Dear Nino,

Thank you for your feedback. Please allow me clear your misconception. The Naira was never ₦600 to $1 or ₦150 to $1. Those were arbitrarily pegged rates. They were pegged by the Central Bank of Nigeria, which had to support such rates with $1.5 billion monthly.

It is just like saying petrol was ₦87. No, it was not. That was an artificially fixed price, which costs Nigeria $1 billion a month to sustain.

We had a choice. Either eliminate these unsustainable subsidies or sacrifice good roads, schools, hospitals and other infrastructure.

The principal reason why the Naira depreciates under this new regime is because our legal tender is now being floated. No longer are we wasting $1.5 billion a month artificially defending the Naira. The country's currency is now responding to the laws of demand and supply.

This means that the more foreign goods and services Nigeria imports and the less of our own goods and services we export, the more the downward pressure on the Naira.

Let me give you a few statistics on how the irresponsible consumption habits of Nigerians are driving the depreciation.

Please fact-check me. Below is what Nigerians were using the subsidised Naira to buy:

$200 million per annum on Brazilian hair that is, in reality, hair sacrificed in Indian, Vietnam and Cambodian temples. $20 million a day on MTN and Airtel. $1.5 billion annually to gamble with foreign sports betting and gambling apps. £25 million on Scotch whiskey. $75 million on champagne.

Now, what is Nigeria's single biggest import? Fuel. We spend an average of $10 billion importing refined petroleum products. That is $10 billion that weakens the Naira and strengthens the Euro (because we primarily import fuel from Europe).

Please be patient until June 2024, when the Dangote Refinery comes on stream. It will have the single most significant positive impact on the Naira since 1973.

Until then, Nino, do your part and #GrowNairaBuyNaija.

Thanks again, and may God bless you.

Reno Omonkey have you found tinubu's missing certificate,date of birth


And Chicago cocaine heist

Especially state of Origin, is he truly from Guinea Conakry

Good morning Thatfairguy, how do I reach you privately for a news report

Hehehe

Mechanic dey teach medicine in Nigeria. Have you ever seen a man selling course online making money from practising what he is teaching?

China is among highest import nation.

The big question, What do you import.

Beautifulday:
Mechanic dey teach medicine in Nigeria. Have you ever seen a man selling course online making money from practising what he is teaching?

China is among highest import nation.

The big question, What do you import.

China imports mainly fuels , ores and food but their total net exports far out shadows their imports by over a 10:1 ratio.

China is the biggest exporter of finished goods.

You people should stop giving us upper Iweaka statistics.

DeepThroater:


China imports mainly fuels , ores and food but their total net exports far out shadows their imports by over a 10:1 ratio.

China is the biggest exporter of finished goods.

You people should stop giving us upper Iweaka statistics.

Lack of understanding is your problem. It will hinder your progress if you don't acquired wisdom.

The one dey import no be import?

Go back and look at the line I finished my statement with. Don't have opinion before you attempt to acquire information.

COMRADES, doesn't Reno know that tinubu is too incompetent because he is brain dead? Who will now implement these options?

Beautifulday:


Lack of understanding is your problem. It will hinder your progress if you don't acquired wisdom.

The one dey import no be import?

Go back and look at the line I finished my statement with. Don't have opinion before you attempt to acquire information.

Iliterate, when you have a trade surplus like China , it simply means you export far more than you import.

China's imports are inconsequential since their exports far exceed it.

Besides , comparing population , you will see China exports by a much bigger margin than any country on earth.

DeepThroater:


Iliterate, when you have a trade surplus like China , it simply means you export far more than you import.

China's imports are inconsequential since their exports far exceed it.

Besides , comparing population , you will see China exports by a much bigger margin than any country on earth.

Did I say China doesn't export?

Beautifulday:


Did I say China doesn't export?

Go and read your silly post again.

DeepThroater:


Go and read your silly post again.

Mechanic dey teach medicine in Nigeria. Have you ever seen a man selling course online making money from practising what he is teaching?

China is among highest import nation.

The big question, What do you import.

I guess you don't understand what the bold mean.

Beautifulday:


Mechanic dey teach medicine in Nigeria. Have you ever seen a man selling course online making money from practising what he is teaching?

China is among highest import nation.

The big question, What do you import.

I guess you don't understand what the bold mean.

You are a stark illiterate

DeepThroater:


You are a stark illiterate

You need serious education