The problem not solved, it only buys them time.

[Charles-Tim]

I have just read that Custom Service has increased the dollar to naira rate two times in March. Is it not surprising? Not anymore. This is just 8th of March and the Custom Service has increased foreign exchange rate for clearing imported goods at ports in just less than 24 hours in between.

The Central Bank of Nigeria (CBN) has readjusted the official exchange rate on the Customs platform, the second review in less than 24 hours. Data from the federal government trading portal shows that as of Wednesday, March 6, 2024, importers will now pay N1560.511 per dollar for customs duty charges

I check the CBN rate just now, although it can take time before it is adjusted but I saw dollar to naira at ₦1590. During the government drama in the parallel market that traders are manipulating the price of naira on exchanges and other trading platforms, CBN said he will be selling to BDC operators at ₦1301, but this would likely have changed also.

Our government are not competent to solve the problem in this country. The root causes have not been solved. Crude oil accounts for over 70% of what this country is exporting. When will this change?

[Barikui1]

All this things that have unfold in the country and in our economy have actually not surprised me, because this is the kind of thing you get, when incompetence people are in charge of affairs, the only thing that am curious about, is what are they really thinking that after all they have done, and naira is still not gaining strength as expected.

If they were actually thinking then I believe that they would have at least try something different, because it's only a fool that'l will be doing the same thing and will be expecting different results, I just hope that after this hellish experience from this present government, people will learn, and they wouldn't sell their future for peanut,  by voting in incompetent leaders into office , when they actually knows that the person is completely incapable to govern.

[Y3shot]

Our government are not competent to solve the problem in this country. The root causes have not been solved. Crude oil accounts for over 70% of what this country is exporting. When will this change?

The truth of the matter is that this goverment don't have any plan of transformation,  they never had any agenda of developments and they are not ready to make things work because their plan is to make money from their position. Instead of them to try to fix the problem that we are facing now, they will prefer to look for who to  blame for the cause of the problem.  The essence of having leaders is to solve problem but in their own case it is different Instead.

[Charles-Tim]

Access, UBA, Zenith others sell dollar at new rate as naira falls again in official market

Nigerian currency continues its poor performance against the US dollar in the official exchange markets The naira fell by N3.31 in the official market, while in the unofficial market naira improved against the dollar.

According to data from FMDQ securities Naira close at N1,605.74/$1 at the end of trading on Wednesday, March 6, 2024. Read more: https://www.legit.ng/business-economy/money/1582414-naira-falls-exchanging-n1600-dollar/

https://www.legit.ng/business-economy/money/1582414-naira-falls-exchanging-n1600-dollar/

After the parallel market has been manipulated by the government, it is almost the same price as the official rate. It continue to decrease and it even decreased as the official rate increased.

[Doan9269]

I have just read that Custom Service has increased the dollar to naira rate two times in March. Is it not surprising? Not anymore. This is just 8th of March and the Custom Service has increased foreign exchange rate for clearing imported goods at ports in just less than 24 hours in between.

The Central Bank of Nigeria (CBN) has readjusted the official exchange rate on the Customs platform, the second review in less than 24 hours. Data from the federal government trading portal shows that as of Wednesday, March 6, 2024, importers will now pay N1560.511 per dollar for customs duty charges

And the people are complaining of high cost of living, this same custom service are the ones distributing ceased bags of rice from the citizens long time ago to the people and they are not giving them free, now its time for payback on the bags of rice many have benefited from them, increasing the clearing fee on importation is a big calamity they never know as well coming and this time, the USD exchange rate to naira should be expected to come in at about #1,800+ to #2,000 if care is not taken, this same custom officials are the ones the government give directive on how they should operate and work.

[Gozie51]

I don talk am say this government dey play. Tinubu just want answer Nigerian president and make that one dey his as as one time governor and past president, nothing else. One year don go and nothing has been done. In fact, them don begin talk about 2027 election small small and we go begin ask ourselves which way for Nigerians.

No doubt say dollar exchange rate go pass 2k no matter the shenanigan approach wey dem introduce like say dem dey work because them no dey do anything.

Wetin want stop the demand for dollar when the economy itself depend on dollar to survive. Nigeria dey run on strictly importation and that is the big problem then government go carelessly go dey arrest BDC or to deactivate naira P2P from binance. Okay since wey dem deactivate am na, how market? Abi exchange rate don come to 1k ? No way.

Issue wey dem no fit solve no to provide infrastructure especially electricity. I don hear Nigerians wey dey say the only thing dem need na electricity den their business go grow and that na true, to do the job e just be like mountain everest to climb.

[Dailyscript]

Access, UBA, Zenith others sell dollar at new rate as naira falls again in official market

Nigerian currency continues its poor performance against the US dollar in the official exchange markets The naira fell by N3.31 in the official market, while in the unofficial market naira improved against the dollar.

According to data from FMDQ securities Naira close at N1,605.74/$1 at the end of trading on Wednesday, March 6, 2024. Read more: https://www.legit.ng/business-economy/money/1582414-naira-falls-exchanging-n1600-dollar/

https://www.legit.ng/business-economy/money/1582414-naira-falls-exchanging-n1600-dollar/

After the parallel market has been manipulated by the government, it is almost the same price as the official rate. It continue to decrease and it even decreased as the official rate increased.

All investigations conclude that the government is manipulating the price. I am certain this thing has to do with one of those crazy things that happens within the cabinet—a well-structured plan to confuse the citizens. How can the price of the naira fluctuate from 1590 to 1350 within 8 hours? That alone is very suspicious. Does it mean that, till now, there has been no confirmed price for the naira?

Keep up the good work!

[EluguHcman]

The government is a frustrated bodies that recycles its underdeveloped mentality to Carry on their jobs by designations.
They're like the micro antivirus roaming about looking for loopholes to channel their incompetencies while they're the caused of the outbreakings and them same of them are the ones raise false alarms pointing at wrong hands for being the caused.
I wouldn't anymore say our governments are ignorant because they all know what they're doing and out of their conscienceless they seize not to make the right decisions.

[Jegileman]

If crude oil can account to up to 70% of what we are investing when we are a country with crude oil reserve, then our problems are fast from being solved just yet. The government should try and focus on lasting solutions to the economy breakdown in the country overall. Things are getting more cost to be cleared when entering into the country, so how can the final consumers be able to cope with them when their is hike in price due to the high fees impose on those goods before clearing into the country. I am still watching, exercising patience and hoping that things will become easier sooner in the future. I somehow believe that with every hardship ease will follow suit. I hope we are not experiencing this hardship for we not to enjoy the reward later.

[Coyster]

I have just read that Custom Service has increased the dollar to naira rate two times in March. Is it not surprising? Not anymore.

The government has to immediately look into the custom duty charge, e no make sense say importers go pay 1,560 per dollar as duty charge, e suppose dey lesser than that, businesses go dey seriously affected by this and businessmen wey dey import their goods into Nigeria go dey face serious challenge because of this fee. The growth of businesses dey very crucial to the growth of the economy, if the government no they assist these businesses through things like this, e fit knock many of them out of business.

Access, UBA, Zenith others sell dollar at new rate as naira falls again in official market

The government is yet to tackle the problem of this country from the root, dem just dey chase after shadows, going after Binance and BDC operators no go help the fate of the Naira. A country with little to no local production or exportation, and majority of wetin we dey export na only crude oil, if things no change for this country, the future no look bright at all oh.

[Richbased]

~snip~

It's obvious that the government are the ones responsible for this naira continues depreciation but they are looking for avenue to channel the blame on the innocent and people that has no hand in the naira crisis.

How long shall we continue to live in this pain and agony that have been living with us for a very long time now as a result of the ruthless behavior our so called leaders, how long shall we continue to live in Egypt (pain) till this Pharaoh (leaders) let us go out of this captivity?