...........He said his protest against Adeosun was due to her many scandals premising on financial mismanagement, questionable and self-beneficial transactions of government businesses, wastefulness, acquisition of questionable wealth, ineptness and graft. “Report even has it that Mrs. Kemi Adeosun has been parading a dual citizenship (British/Nigerian); a status that constitutionally disqualifies her from holding such office.
.......

BlackPeni5:
The scarcity of dollar caused it....but the useless policies by the president and his economic team aggravated it.

PreyingMantis:
#ImpeachBuhariNow!

rusher14:
No vex o:

http://www.bloomberg.com/news/articles/2016-01-04/angola-kwanza-falls-most-since-2001-to-record-after-devaluation

Central bank cuts official rate to narrow black market gap
Kwanza falls most since September 2001 after devaluation
Angola’s currency fell the most since September 2001 after the central bank allowed it to devalue as the drop in oil prices cut the main source of government revenue and export earnings.
The kwanza slid as much as 17 percent to an all-time low of 158.7380 against the dollar and was at 154.2659 as of 5:42 p.m. in the capital, Luanda. The drop followed a 24 percent retreat in 2015, its eighth year of declines and the most since 2003, according to data compiled by Bloomberg.

The kwanza was sold at an average rate of 156.386 last week compared with 135.988 a week earlier, the Luanda-based National Bank of Angola said on its website on Dec. 31. That’s the biggest single devaluation since policy makers started cutting the currency’s exchange rate in several moves during the course of 2015, which Eurasia Group estimates amounted to 25 percent before the latest reduction.

Central bank Governor Jose Pedro de Morais is trying to reduce the gap between the kwanza’s official rate and that on the black market, where the currency was last year fetching between 270 and 280 per dollar. A drop of more than 65 percent in the price of crude since June 2014 has curtailed the flow of dollars into the economy of sub-Saharan Africa’s second-largest oil producer.
“The devaluation, besides placing the kwanza in accordance with the fundamentals of economy, also has the advantage of promoting national production,” Carlo Rosado de Carvalho, an economics professor at Catholic University in Luanda, said by phone. “From this point of view it makes sense to devalue.”
The central bank, known as the BNA, started managing foreign-exchange sales by commercial lenders to businesses in November as a response to the limited supplies of U.S. currency. The policies leave companies at the mercy of the central bank’s view on which sectors need dollars the most, driving many to the black market, Jose Severino, chairman of the Angola Industrial Association, or AIA, which has 2,100 members, said in December.
“The issue with the administrative exchange rate is that some people were benefiting the most from being able to buy dollars at an artificially lower rate,” De Carvalho said. A weaker exchange rate would protect domestic producers against imports without a need for “administrative barriers like tariffs and quotas,” he said.

rusher14:

Na so?

moneybag100:

Yes, I agreed with this. The useless clueless policy aggravated it, they should have left everything the way it was before.

doctokwus:

I knew the op's fairy tales were poorly concocted lies or deliberate falsehood to hoodwink his ilk,but what baffles me is how in this age of google,anyperson in his right senses feels people wunt verify information supplied.
U shudnt have bothered,though it's good u did because there are many little and lazy brains out there.Even without anyone being an economist,its clear Angola's currency wud be facing same crisis as ours.

Ofodirinwa:
Oil accounts for 50% of GDP in Angola, in comparison to 35% in Nigeria
Oil accounts for 90% of export revenue in Angola, 90% in Nigeria
Oil accounts for 80% of government revenue in Angola, in comparison to 90% in Nigeria
Source: Opec.org

so for all intents and purposes, Angola's currency should be doing the same thing as Nigeria's (crashing without brakes).
Because Angola too has failed to diversify (even less diverse than Nigeria)
Because Angola too is too depended on oil
Because Angola too is an oil economy in the global oil crisis




But the currency in Angola is 158.83 to the dollar
and the currency in Nigeria is 358.80 to the dollar




[size=15pt]Can we keep blaming the oil crisis, or is it a leadership crisis?[/size]

Ofodirinwa:
Oil accounts for 50% of GDP in Angola, in comparison to 35% in Nigeria
Oil accounts for 90% of export revenue in Angola, 90% in Nigeria
Oil accounts for 80% of government revenue in Angola, in comparison to 90% in Nigeria
Source: Opec.org

so for all intents and purposes, Angola's currency should be doing the same thing as Nigeria's (crashing without brakes).
Because Angola too has failed to diversify (even less diverse than Nigeria)
Because Angola too is too depended on oil
Because Angola too is an oil economy in the global oil crisis




But the currency in Angola is 158.83 to the dollar
and the currency in Nigeria is 358.80 to the dollar




[size=15pt]Can we keep blaming the oil crisis, or is it a leadership crisis?[/size]

SLIDEwaxie:
RIP to economics bro.

u practically just tot that since WE SAID that it's coa of the dependency on oil, that's why our naira is crashing, then it means a direct proportional to the word of mouth, right?

sorry, when a country like its still imports razor blades from China, then u av no business worrying about how your naira plunges down the drain...

cadbury takes your cocoa and send overseas for processing and imports born vita to be packed and resold for you.


yet u complain why the naira is weak?

before you compare another country, check the industrial capacity and the willingness to export more and import less.

for every dollar you buy, either directly or indirectly thru amenities, your naira depreciates!

OreMI22:
Buhari is currently in an exhortic Egyptian palatial hotel enjoying himself. While, Nigeria is on auto pilot now.

Dem still dey show supporting film, you don dey cry.....
Wait until Oga Bubu finish the remainder of our money on tourist travels around the world.

This is the worst atrocious leadership even by Nigerian standard of bad leaders.

Ngozibotic:
Liars and Wailers....go hand in hand... ...the above articles prove that Nigeria is doing even far better than Angola.... ......try another one.....sore losers.....

Ofodirinwa:
Oil accounts for 50% of GDP in Angola, in comparison to 35% in Nigeria
Oil accounts for 90% of export revenue in Angola, 90% in Nigeria
Oil accounts for 80% of government revenue in Angola, in comparison to 90% in Nigeria
Source: Opec.org

so for all intents and purposes, Angola's currency should be doing the same thing as Nigeria's (crashing without brakes).
Because Angola too has failed to diversify (even less diverse than Nigeria)
Because Angola too is too depended on oil
Because Angola too is an oil economy in the global oil crisis




But the currency in Angola is 158.83 to the dollar
and the currency in Nigeria is 358.80 to the dollar




[size=15pt]Can we keep blaming the oil crisis, or is it a leadership crisis?[/size]

rusher14:
LAGOS — The Nigerian and Angolan governments’ decision to approach the World Bank and the African Development Bank (AfDB) for concessionary loans could lead to a devaluation of the countries’ currencies.

Both countries, Africa’s biggest oil producers, desperately require support to help survive the regime of low crude oil prices and strained public finances.

Nigerian President Muhammadu Buhari’s government is seeking to spend its way out of an economic crisis triggered by a collapse in oil prices.

Mr Buhari has proposed boosting this year’s budget to a record 6.1-trillion naira ($30.6bn). Nigerian Finance Minister Kemi Adeosun said last month the authorities would borrow about $5bn in external debt from multilateral agencies and the Eurobond market to plug a budget gap of 3-trillion naira.

Legislators in Nigeria’s parliament would begin deliberations this week on the 2016 spending plan, Ms Adeosun said at the weekend. Authorities would begin nondeal roadshow meetings with investors to sound out a potential sale of $1bn of Eurobonds this month, she said.

While discussions were taking place, a formal request had not yet been made to the World Bank for $2.5bn and the AfDB for $1bn, Ms Adeosun said.

"A loan from multilateral lenders would be much cheaper than borrowing on the open market," John Ashbourne, an Africa economist at Capital Economics, said on Monday.

Angola has also held talks with the World Bank about securing funding support in a deal that could see the country implementing unspecified reforms.

The World Bank and other institutions such as the International Monetary Fund have recommended that Nigeria and Angola devalue their currencies.

Devaluation could form part of loan deals, two banking sources said on Monday. Mr Buhari is against devaluing the naira, which trades at about 197/$ officially, compared to street rates as weak as 305/$, while Angola’s kwanza is worth 155/$, but changes hands at more than 400/$ on the secondary market.


http://www.bdlive.co.za/africa/africannews/2016/02/02/nigeria-and-angola-may-have-to-devalue-currency

Ofodirinwa:
Oil accounts for 50% of GDP in Angola, in comparison to 35% in Nigeria
Oil accounts for 90% of export revenue in Angola, 90% in Nigeria
Oil accounts for 80% of government revenue in Angola, in comparison to 90% in Nigeria
Source: Opec.org

so for all intents and purposes, Angola's currency should be doing the same thing as Nigeria's (crashing without brakes).
Because Angola too has failed to diversify (even less diverse than Nigeria)
Because Angola too is too depended on oil
Because Angola too is an oil economy in the global oil crisis




But the currency in Angola is 158.83 to the dollar
and the currency in Nigeria is 358.80 to the dollar




[size=15pt]Can we keep blaming the oil crisis, or is it a leadership crisis?[/size]