Naira to dollars; Please someone should please answer the following questions in the most simple way:
What determines the parameters for deciding exchange rate?.
Who determines the exchange rate?.
In Nigeria, who should we hold responsible, baba Buhari or CBN governor?.
If me, who is not dealing with importation is feeling the negative impact of this exchange rate, then I wonder what those importers or business men are going through.
Please, economist in the house, educate me.


Mod, please help me move this to the right section.

Firstly, dollar is not our currency, so we shouldn't have much problem with it............ But then, dollar is the international trade currency.

Now, Nigeria is not a producing nation but a consuming nation, we consume more than what we produce, and in order to compliment our needs, we have to import, and to import, we need the dollar.

The problem with the rising exchange right now is dawn to bad policy by the cbn and malpractices of DMBs and BDCs. Cbn wants Nigeria to produce what it can produce ( import substitution ). So cbn restricted dollar, retrieved BDCs licences and directed banks to give out dollar in order to effect the import substitution....... Now, DMBs and BDCs are collaborating together to hoard dollar (we never ready to develop the country cos we, Nigerians are the major problem of Nigeria), hence further dollar scarcity.

And in the simplest law of economics..... When demand is higher than supply, scarcity looms, and when scarcity is on the loose, u should expect price rise.

The moon controls everything, even the tides of the sea and some public holidays in Nigeria.

That's why every time the moon goes down and the sun rises, a new day comes and the Naira further loses value.

preciousademc3:
Naira to dollars; Please someone should please answer the following questions in the most simple way:
What determines the parameters for deciding exchange rate?.
Who determines the exchange rate?.
In Nigeria, who should we hold responsible, baba Buhari or CBN governor?.
If me, who is not dealing with importation is feeling the negative impact of this exchange rate, then I wonder what those importers or business men are going through.
Please, economist in the house, educate me.


Mod, please help me move this to the right section.

AntiBalaka aka APCHaram alias MagicBishop will educate you. Let me call him.

joyandfaith:


AntiBalaka aka APCHaram alias MagicBishop will educate you. Let me call him.

OK oo

theenchanter:
Firstly, dollar is not our currency, so we shouldn't have much problem with it............ But then, dollar is the international trade currency.

Now, Nigeria is not a producing nation but a consuming nation, we consume more than what we produce, and in order to compliment our needs, we have to import, and to import, we need the dollar.

The problem with the rising exchange right now is dawn to bad policy by the cbn and malpractices of DMBs and BDCs. Cbn wants Nigeria to produce what it can produce ( import substitution ). So cbn restricted dollar, retrieved BDCs licences and directed banks to give out dollar in order to effect the import substitution....... Now, DMBs and BDCs are collaborating together to hoard dollar (we never ready to develop the country cos we, Nigerians are the major problem of Nigeria), hence further dollar scarcity.

And in the simplest law of economics..... When demand is higher than supply, scarcity looms, and when scarcity is on the loose, u should expect price rise.

Thanks so much.

The rise of the dollar against the naira is actually a blessing in disguise. People should see beyond earning in naira but also in foreign currency.

It's sad on the hand, since the powers that be are so clueless to rescue the situation they fought so hard to get in