Apart from those who genuinely need dollars to buy goods and pay school fees abroad.

Nigerian politicians convert billions of naira they stole to dollars to make it portable. Some Nigerians also change the naira to dollars for show off at parties. These are they people who denied those who need dollars to do legitimate business

N

Biodun556:
Apart from those who genuinely need dollars to buy goods and pay school fees abroad.

Nigerian politicians convert billions of naira they stole to dollars to make it portable. Some Nigerians also change the naira to dollars for show off at parties. These are they people who denied those who need dollars to do legitimate business

When you never wan agree that the men you've been supporting from 2015 are failures and thieves? From buhari to tinubu

But you wan kill Jonathan when dollar was #216

How many percent of ordinary Nigerians throw dollar at parties

Have politicians not been stealing since Obasanjo era

Tinubu supporters are brainless

Biodun556:
Apart from those who genuinely need dollars to buy goods and pay school fees abroad.

Nigerian politicians convert billions of naira they stole to dollars to make it portable. Some Nigerians also change the naira to dollars for show off at parties. These are they people who denied those who need dollars to do legitimate business

Sigh.... It's not an obsession with dollars, it's just a way of showcasing how the naira has lost its value over time. When a currency dramatically loses its value, it means that people can not save ... Here is an explanation

Let's say I'm a content creator in Nigeria. How will I be able to buy the tools required for making content. In the globalized world no country produces everything, you have to buy things that are being produced outside the country. A weak currency makes it difficult to purchase things.

Ozommadu:


When you never wan agree that the men you've been supporting from 2015 are failures and thieves? From buhari to tinubu

But you wan kill Jonathan when dollar was #216

How many percent of ordinary Nigerians throw dollar at parties

Have politicians not been stealing since Obasanjo era

Tinubu supporters are brainless

People that are lords over you are brainless?

Sorry for you, your suffer never start, you way get sense like Einstein is a slave to them?

blacknp:
Peoplw that are lords over you are brainless?

Sorry for you, your suffer never start.

Lords over who?? Like the Fulani style in Ilorin??

Nobody dares such in my ancestral land...meanwhile, don't deviate, tinubu is a failure

Ozommadu:


Lords over who?? Like the Fulani style in Ilorin??

Nobody dares such in my ancestral land...meanwhile, don't deviate, tinubu is a failure

Just like daddy.

blacknp:
Just like daddy.

Like you

When a kid is not doing well his or her parents will point at other kids that are doing well and tell the kid to be like them not that they want to exchange their kids but rather it is to make them to improve.
Obsession or not make u Apc folks have wrecked the con3

Biodun556:
Apart from those who genuinely need dollars to buy goods and pay school fees abroad.

Nigerian politicians convert billions of naira they stole to dollars to make it portable. Some Nigerians also change the naira to dollars for show off at parties. These are they people who denied those who need dollars to do legitimate business

God why did you send me to a country with people who reason with their anuses? Even almajiris and illiterates have a say and have voting rights.

paxx:


Sigh.... It's not an obsession with dollars, it's just a way of showcasing how the naira has lost its value over time. When a currency dramatically loses its value, it means that people can not save ... Here is an explanation

Let's say I'm a content creator in Nigeria. How will I be able to buy the tools required for making content. In the globalized world no country produces everything, you have to buy things that are being produced outside the country. A weak currency makes it difficult to purchase things.

The problem is not a 'weak' currency. The problem is low wages.

If you feel Nigeria obsession with dollars is responsible for the rise in dollar value, what about pounds?

Biodun556:
Apart from those who genuinely need dollars to buy goods and pay school fees abroad.

Nigerian politicians convert billions of naira they stole to dollars to make it portable. Some Nigerians also change the naira to dollars for show off at parties. These are they people who denied those who need dollars to do legitimate business

Kushites:


The problem is not a 'weak' currency. The problem is low wages.

So Ignorance is the reason why people disagree on this website. I thought it was tribalism

Biodun556:
Apart from those who genuinely need dollars to buy goods and pay school fees abroad.

Nigerian politicians convert billions of naira they stole to dollars to make it portable. Some Nigerians also change the naira to dollars for show off at parties. These are they people who denied those who need dollars to do legitimate business

It has a lot to do with our consumerist culture.
We produce little but consume plenty!

Most of the things we wear - from fake hair to fake toenails - are produced abroad. Imagine that huh?
The most populous Black nation in the world...and no iota of pride. So it follows that from cradle to grave, as young and old, we have been conditioned to lust after the almighty dollar.

Nigeria’s Top 10 Imports
The following product groups represent the highest dollar value in Nigeria’s import purchases during 2022. Also shown is the percentage share each product category represents in terms of overall imports into Nigeria.

Mineral fuels including oil: US$23.9 billion (39.6% of total imports)
Machinery including computers: $6.9 billion (11.4%)
Electrical machinery, equipment: $3.5 billion (5.7%)
Vehicles: $3.3 billion (5.4%)
Plastics, plastic articles: $2.32 billion (3.8%)
Cereals: $2.27 billion (3.8%)
Optical, technical, medical apparatus: $1.2 billion (2%)
Pharmaceuticals: $1.1 billion (1.7%)
Other chemical goods: $1.03 billion (1.7%)
Organic chemicals: $1.02 billion (1.7%)

Source: https://www.worldstopexports.com/nigerias-top-10-imports

What you are claiming is just a figment of your imagination, over 97 percent of Nigerians have never touched the US dollar before so for you to say Nigerians are obsessed with the US dollar is wrong , people only started getting interested in the US dollars when they noticed it's price also affects their Nigerian spending power and that one you have the bad govts to blame for it , if the govt had the right policies in place and could keep the value of the Naira stable for at least 12 months , do u think anyone would care about the Dollar?

Biodun556:
Apart from those who genuinely need dollars to buy goods and pay school fees abroad.

Nigerian politicians convert billions of naira they stole to dollars to make it portable. Some Nigerians also change the naira to dollars for show off at parties. These are they people who denied those who need dollars to do legitimate business

1.Dollars is a good reserve currency. When the value of your nation's currency crashes, it is better you carry dollars. (IN Zimbabwe. Venezuela, Ecuador, and LIberia where the crash of their local currency makes the naira look strong, dollar has even replaced the national currency).

NIgeria's currency has crashed from N0.7 to one dollar in 1978 to N1400 to one dollar today. With the crash over the years, carrying hard currency makes sense.

2.You can save 100 dollars when it was exchanging for N700 as at last year, and go to bank and change it at N1400 per dollar. AMount of money in your hand dobuled instantly. You did not need to do much.

3.Some subscriptions you need to pay for eg things like Paramount plus (available here with a good VPN ) HAVE to be paid for in dollars.

SalamRushdie:
What you are claiming is just a figment of your imagination, over 97 percent of Nigerians have never touched the US dollar before so for you to say Nigerians are obsessed with the US dollar is wrong , people only started getting interested in the US dollars when they noticed it's price also affects their Nigerian spending power and that one you have the bad govts to blame for it , if the govt had the right policies in place and could keep the value of the Naira stable for at least 12 months , do u think anyone would care about the Dollar?

THe only way Nigeria has kept the value of the dollar stable has been by dipping into our forex earnings and reserves and using it to buffer the currency

(Not just ours...Saudi spent 100 billion dollars in 8-10 months in 2014 buffering the RIyal after the crash in oil prices in 2014, which by the way it caused by trying to play chicken with US Oil producers..).

When we have high enough earnings, when oil prices are high or rising, (as in the period 1973-82, and 2005-12) the value of the currency stays strong. When we have falling prices, less money exists to buffer the naira, and the value of the currency falls.

That's why some of us regard APC as having failed. IN 2014, oil prices crashed, APC Knew, and should have gotten a comprehensive programme to diversify the economy, but as they did not...here we are).

That's the only policy we have used since independence.

There is one other way, and that is becoming an exporter of manufactured goods and services whose prices we can set , to attract as much dollar as we want.

nairalanda1:


1.Dollars is a good reserve currency. When the value of your nation's currency crashes, it is better you carry dollars. (IN Zimbabwe. Venezuela, Ecuador, and LIberia where the crash of their local currency makes the naira look strong, dollar has even replaced the national currency).

NIgeria's currency has crashed from N0.7 to one dollar in 1978 to N1400 to one dollar today. With the crash over the years, carrying hard currency makes sense.

2.You can save 100 dollars when it was exchanging for N700 as at last year, and go to bank and change it at N1400 per dollar. AMount of money in your hand dobuled instantly. You did not need to do much.

3.Some subscriptions you need to pay for eg things like Paramount plus (available here with a good VPN ) HAVE to be paid for in dollars.

That's the game everyone is playing including the banks with some of them declaring over 400% profit. Even thought the real sector of the economy is down. Banks are round-tripping and people are trading in dollars.