Deeper deeper we fall. It is finished

Onigawara:
Please what is causing the naira to crash so rapidly? Enlighten me

It's a place near Zuma rock and the people staying there

Nigeria is a planned programmed demolition project

thebosstrevor1:


Yes sir or maybe you don't understand anything

You don't know anything about trade and commerce. The importers will arbitrarily transfer the cost to the common man and to the consumers. By arbitrary, I mean, the importers will double their profit because of the scarcity of imported goods.

thebosstrevor1:


It concerns importer because they have to source for dollar to buy goods. And if dollar is increasing in the black market, then price of imported goods will increase.

There is a trick importers do

Most importers buy dollars at the black market and then fund their domiciliary account with it, then use the official rate to buy goods abroad.

Don't contradict yourself bro.

They source for dollars at black market rate, let's say 700/$

Then the fun their domiciliary account(which are always domiciled in foreign currencies like euro, usd , pound) then from their dorm account, they transfer to their supplier.

Which trick importers want use pay at official rate?

thebosstrevor1:


Then it is bad for everyone.

If i i have 100 dollar and want to change to naira, that 100d is equal to 100k, with the level of inflation, that 100k will not be enough for living.

It is already bad, everything will skyrocket and that 100k will be like 70-80k

At this point Nigerians should be begging Peter Obi to be our President. But foolish sentiments won't allow some people to have sense.



Nobody should even beg anybody to vote the obvious best candidate in this election. If you allow tribalism and petty sentiments to becloud your judgement, na you go suffer am pass.

Perhaps going N1k..
God help us

Okay, we are getting there...

There's nothing Emefiele can do about this. This is economics. No regualation can stop Naira from falling. People who remit dollars into Nigeria now exchange through the parallel market to gain enough value for their money. In turn, the parallel market doesn't need CBN's dollars. They keep on receiving from Nigerians outside the country or foreigners and sell at the market price. People need dollars. You cannot use police to stop them from getting it.

popez:
At this point Nigerians should be begging Peter Obi to be our President. But foolish sentiments won't allow some people to have sense.



Nobody should even beg anybody to vote the obvious best candidate in this election. If you allow tribalism and petty sentiments to becloud your judgement, na you go suffer am pass.

Just shutup already with this your useless Igbo Messiah

MadamExcellency:


You don't know anything about trade and commerce. The importers will arbitrarily transfer the cost to the common man and the consumers. By arbitrary, I mean, the importers will double their profit because of the scarcity of imported goods.

I just want to ask, what you wrote, does it make sense.

Which one is arbitrary when we are talking about consumer goods, you use arbitary trade mostly in trading assets or currency not consumers goods

And also we are not talking about scarcity of imported goods but sourcing of dollars to import goods

JohnBullMySon:
There's nothing Emefiele can do about this. This is economics. No regualation can stop Naira from falling. People who remit dollars into Nigeria now exchange through the parallel market to gain enough value for their money. In turn, the parallel market doesn't need CBN's dollars. They keep on receiving from Nigerians outside the country or foreigners and sell at the market price. People need dollars. You cannot use police to stop them from getting it.

Not true.

I for one believe Emefile is deliberately crashing the naira to force his digital eNaira on us.

The Nigerian Central bank is the only country in the world to have rolled out the WEF dictated digital currency.

This is a deliberate destruction of our sovereign currency towards embracing the WEF global digital currency .

You don't know how jewed and screwed we are under this Satanic Jewish installed govt .

JohnBullMySon:
There's nothing Emefiele can do about this. This is economics. No regualation can stop Naira from falling. People who remit dollars into Nigeria now exchange through the parallel market to gain enough value for their money. In turn, the parallel market doesn't need CBN's dollars. They keep on receiving from Nigerians outside the country or foreigners and sell at the market price. People need dollars. You cannot use police to stop them from getting it.

I believe there is something he can do

The United states are at a inflation rate of 9% but you can see that the fed is always increasing interest rate to curb inflation

thebosstrevor1:


I believe there is something he can do

The United states are at a inflation rate of 9% but you can see that the fed is always increasing interest rate to curb inflation

You are really daft.

The Feds increasing interests rates is what is accelerating America's inflation


The Feds handed out over $2trillion mostly to Wall Street to keep the ponzi scheme going . now that there is too much dollars in circulation, this caused the first signs of inflation followed quickly by deliberate sabotage of supply chains and the high cost of diesel .

Increasing interests rates is never the solution as it only sees to higher consumer spending and debt accumulation


You have stumbled throughout this thread displaying a lack of basic economic and financial knowledge .

ZombieNation:


Just shutup already with this your useless Igbo Messiah

You're embarrassing your brain

ZombieNation:


You are really daft.

The Feds increasing inflation rates is what is accelerating America's inflation


The Feds handed out over $2trillion mostly to Wall Street to keep the ponzi scheme going . now that there is too much dollars in circulation, this caused the first signs of inflation followed quickly by deliberate sabotage of supply chains and the high cost of diesel .

Increasing interests rates is never the solution as it only sees to higher consumer spending and debt accumulation


You have stumbled throughout this thread displaying a lack of basic economic and financial knowledge .

You are the daft one.

The fed is increasing interest rate to starve cheap money.

When rates increase, meaning it becomes more expensive to borrow money, consumers react by refraining from making large purchases and pulling back their spending.

micki1:

Do you understand what you just wrote?

Bro, how do you expect a die Hard zombie who supported poo'hari back to back to have an idea of what is been discussed...

Every zombie have now turned to a security and economic Analyst ..

Hand never Touch.... They were all warned about poo'hari.

All these Lamentations is a waste of time.

Extremely too late

thebosstrevor1:


You are the daft one.

The fed is increasing interest rate to starve cheap money.

When rates increase, meaning it becomes more expensive to borrow money, consumers react by refraining from making large purchases and pulling back their spending.

Olofo, sane people complained about the Feds endless fiat currency dump on the economy and had called for tighter controls in currency flows which the Feds have ignored since Obama's dissatrous bailout of Wall Street.

There is too much debt in America .

The US latest CPI shows most Americans have maxed their credit lines just to buy groceries that are becoming unaffordable to the average American in living memory.

To increase interests rates now only compounds the debt burden on Americans .

Already most Americans can't afford a new home because of skyrocketing mortgage rates and most are in serious danger of not meeting their mortgage payments over new rate hikes .

Hiking interests rates for consumer loans and mortgages is the most insensitive thing to do.

Most of the free easy credit is in Wall Street invested in useless bigtech stocks.

That is where all the fiat money went and not into the average Joe's account.

ZombieNation:


Not true.

I for one believe Emefile is deliberately crashing the naira to force his digital eNaira on us.

The Nigerian Central bank is the only country in the world to have rolled out the WEF dictated digital currency.

This is a deliberate destruction of our sovereign currency towards embracing the WEF global digital currency .

You don't know how jewed and screwed we are under this Satanic Jewish installed govt .

Baba spare me those theories.

There are two dollar markets in Nigeria, the CBN /Bank market and the parallel market. The CBN market is stable while the parallel market is falling. However, Emefiele's policies have tightly regulated the CBN market so it is basically inassesible unless you have connections or you spend only 20 dollars a month.

thebosstrevor1:


I believe there is something he can do

The United states are at a inflation rate of 9% but you can see that the fed is always increasing interest rate to curb inflation

He does not control the parallel market. That is what pains him all the time.

ZombieNation:


Olofo, sane people complained about the Feds endless fiat currency dump on the economy and had called for tighter controls in currency flows which the Feds have ignored since Obama's dissatrous bailout of Wall Street.

There is too much debt in America .

The US latest CPI shows most Americans have maxed their credit lines just to buy groceries that are becoming unaffordable to the average American in living memory.

To increase interests rates now only compounds the debt burden on Americans .

Already most Americans can't afford a new home because of skyrocketing mortgage rates and most are in serious danger of not meeting their mortgage payments over new rate hikes .

Hiking interests rates for consumer loans and mortgages is the most insensitive thing to do.

Most of the free easy credit is in Wall Street invested in useless bigtech stocks.

That is where all the fiat money went and not into the average Joe's account.

You are confusing yourself. Read the bolded and see your mistakes and confusion

Fyi

Tightening policy occurs when central banks raise the interest rate and that is the same tightening you recommended the govt to do

ZombieNation:


Just shutup already with this your useless Igbo Messiah

You stupid person shut up, you are telling a Nigerian to shut up in Nigeria but you are not a Nigerian.
A foreigner like you impersonating Nigerian on nairaland.

You social media spy; who do you work for. Have you left Ghana for Nigeria; idiots

JohnBullMySon:
Baba spare me those theories.

There are two dollar markets in Nigeria, the CBN /Bank market and the parallel market. The CBN market is stable while the parallel market is falling. However, Emefiele's policies have tightly regulated the CBN market so it is basically inassesible unless you have connections or you spend only 20 dollars a month.

You are ignorant.

Where do those Abokis source their forex from?

There has been a backdoor access to CBN forex by these Abokis .

All BDCs get their forex from the CBN and no where else as the Naira is not a convertible currency outside its borders.

There is nothing like parallel market only official racketeering.

This is like trying to get a train ticket on the counter which is near impossible rather you will be directed by the cashier to patronise Railway staff and touts to buy an inflated ticket.

The CBN remains the only source for Naira -Dollar conversion.

Any other market is a racket by same CBN crooks .

Even a staff of my bank contacted me that if I knew anyone who wanted to travel abroad by did not have up to the maximum forex allowed that they could source the dollar maximum and pay me a commission.

The whole thing is screed because the naira has never been allowed to be traded rather the pricing is fixed by the CBN

JohnBullMySon:
He does not control the parallel market. That is what pains him all the time.

There was a time if dollar official rate was 150, then bdc rate will be 160.

I wonder what policies the cbn was using?

1nice:


You stupid person shut up, you are telling a Nigerian to shut up in Nigeria but you are not a Nigerian.
A foreigner like you impersonating Nigerian on nairaland.

You social media spy; who do you work for. Have you left Ghana for Nigeria; idiots

I no be Afonja or Fulani again nah Ghana I be

Coming from a B I A S T A R D.

When did your nationalism and one nijeriya fever start again?

Osu

ZombieNation:


You are ignorant.

Where do those Abokis source their forex from?

There has been a backdoor access to CBN forex by these Abokis .

All BDCs get their forex from the CBN and no where else as the Naira is not a convertible currency outside its borders.

There is nothing like parallel market only official racketeering.

This is like trying to get a train ticket on the counter which is near impossible rather you will be directed by the cashier to patronise Railway staff and touts to buy an inflated ticket.

The CBN remains the only source for Naira -Dollar conversion.

Any other market is a racket by same CBN crooks .

Even a staff of my bank contacted me that if I knew anyone who wanted to travel abroad by did not have up to the maximum forex allowed that they could source the dollar maximum and pay me a commission.

The whole thing is screed because the naira has never been allowed to be traded rather the pricing is fixed by the CBN

The bdcs are sourcing dollar from people selling dollar and not from any back door in cbn

thebosstrevor1:


You are confusing yourself. Read the bolded and see your mistakes and confusion

Fyi

Tightening policy occurs when central banks raise the interest rate and that is the same tightening you recommended the govt to do

The Fed still prints endless streams of money to both Wall Street and the reckless Biden WH .

Increasing rates on consumers won't solve anything but cause more misery.

As long as the Fed continues to print money to prop the ponzi schemed Wall Street and supply the reckless spendthrift WH that throws money into endless wars, there will always be inflation.

Hiking rates is only punishing poor working class Americans who are doomed to lose their homes, businesses to wall street banksters.

Now that's the plan.

ZombieNation:


You are ignorant.

Where do those Abokis source their forex from?

There has been a backdoor access to CBN forex by these Abokis .

All BDCs get their forex from the CBN and no where else as the Naira is not a convertible currency outside its borders.

There is nothing like parallel market only official racketeering.

This is like trying to get a train ticket on the counter which is near impossible rather you will be directed by the cashier to patronise Railway staff and touts to buy an inflated ticket.

The CBN remains the only source for Naira -Dollar conversion.

Any other market is a racket by same CBN crooks .

Even a staff of my bank contacted me that if I knew anyone who wanted to travel abroad by did not have up to the maximum forex allowed that they could source the dollar maximum and pay me a commission.

The whole thing is screed because the naira has never been allowed to be traded rather the pricing is fixed by the CBN

Mr Zombie, about 20 billion USD enters Nigeria every year through diaspora remittances. more than 25% of that money does not get converted through CBN. It is stored in dorm accounts and sold to BDCs

JohnBullMySon:
Mr Zombie, about 20 billion USD enters Nigeria every year through diaspora remittances. more than 25% of that money does not get converted through CBN. It is stored in dorm accounts and sold to BDCs

Olofo , all accounts be it dorm or what have you are regulated by the CBN.

Do you open dorm accounts with BDCs ?

Fools.

ZombieNation:


Olofo , all accounts be it dorm or what have you are regulated by the CBN.

Do you open dorm accounts with BDCs ?

Fools.

If you've ever remitted dollars before you would have easily understood. At this point i'm done talking with you.

ZombieNation:


I no be Afonja or Fulani again nah Ghana I be

Coming from a B I A S T A R D.

When did your nationalism and one nijeriya fever start again?

Osu

You are the leader of osu people.
You are the biggest stupid person on earth.
You think you are wise but in reality you are a senseless person.

What is your mission on Nigeria social media platforms, you better face your Ghanaian politics social media platforms and stop deceiving Nigerians. Stop impersonating Nigerians you foolish mumu people leader.
You are a B I A S T A R D. Mumu Social media spy.