Datolee, naira was 0.894 to a dollar on 1985 when buhari left office. Why this lies?


Nigerian naira - PM = Parallel Market.
Date Naira per US $ Date Naira per US $
1972 0.658
1973 0.658
1974 0.63
1975 0.616
1976 0.62
1977 0.647
1978 0.606
1979 0.596
1980 0.550 (0.900 PM)
1981 0.61
1982 0.673
1983 0.724
1984 0.765
1985 0.894 (1.70 PM)
1986 2.02 (3.90 PM)
1987 4.02 (5.90 PM)
1988 4.54 (6.70 PM)
1989 7.39 (10.70 PM)
1990 7.39 (10.70 PM


www.tradingeconomics.com/nigeria/currency

nduchucks:


You forget that leadership is most important. Experts in Economics are a dime a dozen. GEJ has access to these experts but allowed theft to reign with impunity.

As to the question posed by the OP, I remind lazy youths of the following:

The price of crude oil, was $86.62 in September 1982, just before President Buhari took over, and dropped to $27.61 by the end of 1985!!
Given the Economic conditions Buhari met, it’s a miracle that the naira depreciated only 106% I don’t have time to educate you people, but I’d suggest that you read up.

Can you see your hypocrisy? what is the price of crude oil now and how much was is it selling 2 to 3 months back? Your excuse for the depreciation of Niara under Buhari was fall in crude price yet you fail to attribute the same under GEJ? So can we say it is miracle under GEJ that Naira hasn't depreciated much considering the steady fall of crude price??

Stop your hypocrisy

Firefire:



Manufacturing Sector is crying for help and they have all look in the direction of Agricultural Sector that is over populated thou impacting positively on the food needs of the home front and reducing food importation.

I pray that Oil permanently becomes a free gift one day.


Oil is a curse! A real “Dutch-Diseases”

Oil is not a curse

It is the greed of some ethnic groups to retain our false federalism which infact is unitarism.

Let's restructure Nigeria

https://www.nairaland.com/498412/nigeria-exchange-rates-dollar-history

If you want to know more.

rozayx5:


chai

der ris God ooooo

datolee:


You have been noticed, now, jog on

i hope you are saving your pittance as an e rat. cos jona is packing.

datolee:


The issue has been discussed before.. even Buhari himself said in an interview that he did not know how much Nigeria was owing, he set up a committee but they never submitted a report to him until he left office... the question you should ask them, if Buhari does not know how much Nigeria was owing, how come did he pay all the debt?

For reference:

http://www.thecable.ng/exclusive-interview-im-opposed-muslim-muslim-ticket-says-buhari/2

A Fresh busting on a specially dedicated thread is needed.
They still use that lie on jinles they play everyday on TV.

Sylvarresta:
Buhari till GEJ becomes PEJ husband not otherwise

Meaning?

Despite being from the northern part of Nigeria, my vote will still go for jonathan. #GEJ# till buhari stop applying for loan.I will vote for ApC when dey choose GEJ as their president

datolee:


Can you see your hypocrisy? what is the price of crude oil now and how much was is it selling 2 to 3 months back? Your excuse for the depreciation of Niara under Buhari was fall in crude price yet you fail to attribute the same under GEJ? So can we say it is miracle under GEJ that Naira hasn't depreciated much considering the steady fall of crude price??

Stop your hypocrisy

Look at you talking about hypocrisy, did you bother to confirm the number? Yet you took time to confirm the price of naira under ibb

Are we talking naira stability nw?
As far as am concerned, PDP n APC are simply throwing banters @ demselves based on the areas they hv shortcommigs. . How the hell does parity wf dollar affects my not having a job
I'll listen tu ur propaganda, if itz crap.. I won't vote!!! shikena

Obiagelli:
Datolee, naira was 0.894 to a dollar on 1985 when buhari left office. Why this lies?


Nigerian naira - PM = Parallel Market.
Date Naira per US $ Date Naira per US $
1972 0.658
1973 0.658
1974 0.63
1975 0.616
1976 0.62
1977 0.647
1978 0.606
1979 0.596
1980 0.550 (0.900 PM)
1981 0.61
1982 0.673
1983 0.724
1984 0.765
1985 0.894 (1.70 PM)
1986 2.02 (3.90 PM)
1987 4.02 (5.90 PM)
1988 4.54 (6.70 PM)
1989 7.39 (10.70 PM)
1990 7.39 (10.70 PM


www.tradingeconomics.com/nigeria/currency

No it was not... 0.894 officially, but if you take your dollar to the bank for exchange, you will be given N1.7.. you want to know why? Because of mulitple exchange rate. 0.894 was fixed by the government for the importation of essential goods not the true exchange rate of the currency!!.. Read about multiple exhange rate. Even Buhari himself stated in his interview that it was between 1.2 to 1.5 to a dollar by the time he left office

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, airtwireless, etc


Wisdom is a function of Humility and indeed the Principle thing

I like your honest post very honest I must say.I would like you to acquire the knowledge of difference between foolishness and ignorance as shown here on topics of Economic stuff
here is the simple maths of Inflation. Mr A ruled for just 2 years, met naira N2 to $1 when they left 2 yrs later it was N4 to$1 then Mr B came to power for 8 yrs met N100 to $1 wen they left 8 yrs later it was N150 to $1, who in Economic term do you think performed well in stabilizing the Naira against the Dollar?

nijanigga:
i got a question .how much is gej paying these e-rats? they cant reason to ask index value and unemployment rates now and under gmb.now under gmb at least they provided opportunity to buy essential commodities.i was riding cab for 20k to 50k in kano city then.how much is it now?

How ridiculous can u be? Imagine what ur spilling..In obj's time were u riding same? . Imagine u comparing d 80s yo d 20s. Haba.. please learn to b rational in ur thinking.

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?

How does this change the fact that Gej is incapable of ruling Nigeria.

OrlandoOwoh:

Datolee was disgraced last time by Barcanista.

Guy, they have cloned ur account o!
www.nairaland.com/0rlando0woh


Compared with the original below

www.nairaland.com/orlandoowoh


Awon saTANic TANjaweeds.

Firefire:


Correct!

The only thing we hear from them is sharing of imported items as part of their economic plans to eradicate poverty

- 20 Motor cycle

- 20 Grinding Machine

- 20 Sewing Machine

- 20 Frying Pan

- 20,000 Naira to 20 people

Total amount less than One Million Naira and they have collected millions of naira as project and constituency allowance

thank you bros,this has always been my point all politicians in nigeria are just a bunch of criminals . Both apc and pdp politicians are crooks . Let apc senators come out and tell nigerians what they have done with their huge constituency allowance, they collect the same outrageous ,criminal and murderous salaries as pdp senators and lawmakers but yet turn round to claim to be progressives.I haven't heard it anywhere where apc law makers have kicked against the huge unwarranted monies they are collecting or even called for it to be reviewed downward even if it is just to pacify peoples feelings .nigerians need to wake up and see that all nigerian politicians are the same na only the caucus wey dem belong to dey different. With the huge money rivers state gets monthly ,that state should be one of the best states in africa,how much will it cost to construct a durable road !what about states investing solidly in state independent power project to cater for their states ,does it have to be fg alone?what about developing tourist attractions and turning their states into investors haven ! I tire for nigerian politicians ooo

nduchucks:
PDP goons lying with statistics without context since 1804.

I'm afraid, its too late for you and your oga at the top to deceive Nigerians. You should have presented a different presidential candidate. Nigeria is too complex and sophisticated for GEJ, he is simply not fit to rule us.

WE WANT CHANGE AND WE SHALL GET CHANGE BY FEBRUARY 2015.

N buhari isn't deceiving Nigerians? Smh..

erico2k2:

I like your honest post very honest I must say.I would like you to acquire the knowledge of difference between foolishness and ignorance as shown here on topics of Economic stuff
here is the simple maths of Inflation. Mr A ruled for just 2 years, met naira N2 to $1 when they left 2 yrs later it was N4 to$1 then Mr B came to power for 8 yrs met N100 to $1 wen they left 8 yrs later it was N150 to $1, who in Economic term do you think performed well in stabilizing the Naira against the Dollar?

Thanks for your observation.
But then again do you know the value of those exchange you gave as at 80s in more than or equivalent to what we have now going by the index?
Please I need more clarifications

theshadyexpress:

Nigeria is changing for the beta under GEJ we will not let our impatience and over anxiety allow us to open the floor again for past deficient,illiterate,and directionless leaders that brought us to the point wwe are currently fighting to emancipate ourselves from

You have truly summed up the dilemma we face. Those of us who understand these realities should make it our sacred duty to EXPLAIN to as many around us as we can.

Our dear country must not go BACK again to the days of crass importation of cheap & cheerful everything that crippled our industries and made agriculture unprofitable.

We say, NEVER AGAIN!

Obiagelli:


Look at you talking about hypocrisy, did you bother to confirm the number? Yet you took time to confirm the price of naira under ibb

See it this way, The official exchange rate of naira to dollar according to CBN is 168 (selling) 167 (buying) as at december 18 2014..http://www.cenbank.org/rates/ExchRateByCurrency.asp

However, you and I know that, you cannot get this rate at any bank in Nigeria (in fact, according to http://www.exchangerates.org.uk/, it was 184 naira to a dollar on December 18 2014).. the price you get at the bank which is from 180 up is the parallel market (PM) which is the true value of naira

datolee:


No it was not... 0.894 officially, but if you take your dollar to the bank for exchange, you will be given N1.7.. you want to know why? Because of mulitple exchange rate. 0.894 was fixed by the government for the importation of essential goods not the true exchange rate of the currency!!.. Read about multiple exhange rate. Even Buhari himself stated in his interview that it was between 1.2 to 1.5 to a dollar by the time he left office

Nonsense, how much do you change naira @ the banks today? Is it official cbn rate? Not to even talk about black market.

You are quoting the same buhari for 1.2 naira yet u said he lied about 80 naira under ibb.

datolee:


Can you see your hypocrisy? what is the price of crude oil now and how much was is it selling 2 to 3 months back? Your excuse for the depreciation of Niara under Buhari was fall in crude price yet you fail to attribute the same under GEJ? So can we say it is miracle under GEJ that Naira hasn't depreciated much considering the steady fall of crude price??

Stop your hypocrisy

Oga, Buhari did not have $20 - $50billion which could have been used to back the naira, stolen by NNPC operatives, not counting other billions looted by many of GEJ's operatives. Nigerians know the truth and it is no longer possible for you all to keep defending such monumental theft.

Insah Allah, your days and those of your party, are numbered.

onatisi:


thank you bros,this has always been my point all politicians in nigeria are just a bunch of criminals .

Both apc and pdp politicians are crooks .

Let apc senators come out and tell nigerians what they have done with their huge constituency allowance, they collect the same outrageous ,criminal and murderous salaries as pdp senators and lawmakers but yet turn round to claim to be progressives.

I haven't heard it anywhere where apc law makers have kicked against the huge unwarranted monies they are collecting or even called for it to be reviewed downward even if it is just to pacify peoples feelings .

Nigerians need to wake up and see that all nigerian politicians are the same na only the caucus wey dem belong to dey different.

With the huge money rivers state gets monthly ,that state should be one of the best states in africa,how much will it cost to construct a durable road !

what about states investing solidly in state independent power project to cater for their states ,does it have to be fg alone?

what about developing tourist attractions and turning their states into investors haven !

I tire for nigerian politicians ooo

Nigerians needs to be awake and see that the same wicked souls in PDP have suddenly transformed to Progressive in APC to deceive the gullible.

What about the SECURITY VOTES each state governors collect without accountability

Firefire:



Absolutely!


APC Failed in presenting a serial failure to represent change in the 21st century.


WHAT AN INTERNATIONAL SHAME!

Yes exactly, and it even Sad young Vibrant youths will come out and say SIA BUHARI, he is more clueless than GEJ if you ask me, that man GMB can not define inflation and all its pointers.GEJ is not a saint but at the moment we are stuck with him cos APC failed us in the sense that they could not produce a credible challenge to PDP

Datolee,

What was the parallel market rate in 1983. You can't compare official exchange rate in 1983 to parallel market rate in 1985 and say the naira lost 107%. Compare like for like.

ellechrystal:

How ridiculous can u be? Imagine what ur spilling..In obj's time were u riding same? . Imagine u comparing d 80s yo d 20s. Haba.. please learn to b rational in ur thinking.

your thinking is below that of mo.ron .the comparison is between gej and gmb. this is evidence of your expo in school.you cant reason.not train to do so.you get electricity to insult others? smiling and suffering.

datolee:


See it this way, The official exchange rate of naira to dollar according to CBN is 168 (selling) 167 (buying) as at december 18 2014..http://www.cenbank.org/rates/ExchRateByCurrency.asp

However, you and I know that, you cannot get this rate at any bank in Nigeria.. the price you get at the bank which is from 180 up is the parallel market (PM) which is the true value of naira

Mr man, you are beating the bush. Don't play twist with me. Let compare how much gej met official rate and how much it is today.

nduchucks:


Oga, Buhari did not have $20 - $50billion which could have been used to back the naira, stolen by NNPC operatives, not counting other billions looted by many of GEJ's operatives. Nigerians know the truth and it is no longer possible for you all to keep defending such monumental theft.

Insah Allah, your days are numbered.

What does than mean?
Are your referring to the op?

datolee:


See it this way, The official exchange rate of naira to dollar according to CBN is 168 (selling) 167 (buying) as at december 18 2014..http://www.cenbank.org/rates/ExchRateByCurrency.asp

However, you and I know that, you cannot get this rate at any bank in Nigeria.. the price you get at the bank which is from 180 up is the parallel market (PM) which is the true value of naira

You are absolutely correct!

The fx rate would be the amount you can get it at any point in time

Interbank rate is the easy route not minding that black market could be higher and not the official rate.

chemali:
Datolee,

What was the parallel market rate in 1983. You can't compare official exchange rate in 1983 to parallel market rate in 1985 and say the naira lost 107%. Compare like for like.

Let him continue to play smart. Its a pity the mods brought this nonsense to the front page. Anything to dent buhari

nijanigga:

your thinking is below that of mo.ron .the comparison is between gej and gmb. this is evidence of your expo .you cant reason.not train to do so.you get electricity to insult others? smiling and suffering.

Ur such a cheap ignoramus..u think u can abuse ppl online.. bloody fool.wat exactly did i say to warrant such insults from u? See who is talking of training . Wen it's clear u lack it. U n get manners somewhere please