₦airaland Forum

SIRTee15:
You are just a block head. Go and read why American dollar is the official currency for global transaction and foreign reserve, then come back and discuss.
So many people have corrected u on this thread but u dey do strong head- typical of semi baked educated Nigerians. They will never learn and add value to themselves but be arguing blindly up and down.

I didnt mention yuan, everybody knows it's a tightly restricted and heavily regulated currency fixed to the dollar at a non fluctuating rate.

go and find meaning of float currency, before you start writing rubbish..no country can successful float it currency any where in this world. once you find out the meaning float currency reply me . byeee

SIRTee15:
Oga stop arguing what u don't know anything about.
US dollar is in full float, there are more dollars outside the USA than inside. How will they restrict that type of currency. Do u think dollars will be the global official currency is American govt restrict.

what about china? is yuan float, most even . do you under what float means? USA still controls dollars if you don't know. most of you are illiterates any way. these are countries with floating currencies Guyana, Jamaica, Suriname and Trinidad and Tobago .

I once said it. politicians are the reason naira is exchanging 900 if not naira won't be pass 360. 80% of naira notes are in politician hands. import and exports are not the problem we have .

almarthins:
I thought I was the only seeing it this way. Emefiele and finance minister should be arrested for complacency.

CBN top bosses and politicians are doing round tripping. they will use offshore accounts to purchase dollar through form M and come back sell it to their boys at BDC. there by making cool billions without sweat. one of the reasons they don't want to close BDC markets

jeffoe:
baning bdc wouldn't solve the problem (demand problem) just the same way banning abokifx have not. it would just move the market underground. we have very weak institutions continually weakened by the political class. not everyone utilising the black market are doing it for criminal reason. a lot are because they just cannot access the dollar at the official market. the real problem is in the supply side. the demand for dollar in 1960 has increased considerably but the supply (from export) has not that where the problem lies. aggressively improving productivity (agricultural export first) and then value added products export.

people that runs BDC are spectators and arbitrage traders. which has no economic value. same they stashed 80% of our 200,500, 1000 notes. they are not importers, or travellers, or medical. Nigeria has been importing since creation of this nation but never this bad.The CBN knowns the naira dollar saboteurs but is afraid to acts because it runs like a chain mafians. import and exports are not the problem

Russia you're late. Germany has filled their gas reserve to 97%. that will last them through next year

jeffoe:
the USA dollars is floated �‍♂️. the government only intervene in the market tof it will be erratic e. g by selling it reserves in the market. the primary purpose of fixed exchange rate which is price stability has not been achieved with this emefiele fixed policy we just don't have enough Dollars to back the naira. how many Nigerian would be willing to Change thier dollar to naira at the bank instead

china nko,no country will allow it's currency to battered like nigeria. mind it's not an issue of export and import . politicians, BDC are the cause of down fall of naira. nigeria has been doing import since creation of this country but it never get bad as of now. the panacea is kill the BDC and political spectators you will see everything falling to #440. no importer will Slash 80% of currency notes at home except the political class. the same political class are the one putting pressure on naira. politician spectators with no economic value

Backpedal:
Did you say the US does not float it's currency ?

You are not knowledgeable about this subject matter
Just leave it
Your currency CANNOT be a convertible currency without it being ON FULL FLOAT

there is so no country without protectionism. USA protects their currency. china do, every country do.

tamdun:
I swear, govt need to ban bureau de change for life

the people that needs the foreign currency are importers, foreign travellers, schools, and medical. but here CBN allows arbitrage traders and Hoarders to kill the currency.

they should abolish official and approve black market rate so that naira will exchange to #3000. illiterate everywhere. even USA and China doesn't float their currency. no way in the world allowed black market to determine the trajectory of it's currency except in Nigeria. rather kill the spectators and hoarders that buys up dollars available. CBN can regulate the bank but can't monitor aboki BDC. it's a shame of the country

great! if they can sell dollar at official rate. aboki BDC will die natural death

curfew:
"Very soon naira will be like tissue paper."
--- words of a prophet
Mazi Nnamdi Kanu - 2014

but he is still in Nigeria. another stupidity of ipob

three ipob men down. ipob umu ekwensu. una juju don fail. ntorrr. may that ekwensu son called Nnamdi kanu rot in deepest hell.

ismalmuhd:
armchair economist.

olodo economist

FreeStuffsNG:
EFCC is coming after you too

stupid talk, am I an arbitrage trader? kill BDC before they send naira to Golgotha.

ban the BDC now, ban physical dollar transaction now. naira is heading to Zimbabwe dollar .

which way Nigeria. are we going Zimbabwe way . APC has failed us. Emefiele should be sack now.

Earthstorms:
I heard the Owerri to Onitsha section is bad and one has to go off the road and pass through the villages at some points. The villagers then set up many check points and people are being kidnapped in some of those check points.

Have you passed the Owerri to Onitsha road recently?

you dey whine me . so all the motors plying owerri to ph has stopped going. never heard any kidnapping there . the road is not so bad pls.

service44:
So, does that mean, vehicls no loger move from lagos to ph? Since the time of the flood nobody has moved from lagos to porthacourt.

onitsha-owerri- pH. if East West road is unmotorable

Earthstorms:
I like to know also.

I like to know how one can go from port Harcourt to warri, I heard the east west road can not be used, some portions are washed off, I heard going through Onitsha and Asaba to warri is also problematic, part of the road is cut off and one is forced to go through interior villages and people are being kidnapped on those off roads.

I thought of the port Harcourt to Enugu and then from Enugu to Onitsha and then to warri route, but I heard lots of Fulani herdsmen were offloaded by helicopters recently on the Enugu axis and are on a kidnapping spree on that route. It is just terrible.

How does one go from port Harcourt to warri?

A 200km journey is now looking like a journey to the moon.

na Port Harcourt abi na warri u wan go. if East West road is bad . you follow onitsha - owerri- pH

baralatie:
I said calculate you dollar exports and put it side by side with your dollar imports and you came up with the bolded?
Okay o
I believe you

what is difficult for you to understand there Nigeria export which are traded in dollars is value more than $60b annually import is $45b. what do you don't understand there. remittance is more than $20b . Nigeria has imported goods worth N5,900.83billion in the first quarter of this year 2022, while its total exports were N7,100.46billion in the same period under review, pegging total trade for the country at N13,001.28billion. (vanguard).

baralatie:
Calculate all your dollars exports and dollar import.then tell us if there is surplus or deficit

Nigeria export is greater than import. if you include foreign remittances is of highest in Africa.

baralatie:
I was shocked also when I saw the trade between Nigeria and Morroco.
I was like wow!
We are talking about people making millions of money and you want to complain of distance!
You underestimate the power of money

if nigeria is exporting petroleum in all this Africa countries you mentions, then naira has no reason to fall because more foreign currency ought to coming . anyway it's just a speculation .

baralatie:
The trade corridor is bigger than all of these!
The trade corridor involves Ghana,some parts of serria Leone,Niger,Mali,Gambia ,Gabon,Morroco etc

you amuse me which Morocco , why not include south Africa.. do you know distance to Gambia, Mali from Nigeria . na wa o for u

baralatie:
I would suggest you get the IMF report on how the west African francophone and anglophone countries and dependent on Nigerians subsidy regime and trade corridor

the countries selling Nigeria smuggled petroleum are Cameroon, Niger, Benin and Togo. some part of Togo. finish

baralatie:
Francophone countries stable?
How
These same countries that sabotage the ECOWAS currency and are conduit for imports into Nigeria
The countries that are benefiting from Nigeria fuel subsidy regime

forget it can your petrol reach Mali, Senegal, cotedivore highest is Benin, Togo. even Ghana doesn't receive stolen petroleum. they import to their Homeland , pays the dollar while you buys from there. BDC and spectators still remains sole Killers of naira. cfa is stronger than naira , since buhari mount to leadership. northerners greediness will end this nation.

Kasssandra:
1.cfa franc is 0.67 nigerian naira.

hahahaha go and exchange it at seme .

Kasssandra:
CFA countries are in the same boat with us. If you think their currency is strong...it isn't.

The only reason why it is strong is because half of the forex reserves of the CFA countries is kept with the French, who control how it is disbursed.

CFA is not a strong currency. Or why isn't Germany, UK and USA using it as a reserve currency...like the Euro?

you don't know what your saying byee. cfa is even stronger than naira since beginning of Buhari regime.

Kasssandra:
And like I said, hoarding results as a response to an already existing scarcity....which is what is happening in Nigeria...and has been happening for decades...that is why naira is not N1 to $1 as it was in mid 1978.

What we need is a government that would earn us more dollars...because even at your magic rate of 445 to one dollars, that is a bad performance..especially since the naira was N199 to one dollar in 2014.

The day we earn more dollars as a producer nation is the day the naira becomes strong. stopping speculatiors is just merely putting lipstick on a pig and pretending it is a beauty queen. It's still a pig.

there is no scarcity. nigeria is a top exporting country in sub Saharan Africa. our foreign remittances is highest in Africa. how much is cfa countries exporting annually you refused to answer.

Kasssandra:
Changing currency has always happened in our history....we had it in 1984, 1991, 1999, 2006, and 2014. We were long overdue.

Again, you want a stronk naira...you have to earn more dollars. Forget speculators. Hoarding is as a result of the already present scarcity of dollars.

how much is cfa countries earning . the people can fool you not us .

Kasssandra:
Leave speculators. At the end, we have to earn enough dollars. Removing speculators would just be basically playing a game of pretending. At the end, we have to earn more dollars, or save more dollars .

I don't like the main candidates for next year;s election because none of them, apart from the usual plattitudes, have come out to say that,...we need to do X to make more money (Obi is the most sane for now, tho).

you don't know what your saying. as far people that don't dollar continues to buy naira will continue to fall. CBN must kill spectators and BDC you will see naira exchanging for 445. importers are not the cause of naira fall.

Kasssandra:
It won't solve the real problem...we are not earning enough forex to buffer the naira.

A lot of our forex is going to debt servicing, and subsides. And keeping our forex reserves uptight.

why is immediately CBN announced change in denomination of our currencies note everything thumbles. who buys the dollar is it not spectators. who hoard the dollar to create the scarcity is it not BDC.