PEREP:


These were days the Europeans visit Nigeria and call us Monkeys because our infrastructure were never up to scratch. See that Tarmac and tell me if this is what we have today.

The plane and the Airport guys sef were using short knicker.

We are moving forward already and it will keep getting better.

Regards,

MusaIbrahim1:


Go back and study the Nigerian airways growth and failure before ranting.... that old man is our major problem today even with NEPA

GeneralBosco:

I've met your type before...dumb heads who feel Buhari is responsible for all Nigeria's problems.

bushdoc9919:


Shagari's regime was already in economic trouble. The oil price had crashed in 1982....and the reserve then was getting depleted. By late 1982...Shagari was talking austerity (unfortunately his politicial associates did not get the message)

Buhari kept things stable by running a strong austerity government.

But...oil prices remained low for much of the 1980's...hence the devaluation of the naira by IBB.

(IBB's coup against Buhari has a lot of interesting reasons.....Max Silioum has a good account in one of his books).

In a few words....the problem was oil dependency.,....which sadly PDP or even Buhari have no answer to.

5p1naz:
17,480 naira at that time was almost equivalent to the same in dollars. so please it wasn't cheap, only the extremely rich rocked the seats of airplanes in that period.


To make you understand better, here is the historical value of one U.S. Dollar in Nigerian naira - PM = Parallel Market.
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 145-171M = Parallel Market.

mmsen:
You don't realize how the Naira has depreciated since then if you think that price was 'cheap'.

All fiat currencies depreciate - they are not backed by anything.

MusaIbrahim1:

Typical APCshit guy, always calling names instead of facing facts... Buhari is too lame to be a president...

Curvinus:


All money is fiat money....

5p1naz:
17,480 naira at that time was almost equivalent to the same in dollars. so please it wasn't cheap, only the extremely rich rocked the seats of airplanes in that period.


To make you understand better, here is the historical value of one U.S. Dollar in Nigerian naira - PM = Parallel Market.
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 145-171M = 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)
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

mmsen:


Gold/Silver coins are not 'fiat' money - they have universal value as metals, they are commodities.

Bitcoin is not 'fiat' money - it is mined by computer calculations, entirely independent of any government.

You don't know what 'fiat' means.

omonnakoda:
There is SOME merit in the argument that all money is fiat money. I think we need to be flexible in how we think about these things .Things are not always absolute.
As far as the "universal value" of gold is concerned ,what does the word "VALUE" mean?. Somehow I believe it means different things to different people in different places at different times. Even cannabis and guns have value as did NEGROES once upon a time

mmsen:



Gold can be used for practical reasons (dental, in machinery, electrical components etc) hence why they have value - for it to be used as a form of currency is not its only function.

Human beings, as labor, do indeed have value - women are still traded as chattel by some.

Fiat money is government issued paper, incomparable to gold, silver or even bitcoin. Paper money cannot be used for anything other than to be exchanged for something else that is needed. Unlike gold, not all fiat currency is deemed valuable, globally. Wherever you go in the world you will be able to find somewhere where you can trade in your gold/silver coins/bars, that is not the case with a majority of the world's fiat currencies and that is what I mean by 'universal value'.

GeneralBosco:

You're not providing any facts worth facing. You claim the Nigerian Airways took a downturn under Buhari. That's ridiculous!! What fact do you want me to face from such a blatant lie??

omonnakoda:
I do not dispute ANY of the foregoing all I am saying is there are no absolutes in life .Always there is much in between.I believe there is plenty of merit in the the argument that all money is fiat money. The argument ,in my view, should not be dismissed out of hand.
The price of gold has little to do with its utility , gold has been valued long before modern dentistry.Gold is not more useful than Iron it just happens to be rarer. If there was exactly the same amout of Iron and Gold in the world which would cost more
It would be interesting to study the history of gold in some detail. e.g Legend has it that after the visit of Mansa Musa to Mecca gold was devalued for more than a decade still it would be useful to agree on some definition of "VALUE"
It would also be useful to define "MONEY" and we cannot escape the fiat nature of money whatever it might be

mmsen:


I used dentistry as an example but the bold is wrong.

That is precisely why it is so valuable.

Dentistry was just one example - I'm not going to sit here and list all of gold's uses.

Gold is the most malleable, ductile natural metal there is. It is also hardy and resistant to acid attack.

This makes it both useful in industry and as a means of storing wealth.

Would you pay the storage space to keep a secured vault full of old decommissioned Naira notes if you knew that they had no value? Many people are willing to pay vault fees to keep their gold safe for years - because it a holds its value, unlike fiat currency.

Fiat money is currency which derives its value from government regulation or law. The value of gold has nothing to do with any government declaration or legislation.

omonnakoda:

Money has existed before governments and exists without government so the idea that Fiat money only derives from government or regulation is erroneous

The majority of buyers of gold do not use if for any of its so called uses. I assert that its price is driven mainly by those who we may categorize as savers,investors and speculators NOT industrialists,dentists etc
The price of gold almost doubled and then halved since 2008 this has /had nothing to do with any of those USES you are talking about if anything that use has been increasing so why is the price falling. The answer is quite simple ; that component of the aggregate demand for gold is relatively small compared to Bullion purchase and other "investment" saving activity. Also most of the gold trade in the world is in future/contracts which is way out of sync with production volumes. Most of gold trade is on exchanges involving no gold actually changing hands.It is all based on confidence

Fiat money is currency which derives its value from government regulation or law. The term derives from the Latin fiat ("let it be done", "it shall be".[1] It differs from commodity money and representative money. Commodity money is based on a good, often a precious metal such as gold or silver, which has uses other than as a medium of exchange, while representative money is a claim on the commodity rather than the actual good.

mmsen:


Educate yourself. If you knew Latin you wouldn't even attempt to argue what point it is you think you have.

https://en.wikipedia.org/wiki/Fiat_money

Fiat money is currency which derives its value from government regulation or law. The term derives from the Latin fiat ("let it be done", "it shall be".[1] It differs from commodity money and representative money. Commodity money is based on a good, often a precious metal such as gold or silver, which has uses other than as a medium of exchange, while representative money is a claim on the commodity rather than the actual good.

The complete opposite of what you are claiming.

IGBOSON1:
Methinks the ticket price is more recent than the pic of the plane on the Tarmac! The pic of the plane has the destination it's flying to (Kaduna), and the dressing of the people in the pic as well as the propeller-type plane suggests it's sometime in the 50s! Also, even as recent as the 70s i'm sure the naira hadn't devalued to the level of 17,000 for a Lagos-London flight!

babamajor:
Dat was d good old days , d arik ticket I bout last week to come to naija for holiday cost me $1320 dollars.

omonnakoda:

for me this is not personal.You seem to take things egotistically. Fiat money is a term that is used widely in many textbooks and elsewhere.What you quote from Wikipedia is useful.Read it thoroughl and perhaps read wider
Once again it is NOT restricted to governments. Many Banks issue it and it has existed and exists before governments and where there are no governments. Cowries or manillas were an example of fiat money or commodity money. Sometimes the distinction is blurred
There is a difference between the terms MONEY and CURRENCY though usually they mean the same thing
To listen to you one would think we are defining things as precisely as on the periodic table.
The trillions of dollars that circulate today have NEVER been printed on any paper they only exist electronically .That indicates that money Can exist as an electronic signal

One needs the conceptual capacity to understand what money has been,is and is becoming. It is perpetually in flux and one need not be constrained by undergraduate reliance on rigid "Definitions" one needs to think a bit

mmsen:


In western Africa, shell money was usual legal tender up until the mid 19th century.

Legal tender is a medium of payment recognized by a legal system to be valid for meeting a financial obligation.

Fiat money is currency which derives its value from government regulation or law.

bushdoc9919:


Of course....back then a brad new Peugeot cost N6000.....

Lakeshizu:
Pls can I get the book you mentioned and where?

5p1naz:
17,480 naira at that time was almost equivalent to the same in dollars. so please it wasn't cheap, only the extremely rich rocked the seats of airplanes in that period.


To make you understand better, here is the historical value of one U.S. Dollar in Nigerian naira - PM = Parallel Market.
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 145-171M = 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)
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

lolaxavier:
Amazing that to know a return ticket for a Lagos-New York trip was once this cheap.