....Govt policies destroy world's 2nd weakest currency.
More hardship as Expert predict N1,500/$1 in 1Q 2024.

In a dramatic slump that got the Nigerian masses gasping for breath from choking inflation since June 1, 2023, Nigeria’s currency, the Naira has been made to become the number two weakest currency in the world after its exchange for one dollar rises to as high as N1,000


The Ugandan Shelling ranks number 10 amongst weakest currencies in the world. Ugandan Shelling (UGX) exchanges a whopping UGX 3,741 to one dollar at the time of filing this report.

Uganda, as with Nigeria is an oil, gold and coffee -rich country. The factors responsible for the failure of the UGX and the entire Ugandan economy are similar to those responsible for Nigeria’s naira failure and the near collapse of the country’s economy namely; a record of unstable economic growth, sizeable debt and political unrest.

The American Central Intelligence Agency (CIA) had been quoted to have said that Uganda faced numerous political and economic challenges that could affect its future stability including explosive population growth, power and infrastructure constraints, corruption, underdeveloped political institutions and human rights abuses.

The case of Uganda is similar to Nigeria’s in every facet. After President Bola Ahmed Tinubu removed the contentious fuel subsidy in May 29, 2023, and subsequently devalued the naira, the currency, Naira, has been battling for survival with its exchange rate to dollar rising to over N1,000 for one dollar at the parallel market.

More harm to the Naira is the bitter truth that the dollar has become and remained the underground currency of the Nigerian economy, according to financial experts. These experts have also cautioned the government of Tinubu to work hard to stop the dollarisation of Nigeria and work aggressively on the nation’s exports, as well as arresting the criminality called round tripping.

The devaluation of Naira, apart from having reduced the purchasing power of the average Nigerian, thereby increasing abject poverty in the land, many expert said that Naira would depreciate to lower than N1,500/$1 in first quarter of 2024. In the event of this possible further collapse of the Naira, experts said it would reduce the Nigerian currency lower on the ignominious list of weak currencies in the world. Nigeria’s currency, in the estimation of the financial analysts, would be required to be carried in sacks if they want to buy any valuable items.

As the Naira collapse continues without abating, the brouhaha that has surrounded President Bola Tinubu’s Chicago State University’s certificate scandal is about to bury the Naira as feelers from the international community indicate that potential investors are extremely cautious of coming to Nigeria to do business because many of them are said to be afraid of what would become the end of the certificates forgery scandal.

A financial analyst, Victor Chiazor, who is the Head of Research and Investment at FSL Securities Limited, said, “With regards to the economy at large, economic activity level is expected to remain muted as individuals and businesses continue to struggle with higher cost of living and operations”.

Another analyst said that in the banking sector, the banks that are making FOREX gains as a result of the Naira devaluation will continue making more gain as the Naira continues to devalue, thus bringing uncertainty to the economy.

For Tajudeen Olayinka the CEO of Wyoming Capital and Partners, “So long as we continue to have dollar liquidity challenge, so long we shall continue to see Naira depreciation and assets and liabilities revaluation difficulties among Nigerian businesses”.

Olayinka said it was imperative that the government should work through possible solutions to restore external sector equilibrium and dollar liquidity.

He advised Federal Government to step up its ongoing reforms in order to stabilize the value of the Nigerian currency. He also advised the Central Bank of Nigeria (CBN) to allow exchange rates to converge by removing the well known source of divergence which he said are the 43 items on the list of FOREX restriction. He said the action may restore liquidity to the official FOREX market.

https://tentaclenews.com.ng/2023/10/08/naira-is-dead/

Na Tinubu finish the Naira paktapakta.

Mr Bismarck told us it will go down to 650 bf December..

Selling dollars feels good at moments like this!

The Lizard people have taken over Nigeria's economy.

Russian economy in early 90s come to mind. Unless local refining capacity starts this month, the economy of Nigeria will be even more difficult next year, than we have seen in decades.


Can't the eggheads in present government consult Obasanjo on the template he used in 1999 - 2003 to stabilise the economy?

JaneYave:
Selling dollars feels good at moments like this!

HODL no room for FOMO!




Wittyness.

JaneYave:
Selling dollars feels good at moments like this!

It feels good but believe me it’s bad because what 500,000 naira will buy for you in January 2023, 1,000,000 will not buy it now. You have a lot more yes, when you change your dollars but your purchasing power has dwindled considerably.

Do people still save in Naira? Even Tinubu won't make that senseless mistake. How can you put your trust and hope on con men with dollar investments and properties in the United States of America?

I've come to realise economics being taught in schools is pure scam.
You don't float the naira. There's always reason to complain, you advice to float and now your coming to criticize again.
It's like they set you up to fail while criticising baseless reason as the cause of failure.
Shame..

You alienate Igbos who are naturally gifted in anything related to the economy. Bubu started it and the certificate forger is following.

Obj to Gej, Igbos ran the economy

Jessyjeff:
The Lizard people have taken over Nigeria's economy.

Russian economy in early 90s come to mind. Unless local refining capacity starts this month, the economy of Nigeria will be even more difficult next year, than we have seen in decades.


Can't the eggheads in present government consult Obasanjo on the template he used in 1999 - 2003 to stabilise the economy?

FG must pass a law via senate and end all dollar payments within Nigeria, all payments should be in naira, FG should pass a circular via CBN governor and effect this immediately, and talk to senators to pass it into law, with penalties for erring banks, this trend must be reversed. Some people are doing currency round tripping as a serious business now, this is nonsense. CBN governor must work. President Tinubu we expect affirmative action.

Jessyjeff:
The Lizard people have taken over Nigeria's economy.

Russian economy in early 90s come to mind. Unless local refining capacity starts this month, the economy of Nigeria will be even more difficult next year, than we have seen in decades.


Can't the eggheads in present government consult Obasanjo on the template he used in 1999 - 2003 to stabilise the economy?

You know bobo Chicago hates OBJ

stewiepeter:

It feels good but believe me it’s bad because what 500,000 naira will buy for you in January 2023, 1,000,000 will not buy it now. You have a lot more yes, when you change your dollars but your purchasing power has dwindled considerably.

👏

Useless criminal and a bastard
E no go better for you and anybody supporting this sadist

creativehubb:
FG must pass a law via senate and end all dollar payments within Nigeria, all payments should be in naira, FG should pass a circular via CBN governor and effect this immediately, and talk to senators to pass it into law, with penalties for erring banks, this trend must be reversed. Some people are doing currency round tripping as a serious business now, this is nonsense. CBN governor must work. President Tinubu we expect affirmative action.

Lol. Politicians have a greater need for USD especially during elections. That's the major reason this FX challenge persists. The ruling class are involved!

NothingDoMe:
Lol. Politicians have a greater need for USD especially during elections. That's the major reason this FX challenge persists. The ruling class are involved!

Sure, but if the CBN governor instructs banks and a law is passed, banks will adhere, they don't want sanctions and to pay fines.

Acidosis:
Do people still save in Naira? Even Tinubu won't make that senseless mistake. How can you put your trust and hope on con men with dollar investments and properties in the United States of America?

Even Festus Keyamo showed off his American house on twitter. Lol.

creativehubb:
FG must pass a law via senate and end all dollar payments within Nigeria, all payments should be in naira, FG should pass a circular via CBN governor and effect this immediately, and talk to senators to pass it into law, with penalties for erring banks, this trend must be reversed. Some people are doing currency round tripping as a serious business now, this is nonsense. CBN governor must work. President Tinubu we expect affirmative action.

LMAO.. Continue to scream online. The people you're begging to rescue you are the main custodian of round tripping


Just this year, Tinubu's son and Festus Keyamo bought properties in the U.S. worth millions of American dollar. Dey play.

creativehubb:

Sure, but if the CBN governor instructs banks and a law is passed, banks will adhere, they don't want sanctions and to pay fines.

Adhere to what? Lol. Banks that were seriously complicit during the Naira redesign?

NothingDoMe:
Even Festus Keyamo showed off his American house on twitter. Lol.

Exactly

DMerciful:
You alienate Igbos who are naturally gifted in anything related to the economy. Bubu started it and the certificate forger is following.

Obj to Gej, Igbos ran the economy

Leave them,igbos are watching them.

The more the economy nosedives,the more those igbos are making real money,they buy in dollars,sell in dollar -naira equivalents and the others beg online and eating crumbs,they come here to defend a criminal because he is from their tribe.

Acidosis:



LMAO.. Continue to scream online. The people you're begging to rescue you are the main custodian of round tripping


Just this year, Tinubu's son and Festus Keyamo bought properties in the U.S. worth millions of American dollar. Dey play.

Shut up, what's funny dummy

creativehubb:

Shut up, what's funny dummy

...laughing at your misinformed optimism. How can you beg satan for salvation?

Acidosis:


...laughing at your misinformed optimism. How can you beg satan for salvation?

Mad man they are people running this society, that's the class I belong, I won't go be a second class citizen, when I travel I know the class I mingle with, not minimum wage hustlers. It's about the life you live where you are, not to manage poverty austerity life come here to pose for your village people. Mumu

Please you guys should keep looking for CSU certificate

KEVIND:
....Govt policies destroy world's 2nd weakest currency.
More hardship as Expert predict N1,500/$1 in 1Q 2024.

In a dramatic slump that got the Nigerian masses gasping for breath from choking inflation since June 1, 2023, Nigeria’s currency, the Naira has been made to become the number two weakest currency in the world after its exchange for one dollar rises to as high as N1,000


The Ugandan Shelling ranks number 10 amongst weakest currencies in the world. Ugandan Shelling (UGX) exchanges a whopping UGX 3,741 to one dollar at the time of filing this report.

Uganda, as with Nigeria is an oil, gold and coffee -rich country. The factors responsible for the failure of the UGX and the entire Ugandan economy are similar to those responsible for Nigeria’s naira failure and the near collapse of the country’s economy namely; a record of unstable economic growth, sizeable debt and political unrest.

The American Central Intelligence Agency (CIA) had been quoted to have said that Uganda faced numerous political and economic challenges that could affect its future stability including explosive population growth, power and infrastructure constraints, corruption, underdeveloped political institutions and human rights abuses.

The case of Uganda is similar to Nigeria’s in every facet. After President Bola Ahmed Tinubu removed the contentious fuel subsidy in May 29, 2023, and subsequently devalued the naira, the currency, Naira, has been battling for survival with its exchange rate to dollar rising to over N1,000 for one dollar at the parallel market.

More harm to the Naira is the bitter truth that the dollar has become and remained the underground currency of the Nigerian economy, according to financial experts. These experts have also cautioned the government of Tinubu to work hard to stop the dollarisation of Nigeria and work aggressively on the nation’s exports, as well as arresting the criminality called round tripping.

The devaluation of Naira, apart from having reduced the purchasing power of the average Nigerian, thereby increasing abject poverty in the land, many expert said that Naira would depreciate to lower than N1,500/$1 in first quarter of 2024. In the event of this possible further collapse of the Naira, experts said it would reduce the Nigerian currency lower on the ignominious list of weak currencies in the world. Nigeria’s currency, in the estimation of the financial analysts, would be required to be carried in sacks if they want to buy any valuable items.

As the Naira collapse continues without abating, the brouhaha that has surrounded President Bola Tinubu’s Chicago State University’s certificate scandal is about to bury the Naira as feelers from the international community indicate that potential investors are extremely cautious of coming to Nigeria to do business because many of them are said to be afraid of what would become the end of the certificates forgery scandal.

A financial analyst, Victor Chiazor, who is the Head of Research and Investment at FSL Securities Limited, said, “With regards to the economy at large, economic activity level is expected to remain muted as individuals and businesses continue to struggle with higher cost of living and operations”.

Another analyst said that in the banking sector, the banks that are making FOREX gains as a result of the Naira devaluation will continue making more gain as the Naira continues to devalue, thus bringing uncertainty to the economy.

For Tajudeen Olayinka the CEO of Wyoming Capital and Partners, “So long as we continue to have dollar liquidity challenge, so long we shall continue to see Naira depreciation and assets and liabilities revaluation difficulties among Nigerian businesses”.

Olayinka said it was imperative that the government should work through possible solutions to restore external sector equilibrium and dollar liquidity.

He advised Federal Government to step up its ongoing reforms in order to stabilize the value of the Nigerian currency. He also advised the Central Bank of Nigeria (CBN) to allow exchange rates to converge by removing the well known source of divergence which he said are the 43 items on the list of FOREX restriction. He said the action may restore liquidity to the official FOREX market.

https://tentaclenews.com.ng/2023/10/08/naira-is-dead/

I pity this government and their supporters , as far as am concerned , this government has truly continued from where buhari stopped , and these are my reason
*over 90% of Tinubu’s appointments are those who helped him get to power , so to them , it’s not a call to serve but a call to eat ( oshe table manners )
*tinubu is still playing politics , theres big difference between politics and leadership , as far as am concerned , zulum is the only leader in APC , I don’t think anyone can accuse him of propaganda , the same cannot be said for others .
*tinubu has surrounded himself with the same kind of people buhari surrounded himself with , the “ yes sir “ kind of people , people who will tell him “ oga don’t mind them , you can’t please everybody “….. “ oga no matter what you do people will still complain , kayemo comes to mind .these set of people will always downplay the extent of situations just to make tinubu feel good about himself .
* tinubu does not have the respect of Nigerians generally , he said so during the campaigns …..( I don’t go to social media anymore O!!.., THEY ABUSE THE HELL OUT OF ME ) …. I know some tribalists will say it is the igbos , 🥱..
* I know I’ve said this before , but am gonna say it again , “ propaganda “ , gullible Nigerians may fall for it , but foreigners (investors. ) will not fall for it , where is the billion dollar investment he incurred from india weeks ago ?, foreigners don’t trust our economic landscape at the moment , do you know how many companies left Nigeria in the last 3 months ?, do you know how daft you’d have to be to take loans to pay salaries ?, the sound of that alone is off putting to investors ,
* tinubus controversies (CSU) , if truly he wants to work , he should come out and clear the air , instead of all these criminally redolent maneuvering , so that all his politically opponents can rest and allow him concentrate on governance .
* lastly people who will suffer most are jobless and salary earners ,
My take though 😎

Because of tribe we promote incompetence, employ by quota system, promote based on tribal/religious/political affiliation and we turn and wonder why things are not going well.

We warned them but they called us "SHINEDU" , the expert prediction will Favour me and my family

stewiepeter:

It feels good but believe me it’s bad because what 500,000 naira will buy for you in January 2023, 1,000,000 will not buy it now. You have a lot more yes, when you change your dollars but your purchasing power has dwindled considerably.

True talk

Jessyjeff:
The Lizard people have taken over Nigeria's economy.

Russian economy in early 90s come to mind. Unless local refining capacity starts this month, the economy of Nigeria will be even more difficult next year, than we have seen in decades.


Can't the eggheads in present government consult Obasanjo on the template he used in 1999 - 2003 to stabilise the economy?

@last paragraph,politics won't let that ever happen. We are in money printing era. Things can lack in supply just give the world money. The love of money indeed is root of al kinds of evils.

Unjust hope private refineries start operating. Many new filling stations are now groundnut and popcorn selling hubs.

Nigerians are unproductive

Watch them attacking IGBOS on this.