Government just dey chase shadow. Without fixing the economy and begin production of some of the minor things wey Nigerians dey import then there is no way any of the measures they have taken will work. If them like make dem chase all centralised exchanges out of naija but since Nigerians need to go buy dollar to be able to import their goods then it will be a recurrent decimal at least we still do small economics for secondary school and learn about demand and supply then how e go take affect price. We even learn those charts join, so I don't know if people wey dey rule no still learn this basic economics.
Now, despite say dollar exchange rate with the dollar reduced, price of goods still dey high especially local consumable goods, inflation still high. That is suppose to tell them say make dem look inward and increase security so that farmers go begin farm again in full confidence, then dem touch pump price of petroleum products so that transportation price go drop but no dey won't do that and also improve on electricity but to be chasing shadow.
Topic: Buckle up, we got a bigger problem at hand (Read 52 times)
I created a topic related to this recently, although the topic is different from this one. This is it: Dollar rise: EFCC continues crackdown on cryptocurrency platforms, others
On the thread, I posted about some analysts opinion. Foreign analysts said dollar rose slightly against the naira between Wednesday and Friday due to interbank moves of the commercial banks.
An analyst stated another reason which I think might be one of the reasons. He said the parallel rate was ₦950 when the official rate was ₦1001. Some people will buy dollar with naira in parallel market at ₦950 and move it to their bank to sell at official rate of ₦1101. He said it contributed to the price increase.
Although an analyst said the traders on crypto exchanges have started to increase their price again, but which I think is not the reason for the naira price depreciation. These people have even forgotten that official rate is not the same as the parallel rate and the crypto exchange rate. Even in banks, they have slightly different rate.
You can see many people that wants the naira to increase in price to be illiterate when the inflation in the country continue to increase. Beef meet per Kg that was 5000 naira before which we said has become to much expensive is now $6000. What was sold at 2000 naira last year. Inflation is increasing in Nigeria but they do not want dollar rate to increase.
Despite decrease in the price of diesel from ₦1900 to ₦1000 now, and dollar from almost ₦1900 to ₦1001, but now (₦1260 or so), the price of local products is still high.
On the thread, I posted about some analysts opinion. Foreign analysts said dollar rose slightly against the naira between Wednesday and Friday due to interbank moves of the commercial banks.
An analyst stated another reason which I think might be one of the reasons. He said the parallel rate was ₦950 when the official rate was ₦1001. Some people will buy dollar with naira in parallel market at ₦950 and move it to their bank to sell at official rate of ₦1101. He said it contributed to the price increase.
Although an analyst said the traders on crypto exchanges have started to increase their price again, but which I think is not the reason for the naira price depreciation. These people have even forgotten that official rate is not the same as the parallel rate and the crypto exchange rate. Even in banks, they have slightly different rate.
You can see many people that wants the naira to increase in price to be illiterate when the inflation in the country continue to increase. Beef meet per Kg that was 5000 naira before which we said has become to much expensive is now $6000. What was sold at 2000 naira last year. Inflation is increasing in Nigeria but they do not want dollar rate to increase.
Despite decrease in the price of diesel from ₦1900 to ₦1000 now, and dollar from almost ₦1900 to ₦1001, but now (₦1260 or so), the price of local products is still high.
Binance exchange is a centralized exchange, I believe that's why the government of Nigeria was able to target the platform and stop services to Nigeria citizens, this morning I read on the news that Bybit and Bitget is the next target.
The news claimed that these two centralized exchange is the reason why the naira is back to 1240 per dollar again, if this keeps going on like this, it will get extremely harder to trade dollars for naira.
Maybe my claim that Bitcoiniers are using the currency in the wrong way is coming back to attack my fellow country people, what goes around comes around they say.
Normally we shouldn't be exchanging dollars for naira on a centralized exchange, it should be done in a P2P platform where there is no data collected from anyone, so therefore there isn't anyone the government will target.
Haven't you guys thought about this? Or there are true Decentralised P2P platforms that Nigerians are using that I don't know about? If Bybit and Bitget stop working for Nigerians I don't know where else again.
The news claimed that these two centralized exchange is the reason why the naira is back to 1240 per dollar again, if this keeps going on like this, it will get extremely harder to trade dollars for naira.
Maybe my claim that Bitcoiniers are using the currency in the wrong way is coming back to attack my fellow country people, what goes around comes around they say.
Normally we shouldn't be exchanging dollars for naira on a centralized exchange, it should be done in a P2P platform where there is no data collected from anyone, so therefore there isn't anyone the government will target.
Haven't you guys thought about this? Or there are true Decentralised P2P platforms that Nigerians are using that I don't know about? If Bybit and Bitget stop working for Nigerians I don't know where else again.
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