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Nairaland Forum / Nairaland / General / Business / Economics Implication Of Depending On Foreign Imported Goods Against The Naira. (883 Views)
What Happened To The Naira Swap / CBN Floats The Naira, The Implications For You And I (2) (3) (4)
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Economics Implication Of Depending On Foreign Imported Goods Against The Naira. by abdul4new(m): 2:36pm On Feb 25, 2016 |
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 1 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 neighbouring 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 1
dollars.
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 1 single dollar in their purse.
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Re: Economics Implication Of Depending On Foreign Imported Goods Against The Naira. by abdul4new(m): 2:38pm On Feb 25, 2016 |
pls support the Naira encourage local growth.#patronisemadeinnigeria. #buymadeinnigeria. Mod pls do the needful. let's encourage made in Nigeria. God bless Nigeria. Amen. |
Re: Economics Implication Of Depending On Foreign Imported Goods Against The Naira. by quinnboy: 2:43pm On Feb 25, 2016 |
i concur |
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