RodgersAkpafu:

If inflation wasn't a problem
Then maybe the person you quoted will have a point
But we are facing twin demons
Inflation AND DEVALUATION
earning in dollars saves you only from the latter
The former is still waiting for you with sharp cutlass

As long as naira keep falling, inflation will keep rising.
Why? We have too much money chasing few available goods. This is just one of the factors if not the main factor.

Amotolongbo:
If Emeifele is sacked, who will now be withdrawing the CBN money for the Cabal bayi o?

Looooooool, this is very funny

[quote author=Mystic216 post=105671986]

ThEGodFaThEr103:

How is it an advantage?
You earn in dollar and then spend it in naira.
Let me school you; the value of money is not determined by its quantity but by its purchasing power.
Basic Economics 101.

I beg to disagree.

It is indeed an advantage.

If you have been earning $1,000 for the past 6 years when the dollar was about N250, means your income was N250,000 but it's now N550,000.

Yes, there has been inflation but you still have more purchasing power compared to someone who has been earning N250,000 for the same period (the past 6 years).

Buhari, well-done. Lifeless indeed

Mystic216:
Advantage for we that’s making money in dollars
That one concern una

my brother wetin concern me... I'd e like make e reach 1000 naira

I dn cash out

Mystic216:
Advantage for we that’s making money in dollars
That one concern una

Abi...only say when u go market go buy something.. you go know see inflated price on top goods

EndBuhariNow:
my brother wetin concern me... I'd e like make e reach 1000 naira

Depreciation of the Naira against the USD is a major advantage for those in diaspora....one of the reasons why to Japa is beginning to make sense.

What really do we produce in this country that we export?

The bastard of a president has taken us to Stone age. Nothing is working

fasho01:
Never has it been this bad. Pounds is N735.. Buharinomics has taking us back 60 years

Bacteriologist:


Lol this statement can only come from someone who's not seeing the bigger picture.

If you're earning dollars it's fine but you still have to spend in a failing economy.

Earning in dollars is cool but it does not protect you from the other societal ills as a result of a receding economy.

He would spend less of his dollars

$1 will be exchange for at least 750 before the year runs out

Yoighaman:


I beg to disagree.

It is indeed an advantage.

If you have been earning $1,000 for the past 6 years when the dollar was about N250, means your income was N250,000 but it's now N550,000.

Yes, there has been inflation but you still have more purchasing power compared to someone who has been earning N250,000 for the same period (the past 6 years).

Not true, Nigeria today is faced with Hyper-inflation. Price of goods and services are skyrocketing in geometric progression, I.e cost of living has thrice doubled if there's any word like dat. Say, What you buy for 50 naira when you were earning N250,000 dollar it's now 200 naira now that you're earning N 550,000. Nothing changed, you just have plenty naira without a real value.

SarkinYarki:
Like I predicted when that slow Emeiefele banished BDC without a concrete plan and now we are there back to the era of Bank Forex fraud .. Emeiefele should be sacked

To be honest with you I think this is the best way to deal ruthlessly with Nigeria because we have not learn our lesson, some of the importers queuing for forex are not demanding for it to import but rather to stockpile them Incase. Such madness can never happen in China and Western countries

ThEGodFaThEr103:

Not true, Nigeria today is faced with Hyper-inflation. Price of goods and services are skyrocketing in geometric progression, I.e cost of living has thrice doubled if there's any word like dat. Say, What you buy for 50 naira when you were earning N250,000 dollar it's now 200 naira now that you're earning N 550,000. Nothing changed, you just have plenty naira without a real value.

It is better to earn in dollars, compared to naira.

“This is caused by the high demand by importers and its scarcity courtesy of this Central Bank of Nigeria (CBN) policy. We are afraid that if this policy continues, a dollar could reach about N600-N700, which will surely spell doom for our economy.”

We know the problem.

Now let's find a solution.

Over to Bubu

MikeMicheal:
It is better to earn in dollars, compared to naira.

Yes! You have advantage over Musa that is still earning in Naira but not in the real value of money.

tommy589:
Only God knows what can stop the downward slope of Naira. What will strengthen the naira, when buyers are not coming for our crude oil and Cash crops farmers are contending with internal crises that affects exportations.

The only solution is for all of us to come out clean and tell ourselves the bitter truth, all ds dollars importers are demanding for are dey using it as dem request or are they stockpiling them? Thats the question we have to ask ourselves.

Imagine CBN releasing forex from our forex reserve dat is going down heavily only to end up in foreign accts of some Nigerians who are speculators because dey want to cash out big

It is a lie, here it is one naira to one dollar. You people should be patriotic for once and say the truth naaa

ThEGodFaThEr103:

Not true, Nigeria today is faced with Hyper-inflation. Price of goods and services are skyrocketing in geometric progression, I.e cost of living has thrice doubled if there's any word like dat. Say, What you buy for 50 naira when you were earning N250,000 dollar it's now 200 naira now that you're earning N 550,000. Nothing changed, you just have plenty naira without a real value.

But that's not really the case in Nigeria. Yes there's been inflation but has the prices of Bread, Rice, Garri, Beer etc "thrice doubled" in the last 6 years?

Does someone who's been earning $1,000 (exchange rate now makes it N550,000) for the past 6 years not have more purchasing power than someone who's been earning N250,000 for the same period?

Insecurity, Currency depreciation, Unemployment, Inflation, Nepotism...

What a legacy for one man... This is the man y'all said was coming to transform the narrative.

Mystic216:
Advantage for we that’s making money in dollars
That one concern una

Which business be dat ba yi o? FUSAD another MMM loading??

Unbanned Crypto trading and the pressure on the neck of the Naira would be reduced. But they wont.. cause they are in fear.

Yoighaman:


But that's not really the case in Nigeria. Yes there's been inflation but has the prices of Bread, Rice, Garri, Beer etc "thrice doubled" in the last 6 years?

Does someone who's been earning $1,000 (exchange rate now makes it N550,000) for the past 6 years not have more purchasing power than someone who's been earning N250,000 for the same period?

You still don't understand the dynamics of economics. Every buyer and seller are rational thinkers. Go and check 100 naira Agege bread and you'll notice that it has reduced in size. If you 100 naira Agege being dey bellefull you before but now you'll need like extra 2 to chop belle full, that's like 300 naira. That's is what happens during severe inflationary trends. For the fact that you're having plentiful dollars doesn't transcend into increased value of the money. A case of the more you earn, the higher you spend. A rat race.

If Emeifele is ousted, who will now wanna removing the CBN funds for the Cabal bayi o?

SarkinYarki:
Like I predicted when that slow Emeiefele banished BDC without a concrete plan and now we are there back to the era of Bank Forex fraud .. Emeiefele should be sacked

If they sack and replace am with Northerner, you will still wail.

You won't see that mannabbqgrill or whatever his name is in this kinda thread, sometimes I wonder if he reasons from his inner self, supporting buhari's bad government like his life depends there, I'm still confused

Something wen dey go 1k soon.. Una never see chumchin..

MrGerald:
You won't see that mannabbqgrill or whatever his name is in this kinda thread, sometimes I wonder if he reasons from his inner self, supporting buhari's bad government like his life depends there, I'm still confused

Maybe he don go get medication ... You no need person to tell u say he no dey alright na

techWriter1:
If Emeifele is ousted, who will now wanna removing the CBN funds for the Cabal bayi o?

It Is not Emefiele's fault that the naira keeps falling. A good monetary policy goes hand in hand with a good and consistent fiscal policy vice versa. Nigerian govt keep borrowing while having a monolithic economy.