₦airaland Forum

coleon:
Just look at this economic dunce illiterate asking what is our problem with dollar. What do you think is the cause of the incessant inflation we have today that is over 100%. You said you should consume what we produce , is there any nation in the world today thats totally self sufficient and does not import one thing or the other? Nigeria is even the least country that's import dependent because we import every basic thing, hospital drugs, fertilizers, farm machineries and even feeds for chickens which is why you are buying one egg now for 500 are imported into this country, yet you are asking why we are concerned about dollar when our very existence as Nigerians depends on dollars because we don't produce anything and even the raw materials for the few ones we produce are imported into the country .

Oga it's a lié china are not importing all those things to their country instead we are d one that import from them and depend on their production .

Closing the border is. Good decision to make Nigeria move forward if we are ready to make Nigeria a developed nation like America and UK someday.

Or else forget it

Tayorshd87:
✓ US import rate is like 30% unlike Nigeria that's we are or survive 98% through import and no nation can develop with such 🤔
✓ All our lives and daily survival are base on import so when are we going to become America 🤔 and be part of the developed countries 🤔

Why would Nigeria, a country that invests little of nothing into local production be compared in any way or form to the U.S, a country with invests heavily into local production of goods?

2. Well, the reason for that is simple. You don't produce what you need locally hence the reason why you need to import it from outside still..if cutting imports is what you desire, then the solution is simply to begin investing heavily in locally producing what you need. Those needs -- the demand for goods --- remain whether you like it or not. The key is to use it to the advantage of local industries.

Abee79:
Absolutely! If we ever have hopes of progressing as a nation, concerted efforts have to be made. Great strides start as "cheap talk" 👍

My brother not in this Nigeria.

Only a serious deadly revolution can change things in this country.

Rubbish. China imports 17.47% of its goods, most of them automobiles. You can check goigle to confirm.

Some of you just write out of your ass. Jordan imports nearly 52% of its GDP but still has strong economy with currency almost at par with the US dollar. Google that.

I had argued this with one dim-witted fellow on this same nairaland and some other people jave mentioned it too Problem is not importation but corruption and terrible economic policies.

Start reasoning beyond those market women gists you hear at Alaba or Oyingbo market and begin to argue with facts and cognution.

Nigeria imports less than some countries relative to their GDP yet those countries have far better economy and stable currencies that are almost at par with the USD.

Tayorshd87:
Yes what am trying to tell u is that ..

In china dey import almost 1% of foreign goods but produce 99.9 % of their materials and export to countries like Nigeria and we depend on what they produce ..


So if china crash today and burn down to ashes then Nigeria is in a mess already since we don't have means to create or build ours ..



The government are not wrong for closing the borders and discouraging importation but where they are wrong is that they should make sure they work on how we produce first before embarking on the journey .



But it's a way to open and unlock our creative mind and abilities to make Nigeria a developed nation someday like america UK Canada etc

blueAgent:
My brother not in this Nigeria.

Only a serious deadly revolution can change things in this country.

Let's keep hope alive! 🙂🙌

Blazetrailer:
Rubbish. China imports 17.47% of its goods, most of them automobiles. You can check goigle to confirm.

Some of you just write out of your ass. Jordan imports nearly 52% of its GDP but still has strong economy with currency almost at par with the US dollar. Google that.

I had argued this with one dim-witted fellow on this same nairaland and some other people jave mentioned it too Problem is not importation but corruption and terrible economic policies.

Start reasoning beyond those market women gists you hear at Alaba or Oyingbo market and begin to argue with facts and cognution.

Nigeria imports less than some countries relative to their GDP yet those countries have far better economy and stable currencies that are almost at par with the USD.

Ok I should leave alábá gist and d likes alone .

So u think the president just stop importation without professionals in economist or great advisers even during Buhari s era?

So these advisers too are listening to alaba market gist too Abi 😂 or u know economy than them 😂😆

Continue fooling yourself ..

Kobojunkie:
Why would Nigeria, a country that invests little of nothing into local production be compared in any way or form to the U.S, a country with invests heavily into local production of goods?

2. Well, the reason for that is simple. You don't produce what you need locally hence the reason why you need to import it from outside still..if cutting imports is what you desire, then the solution is simply to begin investing heavily in locally producing what you need. Those needs -- the demand for goods --- remain whether you like it or not. The key is to use it to the advantage of local industries.

Best responds so far .
YOU WON
May God bless you.

Did Nigerian president stop importation? Really?

I did not know. Oya, prove it to anyone that the president banned importation. Olodo!

Now I believe you listen to skunks and kolo people. The Alaba market people are better, they know nobody stopped importation, naira was just stupidly and needlessly devalued.

Some of you that come to comment on Nairaland are worse than illiterates. Someone in your family should collect your phone or stop subscribing data for you so you stop disgracing them publicly like this.

Tayorshd87:
Ok I should leave alábá gist and d likes alone .

So u think the president just stop importation without professionals in economist or great advisers even during Buhari s era?

So these advisers too are listening to alaba market gist too Abi 😂 or u know economy than them 😂😆

Continue fooling yourself ..

Blazetrailer:
Did Nigerian president stop importation? Really? I did not know. Oya, prove it to anyone that the president banned importation. Olodo! Now I believe you listen to skunks and kolo people. The Alaba market people are better, they know nobody stopped importation, naira was just stupidly and needlessly devalued. Some of you that come to comment on Nairaland are worse than illiterates. Someone in your family should collect your phone or stop subscribing data for you so you stop disgracing them publicly like this.

Floated, not devalued... floated! The floating of the Naira in 2023 — Naira fell to over Naira 2000/$1—about by this incompetent administration is to blame for why it continues to fall back to the approximately Naira 2000/$1 floating rate despite concerted efforts by the same government over this same year to reel it back.

This has been argued many times here and those who started by saying it was floated eventually either agreed it was devalued, resorted to insults or quietly faded away. I will be more than happy to take you up on that again.

Naira was devalued, as called out by IMF in their March 2024 Directors/Partners report.

Maybe you can start by letting us know the features of a floated exchange rate system.

No floated system has the Central bank selling USD to a set of people at different rates.

Kobojunkie:
Floated, not devalued... floated!

Blazetrailer:
■ This has been argued many times here and those who started by saying it was floated eventually either agreed it ead devalued, resorted to insults and quietly faded away. I will be more than happy to take you up on that again.
■ Naira was devalued, as called out by IMF in their March 2024 Directors/Partners report. No floated system has the Central bank selling USD to a set of people at different rates.

Rubbish! Your very own government has ADMITTED to floating the Naira in 2023. Free-floating is the only way to get the Naira to free-fall the way it did back in 2023 under Tinubu.

On June 14th 2023 the Central Bank of Nigeria (CBN) released a press release announcing it would abandon its controlled foreign exchange system in favor of a free-floating one.
The declaration has been followed by a depreciation of the exchange rate without precedent: on the 14th June 2023, the CBN’s exchange rate was NGN464.5 for one dollar. A week later, on the 21st June 2023 it was NGN708.2, which represents a loss of one third of the currency value in one week.
Fx control in Nigeria
The CBN had maintained a complex, multi-level, pegged exchange rate since the adoption of the Naira as a currency in 1971. The system has suffered from several major structural issues. Most of Nigeria’s fx supply comes from oil exports, which has led to volatile access to international currency for the CBN and frequent shortages when the oil price falls.
A massive parallel market for currency has developed alongside the official currency exchange system: most non-oil sources of fx (such as remittances or non-oil exports) have tended to be channeled through the parallel currency exchange. On June 1st, 2023 the parallel market exchange rate was between NGN740 and 750 for one dollar. Meanwhile, the official exchange rate from the CNB was NGN460.9, a gap of 60.6%.
That gap between the official and the de facto exchange rates has also fueled corruption: well-connected importers able to access foreign currency at the official rate enjoyed a massive advantage over competitors relying on the parallel market.
Nigeria’s fx policy has been repeatedly criticized by international financial institutions such as the IMF, which has called for the suppression of the controlled exchange system several times in the past. The implementation of a free-floating exchange rate has been one the IMF’s Executive Board main demands at the end of its consultation with Nigerian authorities in February 2023.
https://trendtype.com/insights/nigeria-free-floats-the-naira-causing-a-sharp-devaluation/

It was only after the currency kept running off on its own—it reached about Naira 2000/$1 at some point— that the country decided to switch strategy back over to devaluation... pegging it back .. unfortunately, it has lost billions of dollars in its attempts to do that. I recall we realized by March of 2024 that the CBN had removed over $1 Billion in a space of days from the Foreign Reserves to force the Naira back to less than $1200, however, that didn't last long.

2. Worse, Nigeria continues to claim that the floating of the Naira had to do with the IMF which instead suggested since during IBB days, Obasanjo, Jonathan, and even Buhari days that the Naira be devalued.

What are you writing? Did you read it over again?

Floated....devalued...floated...devalued....all from government sources. By this you have admitted it was devalued and not floated.

If were you, I wont go with what the government says or any propaganda out there to convince the gullibles since we know the government has not been that credible with information. I will prefer to go with what more reliable sources like IMF(called it out as "systemic devaluation" in their March 2024 report) ,Reuters(called it "devaluation" the Economist(called it reckless devaluation) Financial times(called it devaluation), International Corporations(MTN and Nestle called it out as devaluation in their annual reports), International business leaders(Dangote called it devaluation and not flaoting in his 2024 AGM speech),

Again, we can decide this by you listing out the features of a flaoted currency system and tick the ones that make what CBN is doing currently a floated system.

Kobojunkie:
Rubbish! Your very own government has ADMITTED to floating the Naira in 2023. Free-floating is the only way to get the Naira to free-fall the way it did back in 2023 under Tinubu.
It was only after the currency kept running off on its own—it reached about Naira 2000/$1 at some point— that the country decided to switch strategy back over to devaluation... pegging it back .. unfortunately, it has lost billions of dollars in its attempts to do that. I recall we realized by March of 2024 that the CBN had removed over $1 Billion in a space of days from the Foreign Reserves to force the Naira back to less than $1200, however, that didn't last long.

2. Worse, Nigeria continues to claim that the floating of the Naira had to do with the IMF which instead suggested since during IBB days, Obasanjo, Jonathan, and even Buhari days that the Naira be devalued.

The CBN announced on June 14th,2023, just 2 weeks after Tinubu announced the removal of subsidy on May 29th 2023, that it was going to free float the Nigerian Naira.

On June 14th 2023 the Central Bank of Nigeria (CBN) released a press release announcing it would abandon its controlled foreign exchange system in favor of a free-floating one.
The declaration has been followed by a depreciation of the exchange rate without precedent: on the 14th June 2023, the CBN’s exchange rate was NGN464.5 for one dollar. A week later, on the 21st June 2023 it was NGN708.2, which represents a loss of one third of the currency value in one week.

Floating of currency is not the same as the devaluation of the same currency.

Yes, Nigeria eventually switched over to devaluation after it realized by December 2023 that it could no longer handle the free fall of the Naira and as such by March 2024 the report of IMF which was submitted by Nigeria to the IMF by the way, reflected this change. However, it cannot be denied that Nigeria originally floated the Naira back in 2023.

Blazetrailer:
Did Nigerian president stop importation? Really?

I did not know. Oya, prove it to anyone that the president banned importation. Olodo!

Now I believe you listen to skunks and kolo people. The Alaba market people are better, they know nobody stopped importation, naira was just stupidly and needlessly devalued.

Some of you that come to comment on Nairaland are worse than illiterates. Someone in your family should collect your phone or stop subscribing data for you so you stop disgracing them publicly like this.

U are d illiterate here ...

Why did we have extensively high rate of inflation of food apart from subsidy ??

Did they tell u d borders are open for importation?

Yet u see foreign rice everywhere but that's due to smuggling ...

When Buhari didn't remove subsidy are d borders open for rice to flow easily in Nigeria with a normal price ??


U are d matured illiterate and unenlightened fellow as a Nigerian citizen Kai

Shame on YOU

Lol....when your isea of importation is limited to only bags of rice and food, it is easy to know those you discuss with and the limitations of your reasoning.

For some knowledge, in mid 2023, CBN removed the prohibition list that was put in place by Buhari, which means you can import basically anything so long as you can source for the forex yourself. If you go to the ports today, importations are still on going. And do note that importation is not done only at the land borders, you can import via the sea and air borders too so closing the land borders does not amount to banning importations.

The President did not ban importation. Simple.!! Have you learnt something today?

Tayorshd87:
U are d illiterate here ...

Why did we have extensively high rate of inflation of food apart from subsidy ??

Did they tell u d borders are open for importation?

Yet u see foreign rice everywhere but that's due to smuggling ...

When Buhari didn't remove subsidy are d borders open for rice to flow easily in Nigeria with a normal price ??


U are d matured illiterate and unenlightened fellow as a Nigerian citizen Kai

Shame on YOU

Blazetrailer:
Lol....when your isea of importation is limited to only bags of rice and food, it is easy to know those you discuss with and the limitations of your reasoning.

For some knowledge, in mid 2023, CBN removed the prohibition list that was put in place by Buhari, which means you can import basically anything so long as you can source for the forex yourself. If you go to the ports today, importations are still on going. And do note that importation is not done only at the land borders, you can import via the sea and air borders too so closing the land borders does not amount to banning importations.

The President did not ban importation. Simple.!! Have you learnt something today?

Yes am aware but what u are not getting is .
That we are talking about Inflatiron issue and clearing of these goods is damn costly .


Is that not what spring up d argument??


because d policies then how much are they using to clear goods compare with how much they are using now .

I guess u are d one that needs to revisit school again and get enlightened