Exclusive: The truth behind the hike in dollars – S.M.G #Unigoss


N1 = $275 as at this morning 24.02.2016 [Feb 26 2016]

With corruption & Mr JONATHAN, 1 $ was 180. Without corruption & Mr BUHARI ,1$ is N440 as at yesterday. Please Mr BUHARI #BringBackOurCorruption.

Now let’s discuss the truth behind the matter

Most people would ask,  where are “Visionless party” Apc supporters, who were using their  campaign to disturb our timeline . we  have not seen any supportive post from them lately….

Few might reply that why didn’t you caution Pdpigs [PDP] when they were wasting dollars during elections.  Nobody should be you’re ignorant of that fact

Every problem has being attributed to PDP instead of tackling d problem at hand..

Here is what we Nigerians need to understand :

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 the 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 neighbouring 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 M 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 iPhone5 without even knowing simple physics and
computer engineering part of how that phone was produced
15. It’s better for 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.

These all scenario is affect the masses especially the poor….

What do you think is the way out?
What will you do if you were to be the President?

How can we promote home made over imported goods?

Please drop your comments…..

One thought on “Exclusive: The truth behind the hike in dollars – S.M.G #Unigoss

  1. Pingback: Exclusive: The truth behind the hike in dollars – S.M.G #Unigoss (must read) - Taggednaija.com

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