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Nairaland Forum / Nairaland / General / Business / Dollar = N197 (3692 Views)
Dollar= N197 / Dollar Is Now N220 At Parallel Market While N197.5 At CBN Rate / DOLLAR = N197 By Allanphash7 (2) (3) (4)
Dollar = N197 by dotcomnamename: 9:53pm On Feb 24, 2016 |
DOLLAR = N197 Please let me explain to those of us who don't understand Economic terms. Dollar has not increased since Buhari became president 1. Dollar is not our currency so dollar should not be our business 2. Our problem is not d government but our problem is our importers and consumers 3. Naira has remained at 197 naira to 1 dollar since Buhari became president 4. Buhari has promised not to devalue the Naira and he has maintained that promise 5. Both at CBN and at interbank rates, dollar has remained 197 6. However because we are too lazy to produce what we use in Nigeria we import even toothpicks and matches 7. Buhari does not like d importation of luxury goods because luxury goods is d reason for most corruption, that is why he banned 41 products from having access to forex 8. However when Nigerian importers insisted on importing those 41 products, FG asked them to find their dollar at d BDCs parallel market also known as black market 9. And to discourage the pressure Nigerians are mounting on the Naira just to get dollars for importation, CBN banned DMBs from selling dollars to BDCs 10. To survive the pressure of excess dollar demands, BDCs resorted to sourcing for dollars from neighbouring countries through illicit money laundering routes 11. Because of the risks faced by BDCs to source for dollars, and because of the increase in demand for dollars by importers because China just resumed from their business holidays, BDCs keep increasing the price at which they exchange dollars to naira and now it is 400 Naira to 1 dollars 12. However that does not mean that govt has changed the exchange rate because if our genuine importers go to CBN and fill Form M to import raw materials for local production, they will get dollars at 197 naira each 13. So the problem is that we love to consume luxury foreign products yet we are too lazy to manufacture them here. 14. For example u will see a dull girl using iPhone 5 without even knowing simple physics and computer engineering part of how that phone was produced 15. I want Buhari to ban every foreign product from Nigeria until Nigerians learn to produce and use Made in Nigeria products 16. Let us stop complaining about dollar as if dollar has become Nigeria's currency 17. It is even bad enough that most of those complaining about the high exchange rate of dollar do not have 1 single dollar in their purse. 26 Likes 4 Shares |
Re: Dollar = N197 by Kyase(m): 9:55pm On Feb 24, 2016 |
They won't still understand, and they will be quick to call Mr president dullard whereas we know who the real dullards are.. 13 Likes 1 Share |
Re: Dollar = N197 by Isoni(m): 9:55pm On Feb 24, 2016 |
A |
Re: Dollar = N197 by Nobody: 9:56pm On Feb 24, 2016 |
was here |
Re: Dollar = N197 by EazyMoh(m): 10:02pm On Feb 24, 2016 |
Makes sense.
What am not convinced is that useless budget! |
Re: Dollar = N197 by Nobody: 10:02pm On Feb 24, 2016 |
Explain this. 5 Likes
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Re: Dollar = N197 by esmeralda1(f): 10:06pm On Feb 24, 2016 |
Thank you for explaining in simple understandable terms 4 Likes |
Re: Dollar = N197 by MalcoImX: 10:09pm On Feb 24, 2016 |
This your post makes sense. If that's the rationale, then the policy is suppose to booster local production, create jobs and even increase our earnings. This is what we're supposed to be hearing from Ben Bruised. But he's busy wanting to become a president using Donald Trump's thinking. 13 Likes |
Re: Dollar = N197 by Nobody: 10:11pm On Feb 24, 2016 |
Wow! Very nice, Buhari shuld start by banning d purchase and use of the phone u used to type this rubish and d one's ur supporter's will use to type their comments too. That way we will be forced to manufacture our own phones!!! D people that tagged some plans as "Long term Plans" are not fools, it is people like u who wants to achieve "long term" plans in a "short term" dat are d problem. ![]() 4 Likes |
Re: Dollar = N197 by impeccablemee(m): 10:12pm On Feb 24, 2016 |
[quote author=9jacrip post=43222558]Explain this.[/quote That's ATM transactions not inside banking hall with genuine reasons, please read carefully |
Re: Dollar = N197 by impeccablemee(m): 10:13pm On Feb 24, 2016 |
9jacrip: That's ATM transactions not inside banking hall with genuine reasons, please read carefully 3 Likes |
Re: Dollar = N197 by Tallesty1(m): 10:18pm On Feb 24, 2016 |
Lmao. Buhari should ban every single foreign product right? Sounds cool but thing is Buhari is not even in Nigeria now. We have a foreign president ![]() 11 Likes 1 Share |
Re: Dollar = N197 by Nobody: 10:24pm On Feb 24, 2016 |
impeccablemee: Genuine reasons? I should give a reason to spend my own money? ![]() No need to wing it sir, the banks exchanged st the actual worth of the naira despite CBN's cosmetic official rate. |
Re: Dollar = N197 by ishiamu(m): 10:24pm On Feb 24, 2016 |
[s] dotcomnamename:[/s] Trashiest trash |
Re: Dollar = N197 by wolelove(m): 10:24pm On Feb 24, 2016 |
This is just a simple explanation even my grandma will understand. But yet some people will still fail to understand. 7 Likes |
Re: Dollar = N197 by dotcomnamename: 10:29pm On Feb 24, 2016 |
mineANDurs: 1 Like
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Re: Dollar = N197 by Liljeez(m): 10:33pm On Feb 24, 2016 |
dotcomnamename:But why did u have to copy and paste what i've already posted few hours ago......what sort of piracy is this 6 Likes |
Re: Dollar = N197 by Liljeez(m): 10:35pm On Feb 24, 2016 |
https://www.nairaland.com/2954563/falling-naira-facts-must-know ...and dis is the link in case u are not convinced 1 Like 1 Share |
Re: Dollar = N197 by foriz4u(m): 10:38pm On Feb 24, 2016 |
nice piece of education there by op. but some questions begging for answers 1) why is it that its only in Nigeria government don't make substantial and solid alternative 4 going ahead to block n implement a law? since buhari either wants to fight corruption or wants our local industries to pick up, why didn't he create an enabling environment 1st, let the local industries kick start n hold grounds solidly b4 blocking foreign depended goods? 2) since u said getting dollar from d bank is @197, what is the selling limit CB gives each banks daily n why us it so difficult that parents can't even get dollar to send their children who school abroad for upkeep my brain still booting for more questions... 2 Likes |
Re: Dollar = N197 by Ofodirinwa: 10:40pm On Feb 24, 2016 |
Stop lying and apologizing for men who you've never met. The dollar is the standard for global currency. So long as Nigeria conducts international business, which it does, the dollar rate matters. |
Re: Dollar = N197 by MalcoImX: 10:45pm On Feb 24, 2016 |
foriz4u:#2. There was a time when unofficial trading in the dollar was a crime. If they keep sabotaging government efforts, I think the unofficial market should be banned. 1 Like |
Re: Dollar = N197 by Kyase(m): 10:50pm On Feb 24, 2016 |
ishiamu:One of the many dullards spotted 2 Likes |
Re: Dollar = N197 by drnairalov: 10:55pm On Feb 24, 2016 |
dotcomnamename: bru u know u said a lot of valid points...cos i know the dollar was pegged in cbn.. the dollar fall is just artificial... kudos to ur brilliant writeup 2 Likes |
Re: Dollar = N197 by Vanpascore(m): 10:55pm On Feb 24, 2016 |
wetin concern me? Make i sha see d money spend |
Re: Dollar = N197 by ishiamu(m): 10:55pm On Feb 24, 2016 |
Kyase: Zombie of life |
Re: Dollar = N197 by otunbashonny(m): 10:59pm On Feb 24, 2016 |
Dollar dollar dollar. Make una let dollar rest naaa.lol Nice write up op |
Re: Dollar = N197 by Kyase(m): 11:00pm On Feb 24, 2016 |
ishiamu:Lol I was right after all 1 Like |
Re: Dollar = N197 by Caseless: 11:01pm On Feb 24, 2016 |
Cool! |
Re: Dollar = N197 by ishiamu(m): 11:04pm On Feb 24, 2016 |
Kyase: Dats wat u are a big Zombie of life |
Re: Dollar = N197 by drss(m): 11:04pm On Feb 24, 2016 |
Kyase:forget it. buari is a dullard. |
Re: Dollar = N197 by EZENDDIGBO(m): 11:05pm On Feb 24, 2016 |
Liljeez:you re the owner of this piece of work, how come you didn't arrange it the way the op does now? That s why nobody commented there at your thread. Do a neat job next time, but op how come you copy and paste his work without reference to his name or username? I hate piracy bro. Do the needful and put his name there. Piece of works by liljeez.. ![]() 1 Like |
Re: Dollar = N197 by Kyase(m): 11:05pm On Feb 24, 2016 |
ishiamu:A haha ahahahaha haha haha continue. And abeg stop using short hand when quoting me. Thank you |
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