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Nairaland Forum / Nairaland / General / Business / When The Naira Was Stronger Than US Dollar (Throwback) (48051 Views)
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Re: When The Naira Was Stronger Than US Dollar (Throwback) by Kharol1234: 7:51am On Aug 28, 2018 |
livin on past glory.....y naira no stil big pass dollar nw..rubbish |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by wirinet(m): 7:52am On Aug 28, 2018 |
Cantonese: 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. 2 Likes |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by 4Play(m): 7:54am On Aug 28, 2018 |
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. 1 Like |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by hernandson(m): 7:58am On Aug 28, 2018 |
amaniro:well I guess the statement didnt relate each other bcoz your grandfather will be left with 2naira |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by wirinet(m): 8:02am On Aug 28, 2018 |
4Play: 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. 1 Like |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by Lomprico2: 8:03am On Aug 28, 2018 |
Ibb actually killed this country! 1 Like |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by Bluffly: 8:04am On Aug 28, 2018 |
abokibuhari:And the likes of IBB made matters worst than expectations 1 Like |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by ebig21(m): 8:05am On Aug 28, 2018 |
please check 1983 to 1985, Buhari era.that was when naira had a free fall |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by iukpe: 8:05am On Aug 28, 2018 |
Sirjamo: Why now? This is why we are so wicked as Nigerians. This country will be better, armed robbery and kidnappings will disappear, evil will cease when even kids and adults stop wishing people THUNDER!!! |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by sureheaven(m): 8:05am On Aug 28, 2018 |
83-85 the lifeless cow started destroying everything Don’t u have anything good left in u, ur life is so bitter that even in the morning u are writing this. 1 Like 1 Share |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by bizza45: 8:05am On Aug 28, 2018 |
this is how am looking at this post
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Re: When The Naira Was Stronger Than US Dollar (Throwback) by LIFEisSIMPLE: 8:05am On Aug 28, 2018 |
I still insist it was PMB that messed up Nigerias economy |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by adecz: 8:06am On Aug 28, 2018 |
During those times, Nigeria was *exporting rubber *exporting palm oil *biggest producer of cocoa. *we were self sufficient in food. *exporting wood products. *we manufactured all our plywood needs *manufacturing cars, Peugeot, VW, trucks, tractors. *exporting groundnuts *manufacturing tyres *few ppl went abroad for holidays *few Nigerians bought houses abroad. *Tourists flocked to Nigerian, bringing $ dollars. *no large-scale looting of our treasury. *Lever bros, PZ, Nestlé, Nasco, were @ full capacity. *NEPA was steady. *we produced all our fertilizer needs (NAFCON) *We produced our agriculture inputs needs *we did not import petroleum products *We all used furnitures manufactured locally. *99% of our kids studied in Nigerian universities. *Many Africans sent their kid here to school. The list goes on & on, and because of this, nobody was looking to buy dollars to import anything or to pay tuition abroad, so there was low demand for dollars. Now we import.. *rice *gari *palm oil *groundnut oil. *petroleum products *generators, since Nepa is epileptic *fruits... apples, pears, watermelon etc *furniture* *toothpick *cars * kids to schools abroad. *cement *iron rods, etc. *most manufacturing industries left Nigeria due to poor infrastructure. In short, we import everything now. That is why Nigeria is always referred to internationally as "Africa's largest market". Ppl only come here to sell. Nobody manufactures here. They sell, change the money into dollars & send back home. Until we wake up our industries & ban importation of most things, the naira will NEVER recover its value. 4 Likes |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by wirinet(m): 8:06am On Aug 28, 2018 |
Lomprico2:Then what will you say of Gowon that said Nigeria's problem was not money, but how to spend it, and he solve the problem of spending money by giving civil servants jumbo bonuses. 1 Like |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by 4Play(m): 8:06am On Aug 28, 2018 |
wirinet: You are right. Nigerian economic policies have been fundamentally wrong from day 1. We have been too reliant on state-led development and intervention in markets in a society where state institutions are weak and have no historically string foundation or track record. For instance, the BP (I think it was) refinery was fine until we decided to put it in the hands of corrupt and inept Nigerians in the name of nationalisation. Under the facade of nationalism, much wealth was transferred to the elite. With a corrupt government in power keen to buy off popular support by spending generously through such schemes as the Udorji salary awards, we never invested sufficiently in the infrastructural capacity needed for sustainable development. We spent more on consumption rather than capital goods. 1 Like |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by wirinet(m): 8:07am On Aug 28, 2018 |
LIFEisSIMPLE:Then you are still a teen, or a very young man. |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by Aydesmond(m): 8:08am On Aug 28, 2018 |
Hell will b too small for nigeria politicians... Anyways check my signature Dakun let's talk business |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by dreamangel: 8:08am On Aug 28, 2018 |
Sirjamo: He may be wrong but it is the same way you and your likes have insulted and demonized Goodluck Jonathan who is more than any of you will ever be. The same curse you gave him will also be your lot. Nonsense 4 Likes |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by Westaslave2(f): 8:09am On Aug 28, 2018 |
until sophis slowpoke n dia master destroyed everytin wt envy on igbos...
Check my signature to make free money online. |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by redcliff: 8:09am On Aug 28, 2018 |
Sirjamo: oga shutup your dirty mouth there.. 2 Likes 1 Share |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by uuzba(m): 8:10am On Aug 28, 2018 |
amaniro: When I was in boarding house in JS1, we used to do 555 50kobo Garri 50kobo Sugar 50kobo Groudnut - My pocket money for the whole term was N10.00 (Ten Naira). And it will remain. This was 1990. |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by asha01: 8:11am On Aug 28, 2018 |
muyoge: cant u see the rate is the same. probably a reflection of the later part of 1972 |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by Omoapena(m): 8:11am On Aug 28, 2018 |
amaniro:Guy ur lie no b here So u take more Dan half of ur grandfather salary to school? |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by koresh: 8:11am On Aug 28, 2018 |
hernandson:...me went to primary school with 50k |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by niggi4life(m): 8:12am On Aug 28, 2018 |
Back then, i grew up being a spoilt kid, my Dad will give me 1Naira Note to take to school, I was like super rich!!! Do you know what 1Naira could buy then?? Infact, you as a kid holding a Note is a sign you came from a rich home,, in the era of 1/2Kobo, 1Kobo, 5Kobo, 10Kobo 25Kobo, infact, 50Kobo was a note then too... for those younger ones who will think i am speaking gibberish i will attach the pics of those coins
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Re: When The Naira Was Stronger Than US Dollar (Throwback) by Suplexx: 8:13am On Aug 28, 2018 |
abokibuhari: How did he destroy it when in his time the naira was still stronger than the US dollars? The black market is another thing totally because it was always twice the rate of the official peg. |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by addikt(m): 8:14am On Aug 28, 2018 |
amaniro: Good morning sir, Respect to you sir |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by 4Play(m): 8:14am On Aug 28, 2018 |
wirinet: Good monetary policy should come first before infrastructure. Infrastructure is virtually useless if the monetary policy framework subsidises imports. 2 Likes |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by zomby(m): 8:16am On Aug 28, 2018 |
selemempe: If the north are mumu and the west are idiots, what would you call the people in the south? Because with all your knowledge of quadratic equation, the percentage of house girls and house boys that come from the south are higher than any other part of the country...And your total population in the country is far less than the population of the northerners or westerners. So, you should slow down a bit and focus on your people; Nigeria did not get here only because of the northerners or the westerners...every part of the country has one or two things to do with the downfall of this great nation. Instead of pointing figures or calling names, may be it is a fantastic idea to join hands and dig ourselves out of this mess. No one is better than the other! 1 Like |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by Myself2(m): 8:16am On Aug 28, 2018 |
abokibuhari: Exactly, the lifeless cow sucks the life of everything he touches 1 Like 1 Share |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by Nobody: 8:19am On Aug 28, 2018 |
Yes and some mutherfvckers will say its Buhari's fault. Like he's d one controlling Nigeria and her citizens. Why have we refused to think and learn that despite trying different presidents , we still cant find a good solution to the Nigerian problem.The problem is NOT with our leaders, the problem is with the masses. The Youths are only good at insulting men who are old enough to be their grand parents, they are totally devoid of stable reasoning and planning. 2019 is around the corner and suddenly, Atiku and Saraki have become saints and saviours of Nigerian Democracy. Mark my words , Nigeria can never become good if we dont change the way we think and act as Nigerians. 1 Like |
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