₦airaland Forum

Jamesclooney:
Liz Truss resigned in the UK for less than this. She tanked the British Pound against the USD by less than 10% and was forced out in less than 2 months. Emilokan has changed pounds black market from 700 to 2000 in less than one year and yet no calls for resignation.

just 44days oh

greenermodels:
Even if dollars sells for #3,000, I must vote again for Jagaban, Peter Obi and his disrespectful Obidients must be taught a lesson.

weyrey

There's no way on earth our inflation is 29%. It's at least 50%

koondog:
The way this is going the Igbo people they were trying to teach a lesson are making more money today, simply by passing over the inflation costs by increasing the price of their goods. This textbook case of tribalism backfiring.

Always use your brain before typing, are igbo people the only ones that has good?

What happened to your brain for Christ sake?

Renewed Hope

All igbos are doing fine while all Yorubas are suffering,dey play

Jackson105:
Always use your brain before typing, are igbo people the only ones that has good?

What happened to your brain for Christ sake?

Shattap, you all wanted to teach Igbos a lesson.

Blame Jonathan. Blame Buhari. Blame Obi and Obidients. But never blame Tinumbu. It's not his fault.

Fellow Nigerians, the escalating daily struggles and soaring prices demand more than prayers; they necessitate a call for revolution. It's evident that our nation requires comprehensive change to address the worsening situation. Let's unite in advocating for a peaceful revolution, amplifying our voices for accountability and progress. The time for passive hope has passed, and it's our collective responsibility to stand up for a Nigeria where prosperity, fairness, and hope are not distant dreams, but tangible realities.

My2cent

abba190:
dollar this dollar that im 200% sure majority of the us people dont know what nigerian currency is named

you're so daft
The us is a manufacturing nation with a much Superior GDP they don't need your currency
But you need them for forex
Illiterate aboki wey no go school

koondog:
Shattap, you all wanted to teach Igbos a lesson.

Keep fooling yourself, that's why your parents are selling off their kids because of hunger in Anambra, una go get sense eventually

paskal16:
you're so daft
The us is a manufacturing nation with a much Superior GDP they don't need your currency
But you need them for forex
Illiterate aboki wey no go school

ok intelligeng inyamuri that go to school

Jackson105:
Keep fooling yourself, that's why your parents are selling off their kids because of hunger in Anambra, una go get sense eventually

You still have mouth to talk after begging Igbos for money here? Okay.

abba190:
ok intelligeng inyamuri that go to school

go back to that bet thread where you're known for begging
Foolish almajiri slave

koondog:
You still have mouth to talk after begging Igbos for money here? Okay.

Keep being deluded😁😁 Your help is on the way.

Jackson105:
Keep being deluded😁😁 Your help is on the way.

I know you are hungry, E bin pawa ooo! Stop forming and open up.

This government is clueless and confused. oh Allah help us the masses

Jamesclooney:
Liz Truss resigned in the UK for less than this. She tanked the British Pound against the USD by less than 10% and was forced out in less than 2 months. Emilokan has changed pounds black market from 700 to 2000 in less than one year and yet no calls for resignation.

Nigerians love to suffer. pathetic

Omo wa ni e je ko se. Awa lol kan, how market? You they feel am abi? Oya enjoy the show. Tinubu for second time.

greenermodels:
Even if dollars sells for #3,000, I must vote again for Jagaban, Peter Obi and his disrespectful Obidients must be taught a lesson.

Agreed! Tinibu to 2027!

Even if Naira falls to 5000 naira per $1 i will happily vote APC! Those silly Obedients must be shown whose country this is! #APC4LIFE

bjdon:
Na statistics we go chop

Abi o.
Dollar rate na statistics jor. Nobody dey chop Forex.
Since people nor wan get sense.

/
In countries with real data-based economy, high inflation supports their currency because of interest rate outlook. But in Nigeria, the reverse is the case. High inflation, naira devalues. So there are other forces at play centered on obligate consumption and corruption.

/

naijamerican:
Agreed! Tinibu to 2027!

Even if Naira falls to 5000 naira per $1 i will happily vote APC! Those silly Obedients must be shown whose country this is! #APC4LIFE

StUriah:
Lies.

It's N1,645 black market.

InvertedHammer:
/
In countries with real data-based economy, high inflation supports their currency because of interest rate outlook. But in Nigeria, the reverse is the case. High inflation, naira devalues. So there are other forces at play centered on obligate consumption and corruption.

/

High inflation and high interest rate economy is a troubled economy.

FG still issues bonds at about 7% when inflation is running at almost 30%.

Yes, high rate of devaluation encourages spending but purchasing power is already low.
Now, we rely on import.

Some claim we have too much money in circulation: 78 Trillion Naira chasing limited dollar.

With $33 billion dollar foreign reserve, a rough true value of Naira is: 78 trillion/33 billion = 2363.

So Naira could easily still reach 2363 to a dollar.

If you still use Hamburger system to calculate true value, Naira is still weak.

People easily dismiss science, but economics follows scientific principles and fairly reliable.

If we were an exporting nation, with light, infrastructure, security and more stability, FDI would still flow in to benefit from a short and medium term bullish economy. Naira volatility won't matter too much as more people will get employment and income will rise too.

But 9ja has too many anomalies and poor policies.

Floating the Naira but with no exports, except crude oil, to earn foreign currency? Who implemented such a policy and came out of it not brutalised? Naijans on a long cruise to extreme hardship.

What I see here is a case of forex shortage that cant be easily remedied.
Most painful is the fact that what is eating our forex - foreign loan repayment - was wasted on meaningless projects that are not yielding even 10% of the debt repayment.

It is a case of Buhari plundering future resources via sensless borrowings and projects. Tinubu has serious work to do o.

Unmanageable Nigeria finally manifesting the reality of no president, not even a messiah of a president, can sustain the country's continuity, due to the diverse ethno-religious centrifugal forces pulling the country apart. But when will Nigeria's politicians sharing oyel money accept the reality Nigeria was not designated by God to be a country?
Oyibo in Europe have supervised the dissolution of nearly all countries of different ethno-religious groups in Europe after discovery of the fact that those countries would never make it. Sorry for the masses of Nigeria.
Naira value against the Dollar will continue to deprecate despite this.

AreaFada2:
High inflation and high interest rate economy is a troubled economy.

FG still issues bonds at about 7% when inflation is running at almost 30%.

Yes, high rate of devaluation encourages spending but purchasing power is already low.
Now, we rely on import.

Some claim we have too much money in circulation: 78 Trillion Naira chasing limited dollar.

With $33 billion dollar foreign reserve, a rough true value of Naira is: 78 trillion/33 billion = 2363.

So Naira could easily still reach 2363 to a dollar.

If you still use Hamburger system to calculate true value, Naira is still weak.

People easily dismiss science, but economics follows scientific principles and fairly reliable.

If we were an exporting nation, with light, infrastructure, security and more stability, FDI would still flow in to benefit from a short and medium term bullish economy. Naira volatility won't matter too much as more people will get employment and income will rise too.

But 9ja has too many anomalies and poor policies.

When calculating the Naira to Dollar ratio, you didn't consider that not all naira in circulation are chasing the dollar or forex. Most are exchanging local goods. That brings the dollar back to around N1500 and below. The issue is still corruption. After increasing Naira in circulation and arming the governors with it, instead of dispersing it and buying local services or goods, they steal it and try to take it out through the forex market. That's what pushes forex demand and prices up mostly.
Under normal economic circumstances, increase in price leads to reduced demand of goods, and so forex demand should naturally weaken when prices go up, but in our case, as FG try to get more money across to the governors to reduce hardship, the money goes almost directly to the forex market.

Tinubu should bypass the govs and let their FAAC be just what they need for salary and then a flat amount of 2-3 billion for capital expenses. That's should give the FG space to do more impactful things for the masses.

Also to save crucial money.
New road should be suspended and only existing one be maintained and secured.
Health and education should get extra attention. Particularly, ASUU should be settled since Naira is less valuable and their agreement with ASUU was reflected in Naira and not dollar.

Where are these people? Their services are needed urgently now

abba190:
dollar this dollar that im 200% sure majority of the us people dont know what nigerian currency is named

That dollar is the reason the price of everything has gone up
I know you don't know that's y u made this dumb statement
Everything is imported in Nigeria even the crude oil God gave us. We export to them to refine and import back🤣
Until we becomes a production country, you we keep hearing dollar this and dollar that

The shocking thing is how Nigeria still remains calm till this moment, if it was in the past and a single 100 Naira is added to fuel price, or the prices of goods increased, you would start seeing protests. This time around, fuel price has been increased thrice, dollar rate doubled and prices of food tripled, yet it's like our mouth, voice and hands have been tied from speaking against the hardship.