Kolade9:
So some nigerians were behind the fall of the naira.
Why are nigerians like this?

Invariably we need to ask how that was possible with an 'anti-corruption, and no-nonsense' president in charge? So in the long analysis Buhari's economic policy represents a deep entrenchment of corruption. It allows people round-trip, hoard dollars and make excessive profit. Abeg make the man remain perpetually in London. He stinks of corruption.

Thank God.

tete7000:



You just dey appreciate that? I have always known Buhari is a terrible choice. The man who hoards(Buhari) and afraid to spend is not better than one who spends wastefully (Jonathan). They are two extreme ends of a spectrum. We need a man who is judicious in spending and who wouldn't tolerate profligacy.

What now happens to our effort to look within? Remember that as soon as FX is back to what it used to be we will all become again and our appetite for foreign goods will continue unabated.
I fear for this country.

gypsey:
exactly! I am not sure at the moment i will inquire instead of making false claims unlike some people on here.

I think it is better to stick with the write up until we have a superior update.

Nellybii:


I think it is better to stick with the write up until we have a superior update.

even if it may be lies?

Good news

NOETHNICITY:
What now happens to our effort to look within? Remember that as soon as FX is back to what it used to be we will all become again and our appetite for foreign goods will continue unabated.
I fear for this country.

The question is can any diversification happen under tight-fistly control economy? No! Hoarding doesn't solve any problem. Infact in the last two years of Buhari administration more businesses have closed than under precious administrations. A overly controlled economy is akin to dictatorship and tyranny. It doesn't build investors' confidence, it only kills it. No serious minded businessman would want to operate in an environment where there is no breathing space. If we need to grow, liberalisation is the way to go. Give people room to breathe and put in place enabling laws that ensure the country is not short-changed. Buhari's gragra and talk-tough attitude will only kill the economy more. We need a diplomatic president not a dictator to move the country forward. We need a no-nonsense man who has capacity to build bridges even with his enemies when necessary. A tense atmosphere of strife, intimidation and unrest can never engender development we seek.

yeyeboi:




Mr sense how much was a naira to a dollar back in 2014?

Ever since this government came into power haven't you bought things ?

Does the price of now not affect you ?

I say again " if the dollar price is not as low as what it use to be then this government ad also failed you

When I said u RE like those who can't read and write, I mean no disrespect. I just wish u wil seek more understanding than rage like those who only care about the current pain and nothing more...

The truth is it's not the issue with buying things or not. It is your excess of export over import that will drive up the value of Naira. Until the narrative changes in favour of robust export, Naira can't go up in value. And that narrative cannot change fundamentally if we only export crude oil. So it's a long painful way to Naira appreciation. My only worry is that if crude oil goes back to say $100/barrel, and production hits 2.4 billion barrels per day, then we may get too comfortable again and behave like in the days of Jonathan...

This government must continue to push for significant diversification of the economy, so that our source of forex inflow wil be many rather than only oil. These are the fundamentals bro.

lawbabs:


You don't know simple economics. You are not better than those who can't read and write. How could u turn a major economic issue to politics.

If you want to go political, then you must realize that ur uncle that was there before didn't understand savings for the rainy days. They were looting dollars directly from cbn. They didn't think of these current time when crude oil will crash and our production capacity will be impaired by vandalism. They spent and stole all the dollar earned when crude was $124/barrel. So how come u re expecting this administration to save the Naira when there was no export proceeds to back it up.

So grow up and get some sense...

I tire for that guy ooo. His speeches just display partisanship.

So some Nigerians are still praying for this rate to go up


Your own country ni........


Even if it increases.... Ni be pray we don dey pray since last year....we'll continue praying na......whatever goes up must surely come down......except dollar is the sky ni

yeyeboi:



I can see how much of a zombie u are , I don't care if it appreciates by 1day , if it's not as low as it was before then this government have failed you

By the time it exchanges for 200 Maura, hope you won't jump into the lagoon in despair and agony

And someone hear will be telling me that it is PDP that destroy our economy, can we see a diiferent btwn a learned one and one without waec certificate, is not obvious that bihari is our problem, I wish him good health but more prolong stay in UK,

achieverme:


Yeah, he meant the "ordinary commissioner" who became a professor of law at 33. When your father was 33, I doubt if he had any bearing for his life.

Destruction. This is too much!

PMB pls stay in your self contain an never to comeback.

Prof Osibanjo a learned gentleman to the core ride on Sir

There is a huge difference between the two of them.....

All this one na politics. I'm telling you all this time CBN knew what it was doing, there is no magic here they are just allowing people to access dollars now while before they refused and only allowed some chosen people and companies. The Igbo man that they call CBN governor should be removed he has no clue how to manage a Central Bank

even if it comes to normal #150 to a dollar

Nigerian traders wont stop selling a bag of rice for 22,000

these traders are crazy at times

Am loving this man for no reason...Why don't Buhari remain ill n let dis man carry on his good works

shortgun:
Nothing here to celebrate.

My brother, there's so much to celebrate o. Do you know that a typical village woman producing garri or red oil will naturally increase her prices when she hears that dollar has gone up without even knowing the exact rate of dollar nowadays? it has gone that bad. So for it to come down is a step in the right direction if you ask me. It will affect every other thing you can think of. Think about it. It is well bro

Does anyone need any more proof Buhari is as mentally ill as he's as physically handicapped?

Buhari should just remain in england.

ThinkDeeply:
Great news

Truly the polytechnic graduate and the mere commissioner minus the dullard are doing some great job.

mathematically, if things keep on acting this way,

And the exchange rate still adhering to this new found strategy.


In 9.2 days

1Naira will become 1 Dollar.

my prayer is to see

50kobo = 1$

That will make me to give up going back to KiVuKi Land

So, what changed except that Baba was not around to stop them from implementation. Nigerians are good but we lack listening and purposeful leadership.

CBN should further reduce the PTA and school fees rates to about N300, and sustain the curent policy. That way the Dollar will further crash to about N315.00 in the black market.

I'm sorry to say but I don't think this move is sustainable. The only thing that can make the Naira go back to the way it was is for Nigeria to go into exportation of produces.
All these dollars being pumped out may be hoarded by some people his the dollar phases out and they'll come and sell it for 500+
God help Nigeria

achieverme:


Yeah, he meant the "ordinary commissioner" who became a professor of law at 33. When your father was 33, I doubt if he had any bearing for his life.

Hmmmm wow so sorry u don't have a father, really sad sorry u hear.
I would have offered to have u as a son but already u have lacked parental training spoiled n hence u are pained about my Father.
Sorry again

YESpParticipant:


Source: http://pulse.ng/business/forex-crisis-how-naira-went-from-n525-1-to-n400-1-in-3-days-id6276482.html?link_time=1487947942#utm_medium=Social&utm_campaign=Echobox&utm_source=Facebook&utm_term=Autofeed

CURRENT CBN MGT. COULD HV BEEN A MOLE/HAS SECRET MOTIVE TO SABOTAGE THE CURRENT ADMINISTRATION,NEEDS TO BE SERIOUSLY CHECKED OUT!!!

Seems this man has a better head than Buhari when it comes to ruling this country

Nne5:
Isoraite.
Osinbajo is better.Really!

Buharideen spotted

ThinkDeeply:
Great news

Truly the polytechnic graduate and the mere commissioner minus the dullard are doing some great job.

mathematically, if things keep on acting this way,

And the exchange rate still adhering to this new found strategy.


In 9.2 days

1Naira will become 1 Dollar.

I would buy everything on eBay!

emmasege:
I'll only celebrate it when it goes back to #216 where Bubu met it. Bubu or Osinbajo can only make me celebrate their government if it falls below #216 in the parallel market.

In the mean time, here are other tips for Acting President to consider (Attn: Laolu Akande).

1. New mimimum wage should be implemented on or before May 1, in such a way that it reflects the prevailing economic condition in Nigeria. This 'll definitely have a multiplier effect on other sectors of the economy. Artisans and market men/women understand this basic economic principle.

New minimum wage ALONE will simply result in inflation without reducing the money we give politicians and their Aides to be in line with the amount paid for equivalent civil service officials.
A politician and political appointee should not get more than 10 times the highest for equivalent civil service level.

shortgun:
Nothing here to celebrate.

children of hate