patrick89:
omo the date is their for you to see, ukraine are in war, while nigeria are in peace right? What about sweden? Didn't you see that too, what about norway? Ooh Rubee had a come back despite the sanctions I agree, russia have what it takes to strengthen their currency. Their economy is already diversified so you shouldn't use their recovery to judge nigeria. Nigeria have no other source of income. I was pointing out how oil price slump has affected the currency in the international market. The rubee recovery was as a result of their vibrant domestic market and nothing more..

989900:


1. I can't find the date. Kindly indicate it, 'cause without the date, that graph 'in this context', is 'void ab initio'.

2. Russia's recovery is not that quite simple (even experts are amazed), 'cause the sanctions they face are heavy/crippling ones . . . the rise in oil prices from $43 in Feb thereabout, to the $64-$70 band now, has really been helpful for them, even Norway and Sweden, and Canada are making marginal gains 'cause of this.
BTW, copying good examples should be the ideal way to go, in-lieu of looking for those faltering.

3. Though oil accounts for roughly 90% of the government's 'forex earnings' (NOT TOTAL EARNINGS), oil is accountable for just about 10% of Nigeria's GDP as opposed to say Norway's 25% thereabout.

4. If you went through my first 2 posts, my implication is not that fall in oil prices should/would not affect Nigeria, rather, it is way 'tooo much' (some cheap excuse), and by no way is it directly proportional to oil prices, or else, why didn't the Naira gain directly proportionally against the dollar when we were selling at over $110/barrel?
Especially, when you factor in the fact that, the common man have been getting the same dollar at over N220/$ for most part of the year, a roughly 40-50% fall in value, in a one year time frame!!!

5. Even though we run an importation dependent economy which is criminal;

a. Importation of refined petroleum products -- which is madness.

b. Foreign currencies demand/looting by our 'polithievians'.

c. the faulty monetary policies operated by the FG/CBN, which ensures scarcity of the dollar=huge amount of Naira chasing few dollars -- scarcity=price hike . . . throw in Forex racketeering by the CBN,Banks,BDCs, and others.

Account for a larger part of the skewed-economic situation we are in.

omonnakoda:
NEEDS? omonnakoda??