clearcrystal:
Let's keep our hopes alive. Nigeria will be great again Sooner than latter, we shall all be proud of Nigeria Japa syndrome will die a natural death Our brothers in diaspora will return home to build the nation Food will be the chipest thing money can buy Brethren, the real change is coming!
Long live the Federal Republic of Nigeria

You must be a baby.

OkCornel:


When we cut down imports of essential commodities like wheat and other foodstuffs we can grow locally, iron/steel etc.

Ramp up production and boost our exports, that’s when the naira can gain reasonable value.

Our major problem is the money we spend on oil, $10b just for subsidy and the cost of refinning our crude and importing it back to Nigeria, you know how much be that?
And Dangote said he will be selling his oil in Naira to other countries.

Without trying if we can take the excesses we spend on oil, we can bring the dollar to N300.
That will revamp our economy and give rise to foreign investments.
N200 to a dollar is feasible in the next 4yrs if we focus on insecurity and oil.

Forget the huge debt weh Asiwaju inherit from Buhari, his administration has lots of advantage

richmond500:

Our major problem is the money we spend on oil, $10b just for subsidy and the cost of refinning our crude and importing it back to Nigeria, you know how much be that?
And Dangote said he will be selling his oil in Naira to other countries.

Without trying if we can take the excesses we spend on oil, we can bring the dollar to N300.
That will revamp our economy and give rise to foreign investments.
N200 to a dollar is feasible in the next 4yrs if we focus on insecurity and oil.

Forget the huge debt weh Asiwaju inherit from Buhari, his administration has lots of advantage

That’s one side of the coin you’re looking at.

What we really need is massive industrialisation to boost local production and export. When we boost our foreign earnings, then the naira improves.

I pray tell, asides crude oil which we’re not even meeting our OPEC production quota, what else does Nigeria produce and export in massive quantities to significantly boost foreign earnings?

Furthermore, the culture of embezzling scarce foreign exchange to offshore accounts, will that be tackled in the next four years by the APC government?

Boost productivity, and let people change their mindset from “me, me, me, me” and embrace communal thinking/welfare, that’s when things will turn around.

Most Nigerians still think like cockroaches (what they can grab for themselves), rather than bees/ants! (How they can cooperate and work together for the greater good of the colony/hive).

richmond500:

Our major problem is the money we spend on oil, $10b just for subsidy and the cost of refinning our crude and importing it back to Nigeria, you know how much be that?
And Dangote said he will be selling his oil in Naira to other countries.

Without trying if we can take the excesses we spend on oil, we can bring the dollar to N300.
That will revamp our economy and give rise to foreign investments.
N200 to a dollar is feasible in the next 4yrs if we focus on insecurity and oil.

Forget the huge debt weh Asiwaju inherit from Buhari, his administration has lots of advantage

The delusion is strong here.

Tomorrow, he will deny, he never said this. Just as we see Buhari denying his promises

Show us a video where Tinubu said all that by himself from his own mouth...

Today Buhari is denying everything he ever said

nnewsnjobs:
Tomorrow now, Tinubu will say that he didn't give such promise.

#300 to $1, if he can achieve this, then I will give him my full respect.

Until then.

Tinubu that was running away from interview so that he will not go they and make any promises.
The only promise he made was student loan and recruitment of youth into the army. Outside that I didn't see any promise from him.

He thinks that he is wise by not given any promises.
We will assess him by checking the prices of good and services, dollar exchange rate and so many other indices when Buhari left office and compare it after one, two or four years of his administration to know how he is performing.
Promises or not, we know how to assess him.

Actually, not making the sort of promises customary to Nigerian presidential candidates is a sign of sound judgement.

The persons looking for or promising naira appreciation are economic illiterates and are not doing Tinubu any favors if he hasn't promised such. We will see in a few years.

Winneepye:
This is definitely possible if we can reduce our fuel importation, which is the highest consumer of our foreign exchange. The start of the dangote refinery will surely help.

Dangote refinery is not stating anytime soon as they made us to believe.

Provided we keep importing stuff expecially petrol without matching with with exports, the dollar rate will keep going up.

richmond500:
You are really bad in economics.
With Nigerian owned refinery in full operation and stoppage of subsidy.
It is obvious the naira will rise a bit

To my knowledge, the Kaduna refinery was commissioned in 1980 and the second Port Harcourt refinery in 1989. What happened to naira from 1980 to 1990?

According to this website, it went from 55 kobo for $1 in 1980 to N8.04 to $1 in 1990: https://www.bbc.com/pidgin/tori-58535028. In present day terms, this is like going from a dollar exchange rate of N700 to N10,000.00!

Of course, the economy of the 1980s was different but the point is that the import substitution premise that lies behind the argument that local refinery production will lead to stronger naira can be misleading.

clearcrystal:
Let's keep our hopes alive.
Nigeria will be great again
Sooner than latter, we shall all be proud of Nigeria
Japa syndrome will die a natural death
Our brothers in diaspora will return home to build the nation
Food will be the chipest thing money can buy
Brethren, the real change is coming!

Long live the Federal Republic of Nigeria

Same old stale wishes that were said on October 1st 1960

Come back in 200 years time, you will still be hearing the same old stale wishes


But there wont be anything called Nigeria by then

clearcrystal:
@Fortruth

You are a sore loser
I'm sure you are still in severe pain
Why can't you just pass your message without abusing me
If the election is conducted 100 times, Peter Obi will never win
You better let this sink in your big head so you won't die of bitterness.
You this I. POB te.rrorist

Nobody is a sore loser. In leadership, oridnary people win or lose. If you people elect idiots, everyone will bear the brunt. This we-against-them syndrome won't get anyone anywhere.

After over 20 years of democracy, you people don't understand that bad leadership doesn't spear anyone. Northerners have consistently voted for Buhari, but come to the streets of Lagos and see them begging.

Has their decision to vote in an incompetent president changed their misfortune? Your guess is as good as mine. We need to start thinking in this part of the world.

richmond500:
You are really bad in economics.
With Nigerian owned refinery in full operation and stoppage of subsidy.
It is obvious the naira will rise a bit

Read what I wrote again.

I said the ending of the fuel subsidy would have a positive impact on the Naira but any benefit would be wiped off by the increase in the minimum wage to N42K

richmond500:
the dollar will not be devalued, Tinubu does not have the power to do that.
The naira will just gain strength against the dollar.

So when naira gained strength against the dollar what has happened to the dollar?

chrisxxx:

So when naira gained strength against the dollar what has happened to the dollar?

the dollar has not been devalued, it means the naira has gain against the dollar.

The dollar is actually the benchmark for accessing some currencies cos it is the most accepted currency.

The naira could either fall or rise against the dollar and not the dollar getting devaluee

grandstar:


Read what I wrote again.

I said the ending of the fuel subsidy would have a positive impact on the Naira but any benefit would be wiped off by the increase in the minimum wage to N42K

increase in minimum wage is not bad.
Do you know that minimum wage in USA is $9 per hour?
That's like N8000 in black market

You guys don't learn from your own history and it's so unfortunate.

The number one red flag of a disastrous president is one with several official and unofficial spokespersons.

If you check very well, this calamity of a man never said this anywhere.

Like the "N1=$1" and "24/7-electricity in 6-month" expectations from a herdsman, Tinubu's people are out again, making weighty and heavy pledges on behalf of a man who struggles to make sense.

You guys know the truth about Tinubu but still manage to convince yourselves about his ability to gather the best brains. Which best brain will deliver optimally for a man with a known history of corruption and drugs? If Tinubu employs you today, your number one goal would be to inflate contracts and steal.

The strategy spelt out by the OP is similar to what Obi intends to do. However, strategy has never been our problem. The missing link here is "sincerity of purpose." You cannot work for a BAT and put the interest of Nigeria/Nigerians ahead of your personal ambition to loot (maintaining the status quo).

There are deep-rooted and systemic issues with Nigeria. It will take an unconventional politician and a disruptor to solve some of these issues, not one that constantly pander to the demands of a sect in exchange for votes, party loyalty, and political correctness. The first thing that will ruin a Tinubu's presidency is his loyalty to his political party.

richmond500:
the dollar has not been devalued, it means the naira has gain against the dollar.

The dollar is actually the benchmark for accessing some currencies cos it is the most accepted currency.

The naira could either fall or rise against the dollar and not the dollar getting devaluee

Thanks for the explanation. I didn't understand it this way.
But I have a question for you.
Today I have $100 saved in my account. The equivalent today is 73000 going by 730 to a dollar.
If by tomorrow naira gained to 600 to a dollar how much in dollars do I have?
Have I gained or loss by saving in dollars?

chrisxxx:

Thanks for the explanation. I didn't understand it this way.
But I have a question for you.
Today I have $100 saved in my account. The equivalent today is 73000 going by 730 to a dollar.
If by tomorrow naira gained to 600 to a dollar how much in dollars do I have?
Have I gained or loss by saving in dollars?

it means the Naira has gained value against the dollar. Though the Naira has has gained value but there are other currencies that depreciated against the dollar while the naira increased.

Imagine in that ur scenario, the naira moved from 700 to 600 to a dollar and we assume the dollar has been devalued and the Dubai dirhams moved from 100 to 300 to a dollar, will you also say the dollar has been valued? don't you think that is contradicting in the international market?

The dollar does not depreciate or appreciate, it's other currencies that depreciate and appreciate cos the dollar is the benchmark for accessing values of other currencies.
If the benchmark isn't consistent, then it will be impossible to access others through it.

Dollar is like a grade, if 70 is the benchmark for A grade and 60 is B grade, and a student who always scores zero finally score 70, you cannot say "A" has lost it's value.
A has not lost his value, it is the student that has scored a good grade

clearcrystal:


E go shock you
I will remind you of this post this time next year

When I see people with sense like yours it makes me laugh

grandstar:
This is delusional.

The Naira is bound to depreciate further with the increase in the minimum wage. Every dime used to pay the minimum wage will be borrowed as the federal government already spends a whooping 96% of government revenue servicing its debt.

Ending the fuel subsidy and deregulating the price would reduce the pressure on the Naira or foreign reserves but the increase in the minimum wage will negate that. Buhari has left a mess that would be a challenge to anyone.

Tinubu should employ a team of seasoned technocrats like OBJ when he employed the likes of Soludo and Iweala to steer the economy in his second term. Tinubu needs to hit the ground running.

Tinubu is fortunate that he can get the cooperation of the senate in spearheading his economic reforms.

Buhari will receive many knocks in the weeks and years ahead as his inexcusable debasement of the Nigerian economy with hubris economic policies such as the "artificial strong Naira policy" are brought to light. The network of well connected individuals and companies who exploited this policy through round-tripping are exposed

This is what I've been looking for; a good realistic view of current standings.

I see the naira losing ground - Buhari wanted to keep the naira strong by pegging the currency and multiple interventions every year, saw a report that says the fed govt supports the naira by not less than $5b a year.

The incoming will face a dilemma of either pegging the naira and continually supporting it or remove all artificial cosmetics and let the markets decide - both have their pros and cons and effects.

The incoming admin NEED an army of proven technorats to undo the puzzle that has become of the currency.

OkCornel:


When we cut down imports of essential commodities like wheat and other foodstuffs we can grow locally, iron/steel etc.

Ramp up production and boost our exports, that’s when the naira can gain reasonable value.

But how can this happen when;

1. Insecurity and killings are rampant in the middle belt and the north?

2. Ajaokuta steel complex isn’t producing enough iron/steel products?

3. Power supply is still epileptic and our power distribution (not generation or transmission) infrastructure is a mess.

4. Nigeria still spends several billions of dollars importing wheat, industrial sugar, drugs, medical tourism etc?

5. Significant chunk of the nation’s foreign earnings still comes from sale of crude oil, which is subject to wild price volatility in the international markets.

6. An extremely corrupt mindset in the public sector that has insatiable urge to embezzle already scarce foreign exchange proceeds to their several personal accounts offshore?

Factors like these puts a lot of demand pressure on foreign currencies and makes our naira lose value.

🙌

chrisxxx:

Thanks for the explanation. I didn't understand it this way.
But I have a question for you.
Today I have $100 saved in my account. The equivalent today is 73000 going by 730 to a dollar.
If by tomorrow naira gained to 600 to a dollar how much in dollars do I have?
Have I gained or loss by saving in dollars?

If the naira gains and you have your money in dollars, that means your money has been shedded off a hundred on top, even though it I assumed that the value lost in the dollar equivalent would be met up by better standard of living - social infrastructure, low inflatable rates etc.

richmond500:
increase in minimum wage is not bad.
Do you know that minimum wage in USA is $9 per hour?
That's like N8000 in black market

No, it's not.

But the US has a defense budget of around $700b, given Nigeria's defense problems, should we borrow to keep up?

clearcrystal:


E go shock you
I will remind you of this post this time next year

Where did you change dollar for #300 or are you making a wishful thinking??
Nigeria can only get it right when We have a people's based govt.
A leader who is not just a politicians but more of a service man.
A govt whose foundation is service based not power based.
Any govt that comes into Power through electoral criminalities can never deliver good governance.
There's no hope for Nija with APC,this guys are fifth columnist,they have no iota of emphaty for the poor masses.

Even before nigeria became worst, people have been relocating and spending their active lives in UK, US and Europe

Nigeria can never reach this country.

Nigeria that don't have emergency toll free line that's working and responsive, nigeria that don't have local police, nigeria that don't have inventors

On your 300 - $1 quote me anywhere it's impossible, it can never happen

ablejesus26:


Where did you change dollar for #300 or are you making a wishful thinking??
Nigeria can only get it right when We have a people's based govt.
A leader who is not just a politicians but more of a service man.
A govt whose foundation is service based not power based.
Any govt that comes into Power through electoral criminalities can never deliver good governance.
There's no hope for Nija with APC,this guys are fifth columnist,they have no iota of emphaty for the poor masses.

There's huge limit to nigeria development with this structure of monkey dey work baboon dey chop

Someone will do governor etc for 4 years and he has become multi billionaire

Listening to what politicians are saying is like a guy that is promising a girl heaven and earth just to sleep with her as a result of konji

You people have started spreading lies again.

Small time now, you will start telling us that tinubu promised to make 1 USD - 200

nnewsnjobs:
Tomorrow now, Tinubu will say that he didn't give such promise.

#300 to $1, if he can achieve this, then I will give him my full respect.

Until then.

Tinubu that was running away from interview so that he will not go they and make any promises.
The only promise he made was student loan and recruitment of youth into the army. Outside that I didn't see any promise from him.

He thinks that he is wise by not given any promises.
We will assess him by checking the prices of good and services, dollar exchange rate and so many other indices when Buhari left office and compare it after one, two or four years of his administration to know how he is performing.
Promises or not, we know how to assess him.

where is the video of tinubu giving such promise?

mrvitalis:

Lmfao Tinubu and his helicopter economics again

Exchange rate is not really that important ... stability is key


It's impossible for naira to go to 300 to a dollar

We don't have the reserves to achieve that ...unless u produce 12 million BPD n sale all

Instead of this demonic formula of draining the oil wells, let the citizens who are fed up be encouraged to Japa and remit dollars. As it stands, they do over $3b a year and can do more if encouraged.

RepoMan007:
Instead of this demonic formula of draining the oil wells, let the citizens who are fed up be encouraged to Japa and remit dollars. As it stands, they do over $3b a year and can do more if encouraged.

Lmfao Nigeria know what to do to improve but that would mean people from certain ethnic groups holding position they consider sensitive or Juicy


So since 1970 they have been looking for ways to develop without doing the right thing

Raheeqilmaktoom:


This is what I've been looking for; a good realistic view of current standings.

I see the naira losing ground - Buhari wanted to keep the naira strong by pegging the currency and multiple interventions every year, saw a report that says the fed govt supports the naira by not less than $5b a year.

The incoming will face a dilemma of either pegging the naira and continually supporting it or remove all artificial cosmetics and let the markets decide - both have their pros and cons and effects.

The incoming admin NEED an army of proven technorats to undo the puzzle that has become of the currency.

Thank you very much!

Funny thing is that all 3 leading presidential candidates said they would endeavour to make the Naira market reflective again.

Among the 3 candidates, it's only Tinubu that I perceive to have strength to end petrol subsidies and deregulate the price.