While people are complaining, we're smiling to the bank cos the fall of naira does not affect our biz at all. Some have been sacked this year, more will be joining them no matter how dedicated you are to that Job. Join helping hands today for a leverage and plan B instead of having high BP because of that job. Call or whatsapp 08037798195 if u want to sack your boss!

Localamos:
This is a watery report aimed at attracting cheap popularity. My reasons:
1. Exchange rates for online transactions are not set by the banks. They are determined by Visa International and Matter Card.
2. Exchange rates for online purchases have never risen up to N299. It was N226
3. CBN has blocked the use of ATM for online purchases.
4. CBN does not release forex to individuals. The revised Dutch Auction System (DAC) requires Banks to bid on behalf of their customers at the Inter Bank Sessions. Successful bids get the approved Dollars. So there's no way CBN can arbitrarily sell to their friends and cronies.
5. The restriction of sale of Dollars to certain businesses is a temporary measure taken by the CBN to manage the demand on the Dollar. Generally, this measure excludes goods that have substitutes that are produced in Nigeria. Not that they are "irresponsible", but why would you fund the importation of a commodity that is abundantly produced in Nigeria?

Stop talking trash or what you don't know, last week Friday I did online purchases using my visa card and I was charged N315/$ by Access bank, people using First bank said they were charge N322.5 that same day. People that did online purchases yesterday using their visa/master card said they were charged N385/$ and you're here talking garbage. As usual asslicking your 75 y/o change president.

Ok

steph2sweet:
I have totally lost hope in this government, what a mess.

meaning if am admitted for a 4 year course and GPA in my first semester is 1.5 I should be advised to withdraw? right?

The official exchange rate is still less the N200.The black market rate cannot determine the strength of the Nigerian economy!

Businesses with legitimate demand for forex are getting them at the official rate.

Localamos:


Let's narrate a short story to help them understand.

Oga John is a Banker. He earns a fat salary and gets quick promotion on his job. Life has never been so good. He built a very big house and has five cars in his fleet. Apart from maintaining his family, he also caters for other people's needs. A very generous man he was.

He is so sure that his salary would come at the end of the month, so he blows hos money on exotic drinks, women and all the pleasures of life. He never cared to invest. He never even saved for a rainy day.

One day, the bank had to restructure, and sacked top management staff. Oga John was affected.

Barely two weeks later, Oga John could hardly pay his bills. Debts are accumulating and things are falling apart.

Now relate Oga John's Story to Naija's case. Who is to blame? Do you blame a new government that has come at a perilous time or do you blame the generality of past governments and our poor mentality of "eating national cake"?

This story is becoming stale don't you agree? That was why we voted change. Now we have the greatest fraud ever in our history via the budget. A whopping #2.2trillion is about to be borrowed to fund #2.2trillion fraud in the budget. At least the past administration stole from our earnings. This administration is about to mortgage the welfare of the future generations for its own stealing.
The following indicator should open your eyes;
The diversification strategy of the current govt is a joke when we consider the budgetary allocation of the past govt for critical sectors like agriculture. GEJ allocated 1.6% to agriculture. Buhari reduced it to mere 0.48%.
What is the economic direction of the current govt?

Ayodejioak:
Here in Yankee even if u curently have $1000 dollars, you are millionaire at home. Come to think of it I make that in a week.

Realy?

smsshola:


U ar on point...this also ball down to our leadership who refuse to have better plan for the masses when the oil was booming, today the fall in oil price is one of the determinant factors while dollar kp dropping freely.

Now buharo shu think outside the box and do something..

All ds dollars wey we dey hear dem dey collects from looters dem no fit use them fo CBN?.

I don't think the crude oil price is the full story. This is the lie APC keeps peddling around. A lot of factors led us here. Are we saying BDCs were getting funding from CBN only? I doubt it. A good chunk came in from foreign investors/speculators and also foreign remmitances. The delay in appointing ministers was a bad move too. It led to a lot of uncertainties and investors pulled their dollars out hot. The freezing of dorm accounts also forced money to neighbouring countries in millions of dollars. Are you aware that the rate of currency weakness is about 40% in some neighbouring countries and they don't have oil. If dollar was the only reason, we shouldn't have lost 70% in value. People are exchanging naira to these currencies and cross exchanging to dollars. As we know, the dorm embargo has been lifted but the ball was already rolling. They realized the folly too late. I think the PMB government forced a scarcity of Forex unknowingly while fighting this corruption. To worsen it, it seems they have no economic team and keep sending the signal. At the last FEC meeting, their agenda was climate change and the President's travel. For real? Those are market signals that would keep depressing the dollar. I don't believe our Forex predominantly comes from crude. Maybe 70% or less. We just failed to document these other sources. The current trend shows there are many other unaccounted sources.

Like I said they will keeping this crude oil as an excuse till 4 years finish.

PoliticalThuG:
Next time when u hear "change", ask very well which type of change are they talking about.. I only pity my yoruba prothers who have nothing to produce apart from cocoa and cola

compare the price of cocoa to that of crude oil you will see the huge difference.

APC government is filled with lies and propaganda. Very soon lie Mohammed will tell us that they have technical won the war against Naira fall. Foolish government with no direction ,policy and agenda. Everyday, they will come up with news of fighting corruption...... Distraction everywhere. #allowEFFCtodotheirjob

modik:


PM me for expert advise on better/safest way to send your money to your people at home avoiding N197 rate.

I cant send pm Cos I Don't Know THE Email I used To Set UP this account. ..my email is johney190@gmail.com. ...

This is the type of change you get when your president is an illiterate that couldn't pass even O'Level.

Akshow:
mumu that cocoa is more than enough. Beside yorubas can also export palm products, bitumen, etc. So pity ursef first

they should swing into action immediately. What's keeping them.

So on point

Pavore9:



A criminal? I get to receive my export proceeds through CBN and am paid less than N200 per dollar and l need to import some raw materials for my production and banks sells to me dollars at nearly N300 for one, who is the criminal...I or the banks who are making almost a N100 per dollar from the dollar l earned for the Nigerian economy?

saxywale:

Atleast, he is not travelling with a 200 man delegation paying for hotels that cost $10,000 per night, and can you tell us how much PDP campaigned with


Jonathan's Destiny Is To Bankrupt Nigeria –Pastor Bakare (2012)

The budget tells the true story though. I don't know how much he spends on hotels and you don't too. Considering, statehouse budget is way higher than under GEJ, I suspect Lai did his job and lied. Our problem is a poor economic team driving away investors and dollars. We keep thinking it is about frugality and propaganda. Ministry of information also got more money than ministry of Agriculture. A cost center vs a profit center? Also our biggest chance at getting out of this mess. Which foreign investor would invest in the ministry of information over Agric. Those are the reason dollar is disappearing.

saxywale:

You are a d!ckhead, and you might as well stick your opinions where the sun don't shine.

http://africanspotlight.com/2015/05/20/buhari-is-inheriting-the-worst-economy-in-nigerias-history-a-debt-of-60b-osinbajo/

http://www.businessjournalng.com/sp-nigeria-faces-difficult-economic-conditions-in-2o16/

If he wasn't fit for the job why did he apply in the first place? Right now its not about PDP OR APC. Every of Buhari's move seems to get us in even bigger mess. Buhari have no economic team. Obama inherited a bad economy from Bush. Before he was sworn in he had put together an economic team. You as a Buhari's supporter can you enlighten us on his economic direction? To say Buhari is clueless is to say the least. From the mess of a budget he created to trying to drive the economy with monetary policy. Pathetic!!!

RichYoungNigger:


No.
Goodluck Jonathan stole all the money Nigeria had.
Buhari got into office and he was left with nothing.

Since, Buhari got into office, the oil price dropped drastically, and Naira fell also.

Where did Buhari get all the money he's been running his government with ??

Did he got it frm jonathan?

1Dray:



Stop talking trash or what you don't know, last week Friday I did online purchases using my visa card and I was charged N315/$ by Access bank, people using First bank said they were charge N322.5 that same day. People that did online purchases yesterday using their visa/master card said they were charged N385/$ and you're here talking garbage. As usual asslicking your 75 y/o change president.

I knew he was talking trash cos I had done at 270 with Diamond. Everyone don turn expert bro.

tiwiex:


The budget tells the true story though. I don't know how much he spends on hotels and you don't too. Considering, statehouse budget is way higher than under GEJ, I suspect Lai did his job and lied. Our problem is a poor economic team driving away investors and dollars. We keep thinking it is about frugality and propaganda. Ministry of information also got more money than ministry of Agriculture. A cost center vs a profit center? Also our biggest chance at getting out of this mess. Which foreign investor would invest in the ministry of information over Agric. Those are the reason dollar is disappearing.

God bless you Brother. People can defend what they have no idea about. No economic team. Only 0.48% was allocated for agriculture a reduction from 1.6% GEJ tried to maintain. Now I really appreciate GEJ idea about governance. You can't fight corruption, just make it difficult for people to steal and we will be fine. The amnesty guy Buhari appointed blew #48billion in 5 months on frivolous contracts and nobody is saying anything. Change indeed.

zheroes:
meaning if am admitted for a 4 year course and GPA in my first semester is 1.5 I should be advised to withdraw? right?

are you minding her?

na her type go sit down behind pc dey type rubbish.

unite4real:
The Naira has plunged more than 70% in the black market when compared to the parallel market since the Central Bank adopted its “managed float” exchange rate system that saw it introduce quasi capital controls as well as restricting the purchase and sale of forex at its official window. The widening premium between the parallel market rates and the official/interbank rates have increased the activities of speculators and round tripping further worsening the currency situation.

It’s however not just speculators who have benefited the most from the misfortunes of the naira. Several other market participants are also benefiting every single day the naira plummets against the dollar at the parallel market. We take a look at some of them;
Diaspora Nigerians

This is perhaps the best time to live and work outside Nigeria especially if your income is in dollars. Dami, a Nigerian who lives abroad reveals that she and her husband thought rather than wait till summer, they decide to visit Nigeria now that the exchange rate favours them. Sensing blood, many of them exchange their dollars in little tranches believing that today’s rate will always be cheaper than tomorrows. Some believe this is the best opportunity to buy land and houses as the value of the dollar has now risen by about 70% against the Naira while property prices have been somewhat depressed.

Commercial banks

Banks have been under pressure since the price of oil began its devastating fall in July 2014. With huge exposures to the oil and gas sector they have seen their loans increasingly become risky with borrowers missing out on their obligations. However, they have also posted massive gains from forex as can be seen in their income statements at the end of financial year 2014 and the first 9 months of 2015. Most people who purchase items online have also confirmed that banks charge them as much as N290 to the dollar even thought the CBN pegs the rate at around N199.

BDC Operators

These are perhaps the biggest benefactors of Nigeria’s forex woes. The CBN in January banned sale of forex to BDC operators accusing them of buying forex from the CBN at N199 and then selling at the black market. The CBN also noted that the BDC’s buy dollars from the CBN at N197 only to sell to their customers at N250. According to the CBN it’s no wonder that BDC have risen “from a mere 74 in 2005 to 2,786 BDCs today. In addition, the CBN receives close to 150 new applications for BDC licenses every month.”

Exporters

Businesses engaged in exports are also huge benefactors of the declining exchange rate. Revenues from their exports officially should route through the CBN as export proceeds however it is understood that some of them move a chunk of that to the black market. With gains as high as 50% most of them find it hard to resist the lure of selling their hoard at the black markets rather than at the official window.

Friends and associates of the CBN

Reports also suggest that people close to the management of the CBN or indeed the government are also befitting from the fall of the Naira. They get preferential treatment from the CBN by buying at official rates rather than at the black market rates where a lot of Nigerians go to. The CBN has also expressed its desire to sell forex to businesses it perceived are creating jobs at home rather than to cater for “irresponsible demand” which the CBN opines are what other importers of “non essential” goods and services engage in.


http://nairametrics.com/nigerians-benefiting-from-the-fall-of-the-naira/

WHERE YAHOO BOYS?

tiwiex:


I don't think the crude oil price is the full story. This is the lie APC keeps peddling around. A lot of factors led us here. Are we saying BDCs were getting funding from CBN only? I doubt it. A good chunk came in from foreign investors/speculators and also foreign remmitances. The delay in appointing ministers was a bad move too. It led to a lot of uncertainties and investors pulled their dollars out hot. The freezing of dorm accounts also forced money to neighbouring countries in millions of dollars. Are you aware that the rate of currency weakness is about 40% in some neighbouring countries and they don't have oil. If dollar was the only reason, we shouldn't have lost 70% in value. People are exchanging naira to these currencies and cross exchanging to dollars. As we know, the dorm embargo has been lifted but the ball was already rolling. They realized the folly too late. I think the PMB government forced a scarcity of Forex unknowingly while fighting this corruption. To worsen it, it seems they have no economic team and keep sending the signal. At the last FEC meeting, their agenda was climate change and the President's travel. For real? Those are market signals that would keep depressing the dollar. I don't believe our Forex predominantly comes from crude. Maybe 70% or less. We just failed to document these other sources. The current trend shows there are many other unaccounted sources.

Like I said they will keeping this crude oil as an excuse till 4 years finish.

Well done! Just on point.

Elparaiso:
And we expect them to act?


In order to save the Naira, I have decided to stop sending money to Nigeria.


Just doing my part.

You are a true Nigerian.

While some illiterates are blaming the current govt, those from the past govt who have millions of dollars in stash are benefiting from this. The current government is saddled with responsibility of finding a solution that would not lead to the devaluation of the Naira. I pray they do soon.

The Made in Nigeria Campaign By Reuben Abati http://www.naijatask.com/the-made-in-nigeria-campaign-by-reuben-abati/

I pray for my children and the future of Nigeria. May God help our economy

no matter what the situation, you can be sure somebody somewhere is gaining from it.

dastudent:
It's gonna be stupid for the governement to devalue the naira because then the currency will just go in a free fall and then that's when Nigerians will hear 'wen'. So 'koninu' begging them to devalue it oo.

This is the best time to devalue. If the official rate was 380 the level of speculation will reduce drastically. And the naira is over valued at #199.

The exchange rate is a big fraud by the government.

Just like during the time of abacha.

The apc government is a fraud.

adanny01:


You are a true Nigerian.

While some illiterates are blaming the current govt, those from the past govt who have millions of dollars in stash are benefiting from this. The current government is saddled with responsibility of finding a solution that would not lead to the devaluation of the Naira. I pray they do soon.

That is the wrong argument... The naira is over valued at #197. Even stronger currency like the euro is losing value against the dollar. The best time to devalue was yesterday and the second best time is now. A devaluation will reduce the stress on the naira. So finding a solution that will not lead to the devaluation of the naira is a waste of valuable time.

After insulting Ibadan, Calling them Brown roof republic they now want a king there? What sort of Hypocrisy is this? Are they emirs or Obas in Igboland?

I THINK GOVERNMENT SHOULD MAKE THAT PARALLEL MARKET ILLEGAL AND SETUP A LESS VOLATILE AND REGULATED ALTERNATIVE. IF NOT, I DO NOT SEE THIS FALL OF THE NAIRA STOPPING NOW. SOME PEOPLE ARE BENEFITING FROM THIS MISCHIEF!

your list is not complete if you don't add those who make money online who are paid in Dollars. yes am talking as it stands now. as for me i buy and sell EXPIRED domain names. Free tutoring @ www.nairaland.com/2540836/what-make-money-online. though I really wants the dollar to be stable again but this is one of the great times to make money online and you don't need to scam anyone.