₦airaland Forum

Currently the Official price of Dollars to Naira is exchanged at N318.25 while the Black Market or Parallel Market exchange at N390.

No one seems bothered about this anymore as compare to when Naira was N199, could this be hypocrisy or could it be that the new Nigeria reality is what we have dreamt of and we are living a fulfilling life?

My opinion is enough is enough, we have to hold our government accountable for their actions as to the effects of their policies.

Enough of the distractions from Senate, House of Rep. Fuel scarcity, High cost in food stuff, No power supply, and inconclusive elections as well as silly propagandas.

Nigeria case as it stands might be beyond redemption if Nigerians don't speak up against this HARSHNESS and HARDISH experienced as a result of our Government who seems insensitive to our plight.

Am just a Nigerian who do not just need to be heard but saying my mind as we all should and stand against this daily increase in inflation and move our attention away from our leaders distractions as we have been watching for over 1year and focus on the way forward.

You can call this "wailing " as long as you do not see what our great country has turned into in just 1year and we can blame the past 16 years of mismanagement but don't ever forget the 40years earlier and there seems not to be any major change as we have hoped for. Maybe we should forget about this Country getting better or we should stand and speak up against mismanagement and insensitive of our past and current leaders.

It sells for N320 as at today. This is the worst Nigeria has ever experienced, and the problem is that we have not seen that programme or policy set out to cushion the situation.

Peritus:
It sells for N320 as at today. This is the worst Nigeria has ever experienced, and the problem is that we have not seen that programme or policy set out to cushion the situation.

this is not an issue of policy. ,you cannot give what u don't have.
Nig is a consuming nation, we love imported things more than our soul , dz government can't provide for the forex need of Nigerian.
it will be a miracle if $ do not reach N400. b4 Dec.

But you re talking op re you also no body?

Things are really getting worse. || my signature below is the only way out.




#believe

Pls econmist in house....what can Buhari do to inprove things and what he needs to stop doing immediately

xprezboy:
this is not an issue of policy. ,you cannot give what u don't have.
Nig is a consuming nation, we love imported things more than our soul , dz government can't provide for the forex need of Nigerian.
it will be a miracle if $ do not reach N400. b4 Dec.

What is this one saying? Must you defend Buhari at all cost? Did Nigeria suddenly turn to a consuming nation in Buhari's regime? I thought you wanted to say in terms of economic management and leadership that Buhari cannot give it because he doesn't posses the ability or acumen to do anything positive in that regards. Dollar was N390 as at yesterday and you are predicting N400 by December. For your information, it has hit N400 already. At this rate, it will hit N500 in the next one or two months. What you sow you will certainly reap. As you rejected Goodluck, Badluck na him sure pass for NIJA.

keally:
What is this one saying? Must you defend Buhari at all cost? Did Nigeria suddenly turn to a consuming nation in Buhari's regime? I thought you wanted to say in terms of economic management and leadership that Buhari cannot give it because he doesn't posses the ability or acumen to do anything positive in that regards. Dollar was N390 as at yesterday and you are predicting N400 by December. For your information, it has hit N400 already. At this rate, it will hit N500 in the next one or two months. What you sow you will certainly reap. As you rejected Goodluck, Badluck na him sure pass for NIJA.

He did not defend Buhari but did state the fact. The question is what earns the economy the dollars outside oil?

Let me cite Kenya as an example, Kenya do not sell oil but on a daily basis it exports tea, fruits, vegetables, flowers etc and that earns the economy millions of USD, EURO, GBP on a daily basis. Tourists from all over visit Kenya for their wildlife and beach resorts and they bring in hard currencies.

Nairobi, the capital has become Africa's conference capital and regularly attract international seminars and conferences as later this month it will host Tokyo International Conference on African Development and about 6,000 delegates are expected, just imagine the foreign exchange it will bring in, how many hotel rooms will be booked, food, taxi services etc.

Nigerians will certainly attend in their droves as one only needs to visit the Masaai craft market within the Nairobi CBD during the weekends to see many Nigerians who have been in Nairobi for one conference or the other buying artworks to travel back to Nigeria with.

This inflow of foreign currencies has helped stabilized their currency to an extent. It is us Nigerians there that is always talking about dollars what concerns the regular Kenyan with exchange rate!

It's 400 now

The question is whether we peg, or don't peg the naira, All these rates are just being fuelled by speculation and greedy cohorts! Nothing more, We need to ask ourselves serious questions.
Has there been any major surge in importation in the past 2 weeks. If so, who is importing what?
The crude oil. Price has been relatively stable for about 2 months or so. What then is fuelling this increase in rates.
Consumer items have already increased by over 50% over the last quarter an basic economics tell me that as prices rise, the propensity to spend reduces. Is it that Nigerians are no longer saving but spending.
The govt set up entities to control prices, but these people appear to be either s or hold just a fraction of the true exchange market and are thus powerless. The only way will be to peg the Naira, till this noise is over. If the govt is percieved as not moving it's stance. Rates will adjust. All those vodoo economists that don't want us to peg. Is this you solution till we become Zimbabwe?