It is saddening the rate at which naira keeps depreciating. How low can it get Venezuela or Zimbabwe? Someone needs to wake naira up



Data: ListNG

In 1981 oil prices were at an all time high.

We were earning enough dollars to buffer the naira and we also still produced a lot of agricultural goods for export. As well as solid minerals.

The problem is that the source of our dollars is based on commodities whose prices are not controlled by us.

China has a strong currency because they export a lot of industrial goods whose prices they control


Also the debt mentioned came about due to the collapse in oil prices that started from 1982 and lasted till 2007/8.

That combined with the crash of our agrocsector meant we did not earn enough dollars to buffer our currency and to earn enough revenue leading to us going into debt

Beancounter93:
In 1981 oil prices were at an all time high.

We were earning enough dollars to buffer the naira and we also still produced a lot of agricultural goods for export. As well as solid minerals.

The problem is that the source of our dollars is based on commodities whose prices are not controlled by us.

China has a strong currency because they export a lot of industrial goods whose prices they control


Also the debt mentioned came about due to the collapse in oil prices that started from 1982 and lasted till 2007/8.

That combined with the crash of our agrocsector meant we did not earn enough dollars to buffer our currency and to earn enough revenue leading to us going into debt

Britain no longer exports a lot of things, yet the pound remains extremely strong. can you please explain this phenomenon. I fully agree with your comment

Tianamen1:


Britain no longer exports a lot of things, yet the pound remains extremely strong. can you please explain this phenomenon. I fully agree with your comment

The UK still does export some stuff.... as the list below says

Machinery including computers: US$60.4 billion (15% of total exports)
Gems, precious metals: $43.3 billion (10.8%)
Vehicles: $36.4 billion (9.1%)
Mineral fuels including oil: $26.4 billion (6.6%)
Electrical machinery, equipment: $25 billion (6.2%)
Pharmaceuticals: $24.8 billion (6.2%)
Optical, technical, medical apparatus: $17.6 billion (4.4%)
Aircraft, spacecraft: $13.2 billion (3.3%)
Organic chemicals: $12.1 billion (3%)
Plastics, plastic articles: $10.6 billion (2.6%)

The article I got that from says that those are the UK's top ten exports....which means they export more.

As for why the pound is still very strong..see here

Buhari is working

The Naira will rise again wen Nigerians all agree to be sincere, people of integrity, never want to be known for fraud or have business to do with sin..start by being the solution and not part of the problem of Nigeria woes
Give your life to CHRIST JESUS today sincerely and leave sin alone. Any sin giving u issues , call or whatsapp now

Corruption... as introduce President Ibrahim Babangida.

We come eat .. come tear mouth tear eye.. Na the very problem be that.

..... now everyone wants some more.