Elvis8236:
The shocking thing is how Nigeria still remains calm till this moment, if it was in the past and a single 100 Naira is added to fuel price, or the prices of goods increased, you would start seeing protests. This time around, fuel price has been increased thrice, dollar rate doubled and prices of food tripled, yet it's like our mouth, voice and hands have been tied from speaking against the hardship.

God1000:
We are in a mess.


And the president isn't doing or saying anything, he should come out and address the country.

Jamesclooney:
Liz Truss resigned in the UK for less than this. She tanked the British Pound against the USD by less than 10% and was forced out in less than 2 months. Emilokan has changed pounds black market from 700 to 2000 in less than one year and yet no calls for resignation.

RepoMan007:

When calculating the Naira to Dollar ratio, you didn't consider that not all naira in circulation are chasing the dollar or forex. Most are exchanging local goods. That brings the dollar back to around N1500 and below. The issue is still corruption. After increasing Naira in circulation and arming the governors with it, instead of dispersing it and buying local services or goods, they steal it and try to take it out through the forex market. That's what pushes forex demand and prices up mostly.
Under normal economic circumstances, increase in price leads to reduced demand of goods, and so forex demand should naturally weaken when prices go up, but in our case, as FG try to get more money across to the governors to reduce hardship, the money goes almost directly to the forex market.

Tinubu should bypass the govs and let their FAAC be just what they need for salary and then a flat amount of 2-3 billion for capital expenses. That's should give the FG space to do more impactful things for the masses.

Also to save crucial money.
New road should be suspended and only existing one be maintained and secured.
Health and education should get extra attention. Particularly, ASUU should be settled since Naira is less valuable and their agreement with ASUU was reflected in Naira and not dollar.

God1000:
We are in a mess.


And the president isn't doing or saying anything, he should come out and address the country.

Kelvin5214:
E bin pawa o

Kelvin5214:
E bin pawa o

AreaFada2:

Whichever method you use to calculate naira-dollar ratio, you will most likely end of up between 1200 and 2300 plus. So, whatever the true value, the scope for volatility is large, especially when we claim to have a floating rate, when in fact it has been a fixed rate that was poorly managed. Remember we have a non-convertible currency that reduces it as a store of value. And all the mindless quantitative easing/money printing. It has not resulted in improved economic activities as it did in many Western countries.

Of course, all the 78 trillion cannot be pursuing dollars but fact is a lot of money is out there seeking to buy dollars as a better store of value to hoard or to pay for import. We are still import dependent. Even petrol is imported.

Not only governors, even successful individuals will seek to shield their cash from devaluation by converting to dollars and hoard or pay into dom accounts. Remember dollar racketeering too. Banks get the money from CBN auction and don't pass it on to genuine importers but to their friends and BDCs/mallams to sell at a considerable mark-up.

Of course a lot of the money pursuing dollars are proceeds from corrupt practices.

Like I said, too much anomalies and poor policies.

silverkings:
please what's the meaning of this E bin pawa

kcprince:
If you know you don't want your living standard to drop you better Find a way to earn in dollars.

Elvis8236:
The shocking thing is how Nigeria still remains calm till this moment, if it was in the past and a single 100 Naira is added to fuel price, or the prices of goods increased, you would start seeing protests. This time around, fuel price has been increased thrice, dollar rate doubled and prices of food tripled, yet it's like our mouth, voice and hands have been tied from speaking against the hardship.

crossfm:
Hehehe.

One step forward,ten steps backwards.

Propaganda and fire brigade approach won't solve the situation. At this point the CBN and federal government should put their pride aside and call for help from people outside the government.

All we need now is how to fix the economy.

abba190:
dollar this dollar that im 200% sure majority of the us people dont know what nigerian currency is named

crossfm:
Hehehe.

One step forward,ten steps backwards.

Propaganda and fire brigade approach won't solve the situation. At this point the CBN and federal government should put their pride aside and call for help from people outside the government.


All we need now is how to fix the economy.

abba190:
dollar this dollar that im 200% sure majority of the us people dont know what nigerian currency is named

RepoMan007:

When calculating the Naira to Dollar ratio, you didn't consider that not all naira in circulation are chasing the dollar or forex. Most are exchanging local goods. That brings the dollar back to around N1500 and below. The issue is still corruption. After increasing Naira in circulation and arming the governors with it, instead of dispersing it and buying local services or goods, they steal it and try to take it out through the forex market. That's what pushes forex demand and prices up mostly.
Under normal economic circumstances, increase in price leads to reduced demand of goods, and so forex demand should naturally weaken when prices go up, but in our case, as FG try to get more money across to the governors to reduce hardship, the money goes almost directly to the forex market.

Tinubu should bypass the govs and let their FAAC be just what they need for salary and then a flat amount of 2-3 billion for capital expenses. That's should give the FG space to do more impactful things for the masses.

Also to save crucial money.
New road should be suspended and only existing one be maintained and secured.
Health and education should get extra attention. Particularly, ASUU should be settled since Naira is less valuable and their agreement with ASUU was reflected in Naira and not dollar.

koondog:
The way this is going the Igbo people they wanted to teach a lesson are making more money today, simply by passing down the inflation costs by increasing the price of their goods. This is textbook case of tribalism backfiring.

HenryWilliams:


And the same igbo have a separate market they buy their own goods at regular prices?
Idiot.

Macdeey:


Oh !!! Almighty God !!! We are begging in your Almighty Name to save us from these Wicked Leaders !!!

Artscollection:


One of the major reason why those multi nationals are leaving, if you cant forecast then what are you doing.

oluwasunkanmi97:
Please, what legit work can one learn to earn online.

casppyjay:
it’s always funny how people prophecy about their leaders as Godsend and then still hound the same God for divine intervention…65% of humans are fundamentally by default deluded!