The black market rate is the rate at which the Dollar is freely available and anyone who has Naira can easily buy Dollar.
Now, can someone please help me out and explain why the official Naira to Dollar rate today is worse than the black market rate as of Buhari's last day in office 28th May 2023?

28th May 2023:
Official rate: N465 per dollar
Black- market: N780 per dollar

28th January 2024:
Official rate: N1,348.63 per dollar
Black- market: N1,450 per dollar

It's simple


Tinubu with his patch patch CV CBN governor are clueless

Things will get urgly this year for tinubu. I forseen a massive protest worst than endsars. They will chase tinubu from aso rock very soon.

There is no help in sight. Cost of everything keep going up everyday. Business crashing and high poverty and unemployment rate

Even cefa doing better than naira.

Igbos and Obi must learn lessons from Timbulu.

I am not sure but I think they are trying to keep the gap between official rate and black market rate not to be too wide. So if the black markets moves too much, the official rate seems to also follow suite

I will keep saying it. China will give an arm and a leg to have this kind of exchange rate. But for a nation full of unproductive people who only wish to have protests so that they can loot of course they will not know that if they were to go into export they would earn more than importers.

Bullfallo:
Things will get urgly this year for tinubu. I forseen a massive protest worst than endsars. They will chase tinubu from aso rock very soon.

There is no help in sight. Cost of everything keep going up everyday. Business crashing and high poverty and unemployment rate

Even cefa doing better than naira.

Ruling Nigeria Is not a rocket science. It appears that the statement has been reversed by the unfolding realities of the present Government. The President is already tired. But he must do something even if it proves to be counterproductive.

9jatriot:
I will keep saying it. China will give an arm and a leg to have this kind of exchange rate. But for a nation full of unproductive people who only wish to have protests so that they can loot of course they will not know that if they were to go into export they would earn more than importers.

Chochocho

kingsways:
The black market rate is the rate at which the Dollar is freely available and anyone who has Naira can easily buy Dollar.
Now, can someone please help me out and explain why the official Naira to Dollar rate today is worse than the black market rate as of Buhari's last day in office 28th May 2023?

28th May 2023:
Official rate: N465 per dollar
Black- market: N780 per dollar

28th January 2024:
Official rate: N1,348.63 per dollar
Black- market: N1,450 per dollar

The naira was floated to get it's true value. Since it's floated, the value of the naira would depend on demand and supply. Other countries that float their currencies: South Africa, USA, Canada, Australia e.t.c


https://www.youtube.com/watch?v=puCuLn0JmT4?si=BLtnvWeivxFsj44G

Just imagine how you think. So you discuss issues based on TVC analysis? You are indeed empty. Darn

Slytiger:

The naira was floated to get it's true value. Since it's floated, the value of the naira would depend on demand and supply. Other countries that float their currencies: South Africa, USA, Canada, Australia e.t.c


https://www.youtube.com/watch?v=puCuLn0JmT4?si=BLtnvWeivxFsj44G

See all these set of funny people

Even high sch economics will tell you about laws of demand and supply, import and export?


How many companies are manufacturing in Nigeria,

Are they not all moribund and wallowing in squalor and redundancy? Some have even left



Every thing is imported and you are busy shouting the naira is losing value, even my Mtn sim , my china phone and chargers aren't made in Nigeria.


Is Nigeria producing anything to earn foreign exchange?

I was reading a report earlier that NNPC didn't remit any money to CBN up till this moment.


Can you believe that?

You are not working and you want to eat? Are you joking?

Very poor reasoning

9jatriot:
I will keep saying it. China will give an arm and a leg to have this kind of exchange rate. But for a nation full of unproductive people who only wish to have protests so that they can loot of course they will not know that if they were to go into export they would earn more than importers.

Obaofpigs:
Just imagine how you think. So you discuss issues based on TVC analysis? You are indeed empty. Darn

No, you are the empty barrel. It's common knowledge that the naira is being defended by dollars. Only people like you living under a rock like an agama lizard are oblivion of that fact.

Slytiger:

The naira was floated to get it's true value. Since it's floated, the value of the naira would depend on demand and supply. Other countries that float their currencies: South Africa, USA, Canada, Australia e.t.c


https://www.youtube.com/watch?v=puCuLn0JmT4?si=BLtnvWeivxFsj44G

What was determining the black market rate when Buhari was president ? Supply and what?

Obaofpigs:
Just imagine how you think. So you discuss issues based on TVC analysis? You are indeed empty. Darn

You are not the brightest bulb in the shed.

What do you say about the labour party channel below. It was posted 12 hours ago.

Title: Patience is needed as the naira find it's level


https://www.youtube.com/watch?v=wIoV6gKH1GA?si=CxbeQbD-cOsnJOiA

lukui:
See all these set of funny people

Even high sch economics will tell you about laws of demand and supply, import and export?


How many companies are manufacturing in Nigeria,

Are they not all moribund and wallowing in squalor and redundancy? Some have even left



Every thing is imported and you are busy shouting the naira is losing value, even my Mtn sim , my china phone and chargers aren't made in Nigeria.


Is Nigeria producing anything to earn foreign exchange?

I was reading a report earlier that NNPC didn't remit any money to CBN up till this moment.


Can you believe that?

You are not working and you want to eat? Are you joking?

That is not the point Oga.

I’m comparing the rate now with rate under Buhari, was Nigeria producing under Buhari?

kingsways:


That is not the point Oga.

I’m comparing the rate now with rate under Buhari, was Nigeria producing under Buhari?

You are not making sense. Was the naira being floated under Buhari?

Slytiger:

The naira was floated to get it's true value. Since it's floated, the value of the naira would depend on demand and supply. Other countries that float their currencies: South Africa, USA, Canada, Australia e.t.c


https://www.youtube.com/watch?v=puCuLn0JmT4?si=BLtnvWeivxFsj44G

There's nothing sly about you, with this your eye analysis

lukui:
See all these set of funny people

Even high sch economics will tell you about laws of demand and supply, import and export?


How many companies are manufacturing in Nigeria,

Are they not all moribund and wallowing in squalor and redundancy? Some have even left



Every thing is imported and you are busy shouting the naira is losing value, even my Mtn sim , my china phone and chargers aren't made in Nigeria.


Is Nigeria producing anything to earn foreign exchange?

I was reading a report earlier that NNPC didn't remit any money to CBN up till this moment.


Can you believe that?

You are not working and you want to eat? Are you joking?

Ordinary ponmo is being imported. Ponmo importers are looking for dollars, toothpick sellers are looking for dollars, rich people sending their kids abroad are looking for dollars, politicians need to buy houses in Dubai with dollars e.t.c And they wonder why the naira is shit? Water is finding its level with it's floating.

How would a wound heal when plaster is being used to cover up the wound all the time?

Slytiger:

The naira was floated to get it's true value. Since it's floated, the value of the naira would depend on demand and supply. Other countries that float their currencies: South Africa, USA, Canada, Australia e.t.c


https://www.youtube.com/watch?v=puCuLn0JmT4?si=BLtnvWeivxFsj44G

That is right. Once the government stopped disguising the level of rot of the naira, it started plunging to it's real value with its value now being determined by market forces aka demand and supply.

Enugurangers:

You are not making sense. Was the naira being floated under Buhari?

Of course the black market rate was and is always floating. Floating simply means the rate is a function of demand and supply and not fixed by any authority

Go and check the meaning of float before you come back here

Enugurangers:

You are not the brightest bulb in the shed.

What do you say about the labour party channel below. It was posted 12 hours ago.

Title: Patience is needed as the naira find it's level


https://www.youtube.com/watch?v=wIoV6gKH1GA?si=CxbeQbD-cOsnJOiA

May Allah bless you richly for posting this Video from Arise TV. The analysis is same as that of TVC. It's even better that the video was uploaded a few hours ago!

kingsways:

Of course the black market rate was and is always floating. Floating simply means the rate is a function of demand and supply and not fixed by any authority

Go and check the meaning of float before you come back here

I don't think you ever sat in an high school economics class let alone a university one.

Black market is not floating. It's not an official rate. You can only float official rate.

I

adamusuleiman2:
I don't think you ever sat in an high school economics class let alone a university one.

Black market is not floating. It's not an official rate. You can only float official rate.

You are wrong sir. Under Buhari, the official rate was fixed but the black market rate was automatically floating.

What Tinubu has done is to float the official rate, but that official rate under Tinubu is now worse than the black market rate under Buhari is quite an issue

kingsways:
The black market rate is the rate at which the Dollar is freely available and anyone who has Naira can easily buy Dollar.
Now, can someone please help me out and explain why the official Naira to Dollar rate today is worse than the black market rate as of Buhari's last day in office 28th May 2023?

28th May 2023:
Official rate: N465 per dollar
Black- market: N780 per dollar

28th January 2024:
Official rate: N1,348.63 per dollar
Black- market: N1,450 per dollar

There is still subsidy, and Tinubu has not floated the naira. As long as there exists a parallel exchange rate for the dollars, expect more of such. It is good anyway, after he and Buhari threatened to form a parallel government in 2015, all in a bid to oust Jonathan.

If Peter Obi likes, let him do mumu and run in 2027. Emi Lokan must finish what he started!

kingsways:

You are wrong sir. Under Buhari, the official rate was fixed but the black market rate automatically floating.

What Tinubu has done is to float the official rate, but that official rate under Tinubu is now worse than the black market rate under Buhari is quite an issue

That is not true. The evidence of a parallel rate refutes that claim. There must be only one rate. As long as two rates or even three rates exists, the naira has not been floated. Also, subsidy still exists.

As I write, 1SGD to USD gives 0.75USD. It means at any location in the world, I would get 0.75USD for a 1SGD. Is that the same thing as the naira? Would I get the same figure as seen on Google at a roadside exchange converter?

G

Gerrard59:


That is not true. The evidence of a parallel rate refutes that claim. There must be only one rate. As long as two rates or even three rates exists, the naira has not been floated. Also, subsidy still exists.

As I write, 1SGD to USD gives 0.75USD. It means at any location in the world, I would get 0.75USD for a 1SGD. Is that the same thing as the naira? Would I get the same figure as seen on Google at a roadside exchange converter?

Stop arguing!

Use your head!

9jatriot:
I am not sure but I think they are trying to keep the gap between official rate and black market rate not to be too wide. So if the black markets moves too much, the official rate seems to also follow suite

Is that how it's supposed to be

How can they be pursuing the black market price

Gerrard59:


That is not true. The evidence of a parallel rate refutes that claim. There must be only one rate. As long as two rates or even three rates exists, the naira has not been floated. Also, subsidy still exists.

As I write, 1SGD to USD gives 0.75USD. It means at any location in the world, I would get 0.75USD for a 1SGD. Is that the same thing as the naira? Would I get the same figure as seen on Google at a roadside exchange converter?

Please stop arguing

It was floated in june last year and we warned then that it was a disastrous thing to do

lukui:
See all these set of funny people

Even high sch economics will tell you about laws of demand and supply, import and export?


How many companies are manufacturing in Nigeria,

Are they not all moribund and wallowing in squalor and redundancy? Some have even left



Every thing is imported and you are busy shouting the naira is losing value, even my Mtn sim , my china phone and chargers aren't made in Nigeria.


Is Nigeria producing anything to earn foreign exchange?

I was reading a report earlier that NNPC didn't remit any money to CBN up till this moment.


Can you believe that?

You are not working and you want to eat? Are you joking?

you should have just read the post and move on instead of disgracing yourself

The companies that became moribund were as a result of bad or hard policies of govt, several multi national companies can’t even keep up with operations in Nigeria dues to several factors and you expect local firms to fare better.

When obi said we needed to move from consumers to producers or manufacturers una dey laugh am, meanwhile mr first class accountant never had a clear cut plan as how to grow Nigeria

Let me ask you, where is the trillions tinubu claimed to have saved from subsidy removal, he said thousands of tones of grains will be distributed to farmers, have that been done and where or who are the beneficiaries