I am still seeing P2P USDT traders there.
I pity them after them block them.

PEACE2023:

This is not true. Stop believing IMF western economic theory.
Just as western democracy is not working in Nigeria so is there western economic theory.

China and Russia don't live under the IMF, and they are both big time producers.

Look my man, production is the way the big boys stay ahead of most of us. It's how China and South Korea and Japan went from being dregs ( the first two even had gdps behind countries like Sierra Leone and Senegal decades ago self) to superpowers.

We cannot continue to be a non producer. It is because we are a non producer that we are even at the mercy of the IMF right now.

Let's even put it into practice. If we became a manufacturer and exporter of phones, the amount of forex we would earn to say nothing of the jobs created would benefit our economy

Infact western nations would want us to be productive. Helps keep those black people away from their shores , eh

You people Don't know how these things work. Mark my word naira will go down again past 1900. They Don't have the money to keep it at a place and they'll never do

nairalanda1:


Exactly. Produce or forget about it.

It has nothing to do with production... afterall we have always been an importing state ... from 99 to 2014 ... dollar increased by 50% in 15 yrs , even with importation( inflation also contributed)... dollar was 360 from 2016 to November 2020.... it dropped from 520 in 2015 to 360 in late 2016... the only reason it started shooting up in recent years , is due to round tripping and hoarding of the dollar to create scarcity and in turn make profit by some Nigerians that can afford to mop up large volumes ... outrightly make the dollar illegal , and watch how it will crash in a matter of days , anyone caught with dollars should be arrested, anyone travelling with even 100 dollars should be seized and arrested... let it be done electronically, shut down all domiciliary accounts and convert the money to naira ... the only time anyone can access dollar is if the person needs it for approved or essential goods and it must be done thru the banks electronically... the banks have failed us ... all fx shouldbe sent to CBN ... black market should be illegal... how can aboki be able to afford 1m , 10 m , 20m dollars for exchange... aboki should not even have more than 500 dollars for exchange per individual.... they should adopt this policy and then CBN should revalue the naira to 400 naira to a dollar in a month and it should be announced.... give all those hoarding the dollars one month to pay into the banks for naira equivalent at a given rate of 800naira or it will be illegal after a month ... u will see how hoarders will flood the market with their hidden fx

nairalanda1:


China and Russia don't live under the IMF, and they are both big time producers.

Look my man, production is the way the big boys stay ahead of most of us. It's how China and South Korea and Japan went from being dregs ( the first two even had gdps behind countries like Sierra Leone and Senegal decades ago self) to superpowers.

We cannot continue to be a non producer. It is because we are a non producer that we are even at the mercy of the IMF right now.

Let's even put it into practice. If we became a manufacturer and exporter of phones, the amount of forex we would earn to say nothing of the jobs created would benefit our economy

Infact western nations would want us to be productive. Helps keep those black people away from their shores , eh

As long as there is a loop hole in fx trade...local production will not totally save the naira ....

makemoneywbsite:
If you know how to read charts, you'd know what happened is called a dip. It will find a base at an equilibrium that balances those betting for the naira (government) and those for dollar (market speculators). What you should ask yourself is "How many people are willing to support the naira at this price through production and earning the dollar? And how many people are hungry for the dollar to escape impending naira crash and to do business (politicians, the rich and importers). As long as the underlying causes are not tackled, it's merely an entry point for speculators because many deep pockets will gain positions at this point only to cash out when it goes right up. That dip is a mere consolidation phase. In fact, this dip fools no one but shows desperation and market action based on fundamental factors. A real recovery happens slowly. What you see on that chart is just an opportunity for the rich to make more money off further impending naira crash. It's primary economics. If you don't produce and export, it's hopeless hoping.

Trash.

Beverlyjean:


As long as there is a loop hole in fx trade...local production will not totally save the naira ....

Apt#

You spoke my mind ✌🏽
…Round tripping and hoarding of dollars is killing the economy not import or export in total.

Beverlyjean:


It has nothing to do with production... afterall we have always been an importing state ... from 99 to 2014 ... dollar increased by 50% in 15 yrs , even with importation( inflation also contributed)... dollar was 360 from 2016 to November 2020.... it dropped from 520 in 2015 to 360 in late 2016... the only reason it started shooting up in recent years , is due to round tripping and hoarding of the dollar to create scarcity and in turn make profit by some Nigerians that can afford to mop up large volumes ... outrightly make the dollar illegal , and watch how it will crash in a matter of days , anyone caught with dollars should be arrested, anyone travelling with even 100 dollars should be seized and arrested... let it be done electronically, shut down all domiciliary accounts and convert the money to naira ... the only time anyone can access dollar is if the person needs it for approved or essential goods and it must be done thru the banks electronically... the banks have failed us ... all fx shouldbe sent to CBN ... black market should be illegal... how can aboki be able to afford 1m , 10 m , 20m dollars for exchange... aboki should not even have more than 500 dollars for exchange per individual.... they should adopt this policy and then CBN should revalue the naira to 400 naira to a dollar in a month and it should be announced.... give all those hoarding the dollars one month to pay into the banks for naira equivalent at a given rate of 800naira or it will be illegal after a month ... u will see how hoarders will flood the market with their hidden fx

Melezenawii:
The dollar has crashed to N1,390 on Binance after FG BAN

Very good

Wahala for who bought it at N1900

Money don trap

Beverlyjean:


It has nothing to do with production... afterall we have always been an importing state ... from 99 to 2014 ... dollar increased by 50% in 15 yrs , even with importation( inflation also contributed)... dollar was 360 from 2016 to November 2020.... it dropped from 520 in 2015 to 360 in late 2016... the only reason it started shooting up in recent years , is due to round tripping and hoarding of the dollar to create scarcity and in turn make profit by some Nigerians that can afford to mop up large volumes ... outrightly make the dollar illegal , and watch how it will crash in a matter of days , anyone caught with dollars should be arrested, anyone travelling with even 100 dollars should be seized and arrested... let it be done electronically, shut down all domiciliary accounts and convert the money to naira ... the only time anyone can access dollar is if the person needs it for approved or essential goods and it must be done thru the banks electronically... the banks have failed us ... all fx shouldbe sent to CBN ... black market should be illegal... how can aboki be able to afford 1m , 10 m , 20m dollars for exchange... aboki should not even have more than 500 dollars for exchange per individual.... they should adopt this policy and then CBN should revalue the naira to 400 naira to a dollar in a month and it should be announced.... give all those hoarding the dollars one month to pay into the banks for naira equivalent at a given rate of 800naira or it will be illegal after a month ... u will see how hoarders will flood the market with their hidden fx

All you have said won't fix the problem. Nigeria is not earning enough forex

Paraman:
Some economy saboteurs will be busy buying the dip right now 😡 it might still shoot up before 12am

LOL. Looks like business to me. Only a weak currency can be manipulated by speculators.

Beverlyjean:


As long as there is a loop hole in fx trade...local production will not totally save the naira ....

Yes it would, for the simple reason...that is if production is manufacturing based...that we can SET OUR PRICES FOR WHAT WE MAKE.

That is how the big boys roll.

techgen:
You spoke my mind ✌🏽
…Round tripping and hoarding of dollars is killing the economy not import or export in total.

The same round tripping was happening under the 'good times' of Yaradua and GEJ, when we were earning so much in dollars from high oil prices, it did not matter. It is now that our dollar earnings have fallen...and have been falling since 2014, that round tripping is becoming more and more obvious.

nairalanda1:


Yes it would, for the simple reason...that is if production is manufacturing based...that we can SET OUR PRICES FOR WHAT WE MAKE.

That is how the big boys roll.

Local production dint mean they wouldn't source for raw materials outside the country...

As long as an average Nigerian believes in get rich syndrome... they will use any given opportunity... our mindset is the reason y our currency is sinking faster than the Titanic.... innoson produces his cars here , but still needs some parts to be imported...

nairalanda1:


The same round tripping was happening under the 'good times' of Yaradua and GEJ, when we were earning so much in dollars from high oil prices, it did not matter. It is now that our dollar earnings have fallen...and have been falling since 2014, that round tripping is becoming more and more obvious.

Boss…Even when will were earning dollars…it drop from $22 to 197$ between 1999 - 2015…under OBJ.

The bottom line…round tripping is an old long practice in Nigeria…but became obvious when abokis came enmasse and started the use of internet.

Righthussle:
Good one FG, Bag of rice is now 50k.

for where

eteebanky1:


You're on point

Thank God for this ban

Binance really took control of the naira

So,we have left BDCs guys and are blaming binance now?
Is this government serious at all?

techgen:



Boss…Even when will were earning dollars…it drop from $22 to 197$ between 1999 - 2015…under OBJ.

The bottom line…round tripping is an old long practice in Nigeria…but became obvious when abokis came enmasse and started the use of internet.

There has been a parallel market for dollars since the 1970s.

Melezenawii:
The dollar has crashed to N1,390 on Binance after FG BAN

Na why person suppose dey earn in dollars 😅

Beverlyjean:


It has nothing to do with production... afterall we have always been an importing state ... from 99 to 2014 ... dollar increased by 50% in 15 yrs , even with importation( inflation also contributed)... dollar was 360 from 2016 to November 2020.... it dropped from 520 in 2015 to 360 in late 2016... the only reason it started shooting up in recent years , is due to round tripping and hoarding of the dollar to create scarcity and in turn make profit by some Nigerians that can afford to mop up large volumes ... outrightly make the dollar illegal , and watch how it will crash in a matter of days , anyone caught with dollars should be arrested, anyone travelling with even 100 dollars should be seized and arrested... let it be done electronically, shut down all domiciliary accounts and convert the money to naira ... the only time anyone can access dollar is if the person needs it for approved or essential goods and it must be done thru the banks electronically... the banks have failed us ... all fx shouldbe sent to CBN ... black market should be illegal... how can aboki be able to afford 1m , 10 m , 20m dollars for exchange... aboki should not even have more than 500 dollars for exchange per individual.... they should adopt this policy and then CBN should revalue the naira to 400 naira to a dollar in a month and it should be announced.... give all those hoarding the dollars one month to pay into the banks for naira equivalent at a given rate of 800naira or it will be illegal after a month ... u will see how hoarders will flood the market with their hidden fx

The moment you say

Only reason

It is clear you don't know what you are talking about
There are many reasons
There was a COVID Pandemic . The economy shutdown for a long period during which the Naira supply increased at at unprecedented rate. A lot of Naira was printed and it is that same printed Naira chasing the diminishing supply of dollars
After lockdown ended we did not recover because we don't have the industrial capacity

so production or rather lack of it means our dependence on imports remains and our means to pay for it is compromised

Compromised because government has borrowed huge amounts and even the small revenue is going to service debts rather than enter the economy.
If we were producing we would require fewer dollars. Round tripping did not start today
It has always a been there.
The reality is oil revenue has dried up.because it was spent in advance and borrowed against even the oil being drilled this week has been borrowed against
It will be years before what has been borrowed is repaid so it as well $100 oil today maybe $10 or $20 comes back compared to a time when we had EXCESS CRUDE ACCOUNT

Gajagojo:


The moment you say

Only reason

It is clear you don't know what you are talking about
There are many reasons
There was a COVID Pandemic . The economy shutdown for a long period during which the Naira supply increased at at unprecedented rate. A lot of Naira was printed and it is that same printed Naira chasing the diminishing supply of dollars
After lockdown ended we did not recover because we don't have the industrial capacity

so production or rather lack of it means our dependence on imports remains and our means to pay for it is compromised

Compromised because government has borrowed huge amounts and even the small revenue is going to service debts rather than enter the economy.
If we were producing we would require fewer dollars. Round tripping did not start today
It has always a been there.
The reality is oil revenue has dried up.because it was spent in advance and borrowed against even the oil being drilled this week has been borrowed against
It will be years before what has been borrowed is repaid so it as well $100 oil today maybe $10 or $20 comes back compared to a time when we had EXCESS CRUDE ACCOUNT

U don't know what u are saying... covid started in Nigetia around January and there was lock down around February... by late March activities were back on track ...by May, it was business as usual... dollar never changed all thru that period and after , it was still 360 in the parallel market and 355 as official... it was in November it first started going up again... that was about 8 months after covid ...covid had no effect on FX

Beverlyjean:


U don't know what u are saying... covid started in Nigetia around January and there was lock down around February... by late March activities were back on track ...by May, it was business as usual... dollar never changed all thru that period and after , it was still 360 in the parallel market and 355 as official... it was in November it first started going up again... that was about 8 months after covid ...covid had no effect on FX

It is clear you cannot comprehend
C Ovid was a worldwide thing
Not just Nigeria
Lockdown lasted about two years around the world
Government in Nigeria used that as an excuse to print trillions and borrow billions of dollars
Whether lockdown in Nigeria was for one day is irrelevant
Did they not come out to say they spent billionaire me feeding school children who were at home
The money was printed and Now it is time to pay back
That means there is no Excess crude account
We are dependent on imports and have no dollars to pay for that
There was never a time there was no round tripping and that is why

Black.Market rates have always been higher than official rates
It has always been so