₦airaland Forum

Angelfrost:
This is impressive, lengthy, yet shockingly lacking.

You ended up being thrifty with the real truth (or maybe you don't know it).

Check the 70s and 80s... Why was the Naira stronger then??! Answer: Low importation compared to high levels of exported commodities.

Today, you literally import everything, and you pay in Dollars! Your demand for the Dollars is astronomical!

This has nothing to do with Dom accounts or people saving in Dollars... That's a secondary symptom of the main ailment.

Create a strong demand for the Naira by drastically cutting down on importation, starting with the main culprit "Fuel", and watch the Naira massively appreciate.

With the appreciation of the Naira, people will save more in Naira and no longer see the need to hold on to foreign currencies.


So please, quit going after symptoms or easy targets instead of curing the disease! Lead and the masses will follow!...

Dom accounts didn't crash the Naira... The crashing of the Naira gave rise to an increasing need to save in Dollars.

I didn't say Dom account openings crashed the Naira.

There are people that have large deposits of foreign currencies sitting idle in dom accounts. Why u may ask? In case you don't know, if i had 1 million usd 15 years ago without working, and I'm in power, if I'm corrupt, all i need do is devalue naira to 1400 and I am 1.4 billion Naira rich now without WORKING.

Whereas, someone who had 150 million naira 15 yrs ago is still not a billionaire. Infact the person is poorer cos d value of this NGN amount has dropped.

Clamping down on imports won't create strong demand for Naira trust me bro. Let's ban 1000 items instead of previous 41 items. Naira will keep falling. Don't think like majority who believe more exports will make 1ngn turn 1usd.

See statistics below. We have a positive trade deficit in 2022 when many countries were having negative figures yet, was demand for Naira strong?

https://en.m.wikipedia.org/wiki/List_of_countries_by_net_exports

From the above report, we made more from exports than imports in 2022 yet where is the money? Why did NGN fall again in 2022? And still keep falling?

What you don't know is that most money gotten from exports are not repatriated back to Nigeria. The rest come back but to the black market. Where there is a cabal that hoards it.

You go to bank and they say there is no dollar but abokis opposite the bank have Dollars. Where are they getting the Dollars from ? Are these abokis importers? What are they doing with Dollars that the banks can't do?

A politician recently said, they go to Governors houses to collect them. During primaries usd was shared cos that's what they save in foreign and dom accounts within the country.

Corruption and greed is why ngn will get to 2000 and the politicians know but won't go near my policies you know why? Cos it will affect their networth.

My take is, why will you withdraw dollar within the country when you are not an importer? Even importers should not have access to dollars or any fx within the country except for imports purposes only.

Can you withdraw ngn in Europe and spend it there? Why making another man's currency popular in your home country? When will africa wake up? By now we should have one currency in West Africa or the entire Africa to balance trade.

First ban withdrawal and deposits of fx in dom accounts including virtual dollar platforms starting from all politicians and give people deadline to convert fx to NGN and let the banks including the CBN be transparent in fx inflows

Datedoboy:
Thank you sir for your honest review. Imagine at your level you can't buy a car with 1 year savings. It's so sad.

They are trying to create multi dimensional poverty by devaluation of the currency. They are trying to push NGN to 2000 per dollar but they will do it gradually so people don't notice.

They want to make the masses as weak as possible for maximum control but God will deliver us from their grip.

Exactly. It is so frustrating and disheartening.
It is well. We have to survive.

PrettyIfy7:
Exactly. It is so frustrating and disheartening.
It is well. We have to survive.

Amen!

oliverwrites:
And if we check it well now, you earn in naira. You are praying hard that your earning power should diminish all because you hate the person who is president.

It is senseless, to be honest.

Oga rest. No be only you dey earn in dollars. No dey make noise for here