I don't know if suffering ourselves in order to push a political correct narrative would make us grow.
For some days people have been rushing this negative news all round. Funny enough people are not ready to kick against it but for it cos it seems to suit their narrative of bad governance.
The black market rate of dollar is beyond govt or its policies, they can't fully control it but rather only try.
Those it affects is we the masses, we keep watching those bdc operators waking up daily to devalue our currency further.. Rather than blame the govt, blame the bdc operators cos a democratic solution won't stop those men even if Obi becomes president.
Well keep earning cash with no value as bdc operators can ruin the value of your salary in Naira within a week not the govt.

Common sense didn't tell you that if dollars is easily accessible to get from banks, most people won't patronize black market.

E be like say you need to buy your own common sense from black market, at least you can make reasonable posts.

..

So where are those guys getting #900

baralatie:
So where are those guys getting #900

Even the #800 you people are rejoiicing over is still an aberration and unacceptable.

MasterJayJay:
Common sense didn't tell you that if dollars is easily accessible to get from banks, most people won't patronize black market.

E be like say you need to buy your own common sense from black market, at least you can make reasonable posts.

in some issues, you need more than common sense but rather critical thinking. If dollar becomes easily accessible in banks at official rate, what stops you from going there to buy with your 45k in the morning then go to bdc and sell for 80k? Besides, the bdc operators would be the ones doing it until govt can't sustain it. They'll buy the dollars from govt and hoard to create scarcity. And we both know the next result. Further devaluation..

Now we keep panic devaluation our currency ourselves in the name of political correctness. This time no b bdc dey do us oo., na we dey do wesef. And we still enjoy it cos we hate Buhari.
See let me tell you, there's a reason pure water is sold 3for #50 in abuja but still sells 3for #20 in other neigbouring state.
You know why??
Cos we in Abuja are all about blaming fg without any concern to producers, in states they react to every sudden increment.
It's the same mentality with bdc as most of them resides in Abuja.

Bluntguy:

Even the #800 you people are rejoiicing over is still an aberration and unacceptable.

I'm not regoicing the #800. I'm pained already. I could remember not long ago when it was #500, I was bitter about it. Now it's #800 and some mumu people because of politics are already encouraging more sufferings on themselves by pushing it to #900.

Sometimes Im hoping Obi to win so people can see for themselves that somethings has to do with our mentality not reality.

jumper524:
I'm not regoicing the #800. I'm pained already. I could remember not long ago when it was #500, I was bitter about it. Now it's #800 and some mumu people because of politics are already encouraging more sufferings on themselves by pushing it to #900.

Sometimes Im hoping Obi to win so people can see for themselves that somethings has to do with our mentality not reality.

Obi will win. But before then, the APC government will make sure it gets to a thousand. Ghana may be better until Obi is sworn in.

What’s the difference between 800 and 900?

APC supporters and evil audacity, we can't blame APC government but in 2015 PDP government was the problem


Atiku is coming

I don’t know where you are getting your dollar 810, please refer me because I changed yesterday and it was 856 and I have been told it will hit 950 by the end of this month.

Even at 800, that is even reason for me to want apc out of power. I don't need any more excuse.

This eediot said dollar is 800 and not 900!
where do these shameless people come from?
Are they so stewpid because of tribalism I really don’t understand.
Let me tell you that even if Amoda yekini rigs the election, there wont be anyone for him to rule because we WONT allow a drug-baron to force himself on us!!

859 mind you. Btw, what's the difference?

jumper524

Hello, you have a poor understanding of economics. Blaming the BDC for the Naira's free fall is a classic case of shooting the messenger and ignoring the message. The CBN's monetary and fx policies coupled with FG's fiscal policies are the primary causes of the Naira's rapid depreciation.

The price of Bonny Light is $95 per barrel and the Naira is crashing, and you excuse the government! The value of the Naira should be more like 460 at the official rate and parallel market, that is on the assumption that the FG properly managed things well since 2021.

The fundamentals here suggest that the Naira should be strengthing but the reverse is the case. Why? There are 3 reasons for this:

1. Buhari and not the market is the ultimate determinant of Naira exchange rate.

Ever since Buhari assumed power, he has been pegging the exchange rate. This is dead wrong. That is the business of the CBN. Mr Emefiele lacks the backbone to tell off the president. It was to prevent political meddling likw this was why it was granted autonomy.

Buhari has always said he hates devaluation. This can only be uttered by someone with a disastrous understanding of economics. Currencies rise and fall and its worse for countries like Nigeria.

Nigeria, a country dependent on oil for at least 75% of forex is bound to have its currency swoon when oil price crashes as this will lead to reduce dollar inflow and people will just have to pay more for dollars. It's common sense and not rocket science.

Buhari has always fixed the exchange rate at below its true market value and this has discouraged supply. Lamido Sanusi, a trained economist said the differential between the official rate and the parallel or black market must never be more than 3%. Let's assume the black market rate is N600, this would still leave a differential today of at least 30%, as the official rate hovers around 440. If you're sent $200, will you change it at the official rate or the parallel market?

2. Fuel subsidy

Buhari's refusal to end the subsidy and deregulate the price is eating deep into governments revenue. This year, the FG will be spending over 4 trillion. This is about $10b. Why won't their be forex scarcity and pressure on the Naira.

3. Not meeting Opec quota.

Nigeria's export quota is 1.8mpd if I'm correct but barely produces 1.1mpd. This is due to the lawlessness in the Niger Delta.

Again, this is Buhari fault. He scrapped the oil pipeline defence projects Jonathan govment gave to Tompolo for instance. He scrapped the Amnesty program as well.

By NNPC signing a new contract with Tompolo, it displays the ignorance of Buhari. The drop in oil production was avoidable. Nigeria should be producing 2mpd to gather as much cash dollars in.

With reduced crude oil exports, this translates to less dollar inflow and further pressure on the Naira.

The above 3 are the primary reasons why the Naira is doing badly. They are all linked to Buhari incompetence.

This was not the right time to do a redesign of the currency. It just compounded existing problems. That was the judgment of the finance minister. The timing is off.

By the way, the 3 leading presidential candidates have all promised to make the exchange rate market reflective once they get into office. It paid off before Buhari begun his nonsensical interference.

They have also all promised to end the fuel subsidy and deregulate the fuel price. I am sure they will also do all they can to increase crude oil output.

Tinubu has promised to boost non-oil exports, to reduce overdependence on crude oil.

If you have excess cash or you know someone that has excess cash that couldn't be deposited in the bank due to CBN police on deposit limit, which takes effect as a result of concluded plan to redesign naira notes, please don't waste or rotten the money out of fear of being apprehended or anything, there are a lot of smart, intelligent, creative and gifted young youths and adult out there with a killer product and dream to bring to the nation, BUT are short charged of funds/capital, who really need that your money as a LOAN. Which will be repaid back to you with interest, through that way you can regain your money back as a changed currency and with interest. Please I am among the smart,talented,innovative, creative and gifted Nigeria that need that MONEY you want to waste out of fear, please give that cash to use and we will return it back safely to you with interest, anyone with the money and the willingness to LEND it out is an Angel disguised as a human... If you have the cash and willing to lend it out please Contact me on 09030034445 .

jumper524:
in some issues, you need more than common sense but rather critical thinking. If dollar becomes easily accessible in banks at official rate, what stops you from going there to buy with your 45k in the morning then go to bdc and sell for 80k? Besides, the bdc operators would be the ones doing it until govt can't sustain it. They'll buy the dollars from govt and hoard to create scarcity. And we both know the next result. Further devaluation..

Now we keep panic devaluation our currency ourselves in the name of political correctness. This time no b bdc dey do us oo., na we dey do wesef. And we still enjoy it cos we hate Buhari.
See let me tell you, there's a reason pure water is sold 3for #50 in abuja but still sells 3for #20 in other neigbouring state.
You know why??
Cos we in Abuja are all about blaming fg without any concern to producers, in states they react to every sudden increment.
It's the same mentality with bdc as most of them resides in Abuja.

You missed the most important point!
If dollar is easily accessible at the bank by everyone, no one will patronize BDC.
If there is no market for bdc, they will be forced to sell cheaper.

jumper524:
in some issues, you need more than common sense but rather critical thinking. If dollar becomes easily accessible in banks at official rate, what stops you from going there to buy with your 45k in the morning then go to bdc and sell for 80k? Besides, the bdc operators would be the ones doing it until govt can't sustain it. They'll buy the dollars from govt and hoard to create scarcity. And we both know the next result. Further devaluation..

Now we keep panic devaluation our currency ourselves in the name of political correctness. This time no b bdc dey do us oo., na we dey do wesef. And we still enjoy it cos we hate Buhari.
See let me tell you, there's a reason pure water is sold 3for #50 in abuja but still sells 3for #20 in other neigbouring state.
You know why??
Cos we in Abuja are all about blaming fg without any concern to producers, in states they react to every sudden increment.
It's the same mentality with bdc as most of them resides in Abuja.

Even your first lady Aisha buhari have been accused of round tripping on dollars and you still think government has no control over it?

But government could lock up seme border for two years and heaven didn't fall.

grandstar:
jumper524

Hello, you have a poor understanding of economics. Blaming the BDC for the Naira's free fall is a classic case of shooting the messenger and ignoring the message. The CBN's monetary and fx policies coupled with FG's fiscal policies are the primary causes of the Naira's rapid depreciation.

The price of Bonny Light is $95 per barrel and the Naira is crashing, and you excuse the government! The value of the Naira should be more like 460 at the official rate and parallel market, that is on the assumption that the FG properly managed things well since 2021.

The fundamentals here suggest that the Naira should be strengthing but the reverse is the case. Why? There are 3 reasons for this:

1. Buhari and not the market is the ultimate determinant of Naira exchange rate.

Ever since Buhari assumed power, he has been pegging the exchange rate. This is dead wrong. That is the business of the CBN. Mr Emefiele lacks the backbone to tell off the president. It was to prevent political meddling likw this was why it was granted autonomy.

Buhari has always said he hates devaluation. This can only be uttered by someone with a disastrous understanding of economics. Currencies rise and fall and its worse for countries like Nigeria.

Nigeria, a country dependent on oil for at least 75% of forex is bound to have its currency swoon when oil price crashes as this will lead to reduce dollar inflow and people will just have to pay more for dollars. It's common sense and not rocket science.

Buhari has always fixed the exchange rate at below its true market value and this has discouraged supply. Lamido Sanusi, a trained economist said the differential between the official rate and the parallel or black market must never be more than 3%. Let's assume the black market rate is N600, this would still leave a differential today of at least 30%, as the official rate hovers around 440. If you're sent $200, will you change it at the official rate or the parallel market?

2. Fuel subsidy

Buhari's refusal to end the subsidy and deregulate the price is eating deep into governments revenue. This year, the FG will be spending over 4 trillion. This is about $10b. Why won't their be forex scarcity and pressure on the Naira.

3. Not meeting Opec quota.

Nigeria's export quota is 1.8mpd if I'm correct but barely produces 1.1mpd. This is due to the lawlessness in the Niger Delta.

Again, this is Buhari fault. He scrapped the oil pipeline defence projects Jonathan govment gave to Tompolo for instance. He scrapped the Amnesty program as well.

By NNPC signing a new contract with Tompolo, it displays the ignorance of Buhari. The drop in oil production was avoidable. Nigeria should be producing 2mpd to gather as much cash dollars in.

With reduced crude oil exports, this translates to less dollar inflow and further pressure on the Naira.

The above 3 are the primary reasons why the Naira is doing badly. They are all linked to Buhari incompetence.

This was not the right time to do a redesign of the currency. It just compounded existing problems. That was the judgment of the finance minister. The timing is off.

By the way, the 3 leading presidential candidates have all promised to make the exchange rate market reflective once they get into office. It paid off before Buhari begun his nonsensical interference.

They have also all promised to end the fuel subsidy and deregulate the fuel price. I am sure they will also do all they can to increase crude oil output.

Tinubu has promised to boost non-oil exports, to reduce overdependence on crude oil.

Your points are correct, I will just add the excess printing of naira bank notes by the CBN used to illegaly finance a bankrupt government's budget is the biggest culprit

The CBN is increasing M3 and M2 money supply of naira but has no dollar to back it up, this money gets into the hands of Nigerians as salary and sales revenue and they immediately want to import from abroad further pushing the value of the currency down

The CBN has to stop printing naira that is not backed by dollar

The govt has to use a proper fiscal policy mop up the excess naira it releases in the economy not backed by production or export

yang:


Your points are correct, I will just add the excess printing of naira bank notes by the CBN used to illegaly finance a bankrupt government's budget is the biggest culprit

The CBN is increasing M3 and M2 money supply of naira but has no dollar to back it up, this money gets into the hands of Nigerians as salary and sales revenue and they immediately want to import from abroad further pushing the value of the currency down

The CBN has to stop printing naira that is not backed by dollar

The govt has to use a proper fiscal policy mop up the excess naira it releases in the economy not backed by production or export

Thanks so much for this. I always appreciate educated responses

Yet, despite all these, Buhari still expects the Naira to keep its value? It's like expecting a prostitute to be a virgin.

The man will soon be history. I think he's having problem with Osinbajo has he did hand over to him on his recent trip overseas. The VP served him with unwavering loyalty despite not believing in his policies hoping he'll support his bid for office.

Alas no! He stabbed him in his back and that's why we have a someone like Tinubu, a man strongly associated with corruption being the party's presidential flag bearer. That just sums up his anti-corruption campaign.

Nonsense!!
Tell your Buhari and the drug lord BATstard that helped bring him to power, to return naira to 210/$ he met it.

Imagine saying naira is 810/$ and you have no shame. What rubbish!!!

sees1010:
If you have excess cash or you know someone that has excess cash that couldn't be deposited in the bank due to CBN police on deposit limit, which takes effect as a result of concluded plan to redesign naira notes, please don't waste or rotten the money out of fear of being apprehended or anything, there are a lot of smart, intelligent, creative and gifted young youths and adult out there with a killer product and dream to bring to the nation, BUT are short charged of funds/capital, who really need that your money as a LOAN. Which will be repaid back to you with interest, through that way you can regain your money back as a changed currency and with interest. Please I am among the smart,talented,innovative, creative and gifted Nigeria that need that MONEY you want to waste out of fear, please give that cash to use and we will return it back safely to you with interest, anyone with the money and the willingness to LEND it out is an Angel disguised as a human... If you have the cash and willing to lend it out please Contact me on 09030034445 .

If Nigeria is sane country, what you wrote here is enough to get you arrested.

Because old criminals like Tinubu and Atiku have corrupted everywhere that's why even you can come out openly to request for illicit funds. SMH.