Johnpaul2k2:
i don't know where you people are getting your Stat?

Naira was at 405/$ yesterday evening

Really?

Really? But its N430 on abokifx and fxmallam.

Or did you buy dollar yesterday?

Johnpaul2k2:
i don't know where you people are getting your Stat?

Naira was at 405/$ yesterday evening

Amberon:
Really? But its N430 on abokifx and fxmallam.

Or did you buy dollar yesterday?

ONITSHA EXCHANGE

Some people come here to give us textbook economic how the naira appreciation means the economy is picking up. Thank God, naira to the dollar has moved from 520 to 420, but since this development started occuring, have you bought Garri lesser than the bought it 3 months ago? Same with other food items consumed by the ordinary Nigerian. The man in village is not concerned about naira appreciation, when he knows the economy is back to normal is when he can now buy his one cup of Garri again at 50naira.

Johnpaul2k2:



ONITSHA EXCHANGE

Please where in Onitsha did you buy dollar at 405?

sinistermind:


I am only saying when price of commodities especially locally produced food items start coming down, that's when the common man can feel the change in the economy. Ask yourself since naira started appreciating, have there been any reduction in price of locally produced food items?

I like that! The simple answer is in two parts, 1. We are our own problem, because our wickedness is unquantifiable. And remember that in the first place, the rise in prices of commodities as we witnessed in the last one year is particularly driven by the unreliable forex. And most locally produced items witnessed forced increase in prices due to increase in foreign food items. I have asked local producers that same question. There answers, we bought our raw materials in January and we are still selling old stocks. A grocery owner once told me that local food vendors sell cheap because imported goods are cheaper. Why did the prices go up in the first place? Why cant it go down? Simply wickedness.

My brothet yarn them o

Johnpaul2k2:
i don't know where you people are getting your Stat?

Naira was at 405/$ yesterday evening

Mpyaw:
My brothet yarn them o

Bro, where can I buy dollar at 405? Where please

Mtcheew! Who e epp? How e take change price of ponmo for ketu market? Even garri price no still change. We still dey look because recession still dey d economy.

otunbakplu:
Opeooo..hope the price of phones would drop

Lol

otunbakplu:
Opeooo..hope the price of phones would drop

Lol that's my concern too ooo

Odunharry:

Who told you it doesn't concern the average Nigeria?? What do u think will happen to those commodities imported into the country Which the average Nigerian Use?
If the Naira keeps appreciating against the dollar what again do you think is the impact on our economy??

SO D YAM, EGUSI, BEANS N PLANTAINS I EAT R IMPORTED ABEI?.

Lucy001:
nice one, economy oti' pick up!

Sms vote Tboss to 32052 Thanks for voting!!

its TBoss!

martineverest:
good..recession is over

Dear CBN,
Pls,dont listen to those asking for 1naira=1 dollar.make it float btw 298-300,so as to encourage local producers.

From a concerned nigerian

Are u sure of what u are saying?? To encourage local producers, how??

If 1 naira equates 1 dollar, Even our local producers will be very happy cos they can source for machineries, spare parts at a cheap rates so therefore, the finished goods will definitely be cheap.

No one wud be stressing to get the dollar when trying to import, how can u hoard dollar when 1naira equates 1 dollar? it makes no sense cos at that rate, dollar wud hardly be scarce. At that rate, it means our economy is stable enough, we wud have foreign investors everywhere coming in with dollars, Euro, pounds, yuan even. Just to say a few.

Just that sometimes this guys use very technical terms while explaining these things... but they are very basic things that little research, common sense and asking questions can help is with. I am not an Economist but M interested in knowing what happens to my nation's economy. Bro, pls have a rethink. Thanks.

DzTzl:
its TBoss!

Yes its dear!!

Sms vote Tboss to 32052

more effort .... i need the stock market to increase my capital

sinistermind:
What some people don't understand is that even if Dollar goes down to 150naira, it doesn't concern the ordinary Nigerian man, unless price simple food items go back to normal. So as long as everything is still on the high side, Nigeria is still in recession to these ordinary Nigerians.

So I put it to you, how will the dollar go down to N150 and the prices of goods aren't affected too?

veekid:
Osinbajo has started ruling again; I guess

Gbam!

2muchopoTBdope:



Are u sure of what u are saying?? To encourage local producers, how??

If 1 naira equates 1 dollar, Even our local producers will be very happy cos they can source for machineries, spare parts at a cheap rates so therefore, the finished goods will definitely be cheap.

No one wud be stressing to get the dollar when trying to import, how can u hoard dollar when 1naira equates 1 dollar? it makes no sense cos at that rate, dollar wud hardly be scarce. At that rate, it means our economy is stable enough, we wud have foreign investors everywhere coming in with dollars, Euro, pounds, yuan even. Just to say a few.

Just that sometimes this guys use very technical terms while explaining these things... but they are very basic things that little research, common sense and asking questions can help is with. I am not an Economist but M interested in knowing what happens to my nation's economy. Bro, pls have a rethink. Thanks.

can I ask u a question?.... If the price of a Nigerian product and American product are the same, which would u go for?...... Even when dollar was exchanged at 150 naira, foreign products were far cheaper than local ones.why didn't CBN implement Chinese yuan policy?.... Because they realize the negative effect on local producers..the mentality of Nigerians on Nigerian products need to be changed.. If Nigeria was a manufacturing country, this recession would have been a blessing

Are we supposed to be happy? $1=N420?

sinistermind:
What some people don't understand is that even if Dollar goes down to 150naira, it doesn't concern the ordinary Nigerian man, unless price simple food items go back to normal. So as long as everything is still on the high side, Nigeria is still in recession to these ordinary Nigerians.

"doesn't concern the ordinary Nigerian" compare d price u buying electronics, generators, phones etc b4 n now

martineverest:
can I ask u a question?.... If the price of a Nigerian product and American product are the same, which would u go for?...... Even when dollar was exchanged at 150 naira, foreign products were far cheaper than local ones.why didn't CBN implement Chinese yuan policy?.... Because they realize the negative effect on local producers..the mentality of Nigerians on Nigerian products need to be changed.. If Nigeria was a manufacturing country, this recession would have been a blessing

Nice one bro.

1. I wud likely go for the foreign one and that's because of our mindset as Nigerians that our locally made items are usually substandard. Mostly true anyway. But if the dollar equates naira today, it wud be possible to keep our prices lower than the foreign ones. Again, why I think we still have substandard goods at times as locally made goods is bcoz of the cost of IMPORTING raw materials ,if we imported them cheaply, I bet u finished goods wud come out really cheaply and to encourage our locals to patronise, the price will be dropped to at least lower than the foreign ones. Don't forget that even as it stands now, Christian Dior and it's likes still sell higher than our locally made goods even with 1 dollar at about 4**.

2. I don't agree Sir... I know how much ladies buy locally made bags and I know the range of what Vuitton bags go for. Except it is way cheaper there and our fellow locals are hiking here, that I do not know.

3. I don't know much about the CBN Chinese yuan policy, I beg to find out.

Finally, on your last point there, if Nigeria was a Manufacturing country, I can swear that we would have hardly gone into Recession. And that is why the remedies to our situation now are Boosting the Agriculture and Manufacturing sectors, and also pray for Oil price to rise from slumber... lol, and also Fight Corruption and all our Political and Economic Instability(BH, Fulani herdsmen, Niger delta and co.).

desmond122:


"doesn't concern the ordinary Nigerian" compare d price u buying electronics, generators, phones etc b4 n now

How all these one concern Baba Sikiru in a village in ibadan

2muchopoTBdope:


Nice one bro.

1. I wud likely go for the foreign one and that's because of our mindset as Nigerians that our locally made items are usually substandard. Mostly true anyway. But if the dollar equates naira today, it wud be possible to keep our prices lower than the foreign ones. Again, why I think we still have substandard goods at times as locally made goods is bcoz of the cost of IMPORTING raw materials ,if we imported them cheaply, I bet u finished goods wud come out really cheaply and to encourage our locals to patronise, the price will be dropped to at least lower than the foreign ones. Don't forget that even as it stands now, Christian Dior and it's likes still sell higher than our locally made goods even with 1 dollar at about 4**.

2. I don't agree Sir... I know how much ladies buy locally made bags and I know the range of what Vuitton bags go for. Except it is way cheaper there and our fellow locals are hiking here, that I do not know.

3. I don't know much about the CBN Chinese yuan policy, I beg to find out.

Finally, on your last point there, if Nigeria was a Manufacturing country, I can swear that we would have hardly gone into Recession. And that is why the remedies to our situation now are Boosting the Agriculture and Manufacturing sectors, and also pray for Oil price to rise from slumber... lol, and also Fight Corruption and all our Political and Economic Instability(BH, Fulani herdsmen, Niger delta and co.).

point number one and two feet k-leg.... U can't compare the quality of Vuitton bag to aba made bags..... Have u ever compared to a Nigerian designer made items to foreign made ones of the same prize?... U will realize that the Nigerian made one bags quality are lower and less durable than the foreign ones. Most of these ladies u mentioned that patronize locally made bags are the ones that can't afford foreign made ones. If they are chanced or financially buoyed enough, I bet u, they will ditch local ones for foreign ones.


What u should be clamoring for is replacing foreign raw materials with local ones. Eg, the hides and skins production should be increased and made available to leather companies instead of consuming them as ponmo.... Otherwise, if Nigerian quality bag manufacturers are to depend on foreign raw materials like, the final price will be far higher than the foreign ones, since the foreign manufacturers get raw materials cheaply

sinistermind:
Some people come here to give us textbook economic how the naira appreciation means the economy is picking up. Thank God, naira to the dollar has moved from 520 to 420, but since this development started occuring, have you bought Garri lesser than the bought it 3 months ago? Same with other food items consumed by the ordinary Nigerian. The man in village is not concerned about naira appreciation, when he knows the economy is back to normal is when he can now buy his one cup of Garri again at 50naira.

Give it some time and prices of goods and services will drop. The existing stock of imported products has to be exhausted first and replaced with cheap imports. Further, the cost of gas and other inputs for local production will drop, leading to decrease in price of locally manufactured goods. In time, those that refuse to reflect the current low prices of goods will be put out of business. So, it's no a matter of traders being Wicked or greedy - they will be forced to reduce prices by the forces of demand and supply.

Johnpaul2k2:
i don't know where you people are getting your Stat?

Naira was at 405/$ yesterday evening

Which area?

Johnpaul2k2:
i don't know where you people are getting your Stat?

Naira was at 405/$ yesterday evening

Hmmn.
Where you take buy am that lesss

Cos as at this Morning..

The damn thing is still

N445/$ Parallel Market..

Hoping it drops more as well..

Just dey watch my back make e no Catapult Badly up..

ipain:


My bank charge 320

Lies

I bought from gtb yesterday at 375

Macaulish:



Hmmn.
Where you take buy am that lesss

Cos as at this Morning..

The damn thing is still

N445/$ Parallel Market..

Hoping it drops more as well..

Just dey watch my back make e no Catapult Badly up..

I sold dollar yesterday 415

Jengem:


I sold dollar yesterday 415

Isorite..

It will all Make Sense Soon

Igbonoid:



Well said my brother.. What has the poor man got to do with dollar whether high or low. Some have never seen or touched it in real life self.

? Most things the poor man buys, from slippers to singlet to Vaseline is imported with dollars. Even plastic bucket - the pellets and machines are dollar based

buchilino:


SO D YAM, EGUSI, BEANS N PLANTAINS I EAT R IMPORTED ABEI?.

No. But ironically, everything else (hoes, cutlass, tractor, pot, plate), and including the petrol to transport it, is imported. And the farmer and traders need to buy imported things, so their cost to you must increase.