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Dollar Vs Naira: How Bad Leadership Collapsed Nigeria Economy! by Sirniyeh(m): 9:15pm On Oct 28, 2014 |
Early in 1986, a new Ph.D. graduate appointed as a University Lecturer in Nigeria earned 7,550 naira a year. A family size loaf of bread at the time sold for 2.50 naira and national newspapers sold at 50 kobo. In 1994, eight years later, a fresh Ph.D. graduate appointed to teach in the University earns only 17,731 naira per annum, but a national daily newspaper sells for 20.00 naira per copy, a family size loaf of bread sells for 50.00 naira, and a liter of petrol (gas), which sold for 39 kobo in 1986, now sells for 11.00 naira. In 2014, twenty years later, a Ph.D lecturer in University earns nothing less than N3,000,000 per annum, a national daily newspaper sells for N200 per copy, a family size loaf of bread sells for N300, and a litre of petrol sells for N97. Nigerians, what could be our FATE years to come if corrupt leaders are allow to rule us? Hardship? For instance, before SAP began in 1986, one dollar exchanged for 77 kobo. When SAP began later that year the dollar exchanged for 1.756 naira and the main complaint among corporate executives was that there was insufficient foreign currency (e.g., dollars) to exchange for the volume of naira available. As the dollar exchanged for more naira, companies became cash-strapped; they could not get enough naira to exchange for dollars. Majorly, the whole country resort to importation and our presidential system does not favour our economy. Our economy is not favourable to common man. However, Truth is one stubborn thing, whether one acknowledges it or not, it holds empirical solution to every challenge to mankind. Therefore, the way out of our trouble is a return to federalism. Let's vote out government that lacks vision. In practical terms, federalism means, among other things, state police, resource control and massive devolution of power from the centre. It means less money for the federal government and more money for the other levels of government. Let every state or geo-political zone or region cater for itself and assign some powers to the centre where matters of common interest are concerned—like defence, currency and diplomacy. This is paramount at this dispensation and will allow for healthy competition and creativity among the components units. Let's support FEDERALISM and make our DREAMs reality! ---------------------------------------------------------- This table shows the historical value of one U.S. Dollar in Nigeria (PM-Parallel Market). Naira. 1972. - 0.658 1973. - 0.658 1974. - 0.63 1975. - 0.616 1976. - 0.62 1977. - 0.647 1978. - 0.606 1979. - 0.596 1980. - 0.550 1981. - 0.610 1982. - 0.673 1983. - 0.724 1984. - 0.765 1985. - 0.894 1986. - 2.02 (3.90PM) 1987. - 4.02 (5.90PM) 1988. - 4.54 (6.70PM) 1989. - 7.39 (10.70PM) 1990. - 7.39 (10.70PM) 1991. - 8.04 (9.30PM) 1992. - 9.91 1993. - 17.30 (21.90 PM) 1994. - 22.33 (56.80 PM) 1995. - 21.89 (71.70 PM) 1996. - 21.89 (84.58 PM) 1997. - 21.89 (84.58 PM) 1998. - 21.89 (84.70 PM) 1999. - 21.89 (88-90 PM) 2000. - 85.98 (105.00PM) 2001. - 99-106 (104-122PM) 2002. - 109-113 (122-140PM) 2003. - 114-127 (135-137PM) 2004. - 127-130 (137-144PM) 2005. - 132-136 2006. - 128.50-131.80 2007. - 120-125 2008. - 115.50-120 2009. - 145-171 2010. - 148.21-154.8 2011. - 151.05-165.1 2012. - 155.09-161.5 2013. - 153.21-162.9 www.nigerianewspool.com/index.php/home/10-finance-a-budgeting/879-naija-web-library-01614-implications-of-currency-devaluation-in-nigeria-report www.web.mit.edu/africantech/www/articles/PlanningAdjust.htm 2 Likes |
Re: Dollar Vs Naira: How Bad Leadership Collapsed Nigeria Economy! by Nobody: 2:48am On Oct 29, 2014 |
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Re: Dollar Vs Naira: How Bad Leadership Collapsed Nigeria Economy! by eye4eye: 2:56am On Oct 29, 2014 |
PDP is a cancer that must be killed. Kill PDP and say bye-bye to Nigeria's illness. |
Re: Dollar Vs Naira: How Bad Leadership Collapsed Nigeria Economy! by Ikengawo: 3:29am On Oct 29, 2014 |
You're blaming gej for something that started in 1973? 2 Likes |
Re: Dollar Vs Naira: How Bad Leadership Collapsed Nigeria Economy! by eye4eye: 3:31am On Oct 29, 2014 |
Why are you being defensive? Was GEJ ever mentioned anywhere? Omo eebo, keep chasing shadow. |
Re: Dollar Vs Naira: How Bad Leadership Collapsed Nigeria Economy! by eye4eye: 3:32am On Oct 29, 2014 |
[s] Ikengawo:[/s] |
Re: Dollar Vs Naira: How Bad Leadership Collapsed Nigeria Economy! by tit(f): 3:35am On Oct 29, 2014 |
Sirniyeh, I do not understand your grouse. From the figures you posted, in the period 1986-date: the price of petrol has increased 250X while the salary has increased 400X. Income is keeping pace with inflation. Is there any other point you want to make? It is not clear to me. Is your grouse the productivity (or lack of) of the Nigerian worker? Who remembers the next big thing, the Aluminium Smelting Plant Ikot-Abasi? Who ran it down? 2 Likes |
Re: Dollar Vs Naira: How Bad Leadership Collapsed Nigeria Economy! by Ikengawo: 3:43am On Oct 29, 2014 |
tit: Lol the guy doesn't even realize his second figure for todays salary and cost would mean that income has surpassed costs and inflation lol. Anyways its true, I remember when poor families couldn't afford to give each child more than 3 pairs of clothes, but those days are gone. 1 Like |
Re: Dollar Vs Naira: How Bad Leadership Collapsed Nigeria Economy! by 2cato: 4:24am On Oct 29, 2014 |
tit:all the APC cyber bedbugs are now economist just to interprete historical economic figure just to insult gej. As the chief APC cyber bedbug rightly put that gej has been ruling nigeria since 1960 |
Re: Dollar Vs Naira: How Bad Leadership Collapsed Nigeria Economy! by Ikengawo: 4:49am On Oct 29, 2014 |
2cato:lol it looks like when apc tried to venture beyond "clueless" and "daft" the results are disastrous. This guy doesn't even understand that you in his devaluation timeline, buharis devaluation was included |
Re: Dollar Vs Naira: How Bad Leadership Collapsed Nigeria Economy! by cocoduck: 5:13am On Oct 29, 2014 |
Ikengawo:lol |
Re: Dollar Vs Naira: How Bad Leadership Collapsed Nigeria Economy! by Sirniyeh(m): 9:05pm On Oct 29, 2014 |
2cato: Keep your mouth shut |
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