omenka:
Sometimes, deliberately suppressing the rise of one's currency against the dollar is a strategy deployed by governments to attract FDIs. Nowhere else is this more entrenched than in China, which is one of the reasons behind their endless squabbles with Uncle Sam.

I am not really sure if similar strategy would augur well for Nigeria anyway, since the other factors necessary to attract such FDIs, such as dependable critical infrastructure, are lacking.

Come what may, I wish my dear country well. We'll come out of the current economic quagmire stronger I believe.

Olodo, basic economics you no know

Enemies of progress

I think the CBN is trying to keep our foreign reserve up.

A population of 200m where half is poor and lives on less than $2/day and the others are struggling to survive is no use to anyone. A population of 15m with high spending power is betwr than Nigeria population. NigeriA really need to rethink the harsh economy policy
Nigeria is rich but majority of the citizens are poorest.

This is wickedness na

All the those things written looks like baba Abesupinle incantation to me.
Can someone from Nairaland break it down for us,a genius in international economics should break it down to we who are still reading Queen Premiere

iaamxavier:
Fraud has eaten deep into our society

From The grass root to the top it's so bad that even the ones we ought to trust are the greatest perpetrator of this fraudulent activities

May God save this country
Or better still sell this country and share the money to us

We may be needing a MINISTRY OF CORRUPTION in Nigeria soonest.
It's long overdue.

Please I don't know how open a trade here, may be some one should help me out and do so. This car was stolen at Awlaw in oji River local government of enugu state.Green Toyota Rav4 2003 model with registration number BM 888 AKD . Engine number 1AZ0795778. Chassis number JTEGH20V120072046 . Any body with useful information should contact Kenechukwu ( 08067048089)

NaijaOlosho:
This is wickedness na

Does it affect the COST of picking an OLOSHO...?

Sweetgoodie:
[s][/s]
trash
Rubbish

Empty head.You could not as much as give a counter argument to the points he raised. No wonder it was so easy for you to type trash, rubbish because that's all you know

omenka:
Sometimes, deliberately suppressing the rise of one's currency against the dollar is a strategy deployed by governments to attract FDIs. Nowhere else is this more entrenched than in China, which is one of the reasons behind their endless squabbles with Uncle Sam.

I am not really sure if similar strategy would augur well for Nigeria anyway, since the other factors necessary to attract such FDIs, such as dependable critical infrastructure, are lacking.

Come what may, I wish my dear country well. We'll come out of the current economic quagmire stronger I believe.

Your post makes sense only if we are export driven economy. But we are not.

mamaafrik:
All the those things written looks like baba Abesupinle incantation to me.
Can someone from Nairaland break it down for us,a genius in international economics should break it down to we who are still reading Queen Premiere

Your brother in USA sends you $1, they withhold the dollar then pay N370 official exchange rate. Then sell that same dollar for N420 to Nigerians who needs to pay school fees or buy goods in dollars.

If they had given you the dollar, you will sell it for about N400 in black market. The point is the more the dollar is available the lesser the exchange rate becomes but the CBN don't want that availability thereby creating scarcity and making the black market exchange rate go higher.

we cry everyday but it gets worse .
naija a country of hopelessness, suffering, daylight looting while rubbing it on masses face.

1x2x3:


Your brother in USA sends you $1, they withhold the dollar then pay N370 official exchange rate. Then sell that same dollar for N420 to Nigerians who needs to pay school fees or buy goods in dollars.

wa gbayi arakurin,so simple and apt.
It looks like CBN want to be unfortunate sha.
That is an act of legal Huspuppying ke

Everything under Bubu is in total rubbish

The same topic created back then. Seun and lalasticlala lack fore sight to make it front page. Now is resurfacing, imagine the year gap, 3 years ago.

PietraK:
I think the CBN is trying to keep our foreign reserve up.

how uncle,some of us no understand .
Daddy Kubura ,Pls Explain

Islie:
How Central Bank Of Nigeria Deliberately Prevents Naira From Appreciating Against United States Dollar



https://saharareporters.com/2020/07/02/exposed-how-central-bank-nigeria-deliberately-prevents-naira-appreciating-against-united

Remittance that diaspora send is above Nigerias annual budget.
95percent of that money are southerners.
There must be transparency on this money.
It's a huge rip off

Itisallright:
I don't know why we're so selfish in Africa, most especially our leaders.....

... Not only our leaders. We are all selfish and wicked. It's in our blood as Nigerians

GeneralPula:
Yahoo boys plays a vital role in dollar/ naira exchange..

As Efcc no let boys breath for Naija, them don waka comot..

Dollar is now cost in Naija because we have less people bringing in dollar..

You're yarning trash.

Trailblazer1:
In Nigeria, any institutional solution to a problem always ends up a bigger problem.


Check out Nigeria Police,

Check out SARS.

Check out EFCC

Check out Democracy

CBN has now joined the gang of saboteurs of our collective progress as a nation

CBN just joined? You are kidding right? CBN and NNPC are most corrupt government agencies.
The only bank with a governor and you know what governors do.

sanusi it was who blew the whistle on Aisha buhari for round tripping, in 2015.. it didn't start from her.

softset:
No wonder lots of companies setting up remittance business especially in the USA. Rebtel whose primary business was strictly international phone card business is aggressively marketing its remittance business in USA.

This is an opportunity for entrepreneurs to look into the business.

But how can remittance revenue be more than oil? Am I missing something

Remittances can easily be more because firstly lots of our oil output is stolen. Drilling firms connive with politicians and influential people to take oil offshore without FG getting a dime.

Oil companies avoid taxes again conniving with politicians. A top Dutch diplomat (Mr Smaling) working in Nigeria just got fired days back after blasting his country Holland and other Western countries for aiding and abetting such corrupt practices in Nigeria.

Nigeria's oil out put fluctuates badly. The often quoted 2 million bpd is misleading.

Of late we had about 60 shiploads of crude oil in the High Seas. No takers due to Covid-19.

And it is going to get worse. With the whole world gradually going green, soon only natural gas will be our major export.

Whereas those in diaspora sending money for feeding, rent, medical care, school fees and various projects are consistent. Be it monthly, quarterly or annually.

Also the population of diaspora Nigerians swells from year to year.

Truetalk3139:
Nigeria's corruption is intensional, to eradicate it firstly we need to vote youths into power.

Say no to the government of the old!

I disagree totally. The present generation of youth in Nigeria will sell Nigeria within a month of grabbing power. Oju tí fẹ, Ẹnu ti fẹ́. Infact everything is so wrong with us

djon78:




Remittance that diaspora send is above Nigerias annual budget.
95percent of that money are southerners.
There must be transparency on this money.
It's a huge rip off

And you just jumped to the conclusion that 95% are Southerners. Nigerians are unbelievable when it comes to bigotry

Soon and very soon

There will come a day when forces deliberately pulling Nigeria' progress down will be uprooted, removed and ceasing to exist

It is obvious that Nigerians are the first enemy that Nigeria has

From our very leaders to the least labourer, everyone is on the look out for quick corrupt gains and will stop at nothing to make this evil gains

So doing, we all contribute to the decadence Nigeria continues to suffer

When will our Fatherland have it's neck released from under the knee-grip of its saboteurs

Vote for National Rebirth
VDM

samsard:
You're yarning trash.

I know wetin I Dey talk..

I've told anyone who cares to listen, the only reason why the Naira is so low is that goverment needs to the exchange rate to be able to meet up with its obligation.

Our Fx receipts are sufficient for exports..

Lumig:

I disagree totally. The present generation of youth in Nigeria will sell Nigeria within a month of grabbing power. Oju tí fẹ, Ẹnu ti fẹ́. Infact everything is so wrong with us

I think a young Nigerian like Hushpuppi will make a great finance minister, CBN boss, EFCC boss or even president.

Nigeria is not ready to fight corruption. Because those with the constitutional powers and means to fight it are the key beneficiaries of corruption.
Simple.

The masses are powerless. Or rather are not aware of the power they can wield. They have been pauperised, defeated, emasculated and cowered.
But it will eventually end in tears for the elite and ultimately the masses.

Impunity of the elite has already removed the possibility of a middle ground solution. Anarchy and chaos will be inevitable.

softset:
No wonder lots of companies setting up remittance business especially in the USA. Rebtel whose primary business was strictly international phone card business is aggressively marketing its remittance business in USA.

This is an opportunity for entrepreneurs to look into the business.

But how can remittance revenue be more than oil? Am I missing something

You arent missing anything.

Remittances are more than oil.

What we call remittances also consist of Yahoo boys fund.

TANTUMERGO007:

Olodo, basic economics you no know

Sorry, you and I dont bear the same surname.

Lumig:

I disagree totally. The present generation of youth in Nigeria will sell Nigeria within a month of grabbing power. Oju tí fẹ, Ẹnu ti fẹ́. Infact everything is so wrong with us

Yeah, because corruption is the standard they met, those who were to keep or who were to holdforth the right standard and then pass it to the next generation choose to keep doing the wrong. I wonder what standard kids born in twenty years time will meet. Don't be surprised if present day parent rebuke you from tongue lashing those corrupt leaders. Some of those parent will say... '' Pray make you get there, and then you self will chop your own clean mouth.'' If a parent says that, then you know it is finished. @ the bolded,I spoke from experience based on what I've heard and seen.