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Nairaland Forum / Nairaland / General / Business / Why Are Nigerians Still Buying Dollars (29676 Views)
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Re: Why Are Nigerians Still Buying Dollars by BALLOSKI: 1:43am On Oct 26, 2023 |
Yourprick:The only thing that can save the naira is when we begin to produce - when we are no more an import-dependent economy and export more than we import. When there is power and it's cheaper to produce here. When we add value to what we export and not just export the raw materials; Naira gains in this situation and we have more jobs for our people. 4 Likes |
Re: Why Are Nigerians Still Buying Dollars by Swiftgrp: 4:54am On Oct 26, 2023 |
Yourprick:Speculation and pure greed. Period. 1 Like 1 Share |
Re: Why Are Nigerians Still Buying Dollars by Ignyte(m): 5:32am On Oct 26, 2023 |
Do the people in charge actually know what to do to make Naira gain? Abeg! I've been earning in dollars for over 3 years but this Tinubu administration is funny. Every month, my salary is a different amount. This month again, the money don change to another thing. That's beside the point though, Naira will not gain. Nigeria doesn't look like it will get better soon. The most obvious and simple solutions are not being implemented, and you just think it will just magically happen. E go shock who put mind say Naira go gain. 2 Likes |
Re: Why Are Nigerians Still Buying Dollars by Ignyte(m): 5:37am On Oct 26, 2023 |
PARADIZEPRIEST: I know a very viable market for Lithuanian Strumbas in Nigeria. Please point out where I can see a Local alternative. Which Nigerian Local brand makes a single malt scotch whiskey? Make una dey calm down. These things are imported because them no dey here. The brands cannot come here to start making the drinks. Allow us import abeg. 1 Like |
Re: Why Are Nigerians Still Buying Dollars by crackhouse(m): 6:26am On Oct 26, 2023 |
Ikaeniyan0:keep praying. We pray for everything in this country.. 1 Like |
Re: Why Are Nigerians Still Buying Dollars by Ikaeniyan0: 6:28am On Oct 26, 2023 |
crackhouse:I will be using "hope" instead of pray then. Maybe una body go calm down. |
Re: Why Are Nigerians Still Buying Dollars by micxwell(m): 11:09am On Oct 26, 2023 |
juliuscaesar:A thief never loses. The money was stolen anyways so they don't mind exchanging for any amount of dollars. |
Re: Why Are Nigerians Still Buying Dollars by Cromagnon: 4:42pm On Oct 26, 2023 |
Ikaeniyan0: There's always shit to buy Jmmjt2t people buying iPhone with their school fees We used to eat rice only on Sunday now its everyday We imported wheat now its a mainstay We will simply divert the money To different consumption You think 6tp Per capita income 4p that much We will spend on more phones, more computers, more bosscars, more houses (We import all the fixtures), more furniture, vacations, more more more None of which we produce We will still need dollar and no one needs Naira in Return as we export nothing of significance
1 Like 1 Share |
Re: Why Are Nigerians Still Buying Dollars by Ikaeniyan0: 4:52pm On Oct 26, 2023 |
Cromagnon:Did you even go through the OP post at all? You be like person wey carry expo inside exam hall, but still dey write the wrong thing as an answer. Let me ask you again, did you go through the OP post? |
Re: Why Are Nigerians Still Buying Dollars by IAmHim1: 8:34pm On Oct 26, 2023 |
Leave the politicians alone. All our arguments won't solve a thing. They're surrounded with people with the best educational qualifications yet they still messing it all up. I'm willing to discuss more on your proposed solution: currency arbitrage darediamond: |
Re: Why Are Nigerians Still Buying Dollars by IAmHim1: 9:07pm On Oct 26, 2023 |
The price doesn't really appreciate as you'd think with inflation caused by money printing and fractional reserve banking. Those buying art work and gold and keeping are basically hedging against inflation not necessarily a means of cashing out. ITS STILL THEIR SAME MONEY THEY INVESTED THEY'LL GET. just the reduced form of it. Ie buy art work 20$ then inflation hits 50% hypothetically(courtesy of fractional reserve banking and more money printing via exchange of govt bonds with money printers) So the current value of the art work would be $30. It seems like BIG MONEY OR A PROFIT BUT ITS NOT it's just their money value reduced via inflation that's why it SEEMS LIKE they made a profit of $10 when THEY DIDN'T in any sense. they just hedged nairalanda1: |
Re: Why Are Nigerians Still Buying Dollars by IAmHim1: 9:20pm On Oct 26, 2023 |
CBN and BDCs work hand in hand. But the BDCs are the poison child you see. They're basically Humans in charge and humans are failable. These BDC operators obtain more than one license from the CBN (since it's a franchise and BDCs are the arm) and the BUY UP THE DOLLAR THE CBN IS SELLING since the CBN has a LIMIT ON THE DILLAR IT CAN SUPPLY TO BDCs. So the quick maths for BDCs is More license under different names basically operated by one person= more dollars BDC operators can buy and hoard. Multiply this by the no of working days and you'll see the magic. So when you all rush to buy the dollars from them, BDC, they'll sell. But THE MORE NAIRA KEEPS CHASING THE LIMITED DOLLAR(mind you, the dollar supplied to the BDC is a fraction of what's gotten from selling oil etcetera etcetera) the more the NAIRA becomes worthless Any naira chasing dollars should be monitored. Apps doing business in Nigeria BDC wise should be monitored Dollars should be supplied to Nigerians in a transparent way cus panic buying and scarcity gets things worse. juliuscaesar: |
Re: Why Are Nigerians Still Buying Dollars by IAmHim1: 9:24pm On Oct 26, 2023 |
You'd be selling it cheaper than your cost price unless you're buying dollar backed goods 3Dimension: |
Re: Why Are Nigerians Still Buying Dollars by IAmHim1: 9:28pm On Oct 26, 2023 |
Beautiful! We import because we don't produce. Also because of herd mentality.we all want/have what the people we look up to want/have And the people we look up to are shit. Imagine looking up to shalipopi etcetera etcetera. If he wears shoes made in Belgium, his followers would also want such StreetFight: |
Re: Why Are Nigerians Still Buying Dollars by IAmHim1: 9:42pm On Oct 26, 2023 |
-1+1=0 They're getting the dollars to buy the refined crude ie petroleum from the sale of the unrefined crude. So it's either they're getting the dollars they're supplying to the BDC from other services which brings them dollars OR they're buying LESS IMPORT THAN WHAT THEY ACTUALLY EXPORT in a bid to save Lol Questions questions?? Bovis: |
Re: Why Are Nigerians Still Buying Dollars by IAmHim1: 9:46pm On Oct 26, 2023 |
Only if he needs to purchase things in naira. You don't expect dangote to buy things in dollars BY CONVERTING HIS NAIRA TO DOLLARS AT A LOSS when YOU claim HE'S EARNING IN DOLLARS. A straight path Ikaeniyan0: |
Re: Why Are Nigerians Still Buying Dollars by IAmHim1: 9:51pm On Oct 26, 2023 |
***His petrol. He wouldn't be building a refinery if he's exporting just crude oil. One man exporting crude oil? Calitoscassius: |
Re: Why Are Nigerians Still Buying Dollars by IAmHim1: 9:56pm On Oct 26, 2023 |
Hmm... interesting! Temiii69: |
Re: Why Are Nigerians Still Buying Dollars by IAmHim1: 10:04pm On Oct 26, 2023 |
Ever wondered where they're getting the money to keep importing refined petroleum?? Ikaeniyan0: |
Re: Why Are Nigerians Still Buying Dollars by IAmHim1: 10:14pm On Oct 26, 2023 |
"..no one needs naira in return as we export nothing of significance" MY EPIPHANY RIGHT HERE!! so naira is not wanted and the unwanted naira is still chasing the few dollar. Damn Cromagnon: |
Re: Why Are Nigerians Still Buying Dollars by IAmHim1: 10:16pm On Oct 26, 2023 |
Obviously he sure did! Ikaeniyan0: |
Re: Why Are Nigerians Still Buying Dollars by Ikaeniyan0: 10:39pm On Oct 26, 2023 |
IAmHim1:I don't understand you |
Re: Why Are Nigerians Still Buying Dollars by IAmHim1: 11:01pm On Oct 26, 2023 |
It doesn't matter where dangote dollars stay. All that matters is which currency he's converting his dollars to. If he's converting it to yen, he's be using a yen trader who'd take the dollar back to the US invariably while dangote takes the yen to China...a transaction which is of little to no benefit to us Now imagine he was converting his dollars to naira through govt channels. Now the govt can claim it as theirs NOT BEFORE SADLY our naira is not really accepted 'outside' but on the bright side, we'd have his dollar$ from the exchange! Lolz The govt doesn't own dangote MONEY so they can claim it's part of their reserves. Ikaeniyan0: |
Re: Why Are Nigerians Still Buying Dollars by kunkelhanspeter(m): 11:12pm On Oct 26, 2023 |
Ikaeniyan0:And when will that be ? |
Re: Why Are Nigerians Still Buying Dollars by Ikaeniyan0: 12:54am On Oct 27, 2023 |
IAmHim1: |
Re: Why Are Nigerians Still Buying Dollars by Calitoscassius(m): 1:46pm On Oct 27, 2023 |
IAmHim1:Yes, he will be exporting Petrol!, Yes, Why is he the only one building refinery? Why are the Naigerian government waiting for him (one man) to build refinery? Why would he be building refinery if he is not refining crude oil to petrol or kerosine? Yes, again, he will be exporting petrol. |
Re: Why Are Nigerians Still Buying Dollars by theophorus(m): 3:29pm On Oct 27, 2023 |
tctrills:https://www.nairaland.com/7891505/naira-gains-against-dollar-trades @ Cromagnon @ kushme @ waveman |
Re: Why Are Nigerians Still Buying Dollars by IAmHim1: 6:54pm On Oct 27, 2023 |
You wrote 'building his refinery to EXPORT HIS OIL" Just some correction. Calitoscassius: |
Re: Why Are Nigerians Still Buying Dollars by Cromagnon: 7:16pm On Oct 29, 2023 |
theophorus: Temporary We import every and export Shishi 1 Like |
Re: Why Are Nigerians Still Buying Dollars by Cromagnon: 7:16pm On Oct 29, 2023 |
IAmHim1:ding ding ding |
Re: Why Are Nigerians Still Buying Dollars by Cromagnon: 7:26pm On Oct 29, 2023 |
Ikaeniyan0:Yes I did Did you go through mine? When your salary(GDP) is increased do you not see things to buy(import) We weren't buying phones for 50 yrs Now we are buying million Naira iPhone and Samsung We used to buy bicycle now we buy Lexus jeeps Humans are never satisfied Or did you miss that class in economics? We will always find ways to spend money If it's not on petroleum products it will be on something else that we want since needs has been taken care of 1 Like 1 Share |
Re: Why Are Nigerians Still Buying Dollars by IAmHim1: 7:32pm On Oct 29, 2023 |
Damn! Wants be needing too Lolzz Cromagnon: |
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