₦airaland Forum

Heffalump:
As dumb as your comment. We're all in it together, so chill.

You should learn how to ignore idiots when they lurk around.

misano:
Please don't give excuses. When U were shouting emilokan U 4get how difficult it is to run Nigeria. If U give excuses thunder will fire U.

I supported Obi in last election. I am just stating the facts about Nigeria's current economic reality.

Dialpad:
They need to work on this exchange rate, it was 730 about 3 weeks ago.

Things will become unbearable for the masses if this trend continues.

Iya Basira sold me a plate of rice for 3 dollars and 25 cents yesterday.

She gave me 3 quarters as change.

Heffalump:
@OP, be reminded that the rates were better a few weeks ago when dollar was exchanging at #725 to $1 (about 2 weeks ago). Everything started rallying up as soon as it became clear that Tinubu is to be sworn in. Do you need a prophet of doom to tell you that Nigeria is having a bumpy ride soon? This is a very bad omen. Many have also kick-started their japa syndrome, because it's not going to be easy mehnn.

Believe me, if it was Obi/ Datti that was declared winner, the exchange rates would have been on the downward slide in favour of the naira. It would have restored investors confidence in Nigeria to some extent. Those who pulled back would have had some beacon of hope and given some slack.

Let me tell you, those self acclaimed powerful people that stole Obi's mandate thought they're politically powerful. You can't call yourself a Richman when members of your household are in abject poverty. It'll hurt everybody eventually. What goes around comes around.

What do you now say about the drop in price of liquefied natural gas? May God help you guys

Heffalump:
@OP, be reminded that the rates were better a few weeks ago when dollar was exchanging at #725 to $1 (about 2 weeks ago). Everything started rallying up as soon as it became clear that Tinubu is to be sworn in. Do you need a prophet of doom to tell you that Nigeria is having a bumpy ride soon? This is a very bad omen. Many have also kick-started their japa syndrome, because it's not going to be easy mehnn.

Believe me, if it was Obi/ Datti that was declared winner, the exchange rates would have been on the downward slide in favour of the naira. It would have restored investors confidence in Nigeria to some extent. Those who pulled back would have had some beacon of hope and given some slack.

Let me tell you, those self acclaimed powerful people that stole Obi's mandate thought they're politically powerful. You can't call yourself a Richman when members of your household are in abject poverty. It'll hurt everybody eventually. What goes around comes around.

Do u also know that price of diesel has gone down frm 1k per liter to 650 naira 2 days ago?


Oya talk

Cboyflald:
What do you now say about the drop in price of liquefied natural gas? May God help you guys

Tell them o.
Diesel has dropped frm. 1k/900/ etc per liter to 650 naira.


They won't see that one.

Satanic evil people

Bukola94:
460 is what I saw at Jaiz bank last time I withdraw at the counter

ehen....
this is actualy the official rate dealt in the entire bankin system worldwide....

tsdarkside:
look excuse....
soo banks dont have money to exchange....??

na nigerian goverment that is not takin the matter serious....
every attempt to stabilize the naira always fails because of people like you....

Can you pay for anything with your naira master or visa card?

tsdarkside:
you people no well....
this is not the official rate internationaly....
this is black market rate....

i dont blame una,i blame the goverment that is not serious makin it a criminal offence....
try this nonesense in other nations,they would put you in jail....

go and buy dollar or sell dollar and see the rate that will be used for the transaction. Be talking like you are still in kindergarten and havent stepped outside your house on your own.

I foresee it the rate setting between 650-700 in the next 4 weeks if the exchange rate becomes market reflective again, something Buhari ended upon assumption of office (and which bares at least 80% of the economic mess the economy is in today) and which Tinubu has promised to reintroduce.

How can the official rate be 440 and black market 760? Does it make any sense? It is only to Buhari who has a disgraceful knowledge of economics would it make sense.

ysth:
go and buy dollar or sell dollar and see the rate that will be used for the transaction. Be talking like you are still in kindergarten and havent stepped outside your house on your own.

it just doesnt make sense to you because corruption has eatin deep into you....
cuttin corners people....

sharrap their....

tsdarkside:
you people no well....
this is not the official rate internationaly....
this is black market rate....

i dont blame una,i blame the goverment that is not serious makin it a criminal offence....
try this nonesense in other nations,they would put you in jail....

The black market is more reflective of the true exchange rate of the Naira.

If you're doubting, go to your bank and purchase it at 440? the official rate is simply an audio rate.

grandstar:
The black market is more reflective of the true exchange rate of the Naira.

If you're doubting, go to your bank and purchase it at 440? the official rate is simply an audio rate.

more excuse....
you love corruption,but you want to fight corruption....

that is a strange contradiction....

you fight corruption by erradicatin it in every level....
not a bit here,a bit their....

abhosts:
I bought dollar @ ₦780 on Friday.

So what magic do you want new President to perform about weak Naira? Does he have a dollar-printing machine?

His only realistic approach would be to convince multinational oil companies to increase their investments in Nigeria to raise our oil production to about 3m barrels per day. But even this option would take a few years to achieve.

I doubt the 3m mark. There's the OPEC quota to contend with. I feel the government should focus on 2mbpd but will it cause a drop in global oil prices? That's another issue.

To strengthen the Naira, increased oil production would help. Also, making the Naira market determined again at the official rate is key to firming the Naira. It is senseless that the official rate is 440 while the black market is 760.

Also, ending the fuel subsidy and deregulating the price will also strengthen the Naira.

The biggest trap however is the increase in the minimum wage from N30,000 to 42,000. This senseless increase will simply increase money supply in circulation which will spike inflation and lead to a weakening of the Naira. Buhari and populist policies are 5 and 6.

grandstar:
I doubt the 3m mark. There's the OPEC quota to contend with. I feel the government should focus on 2mbpd but will it cause a drop in global oil prices? That's another issue.

To strengthen the Naira, increased oil production would help. Also, making the Naira market determined again at the official rate is key to firming the Naira. It is senseless that the official rate is 440 while the black market is 760.

Also, ending the fuel subsidy and deregulating the price will also strengthen the Naira.

The biggest trap however is the increase in the minimum wage from N30,000 to 42,000. This senseless increase will simply increase money supply in circulation which will spike inflation and lead to a weakening of the Naira. Buhari and populist policies are 5 and 6.

saudi arabia is angry with america....
and they are amongst the head of opec....

await prices risin and not reducin....

tsdarkside:
more excuse....
you love corruption,but you want to fight corruption....

that is a strange contradiction....

you fight corruption by erradicatin it in every level....
not a bit here,a bit their....

You have no knowledge of what you're talking about!

If the official rate is 440 and black market is 760, how does that not promote corruption? Have you heard of round-tripping?

This has blown up big time under Buhari when he started setting exchange rates. Lamido Sanusi said the difference between the official and black market rate should never be more than 3%. Anything above that figure, encourages sharp practices and distortions in the economy.

What is the differential 440 and 760? It is at least 70%! The well connected will simply buy dollars at 440 and resell at 760. They don't need to import anything to make money. This is what is called round-tripping and it is big business under Buhari

tsdarkside:
i find it funny,how most things in the world today is made in china or other asian countries....
but una still dey carry dollar for head like una lifes depend on it....

The Dollar is still the world reserve currency. EU nations using the Euro use it amongst themselves.

China accounts for 25% of world's manufacturing. Factory Asia about 50%

Note that with rising Chinese wages, China is no longer a source for cheap manufacturing like it was before. This will lead to many manufacturers spreading to other parts of the world. Third world countries like Nigeria can exploit that seismic shift

grandstar:
The Dollar is still the world reserve currency. EU nations using the Euro use it amongst themselves.

China accounts for 25% of world's manufacturing. Factory Asia about 50%

Note that with rising Chinese wages, China is no longer a source for cheap manufacturing like it was before. This will lead to many manufacturers spreading to other parts of the world. Third world countries like Nigeria can exploit that seismic shift

is eu not america....??
after they conquered and put the native peoples in reservats,who did they occupy the free space with....??
not the same europeans....??

think....
the same thing with australia....

you are blamin chinese that they dont want what happened to this unprepared peoples to happen to them too....??

i remember a speech from the chinese leader....:
he said chinese people will never be enslaved....!!

tsdarkside:
saudi arabia is angry with america....
and they are amongst the head of opec....

await prices risin and not reducin....

You have a very good point.

The price will only rise if all members agree to keep to OPEC cuts. But if members keep breaking their quota, it may not lead to a price hike but the opposite

tsdarkside:
is eu not america....??
after they conquered and put the native peoples in reservats,who did they occupy the free space with....??
not the same europeans....??

think....

EU is not America. Even the EU is made up of different countries. That is why Britain was able to leave the EU.

Completely different.

Yes, 70% of America's population is white but they are not Europeans.

Austria and Germany speak German but does not mean they are one country.

grandstar:
You have a very good point.

The price will only rise if all members agree to keep to OPEC cuts. But if members keep breaking their quota, it may not lead to a price hike but the opposite

it will depend on the other global players in opec....you talk true....
look back in history,opec managed to ground american economy in the 80s....

grandstar:
EU is not America. Even the EU is made up of different countries. That is why Britain was able to leave the EU.

Completely different.

Yes, 70% of America's population is white but they are not Europeans.

Austria and Germany speak German but does not mean they are one country.

bro....its all the same people....

stop tryin to separate nudles in a pot....
its all the same pot of nudles....

spare yourself the headache....

Heffalump:
@OP, be reminded that the rates were better a few weeks ago when dollar was exchanging at #725 to $1 (about 2 weeks ago). Everything started rallying up as soon as it became clear that Tinubu is to be sworn in. Do you need a prophet of doom to tell you that Nigeria is having a bumpy ride soon? This is a very bad omen. Many have also kick-started their japa syndrome, because it's not going to be easy mehnn.

Believe me, if it was Obi/ Datti that was declared winner, the exchange rates would have been on the downward slide in favour of the naira. It would have restored investors confidence in Nigeria to some extent. Those who pulled back would have had some beacon of hope and given some slack.

Let me tell you, those self acclaimed powerful people that stole Obi's mandate thought they're politically powerful. You can't call yourself a Richman when members of your household are in abject poverty. It'll hurt everybody eventually. What goes around comes around.

I would avoid your emotional outburst instead of economic facts, you turned exchange rate into an object influenced by speculations rather than economic policies, what your so called obi datti lack in antecedent and track record.

Heffalump:
@OP, be reminded that the rates were better a few weeks ago when dollar was exchanging at #725 to $1 (about 2 weeks ago). Everything started rallying up as soon as it became clear that Tinubu is to be sworn in. Do you need a prophet of doom to tell you that Nigeria is having a bumpy ride soon? This is a very bad omen. Many have also kick-started their japa syndrome, because it's not going to be easy mehnn.

Believe me, if it was Obi/ Datti that was declared winner, the exchange rates would have been on the downward slide in favour of the naira. It would have restored investors confidence in Nigeria to some extent. Those who pulled back would have had some beacon of hope and given some slack.

Let me tell you, those self acclaimed powerful people that stole Obi's mandate thought they're politically powerful. You can't call yourself a Richman when members of your household are in abject poverty. It'll hurt everybody eventually. What goes around comes around.

stop opening a dirty mouth to praise a failure. This is not time for campaign, this is time for governance.
We will shall see!

tsdarkside:
bro....its all the same people....

stop tryin to separate nudles in a pot....
its all the same pot of nudles....

spare yourself the headache....

Stop sounding like an illiterate. America fought a bloody war of independence to free themselves from British rule. Go and watch "The Patriot."

America's first settlers were largely the British. Then the Germans and other white nationalities started to arrive. When the Irish were arriving, they faced severe persecution from other whites. Go and watch "Gangs of New York". When the Italians started arriving in large number, they too faced severe discrimination. The Polish and others too.

tsdarkside:
it will depend on the other global players in opec....you talk true....
look back in history,opec managed to ground american economy in the 80s....

For how long were they able to ground America? By 1986, the price of oil collapsed to $10/barrel though it later rose. I doubt it passed the $20 mark.

For most of the 1990's, it hovered around $20.

It was China superlative growth from 2003 onwards that pushed crude oil prices up for good.

grandstar:
For how long were they able to ground America? By 1986, the price of oil collapsed to $10/barrel though it later rose. I doubt it passed the $20 mark.

For most of the 1990's, it hovered around $20.

It was China superlative growth from 2003 onwards that pushed crude oil prices up for good.

more people are using oyel today than back then....
go google the daily usage of petrol today worldwide....its hugh....

i was shocked to find that out....
crazy amount....

i laugh at people that think petrol would become not important any soon....

eteebanky1:
If everything goes sideways for tinubu, pls let us all vote Peter Obi in the next general election

He knows how to manuevre this things

and u think Tinubu will EVER allow a free & fair election?

Is dat not wat we've bn trying to avoid?

grandstar:
Stop sounding like an illiterate. America fought a bloody war of independence to free themselves from British rule. Go and watch "The Patriot."

America's first settlers were largely the British. Then the Germans and other white nationalities started to arrive. When the Irish were arriving, they faced severe persecution from other whites. Go and watch "Gangs of New York". When the Italians started arriving in large number, they too faced severe discrimination. The Polish and others too.

life is not hollywood....

grandstar:
You have no knowledge of what you're talking about!

If the official rate is 440 and black market is 760, how does that not promote corruption? Have you heard of round-tripping?

This has blown up big time under Buhari when he started setting exchange rates. Lamido Sanusi said the difference between the official and black market rate should never be more than 3%. Anything above that figure, encourages sharp practices and distortions in the economy.

What is the differential 440 and 760? It is at least 70%! The well connected will simply buy dollars at 440 and resell at 760. They don't need to import anything to make money. This is what is called round-tripping and it is big business under Buhari

You Sabi Nigeria 100%

As a businessman, If you are connected to the CBN on FX you will become a billionaire in just one month.

You see those fictitious businessmen, they will enter CBN and get dollar at official rate and immediately turn there back and sell it at zone 4 wuse

CondenseMilk:
You Sabi Nigeria 100%

As a businessman, If you are connected to the CBN on FX you will become a billionaire in just one month.

You see those fictitious businessmen, they will enter CBN and get dollar at official rate and immediately turn there back and sell it at zone 4 wuse

It is so sad and fully enabled by Buhari

Thanks for keeping the records, lets 4 years, we see their magic coming from the renewed hope. I hope they perform better than this monumental failure though

Yourprick:
Below 800 let's see what he'll do