Collynzo9:

Learn to relax when issues beyond your brain capacity are being discussed.

FastShipping - why did you allow this guy to hit you below the belt ?

erico2k2:

Yes exactly, and it even Sad young Vibrant youths will come out and say SIA BUHARI, he is more clueless than GEJ if you ask me, that man GMB can not define inflation and all its pointers.GEJ is not a saint but at the moment we are stuck with him cos APC failed us in the sense that they could not produce a credible challenge to PDP

My recent proverb:

A Live Dog is better than a Dead Lion

nduchucks:


You forget that leadership is most important. Experts in Economics are a dime a dozen. GEJ has access to these experts but allowed theft to reign with impunity.

As to the question posed by the OP, I remind lazy youths of the following:

The price of crude oil, was $86.62 in September 1982, just before President Buhari took over, and dropped to $27.61 by the end of 1985!!
Given the Economic conditions Buhari met, it’s a miracle that the naira depreciated only 106% I don’t have time to educate you people, but I’d suggest that you read up.

why are you using 1982 price? Buhari took power in December 1983.. That's one year afterwards..

And for your information, the price of crude oil in the first week of December, 1983 is 29.23 dollars.. and was 27.53 dollars in the first week of August, 1985 when Buhari left power..

www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=RCLC1&f=D

This is a more accurate data for your argument

datolee:
Sometimes I feel for the “poor” Nigeria voters who are constantly fed with half-truth and in some instances, outright lies. We are at it again, being told how perfect, stable Naira was under Buhari. To even quote GMB, . http://www.thecable.ng/exclusive-interview-im-opposed-muslim-muslim-ticket-says-buhari/2

Two things are involved here:

1. At no point during the administration of IBB was naira N80 to a dollar, the highest it was at parallel market was N21.90

2. When Buhari took over in 1983, the Naira was exchanging for N 0.724 to a dollar, by the time he left office, the Naira was exchanging at between N1.5 to 1.7 in the parallel market. We will make use of the N1.5 exchange rate.
From 1983 to 1985, the Naira moved from 0.724 to 1.5 representing a 107% depreciation of the Naira!

The question therefore, with 107% depreciation of naira from 1983 to 1985, how stable was the naira under Buhari?

U no go school... Convert the whole money to kobo 1st, then use that same yard stick u used to judge GMB to judge GEJ

Descartes:


What those than mean?
Are your referring to the op?

I was referring to the days of the OP and his cohorts who are currently ruling the country. Their days are numbered as Feb. 2015 is just around the corner - they'll be booted out of Aso Rock.

Naira s crashing is not because of GEJ but for the fall of oil price. Pls let read more n stop putting every blame on GEJ. Don't be in the dark. Its nt only Naira that s crashing other country currencies are crashing too.

Its a pity that buhari at his age is desperately lying to deceive so as to became president. only God knows what buhari wants to achieve. Whatever it is, its secrete and only known to buhari and tinubu. Buhari can not rule nogeria now, he has lost touch to modern day realities, buhari will be more of a liability. He lacks the intelligence, purpose, understanding and every other modern day sense to govern, he is not a democrate to start with. Aso rock is not old peoples home. At 72 he should go back to katsina and rest.

datolee:


See it this way, The official exchange rate of naira to dollar according to CBN is 168 (selling) 167 (buying) as at december 18 2014..http://www.cenbank.org/rates/ExchRateByCurrency.asp

However, you and I know that, you cannot get this rate at any bank in Nigeria (in fact, according to http://www.exchangerates.org.uk/, it was 184 naira to a dollar on December 18 2014).. the price you get at the bank which is from 180 up is the parallel market (PM) which is the true value of naira

So what was this rate when GMB assumed office. It definitely wasn't 0.724.

Secondly, the Nigerian economy was hemorrhaging when he took office. It was a period of low oil prices and he went to work stabilizing the economy. What comes to mind is the US crisis when Obama took over. He had it bad but things didn't turn around until his second term and now the dollar is appreciating against major currencies. You can't compare this to Yaradua/Jonathan whose government took substantial savings from the OBJ regime and experienced a period of sustained high oil prices.

And the sad part is when GMB wins in February 2015, he will have to spend some time correcting the wrong of the past and making tough calls to shore up the Nigerian economy. 1983 all over again!

ellechrystal:

Meaning?

Our president is the wife, while PEJ is the husband

datolee:


No it was not... 0.894 officially, but if you take your dollar to the bank for exchange, you will be given N1.7.. you want to know why? Because of mulitple exchange rate. 0.894 was fixed by the government for the importation of essential goods not the true exchange rate of the currency!!.. Read about multiple exhange rate. Even Buhari himself stated in his interview that it was between 1.2 to 1.5 to a dollar by the time he left office

Comrade

Bust Buhari again by asking APC rats why Buhari failed to stabilize price of oil market in his time when it reduced from $80 to $26 if I get my fact correct

Firefire:


You are absolutely correct!

The fx rate would be the amount you can get it at any point in time

Interbank rate is the easy route not minding that black market could be higher and not the official rate.

We must stop this culture of using external reserve to defend naira.. it isn't working, it never worked and will never work. Nothing stops GEJ from pegging naira to dollar exchange rate at 1 to 1... but at what cost?

Most youth won't ask the question because they have been told that davulation of naira is the worst thing ever without knowing that weak currency aids exportation (Though don't hold your breath on Nigeria government moving from import dependent country any time soon)

Sylvarresta:
Our president is the wife, while PEJ is the husband

Hahahahahahahah. Una funny o

MrMcJay:


Guy, they have cloned ur account o!
www.nairaland.com/0rlando0woh


Compared with the original below

www.nairaland.com/orlandoowoh


Awon saTANic TANjaweeds.

I noticed it the first day that the account was created in July this year. I complained, but the admin and mod didn't do anything. I'm sure the person (I know him) won't be getting mentions, except when directly quoted: he use zero "0" where I use the alpherbet "O".

obayaya:


why are you using 1982 price? Buhari took power in December 1983.. That's one year afterwards..

And for your information, the price of crude oil in the first week of December, 1983 is 29.23 dollars.. and was 27.53 dollars in the first week of August, 1985 when Buhari left power..

www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=RCLC1&f=D

This is a more accurate data for your argument

The point is, lying with statistics such as the OP atempted, has been called out. Where context is not adequately included with statistics, the lying pinocchio would not do worse that the person who presents statistics as the OP did.

erico2k2:

Yes exactly, and it even Sad young Vibrant youths will come out and say SIA BUHARI, he is more clueless than GEJ if you ask me, that man GMB can not define inflation and all its pointers.GEJ is not a saint but at the moment we are stuck with him cos APC failed us in the sense that they could not produce a credible challenge to PDP

Bro, Nigerian Politics is not about what you are thinking. Nigeria politics is about numbers, do you think the pepper sellers, danfo drivers, truck pushers that will queue to vote know about dollar exchange or macro economics, we are still not advanced yet in that country. Do you think people will vote the likes of Fashola, Soludo, Sanusi, Adeshina. e.t.c. People vote on sentiments and tribal line, even Obama will loose if he contest in Nigeria.

chemali:
Datolee,

What was the parallel market rate in 1983. You can't compare official exchange rate in 1983 to parallel market rate in 1985 and say the naira lost 107%. Compare like for like.

Exactly, it's like comparing the pump price of petrol to black market price.

Simple economics teaches arbitrage opportunities.So for dollar to go high at the black market.it isn't a surprise because traders will get it at official rate and go out to sale.

The dollar fell by 107% during buhari does not stop the poor man having a decent per capita income in 1983.

The percentage change from 0.7 to 1.5 is 107% but have u looked at the price of goods at that time?

Did u bother to know the reason why it moved from 0.7 to 1.5?Guy there is what is called a monetary policy which cbn always adopt to reduce the pressure on Naira.Currently the cbn devaluated the Naira from 165 to 194 mainly to mop up liquidity and reduce the Naira pressure..

OLODO

Inflation was stable then,interest rate was single digit.

There was a closed Market economy in order to bring down those hiding goods.

ellechrystal:

Hahahahahahahah. Una funny o

But I guess na vegetable PEJ give am chop
Less I forget, you are pretty

Obiagelli:

Let him continue to play smart. Its a pity the mods brought this nonsense to the front page. Anything to dent buhari

Exactly. Anything to dent him. The truth will always prevail.

datolee:


We must stop this culture of using external reserve to defend naira.. it isn't working, it never worked and will never work. Nothing stops GEJ from pegging naira to dollar exchange rate at 1 to 1... but at what cost?

Most youth won't ask the question because they have been told that davulation of naira is the worst thing ever without knowing that weak currency aids exportation (Though don't hold your breath on Nigeria government moving from import dependent country any time soon)

They will never ask question because they refused to:

Collynzo9:

Learn to relax when issues beyond their brain capacity are being discussed.

ellechrystal:

Ur such a cheap ignoramus..u think u can abuse ppl online.. bloody fool.wat exactly did i say to warrant such insults from u? See who is talking of training . Wen it's clear u lack it. U n get manners somewhere please

oh so you didnt insult me before now. as an e-rat how much is your take home?

Lol. . . this 2015 presidential election is getting seriously contentious >> PDP chairman advises all Nigerians not to vote for "Dictator Buhari" http://www.figureout.com.ng/buhari-dictator-dont-vote-muazu/

danjumakolo:
Simple economics teaches arbitrage opportunities.So for dollar to go high at the black market.it isn't a surprise because traders will get it at official rate and go out to sale.

The dollar fell by 107% during buhari does not stop the poor man having a decent per capita income in 1983.

The percentage change from 0.7 to 1.5 is 107% but have u looked at the price of goods at that time?

Did u bother to know the reason why it moved from 0.7 to 1.5?Guy there is what is called a monetary policy which cbn always adopt to reduce the pressure on Naira.Currently the cbn devaluated the Naira from 165 to 194 mainly to mop up liquidity and reduce the Naira pressure..

OLODO

Inflation was stable then,interest rate was single digit.

There was a closed Market economy in order to bring down those hiding goods.

Your arguments are right. But the truth is the naira didn't even fall by 107%.

nduchucks:


The point is, lying with statistics such as the OP atempted, has been called out. Where context is not adequately included with statistics, the lying pinocchio would do worse that the person who presents statistics as the OP did.

Is that why you deliberately chose to distort fact by using Wrong data?

Chai,i no know much on economics o.i just de read comments de laff like mumu.but i must give it to datolee,guy u are guru.pls keep on exposing buhari and his lies.udo!

obayaya:


Is that why you deliberately chose to distort fact by using Wrong data?

If I weren't excited about Feb. 2015, I would have told you, "mgbo piafuka gi isi". Given my mood, I say to you, run along and sin no more..

Firefire:


Nigerians needs to be awake and see that the same wicked souls in PDP have suddenly transformed to Progressive in APC to deceive the gullible.

What about the SECURITY VOTES each state governors collect without accountability

.

My brother I tire o. Immediately a long criticised PDP looter switches to APC (because he cunningly wants to get into a higher office via APC),

they start hailing the political prostitute as a progressive.

Long, long way to go.

Biko tell me what is now suddenly progressive about someone like Atiku who was VP for good 8 years and looted with reckless abandon, founded his own university as a sitting VP. No national university founded or existing ones better funded in his time.

If by chance GEJ they call clueless should defect to APC, they will start hailing him as wise King Solomon.

Tribalism and sectarianism is a BIG PROBLEM in Nigeria.

obayaya:


why are you using 1982 price? Buhari took power in December 1983.. That's one year afterwards..

And for your information, the price of crude oil in the first week of December, 1983 is 29.23 dollars.. and was 27.53 dollars in the first week of August, 1985 when Buhari left power..

www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=RCLC1&f=D

This is a more accurate data for your argument

What was the oil price as at June 1982 and why didn't he stabilize the oil market then

nijanigga:

oh so you didnt insult me before now. as an e-rat how much is your take home?

E-pig

Sylvarresta:
But I guess na vegetable PEJ give am chop
Less I forget, you are pretty

Oh thanks dear.

This is true not what op is saying.

AreaFada2:
.

My brother I tire o. Immediately a long criticised PDP looter switches to APC (because he cunningly wants to get into a higher office via APC),

they start hailing the political prostitute as a progressive.

Biko tell me what is now suddenly progressive about someone like Atiku who was VP for good 8 years and looted with reckless abandon, founded own university as sitting VP. No national university founded or existing ones better funded in his time.

If by chance GEJ they call clueless should defect to APC, they will start hailing him as wise King Solomon.

Tribalism and sectarianism is a BIG PROBLEM in Nigeria.

we know their style, reason we must not keep silent and watch the media lies and propaganda to continue.

We must give it to them Fire for Fire!
Peace!