Meanwhile, the Nigerian Customs are using a completely different exchange rate for duty.

This is today's exchange rate used to capture a duty payment

Yesterday's rate below.

These people are scammers. Official NCS rate is #1,444, but behold the jigbiti going on underground.

Nigeria is imploding

If fg is not ban bdc or anything parallel market dollar to naira is going to 5000 plus before the end of this year and Nigeria government should expect revolution that going to beyond their imagination and crisis we consume everybody because as am talking to you even with soft minds is pushing to the wall this country will collapse if care is not taking

By tomorrow,a dollar will equal to #1.Its only APC that can do it

Ishilove:
Meanwhile, the Nigerian Customs are using a completely different exchange rate for duty.

This is today's exchange rate used to capture a duty payment

Same as the rate on Piggyvest.

This floating is bad for the naira, in a free market, the naira can never compete with dollars, in this present conditions. Let's look for trade partners and pay with naira, sell our crude and gas in naira, to boost naira value.

Omihanifa:
If something urgent isn't don't to prevent the slide. We should be looking at 2000 naira to a dollar by December.

December ke? We are still In February in case you don’t know.

December is still 10 months away.

It will be a miracle if they control the pace so that it will be 2000 in December, otherwise, at the rate it is sliding , expect 2000 by this time next month.

UDOKABESTLUV:


December Is Very Far self, Before April, E fit enter 2,000naira

Amen

It is obvious no one understands how to resolve the situation we are in.

With this economic crisis only a reversal of USD floating can stabilise the naira which ego won't allow Tinubu to do. Reckless policy that will crash Nigeria. Even if reversed it may be officially at 1500 and 1800 black market.

No it is not.

EmeeNaka:

Really?
You mean Muslim_Muslim ticket is not responsible?

nairalanda1:
Well, we are here , because we did not diversify, diversify.

If you want to know why we are here, this article is for you. (It was published in 2004 by the way, so not an apologia for APC..Lol. It is also strangely prophetic).

Sauce: Managing the dutch disease in Nigeria by
Dr. Emmanuel Ojameruaye

What we experienced from 1982 , we are experiencing now, since 2014.

I keep asking you - HOW does a country increase economic diversity? It's not enough to point out problems.

Predictions? Let me do you one better, especially for you and your blanket blame for all governments.

SUNDAY SUN NEWSPAPER
Subsidy Removal: I'm Ready for Mass Revolt -Jonathan
-Find alternative - Agbakoba, Falana, others tell President
From IHEANACHO NWOSU, Abuja
Sunday, December 11, 2011
-
President Goodluck Jonathan, at the weekend, vowed to take the option of social revolt from Nigerians than back down on his plan to withdraw the subsidy on fuel. He said his insistence was informed by his knowledge that Nigeria's economy will collapse in two years if the subsidy is sustained.

Sunday Sun learnt President Jonathan stated this at a meeting with the leadership of some civil society organizations at the President Villa in Abuja, which was also attended by Vice President Namadi Sambo, the Minister of Finance and Coordinator of the Economic Team, Dr Ngozi Okonjo-Iweala, and her Petroleum Resources counterpart, Mrs Diezani Alison-Madueke

Notable names at the meeting included the former President, Nigeria Bar Association (NBA), Olisa Agbakoba, Femi Falana, Chidi Odinkalu, Sam Amadi, Dr Oma Nwokeocha and Emma Ezeazu.

Others are Mahmud Abdul, Ms Annkio Briggs, Tony Uranta, Emmanuel Onwubuiko, Auwal Musa Rafsanjani and Toyosi Akerele.

And that's exactly what happened. I keep telling everyone, the current phase of the Nigeria Crisis started in Jan 2012 when Bola Tinubu led the opposition against the withdrawal of petrol subsidy.

President Tinubu was also a staunch advocate for a massive increase in money supply. Read him here, published in various newspapers at the time. This was written just before the 2015 elections, on Tuesday, November 18, 2014. The Finance Minister Ms Iweala even felt compelled to issue a rebuttal, warning that such policy would cause inflation.

https://thenewsnigeria.com.ng/2014/11/18/way-out-of-nigerias-economic-crisis-bola-tinubu/2/

“Listen carefully to the position of the Jonathan Administration as articulated by the finance minister and you shall collide into the barricades of illogic and its weighty consequences. The claim is that government is low on funds because the lower price of oil means fewer dollars are being collected from oil sales. This sounds logical but for one fundamental point. The dollar intake is basically irrelevant to determining the amount of naira the government commands and places into the political economy. This fundamental point reveals the government’s position to be the antiquated relic of a past era. It is the way of the gold standard which ceased to exist over forty years ago. As such, government’s stance is based more on superstition than on the actual functioning of modern economy with a sovereign fiat currency of its own.

“The last I looked, Nigeria operates a Naira-based economy not a dollar-based one. There is no legal or moral restriction strictly limiting the amount of Naira in the system to match the amount of dollars collected via oil sales. More importantly, there is no economic justification for the close linkage implied by the government. If we take its position at face value, the Jonathan Administration is advocating that we effectively place the Naira and thus our fiscal policy on a “dollar standard.” The world jettisoned the gold standard in 1971 because it proved unworkable, reducing the policy space in which governments could pursue fiscal programs promoting full employment and social welfare. We should likewise reject this government’s imposition of a dollar standard on our nation’s fiscal operations.

“Under the gold standard, a national government took pains not to incur budgetary deficits that exceeded the dimensions of its gold reserves. This was because the currency had no value by itself. Its value was based on the convention that the currency was backed by the nation’s gold holdings. Those governments that ran deficits had to pay those debts in gold. Given that gold supplies were always and everywhere finite and exhaustible, a nation had to keep its deficits within the confines of its ability to pay debts in gold. Because of this straitjacketing effect, nations would abandon the gold standard during harsh economic times in order to give them the fiscal freedom to rejuvenate their economies. This was the case during the Great Depression with the major economic powers. This should be the case with Nigeria today since the bulk of our people live in conditions redolent of the Great Depression or any other depression for that matter.

“Our government persists that it must limit fiscal outlays to the amount of dollars the nation holds. Similar to the operation of the discarded gold standard, following this path is to strap ourselves to austerity and the chronic deflation austerity produces. Worse, it serves to enthral the fiscal policy of our sovereign nation to the monetary policy of another country. That nation plies monetary policy to serve its interests and not the economic interests of Nigeria. I am baffled why this government would give such power over the fate of our economic wellbeing to another nation that does not incorporate our interests into its decisional processes. This government makes our nation the economic servant of another so that government may turn about to make the Nigerian people its economic servant. While there is a certain logic to this dynamic, it is a perverse and debilitating one.

“Because we operate a sovereign fiat currency the federal government issues at its sole discretion, the federal government can never be rendered insolvent in Naira. This means it can run Naira fiscal deficits indefinitely. The only outer bound is to ensure the fiscal expansion does not incur damaging inflation rates. There is no logical reason to peg the flow of Naira into the economy to the flow of dollars received. The correct perspective is not to mechanistically restrict Naira expenditure to dollar intake. This would be tantamount to those crippled with economic blinders forcefully leading those who can see we are heading for disaster. It points to deflation, recession and worse. The better methodology is to ascertain, then achieve, the level of Naira expenditure needed to expand the economy and create jobs without causing inflation to rise to dangerous levels. This is how broadly-shared prosperity is generated in a sustainable manner.

“In the face of recessionary headwinds, government should run countercyclical fiscal policy by using its Naira sovereignty to fund fiscal deficits. The deficit is not simply for the sake of running a deficit; the funds cannot be spent on nonproductive matters. It must be used to fuel infrastructural and other projects that not only employ great numbers of people but enhance the overall productivity of the economy”.

“In this way, the nation’s economic engineers should focus primarily on allocating value and opportunity to our under-utilized labor force and our idle, yet potentially productive capital in a way that promotes wealth creation and expansion of aggregate demand. It is this sustainment of aggregate demand that empowers the nation to rescue itself from the whirlpool of economic contraction. This avenue is more benign than the one the federal administration now advocates. Their way calls for us to forget growth and for government to preoccupy itself with allocating economic misery among those segments of the population too poor and weak to contest the immiserable actions of government against them.

“In the face of recessionary headwinds, government should run countercyclical fiscal policy by using its Naira sovereignty to fund fiscal deficits. The deficit is not simply for the sake of running a deficit; the funds cannot be spent on nonproductive matters. It must be used to fuel infrastructural and other projects that not only employ great numbers of people but enhance the overall productivity of the economy. The funds must be used to backstop state governments in a nonpartisan manner so that each state government may continue to pay salaries and pursue projects essential to that state’s economic critical path.

“To accomplish this, the federal government needs to reverse the inimical “dollarization” of the national economy in two ways. First and most importantly, it must abandon the outdated peg of fiscal policy and expenditures to the dollar intake. The one actually has no correspondent nexus to the other. Any commanding connection we give it is an artifice not an economic necessity. Related to this, we must reverse a trend that has gained momentum under this government. Among government-aligned elites, the fad has been to conduct domestic business transactions in dollars. Policy must “nairasize” the economy by requiring all domestic transactions occur in our legal tender. As this is done, the government’s infinite ability to issue Naira will come to outweigh the limitations inherent in the overuse of the finite supply of another nation’s currency for transactions wholly internal to our domestic economy.”

More of the same from the Vanguard, even as recently as 2020 Mr Tinubu was still pushing the APC government to distribute more money

https://www.vanguardngr.com/2020/04/increase-recipients-of-anti-poverty-stipends-tinubu/

Mr Tinubu asserted at the time that -

The lesson learned is that a government has the sovereign power and requisite duty to intervene in the economy in order to stave calamity. To aid in this task, a government has the unlimited ability and again public duty to issue as much of its own currency as needed to quell shortage and buffer the populace from hardship.

Fortunately, we are not at the stage where we need to implement such strong economic measures; however, we should be preparing a response for that urgent moment may fall swiftly upon us. In doing so, we must be guided by the same lessons other nations have followed. When it comes to expenditures that can only be made in dollars, we must be extra careful. Dollars now come at a steep premium. However, when it comes to expenditures that can be made in naira, government cannot afford to be bashful or reticent when the need arises

Now that it's all gone so wrong, he's back tracking to a more fiscally responsible position. The President Tinubu of today is doing the right things, he's got good policy, it's just that the damage to Nigeria since Jan 2012 is too deep and investor confidence is too far gone.

Good Luck to Nigerians!

IbeOkehie:


I keep asking you - HOW does a country increase economic diversity? It's not enough to point out problems.

Predictions? Let me do you one better, especially for you and your blanket blame for all governments.



And that's exactly what happened. I keep telling everyone, the current phase of the Nigeria Crisis started in Jan 2012 when Bola Tinubu led the opposition against the withdrawal of petrol subsidy.

President Tinubu was also a staunch advocate for a massive increase in money supply. Read him here, published in various newspapers at the time. This was written just before the 2015 elections, on Tuesday, November 18, 2014. The Finance Minister Ms Iweala even felt compelled to issue a rebuttal, warning that such policy would cause inflation.

https://thenewsnigeria.com.ng/2014/11/18/way-out-of-nigerias-economic-crisis-bola-tinubu/2/



More of the same from the Vanguard, even as recently as 2020 Mr Tinubu was still pushing the APC government to distribute more money

https://www.vanguardngr.com/2020/04/increase-recipients-of-anti-poverty-stipends-tinubu/

Mr Tinubu asserted at the time that -



Now that it's all gone so wrong, he's back tracking to a more fiscally responsible position. The President Tinubu of today is doing the right things, he's got good policy, it's just that the damage to Nigeria since Jan 2012 is too deep and investor confidence is too far gone.

Good Luck to Nigerians!

Well, he GEJ did not remove the subsidy, he did not take the tough decision, and here we are.

Plus, read that article I posted, it is very informative. All Nigerians should read it . It shows what is going on. Subsidy at the end is just part of a larger and colorful tapestry of Nigeria's economy.


I still blame Nigerian leaders though...for keeping us resource dependent. (I know you disagree with me, but there it is, and it annoys me a lot. I had my eyes opened on resource dependency in 2011...by an article called Pass the books, hold the oil. Also, Field Ruwe's article on lazy African intelelctuals)>

But for diversificaiton

1.Remove subsides on power and petrol

2, Promote vocational education


3. INcentives for investors willing to set up industries.


That's about it.


I supported subsidy removal in 2011 and 12...and that's was another eye opener. TO understand why I speak the way I speak is to understand that I had my eyes opened on resource dependency and subsidy removal in that time. I am not going back to being blind.

Hmmm Treadway e be things ooo 🥹

Na statistics we go chop?

Ishilove:
Meanwhile, the Nigerian Customs are using a completely different exchange rate for duty.

This is today's exchange rate used to capture a duty payment

Ishibaby, you work at NCS? As in person go come dey clear 40 feet container with #20M based on this rate wey I dey see so?

Omo, na war go settle this madness very soon

Celestialsword:
Nigeria is neck deep in debt right now, expecially the Buhari government,he borrowed to stupour and was even paying and servicing the loans with crude.

His successor has continued in the same stead, without anything to show

He promised to continue from where Buhari stopped.

Unfortunately, some air heads went ahead and voted for him.

The situation looks scary.

ahmedio2017:



You don't have a clue, if your messiah is Peter ibi then you are wrong. They are all criminals we need fresh blood there irrespective of the religion or tribe.

Sharap there…you opens your eyes and voted a senile old man to be president because of tribalism. You are here talking rubbish that they are all criminals?

God go punish all of Una wey bring this calamity upon Nigerians.

Jeferious:
Ishibaby, you work at NCS? As in person go come dey clear 40 feet container with #20M based on this rate wey I dey see so?

Omo, na war go settle this madness very soon

It depends on wetin you carry inside the container. There is no limit to how much you can pay for clearing.

cucumbar:
Sharap there…you opens your eyes and voted a senile old man to be president because of tribalism. You are here talking rubbish that they are all criminals?

God go punish all of Una wey bring this calamity upon Nigerians.

See you, I'm not even an advocate of democracy talk less of voting emilokan...

nairalanda1:



Well, he GEJ did not remove the subsidy, he did not take the tough decision, and here we are.

He couldn't SUSTAIN the decision because of TRIBALISM. In other word, Nigeria lacks the cohesion necessary to sustain a common national interest.

As I've stated many times, homogeneity OR complete domination by one group is a necessary ingredient of national success and happiness.

As the Islamists are starting to dominate Nigeria, such decisions can be taken more easily.

Good Luck to Nigeria.

HeadNigga:
Tinubu is really here to teach Nigerians to stop voting along religious and ethnic lines. This hardship should reset the brains of those saying "we will teach them a lesson" by 2027.

If by 2027 you guys don't lead the campaign to vote for a credible candidate, I will gladly vote for Tinubu so that the hardship will go on. We must learn a lesson

For people that voted for Buhari twice, I doubt this

The more painful thing is that there is no plan in sight by the government to address this problem at the root level.

God help us.

UDOKABESTLUV:


Source: https://www.vanguardngr.com/2024/02/naira-depreciate-to-1565-in-parallel-market/

Agbadoriand, it shall never be well with all of you that voted Tinubu! You all would die in your happiest days!

Ishilove:

It depends on wetin you carry inside the container. There is no limit to how much you can pay for clearing.

How much tailoring goods dey pay?

Jeferious:
How much tailoring goods dey pay?

Full load? Or with vehicles?

Ishilove:

Full load? Or with vehicles?

full load?

Jeferious:
full load?

That means the only items in the container will be goods. No vehicles

Ishilove:

That means the only items in the container will be goods. No vehicles

Yes. Only tailoring goods

Jeferious:
Yes. Only tailoring goods

40ft container 6m-7m, 20ft container 4.5m-5m when ex rate was still 757. Now that rate is hitting 1,600, e go don nearly add like 2m on top

Ishilove:

40ft container 6m-7m, 20ft container 4.5m-5m when ex rate was still 757. Now that rate is hitting 1,600, e go don nearly add like 2m on top

Hmmmm....na final consumer go hear am shaa

Jeferious:
Hmmmm....na final consumer go hear am shaa

That's the domino effect of increased taxation. Ordinarily you don't increase taxes when an economy is in recession. You rather cut taxes to stimulate business activities. That's what they call 'tax breaks'. Then when things normalize you reinstate those taxes.

In Nigeria, we do the exact opposite and expect magic to happen.