[b][color=006600]'FALLING NAIRA': FACTS YOU MUST KNOW
Please let me explain to those of us who don't
understand Economic terms.
Dollar has not increased since Buhari became
president...


1. Dollar is not our currency so dollar should not
be our business.


2. Our problem is not d government but our
problem is our importers and consumers.


3. Naira has remained at 197 naira to one dollar
since Buhari became president.


4. Buhari has promised not to devalue the Naira
and he has maintained that promise.


5. Both at CBN and at interbank rates, dollar has
remained 197.


6. However because we are too lazy to produce
what we use in Nigeria we import even
toothpicks and matches.


7. Buhari does not like d importation of luxury
goods because luxury goods is d reason for
most corruption, that is why he banned 41
products from having access to forex.


8. However when Nigerian importers insisted on
importing those 41 products, FG asked them to
find their dollar at d BDCs parallel market also
known as black market.


9. And to discourage the pressure Nigerians are
mounting on the Naira just to get dollars for
importation, CBN banned DMBs from selling
dollars to BDCs.


10. To survive the pressure of excess dollar
demands, BDCs resorted to sourcing for dollars
from neighboring countries through illicit money
laundering routes.


11. Because of the risks faced by BDCs to source
for dollars, and because of the increase in
demand for dollars by importers because China
just resumed from their business holidays, BDCs
keep increasing the price at which they exchange
dollars to naira and now it is 400 naira to one
dollar.


12. However that does not mean that govt has
changed the exchange rate because if our genuine
importers go to CBN and fill Form M to import
raw materials for local production, they will get
dollars at 197 naira each.


13. So the problem is that we love to consume
luxury foreign products yet we are too lazy to
manufacture them here.


14. For example u will see a dull girl using iPhone
5 without even knowing simple physics and
computer engineering part of how that phone
was produced.


15. I want Buhari to ban every foreign product
from Nigeria until Nigerians learn to produce and
use Made in Nigeria products.


16. Let us stop complaining about dollar as if
dollar has become Nigeria's currency.


17. It is even bad enough that most of those
complaining about the high exchange rate of
dollar do not have one single dollar in their purse.

[/color][/b]


Cc.


Lalasticlala


Ezenddigbo

#wvwvcd

@ OP God bless you! Thanks for schooling the addicted complainers.......

Now that the Naira has risen astronomically what else do we need to know.