Segedinho:
What is purchasing power?

If the cost of 20 karat gold is worth 1m when dollar rate was 400 tob 1 dolls and now 1.9 m when dollar rates rises to 840......


Do we say the purchasing power of the naira is thesame...

Better still how does dollar rise causes inflation on a naira spending country

The answer is simple. We really heavily on importation. Anyone claiming not to know is being mischievous.

If we import fuel and the price increases due to falling naira, of course, our purchasing power is significantly reduced.

Apart from fuel, we also import almost everything ranging from Cars, electronics, fabrics etc.

Shaytun:


That’s not how economics work brother, stop rushing to convert things.

A bottle of Pepsi cost around $3 in US which is around 2,250 naira.

That same Pepsi cost just 250 naira in Nigeria.

How many bottles of Pepsi can a Nigerian earning minimum wage of 30,000 buy compared to an American minimum wage?

It all boils down to the dollars. You gave example using Korea.

What's the minimum wage of South Korea per hour?
What the minimum wage of US per hour?

I just pray prices of things doesn't increase in the coming days/ months. Then you will know that dollars affect your purchasing power. I rest my case here.

When importers bring gadgets like phones and the rest and start telling you how much be exchange rate na that time you go know what's up.

swiz123:

The answer is simple. We really heavily on importation. Anyone claiming not to know is being mischievous.

If we import fuel and the price increases due to falling naira, of course, our purchasing power is significantly reduced.

Apart from fuel, we also import almost everything ranging from Cars, electronics, fabrics etc.

Simple and straightforward..

Yah can't be defending naira vs dollars when our existence as a nation is dependent on importation..

How could you not fault dollar rise for the uselessness of naira purchasing power is beyond me...


Our agaba-economist is using S/K who depend less on importation to naira.......

They are jubilating over 1 9tr useless Nigeria naira and want us to hold the gov "blokos" because their wassap admins said so....

monerozi5590:


Did you know why the Buhari's administration didn't float the currency even when World Bank asked him to? It is because of inflation.

I am not against floating because government was already spending huge amount subsiding forex already but freely floating your currency will cause inflation. One at a time. Subsidy was removed. Maybe wait for sometime before floating the Naira. Nigeria import much more than export. In fact we are an importing nation for now.

FG will intervene at some point in the forex.

Nope it won’t, check inflation trend in Nigeria.

Look at the biggest rise in inflation between July 2022 and October 2022.

Go and look at what happened during that period and you will know why we are battling inflation.

Nigeria have been operating a dual exchange rate, there’s a reason the parallel market exist and yet we didn’t such a jumb in inflation figures.

monerozi5590:



It all boils down to the dollars. You gave example using Korea.

What's the minimum wage of South Korea per hour?
What the minimum wage of US per hour?

I just pray prices of things doesn't increase in the coming days/ months. Then you will know that dollars affect your purchasing power. I rest my case here.

When importers bring gadgets like phones and the rest and start telling you how much be exchange rate na that time you go know what's up.

Price of things increasing is not because of dollars, it’s because of the supply of money in the system.

That 37T emefiele printed is what is haunting our inflation figures.

Lmao, you think importers bringing phone gadget were accessing Dollars when it was 400? Lol.

Segedinho:

Simple and straightforward..

Yah can't be defending naira vs dollars when our existence as a nation is dependent on importation..

How could you not fault dollar rise for the uselessness of naira purchasing power is beyond me...


Our agaba-economist is using S/K who depend less on importation to naira.......

They are jubilating over 1 9tr useless Nigeria naira and want us to hold the gov "blokos" because their wassap admins said so....

That guy up there saying that importers absorb increase in FX is a comedian. Car importers, phone importers etc simply do math with dollar Vs naira to arrive at their final price. Even custom is using dollar to calculate clearing cost of cars.

What kind of importer absorbs over 150% increase in FX? A charity organizations maybe.

swiz123:


That guy up there saying that importers absorb increase in FX is a comedian. Car importers, phone importers etc simply do math with dollar Vs naira to arrive at their final price. Even custom is using dollar to calculate clearing cost of cars.

What kind of importer absorbs over 150% increase in FX? A charity organizations maybe.

Our resident agaba-economist

Segedinho:

So why must we hold the gov "blokos"this time around when floating d naira had made our currency 100% useless

So what are the options available? Do you want FG to continue subsidizing the dollar? With which money?

At every time only a few people were able to get at the official rate, the bulk of Nigerians were still sourcing their dollar from parrallel market at 700 plus

So you are ready for govt to contniue subsidizing these few at 400 while your state govt keeps starving for funds that will directly affect you

That is not how democracy works, That is Monarchy

Democracy your governor has been given money and he has to do his job not point to Abuja all the time

Shaytun:


Price of things increasing is not because of dollars, it’s because of the supply of money in the system.

That 37T emefiele printed is what is haunting our inflation figures.

Lmao, you think importers bringing phone gadget were accessing Dollars when it was 400? Lol.

Are phones, gadgets ban from coming to Nigeria. I/E window is the official rate recognise by CBN. Major importers have access to it.

Dollars affect your purchasing power. Shikenan.

8years of Buhari destroyed Nigeria.. What exactly did we achieve with Buhari ? Dumbest presido ever.

Segedinho:

Simple and straightforward..

Yah can't be defending naira vs dollars when our existence as a nation is dependent on importation..

How could you not fault dollar rise for the uselessness of naira purchasing power is beyond me...


Our agaba-economist is[b] using S/K who depend less on importation to naira[/b].......

They are jubilating over 1 9tr useless Nigeria naira and want us to hold the gov "blokos" because their wassap admins said so....

Sometimes, those guys are doing currency manipulation. South Korea is an exporting nation. The export market is very competitive, so they lower their exchange rate to the dollar to get more buyers. Since world trade is in the dollars. To get more clarity, check their minimum wage in relation to the US. Very comparable.

US had one time accused China of manipulating her currency just to get more buyers for her export.


South Korea I think had one time is the most innovative country on earth.

raumdeuter:


Ask those who support subsidy removal and floating of currency who shouted about it what they really expected. Are you saying they just latched onto a fancy sounding word on the internet while not knowing the meaning.
Unfortunately govt policy making is not Xmas light that can you be switching off and on at will
This was what I expected.

No more payment of subsidy and incurring debts doing so, the money saved will be passed to the people through their governors

No nau...

AdisaOwala:


No nau...

Why no? The governors are closer to the people. Tinubu in Abuja cannot know what they need in Lapai, Arockukwu and Ogoja. Its the governors who are closer that will know and can fix it

Shaytun:


That’s not how economics work brother, stop rushing to convert things.

A bottle of Pepsi cost around $3 in US which is around 2,250 naira.

That same Pepsi cost just 250 naira in Nigeria.

How many bottles of Pepsi can a Nigerian earning minimum wage of 30,000 buy compared to an American minimum wage?

Hehe see analogy

We aren't importing Pepsi from US so how do you expect the cost to be high for a locally produced drink? Whatever they decide to sell theirs shouldn't determine what we sell ours as long we aren't importing them.

The purchasing power of Naira is weakening because it still revolves around dollar. Your country is largely dependent on imported goods, so how do you expect to buy things easier when your currency is being devalued?

Can you buy imported goods today the same price as last year? Why is that so if not for the rise of dollar.

I hope you wont be updating us on I$E windows again since dolla doesn't influence our everyday transactions here.

raumdeuter:

Why no? The governors are closer to the people. Tinubu in Abuja cannot know what they need in Lapai, Arockukwu and Ogoja. Its the governors who are closer that will know and can fix it

Haha

You wan take style shift am to governors?

Did Tinubu consult governors before removing subsidy?

Emaprince:
Hehe see analogy

We aren't importing Pepsi from US so how do you expect the cost to be high for a locally produced drink? Whatever they decide to sell theirs shouldn't determine what we sell ours as long we aren't importing them.

The purchasing power of Naira is weakening because it still revolves around dollar. Your country is largely dependent on imported goods, so how do you expect to buy things easier when your currency is being devalued?

Can you buy imported goods today the same price as last year? Why is that so if not for the rise of dollar.

I hope you wont be updating us on I$E windows again since dolla doesn't influence our everyday transactions here.

No be your country again?

Shaytun:


That’s not how economics work brother, stop rushing to convert things.

A bottle of Pepsi cost around $3 in US which is around 2,250 naira.

That same Pepsi cost just 250 naira in Nigeria .

How many bottles of Pepsi can a Nigerian earning minimum wage of 30,000 buy compared to an American minimum wage?

You are telling a very big lie right there.

I just asked my friend in America via WhatsApp and he told me that the normal nigerian sized bottled Pepsi or coke is not even up to 1 dollar. It's only the ones in much bigger sized bottles that go above 1 dollar and that those sizes are not sold in Nigeria.

Even google would show you this below.
You don't need to lie to buttress your point while supporting this heartless government.

iamoyindamola:

Because you are here to experience it doesn't mean those who supported it won't backtrack
Larride didn't support it initially, but he came to agreement and now he's gone back to his initial stand
You guys should consider us that are suffering it, seun must have felt it too for him to open up

My stance has always been that fuel subsidy shouldn't have been removed when he did. Nothing is going to change that stance. Let's just hope they use their head to mitigate this disaster.

However, I do support the unification of the exchange rates, anybody that needs dollars should pay the true value for it. Makes no sense for the govt to keep using scarce fx to prop up the value of the naira.

Most people importing before the unification of the exchange rate source their $$ from the black market, most of them were not getting it at the then official rate of 460/$. That's why once the price moves in the parallel market, the price of things move.

Segedinho:

Simple and straightforward..

Yah can't be defending naira vs dollars when our existence as a nation is dependent on importation..

How could you not fault dollar rise for the uselessness of naira purchasing power is beyond me...


Our agaba-economist is using S/K who depend less on importation to naira.......

They are jubilating over 1 9tr useless Nigeria naira and want us to hold the gov "blokos" because their wassap admins said so....

What exactly is your own argument exactly because I don't understand.

If you divide the 1.9tr with the current exchange rate, you will still see an increase in the revenue for this month.

AdisaOwala:


Haha

You wan take style shift am to governors?

Did Tinubu consult governors before removing subsidy?

That is what the constitution demands in a Presidential system

Unless the governors did not read their job description before taking office

Many governors including Tinubu fought FG for more financial powers over their states now they are getting that

Let's see if the governors reject the increased allocation

Olowunl01:
8years of Buhari destroyed Nigeria.. What exactly did we achieve with Buhari ? Dumbest presido ever.

BAT don start him own destruction already, bros. Less than 60 days into his tenure, everywhere don red. Yet, it appears the worst is still to come.

Emaprince:
Hehe see analogy

We aren't importing Pepsi from US so how do you expect the cost to be high for a locally produced drink? Whatever they decide to sell theirs shouldn't determine what we sell ours as long we aren't importing them.

The purchasing power of Naira is weakening because it still revolves around dollar. Your country is largely dependent on imported goods, so how do you expect to buy things easier when your currency is being devalued?

Can you buy imported goods today the same price as last year? Why is that so if not for the rise of dollar.

I hope you wont be updating us on I$E windows again since dolla doesn't influence our everyday transactions here.

Some people here go defend tire. See wetin a so-called educated person dey argue about. It's common knowledge that the prices of goods in any country that imports almost everything will revolve around the dollar.

See what a normal person dey argue about just to defend the demons in human form in power. Make everybody just brace up as the worst of Tinubu's administration is yet to come.

Ibime:



We need to pull racism card to protect this chic, but trust our athletics federation, they will sleep on top bicycle

Omo any card pullable. Femco arise. But on a serious note if she actually pissed hot then she needs to be suspended

Still holding out hope she's innocent but will most likely miss the World championships

afrodoc2:


Na she probably do too much. Babalawo talk say make she take 1 teaspoon a day she go take 1 tablespoon.

Those missed tests and follow up taken tests is part of the format. The lab guy would have circled certain danger days in which must NEVER allow herself to be tested and certain safe days. It is like using rhythm method to prevent pregnancy.

Hmmm. Anything wey person miss 3 times na hard sell for me but make we dey look.

This is very true. People that juice typically have cycles where it enters and leaves your system but the truly good ones don't miss tests. You might visibly see certain things even physically but they mask it well enough that they don't piss hot.

Her competition are definitely going to be up in arms and if her performance dips even a little bit it would be 'see we told you' and this is ultimately going to be what it comes down to.

As an MMA fan I've seen fighters with and without the juice and the difference is usually stark

Olowunl01:
8years of Buhari destroyed Nigeria.. What exactly did we achieve with Buhari ? Dumbest presido ever.

Correct ! And the same people defending Balablue economics now were the same people cheering Buhari on while he was at it. 🤦‍♂️

BlueRayDick:


Correct ! And the same people defending Balablue economics now were the same people cheering Buhari on while he was at it. 🤦‍♂️

Lols. Isn't it funny?

A001:

Lols. Isn't it funny?

As in….. I just tire; all through yesterday I was just seeing videos of common man on the streets lamenting their woes ever since this fuel subsidy removal palava started . I don’t know how a person will see those videos and still see all of these as “ dem vs us politics “ that must be defended and argued at all cost.

When Buhari dey do him rubbish na everyday we dey see ridiculous defence being put up on his behalf, now we are here

The NLC president is asking some pertinent questions here

https://www.instagram.com/reel/Cu5JqAVMpHs/?igshid=NTc4MTIwNjQ2YQ==

He also mentioned the dishonesty and lack of government transparency in all of this. I like how he said the government might just have to buy more bullet proof car for the political elite because of the gulf they are setting between the rich political elite and the poor when shiiit hits the fan.

BlueRayDick:


As in….. I just tire; all through yesterday I was just seeing videos of common man on the streets lamenting their woes ever since this fuel subsidy removal palava started . I don’t know a person will see those videos and still all of these is still dem vs us politics that must be defended and argued at all cost.

When Buhari dey do him rubbish na everyday we dey see ridiculous defence being put up on his behalf, now we are here

Lols, a full cycle, 360 degree turn

donjazzet:


You are telling a very big lie right there.

I just asked my friend in America via WhatsApp and he told me that the normal nigerian sized bottled Pepsi or coke is not even up to 1 dollar. It's only the ones in much bigger sized bottles that go above 1 dollar and that those sizes are not sold in Nigeria.

Even google would show you this below.
You don't need to lie to buttress your point while supporting this heartless government.

Link here.

https://www.numbeo.com/cost-of-living/country_price_rankings?itemId=6

$2.34 that’s still around 1,755

A001:

Some people here go defend tire. See wetin a so-called educate person dey argue about. It's common knowledge that the prices of goods in any country that imports almost everything will revolve around the dollar.

See what a normal person dey argue about just to defend the demons in human form in power. Make everybody just brace up as the worst of Tinubu's administration is yet to come.

This is not even about politics or whatsoever. Mostly everything is linked to the dollars.

Prior to 2021 CBN was selling dollars to BDCs. BDCs are licence to carry on small scale foreign exchange businesses and to give forex to people who cannot FORMALLY access it from CBN. Then the CBN rate and black market is not up to 100 dollars difference even though to me sef is high.

According to Emefiele, those guys started going against FX regulations by selling in wholesome quantities. Emefiele stopped selling forex to them. Emefiele even confessed and was asking himself why he waited this long to stop it. Lol. That made dollars to become scarce in the black market and Naira began to fall yakata in the black market because CBN no d sell to dem again. Emefiele said everyone should come and access dollars at the 1&E window. I&E window is the official rate and there Naira was pegged at averagely 400+ as at then.

As dollars to Naira d increase, prices of other things especially imported items too d increase. That's just that.

Even today, there's still black market rate. Black market rate is always higher than that of the I/E window.