then.

Ngozi Okonjo-Iweala told Jonathan to remove the petrol subsidy in 2012. She took hours to convince Jonathan. Jonathan took weeks to think about it but wasn't convinced. Considering that his options were limited, Jonathan had to remove it anyways. And it backfired! It nearly led to a countrywide protest - a protester even died at Ojota! That's what it means being a leader.

So, sometimes, we have to pity our leaders. We don't have access to the information they have. We don't know what they go through at night for making certain decisions. But, I like the way Buhari put it, "You cannot satisfy everyone. Just make a decision that will enable you to sleep at night."

If you read up to this point, my point is leadership is hard!

Sorry sir. You wrote trash

What's all this bayi

Mancity don score

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