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Nairaland Forum / Nairaland / General / Business / Why Are Nigerians Still Buying Dollars (29451 Views)
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Re: Why Are Nigerians Still Buying Dollars by FreeStuffsNG: 8:49am On Oct 25, 2023 |
culeca:You will understand when you are burnt or arrested and prosecuted for hoarding fx and crowding out those who genuinely need it. |
Re: Why Are Nigerians Still Buying Dollars by gadgetplanetng: 8:49am On Oct 25, 2023 |
Check balance of trade |
Re: Why Are Nigerians Still Buying Dollars by SmartyPants(m): 8:49am On Oct 25, 2023 |
Acidosis: Naira falls because of over demand. Over demand exists because of import dependency and currency speculators. No other reasons. Import dependency has been discussed. So who are the currency speculators? The everyday Nigerian of course. Everyone who buys dollars to save, while uderstandable, is only contributing to the problem. These things are simple arithmetic. 1 Like |
Re: Why Are Nigerians Still Buying Dollars by nairalanda1(m): 8:50am On Oct 25, 2023 |
Yourprick: Same reason why people buy gold, and also why people buy artwork. You hope the price appreciates and then you eventually cash out. An investment tool, in other words. Plus some of us still have to make foreign orders. |
Re: Why Are Nigerians Still Buying Dollars by ihecy101: 8:50am On Oct 25, 2023 |
Person go buy motor. E no Sabi drive am |
Re: Why Are Nigerians Still Buying Dollars by Mhizzard(m): 8:51am On Oct 25, 2023 |
From my speculation,Nigeria has been curse for lack of refinery.lately,there has not been progress from dangote's refinery. |
Re: Why Are Nigerians Still Buying Dollars by Ventura1: 8:51am On Oct 25, 2023 |
It is simply a mean of business for many Nigerian, but it is sabotage for the economy which they complain about on a daily basis. |
Re: Why Are Nigerians Still Buying Dollars by Babysho(m): 8:51am On Oct 25, 2023 |
Them won blame innocent citizens again. Which day we go even see topic for Nairaland say WHY ARE OUR LEADERS CORRUPT? 1 Like |
Re: Why Are Nigerians Still Buying Dollars by TheOldGods: 8:51am On Oct 25, 2023 |
Yourprick:no, it doesn't work that way. Even if we build 100 refineries, naira will still be falling. We need a product we can sell in dollar to bring dollar back to the country that's how you strengthen the naira. If the refineries in port Harcourt can work by December, which is another Lie by APC and the corrupt politicians like woke, then nothing will happen. Only fuel may get cheaper if it will, cause Nigeria anything up doesn't come down. It can only reduce the price of goods a bit cause now fuel maybe cheap which will allow trucks to transport goods at a cheaper rate. But dollar will keep going up. 1 Like |
Re: Why Are Nigerians Still Buying Dollars by Powersurge: 8:52am On Oct 25, 2023 |
Yourprick: It's simple. It's a prelude to hyperinflation. You can check the precedence to Zimbabwe, Russia, and even Venezuela hyperinflations. Citizens lose complete interest in their fiat due to historical precedence and politicians ineptitude and they begin to trade in foreign currencies. 4 Likes |
Re: Why Are Nigerians Still Buying Dollars by daveP(m): 8:52am On Oct 25, 2023 |
You're super hilarious for asking this question. I know you don't believe it sha. But Naira has always been Anti-gravity. 1 Like |
Re: Why Are Nigerians Still Buying Dollars by 7lives: 8:52am On Oct 25, 2023 |
theophorus: I thought I was the only one who saw it. |
Re: Why Are Nigerians Still Buying Dollars by Calitoscassius(m): 8:52am On Oct 25, 2023 |
Ikaeniyan0:Nothing will ever change, rather it will get worst. Even if Dangote refinery start working, that is if it will ever work the naira will never recover, it will keep crashing, prices of commodities never comes down in Naigeria rather it keep going up. Corruption will never let anything work in Naigeria, Naigerians are ignoring the real Naigeria problem.which is CORRUPTION! As long as corruption rules in Naigeria nothing, i mean, Nothing! Will ever change for better in Naigeria. You can keep praying all you want. Economy, refinery and a country are not run by praying. 1 Like |
Re: Why Are Nigerians Still Buying Dollars by Johnrake69: 8:53am On Oct 25, 2023 |
Ikaeniyan0: You think Dangote will sell his products in naira? When Nnpc won’t sell crude to modular refineries in naira? Lol… Na imagination wan finish Una 1 Like |
Re: Why Are Nigerians Still Buying Dollars by Calitoscassius(m): 8:57am On Oct 25, 2023 |
theophorus:How did you know that it has peaked? It has peaked at what rate1200? You wish! When it was at 750 we all thought that it has peaked and will start falling Naigeria is heading the way of Zimbabwe, believe it or no5 6 Likes |
Re: Why Are Nigerians Still Buying Dollars by Ikaeniyan0: 8:57am On Oct 25, 2023 |
kcprince:Nigeria economy is doing far better than Ghana economy Unless you can bring out solid point to back up your claim Ghana economy is better than Nigeria own. There's no way I will believe a country that can't pay her debt is doing better than Nigeria |
Re: Why Are Nigerians Still Buying Dollars by Oritna94(m): 9:02am On Oct 25, 2023 |
Oga Op, That can never work in this naija. Naira will forever continue to lose value against the dollar. Since you knew about exchange rate has the naira ever made any significant improvement against the dollar? Abeg better save your money in dollars oh. 1 Like |
Re: Why Are Nigerians Still Buying Dollars by Ikaeniyan0: 9:02am On Oct 25, 2023 |
Calitoscassius: Johnrake69: I didn't talk about Dangote refinery alone, I wander why you guys are focusing on Dangote refinery alone. Well, when Dangote refinery start working, we won't need to buy from foreign suppliers again. |
Re: Why Are Nigerians Still Buying Dollars by juliuscaesar(m): 9:04am On Oct 25, 2023 |
As long as politicians keeps stealing in dollars. The dollars will forever gain on the naira. People who steal funds are scared to keep them in naira because they are easily traceable. So they buy up all the dollars, even in the black market and hide them. 3 Likes |
Re: Why Are Nigerians Still Buying Dollars by transient123(m): 9:04am On Oct 25, 2023 |
Acidosis: Don't just talk, try to think first nah. With subsidy and 700, fuel importers have access to Forex through the CBN, they collect dollars at official rate, reason for the little shocks. With no subsidy and floating of the naira, there is no exclusivity, no product is given preferential treatment to get dollars, that is what it means. |
Re: Why Are Nigerians Still Buying Dollars by kripen(m): 9:04am On Oct 25, 2023 |
LegacyB: I was just reading through but with this I was forced to comment. My brother nothing feasible and tangible that this govt has put in place to make the Naira gain in 3 to 6 months. You are just writing as if you are not acquainted with economy knowledge, in sane country the government maintain stability of its economy(currency). That means what you bought in some country 20 years is still same value if you want to buy it today but can you say that about Nigeria, you buy something in Nigeria now in the next hours go to the market you will be surprised that the price has change. One of our problem as someone has earlier said is our corrupt politicians who go Scot free in their ways, why is China stable today. If you are caught in corruption it is death penalty. 2 Likes |
Re: Why Are Nigerians Still Buying Dollars by idreezbaba(m): 9:05am On Oct 25, 2023 |
kcprince:Comparing Ghana's economy to Nigeria just shows you are not well informed. Ghana's economy is in turmoil even though their currency is strong against the dollar . The CBN is illegally printing money for their government. Nigeria is in a far much more better position than Ghana and will still be in the next 100 years 2 Likes |
Re: Why Are Nigerians Still Buying Dollars by 3Dimension: 9:06am On Oct 25, 2023 |
those who buy hoping that naira will crash are the speculators. But majority actually buy to hedge their money against Naira freefall. if the Naira gains your dollar doesn't loose value bacause things will become cheaper and your purchasing power will remain the same. 3 Likes |
Re: Why Are Nigerians Still Buying Dollars by LegacyB: 9:08am On Oct 25, 2023 |
kripen:This as nothing to do with politics or government. It’s just simple demand and supply economics. E.g Importers import only 60 percent of what they previously imports. That should give you a direction. People abroad would send more money in sharply to advantage of the high rates. People and companies will naturally substitute foreign products will local products. And many more . You think the BDCs are enjoying this? Nooooooo |
Re: Why Are Nigerians Still Buying Dollars by LegacyB: 9:09am On Oct 25, 2023 |
kripen:This as nothing to do with politics or government. It’s just simple demand and supply economics. E.g Importers import only 60 percent of what they previously import.That should give you a direction. People abroad would send more money in sharply to advantage of the high rates. People and companies will naturally substitute foreign products will local products. And many more . You think the BDCs are enjoying this? Nooooooo |
Re: Why Are Nigerians Still Buying Dollars by Acidosis(m): 9:12am On Oct 25, 2023 |
transient123: So what exactly is your point? |
Re: Why Are Nigerians Still Buying Dollars by sukkot: 9:13am On Oct 25, 2023 |
theophorus:expand on the bolded |
Re: Why Are Nigerians Still Buying Dollars by tctrills: 9:13am On Oct 25, 2023 |
Yourprick:Oga, naira has become very unreliable. Also, no one knows for sure if or when the Dangote refinery work become functional. But even at that, expect your Nairas to keep falling. 1 Like |
Re: Why Are Nigerians Still Buying Dollars by Easybet1(m): 9:14am On Oct 25, 2023 |
pendusky:I remember in 2016, it crash from 500naira and stable around 380 for long before it start going up. Op is actually making sense |
Re: Why Are Nigerians Still Buying Dollars by StreetFight: 9:15am On Oct 25, 2023 |
culeca: Yes, he will not understand that we cannot do without importing tooth picks, matches, women designer bags and shoes, Italian marbles, e.t.c. Without them, we will all die. 2 Likes |
Re: Why Are Nigerians Still Buying Dollars by Johnrake69: 9:15am On Oct 25, 2023 |
Ikaeniyan0: Nigeria will still need dollars to buy from Dangote. Know that now. |
Re: Why Are Nigerians Still Buying Dollars by tctrills: 9:16am On Oct 25, 2023 |
theophorus:Oga, it has not yet peaked. The major problem with the naira is not petroleum imports, it's the run away inflation and debt repayment. Remember you are servicing your debt in dollars. 3 Likes 1 Share |
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