deandavid:
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.
COPIED

deandavid:
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.
COPIED

Newleaf:
So what about the price of rice in the market now? I guess, you must be a fan of Buari. Buhari close border and he said we should be eating our local rice and no solid plan that can back this action up. There are no government supports to farmers. Now let's me ask you this question; does Buhari eat any of our local rice? The answer is capital NO. It is we the masses that will be suffering from this situation.

vivaciousvivi:
deandavid I am a Buhari supporter but I disagree with your number 7. A good many items on that list are not necessarily "luxury" items please. Also you don't restrict importation outrightly without even trying to put policies in place for supporting the local production or semi industrialisation of such products in the near or immediate future. These include at Infrastructural (power inclusive), regulatory, finance (long term and mid term credit and tax exemptions, interest rate lending) and port reforms (including mandatory sighting of a valid bank issued Form M and closing loopholes to counter smuggling.

vivaciousvivi:
deandavid I am a Buhari supporter but I disagree with your number 7. A good many items on that list are not necessarily "luxury" items please. Also you don't restrict importation outrightly without even trying to put policies in place for supporting the local production or semi industrialisation of such products in the near or immediate future. These include at Infrastructural (power inclusive), regulatory, finance (long term and mid term credit and tax exemptions, interest rate lending) and port reforms (including mandatory sighting of a valid bank issued Form M and closing loopholes to counter smuggling.

deandavid:

My friend.. o yes i am a buharist, well if he closed the borders to stop importation of rice and other food stuff, then that is a step in the right direction. No solid plan? yes no solid plan and the price of rice will go up, good, thats what will sure make us get serious. for so many years we have been oil dependent, people have been shouting, diversify, the leaders refuse to listen, now the oil price has deepen, we are now running up and down, if we had diversify long ago this wouldn't have affected us. so also if we dont lock away those Thailand rice our local production can never be boosted and the govt will not be serious about it. so banning rice importation is a welcome development. its now time to invite all stake holders involved in the production of those banned product, to know the way forward.