₦airaland Forum

Marvel1206:
Gains? What gains exactly?

400+/$ is below par

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Who would have thought that N400/$ will call for celebration?

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InvertedHammer:
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Who would have thought that N400/$ will call for celebration?

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I'm ashamed

Milonis:
No, he's officially the inventor of 'Phonecracy' governance through the use of mobile phone

Isn't that beautiful?

Hehe.
Let him call me joor.

Marvel1206:
Gains? What gains exactly?

400+/$ is below par

its better than 520. you can only wish for a better slide of the dollar

may God help Nigeria

Momoh7:
osinbajo 2019

obviously you didn't read the article below and if you did then you didn't comprehend it well. Because if you do ,you will realise that this is nothing to cheer about

I am a layman in economics but it is obvious that as long as there is no export, we are far from having a sustainable and durable naira no matter how much forex cbn injects into the financial markets or political restructuring. At best, these policies would alleviate the economic strain for a while but eventially, a breaking point will be reached.

Lero15:
Hehe.
Let him call me joor.

He usually does it in the evening. Keep your phone charged, who knows?

BMC, this is too early to start attributing everything to Naira appreciation. haba?

unclezuma:
We will get there eventually

"WE WILL GET THERE", I GUESS DATS SECOND NATIONAL ANTHEM OF NIGERIA.

Palm Oil is expensive in Nigeria, and yet Palm nut was being exported cheap to foreign buyers.

Are we nuot supposed to export our surplus?

buchilino:
"WE WILL GET THERE", I GUESS DATS SECOND NATIONAL ANTHEM OF NIGERIA.

Eventually ...

Buhari pls come back.
I need a dollar bac to 600 naira.
Icant cope hearing naira gaining value.
Never

Which naira is gaining. 455# to 1$ na him be naira is gaining? Some people don dey mad for this country. All the nonsense dollars they are pumping into the economy, we no dey see result.

unclezuma:
We will get there eventually

Snail might even get there before us.

ManirBK:
http://www.dailytrust.com.ng/news/business/as-naira-gains-neighbouring-countries-ease-rush-for-nigerian-goods/187978.html#6v91p1Vl6Uo2zIOv.99

Since when??How.old is this write up ?

jantavanta:
Palm Oil is expensive in Nigeria, and yet Palm nut was being exported cheap to foreign buyers.

Are we nuot supposed to export our surplus?

Good thinking
And yet those yeye costoms won't allow me carry my small 2 litre of palm oil with me to the UK.
GOD is watching shaaa

[size=8pt][/size][color=#990000][/color][i][/i]So u mean that all these customers from other country are happy about the inflation in our country.... na waa oooo

Marvel1206:
Gains? What gains exactly?

400+/$ is below par

apc apc apc. Hoe many time did I call you? So you prefer lies every time abi. Are you not ashamed for once

onatisi:
obviously you didn't read the article below and if you did then you didn't comprehend it well. Because if you do ,you will realise that this is nothing to cheer about

dis cold just weak me

Momoh7:
dis cold just weak me

what this means is that other countries bring in their goods ,sell it in Nigeria and use the proceeds to buy osinbajo cheap dollars,it should be the other way round. How can a lawyer control the economy of a nation ,when there are seasoned economists in that country? I tire for Nigeria

ManirBK:
http://www.dailytrust.com.ng/news/business/as-naira-gains-neighbouring-countries-ease-rush-for-nigerian-goods/187978.html#6v91p1Vl6Uo2zIOv.99

This is an issue which is properly understood by few, but kinda straightforward to explain: In simple terms the slide in the naira/wide gap between official and parallel exchange rates is attributable to dollar-denominated currency theft of predecessor governments to a large extent, and incumbent government officials to a lesser extent (think Sanusi Lamido whistleblowing on missing $20 billion and Amaechi's unsubstantiated claim of a missing $49 billion). This same theft also explains the record-high level of inflation that has hurt many modest traders and the working class woman/man as such missing dollars would have prevented the CBN from imposing dollar and import restrictions.

In order to understand the above in a bit more detail, consider back in the the 70s when the naira was worth more than the sterling and dollar; many seem to think that this was a good thing and wish for such days to come back. However, such thinking is folly as these conditions are inherently unsustainable. The reason for the naira being valued so highly back then was due to an influx of foreign (sterling and dollar) currencies, such that this reduced the value of these currencies and inflated the naira as the naira was in lower supply vis-à-vis the foreign currencies held.

You may ask why this is a bad thing and it is simple to explain: a highly valued naira makes agricultural exports (which Nigeria is working hard to increase) more expensive for other countries to buy from Nigeria, either because they'll need to pay more for dollars/sterling to convert into naira, or because the naira will be more expensive than before against their own currency. The significance of this is that it will displace demand to rival countries that may produce the same agric i.e. Malaysia, Ghana etc for lower than Nigeria due to their currencies being valued lower. The knock-on effect is lower production, stunted job creation and ultimately a reduction in the economy (think lower output, less spending, lower GDP etc).

The above explains why neighbouring countries are discouraged by the latest gains in the naira as it hurts their pockets. In conclusion, a highly valued currency may help Nigerians get more value for their money when it comes to buying foreign goods/travelling abroad, but it will definitely discourage exports and slow down economic growth.

Any further questions, please quote my post.

[Zehner]

BlindAngel:
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Mr Zombie, get where exactly??
Where we were before or where are you talking about??

I'm not a zombie oga... Neither am I a wailer.
I'm just observing things like a normal citizen who is not blinded by political sentiments like you.

Milonis:
He usually does it in the evening. Keep your phone charged, who knows?

Hehehe. I don buy power bank join.

Naira gains strength against dollar PROBLEM, Naira falls against dollar PROBLEM, which way Nigerians. As 4 me, I bliv in the value of Naira

we never chop beleful we dey export