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.
.
What your say on this?
