I came across this article while I was surfing on net, and I think it'll ideal to share it.
The message read....
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 neighboring 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 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. am explaining dis nt bc am @pmb's side.its jst an eco analysis for 9ja to move forward
My view
The writer is making sense, 99.9% of Nigeria’s don't consume their products, imaging a situation where we always prefer foreign products to ours even if theirs is more expensive.
The earlier we start appreciating what we have the better for our economy.
We are going to start from somewhere and it's a gradual process. Nigerians should learn to be sincere.
ReplyDeleteshakaranews.com
But that is just the official exchange rate, not the rate at the parallel market. As at yesterday, it was N305 in the parallel market.
ReplyDeleteExactly what the writer is saying, although it came down to 250 at the later time
ReplyDelete99.9% of Nigeria’s don't consume their products
ReplyDeleteTope you are very right, the earlier we realize the best for our economy
ReplyDeleteOur problem in Nigeria is that we don't value what we have and the earlier we realise that, the better for us
ReplyDeleteAlabekee's Blog
Thanks you very much Ola. Thank for visiting www.nairatrace.com
ReplyDelete