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Friday, 30 September 2016

The Dollar Today.

Yes people, $1 is almost N500. 

I'm just going to leave this here and act like everything's ok and the quality of my life isn't being affected by this f*ckery. 

I went for a church meeting earlier this week and the pastor's wife shared with us an incident that occured the previous day. She sent someone to go change $50 for her and a few minutes later the person returned with N22,000. She said she refused to collect the money and asked them to go and return it. 

In her words; "while collecting that amount of money might have felt good, I had to refuse it. I refuse to accept this situation. I refuse to accept that kind of money. In the late 70s I was going to the U.S. and I still have my old passports. It was a dollar to a Naira. I can show you if you want to see. It was N9.99kobo to $1. And I may look stupid to you but I am not going to settle until the naira returns to what it used to be. Until the naira returns to its value of yesteryears".  

Hmm, once I might have been that optimistic but having to live this present reality, for the first time since it all began, I'm beginning to feel a sense of despair and fear. 

How are things over at your end? 


  1. Replies
    1. It really is!

      While I admire the seemingly patriotic act of your pastor's wife, I reckon the act isn't going to do much to resolve the current FOREX crisis for the basic reason that her act is an isolated case that would only have a negligible effect in determining the market price of the dollar relative to the naira.

      While I hate to say this, I believe the CBN, within their constraints, have put up a beautiful fight in their resolve to defend the naira. However, It's high time we asked ourselves the basic question of what product and service constitutes Nigeria's biggest demand for forex? Answering that question would guide us on the most beneficial step to take to resolve this crisis. I wouldn't be surprised if the answer to that question is refined petroleum products (petrol, diesel, kerosine, etc). What have we done to localize the refining process of our petroleum resource...nothing.

      I am yet to see President Buhari and his cabinet rise up to the occasion. Chrisyinks

  2. Scrap BDCs, they said it's not our problem.

    Don't patronize BDCs, they said "are you a learner?".

    They said we should devalue/float, now I understand the true meaning. Naira floating to Krypton and only Superman can bring it back.

    The FG isn't ready to do what's necessary with these BDCs who are obviously the ones controlling this economy, but Nigerians, who are the ones most affected by warped policies and are subject to just over 30% of a yearly FG budget, feel the solution to this problem lies ENTIRELY with the FG. You have $100, but instead of going to the bank for a 320/$ rate, na Hamza shed your leg carry you go. You get your "cool" N49,000 but rant about Recession. Lool.


    1. me that is waiting for the thing to reach like #550 so i can change this my small change remaining.

      btw his name is Admed but i call him fresh! you know how it is nau... aboki that is cute, chic just had to nickname him.

    2. Memphis, I still reckon the solution to this problem lies primarily with the FG and it is high time we made them understand that.

      It is implausible for you to expect that any average Nigerian wouldn't exploit an opportunity that promises to give him/her better welfare and higher utility just because he/she is being loyal to a system that hasn't extended any modicum of the benefits of citizenship to its citizen.

      The government knows its responsibility here but it shirks it, and wants to pass this responsibility to her citizens. The FG collect taxes and other revenues yet it appears that it doesn't know how to enact laws and enforce policies that can combat activities that are detriment to the naira. We know the people that trade in these BDC businesses and Black Market activities, yet the police and courts don't know how to do the necessary when the collective welfare of the nation is harmed.

      Ironically, President Buhari knows how to start mantras and initiatives that have nothing to do with the most pressing needs of Nigeria. chrisyinks

    3. Chrisyinks this comment of yours is #floating. Lol.

      Buhari has failed with economic policies, that's undisputable. But now in your (or should I say OUR) defense,

      "...It is implausible for you to expect that any average Nigerian wouldn't exploit an opportunity that promises to give him/her better welfare and higher utility just because he/she is being loyal to a system that hasn't extended any modicum of the benefits of citizenship to its citizen...".

      It's easier for us to quote people like JFK on the need for citizens not to wait around for government to do the needful, but when we should apply it here, we remember that we're Nigerians, a *special breed*.

      GOD WEE EPP US...

    4. Blink, so because Ahmed is cute, you don't want this economy to be "vibrant"? Eehhnn? Issorai..

    5. BDCs are not the problem, we are doomed without the black market!
      Problem is that we are too many chasing the very scarce dollar and speculative buying is driving the rate right now.

    6. Egbon Wale where do the BDCs source their FX from? What used to be the difference in Rate between BDCs and Banks/CBN before the disastrous double devaluations in late 2014?

      I refuse to accept we cannot do without's not like they're getting their $€£¥ directly from Mauritius(?)

    7. I get you quite right but you would see that I used BDC and black market separately, it was deliberate.

      BDCs are not currently operational, CBN withdrew their licenses and stop providing them with forex since last year. The gate is about to be reopened so commoners like us can get forex for our petty needs.

      BDCs were banned at a time when many people erroneously thought they were the problem, then things went haywire. The BDCs were funded directly by the CBN last year but the bulk of the problem was with the banks (still with the banks), the banks and round trippers still funds the black market in spite of the efforts by the CBN.
      Now close your eyes and imagine a no BDC or black market situation! We will all be at the mercy of the banks (no competition), and one can safely say that the Naira would have hit N1,000 to $1 by now.

      Note that too many legit users cannot access forex at the interbank rates (including farmers importing agric equipment), you actually need to lobby some cbn officials to push your application through (and you know what that mean in Nigeria).

      Why do you think the CBN wants to bring back the BDC? They are critical to the cooling off of what we currently have. BDCs does help to moderate the black market rates.
      Don't forget that I mentioned that speculative buying is the cause of the damage right now, it will take a while for things to cool off even with the BDCs being operational. This is because many of us know that the economic outlook is still gloomy and unpredictable, mopping up dollars for future use is pretty reasonable.

    8. I've learnt something today: BDC is very different from Black Market. With that revelation and from your comment, I now have a broader perspective of things.

      Thanks alot egbon.

  3. It is affecting all of us thelma. Even my business is on hold for now, I've started applying for jobs for the first time in 6 years. I know there are no jobs but wetin man pikin go do?

    1. I'll skip this post. I don't want to be depressed.
      A Girl

  4. When the $ gets to N2,000 and £ to N3,000, everyone will only eat what they kill with their bare hands. Men will be men again

    1. Copied?

      But it is true...

      Back to basis

    2. It's already happening! And it makes sense.

    3. Is it safe to assume we all have to revert back to the naked days?
      A Girl

  5. Buhari times be teaching us how to humble ourselves..TNHW


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