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Facts concerning the Naira-Dollar Exchange Rate we all should know.

This is to explain to those of us who do not understand economic terms. The Dollar has not actually increased since Buhari became President. Just go through the following and gain something.

The facts are stated below:

  1. Dollar is not our currency so dollar should not be our business.
  2. Our problem with the exchange rate is not the government rather , it is our importers and consumers.
  3. Naira has remained at 197 Naira to 1 Dollar since Buhari became President.
  4. President Buhari has promised not to devalue the Naira and he has maintained that promise.
  5. Both at the CBN and at inter-bank rates, Dollar has remained 197 Naira.
  6. However, because we are too lazy to produce what we use in Nigeria, we import even toothpicks and matches.
  7. President Buhari does not like the importation of luxury goods because they are the major reason for corruption. That’s why he banned 41 certain products from having access to Forex.
  8. When Nigerian Importers insisted on importing those 41 products, the Federal Government of Nigeria asked them to find their Dollar at the Bereau De Change 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 Department of Management and Budgets from selling Dollars to “Bereau De Change”
  10. To survive the pressure of excess Dollar demands, Bereau De Change resorted to sourcing for dollars from neighbouring countries through illicit money laundering routes.
  11. Because of the risks faced by the Bereau De Change to source for Dollars, and because of the increase in demand for dollars by importers because China just resumed from their business holidays, Bereau De Change keep increasing the price at which they exchange Dollars to Naira which now is 400 Naira for One Dollar.
  12. Be as it may, it does not mean that Government has changed the exchange rate because if our genuine importers go to CBN and fill form to import raw materials for local production, they will get One Dollar at 197 Naira.
  13. So, the problem is that we love to consume luxury foreign products yet we are too lazy to manufacture them here.

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Given all these, please Nigerians, let us endeavor to support local production of the petty products we use at least to vamp up our economy and also purchase Nigerian products over International ones to help our economy rise again.

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