₦airaland Forum

Dialpad:
1400 .... this is getting ridiculous

Oga it's already ridiculous 😄😄🤣🤣😂😡😡

Staunch supporters of this administration will be scratching there heads by now asking themselves what is really happening. I remember pre election season when we saw so many of them here buh now all of them are nowhere to be found😂😂.

Sukkot

The naira died when the so called 'expert' came in and foolishly followed the exact footsteps of the cow herder, but even worse cos he did both at the same time, and now has failed on both ventures.

Removal of subsidy and devaluation of the naira at the same time! Today, subsidy remains, and the naira is toilet paper. Grandstar hope you also remember our convo last year. You HOPED a seasoned expert in the person of the CBN gov would arrest the inflation and downward spiral of the naira. Hope we can now see that it isn't even top on their list, if at all there is a list.

Buhari did same in 2015/2016 and everyone including Dangote lost money. Ain't it madness to think that y'all would expect smart people to lose money again thru the exact same misadventures a second time?

Who with his head screwed on right would keep their money in naira since the decisions of June 2023? Patriotism be say make I allow govt ruin me and make me poorer ba? Esp a govt that I'm convinced is doing this on purpose to ensure Nigeria remains the poverty capital of the world, so they can have their way with the poor easily.

Lol. Virtually everyone who has even a little means is holding the dollar cos we don't want to get burnt. The naira is dead and gone. Only a miracle can reverse it, the miracle being that we suddenly become a booming exporter earning a lot of Forex, but how many years/decades do you reckon that will take?

Would any other person as president, especially the peter obi that the disobedient are parading as their lord & saviour, have done anything different to reduce this naira - dollar xchange rate?

Yeboze & disobedients keep sabotaging the economy.

Dialpad:
1400 .... this is getting ridiculous

#2500 is my target 🎯

Dialpad:
1400 .... this is getting ridiculous

The useless man called Tinubu is wicked and extremely useless, how on Earth will you float your national currency

>snip<

ObalendeCMS:
Would any other person as president, especially the peter obi that the disobedient are parading as their lord & saviour, have done anything different to reduce this naira - dollar xchange rate?

Yeboze & disobedients keep sabotaging the economy.

it will never be well with you and your generation with this your Tribalism comment, what has Peter Obi and Obedients has to do with all these madness going on...

Well, when you have a drug dealer and con artist as president it is to be expected.

ObalendeCMS:
Would any other person as president, especially the peter obi that the disobedient are parading as their lord & saviour, have done anything different to reduce this naira - dollar xchange rate?

Yeboze & disobedients keep sabotaging the economy.

Nothing and no one sabotages an economy like clueless and dumb leaders.

It is ridiculous to shift blame to mere critics (especially dumb ones like some Obidients) for this poor economic direction of duly elected leaders.

Have the courage, decency, and common sense intelligence to compel your elected leaders to save this nation's economy from imminent catastrophe... Don't cover up their glaring failure by spotlighting irrelevant people.

"A man whose house is engulfed in flames doesn't have the luxury to chase rats"

This doesn't just make sense,the only country in the world u have 2 different parallel market and currency value is never stable for a day
Why are Nigerians so wicked and heartless,
What is even the yardstick they use in determining this exchange rate sef if not from r greed and wickedness,
Even the NAIRA itself is not even available in the banks,the banks will even tell u that go buy naira at the POS stand which is another exchange rate
What a country

I’ve always known that Tinibu with a bunch of never do well cartel will destroy this country. A man with blind vision and low battery

olaniyilukman:
it will never be well with you and your generation with this your Tribalism comment, what has Peter Obi and Obedients has to do with all these madness going on...

You, the (dis)obidients are all saboteurs.

Death to all saboteurs!

👀👀👀👀# eBOLA on rampage💯💯
The shyyythole from fry pan to FIRE 🔥🔥🔥🔥🔥

Righthussle:
Daddy G O , when your prayer go work ? Since 2016 when 1 dollar was 210 naira you made this decree naira no rise again.

When somebody tell his gullible followers that their zaddy is a smooth criminal, them go start threatening the person with irrelevant quotes from one book whose author is not known.

I said it on this forum last year On Sep 26, 2023

I had mentioned it in my previous post that it will get to NGN1,000 per Usd if drastic measures are not taken.

Again, I am saying it here that it will get to 2,000 before 2025 if we don't take these drastic measures.

These measures will make the Naira appreciate to at most NGN500 to a dollar in the short term and in the long term, NGN100

What are these measures? I will explain further but note that this is not about Exports.
Even if we export more than China today, the NGN will still decline further. How do i know this?

If you do your research, you will discover that Nigeria as at 2023, exported and earned more FX more than several countries and yet the currencies of these countries are stronger than the Naira.

So don't let anyone sell the idea that our economy is import dependent that is why our currency is falling. Even if we ban all imports and continue with (or increase) our current export, the Naira won't appreciate

A simple question you can answer is, when we banned rice importation, did our currency stop falling? No !!! So sit back as we take a dive to 4 policies which WILL make the Naira appreciate.

1. All domiciliary accounts must be closed.
Can a Canadian or US bank open Naira account for you? No! So why do we open Dom. Accounts for our citizens ? Now you may say what of imports? How do we pay for our goods in foreign currencies?

The answer is simple. Credit your account in Naira while your bank pays the USD or GBP equivalent on your behalf at official rate determined by CBN

2. Ban deposits and withdrawals in foreign currencies and convert all inflows including export proceeds in foreign currencies to Naira (again at official rate determined by CBN).

You don't need to stop people who sell at black market or hoard the USD. Let those who hoard the dollar keep it but once they know that after a said date, you can't deposit or hold your physical dollar, they will be forced to go to the bank to deposit it. Anyone found with physical hard currencies after the deadline, must be arrested

This policy alone will make the NGN appreciate to maximum of NGN600 after first two weeks of implementation and will mop up hidden/excess dollar in the system.

This policy will also discourage buying usd from the black market because there won't be any physical dollar to buy.

3. Increase interest rate for fixed Naira deposits to a minimum of 10%. This will encourage saving in Nigeria. Let a Naira 4 Naira scheme, replace the previous Naira 4 dollar scheme.

4. Reduce interest rates on fixed foreign currency deposits to 1% of principal amount if option 1 is not possible and convert all inflows to NGN without the option of collecting foreign currencies at the counter. You can't spend USD or GBP in Nigeria so why do you want to collect your inflows in foreign currencies? Then you increase Naira fixed deposit rate to 15%
This policy indirectly stops the black market arbitrage.

As the Government has floated the Naira, if these measures are not put in place, NGN2,000 to a dollar won't be surprising to me.

I am just a concerned Nigerian and i am open to constructive criticism.

🍀Die if you like, the Dollar will keep rising against the Naira!!!🍀
*********************************
Oni Gbolabo

People in Government must read and heed these:

1. Appreciation and Depreciation of Currency is not related to race or color. It isn't who is the President either; be he Hausa, Igbo or Yoruba. It is basically about the production of goods and Services and the demand of your products in the World market. A confused Country that produces almost next to nothing will never meet up. Policies only control your Currency, not the value of other Countries' Currencies against yours.

2. A Country where over 500 Industries died within 30 years must be Stupid to complain of Depreciation of her Currency. We keep killing local industries and expect policies to make it up, it's a joke sir. Don't use China as an example of depreciating Currencies and strong economy. China produces and may attract more export with that strategy, unlike Nigeria that produces nothing.

3. A Country where someone made away with $2+billion simply to be shared, is already a doomed one in terms of monetary policy and value. A Country that produces a Dizeani and a Bafarawa, who spent billions to appease Demons. Those money without economic value is an economic waste and poison injected into the system.

4. A Country that favours importation over local production is doomed because it creates employment for other Countries while sacking her own Citizens. Some people are working in Michelin and Dunlop somewhere, yet we use the tyre here. Don't tell me about the principle of comparative advantage here; it's not applicable.

5. A Country that exports all raw materials without adding value to them, is shameless to talk of depreciation of her Currency, and will later re-import finished products of those materials, is the peak of daftness. A bag of Cocoa will go for, like N1million Naira, but when it is processed, its worth is around N7million. Even farmers who produced the raw Cocoa can't buy the end product... Chocolate!!

6. A Country that deliberately operates a banking system that gives loans to importers at the expense of local industries, is doomed and should say nothing about depreciation. Most of the loans are given to Senators and Representatives not industrialists.

7. A Country that gives loans in billions to the agric sector without monitoring & evaluation of such loan on how it gets to the real farmers, is a Sham. A guy collected over N2 billion agric loan, he bought a Jeep, built a nice house and used the rest to import processed Pork. Meanwhile, local Pork Farmers are dying here. Is that not double tragedy, stressing Forex and at the same time killing local industries.?

8. A Country that spends more on few privileged politicians at the cost of the populace who are unemployed, should not talk about money depreciation. A Country that keeps paying NNPC Staff N10 billion as Salaries every month, when a single drop of Petroleum Products was not processed, should shut up about depreciation of Currency. The only value-added product to the system is rising Crime and Criminality!!

9. A Country where it is difficult for investors to register businesses because of the demand for bribes by governent officials. Right from the Airport to the Hotel; to the Ministers and to Governors, investors will bribe. All these are part of cost of investment. A friend brought an investor on Estate Development just for the State Commissioner for Lands to demand 30% of the investment! To see the Governor in a State will cost you N2 million as bribe before you can be scheduled. This is a State as poor as anything.

10. A Country where the cost of travelling for treatment abroad by government officials will build World Class Hospitals, should not talk about Naira against Dollar parity. Money taken on that trip is part of stress on forex. Same as forex spent on Pilgrimage. Let religion fanatics keep off me here. Without going to Mecca or Jerusalem, you can still make heaven. Yes! You waste forex on Pilgrimage and later talk rubbish about forex. Pilgrims get Dollars for N160 while industries get it for N350! Is that not Crazy ?

11. A Country where a
few people have access to Federal Reserves and those few can get loans, not because of what they can produce but the connection they have... Is that Country not doomed already?

12. A Country where we import what we produce because it's "Cheaper" to do so, is doomed.

13. A Country that has Arable land and teeming idle youths but still complains of hunger, should not talk about Currency depreciation. It's not only annoying but nauseating.

14. A Country where free money flows can never control inflow and outflow of Forex. Imagine someone who wants to hide his loot went to "Aboki", the Forex dealer, to buy Dollars worth $50 million just to hide it in the basement of his house. That money has no economic value, yet it deprived those companies that needed it to import raw material. The same Companies go to "Aboki" to buy the hard Currency at exorbitant price.

15. A Country where a strong Bank owner can influence Shares from within the Stock Exchange floor to inflate their Shares' worth from N20 to N150, crash the same Share to N30 and ready to buy it back at N28, all within a year. Forget it, the Currency will never appreciate in such an economy.

16. A Country where Banks are involved in round- tripping and inflated cost to siphon money, is doomed. A Company wants to import Caterpillar worth $50,000. A Bank made the forex for such import $550,000. Meanwhile no Caterpillar was imported at last, yet the money faded into private accounts. Who strained the Forex exchange rate in that case?

©️Oni Gbolabo
😱😳😨🤔🤔🤔
Thanks for Sharing this very interesting and highly informative text. Leadership in Nigeria is for making wealth for the leaders and no more for rendering Services to the populace. Nigerian leaders ranked as the most corrupt, selfish, greedy, ungodly and wicked leaders in the whole world. What a monumental Shame!! 😱😨🙄🙄

Friends, I found this piece by Oni Gbolabo highly enlightening snd informative, hence I made a little input too, without distorting the writer's original ideas.

*Copied*

Kennyswag:
I don't care about dollar because all the money in my accounts is in naira.

Dollar care about you because the spaghetti you bought 800 will soon become 1100 and so about everything imported with dollar that you use.

Treadway:
Sukkot

The naira died when the so called 'expert' came in and foolishly followed the exact footsteps of the cow herder, but even worse cos he did both at the same time, and now has failed on both ventures.

Removal of subsidy and devaluation of the naira at the same time! Today, subsidy remains, and the naira is toilet paper. Grandstar hope you also remember our convo last year. You HOPED a seasoned expert in the person of the CBN gov would arrest the inflation and downward spiral of the naira. Hope we can now see that it isn't even top on their list, if at all there is a list.

Buhari did same in 2015/2016 and everyone including Dangote lost money. Ain't it madness to think that y'all would expect smart people to lose money again thru the exact same misadventures a second time?

Who with his head screwed on right would keep their money in naira since the decisions of June 2023? Patriotism be say make I allow govt ruin me and make me poorer ba? Esp a govt that I'm convinced is doing this on purpose to ensure Nigeria remains the poverty capital of the world, so they can have their way with the poor easily.

Lol. Virtually everyone who has even a little means is holding the dollar cos we don't want to get burnt. The naira is dead and gone. Only a miracle can reverse it, the miracle being that we suddenly become a booming exporter earning a lot of Forex, but how many years/decades do you reckon that will take?

Ehn brother Treadway relax na, dangote products go soon hit market. That dollar you go take Am wrap Moimoi last last when e turn to toilet paper. 🤣 . This is the time to cash it in at 1400 Naira. Then sit on the Naira

Zeebuy:
No one wil be complaining if he's performing.
Even Tinubu himself knows he's going to fail. How can you expect a man who said, "na statistics we go chop" to improve your country? Even a layman knows the importance of statistics.
Just 6 months into his tenure and everywhere is already upside down while people like you blame the masses for "desiring tinubu's administration to fail".

Pesin thief something, he no know how to properly use the thing wey em thief. Na now you dey see the effects.
Una go suffer

You shouldn't be in a haste to label me a Tinubu supporter or a critic of the masses.

I merely stated an observable fact: some Nigerians earnestly desire to see Tinubu fail!

This was also Tinubu and Buhari's desire all the while Jonathan was in Aso Rock till they claimed power, and totally destroyed what was left of the nation.

OP is wrong. It's only obidients that are buying at that rate. The other folks are buying at 180/$.

adenigga:
Source: https://punchng.com/Naira-drops-at-parallel-market-closes-900/$-official-window

Political propaganda is clearly not the same thing as government performance.

Tinubu has broken down the perception that Yorubas are experts in organising the economy. What a record for the CSU graduate. So sad. So pathetic!!

Angelfrost:
You shouldn't be in a haste to label me a Tinubu supporter or a critic of the masses.

I merely stated an observable fact: some Nigerians earnestly desire to see Tinubu fail!

This was also Tinubu and Buhari's desire all the while Jonathan was in Aso Rock till they claimed power, and totally destroyed what was left of the nation.

Please is there a difference between desire and EXPECT based on the past record of the person involved

seguno2:
Please is there a difference between desire and EXPECT based on the past record of the person involved

Egbon, you wan carry us go where we no wan go!

Treadway:
Sukkot my chief, remember this our convo on Nov 4, 2023? Feb 4, 2024 will make it 3months, and that is just around the corner. Lol


my response was

dangote products go soon enter market. E better make you go sell that dollar now oooo. It’s going nowhere but down from henceforth lol

What about we open all the cemeteries and give the skulls to those miner to make more USD dollars and GBP? Thinking aloud for a friend!

crossfm:
Hehehe.

The master strategist has done it again. The one who built Dubai, south Korea and Lagos has done it.

As I write ,he has gone to France to bring in the magic. Once he is back 1 naira will be equal to 1 dollar .

How people can trust someone who said he will continue in Buhari's footsteps is what baffles me. Like seriously, taking after Buhari,that should have been the number one red flag .

His first move was to start shouting, subsidy is gone, subsidy is gone without any measure to cushion the effect of such action.

As if that wasn't bad enough,he went ahead to float the naira,like seriously,who carry out decisions of this magnitude in quick succession.

But who is buying the $ at this rate and he is earning his income legitimately.

Me we dey austria dey enjoy since emilokan came I don make like 12million for money I dey send to naija,

See what APC and Tinubu has caused 🙄