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Nairaland Forum / Nairaland / General / Business / One Dollar Is Equal To 197 Naira (1993 Views)
Why A Strengthening Dollar Is Bad For The World Economy / CBN To Sell Dollars To Pilgrims For 197 / Dollar Is Now N220 At Parallel Market While N197.5 At CBN Rate (2) (3) (4)
One Dollar Is Equal To 197 Naira by deandavid(m): 8:49pm On Feb 25, 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. COPIED 4 Likes 3 Shares |
Re: One Dollar Is Equal To 197 Naira by Psylas(m): 9:28pm On Feb 25, 2016 |
deandavid: 1 Like
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Re: One Dollar Is Equal To 197 Naira by Nobody: 9:43pm On Feb 25, 2016 |
Nice1 op |
Re: One Dollar Is Equal To 197 Naira by sammyp01: 10:07pm On Feb 25, 2016 |
Nice one let them know OP |
Re: One Dollar Is Equal To 197 Naira by Newleaf: 11:34pm On Feb 25, 2016 |
deandavid: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. |
Re: One Dollar Is Equal To 197 Naira by deandavid(m): 9:24am On Feb 26, 2016 |
Newleaf: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. |
Re: One Dollar Is Equal To 197 Naira by vivaciousvivi(f): 9:34am On Feb 26, 2016 |
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. 1 Like |
Re: One Dollar Is Equal To 197 Naira by Babacele: 10:36am On Feb 26, 2016 |
vivaciousvivi:hmmm. |
Re: One Dollar Is Equal To 197 Naira by deandavid(m): 10:47am On Feb 26, 2016 |
vivaciousvivi:your argument is very correct, but all this is actually necessary in a saner society, not in Nigeria, we are just too adamant to changing our ways, the hard way is usually the best way for us. my sister, just think it through, if we say, we want to wait for light and all those policy and laws to be put in place first, u will see our national assembly, debating for two months, stakeholders meeting here and there, committees here and there, just turning round a circle, Buhari is just one man, we dont expect him to go and start making tooth pick for us, all those people involved in the importation of these stuffs should source the materials locally. for Nigeria, na when e don reach die minute we dey serious, Buhari has created a die minute for us, let us start facing locally made products. if we wait for policy, infrastructure and what have u, so go dey here 20 years. lets start now, lets make use of what we have on ground, we will learn and improve on the job. |
Re: One Dollar Is Equal To 197 Naira by ayescopy: 11:27am On Feb 26, 2016 |
@OP, Pls o, if this CBN rate is 197 to dollar, why then do commercial banks in Nigeria are using the black market rate? do our banks also source dollar at black market? just wondering though!!! wetin i kno!!! |
Re: One Dollar Is Equal To 197 Naira by Nobody: 11:54am On Feb 26, 2016 |
In a |
Re: One Dollar Is Equal To 197 Naira by Newleaf: 8:05am On Feb 28, 2016 |
deandavid:Guy, I don't support you with your point. Now you said that that's the right step for Buahri to take. Now let's me ask you this question because I am always inquisitive; has federal government support our farmers with money and machineries. The answer is capital NO. So why are you in support of Buhari. Go to United States of America, any farmer that wants to start rice farming will starts with 200acres of land. It is because they had government support in their country. Same also in China. Before China became like this, their government banned importation and exportation of goods in their country and their government put a solid plan in place that can back this action up by supporting their citizens with money and other things. Has federal government of Nigeria has in any way support its Citizens. The answer is capital NO. Can you see that I have a very point. Our problem in this country is that we have no government support either from the federal, state, or local. We have genius people in Nigeria that are good in technology and in many other aspects. We have people that are good in mechanics, wood work, electricals, clothing, software and application development, web design, fine arts, etc. Beacause these set of gurus are poor and no support from the government, that is why they cannot go beyond their zone. Is not a big slap on us for Ghana and Ethiopia to be leading Nigeria in technology? If our genius mass produce of what they are good at, you will see that Nigeria will prngress. But it all boils down to government support. |
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