10,000NGN per $1 by end of his 2nd term.
Thank you Nigerians for voting cluelessness the last 8 years.

More clueless president more economy degradation and more dollar in our bank account.

MC OLUOMO for president 2032. Una go hear am. 😂😂

Paraman:
Drop your sister phone number or yours, we will link up in VI on monday morning.

But how we will place the bet be the koko, I can't give my 1 naira to anybody I don't know yo hold o

It's simple, first, we set the betting parameters.
For you to win, the naira must be below a certain amount on the last day of the month. When that is decided, one of us would create a thread in which both of us will acknowledge the bet. Others on the thread would be our moderators. If you can't pay up, you would delete your account, same applies to me

anonymous1759:


Some people barking like dogs online about the dollars are part and parcel of the problem why dollars is high because of greed. But trust us as Nigerians we always look for a scape goat to blame our greed and incompetence on.

I wish Nigeria well and a President, God will not give some people happiness this year because their happiness is tied down to the downfall of Nigeria so they can massage their Ego for an election they lost woefully with evidence everywhere.

Can you just get lost with this your bragging right? You made a wrong choice and the country is going down by all economic indices and you still dare to lord it over people complaining about how things just turned out in the shortest possible time.

You should be sober or at least apologize or keep shut. Shame no dey for your dictionary.

We won, we won, and nothing to show for it.

Faiththatworks:
I have been asking this question since last week,and I really need some Intelligent Nigerians to please educate me.
What's causing the downward spiral of the Naira to the Dollar, Can the CBN and the Banks please release the industries where the dollar demand is coming from.
I can say for a fact that NNPCL already told us petrol is no longer subsided,all diesel and Aviation fuel importers have given them selves some sense and have totally reduced their importation because of the Dangote Refinery.
Even Manufactures have reduced importation of essential raw materials,from Drugs to household essentials,everyone is cutting back on importation cos of the high Usd,so what's causing the spike in Demand.
My economic theory is very simple and I hope I get some Intelligent rebuttals,anyone buying Usd this high at 1$ to 1400,will never make a profit on whatever they import.
No right thinking importer will do business at such a ridiculous rate and still expect to make a profit,so who's buying this Usd.
I daresay this spiral is just open ended round tripping,the banks and the bureau are really the ones buying and selling this Usd,they create an artificial supply and demand bogus economy just to milk the Nigerian economy.
EFCC,NSA,ICPC should categorize these people as Economic Terriorist and treat them as such.
God bless Nigeria.

The answer to your question is very simple. Its still business as usual in all sectors even more so now meaning that we are still a very much dollar hungry nation . Let me explain using the points you raised.

Industries = There is no reduced demand for dollar because the problems(electricity,skilled man power, specialized equipments) are not available. So many items still have to be bought abroad. Add to this the recent close down of numerous factories that previously produced local goods,meaning there now even more demand for imported goods and consequently dollar.

Fuel Importers = Not sure where you sourced your info but they have not reduced fuel importation. If anything there are now more fuel importers as the Tinubu govt has given out more importation licenses to more businesses with the hope the multiplier effect would put downard pressure on pump prices. We know that one failed on arrival.

Dangote refinery = It thus far had zero effect on the economy as far as dollar is concerned. It can even be argued that Dangote is one of the parties causing dollar scarcity because he is having to buy crude oil on the international market to bring to Nigeria to refine due to failure of NNPC to meet his refinery demands. In the long term this is likely to change IF and only IF his crude oil demands are met locally.

Importers in general = We have a massive population. Demands have never been met locally. For this reason we will always import. No matter the dollar rate. All they need to do is hike the price some more. Hence the massive inflationary prices we are seeing.

Round Tripping/Speculators = I once believed what you still believe. Which is that currency speculation is only the handiwork of BDCs and Banks or very wealthy individuals. My dear friend even your Gateman and driver is involved. People figured out a few years ago that currency speculation is a profit making venture. Since then it has become common practise for all and sundry now. They will buy $100 with N120,000 hoping that in two weeks they can sell it for N140,000 making N20,000 profit. Like Prostitution and Kidnapping currency speculation is now a thriving sub-industry that has come to stay.

Draconian measures will have to be taken eventually, dollar seems to be the greatest problem Nigeria ever face and we need lasting solutions to put it under control whether or not the step taken to achieve that is orthodox.

plaetton:

My friend, the very simple answer is that the FGN, as part of its economic restructuring program, is officially devaluing the Naira by allowing it to free float.
This is a deliberate policy.
When the Naira goes down too fast in a very short period, the same government takes one ad-hoc measure or another to curtail the panic, just for that period. Eventually the devaluation continues. No one knows the Naira's true value at this time, not even the government.
Therefore, no matter what ad-hoc measures taken today, the trajectory of the Naira is pointedly downward for the rest of the year, until it reaches that equilibrium point where supply matches demand.
From the way the entire economy looks, that equilibrium level might just be around N2100/$ .
How soon it will get to that level is everyone's guess.

As it stands right now and in all honesty, bro, the Naira is an apprentice to the Zimbawean Dollar if allowed to show it's true "Value".

Even if you hate me, just trust me on this.

MadamExcellency:


Can you just get lost with this your bragging right? You made a wrong choice and the country is going down by all economic indices and you still dare to lord it over people complaining about how things just turned out in the shortest possible time.

You should be sober or at least apologize or keep shut. Shame no dey for your dictionary.

We won, we won, and nothing to show for it.

Are you pained naira gained some strength? If naira had depreciated with this move you’ll still wail and be happy about it .
Wailing wailers continue, as long as your happiness is tied down to the down fall of Nigeria you’ll never be happy it’s not a cause .

anonymous1759:

Some people barking like dogs online about the dollars are part and parcel of the problem why dollars is high because of greed. But trust us as Nigerians we always look for a scape goat to blame our greed and incompetence on .
I wish Nigeria well and President, God will not give some people happiness this year because their happiness is tied down to the down fall of Nigeria so they can massage their Ego for an election they lost woefully with evidence everywhere.

The CBN has what it takes,to ensure that Dollars does not rise above N850 to a Dollar, because if ALL the Politicians are Combed by the Banks and should not be seeing, undercutting the FG Policies - including the Governors and other Executives and the Legislature ----National Assembly Members,there is no reason for us in Nigeria to be Exchange Currencies-,far above the CBN Rates because of the greed and selfishness in us?
What is aboki Selling?
Which Works are they doing - selling for who?
• So many Sectors of our economy needs Funding,but here we are just not there! We are Producing Nothing or let's say- Which Productions are we Exporting.

Faiththatworks:
I have been asking this question since last week,and I really need some Intelligent Nigerians to please educate me.
What's causing the downward spiral of the Naira to the Dollar, Can the CBN and the Banks please release the industries where the dollar demand is coming from.
I can say for a fact that NNPCL already told us petrol is no longer subsided,all diesel and Aviation fuel importers have given them selves some sense and have totally reduced their importation because of the Dangote Refinery.
Even Manufactures have reduced importation of essential raw materials,from Drugs to household essentials,everyone is cutting back on importation cos of the high Usd,so what's causing the spike in Demand.
My economic theory is very simple and I hope I get some Intelligent rebuttals,anyone buying Usd this high at 1$ to 1400,will never make a profit on whatever they import.
No right thinking importer will do business at such a ridiculous rate and still expect to make a profit,so who's buying this Usd.
I daresay this spiral is just open ended round tripping,the banks and the bureau are really the ones buying and selling this Usd,they create an artificial supply and demand bogus economy just to milk the Nigerian economy.
EFCC,NSA,ICPC should categorize these people as Economic Terriorist and treat them as such.
God bless Nigeria.

It's not just the banks, individuals are also mopping up dollars to hedge against devaluation.
For instance , I bought 20000 for 1500 on Wednesday cos I can't watch savings go down the drain.
We all have lost confidence in the naira so you can't blame me.

SoNature:


There's no positive side to experience until Nigeria clears its $8 billion debt. Dollar is now #1400. Give it next week; it will bounce back to #1500. Tinubu is totally clueless or doesn't care.

The question everywhere has been asking is, "Why Nigeria is not producing and selling more crude oil to meet our OPEC quota and satisfy Dangote Refinery?"

Now, Dangote is going to the US to import crude oil, thereby worsening the USD crisis.

Even our supposedly Crude oil isn't ours for the nearest future.

Abi you never know say our ride Oyel na him dem use as collateral for most of the recent loans?

In those coming years, wetin go happen to the Naira?

Your guess is as good as mine because we go dey sell but money go dey go our lenders account.

Na my layman's explanation be dis oh.

Very good, and I say very soon, everybody will understand why Dangote resorted to importing crude.

When the "real" owners of the current crude ask Dangote say "wey your payment voucher for crude wey you want lift because we no understand this cash swap engris with NNPCL wey dey owe us".

Brother gently face other markets.

Bluntemperor:


The CBN has what it takes,to ensure that Dollars does not rise above N850 to a Dollar, because if ALL the Politicians are Combed by the Banks and should not be seeing, undercutting the FG Policies - including the Governors and other Executives and the Legislature ----National Assembly Members,there is no reason for us in Nigeria to be Exchange Currencies-,far above the CBN Rates because of the greed and selfishness in us?
What is aboki Selling?
Which Works are they doing - selling for who?
• So many Sectors of our economy needs Funding,but here we are just not there! We are Producing Nothing or let's say- Which Productions are we Exporting.

Most of our problems are man made coupled with greed , some tiny island’s currency is stronger than Naira without exporting much .
Heads needs to roll out for this country to move forward.

Paraman:
Lol

Who are the people who will mop up $5 billion in days?

How much naira do you think is needed to mop up $5 billion? Where will they get the naira from?

So you agree the news is fiction since they can't offload $5bn in 24hrs except there's been a backlog of demands

ScamDemicEra:
.... hopefully this will reflect in the prices of food for market, whatever goes up hardly comes down for Nigeria market.

It will not last. It's just temporary. Dollar will shoot up again in the coming weeks. It's not the first time they are doing this.

They are not tackling the main issue. As a result, there will never be a permanent solution to the depreciation of the naira.

We import everything. Even crude oil. How do they expect the naira to appreciate?

Whoever thinks the naira will ever appreciate against the American dollar without them solving the issue of manufacturing and production in the country is on long thing. Until we start producing basic things in Nigeria, there is no hope for the naira.

All these they are doing are just short term measures. It won't have any long term effect to revive the naira.

anonymous1759:


We shouldn’t sabotage ourselves for selfish gains at the expense our country.

Sounds exactly like what APC did.
Are you not a supporter

DeOTR:
I think the FG should close and ban all dom accounts, after conversion to naira at the official rate. And then implement a return to the previous PTA and BTA systems.

Implement this, and if I were abroad, your eye go clear.

No more remittances of my hard earned fx to Nigeria, and you'd be choked.

I go send my family go Benin Republic to go collect CfA or the currency equivalent and trek back into Nigeria.

Do you think they haven't thought about this?

Nigeria and the Naira will be worse off...

gaby:


As it stands right now and in all honesty, bro, the Naira is an apprentice to the Zimbawean Dollar if allowed to show it's true "Value".

Even if you hate me, just trust me on this.

I wouldn't argue with you on that.
For as long as insecurity persists in every corner of Nigeria, it is near impossible to get foreign investors and even Nigerians in the diaspora to bring in sufficient dollars to stabilize the naira.

Fujiyama:


^^^
NNPC didn't tell you the truth.

There is still a subsidy on PMS imports.



^^^
Incorrect.

As long as the cost can be passed on to others in the value chain, people will continue to import at that rate.

Example: I buy U$ at the 1$ to N1400 rate to import vehicle brakes and shock absorbers. Its much costlier than before but commercial vehicle owners need to keep their cars on the roads, right? The cost is passed on to the passenger in the form of higher fares. The rules are clear: if you can't pay the higher fare, don't board my vehicle.

And...because people need to get to work or they'll lose their jobs etc., they have no choice but to pay the higher fare. And if these people can do so, they also push up the prices of whatever they sell...and the game of pass me the hookah continues...without end.

Hahahahha

The majority of your passengers are employed by the government a.k.a civil servants.

What's the minimum wage fixed by your government again?

The wahala goes deeper than you just submitted.

Even the government is broke and stranded. Dem no just want tell una yet.

If it annoys you a lot that the downfall of Nigeria makes your enemies gloat, then you should make it work. You are in power, you have everything it takes.

anonymous1759:


Some people barking like dogs online about the dollars are part and parcel of the problem why dollars is high because of greed. But trust us as Nigerians we always look for a scape goat to blame our greed and incompetence on .

I wish Nigeria well and President, God will not give some people happiness this year because their happiness is tied down to the down fall of Nigeria so they can massage their Ego for an election they lost woefully with evidence everywhere.

plaetton:

I wouldn't argue with you on that.
For as long as insecurity persists in every corner of Nigeria, it is near impossible to get foreign investors and even Nigerians in the diaspora to bring in sufficient dollars to stabilize the naira.

Nigeria is broker than you and I right now, brother.

They can't voice it out to avoid chaos..

Imagine what those quasi loan sharks do to/with Nigerians and equate it on a national level.

Even the paltry crude sales currently does not get 100% credited to the national account but the creditors account.

Nigerians no even understand wetin dey happened, yet.

There is a reason why Dangote had to resort to importing and ignoring the arrangement made with NNPCL crooks.

The current owners of our crude want cash payments to recoup their loans, and not the nonsense arrangement between Dangote and the nonsense NNPCL.

StarRida:
The only lasting solution is to sack the current CBN governor he gat nothing to offer

you papa fit take over?

How much is 1 dollar today?

anonymous1759:


Some people barking like dogs online about the dollars are part and parcel of the problem why dollars is high because of greed. But trust us as Nigerians we always look for a scape goat to blame our greed and incompetence on .

I wish Nigeria well and President, God will not give some people happiness this year because their happiness is tied down to the down fall of Nigeria so they can massage their Ego for an election they lost woefully with evidence everywhere.

Say no to election rigging, period!

StarRida:
The only lasting solution is to sack the current CBN governor he gat nothing to offer

That is not a lasting solution. The lasting solution is for Nigeria to move from consumer to producer and export what we produce aside from oil and earn more forex from non oil export.

Paraman:
One kid was telling me dollar will shoot up to $/#2000 yesterday because abokis decide not to sell or buy yesterday in some part of abuja.

why are they doing so?

anonymous1759:


Some people barking like dogs online about the dollars are part and parcel of the problem why dollars is high because of greed. But trust us as Nigerians we always look for a scape goat to blame our greed and incompetence on .

I wish Nigeria well and President, God will not give some people happiness this year because their happiness is tied down to the down fall of Nigeria so they can massage their Ego for an election they lost woefully with evidence everywhere.

I don't know why you're crying like a foul... I know you've not even seen dollar in the past 6 years except in photo...

By the way, your demi-god Tinubu is already a failure... By God's grace I will continue laugh at you and your generation because this government has nothing to offer

He bought over 300 imported cars with dollars now wants banks to release their dollars... Just calm down, the money banks released will finish by next week, then dollar will jump to 5k

Olodo

Please, why is it that most BDC operators are Abokis, from the North?
What special privileges do they derive to be mostly and majorly involved in Bureau De Change business?

gaby:


Nigeria is broker than you and I right now, brother.

They can't voice it out to avoid chaos..

Imagine what those quasi loan sharks do with Nigeria and equate it on a national level.

Even the paltry crude sales currently do not get credit to the national account but the creditors account.

Nigerians no even understand wetin dey happen, yet.

There is a reason why Dangote had to resort to importing and ignoring the arrangement made with NNPCL crooks.

The current re owners of our crude want cash payment and not the nonsense arrangement between Dangote and the nonsense NNPCL.

Very Interesting, and very sad.

StarRida:
The only lasting solution is to sack the current CBN governor he gat nothing to offer

Then Emefiele who managed CBN for the past 9yrs and Buhari should be sentenced to life imprisonment with extreme labor for covering up so much decay in the economy.

Paraman:
calm down and go through my comment again

I get ya point, bossman

You were being sarcastic

gaby:


Implement this, and if I were abroad, your eye do clear.

No more remittances of my hard earned fx to Nigeria, and you'd be choked.

I go send my family go Benin Republic to go collect CfA or the currency equivalent and trek back into Nigeria.

Do you think they haven't thought about this?

Nigeria and the Naira will be worse off...

Except you're spending the money in Benin Republic, it won't make any difference.
At the end of the day, this is what the CBN will fall back to.

DeOTR:

Except you're spending the money in Benin Republic, it won't make any difference.
At the end of the day, this is what the CBN will fall back to.

When herdsmen with AK47 straddled on their shoulders dey stroll all the way from futa Jallon, Guinea, Mali, and Niger down to your doorstep for Ekiti without NIN, BVN, or voters card?

Even the bandits are mopping up your worthless Naira and converting it to their CFAS as we speak...siddon there.
Dey play, you hear....