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Unbelievable!!! Naira Falls To N485/$1, N600/£1 - Business (7) - Nairaland

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Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by vislabraye(m): 7:55pm On Dec 06, 2016
LoveMachine:
Don't cry if you cheered the destruction of pipelines. This is the result.

Pls don't shift the blame. The bulk rest on the president table.
Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by martyns303(m): 8:01pm On Dec 06, 2016
LoveMachine:


Critical reading skills are important. I'm saying that his government is honorable. Talk to all the contractors that have been paid. Contracts that have been outstanding for over a decade are being paid off. It's not only my employer but many. That's why I mentioned Ubah. He's been critical of PMB but he even said he found it odd/ironic/funny that PMB was the one who cleared his outstanding balance and not GEJ.

Poster after poster says the same thing. All we need in the SE is power and roads and we will do the rest. PMB is doing that and more but at every turn people are upset. GEJ told us everything we wanted to hear and for 6 years gave us nothing. PMB has talked tough but is actually getting work done. Barring paucity of funds things would definitely be moving for us all.

As I said if someone gives me everything I need what problem would I have if he gives another group something extra for their support?

My write up was very easy to digest. You're looking for flaws where there are none. Stop trying to argue just the sake of arguing.

Enjoy your L.

Am trying so hard to comprehend why u would write a long epistle in attempt to prove a void point.

Let's assume the company u work for is trying to replace the head of ur department, and asked staffs to nominate a condidate. In his remark, the new HOD vowed to be unfair to those of you who didn't support him, getting the picture?

The level of poverty in the country right now is unprecedented. Am very comfortable where I am, but unlike you am also concerned about my country men.....
Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by musicwriter(m): 8:02pm On Dec 06, 2016
Brace up people!. Things would even get out of hand once it hits N500/$.
Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by kingsamosy(m): 8:03pm On Dec 06, 2016
I wonder what the state of the economy will be by 2019, 2years plus for buhari to perfect his buharinomics. it is finished. Zombies my prayer for every one of you, may God or what ever you believe in run your finances as your buhari is running this country's economy. Amen
Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by Nobody: 8:09pm On Dec 06, 2016
LoveMachine:



The import and export has been there and could be managed but the fall of oil production shocked the system to no end. There was no forex coming in. You know good and well NDA's mission statement was to cause a "Red Economy." They have succeeded. I didn't bomb the pipelines. Don't be mad at me.

Lol. ur not on my level.. shift
Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by LoveMachine(m): 8:11pm On Dec 06, 2016
martyns303:


Am trying so hard to comprehend why u would write a long epistle in attempt to prove a void point.

Let's assume the company u work for is trying to replace the head of ur department, and asked staffs to nominate a condidate. In his remark, the new HOD vowed to be unfair to those of you who didn't support him, getting the picture?

The level of poverty in the country right now is unprecedented. Am very comfortable where I am, but unlike you am also concerned about my country men.....

This is like talking to a bowl of soup. Where did I say I don't care about my people? Where did PMB say he wouldn't be fair? No where and no where again. I'm saying that he has repeatedly said he was president of all. His actions have even shown that to be true. PMB is doing things for the south that OBJ and GEJ haven't and yet I'm supposed to care about what he says?

If a wife says she loves her husband only but cheats and gives him an STD should he smile? Conversely, if a woman talks tough but is faithful should a man frown? I'm not fond of either treatment but it's obvious which is the lesser of two evils.

I'm far from comfortable which is why I have constantly been critical of this government but I have to the ability to discern and I appropriate blame where it is due. The comatose state of the Naira is in large part due to the NDA bombings. You've jumped from pillar to post deflecting all in your bid to say PMB is to blame. You. Are. Wrong. PLEASE. STOP.

1 Like

Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by Izonpikin: 8:13pm On Dec 06, 2016
LoveMachine:


When there is no military presence NDA blows pipelines. When there is military presence NDA blows pipelines. When he tries to dialogue they blow pipelines. When he uses force they blow pipelines. It seems to me like they just wanna blow up some pipelines.
buhari has not dialogued well..

He is a joker..
Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by LoveMachine(m): 8:13pm On Dec 06, 2016
vislabraye:


Pls don't shift the blame. The bulk rest on the president table.

You don't even believe that. You and I both know that when the oil isn't flowing the Naira is worth less. This could have been avoided but the NDA wanted to cripple the economy. I don't know which economy the rest of you rely upon but mine is Nigeria's. So this is the aggregate result of many things but mainly due to the yearlong bombings of NDA.
Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by LoveMachine(m): 8:15pm On Dec 06, 2016
supersystemsng:


Lol. ur not on my level.. shift

Ah yes the always potent move of telling someone who has clearly trounced you verbally that they are not on your level. All the while, using horrible spelling and syntax. Well played.
Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by LoveMachine(m): 8:16pm On Dec 06, 2016
Izonpikin:
buhari has not dialogued well..

He is a joker..


Personally, I somewhat agree.

How would you suggest he improve?
Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by lielbree: 8:30pm On Dec 06, 2016
LoveMachine:


Do you feel better now that you thrown your e-tantrum?

Why has every new source called this fresh round of attacks "RENEWED MILITANCY"? Was there any group that had the sole intention of destroying the economy? If oil production is pegged at 2.2 mil bpd but hits 1.6 how will Naija progress? If our major forex earner is crippled what will happen? I'm non partisan so don't come with that angle.

Furthermore, was all that hate even worth it? You need to channel all that hate into something that will get you money. Talking crazy to people on NL all day isn't healthy.

Economic diversification takes time but is being done as evidenced by the agric bumper harvest. First we'll be internally proficient which we will soon experience. Next export which is being targeted for 2017. Policy must first be put in place for these types of things to develop in other sectors. Which is what the NASS is doing.

Any other questions?
*Had it been Buhari did not become President*:

*1. We will think that by now fuel will be #45 per litre*.

*2. We will think that by now #1 will be equal to $1*.

*3. We will think that by now three million jobs would have been created*.

*4. We will think that by now unemployed youths would have been receiving #5,000.00 stipends*.

*5. We will think that by now pupils would have been getting at least a meal(including fruits) in school*.

*6. We will think that by now Buhari would have made his assets and liabilities public*.

*7. We will think that by now maternal and children healthcare services would be free*.

*8. We will think that by now Boko Haram will be a thing of the past*.

*9. We will think that by now all corrupt leaders will be in jail*.

*10. We will think that by now Electricity will be 24/7*

*11. We think that by now Nigeria will be the Greatest and strongest Economy in the world*.

*12. We will think by now a bag of rice will be N5000 with a boom in Agriculture*.

*13. We will think by now Nigeria would have recovered all looted funds*.
Please reset to factory default dear zombie.
Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by martyns303(m): 8:32pm On Dec 06, 2016
Y
LoveMachine:


This is like talking to a bowl of soup. Where did I say I don't care about my people? Where did PMB say he wouldn't be fair? No where and no where again. I'm saying that he has repeatedly said he was president of all. His actions have even shown that to be true. PMB is doing things for the south that OBJ and GEJ haven't and yet I'm supposed to care about what he says?

If a wife says she loves her husband only but cheats and gives him an STD should he smile? Conversely, if a woman talks tough but is faithful should a man frown? I'm not fond of either treatment but it's obvious which is the lesser of two evils.

I'm far from comfortable which is why I have constantly been critical of this government but I have to the ability to discern and I appropriate blame where it is due. The comatose state of the Naira is in large part due to the NDA bombings. You've jumped from pillar to post deflecting all in your bid to say PMB is to blame. You. Are. Wrong. PLEASE. STOP.

So his 5% statement is being fair, or you want to hear the exact word "fair". Am not here advocating for GEJ or OBJ. You have consistently tried to put the blame on past administrations, and this tells a lot about your person and makes me doubt your level of productivity in the company you work for, if you are the type that never takes responsibility for anything....
Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by pappilo(m): 8:37pm On Dec 06, 2016
ephi123:
OMG shocked I remember when £ was still N250 barely 3 years ago.

Buhari has totally destroyed what is left of Nigeria's economy. What a leader, he has sunk a whole country into recession (with his backward no head no tail policies) not once but TWICE!! What a record, a shameful record.

In May 2013, I changed sold my £s at N247 to £1 and used to buy treasury bills.

As the naira kept on losing value rapidly, I liquidated the treasury bills and in December 2015 I changed all my naira back to £s at N360 to £1.

Cant believe it has lost almost 100% in value in just 12 months when we no be Ghana.
Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by nwabobo: 8:38pm On Dec 06, 2016
LoveMachine:


The Naira has been in the toilet for months. This final move was unwise but don't pretend as if he would have had to try to stop the BDC's from selling above the legal limit if the oil was flowing and earning forex as it should.

Can u tell us how much FDI we've had in the period under review?

The state we are in now is largely due to poor economic policies which has scared and continues to scare portfolio investors away from our economy. Buhari is the problem and not low oil price.
Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by Ahmeduana(m): 8:46pm On Dec 06, 2016
onatisi:

bros , remaining small . nobody go teach Nigerians
THEM SAY NA HUNGRY DEY TEACH MAD PERSON SENSE.

1 Like

Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by ephi123(f): 8:46pm On Dec 06, 2016
pappilo:


In May 2013, I changed sold my £s at N247 to £1 and used to buy treasury bills.

As the naira kept on losing value rapidly, I liquidated the treasury bills and in December 2015 I changed all my naira back to £s at N360 to £1.

Cant believe it has lost almost 100% in value in just 12 months when we no be Ghana.

It's interesting you mention that. Someone I know was doing a similar analysis on the £ exchange rate and TBills interest rates which was about 14% then, breakeven was like N300 or so I think, by now the guy is probably making a loss no matter how high the TBills rate is. Worse is you can't even get your money out easily. As long as these unfriendly policies continue, there is no way anyone will invest in Nigeria. No one wants to sink in their funds and not be able to pull it out when needed (without making a huge loss).
Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by LoveMachine(m): 8:52pm On Dec 06, 2016
nwabobo:


Can u tell us how much FDI we've had in the period under review?

The state we are in now is largely due to poor economic policies which has scared and continues to scare portfolio investors away from our economy. Buhari is the problem and not low oil price.

The economy was tanking before this administration came onboard. OBJ warned of it months before the election. The FDI stopped when Buhari made it clear he wasn't a Western stooge. Once again the FDI and other factors where being managed and were soon to be rectified but the bombings threw everything into chaos.
Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by LoveMachine(m): 8:55pm On Dec 06, 2016
lielbree:

*Had it been Buhari did not become President*:

*1. We will think that by now fuel will be #45 per litre*.

*2. We will think that by now #1 will be equal to $1*.

*3. We will think that by now three million jobs would have been created*.

*4. We will think that by now unemployed youths would have been receiving #5,000.00 stipends*.

*5. We will think that by now pupils would have been getting at least a meal(including fruits) in school*.

*6. We will think that by now Buhari would have made his assets and liabilities public*.

*7. We will think that by now maternal and children healthcare services would be free*.

*8. We will think that by now Boko Haram will be a thing of the past*.

*9. We will think that by now all corrupt leaders will be in jail*.

*10. We will think that by now Electricity will be 24/7*

*11. We think that by now Nigeria will be the Greatest and strongest Economy in the world*.

*12. We will think by now a bag of rice will be N5000 with a boom in Agriculture*.

*13. We will think by now Nigeria would have recovered all looted funds*.
Please reset to factory default dear zombie.

You and this zombie business are just sad. You wrote all that for nothing. You're being most irrational. That post is all hyperbole and has no place in a factual and rational discussion. Try again.
Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by AroOkigbo(m): 9:02pm On Dec 06, 2016
LoveMachine:


Zombie? That's just sad that all you can do is throw an insult to feel accomplished. But I'll respond with an intellectual response rather than aimlessly spewing digital vitriol.

Now when PMB goes to the creeks to bust heads and protect the pipelines people complain and say he is militarizing the region and he is being a dictator. When he negotiates he is said to be clueless by bowing to the demands of the ND. Which way? The goal posts seem to keep moving. Do they want peace? Do they want war? Do they want progress? Do they want us all to suffer? What's the next move?
What was the outcome of Obasanjo and YarAdua attempts to "bust heads"??
Tell me what finally settled it.
Again, why is bubu not towing that same path of peace instead of his arrogance and 97% vs 5% dichotomy? ?
Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by Duraluminium: 9:03pm On Dec 06, 2016
devilson:
zombies come nd defend the Daura President. come nd explain how the crash of naira would benefit Nigeria.

stupid president without a brain with hid foolish supporters

You are even more foolish, stupid and idiotic. What else do you expect when you celebrate pipiline bombings, defend thieves like pej who stole millions of dollars and pray that oil price stays down? Illiterate. I'm quitting nairaland sef. I never knew it had ignorant kids as members. Rubbish
Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by LoveMachine(m): 9:07pm On Dec 06, 2016
martyns303:
Y

So his 5% statement is being fair, or you want to hear the exact word "fair". Am not here advocating for GEJ or OBJ. You have consistently tried to put the blame on past administrations, and this tells a lot about your person and makes me doubt your level of productivity in the company you work for, if you are the type that never takes responsibility for anything....

I'm not placing blame. I'm detailing how we have arrived at this circumstance. Other people first introduced GEJ to the discussion. All I said was this present development was a direct result of NDA's bombings. If anyone can in any way confirm that less oil sales can contribute positively to the Naira PLEASE STEP FORWARD.

Your doubts of my productivity are unneeded. But thanks for your concern. Before you come at my competence learn to properly utilize a simple ellipsis...
Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by faithfavour: 9:07pm On Dec 06, 2016
Until we have a sound economic team,the economy will continue to worsen.
Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by nwabobo: 9:07pm On Dec 06, 2016
LoveMachine:


The economy was tanking before this administration came onboard. OBJ warned of it months before the election. The FDI stopped when Buhari made it clear he wasn't a Western stooge. Once again the FDI and other factors where being managed and were soon to be rectified but the bombings threw everything into chaos.

Bro, at the height of MEND activities, Portfolio investors were still coming to Nigeria with their forex cos they had faith in the economy and its managers.

Buhari via his archaic policies have damaged our economy and the damage he has inflicted on the economy I'm sorry will take up to 2 decades to rectify.

There is nothing as bad as having an economic illiterate at the helm of affairs of a country like Nigeria.
Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by LoveMachine(m): 9:19pm On Dec 06, 2016
AroOkigbo:

What was the outcome of Obasanjo and YarAdua attempts to "bust heads"??
Tell me what finally settled it.
Again, why is bubu not towing that same path of peace instead of his arrogance and 97% vs 5% dichotomy? ?

You insinuated he was responsible for pipeline protection. There are only 2 ways to protect assets. Either by force or dialogue/peace.

I'm not for the approach of cracking skulls. I'd prefer if no more black blood was spilled. We are all we got but we have to show each other more love.

He just dialogued a few weeks ago and that very day hostilities were resumed. What is he to do?

The people who are upset are the elite because they can't feed fat like before so they are fouling the water. Anytime a ND person of status has any kind of light shined on their corruption pipelines start going boom! Can't be a coincidence.

The 97% to 5% comment has been used to no end. We all know he hasn't marginalized any region and yet people want to cry about an utterance that has been debunked through his actions. Every chance that he has had to leave out the south he has gone out of his way to include us. This administration has been far from perfect but where they haven't failed I won't say they have.
Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by LoveMachine(m): 9:26pm On Dec 06, 2016
nwabobo:


Bro, at the height of MEND activities, Portfolio investors were still coming to Nigeria with their forex cos they had faith in the economy and its managers.

Buhari via his archaic policies have damaged our economy and the damage he has inflicted on the economy I'm sorry will take up to 2 decades to rectify.

There is nothing as bad as having an economic illiterate at the helm of affairs of a country like Nigeria.

You're trying to compare 2 different time periods in the world. The world economy at present is contracting in every zone. It's not just us suffering. China and Japan are getting it bad. Name some nations in Africa that are going as strong. USA's unemployment stats are terrible!

FDI wouldn't have saved the Naira. Oil accounts for over 80% of our forex. The NDA are no fools. They called it operation Red Economy for a reason.

You have your views. I have mine and that's fine.
Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by ezechinwa2: 10:08pm On Dec 06, 2016
CXLVII:



Is it Sai baba that is determining rates? You need to start looking inwards to know that 60% of the cause for the fall in Naira is done by we the citizens. Read up and make a point with me on the cause of a declining currency


but during his pre-elections he promised to make 1# equivalent to 1$. Didn't he preform feasibility analyses?? Is now you know 60% are the cause!

I dont blame you, everything is perfect in your eyes, the same leader that was suppose to stay in his country and fix it was busy travelling from one country to another.

Donard trump has won the USA elections how many times has he travelled outside the states?

Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by decasey(m): 10:37pm On Dec 06, 2016
EternalTruths:


Have you finished praising Buhari for dividing the country into 97% and 5%

Continue laughing at the 5% while oil production plummets.
don't mind dat good 4 nothing bean.
Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by vislabraye(m): 11:23pm On Dec 06, 2016
LoveMachine:


You don't even believe that. You and I both know that when the oil isn't flowing the Naira is worth less. This could have been avoided but the NDA wanted to cripple the economy. I don't know which economy the rest of you rely upon but mine is Nigeria's. So this is the aggregate result of many things but mainly due to the yearlong bombings of NDA.

So what is Bubu doing to stop the bombings ?
Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by LoveMachine(m): 12:44am On Dec 07, 2016
vislabraye:


So what is Bubu doing to stop the bombings ?

Last I checked all options and routes of dialogue and force are being studied and implemented. I'm not in the cabinet so your guess is as good as mine. All I can go off of is news and empirical evidence. Dr. Ibekachikwu said militancy will be resolved soon so we shall see.
Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by soji1992: 1:29am On Dec 07, 2016
Dc4life:
My fear is that it has fallen to a level that it may never rise to its former position.

And the worst is that it is still falling.

And

Ironically I am praying that the exchange rate should continue rising because it is more money to me..such is life... wink
bro...!!!!!! how?
pls show me d way!!!!!
Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by Decallmemartin(m): 7:09am On Dec 07, 2016
To be honest.. Being a leader is not a do or die affair. If PMB is lost of ideas, pls pls we beg jst step down. Nigerians re suffering

1 Like

Re: Unbelievable!!! Naira Falls To N485/$1, N600/£1 by kayceeD2(m): 7:31am On Dec 07, 2016
What is it that u don't wanna believe
Are u not in Nigeria when a bag of rice is sold @#20k from #7k

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