oneda:
Nigeria's naira took a hit when this current administration wanted to make $1 equal to #1.

The annoying thing is that he called together a group of misfits who never understood how an economy functions.
Aunty Kemi for instance do not understand secondary school economics not to talk about a real life situation. So even when we were messed up already she simply thought Recession is just a word.

Hausa you want to rule? No problem just give Igbos the economy to manage and let Yorubas be in charge of tech and IT
Just do this and watch Nigeria bounce over Africa and the world.

How about other tribes?

obailala:
There are different ways to improve the value of the Naira, 1 way is to pumb in dollars from the foreign reserves into the streets recklessly as was done in the last 20 years; that could 'quickly' retirn the Naira to where it was in early 2015. The second way is to 'gradually' discourage the import culture and encourage exports.

Now if the current govt/CBN wants to apply the quick route which os to pump forex into the market, with the current $47billion reserve and with the current stability in oil price, the CBN can comfortably inject more dollars into the system every month and return the Naira to N200/$1. But to what end exactly?... That will only take Nigerians back to the crazy import culture and would discourage the current boost in agriculture and other exports. The Naira has been overvalued for a long time and on the advice of economic experts, the CBN has intentionally maintained the value at N360 to a dollar for about a year now. Strenghtening the Naira in a 'sustainable' way cannot be done overnight.

I do not debate on the solutions, long or short term, of making the Naira work.

I'm citing instances where the government promised to stabilise the dollar and the other notorious retárd is denying it.

niyisky:


So convenient to single out Angola. Why did you overlook Rusia who are next to Nigeria? Its their economy also badly managed? Truth is...Buhari met a battered economy and a dwindling oil fortune.

Why compare Nigeria to Russia who are subject to Western economic sanctions due to Russian military invasion of Ukraine and a variety of other reasons? Again and as with the Venezuelan comparison often trotted out but ill-informed Buhari apologists, the Russian financial crisis started in 2014 and yet no one then tried to justify GEJ by comparing Nigeria to Russia.

If you replace a looting government with an honest/competent government, which is the narrative Buhari supporters promote, that in itself should provide an economic boost. To ignore the sheer incompetence of this government by making naive comparisons to Venezuela, as you guys often do, is like justifying a leader by making comparisons to Idi Amin.

BadBradley:


I do not debate on the solutions, long or short term, of making the Naira work.

I'm citing instances where the government promised to stabilise the dollar and the other notorious retárd is denying it.

Of course that's a standard promise made by every government, including the current govt.; i.e. to strenghten the Naira and boost the economy.

grandstar:
Angola's economy has been badly managed from time immemorial especially with socialist spirit.

It was made was by the endemic corruption and looting by the previous government which had been in power for over 30years.

For such a badly run economy to have its currency just worsen past the naira in the depth of its exposes the depth of Buharis economic mismanagement. The Naira shouldn't have lost more than 30% of its value if the economy were left in the hands of experts.

Instead, he with his lamentable understanding of economics imposed economic hubris on the country throwing it into a recession, the first in about 30years.

The Buhari apologists will be bringing out the celebratory champagne for this "sterling" achievement.

SalamRushdie:
When I said in the past that under Buhari the Naira was the worst performing currency on earth some zombies argued and now we can all see I was right..Even though the Angola currency performed in short run worse than the Naira, in the long term the Buhari Naira is a far worse performer and that's why the Angola Kwanza still has more value than the Buhari Naira

You are wrong. Angola currency in the black market is worse than naira in the black market.

Angola refused to devalue its currency, so it would appear their official price is better than ours. But Kwaza is over 500 to $1 in the black market. In 2014, it was less than 100 to a $1.

obailala:
Of course that's a standard promise made by every government, including the current govt.; i.e. to strenghten the Naira and boost the economy.

thank you. But the APC-puppet on this thread is even denying that .

dapsin999:
Nigeria will Tripple take in Buhari’s second term!

Your evil prophesy will backfire on you IJN

oneda:
Nigeria's naira took a hit when this current administration wanted to make $1 equal to #1.

The annoying thing is that he called together a group of misfits who never understood how an economy functions.
Aunty Kemi for instance do not understand secondary school economics not to talk about a real life situation. So even when we were messed up already she simply thought Recession is just a word.

Hausa you want to rule? No problem just give Igbos the economy to manage and let Yorubas be in charge of tech and IT
Just do this and watch Nigeria bounce over Africa and the world.

Buhari did excellently well in managing the economic crisis he met from onset. A lot was done by opposition including the "Avengers" saga and a lot of moves to sabotage smooth take off. Despite all the challenges, Nigerian economy performed better than almost all oil producing countries including Saudi Arabia.

Suplexx:


You are wrong. Angola currency in the black market is worse than naira in the black market.

Angola refused to devalue its currency, so it would appear their official price is better than ours. But Kwaza is over 500 to $1 in the black market. In 2014, it was less than 100 to a $1.

We don't know what black market is at the world bank , I just showed you the prevailing exchange rate and you are saying something else, next you will tell me of how Buhari needs another 4 years

I don't understand where you people are getting your own news from! Who says Nigeria's economy is getting worse? GDP growth rate is positive and rising for the first time since 2014. Inflation has been on the decline for more than 10 consecutive months. The EGRP is on course and our tax revenues are hitting double digit growth rate monthly. Where are you people getting your own statistics from or is it just plain stupidity that is on display here on NL?

I think u really need to go back to basic economics, maybe u never passed one. Take a look at what strengthen your local currency against the dollar. U can as well ask China.

bettercreature:
You are wrong! Our reserve has increased by over $24billion since then.Naira can only appreciate no going back

Must u always use agriculture as your yard stick for export. U forgot we also use other items. Most everyone go into agriculture. How do we improve technology export. This is running to four years how many industries around the world have open their factories in Nigeria. We should stop using agriculture as a bench mark for our export revenues. It is just a part of it.

obailala:
With the current figure in the foreign reserves and the current stability in oil price, if the CBN wants to return the NAIRA to where it was in early 2015 (i.e. N200/$), it can achieve that effortlessly by dolling out some dollars to the market every month as was the tradition before now.

But then, to what end exactly? For a country that produces nothing, that would amount to subsidizing imports again and the little boost which has been received in agriculture and some other export products would be eroded again as Nigerians return to their import culture. Fact of the matter is that the Naira was overvalued, and (I believe on expert advice) the CBN has chosen to maintain the Naira at the current N360/$1 as has been the case for about a year now.

Taught Venezuela was worst hit.

Dont say Nigerians......You say some Nigerians

Ibibioesan:
we don't want bahuri's second term bid say Nigerians

https://www.youtube.com/watch?v=pqNQ6ieHg-4

oneda:
Nigeria's naira took a hit when this current administration wanted to make $1 equal to #1.

The annoying thing is that he called together a group of misfits who never understood how an economy functions.
Aunty Kemi for instance do not understand secondary school economics not to talk about a real life situation. So even when we were messed up already she simply thought Recession is just a word.

Hausa you want to rule? No problem just give Igbos the economy to manage and let Yorubas be in charge of tech and IT
Just do this and watch Nigeria bounce over Africa and the world.

grudgly i agree with you fully

jimrog:


Truth is Buhari has executed more projects than gej in 3yrs. Its no one's problem if u choose to be blind to work bin done on roads across the country....

Pls list the projects.

PrecisionFx:



Pls list the projects.

Are u denying there are no road projects bin done by the govt?

SalamRushdie:



We don't know what black market is at the world bank , I just showed you the prevailing exchange rate and you are saying something else, next you will tell me of how Buhari needs another 4 years

Buhari deserves four years.

Official rate is a dubious rate because it is govt controlled, particularly for those countries who refused to allow it to float.

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Suplexx:


Buhari deserves four years.

Official rate is a dubious rate because it is govt controlled, particularly for those countries who refused to allow it to float.

n

Yes he deserves four years in Daura and you can join him there it's okay

SalamRushdie:
n

Yes he deserves four years in Daura and you can join him there it's okay

If possible another 8 years in Aso Rock to completely change the mentality of the looters.

obailala:
Nigeria's economy was already nosediving into the abyss before the current govt took over, and that was despite the economic experts who were in charge of things. This recurring argument that Buhari 'single-handedly' threw the economy into crisis is purely a case of politically influenced ignorance.

I'm not sure I understand how the 54.8% loss in value of Naira was calculated, I'm not an economist; but I remember the Naira was valued at about N160 to $1 sometime in mid-2014 just before oil prices began to crash. At the same period, Nigeria's foreign reserves was at about $40billion. Under the hands of economic experts, the reserve was drawn down massively in a desperate bid to save the Naira, as at May 2015, only a dangerously meagre $28.6billion was left but despite these efforts, the Naira nevertheless, crashed from N160 to N230, which by my simple layman's calculation represents a drop in value of 44%. Now may I also add that as at May'15, oil still sold at about $65.

Considering the above 'achievement' by economic experts (i.e. the Naira losing 44% despite relatively higher oil prices and over $10billion injected from the reserves to defend the Naira in 8 months), I hope some people can now see how pointless it is to directly compare the work of 'economic experts' to 'economic novices' who had absolutely nothing to defend the Naira despite oil price dropping to below $30.

You first need to understand that I am apolitical. I don't even vote. So I am speaking from a strictly independent point of view. I can as well provide such views about the Ghanaian or Argentine economies.

However, in 2015, if I was told which of the 2 candidates I would have preferred between Jonathan and Buhari, Buhari would have been my No.1 choice hands down. So, my criticism should be seen in a rather constructive light rather than petty bias.

Why do I blame Buhari for the recession, for the collapse of the economy and for even the present dire state?

Let me use an illustration

Imagine everyday, you had a N1,000,000 with you and you went to the black market to buy $10,000. What will the exchange rate be? Most likely N100 to $1.00. And it has been like this for a long time.

One day, you go to the market with your usual 1m and want to buy your $10,000. However, the traders say there is not much dollars available and all you can get is $7,000. If you choose to buy the $7,000, will they sell it to you at the same rate of N100 to $1 or will they ask for a mark up? I am sure you will say they will of course demand a higher price for the $7,000. The price will not remain the same.

Well, Buhari said it must remain the same. By fire by force, it must remain the same.He said he does not believe in the depreciation or devaluation of the currency. who gives a damn what you believe? Market forces will reign supreme.

Upon assumption of power, the continual depreciation of the Naira which you acknowledged was occuring during the last months of the Jonathan administration due to the declining dollar inflow into the country due to the rapidly collapsing oil price was put to a halt.

Buhari hijacked forex policy from the semi-autonomous CBN and fixed the Naira at 197 to $1. Since nature says the Naira should continuously continue to lose value due to declining dollar inflow, it was a recipe for disaster. Before long, the CBN could no longer satisfy the demand for forex. Businessmen turned to the thinly traded black market and the Naira value started crashing against the dollar.

The overvalued official exchange rate discouraged forex inflow and chased away foreign investors. To understand why, imagine your uncle sent you $100 through WU and your bank offered you 19,700 at the official rate. Meanwhile, the black market rate is N300. Will you be willing to exchange? Will you want to bring your dollars in? If you at $100 can not afford to make losses on your money, is it someone with a $100m?

The artificial scarcity of forex caused by his ineptitude deprived companies of much needed foreign exchange and before long they started collapsing, their collapse devastating other businesses as well, triggering a severe recession.

Lamido Sanusi was relentless in condemning Buhari's exchange rate policies. He was seething. Other economist refused to keep quiet. Soludo and Utomi condemned his statist policies.

The condemnation of Buhari isn't personal but strictly business.

The depreciation of the Naira during the last months of Jonathan admin was in order. Dollar inflow was dropping very fast. Buhari should have let the market do its work but he interfered ignorantly, his cure was worse than the disease itself.

If you owned a $1b company and you wanted someone to head it, will you simply choose someone who is 100% honest but has never run a N1M company before? Do you think this will be wise?

The stock market collapsed to a 3 month market low upon Buhari's announcement that he is running for a second term. That is how little faith the business community has in his policies. It was a vote of no confidence.

No one is shirking off Jonathan's lapses but they are a poor excuse for Buhari's failures.

I will share this same reply with all those who replied me.

SillyMods:

So, Nigerian economy did not experience endemic corruption and mindless looting especially in the years of the ineffectual buffoon?

If anything, PMB better management is the reason Nigeria was not auctioned on OLX.

Use your God given brain.

Stop being rude and rather reason constructively. Stop overblowing Jonathan's lapses as well.

Do you think that OBJ in his first term did not inherit an economy in tatters from Abdulsalam? OBJ inherited an economy that was barely growing at 3% yearly from 1994 to 1999 when he assumed power.

Not only that, the 2 previous regimes of Abacha and Abdulsalam were very corrupt especially that of the latter. Abdulsalam was so bad that they even dipped into the foreign reserves. No matter how much you steal, never , ever touch the foreign reserves. It does not belong to the State.

Funny thing, OBJ did not whinged or whine perennially like Buhari but rather got to work resuscitating the economy. Buhari, like a typically bad workman blames his tools.

to know more, please read the article below:

You first need to understand that I am apolitical. I don't even vote. So I am speaking from a strictly independent point of view. I can as well provide such views about the Ghanaian or Argentine economies.

However, in 2015, if I was told which of the 2 candidates I would have preferred between Jonathan and Buhari, Buhari would have been my No.1 choice hands down. So, my criticism should be seen in a rather constructive light rather than petty bias.

Why do I blame Buhari for the recession, for the collapse of the economy and for even the present dire state?

Let me use an illustration

Imagine everyday, you had a N1,000,000 with you and you went to the black market to buy $10,000. What will the exchange rate be? Most likely N100 to $1.00. And it has been like this for a long time.

One day, you go to the market with your usual 1m and want to buy your $10,000. However, the traders say there is not much dollars available and all you can get is $7,000. If you choose to buy the $7,000, will they sell it to you at the same rate of N100 to $1 or will they ask for a mark up? I am sure you will say they will of course demand a higher price for the $7,000. The price will not remain the same.

Well, Buhari said it must remain the same. By fire by force, it must remain the same.He said he does not believe in the depreciation or devaluation of the currency. who gives a damn what you believe? Market forces will reign supreme.

Upon assumption of power, the continual depreciation of the Naira which you acknowledged was occuring during the last months of the Jonathan administration due to the declining dollar inflow into the country due to the rapidly collapsing oil price was put to a halt.

Buhari hijacked forex policy from the semi-autonomous CBN and fixed the Naira at 197 to $1. Since nature says the Naira should continuously continue to lose value due to declining dollar inflow, it was a recipe for disaster. Before long, the CBN could no longer satisfy the demand for forex. Businessmen turned to the thinly traded black market and the Naira value started crashing against the dollar.

The overvalued official exchange rate discouraged forex inflow and chased away foreign investors. To understand why, imagine your uncle sent you $100 through WU and your bank offered you 19,700 at the official rate. Meanwhile, the black market rate is N300. Will you be willing to exchange? Will you want to bring your dollars in? If you at $100 can not afford to make losses on your money, is it someone with a $100m?

The artificial scarcity of forex caused by his ineptitude deprived companies of much needed foreign exchange and before long they started collapsing, their collapse devastating other businesses as well, triggering a severe recession.

Lamido Sanusi was relentless in condemning Buhari's exchange rate policies. He was seething. Other economist refused to keep quiet. Soludo and Utomi condemned his statist policies.

The condemnation of Buhari isn't personal but strictly business.

The depreciation of the Naira during the last months of Jonathan admin was in order. Dollar inflow was dropping very fast. Buhari should have let the market do its work but he interfered ignorantly, his cure was worse than the disease itself.

If you owned a $1b company and you wanted someone to head it, will you simply choose someone who is 100% honest but has never run a N1M company before? Do you think this will be wise?

The stock market collapsed to a 3 month market low upon Buhari's announcement that he is running for a second term. That is how little faith the business community has in his policies. It was a vote of no confidence.

No one is shirking off Jonathan's lapses but they are a poor excuse for Buhari's failures.

I will share this same reply with all those who replied me.

Charles478:

See as u are talking as if looting and corruption was not in Nigeria from time immemorial.

Please read what I earlier wrote below:You first need to understand that I am apolitical. I don't even vote. So I am speaking from a strictly independent point of view. I can as well provide such views about the Ghanaian or Argentine economies.

However, in 2015, if I was told which of the 2 candidates I would have preferred between Jonathan and Buhari, Buhari would have been my No.1 choice hands down. So, my criticism should be seen in a rather constructive light rather than petty bias.

Why do I blame Buhari for the recession, for the collapse of the economy and for even the present dire state?

Let me use an illustration

Imagine everyday, you had a N1,000,000 with you and you went to the black market to buy $10,000. What will the exchange rate be? Most likely N100 to $1.00. And it has been like this for a long time.

One day, you go to the market with your usual 1m and want to buy your $10,000. However, the traders say there is not much dollars available and all you can get is $7,000. If you choose to buy the $7,000, will they sell it to you at the same rate of N100 to $1 or will they ask for a mark up? I am sure you will say they will of course demand a higher price for the $7,000. The price will not remain the same.

Well, Buhari said it must remain the same. By fire by force, it must remain the same.He said he does not believe in the depreciation or devaluation of the currency. who gives a damn what you believe? Market forces will reign supreme.

Upon assumption of power, the continual depreciation of the Naira which you acknowledged was occuring during the last months of the Jonathan administration due to the declining dollar inflow into the country due to the rapidly collapsing oil price was put to a halt.

Buhari hijacked forex policy from the semi-autonomous CBN and fixed the Naira at 197 to $1. Since nature says the Naira should continuously continue to lose value due to declining dollar inflow, it was a recipe for disaster. Before long, the CBN could no longer satisfy the demand for forex. Businessmen turned to the thinly traded black market and the Naira value started crashing against the dollar.

The overvalued official exchange rate discouraged forex inflow and chased away foreign investors. To understand why, imagine your uncle sent you $100 through WU and your bank offered you 19,700 at the official rate. Meanwhile, the black market rate is N300. Will you be willing to exchange? Will you want to bring your dollars in? If you at $100 can not afford to make losses on your money, is it someone with a $100m?

The artificial scarcity of forex caused by his ineptitude deprived companies of much needed foreign exchange and before long they started collapsing, their collapse devastating other businesses as well, triggering a severe recession.

Lamido Sanusi was relentless in condemning Buhari's exchange rate policies. He was seething. Other economist refused to keep quiet. Soludo and Utomi condemned his statist policies.

The condemnation of Buhari isn't personal but strictly business.

The depreciation of the Naira during the last months of Jonathan admin was in order. Dollar inflow was dropping very fast. Buhari should have let the market do its work but he interfered ignorantly, his cure was worse than the disease itself.

If you owned a $1b company and you wanted someone to head it, will you simply choose someone who is 100% honest but has never run a N1M company before? Do you think this will be wise?

The stock market collapsed to a 3 month market low upon Buhari's announcement that he is running for a second term. That is how little faith the business community has in his policies. It was a vote of no confidence.

No one is shirking off Jonathan's lapses but they are a poor excuse for Buhari's failures.

I will share this same reply with all those who replied me.

GavelSlam:


"We have serious challenges. Things have been tough since the beginning of the year and they are likely to remain so till the end of the year," said Finance Minister Ngozi Okonjo-Iweala, adding that more than half of this year's borrowing allowance had already been exhausted."

"As it stands today, most states of the federation have not been able to pay salaries and even the federal government has not paid (April) salary and that is very worrisome," said Imo state Governor Rochas Okorocha.


http://www.dailymail.co.uk/wires/afp/article-3070070/Nigeria-borrows-pay-salaries-cash-crunch-worsening.html

Surely, you don't mean NOI.

Thanks for your response.

No one is saying the economy wasn't going down in Jonathan's last months but Buhari has used that as an excuse to dodge responsibility for his incompetence handling of the economy. Please read below:

You first need to understand that I am apolitical. I don't even vote. So I am speaking from a strictly independent point of view. I can as well provide such views about the Ghanaian or Argentine economies.

However, in 2015, if I was told which of the 2 candidates I would have preferred between Jonathan and Buhari, Buhari would have been my No.1 choice hands down. So, my criticism should be seen in a rather constructive light rather than petty bias.

Why do I blame Buhari for the recession, for the collapse of the economy and for even the present dire state?

Let me use an illustration

Imagine everyday, you had a N1,000,000 with you and you went to the black market to buy $10,000. What will the exchange rate be? Most likely N100 to $1.00. And it has been like this for a long time.

One day, you go to the market with your usual 1m and want to buy your $10,000. However, the traders say there is not much dollars available and all you can get is $7,000. If you choose to buy the $7,000, will they sell it to you at the same rate of N100 to $1 or will they ask for a mark up? I am sure you will say they will of course demand a higher price for the $7,000. The price will not remain the same.

Well, Buhari said it must remain the same. By fire by force, it must remain the same.He said he does not believe in the depreciation or devaluation of the currency. who gives a damn what you believe? Market forces will reign supreme.

Upon assumption of power, the continual depreciation of the Naira which you acknowledged was occuring during the last months of the Jonathan administration due to the declining dollar inflow into the country due to the rapidly collapsing oil price was put to a halt.

Buhari hijacked forex policy from the semi-autonomous CBN and fixed the Naira at 197 to $1. Since nature says the Naira should continuously continue to lose value due to declining dollar inflow, it was a recipe for disaster. Before long, the CBN could no longer satisfy the demand for forex. Businessmen turned to the thinly traded black market and the Naira value started crashing against the dollar.

The overvalued official exchange rate discouraged forex inflow and chased away foreign investors. To understand why, imagine your uncle sent you $100 through WU and your bank offered you 19,700 at the official rate. Meanwhile, the black market rate is N300. Will you be willing to exchange? Will you want to bring your dollars in? If you at $100 can not afford to make losses on your money, is it someone with a $100m?

The artificial scarcity of forex caused by his ineptitude deprived companies of much needed foreign exchange and before long they started collapsing, their collapse devastating other businesses as well, triggering a severe recession.

Lamido Sanusi was relentless in condemning Buhari's exchange rate policies. He was seething. Other economist refused to keep quiet. Soludo and Utomi condemned his statist policies.

The condemnation of Buhari isn't personal but strictly business.

The depreciation of the Naira during the last months of Jonathan admin was in order. Dollar inflow was dropping very fast. Buhari should have let the market do its work but he interfered ignorantly, his cure was worse than the disease itself.

If you owned a $1b company and you wanted someone to head it, will you simply choose someone who is 100% honest but has never run a N1M company before? Do you think this will be wise?

The stock market collapsed to a 3 month market low upon Buhari's announcement that he is running for a second term. That is how little faith the business community has in his policies. It was a vote of no confidence.

No one is shirking off Jonathan's lapses but they are a poor excuse for Buhari's failures.

I will share this same reply with all those who replied me.

niyisky:


So convenient to single out Angola. Why did you overlook Rusia who are next to Nigeria? Its their economy also badly managed? Truth is...Buhari met a battered economy and a dwindling oil fortune.

No one doubts that Buhari met a dwindling economy and a dwindling oil fortune. But his cure turned out to be worse than the disease.

Don't forget that OBJ inherited an economy looted shamelessly by his predecessors but he did not go about whinging and whining?

Also, Russia's economy hasn't been well run by Putin. Instead of him making the economy more competitive, he uses economic spoils for populist gains.

He wasn't worsened things by having sanctions placed on the country.

In regards to Nigeria, please read below:

You first need to understand that I am apolitical. I don't even vote. So I am speaking from a strictly independent point of view. I can as well provide such views about the Ghanaian or Argentine economies.

However, in 2015, if I was told which of the 2 candidates I would have preferred between Jonathan and Buhari, Buhari would have been my No.1 choice hands down. So, my criticism should be seen in a rather constructive light rather than petty bias.

Why do I blame Buhari for the recession, for the collapse of the economy and for even the present dire state?

Let me use an illustration

Imagine everyday, you had a N1,000,000 with you and you went to the black market to buy $10,000. What will the exchange rate be? Most likely N100 to $1.00. And it has been like this for a long time.

One day, you go to the market with your usual 1m and want to buy your $10,000. However, the traders say there is not much dollars available and all you can get is $7,000. If you choose to buy the $7,000, will they sell it to you at the same rate of N100 to $1 or will they ask for a mark up? I am sure you will say they will of course demand a higher price for the $7,000. The price will not remain the same.

Well, Buhari said it must remain the same. By fire by force, it must remain the same.He said he does not believe in the depreciation or devaluation of the currency. who gives a damn what you believe? Market forces will reign supreme.

Upon assumption of power, the continual depreciation of the Naira which you acknowledged was occuring during the last months of the Jonathan administration due to the declining dollar inflow into the country due to the rapidly collapsing oil price was put to a halt.

Buhari hijacked forex policy from the semi-autonomous CBN and fixed the Naira at 197 to $1. Since nature says the Naira should continuously continue to lose value due to declining dollar inflow, it was a recipe for disaster. Before long, the CBN could no longer satisfy the demand for forex. Businessmen turned to the thinly traded black market and the Naira value started crashing against the dollar.

The overvalued official exchange rate discouraged forex inflow and chased away foreign investors. To understand why, imagine your uncle sent you $100 through WU and your bank offered you 19,700 at the official rate. Meanwhile, the black market rate is N300. Will you be willing to exchange? Will you want to bring your dollars in? If you at $100 can not afford to make losses on your money, is it someone with a $100m?

The artificial scarcity of forex caused by his ineptitude deprived companies of much needed foreign exchange and before long they started collapsing, their collapse devastating other businesses as well, triggering a severe recession.

Lamido Sanusi was relentless in condemning Buhari's exchange rate policies. He was seething. Other economist refused to keep quiet. Soludo and Utomi condemned his statist policies.

The condemnation of Buhari isn't personal but strictly business.

The depreciation of the Naira during the last months of Jonathan admin was in order. Dollar inflow was dropping very fast. Buhari should have let the market do its work but he interfered ignorantly, his cure was worse than the disease itself.

If you owned a $1b company and you wanted someone to head it, will you simply choose someone who is 100% honest but has never run a N1M company before? Do you think this will be wise?

The stock market collapsed to a 3 month market low upon Buhari's announcement that he is running for a second term. That is how little faith the business community has in his policies. It was a vote of no confidence.

No one is shirking off Jonathan's lapses but they are a poor excuse for Buhari's failures.

I will share this same reply with all those who replied me.

grandstar:
Angola's economy has been badly managed from time immemorial especially with socialist spirit.

It was made worse by the endemic corruption and looting by the previous government which had been in power for over 30years.

For such a badly run economy to have its currency just worsen past the naira in the depth of its crisis exposes the depth of Buhari's economic mismanagement. The Naira shouldn't have lost more than 30% of its value if the economy were left in the hands of experts.

Instead, he with his lamentable understanding of economics imposed economic hubris on the country throwing it into a recession, the first in about 30years.

What is their oil revenue? What is their population/

BetaThings:


What is their oil revenue? What is their population/

Angola's population is about 20m if I'm correct and produces about 1.8m barrels of oil a day.

You'd expect to be much more buoyant than Nigeria but the their economy was mismanaged and plundered for years. They simply lived off expensive oil prices and had no plan B for when oil prices would crash. Despite the preposterous waste, they only just overtook us in the extent of the collapse of their currency

Buhari should hide his head in shame

Nigeman:


Your evil prophesy will backfire on you IJN

I jump am pass!

Call it whatever, prayer/curse doesn’t move an economy forward, hard work and initiatives does and this Buhari lacks.

Hector09:
Despite the fact that their currency is devalue angola is ahead of Nigeria

What do you mean How can you tell me that If you're unsure how to comment just read reasonable comments. Stop all this pessimism jare.