₦airaland Forum

blackpanda:
She should open her book and read not smiling sheepishly like roasted goat.

na wetin na?

Yeah, there's a resemblance.

Booooohari's brothers take note.

What's good for the goose, is also very much good for the gander, especially when the gander is uselessly clueless!

I guess his reputation as a pompous buffoon is preceding him.

I go keep am oooooo. , I go tell am thankyou sef.

yaki84:
u r not right in this ur economics 101.
its vague n fallacious.
now lets take for instance cbn releses 10billion dolls to banks at 197, the banks hv paid for this 10billion dollars released by cbn, d money they hv now is in naira so automatically d cbn have minus10billion dollars and 1.97trillion naira.
what cbn need do is source for dollars with d 1.97trillion naira they have.

source for dollars from who? Who will take the Naira from them and give them dollars?

If it were so easy to source for dollars, dollars wouldn't be selling for 400 naira.

Please enlighten me on how CBN sources for dollars, I would really like to know.

Ibeme:
Repogirl, what do you need to exchange at N197?

An invoice from an exporter etc?

I have millions of Naira I need to exchange at N197. Can you help point me in the right direction?

The direction is CBN, Google their address but I doubt they can help you sha.

They barely have enough, you never know when Buhari will travel next, so they have to keep it handy for him on his Gulliver's travels.

Hope it was worth it?

Annie, you go give yourself heart attack. Who send you go marry Ashawo before?

makenzie:
your conclusion is that CBN get its foriegn exchange from Black market and come back to sell to black market

see, don't give yourself migraine.

CBN gets forex from our sales of crude mainly, but if you have noticed, there's no profit coming from that angle anymore. Crude prices have dropped drastically.

Meanwhile CBN still has obligations to supply forex to importers. They have to take from the reserves which isn't accruing much these days.... And when it's time to return the money to the reserves, they return less....except that money never goes back to the reserves which is even worse.

Hmm, I thought they killed him that time? Now he has been arrested.

kay29000:
There are more civilized ways of criticizing a Government than calling your president 'Booohari.' Don't you think?

lol, but he deserves being booed, as he is a charlatan.

makenzie:
my friend, can you please do a research and come up with a good reason why he should not refuse. may be we can learn.

okay, financial economics 101....

I guess you are aware that CBN provides Nigerian importers with dollars to pay their foreign suppliers. For example, let's take the petrol importers.

These petrol importers pay CBN in naira and collect dollars at the official rate of N197. Remember CBN is paying them from our foreign reserves, so they have to return the money to the reserves.

Now,the issue is CBN cannot exchange this naira at their rate of 197 anywhere and they are forced to exchange at the market rates which is presently hovering around N400 at the moment. This means CBN will be exchanging the Naira back to dollars at a higher rate than they gave the importers, thereby losing a lot of money in the process.

To make it clearer

CBN gives Importer , $2 billion at N197 per dollar, means the importer pays CBN 394 billion naira.

But when CBN wants to exchange the Naira received from importer to dollars, they exchange at lets say N375 per dollar, which becomes, 394 billion/ 375 = $1.05 billion.

This means CBN has made a loss of N950 million.

This is the reason why they have stopped exchanging for some imports, medicals and students abroad, they are losing money seriously.

If the Naira had been devalued since, it might not have gotten as bad as it presently is, because now the market is being fueled by desperation and panick.

Hope I have hereby been able to convince you in the need for a devaluation of currency. It's simple, we are losing money.

kay29000:
repogirl, you are a Buhari hater? My likeness for you just dropped like a hot pot in a toddlers hand.

I am not a hater, I am a critic.... Big difference.

You not liking me is not my problem,I want the best for my country and so far, I'm not impressed.

Tough choice to make.

One really shouldn't judge a book by it's cover... When one gets to know the person, one might be surprised at what one might learn.

CBN didn't refuse, Boooooohari refused!

Poor children.

Annie's gown is beautiful, the electric blue colour really pops.

Wow, so we have even been over paying since, and now they have added on top sef. Gosh!

Choi!!! One chance ehhhhhhhh!

Lord help the poor masses.

Mercedes G wagon, Range Rovers and then the Sclass Benz... In that order.

Since we can't believe anything that comes from the APC, how can we believe this?

Interesting

He should weldone o, wasting money we don't have, chasing Mirages.

This kcee and Emoney sef too dey overdo, they are almost even clownish with their notice me by force attires and tactics. Mtchewww.


Poverty mentality.

We never even start.

The man obviously has a type.

Hope it will help her wardrobe.

Na today? It's almost normal in my house for them to find something to smear on themselves and all over the place, usually my makeup powder or toothpaste whenever I forget to keep it from their reach..... Na to smack dia bombom before bathing and cleaning every where up.

Trapnews:
Choi You this girl....

, na important question na.

Lol, what if he wants to 'entertain' female friends?