₦airaland Forum

thebosstrevor1:
You keep changing goal post without answering the question i asked. I never for once asked about naira but you keep mentioning naira and your slogan demand and supply as if that is the only words written in your economics book.

Abokifx is not the cause of dollar rise, abokifx is just a blog that aggregates data.

Also,Dollar isn't 575, dollar is 563 in the unofficial open market, official cbn rate is 411

575 is gotten from binance p2p trading not recognized by the government, that is another scam in the making. Presently binance p2p is showing almost 600.
Greed will kill Nigerians

You were the one who changed the goal posts. Was I the one that brought in the issue of the Yen or the Won?

Workch:
My post is asking for evidence. You are avoiding that part

Your post was not asking for evidence. Your post made several claims. I simply asked you to prove them.

I thought you have finally gotten some objective proof of your claims only to find out it was just your sentiments.

If it is not, prove your 10 claims!

Workch:
You people bleat everyday in your churches, conversing with your imaginary friends

Like you have psychological issues

How is it your problem: is it your head?
Prove your claims, you cant!

BassReeves:
A man who disputes a claim that God exist is a rebel
Removing God from existence is a great act of rebellion.

I asked him for the basis and evidence of his disputes and claims: unfortunately he has NONE!
He just keeps on bleating like a she goat the same claims of his

Workch:
Then provide evidence that god exist.
He lives only in your deluded head that cannot tolerate the word “provide evidence”

I don't have to do that and I've not done that.
I've only responded to your post that is full of empty claims.

thebosstrevor1:
You keep changing goal post

It seems you are beyond learning.

Can you see how AbokFX has caused dollars to rise again even after its ban to N575 to a dollar
https://www.nairaland.com/6763147/naira-plunges-n575-dollar-two

Workch:
No claim here, I’m disputing a claim that god exist.
He doesn’t and that’s why we arguing

You will note that I haven't argued anything with you, I have only asked you the basis of your claims.
Unfortunately, there is none.

Workch:
did you make the claim with logic and reasoning?
No

:stop crying more than the bereaved

?
As You were the ones making the claims:
Answer the question or forever keep quiet!

thebosstrevor1:
I wasn't talking about the naira but the exchange rates of those currencies to the dollar

The comparison is never done in isolation. The exchange rate isn't the sole indicator of strength of a currency but
1. The per capital income of a Nation
2. The average citizens income

If the minimum wage in Nigeria is N400,000 and dollar is N1000 to a dollar. On the surface it looks like the Naira is undervalued. But the truth is that the minimum wage in dollars is $400.
BUT
The minimum wage in Nigeria is N30,000 and the exchange rate is N400 to a dollar. The minimum wage of a Nigerian in dollars is $75


So, you will see why the strength of a currency is not just about its numerical values of the exchange rate but its purchasing ability in the hands of the citizens.
Here you see that the Naira is stronger even at an exchange rate if N1000 to a dollar if the minimum wage is N400,000 than when the exchange rate is N400 to a dollar at a minimum wage of N30,000.

..which of these two will you prefer?

thebosstrevor1:
You didn't answer my question.

The Japanese yen is trading at 109 to the dollar
The korean won is trading at almost 1200 to the dollar.

Why is that?

Answer the question.

Stop shifting goal post .

The libya dinar is trading at 4 to a dollar.

Libya does mot produce anything and it is at war, why is that?

The Russian roubles and indian rupees are trading at 73 to a dollar, Afghani is trading at 79 to a dollar why is that?

Haven't I answered you? The Naira is relatively much weaker than the currencies you mentioned. It's not just about the exchange rate BUT the purchasing power of the citizens.

How much is your income in Naira worth in Japan?
How much is your income in Naira worth in South Korea?

Will you be rich or poor?

Workch:
It does Because your god doesn’t exist, you didn’t provide evidence. You are just frustrated about anyone trying to dispute it

It’s ok to have cognitive dissonance

If you are going to dispute something at least do it with logical sense and objectivity instead of bleating about like a sheep in distress.

After your post, the logical question to ask you is to present your evidence to the contrary

Workch:
You are responding my dispute because you don’t have evidence for your extraordinary claim.

It’s a shame that you believe in Stone Age tales without evidence like you don’t have firing neurons

Your imaginary friend is your onus to proof. No one is going to proof your barbaric claims for you

I didn't come to Nairaland to make any claim. I responded to you claim now you claim damage.

Unfortunately, none of your claim have any basis!

thebosstrevor1:
Stop shifting goal post.

You wrote the theory below when i asked about japan and korea currency weakness against the dollar.

Every country who produce MORE than the IMPORT will have a strong currency.

Japanese yen is trading at 109 to a dollar, korean won is at almost 1200 to a dollar, why is that?

Libya is at war but the libya dinar is 4 dinar against the dollar.

What is libya producing?

India and Russia currencies are trading at 73 to a dollar.

Afganistan that is at destruction level is trading at 79 to a dollar.

Is Afganistan in the same economic situation as india and Russia?

I hope you can see the flaws in your theory

The strength of a currency is dependent on its purchasing power.
Let me ask you a question
Which of these currency is weaker
100 naira
10000 kobo!

Note:
1 Yen is the smallest denomination of the Yen. Just like our 1 kobo is the smallest denomination of the Naira
Note:
1 Won is the smallest denomination of the Won. Their coins starts at 5Won

Calculate inflation of the Naira based on the smallest official denomination and let's see who has the strongest currency.

Secondly:
What is the minimum wage in Nigeria, Japan and South Korea?
Nigeria= N30,000 per month
S-Korea = 1,822,480 Won per Month
Japan= 156,173.3 Yen per month
Japan National Minimum Wage - NMW 2020 | countryeconomy.com
Minimum Wage Increases in 2021 for New Zealand, South Korea ...

So, who is poorer?
A country that can afford to pay you or one that cannot afford to pay you?

Workch:
Why is it so difficult for you just say; god exist, see the evidence and test it?

Your frustrations about me dispute it is not evidence, it should encourage you to find evidence for it.

You wrote the original post not me. I am simply responding to your claims.

Unfortunately, you don't have any foundation of logic or reasoning as the basis of your counter-claim.

Too bad!!

thebosstrevor1:
So according to your theory, japan and korea consumes import and have less production?

I didn't say this

thebosstrevor1:
I told you before, your books are filled with theories that are not applicable in real life.

Another question, how is money created? What does your economy book have to say about that.

Tell me a country in this world that doesn't have thousands of Toyota, Nissan, Lexus, Mitsubishi, Honda products. They all come from a single country with population one quarter that of Nigeria and land size half of Nigeria.

Do you know where KIA and Hyundai come from? South Korea!

Tell me a product Nigerian populace exports and is available in 10% of the countries of the world? Or can you tell me where in Nigeria we manufacture needles, pencils, paper, buttons, forks, knifes, phones, electronics, etc?

Workch:
Dont abuse people, just provide evidence for your imaginary friend

Insults are not evidence

I do not need to. I only need to hear from your wealth of wisdom in coming to a logical counter-position.

I couldn't be more disappointed!

thebosstrevor1:
So Mr economist, how is it valued, so why is the currency of a developed country like japan trading at 109 yen to a dollar.

How come the korean won is trading at 1187 to the dollar.

Or is it also demand and supply?

Every country who produce MORE than the IMPORT will have a strong currency.

Every country who consume IMPORT and have less of production will have a weak currency.

Workch:
No one has evidence for people with imaginary friends in the sky

Its a shame that uneducated people wrote and compiled a book AND one supposedly with education comes up to refute the book and is as backward as stone age people in logic and expression.

To this, I shake my humble head in awe!

Workch:
In other words god doesn’t exist and you don’t have evidence it does.

You are living in delusion

See one forming enlightenment without an iota of EVIDENCE to back him up.

wehla:
The Jehovah's witnesses seems to be the only christian denomination not putting emphasis on tithe which has dominated the theme of most churches. From the Bible, tithing is not one of the criteria to make everlasting life and enjoy God's favour

Very wrong.
Not all Christian denominations make tithing a DOCTRINE!

thebosstrevor1:
They are theories does not mean they are applicable in real life.

You seem not to have an idea how money or a national currency is VALUED!

hosemujica:
My bdc guy said they are raiding them now trying to force them to sell CBN rate. I advice everyone that has $ to keep it in their pocket because this is only going to get worse, as they are busy raiding bdc manufacturers are busy relocation away from Nigeria, so its only going to get worse ,banks will continue to sell to bdc and ask their customers to go buy from their, let CBN deal with that first.

Whao!
Just as water will find its level.
Nigerian traders must find sources for the dollar raid or no raid to bdc.

Although, a temporary way out (if the dollars are sourced from the CBN is to force them to sell at a N10 mark-up). But since the dollars to the bdc is not from the CBN again, you cant force the BDC to sell below their Cost Price.

I am ashamed at our Economists maning the national economy. They seem to have lost ideas of what to do.

Workch:
Only claims made with evidence can be disputed without evidence.
You don’t make claims without evidence and expect people to dispute it with evidence sir.

Show me evidence for god, I will dispute it with evidence or accept it to be true

In other words, you are just ranting with a less superior argument. SMH!

thebosstrevor1:
Buying and selling tomatoes is different from trading currency

Did you study any Economics in school?
I doubt, else you wouldn't speak like this!

In economic theories these (money, tomatoes, clothes, cement etc) are ALL Commodities and subject to the Law of Demand and Supply

Workch:
I didn’t make any claim, I am disputing the claim “god exist” by Christians which there no reliable evidence to verify it.

You disputed some claims by making counter-claims!

Prove your own claims!

thebosstrevor1:
No sir, this isnt driven by only demand and supply.

I didnt say this

thebosstrevor1:
At the moment, Nigeria does not have enough supply of dollar to go round, so what the cbn does is to ration the supply of dollars into important sector of the economy and then placed a ban on some goods from accessing dollars

Even if nobody demands for dollar, the exchange rate can still increase or fall depending on the policies of the government

Whenever the supply of Tomatoes in the market cannot go round, the price of the available tomatoes will INCREASE
Whenever the supply of Dollars in the market cannot go round, the price of the available Dollars will INCREASE

This is BASIC demand and Supply and this is the reason the BDC can charge so much for the dollar.

thebosstrevor1:
Those who can't access dollars because their goods are placed on the cbn banned lists rushed to the bdcs, who then sell dollar to them at high rate fueling a speculation bubble. The government is trying to stop the bubble by banning bdcs and making sure there is only a single official rate.

The government has not banned BDC neither have they enforced their regulation.
Let me help you comprehend this:
If the alternative sources of Tomatoes in a Market are blocked and there is very little supply of tomatoes in the market, wouldn't it encourage those who can get tomatoes illegally to begin to open illegal selling outfits?
Do you think the tomatoes will be sold at cheap prices?

If the government stops the BDC and the CBN is unable to meet the need of the citizens, what do you think people who need dollars will do?
If you are given $1000 by your friend in USA and you heard that someone want to buy dollars at N700 per dollar, will you sell to such a person or you will go to your bank to sell your dollars to them at N412?

adonainana:
Abeg Baba pls leave the guy, all these kids on Nairaland self

Most of them don’t know much about anything more less about simple demand and supply

And every time we keep telling them an unofficial market has nothing to do
With your woes cos it’s a black market made popular by the official market lack of effectiveness but yet they don’t get the gist

So pls abeg let’s leave the guy when naira is 650 to dollars in December let’s see who else would be used as scape goat

It's amazing that even many Economics graduates speak like this: they think that FISCAL policies can exist without the underlying PRODUCTION of goods and Services. All they do is making high sounding pronouncements and grammar as if it will build the economy.

Workch:
Thats because I didn’t make any claim?
Only ask that people who claim that god exist should provide evidence for it else I don’t believe he does.

You didn't!!! ? ?
SMH!!

Workch:
1. The Bible is not evidence, it’s a claim.

2. Miracles are not evidence, they are claims or products of ignorance.

3. Creatures are not evidence, we know how a lot of them got here.

4. Bible and Quran passages are full of lies and unsubstantiated claims.
5. Their stories directly oppose reality and sometimes very laughable and can never be proven to be true, all lies and no single evidence.

6. There are no gods. All gods are fantasy creatures invented by humans.
7. Gods can’t be detected with our human senses because gods don’t exist.

“Perceived mind telepathy”?
8. Well, right, there’s no such thing as telepathy but sometimes people think they are receiving messages from some outside source.
9. They are actually getting some sort of feedback from their own subconscious mind.

Claims are assertions made about subjects. I guess, you don't even know you have made claims

thebosstrevor1:
I am not over looking law of demand and supply.

But currency speculation is what most people use the dollar for in Nigeria

Demand and supply is the basis on what speculations are also based upon.

If everyone can get up to $5000 easily from the banks at the rate of N410, why would I go to the BDC to buy the same dollar at N520?
How come everyone cannot get dollars easily from the banks?
Does the CBN have enough dollars to meet the needs of Nigerians?

Give me a good reason why a Nigerian will buy dollars from BDC at a much more expensive price: do they have other alternatives of sourcing forex?

hosemujica:
You are talking to low IQ guys who don't own know know what business people face in Nigeria. Pen and paper economists ? Abeg someone said the black market rate is $595 how true?

It's amazing that many Economics graduates speak like this: they think that FISCAL policies can exist without the underlying PRODUCTION of goods and Services. All they see is making high sounding pronouncements to build an economy.

I am not sure of N595 to dollar rate. It seems its about N420 (not sure though)

*Edited: Everyone on the internaet is quoting the CNB rate o!

Workch:
How come it’s difficult for you to identify the claim I made?

How come you cannot recognise any claim you made?