Cantonese:
And then Babangida introduced the second tier foreign exchange market (SFEM) in august 1986. The naira was devalued that year by that government and it heralded the challenges of our currency. Before then one could travel to any country in the world with the naira and exchange it in any bureau de change. See, the problem of this country started during the Shagari regime and blown out of proportion by Babangida. Each time we attack Jonathan I wonder why the people of that age fail to tell the honest truth. This country was damaged by the military and not Jonathan. Babangida and Abacha put us into this mess we are presently facing. Neither Jonathan nor Buhari caused it. Our problems became compounded by the greedy politicians who are the animals that Trump talked about.

amaniro:



Lol in 1985 that my grandfather was still working.

in 2002 I was still in primary school.

4Play:
It was the "strength" of the Naira that was its weakness. When the Naira exchange rate is stable despite high inflation - as in the 1970s - it makes our economy uncompetitive and acts like a subsidy of importation. Such a real exchange rate appreciation (inflation adjusted appreciation) is disastrous for the tradable goods sector.

Think of a groundnut exporter in the 1970s whose input costs are rising as labour, transport and fuel become more expensive. Unless the currency depreciates, his business revenues in Naira will stay the same. This will make it impossible to continue to operate such a business. This is effectively what helped crush our non-oil sector.

abokibuhari:
83-85 the lifeless cow started destroying everything

Sirjamo:
He has achieved more in life than you can ever dream of in 300 life times, you and your likes are just wasting away online abusing someone who was your parents president and return again to be your president, maybe one day, his son will be your children president.

Lomprico2:
Ibb actually killed this country!

wirinet:


You are completely wrong. Our problems are caused by ALL our leaders since independence, including Jonathan and Buhari. They ALL lack foresight on how to build a prosperous nations. Awolowo, Zik and Tafa Balewa made foundational mistakes by not investing in developmental infrastructure like power, roads and rail and compounded the problem by not investing in science and technical education. Gowon made it worse by simply blowing away oil windfall of the early 70s. Subsequent governments have been short sighted, inept and corrupt.

No national currency can strengthen when you produce nothing and need foreign currency to import everything, from petrol to tooth pick. Your currency will be in an eternal free fall. Basic economics.

LIFEisSIMPLE:
I still insist it was PMB that messed up Nigerias economy

Sirjamo:
He has achieved more in life than you can ever dream of in 300 life times, you and your likes are just wasting away online abusing someone who was your parents president and return again to be your president, maybe one day, his son will be your children president.

Sirjamo:
He has achieved more in life than you can ever dream of in 300 life times, you and your likes are just wasting away online abusing someone who was your parents president and return again to be your president, maybe one day, his son will be your children president.

amaniro:
When I went to school with 5 naira that can buy like 3 things

My grandfather salary then was 7naira as a teacher

muyoge:
Though I know there was a time naira was stronger than dollars, I doubt these records because Nigeria started using naira and kobo in 1973. How come the records include 1972?

amaniro:
When I went to school with 5 naira that can buy like 3 things

My grandfather salary then was 7naira as a teacher

hernandson:
dreamer so he would give you 5naira out of 7naira,he should better go back to school too

abokibuhari:
83-85 the lifeless cow started destroying everything

amaniro:
When I went to school with 5 naira that can buy like 3 things
in roughly 2002

My grandfather salary then was 7naira as a teacher this one was told as a story to me

wirinet:


The strong naira is only part of the problem, the biggest problem is the lack of infrastructure to aid production and manufacturing, so we could not produce what we consume before we even start talking of export.
No national currency can thrive on a total power output of 5,000Mw, no railway system and horrible road infrastructure.

selemempe:
see mumu...the joke is on u...cos i know u are not related to buhari...u are just another buhari fan who cant think strategically.

Dogmatic hausa ppl who are inductrinated to always participate in electoral and religious matters...most of u in the north dont know wat is called quadratic equation...yet it is empty fools like u who would rush to get their pvc in order to ensure the south never moves forward...of course u get help from ur useful idiots in the west....so kudos

abokibuhari:
83-85 the lifeless cow started destroying everything