nduchucks:


Oga, if you know how to use a mouse, place your mouse on the x-axis during the stated time period. I know I know, cheap shot.

Check it out

Give it a rest bro!!!

I gave you EIA's official data and you're giving me some dumb graphs?

If you must know, The Energy information Administration (EIA) is an authority when it comes to energy matters

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?

This is mischief at its peak!Deliberately comparing official rate with parallel rate,wow!

For the lovers of truth,the Naira moved from an official rate of 0.724 in 1983,to an official rate of 0.894 in 1985.(source www.en.wikipedia.org)

The 1983 corresponding black market rate is not available,to compare with the 1985 figure of 1.7. But it would not be too far from say 1.6.

The writer is the one feeding Nigerians with half-truths and lies!

WhiteTechnology:



Let's be sincere for once.

The reason naira is unstable is because we get most of our dollar from crude oil sales

If we diversify our economy, naira won't be facing issues like this.

The fastest way to diversify our economy is by encouraging

Resource control

Fiscal federalism

Privatization


These 3 Buhari won't support because it will deprive his Hausa Fulani people so many opportunities



This is the truth you must know


Even the SW will not experience true poverty eradication.


My good friend this is the truth

If I am sure Buhari would implement this, I might consider him.

But that will mean going against his ethnic group which will spell doom for him especially a coup .

Those are not the fastest way to diversify the economy. It's basically pursuing an industrialization objective. Why hasn't our oil production output grown over the years? Why do we not refine the crude we produce? We sell 1.8m bopd and import 500,000bopd in form of 35million litres of petrol - You don't expect your naira to appreciate when this happens. How do you industrialise when there is no power? Why don't you institute a public works program rather than giving inflated contracts? These are things that need to be done. Not the divisive subject of resource control!

Buhari may have integrity but obviously doesn't understand economics and oil market

obayaya:


Give it a rest bro!!!

I gave you EIA's official data and you're giving me some dumb graphs?

If you must know That Energy information Administration (EIA) is an authority when it comes to energy matters

What was the price in September 1982 according to your source?

plzz dy should stabilize this dollar nd naira thing so i can pay my school fees quick biko nu

Thatdave:
Buhari may have integrity but obviously doesn't understand economics and oil market

That's a fat lie. The way he handled the oil market during his regime has been unmatched by any other administration.

nduchucks:


Why are you intentionally being decptive?

A drop in oil price will NOT definitely translate to a devaluation of the naira, if you have enough reserves to back up the naira. What we know is that the current devaluation of the naira by GEJ and his cohorts could have been avoinded if his thieves in NNPC and elsewhere had not stolen $10.8, $20, or $50 billion. This is a fact which you cannot sweep under the rug.

If you back up Naira with your reserves, you'll create an artificial value for the Naira and you'll have to keep supporting it to remain at that level on the long run..

Stop beating around the bush!!! Admit it.. You posted false data to hoodwink people.

nduchucks:


Why are you intentionally being decptive?

A drop in oil price will NOT definitely translate to a devaluation of the naira, if you have enough reserves to back up the naira. What we know is that the current devaluation of the naira by GEJ and his cohorts could have been avoinded if his thieves in NNPC and elsewhere had not stolen $10.8, $20, or $50 billion. This is a fact which you cannot sweep under the rug.

So in effect, you support depleting our reserve just to defend the naira, yet, you will go on another thread shouting how our external reserve has be depleted by the "clueless" one?

By the way, the fall of Russian ruble to dollars is also as a result of missing billions and billions?

theshadyexpress:
supporters of APC have avoided this thread I'm expecting them to open another counter thread rather defend their illiterate leader that want to stabilze oil prices when he cannot stabilize ordinary currency that is within his authorty


GEJ till buhari admits he is a failure

he will admit b4, feb 14

I think the comparison should be done with the government of IBB that followed.

Using your own figures from N1.7 (buhari) to N21.9 (IBB) shows a 1135% depreciation. Do the math.

That is using percentage comparison.

When you use the shift in decimal position, then it is 1 naira maximum for GMB and over 20 naira for IBB. Even GEJ's government has surpassed this 20 naira shift now which is what really matters because it is easy to establish higher percentages when the figures are really small, a strategy which you are using to hoodwink the unsuspecting reader.

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?

When GMB was overthrown d exchange rate was $1 to 1 naira.
Buhari took over nigeria in d worst economic recession in its history. There was no food, no money. Soap, milk, sugar etc popularly called essential commodities disappeared from d shelves just like in Zimbabwe. d federal govt could not pay staff salaries. Few states were able to apply d IMO FORMULA - (half salary) pioneered by Kalu Idika Kalu d then Imo state comm 4 finance. Multinationals like kingsway, UTC, PZ etc left d country. Daily more people became unemployed.
When GMB took over he paid a huge part of d external debt incurred by d thieving politicians. He rejected d IMF loan & its slavish conditionalities. He refused to devalue d naira & thru economic ingenuity he kept d inflationary rate between 3-5% & d exchange rate at $1 to 1 naira.
d stealing is not corruption camp is truly scared & ar posting lies to deceive d gullible. It won't work. SAI BUHARI

Doyin2:


This is mischief at its peak!Deliberately comparing official rate with parallel rate,wow!

For the lovers of truth,the Naira moved from an official rate of 0.724 in 1983,to an official rate of 0.894 in 1985.(source www.en.wikipedia.org)

The 1983 corresponding black market rate is not available,to compare with the 1985 figure of 1.7. But it would not be too far from say 1.6.

@ Doyin2,

see that Buhari government is worst and Buhari is a very bad economic manager

GMB (1983-1985)
Official Rate 0.724
Official Rate 0.89 23% Devaluation
Parrellel Mrkt 1.5 40% Official Rate @ devaluation vs Parrallel Market
107% Initial Official Rate vs Parrallel Market


GEJ (2014)
Official Rate 155.0
Official Rate 168.0 8% Devaluation
Parrellel Mrkt 185.0 9% Official Rate @ devaluation vs Parrallel Market
19% Initial Official Rate vs Parrallel Market

so what the datolee have shown represent the facts and nothing but the facts.

chemali:

Those are not the fastest way to diversify the economy. It's basically pursuing an industrialization objective. Why hasn't our oil production output grown over the years? Why do we not refine the crude we produce? We sell 1.8m bopd and import 500,000bopd in form of 35million litres of petrol - You don't expect your naira to appreciate when this happens. How do you industrialise when there is no power? Why don't you institute a public works program rather than giving inflated contracts? These are things that need to be done. Not the divisive subject of resource control!

It seems you don't understand our call for decentralization of Nigeria, fiscal federalism Privatization Resource control , political federalism etc

If we create laws that empower States, LGAs to provide their electricity and encourage them to use a huge percentage of royalties/ tax etc generated within their territories to encourage industrialization with the help of the private sector, naira won't be witnessing issues like this because of the diversification we would witness in our economy.

Firefire:


@ Doyin2,

see that Buhari government is worst and Buhari is a very bad economic manager

GMB (1983-1985)
Official Rate 0.724
Official Rate 0.89 23% Devaluation
Parrellel Mrkt 1.5 40% Official Rate @ devaluation vs Parrallel Market
107% Initial Official Rate vs Parrallel Market


GEJ (2014)
Official Rate 155.0
Official Rate 168.0 8% Devaluation
Parrellel Mrkt 185.0 9% Official Rate @ devaluation vs Parrallel Market
19% Initial Official Rate vs Parrallel Market

so what the datolee have shown represent the facts and nothing but the facts.

You cannot make that comparison.

FastShipping:
At least it wasn't $1 to 196 Naira under Buhari's watch.

Don't just come here and give us manufactured numbers. Show us prove showing the naira depreciated by 107% between 1983 and 1985. You cannot just manufacture number out of thin air. What was the exchange rate under Shagari administration? You also failed to tell us the inflation rate at the time which Buhari reduced to about 5%. Don't just come here with half baked information and want people to believe your garbage economic data.

Weren't you taught percentage change in school?

WhiteTechnology:



It seems you don't understand our call for decentralization of Nigeria, fiscal federalism Privatization Resource control , political federalism etc

If we create laws that empower States, LGAs to provide their electricity and encourage them to use a huge percentage of royalties/ tax etc generated within their territories to encourage industrialization with the help of the private sector, naira won't be witnessing issues like this because of the diversification we would witness in our economy.

Compare what I said above and what you posted now, which is a better way? and by the way, APC stands for fiscal and polical federalism. It's PDP that doesn't want to reduce the power at the centre.

chemali:


You cannot make that comparison.

I made comparison likes for likes and in whatever form, GMB era is full of harsh economic woes.

check the percentages in relative terms

Firefire:
It is high time we stopped supporting the Naira falsely with our foreign reserve and let the currency find it feet in the waters

Exactly. The value of the naira had always been artificially supported by crude oil prices. That has always been the case since 1970s.
The way forward is for government to increase its diversification drive and allow market forces determine the true value of the naira. Its better to have a strong economy and a weak naira than have a weak economy with a strong naira supported by the nation's reserve.

its an insult to Datolee to mention him and Bacanikwa in the same sentence, if not comparing the gap in the level of intelligence between the two.
While the former is able to do an indepth analysis of economic dada, the latter regurgitates (already available) data and tries to confuse the gullible while attacking anyone that tries to educate him.

Descartes:


Well said.

Am always at the sideline whenever an economic issues are being discussed cos am not an economist or have a degree in macro economics.

I learn from the Macro economics gurus like datolee, barcanista, atlwireles, etc


Wisdom is a function of Humility and indeed the Principle thing

Firefire:


I made comparison likes for likes and in whatever form, GMB era is full of harsh economic woes.

check the percentages in relative terms

And GEJ's government is full of wonderful economic tales? That's why they are raising a miserly 10bn from luxury tax while planning to increase VAT after elections.

Firefire:


@ Doyin2,

see that Buhari government is worst and Buhari is a very bad economic manager

GMB (1983-1985)
Official Rate 0.724
Official Rate 0.89 23% Devaluation
Parrellel Mrkt 1.5 40% Official Rate @ devaluation vs Parrallel Market
107% Initial Official Rate vs Parrallel Market


GEJ (2014)
Official Rate 155.0
Official Rate 168.0 8% Devaluation
Parrellel Mrkt 185.0 9% Official Rate @ devaluation vs Parrallel Market
19% Initial Official Rate vs Parrallel Market

so what the datolee have shown represent the facts and nothing but the facts.

Don't forget that oil price fell more in GEJ's era than Buhari's era


GEJ √

GMB ×

datolee:


So in effect, you support depleting our reserve just to defend the naira, yet, you will go on another thread shouting how our external reserve has be depleted by the "clueless" one?

By the way, the fall of Russian ruble to dollars is also as a result of missing billions and billions?

May be the Russians Venezuelans, Angolans and even the Japanese are missing billions.

Because their currencies are all lower against the dollar.

major466:

Exactly. The value of the naira had always been artificially supported by crude oil prices. That has always been the case since 1970s.
The way forward is for government to increase its diversification drive and allow market forces determine the true value of the naira. Its better to have a strong economy and a weak naira than have a weak economy with a strong naira supported by the nation's reserve.

absolutely!

major466:

Exactly. The value of the naira had always been artificially supported by crude oil prices. That has always been the case since 1970s.
The way forward is for government to increase its diversification drive and allow market forces determine the true value of the naira. Its better to have a strong economy and a weak naira than have a weak economy with a strong naira supported by the nation's reserve.

How do you diversify when you squander revenues in period of high prices and now start firefighting in a low price regime? The only basis to attack Buhari was if his government saw a boom and a bust but he came into power in time of a bust and he steered Nigeria right. This conclusion can be gleaned from what happened to Nigeria's economy after he was overthrown.

and imagine a simpleton is coming on here and asking for data! lol not once, twice!! lol lol

erico2k2:

My guy some Nigerians are the true definition of ignorance they seem to think something that increased from N2 to N4 is better than something that increased from N60 to N100 they lack the capacity to recognize that 2 to 4 means %100 increase and 60 to 100 means %40 increase..Plz Vibrant youth of the day, be wise,do not encourage selfish elders

chemali:


Compare what I said above and what you posted now, which is a better way? and by the way, APC stands for fiscal and polical federalism. It's PDP that doesn't want to reduce the power at the centre.

Mine is better because I recognize the role States LGAs and Private sector can play why your GMB method focus entirely on FG input alone.


It is not PDP but the North that opposed decentralization of Nigeria .


And it cuts across parties.

I think is better to ask some questions before you post some topic on line, I see this topic as a public display of ignorance or mediocrity, what determine the stability of any currency is importation and exportation of goods and services from my elementary economic even though I did not like the subject. As long as Nigeria is not ready to build his manufacturing sector the situation will remain the same irrespective of the president acumen, if Nigeria can produce 80% of what we are consuming we don't need a prophet to tell us that dollar rate will fall. In as much we keep importing everything including tooth pick, things can never be better is a simple maths. This is exactly what buhari did in his tenure as president. China did the same and they move out of terrible situation to an enviable economy.. Vote for change

Buhari is a professional soldier but a first class economic illiterate. However in this democratic setting there will be check and balances and he will be surrounded by competent technocrats. APC seems to have better administrators.

That guy is Mumu of the year, I just saw dumb and bumber.... those guys are smarter that slowshipping....

theshadyexpress:


Mathematics is ur problem

I'm sure u even have problem counting ur teeths,u think I'm lying?try it first

Blockhead
GEJ till apc rodents pass mathematics

WhiteTechnology:



Mine is better because I recognize the role States LGAs and Private sector can play why your GMB method focus entirely on FG input alone.


It is not PDP but the North that opposed decentralization of Nigeria .


And it cuts across parties.

Then you have not read APC's manifesto!

Also, is what you prosposed being implemented by PDP?

Remarkable:
its an insult to Datolee to mention him and Bacanikwa in the same sentence, if not comparing the gap in the level of intelligence between the two.
While the former is able to do an indepth analysis of economic dada, the latter regurgitates (already available) data and tries to confuse the gullible while attacking anyone that tries to educate him.

I disagree with you on this, although it's your opinion.
But the two have to some extent proven to me that they have basic knowledge of Macro economics.
But can not deny the fact that Datolee might be probably a researcher in the field economics or a related discipline.
My opinion though

Cogito ergo sum

Wisdom is a function of Humility and indeed the Principle thing