@Bushdoc9919 stop it please i beg you...oil is not a curse, just bad, terrible, visionless, greedy managers. USA (texas), Canada and UAE have oil too and are doing well with high standard of living.

@Bushdoc9919 I doubt the person you're trying to lecture is based in Nigeria. Try to see it from that perspective.

In 1999, when the PDP took over from the military, the naira was about 21.89 to a dollar, after 16 years of misrule, it is now about 172 to a dollar, and some people want us to continue with the PDP, we all can't be under this curse, the time for change is now

eddiebruk:
I received WU Today via quickteller and got Credited @171 per dollar. It is good in a way tho, Nobody should quote me sha, More reason why you should embrace Foreign Investment, mostly in Real Estate

Very dumb if you think it is good. I have never had any course to send dollar to anyone, I forsaw this and ensured all my workers are paid in naira even when most in our field prefer quotations in dollars. On the surface I should be happy as I receive dollars as payment for my own job but even I know is very sad at this development.

When you think you are getting more, nah you are not because as dollars goes up against the naira, prices of commodities go up as well and in Nigeria, chances are the prices may not come down once the forex market is normalised.

Aside the fact that your thinking is wrong, it is self centred. Consider others too for once.

Not all have money to invest outside Nigeria and to be honest, your so called investment outside Nigeria and that of others led us here in the first place.

The day we stop talking about oil,is the day we will move forward. No nation with our population size is dependent on oil (commodities) exports for income.
Reducing our food imports is a vital first step. We should be feeding ourselves and others. Second step is to power up Nigeria for Industries. People earning about =N=100k-200k./month and above are the class of people who should have started an agric business by now but are probably the chief consumers.
This class of people should be the Job creators.

The CBN gov(Emiefulu) should hv tried to make our naira more stable in relation 2 oda currencies oda than printing us new #100. . .mtcheww

The CBN gov(Emiefulu) should hv tried to make our naira more stable in relation 2 oda currencies oda than printing us new #100. . .mtcheww!

X

bushdoc9919:


You should....especially as the computer or tablet you are using is imported.

In my opinion.....you should care.

Which is why you better make your government focus on industrial development....because it is going to get tougher for all of us (1982 redux).

Infact....ask yourself....why are the two of us using imported computers....and driving imported vehicles.....and even using imported biros, biscutis, toothpaste, perfume, fridges, generators....etc?

You better be concerned....the prices of a lot of thie things you use....including the computer.....are going to go up. Then you would realise why some of us are annoyed with our economic planners....even long before this administration.

Better read this article...Managing the Dutch disease in Nigeria.

Excerpt...



See my point....and it applies even to domestically produced goods because we use imported materials for those goods....eg the coca cola you drink. Made in Nigeria....with materials from outside the country....on generators imported from out of the country.

Oil is a curse. A real real curse.

Good morning

You still don't get it. Who cares about imported things in Nigeria?

I used to be a pro Gej buh honestly, this man should go now

Nigeria, as well as other African countries must be prepared to adjust and manage the economic headwinds looming in the horizon.
To adjust, Nigeria must adopt belt-tightening measures, plug leakages, focus on increasing revenue generation, identify and support sectors that have the potential to create jobs.

crudedude:
@Bushdoc9919 I doubt the person you're trying to lecture is based in Nigeria. Try to see it from that perspective.

You might just be right.

jennykadry:
X

You still don't get it. Who cares about imported things in Nigeria?

I am afraid you accuse me of the issue you have.

Good am....and try to read the article. If for anything...to understand what I am saying to you.

What a gloomy picture.

Will the coming elections have any effect on our currency? Will the spending by politicians have any positive effect on the naira?

xynerise:

. Before nko?

u wont even dare

arsetalks:
Very dumb if you think it is good. I have never had any course to send dollar to anyone, I forsaw this and ensured all my workers are paid in naira even when most in our field prefer quotations in dollars. On the surface I should be happy as I receive dollars as payment for my own job but even I know is very sad at this development.

When you think you are getting more, nah you are not because as dollars goes up against the naira, prices of commodities go up as well and in Nigeria, chances are the prices may not come down once the forex market is normalised.

Aside the fact that your thinking is wrong, it is self centred. Consider others too for once.

Not all have money to invest outside Nigeria and to be honest, your so called investment outside Nigeria and that of others led us here in the first place.

But Oga why are you so pained? did i refer to you in any of my post, if you have problem with the exchange rate why dont you direct your anger to the Nigeria Government and stop being a mof0

leofab:
hey dear, how is that possible to pick western union through quickteller? Am tired of this every day queuing in the bank over little stipend!!! Thank you..

go to quickteller, make sure your bank supports WU receive money online, (i use GTBank) to go Receive money, select WU, Choose your bank, put your MTCN, Receiving bank account number and account name, expected amount, and text question. Sharply if your MTCN and account info is correct, you will get you cash in your account instantly. SUPPORTED BANKS BELOW

mayorall:
Wow I made FP

special dedication to my lady *missmayorall*.

So nice of you to put your lady first

izikjon:
Nigeria, as well as other African countries must be prepared to adjust and manage the economic headwinds looming in the horizon.
To adjust, Nigeria must adopt belt-tightening measures, plug leakages, focus on increasing revenue generation, identify and support sectors that have the potential to create jobs.

I have a feeling that about a month or 2 after the elections, subsidy will be removed and our refineries privatised. Whether GEJ wins or not.

edogirl2:
If Naira is allowed to float and find its 'natural' level it will hit $200 before the elections.
I hope oil prices recover a bit otherwise the CBN will be run out of town trying to support the naira.

With all the reckless "political spending" going on, expect worse between now and March 2015.
It may start to firm up a bit around May 2015.

That is Jonathan's Govt for you.

GEJ till 2099, right?

Aggrippa:
@Bushdoc9919 stop it please i beg you...oil is not a curse, just bad, terrible, visionless, greedy managers. USA (texas), Canada and UAE have oil too and are doing well with high standard of living.

1.USA has a strong and diversified economy.....with a lot of new investments and statups being set up. It is hardly dependent on oil alone. (and the oil it produces isn't enough.....that's why they buy from us...and others, esp Saudi....and that is why they are trying to develop shale oil....and alternative/clean energy.Same for Canada.

2.UAE...produces about 700,000 more barrels per day than Nigeria. The UAE also has a population of 8million people. Thus, they have relatively speaking, far more money than Nigeria,population 170million or thereabouts.(A good analogy would be two families where the breadwinner of each earns N80000per month....but one of the familes has ten children, while the other has two. Of course the family with 2 kids will live better than the family with ten children)

3.The problem with oil rich countries can be put in this way....it is far more easy to import than to develop goods for industrial production that can be exported. Take the Japanese car that we use everyday. In 1958....an American driving a Japanese car would have been laughed at; today, Japanese cars are commonplace in the US....essentially because the Japanese took time to innovate,innovate. Now...the Japanese have no resources to speak of...so they threw all they had into innovation...which of course means more jobs. and economic development. By contrast, with oil money...it is far easy to import, sell, and see profits easily rather than spend twenty years developing and redeveloping a car...that may not do well on the market. In other words it is easy to spend.


But where the oil reliance is really a curse, is in education. You cannot develop good industrial products without a good education system. Countries that have limited resources, like Japan and South Korea, and China...throw all they can into education. Because good education develops tomorrow's innovators who will keep their countries ahead of the curve technologically speaking (And all these countries have historical reasons for staying ahead...China and South Korea used to be weak and powerless nations....and Japan was just lucky that the Americans who arrived their shore in 1854 were just there to trade....not to conquer).

Whereas in an oil dependent society...you do not need to innovate to produce anything...because you can just use the oil money to import import import. Why make a radio in Nigeria...when you can import radios from China? Why make the made in Nigeria product better...when you can easily import the better product from oversea? This means that our education system becomes a means to produce certificate holders...not a means to produce innovators....and as such....we end up producing ''dullards'' ( And FYI....we are not dullards. When Nigeria students go into education systems that value problem solvers...they do well).

This article explains it very well: http://nigeriaworld.com/articles/2004/aug/062.html

eddiebruk:


But Oga why are you so pained? did i refer to you in any of my post, if you have problem with the exchange rate why dont you direct your anger to the Nigeria Government and stop being a mof0

You are an idiot. How does it show me up as been "pained" I just point something to you.

Stupid tw*t.

spinna:
So nice of you to put your lady first

Wrong info. That's cso photo

EagleNest:
There was a currency... History of Naira/Dollar exchange at a glance

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)
1991 8.04 (9.30 PM)
1992 9.91
1993 17.30 (21.90 PM)
1994 22.33 (56.80 PM)
1995 21.89 (71.70 PM)
1996 21.89 (84.58 PM)
1997 21.89 (84.58 PM)
1998 21.89 (84.70 PM)
1999 21.89 (88-90 PM)
2000 85.98 (105.00 PM)
2001 99-106 (104-122 PM)
2002 109-113 (122-140 PM)
2003 114-127 (135-137 PM)
2004 127-130 (137-144 PM)
2005 132-136
2006 128.50-131.80
2007 120-125
2008 115.50-120
2009 145-171
2010 148.21-154.8
2011 151.05-165.1
2012 155.09-161.5
2013 153.21-162.9

From: http://en.wikipedia.org/wiki/Nigerian_naira

Nigeria lost its power over dollar in 1986 when Babangida was head

Based on this time line, Naira depreciated greatly from 1999-2009, OBJ and Yaradua era.

and over 40yrs of Northern with western support miss rules

MyMouth:
Outcome from 16 years of misrule by PDP

bushdoc9919:


Whereas in an oil dependent society...you do not need to innovate to produce anything...because you can just use the oil money to import import import. Why make a radio in Nigeria...when you can import radios from China? Why make the made in Nigeria product better...when you can easily import the better product from oversea? This means that our education system becomes a means to produce certificate holders...not a means to produce innovators....and as such....we end up producing ''dullards'' ( And FYI....we are not dullards. When Nigeria students go into education systems that value problem solvers...they do well).

This article explains it very well: http://nigeriaworld.com/articles/2004/aug/062.html

yeah i understand your position, you are entirely right though... you will notice that your viewpoint is no different from mine, just that mine is represented in few words. we are basically saying the same thing. the "we" you are talking about are the clueless, daft, visionless elite leaders who only knows how to do owambe, club, marry plenty wives, send kids abroad to study with looted money who goes about spending and shopping heavily! look at our education sector for example...very empty, no substance at all...these elite guys are in a competition to kill and bury it! with all the young people they having been sending abroad naija is still lacking and lagging intechnical expertise! SMH

leofab:
okay thank you BTW, I use First bank; Ecobank, Zenith and GTB...

Good.gtb uses quick teller for wumt.you will need mtcn number, question and answer, address of sender and receiver, secret question and ans,exact amount to be received.
Once you have all this info, log on to wu.quickteller .com and proceed. Money will then transfer straight to your account when done.
Do ensure your aunt gives you the exact info she filled on form specially your own address as she might have shortened it

bushdoc9919:


I am afraid you accuse me of the issue you have.

Good am....and try to read the article. If for anything...to understand what I am saying to you.

Sigh. You still don't get it.

Ask Dangote!

bushdoc9919:



The two of you.....the problem started in 1982....when the oil price crashed.......the slide you noticed was the delayed aftershock after the crash.

If you want to blame someone....blame Shagari and his gang (which included representatives from every part of the country BTW)....who via corruption and overimportation and failure to implement the Third National Development Plan....which would have put us on the road to industrial development.....we would not have had the slide.

Infact....I blame all Nigerian governments, including this one...for keeping us resource dependent....when really we should have gotten off our dependence on selling resources for forex....as early as the 1970's.

Oil is a curse.

The problem actually started in 1981 when oil prices fell to $9 per barrel. My dad was earning N700 then. I merely mentioned Buhari because he brought his military style economics and worsened the situation, setting Nigeria up to a situation where we had no option but to run to the IMF with their SAP in 1986 under Babangida, and the rest for the Naira is history.

I was merely debunking the "Buhari as a messiah" myth.

Our current plight is more economic than political. As our population grows, import consumption will grow if no attempt is made at local
production.Demand for foreign currency ($)will grow as a result. If exports don't grow with population or imports don't fall, dollar demand for imports will put pressure on the Naira resulting in depreciation. Pegging the currency only drains the reserves rapidly and leads to the same
result,devaluation. The fact we are in a global community suggests only one solution. Industrialisation. We have to become like the country we
buy most of our goods from (in terms of Industrial production).

3 things come to mind we need to work on.

Logistics: It has to be easy to move huge volumes of goods from the North to our ports and evacuate it rapidly. This means ALL ports must be
in full use. We need rail.lots and lots of it. The North is poor because of education, but also logistics. North of Nigeria is desert and
poverty. To sell goods we need rail connecting the North to the ports not just lagos (too congested). We need to dredge the Niger and benue.
(chai God bless us with two North/South and East/West going rivers).Connect rail from the towns to the rivers and with river ports to the sea ports.
The rail system does not have to be expensive high speed rail, we need capacity and capability first. Some rails don't even need to be standard gauge if it is too costly. We need rails built by civil service, what we build is to get the poor out of poverty not to look like the rich. Two iron rails with wooden sleeper and local stone ballast is a start, no need for concrete.
Rail to Ecowas will help Nigeria,rail to cameroon will help commercial activity in the East.and rail to Niger and chad, the North.All these connected to river ports along the Niger/Benue.

Electricity: All Finished goods almost Universally have electricity applied or required in the finishing process. No Electricity,no
industry,no exports = poverty.Electricity gives birth to Industry and Industry is the reward for education. No Industry,no drive for education. If education and hard work is not rewarded with wealth,corruption rises to astronomical levels.

Agriculture:
We have no business importing food.Period! Farmers ran away from Agriculture early-on because their seed could not yield as much as
the new varieties being developed in the west.This forced down the prices of imported food.Also, we just didn't help farmers mechanise.
Things are changing though,we are beginning to apply science into Agric. We need as a major industrial priority more Agic processing and storage
chains along future rail-lines to bring farms to processors and storage units.We can't be losing food year in year out to poor storage. Food
should be produced based on future contracts backed by insurance so that farmers know they will be paid.This means that both farmer and
processors can expand their business.

Note.The entire cotton farms in Nigeria collapsed when the textile industry collapsed.These industries collapsed because we abandoned
rail,and stopped expanding electricity production.That is the effect of electricity and logistics on Agric.
We have to be as or near as logistically efficient as most of western europe is if we want to dramatically reduce imports and raise local production; and we have two rivers to help.

Now 176

NAIRA is going to decline as most people who voted in this OPINION POLL on the EASYKOBO FINANCIAL WEBSITE think it is going to decline. GO and Vote to see the results.