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Nairaland Forum / Nairaland / General / Politics / How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? (9589 Views)
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Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by vatiqan(m): 1:37pm On Feb 04, 2017 |
progress69: I refused to read this dumb epistle. So how are countries without oil coping; since according to this thrash you are writing; oil is the determinant decider of fx? 3 Likes 1 Share |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by Abagworo(m): 1:37pm On Feb 04, 2017 |
PDJT: I think it's more like lack of wisdom on the part of our successive leaders as well as followers. A lot of attempts have been made in the past to diversify our economy but lack of patience, continuity, fluctuation in oil price and international conspiracy led to their failure. This Buhari Presidency represents the 1st time in recent past a revisit has been made for diversification but the followers are not much aware of the need to support this attempt. Moving away from easy money comes with a little hardship and sacrifice before the aim is achieved. As a result of this economic disability our growth and downturn is determined by only one commodity which is crude oil. |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by vatiqan(m): 1:47pm On Feb 04, 2017 |
FuckyourMama: If Buhari could have a C6 in Hausa language!, then he was more than useless. Then comes the bombshell, our president had an F9, in Mathematics, I mean Mathematics! Since then, he's not done anythig to upgrade himself; and you are here wondering why Nigeria is in reccession? 1 Like |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by vatiqan(m): 2:13pm On Feb 04, 2017 |
Metroescobar: You are so pained. Especially when faced with unavoidable facts. Ndo |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by Metroescobar: 2:16pm On Feb 04, 2017 |
vatiqan: Pained? For what? I don't care for buhari and I didn't care for even goodluck but i'm tired of reading dumb posts by foolish kids when I could rather be reading smart arguments? Or are you a fan of that _wanker? 2 Likes 2 Shares |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by Nobody: 2:23pm On Feb 04, 2017 |
vatiqan: My broda d thing tire me o, worse of all is d fact dt he had all diz failures ontop of forgery. I mean what kinda person forges a WAEC certificate n still fails woefully 2 Likes |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by progress69: 3:29pm On Feb 04, 2017 |
[s] Edelweiss44:[/s] Revert to the question asked by the OP, and stop all this senseless childish lines. |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by progress69: 3:33pm On Feb 04, 2017 |
vatiqan: Deep down, u know u read it. The article is not for go everlasting unintelligent kids. Imagine ur last dumb question and u want me to engage u? Look for your mates, this is far way beyond u. |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by vatiqan(m): 3:37pm On Feb 04, 2017 |
progress69: If you are 40, then you are older in age. I read the very first line and understood where you were driving at. This site is not for young school leavers! |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by Olril18(m): 3:43pm On Feb 04, 2017 |
Abagworo:u are really stup.id 1 Like |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by greenmonk: 3:44pm On Feb 04, 2017 |
progress69: So insulting me will make u sensible. Remember that it takes a wise and courageous man to admit his mistakes. it was the likes of u who put us in the mess we are today. Economy is not about the availability of money only but the ability and the know how to harness what you have for the general good of the people. All of you accusing GEJ of corruption are now blind to the rip off going on in our Nigeria in the name of foreign exchange policy. When u were shouting of change in 2014 those of us with foresight pleaded for caution given that the devil we knew was better than the buhari we also knew, as the leopard cannot change its spots but you refused and put us in this mess. Thank you for all you did but let the 1.5 million man march go on for that is only what remains to be taken away from us by this regime. |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by PDJT: 3:44pm On Feb 04, 2017 |
Abagworo: You can't make tangible progress as a country without shared Unity. That was one of the basis of the question, that the WH correspondent asked Buhari about Niger Delta on his visit to the WH. Obama himself spelt it out to Buhari, but he doesn't care, perhaps he knows it's only a matter of time as there is no basis for Unity, anyway. Divide the Country and see the individual Nations rise. |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by progress69: 3:47pm On Feb 04, 2017 |
vatiqan: Lol. So u are in your late 30s and u still reason like an high school leaver. U need to see a priest, man of God or whoever u worship! |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by juman(m): 3:53pm On Feb 04, 2017 |
Olusegun obasanjo led this country into this enormous mess. |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by vatiqan(m): 3:55pm On Feb 04, 2017 |
progress69: Meaning I'm more or less ur father. Poor you. Defending the indefensible even with an empty stomach? |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by progress69: 3:56pm On Feb 04, 2017 |
[s] greenmonk:[/s] |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by progress69: 3:57pm On Feb 04, 2017 |
vatiqan: I can never have a dumb Father. Sorry. Besides even if u are 40 u can't even my Father. |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by vatiqan(m): 4:00pm On Feb 04, 2017 |
progress69: I wldnt want to talk abt that old man who is suffering in the village for the calamity (Buhari), he knew nothing abt but which his own son and his likes, brought upon him |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by paramakina202: 4:04pm On Feb 04, 2017 |
Na wao for we countrymen,Baba promise us 1 naira to $1 but before then he wants to make it 10k naira to 1 dollar first...abeg make una chill for baba.SAI BABA! 1 Like |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by obailala(m): 4:41pm On Feb 04, 2017 |
4Play:There is absolutely nothing silly about what I explained above, I simply pointed out that the drop in oil price was the major hammer that hit Nigeria's economy followed by the almost 50% drop in oil exports due to internal sabotage. While we all agree the confusion in the exchange rate fixing policy has great effects on our recovery today, that does not necessarily change the facts about oil price / reduced export volume being the biggest hits to the economy. To repeat what I said earlier, investors don't take their money to places where they can clearly see cash flow is drying up; even the early morning akara seller would prefer to take her wares to a richer credit worthy neighbourhood. The major reason the investors move away is still tied to the forex scarcity in the country, a scarcity which is primarily an effect of the dwindling oil industry. All the things you mentioned as being responsible for a decline in non-oil revenue are still tied to the same scarcity of forex; from the lack of loans to exporters to the lack of forex to manufacturers, to the crisis in the aviation industry which has forced international airlines to leave completely or relocate to Ghana, all these were fuelled by the lack of forex to either repatriate profits or to import raw materials and equipment. The only non-oil forex source which you listed above which isnt directly/indirectly linked to the oil revenue is diaspora remittances, and that aspect has seen a major leap in the last 2 years due to the dying Naira. |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by obailala(m): 5:18pm On Feb 04, 2017 |
BlackBaron:In all of these, I find it weird that you have not been able to see or acknowledge the fact that there was a major drop in the forex inflow into the country and that was what ultimately led to the scarcity of forex in the system. You seem to just dwell on the fact that 'Buhari restricted forex supply to the market' without acknowledging the inevitable reasons why. Are you aware of how fast the foreign reserves were running down between November 2014 and May 2015?... The reserves dropped by $10bn from $38.5bn to $28.5bn within this period, and despite this infused $10bn, the Naira still fell in the black market to N230 because there was still short supply in the market. Meanwhile this was even in a period when oil still sold above $60. Of course when it was obvious that the drop in oil price was not going to reverse, it was inevitable to start restricting what CBN issues to people and to the market, and that was the genesis of forex restrictions. |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by ehissi(m): 5:25pm On Feb 04, 2017 |
progress69: The bolded line is not true, please be practical in your assertions................................................. The price of oil plays a role but it isnt solely responsible. A simple review of the price of Oil from 1965 till 2017 along side the price of the dollar is more than enough to prove that comment wrong. |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by progress69: 6:06pm On Feb 04, 2017 |
ehissi: I hear! |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by ba7man(m): 6:33pm On Feb 04, 2017 |
kabrud:With all the information at your fingertips, if you don't understand the dynamics of currency exchange rate but prefer to scream "Buhari"!!!......The joke's on you. |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by ba7man(m): 6:37pm On Feb 04, 2017 |
ehissi:What are you saying? Demand and supply determines the currency exchange rates. What are we(Nigeria) offering the world? What is its current value? What is its current demand? Information is all around you, don't limit your mental capacity just to show you hate one man. |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by Adminisher: 6:46pm On Feb 04, 2017 |
Very STUPID question. Your oil price was high 1 Like |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by ehissi(m): 7:02pm On Feb 04, 2017 |
ba7man: Hmmmmmmm............................ Mental capacity? Hate? Read my comment again and be enlightened. What word (s) in my comment(s) suggests hate? And why are you so eager to make my mental capacity a topic of discussion on an online forum thread that already has a topic?? If you cannot intelligently explain why the fall in the price of Oil is solely responsible (with special emphasis on the words "Solely Responsible" ) for the decline in the value of the Naira from between #180/216 to #500/650; then why persecute my mental capacity and accuse me of hate speech? Assuming this kind of posture in what ought to be a purely intelligent, academically enlightening debate will only make one sound like an amalgamated combination of both Lai Mohammed/Femi Adesina and Chief Oyegun put together......... |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by ba7man(m): 7:05pm On Feb 04, 2017 |
ehissi:People that don't know but think they know are avoided by me. Bye. 1 Like |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by progress69: 7:35pm On Feb 04, 2017 |
ba7man: My bro. That is the best thing. U nor see me talk "I Hear" for en rants?. God forbid i wast my time on such people! |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by ba7man(m): 7:40pm On Feb 04, 2017 |
progress69:their ignorance is so vast, you can't even know where to start with them. The worst part of it is they're so vocal and proud of their shortcomings. Its best they're left to wallow in their ignorance. |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by progress69: 7:48pm On Feb 04, 2017 |
ehissi: U people lie alot. Naira was devalued by GEJ to N197/$ and was already trading around 235-250 in the black market b4 he left. Oil was still above $60/barrel. Now tell.me what u expect when oil dipped as low as $28/barrel and remained so for Months coupled with reduced oil production due to the activities of terrorists in the Niger Delta. We get our FX mainly from crude. Yaradua/GEJ used about %50 of the robust reserve then to defend the Naira and economy, which was over $30bn. Ur hero ledt $1bn short of that amount in the reserves. And this is after selling oil for average of $100/barrel for close to 3 years. What happened to all the money? Where are the infrastructures to conmeserate with the depleted national reserves? He even started borrowing money to.meet "recurrent expenditure" like paying salaries way back 2014. Nigeria was already in trouble since way back 2014. The failure of oil price to pick up for over a year was just the final nail on the confin. Even Bloomberg, IMF and world bank knows oil price is the major determinant of the value our Naira cos that is our major source of our FX |
Re: How Did The Dollar Manage To Stay At N170 For 4 Years Under Goodluck Jonathan? by Sunnyja: 7:52pm On Feb 04, 2017 |
When Buhari came in the oil price was around 30dollars per barrel and the exchange rate was 350. Now the crude is around 55dollars per barrel and the exchange rate is 500. it seems the more the govt makes more revenue the more the naira crashes. I am afraid that the exchange rate may reach 1,000 naira to the dollar if the price of crude gets 80 dollars per barrel |
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