₦airaland Forum

GOD BLESS NIGERIA! GOD BLESS AND KEEP OUR FAITHFUL AND DEDICATED MILITARY MEN!

davodyguy:
Godwin Emefiele was the one that fixed exchange rate at 285 naira to $1 dollar. Since then we started experiencing the free fall of naira.

Under GEJ, exchange rate was N160 to a $ and black market rate as then in January, 2015 was N200. That's like 40 naira difference.
As at today on the CBN website, N304=$1 and black market is N495=1$

If CBN's rate drops, Black market rate drops in return

If CBN drops the pressure on the forex increases more, thereby depleting more of our little forex reserve.

davodyguy:
There's nothing wrong in what's happening.

Let me quickly clarify before dumbass analyst start talking nonsense.

Where we were

Sometime in December, 2015 the price of crude oil per barrel dropped to about $32 and the exchange rate then was less than N300 to 1$. At that time, the government. Marketers were making profit, without subsidy being paid.

2016 first quarter

By mid January, the price of crude oil started rising, and that was the time CBN started their failed policy on exchange rate. What happened then was that as the crude oil price increased, exchange rate to dollar also increased. This made landing cost of refined products to go up. You would recall that we experienced scarcity till May, 2016 when subsidy was finally removed. Why? Cos product was sold. (PMS) at N87 per litre and the differential was paid to marketers as subsidy.

May, 2016

Subsidy was removed. Exchange rate is now over 300 naira to a dollar. Hence we started buying PMS per litre at N145.

NOV, 2016

International price of crude oil rose to $50 per barrel and exchange rate is over N400. The landing cost would automatically increase. But since PMS price is still being regulated and pegged, no marketer would import a product at N145 per litre and still sell below cost price.

JAN, 2017

In order to avoid two things

1) Fuel Scarcity
2) Increased PMS price

NNPC is now importing 90%. of daily consumption of PMS so that Nigerians would not suffer.

So I wonder how some dunce will insult NNPC, when they're actually saving you.

The only solution now is for CBN to do something about the exchange rate and things would be back to normal.

Price not per barrel is about $53-54 and exchange rate is over N400 naira.

Price may remain $54 or even go higher as we pray and hope for. CBN must do something about the exchange rate and allow drop back to 300 or below. If this is done, things would balance up

How can CBN bring back the exchange rate back to #300 per dollar when the President have been a SHERIFF that has more media men rather than economic team?

Only one problem in this nation.
BAD LEADERSHIP AND LAISSEZ-FAIRE ATTITUDE TO THE PLIGHT OF THE COMMON MAN

sarrki:
what is bad to queue to buy gas ?
May it's cheaper and safe to buy from that outlet
We queue in banks to collect our money we saved
We queue in banks to safe money
Next please

I GIVE UP IN YOUR CASE!

This CHANGE is sweet o!
Do we also blame the past administration for this?

Our celebrities don't fit in to be role models for the younger generation.
Marriage failure is now a norm: Evidence of high moral decadence

softwerk:
Congratulations!

Meanwhile in other news; Davido opens AFCON 2017 with his hit track "Dele Na My Boy"

Na commotion you wan cause here baa

As a Nigerian Youth, join the New Nigeria Vanguard to rewrite the history of this nation on history gold platters.

Trump, we admire your bluntness and firmness.

Only in this nation do our political leaders turn to be demigods.
This is unhealthy for our nascent democracy. we are

Professionalism has been replaced with lies in our military system.

It will take leader without ethnoreligious bigotry and sagacity to bring us out of this economic ditch.

This leader could be you. Join the New Nigeria Vanguard for a great new Nigeria.

Our political leaders have the heart of animals in human body.

Can the governor give such response to these students if his child is one of them?
Can be allow his kid to stay at home for 3 months without going to school?

Join the New Nigeria Vanguard for a new Nigeria anchored on patriotism, selflessness and good governance.

MMM is back but not better.

In as much as we need to wish ourselves well, that does not mean that we turn a blind eye to put loved ones acting without the voice of reason.

I wish our citizens can understand that this ponzi scheme has lost its credibility in Nigeria. The shock and confidence lost can't easily be brought back.

I pray we get help having provided help.

#greedisevil

Civil war begins in benue

“I think that unless Nigeria as a country is prepared to make laws and ensure that all citizens live by same and be answerable by the same law, what we are witnessing is a symptom, not the disease. The creeping inequalities, the inability of this system to deliver has made us uncomfortable.



I rest my case

IVORY2009:
those who have ears, let them hear, and those who have eyes let them see, liberty reserve loading....

You weren't a victim of liberty reserve crash few years ago?

Somebody will ask SEC, IS IT YOUR MONEY? WHO YOU EPP?
But will come online to rant for business loss

Hope they will live up-to the mandates and rational of their establishment

My phone camera

Does it mean that it's every January that celebrities tilt towards the stunts of divorce and broken homes?

Tonto don't prove your enemies right, pls

...yet they say, NPF is your friend.
God save the common man

okokobioko, ewu atam igu n'isi.
Seeking for cheap notice

Kondomatic:
Is Ghana a local government in ebonyi state?

Chhheeeeeesssuuuuju

The rivalry between Nigeria and Ghana at times is entertaining

If not for ethnic chauvinism and religious fanaticism, Nigeria indeed is a Big Brother to Africans!

Restoring the pride of Nigeria is a task that all hands must be on deck to achieve by sending out political leaders who fans the embers of this discord out of leadership positions

We are no longer deceived by media trials

Being one another's keeper is a duty we owe all humanity.
In New Nigeria Vanguard, we strive to fulfil that sacrosanct obligation.

This is modern day slavery o

OPERATION GAG THE MEDIA