hisgrace090:
It seems no crude oil no nigeria,
So without this little increase in crude oil market there is nothing anybody I mean anybody could have done?
How can a country enjoy oil boom for more than 30yrs without any tangible source of income?
May God deliver us.

9jakohai:


Not going to happen for the following reasons

1.Government is not earning enough dollars from oil to buffer the naira. We were able to keep the naira below N200 simply because then we were earning enough forex to buffer the dollars.

2.Part of the reason why govt is not earning enough forex is the fall in oil prcies . As a result, CBN is forced to restrict the dollar outflows from the country.....so as to have dollars to buffer the naira and meet our financial obligations. This has the bad effect of driving away foreign investors....since they cannot remit their dollars to their home countries easily.....unlike during the time when oil prcies were sky high ...and there were enough dollars flowing in .....which meant no need for restrictions.(And for the GEJ did not save crowd....saving lots of money won't have stopped CBN from restricting forex outflows....since every savings has a finite lifespan when you begin eating from it).

3.If you want the naira to go down to N1=$1, you do either of these two things

a) Diversify the export base...ie export more agric products and more solid minerals (Nickel in Kaduna state loading...) . Back in 1978...when N1=$1...Nigeria was a world leader in the export of cotton, groundnut, palm oil, benninseed, tin, columbite, and we had an oil boom going on. Enough dollars flowing in.

b) Ramp up domestic manufacturing...with the aim of exporting more manufactured goods...which is what China, Japan and many developed countries do.

And this measures take time...and money.(We may have to take a loan, in my opinion, to boost power, water and transport....and even agric production specifically....in the short term.)

saintmark88:


I can c ur still living n d past, d dollar traded for 399 to a dollar at the parallel market......it D interbank it traded for 305, isn't that less than 100??....abi u no sabi maths

ISTANDWITHBUHAR:


LOL wishing the country to go down more is an evil don't you ever think about that? You never wish the Govt to succeed so i never take you serious..


Put you guys to shame will make me happy...


Wailing wailers how market?

onatisi:

That was exactly what kalu idika kalu said.that this government is only giving ppl false hopes and playing on their intelligence unfortunately many Nigerians lack adequate intelligence anyway. That all this osinbajo gimmicks wont solve anything infact it is counter productive. I have said it that if osinbajo becomes the president he will be the final destruction to the economy.
God should please please bring back buhari

onatisi:

That was exactly what kalu idika kalu said.that this government is only giving ppl false hopes and playing on their intelligence unfortunately many Nigerians lack adequate intelligence anyway. That all this osinbajo gimmicks wont solve anything infact it is counter productive. I have said it that if osinbajo becomes the president he will be the final destruction to the economy.
God should please please bring back buhari

progress69:

Ok..

Maybe in your village sha.

https://www.nairaland.com/2166138/cbn-officially-devalues-naira

beamtopola:

The dollar was selling at 171

ISTANDWITHBUHAR:



LOL you are free to relocate to Gambia, So who should we have make the President? GEJ? you are a joke..

progress69:


Make una leave the onatasi clown alone.

He has selective and deliberate amnesia.

It was ok when Yaradua and Jonathan by extension used over half of the reserves to defend naira and economy then.

Despite seeing the flaws and danger of remaining a mono oil driven economy during the global reccession and drop in oil price before..what steps the his useless hero take to make us less oil dependent...

The only step he took was to open the CBN FX vaults from his mistresses, friends and political associates. The raw cash in FX found with one or 2 of people that worked under him is evident enough to see that the idiot Jonathan finished us.

Imagine when what others may have hidden. This is just the tip og an iceberge that was discovered

So u can let Onatasi keep saying is usual lame "prophetic" poo.