I have been a Nairalander since the very beginning .I used to sell exotic cars on nairalist which had the craigslist feel and was disappointed when seun said he wanted to close the site down for a better portal that covers several aspects of the Nigerian society. So many years had come and gone since then, I only come to read the news on nairaland and usually never read the comments until 2019 after the second coming of Buhari. I couldnt believe a man who was grossly incapable of leadership was voted back with many people here on nairaland supporting him because of tribe and religion.

After the election I started leaving comments and dropping my two cents and correcting non factual statements of matters that I had a good knowledge of. Before the naira got to 700naira I had started leaving warnings here that 780 or there about was our final support and we would not stop capitulating if the right person and from the rightful region was not elected as a president.

For the first time since I've been on nairaland I started campaigning and getting actively involved in politics, because I was very sure that this time if we were to elect the wrong person we were doomed. Of all the candidates who presented themselves for election, the person with the most stellar resume was Peter obi primarily because he was a financially prudent Guy, and that is exactly what the country needed at the moment. Someone who's personality embodied prudency and right off the bat that would curtail the corruption and the stealing that was endemic in the Nigerian society. Once everybody noticed that we had a president who would dare not tolerate such behaviors, that alone cuts the stealing into 50% for a fact. Another important Factor was that the Igbo people of Nigeria were eagerly waiting for this presidential election to come to them, it was a make or break for most igbo people.

Here's the truth my people, we are a country of multi tribes we have three big tribes and many small tribes. if we were to start to take this country seriously building nationalism should be first, our model should be that no tribe would be taken for granted and definitely not with the Big Three tribes. The rotational precedency per zone is the first way to instill that belief that this is a country for all of us and no one, no zone is looked as a servant or another as a master that should be law at this point. If we as a people decided that we want to start messing with a tribe of over 50 million people who holds so much sway economically in this country and internationally, then that lies our biggest problem.

I said this here in the past once there is a loss of confidence in the direction of the country that reflects on the value of our currency because people start pulling out, and then it does not matter whether you supported the president or you campaigned for the current president or you're from his tribe or you hated the other tribe . Once a large percentage of Nigerians that pulling cash out of the country and our currency starts dropping. And at a point regardless of how optimistic you were about the country or how or who you supported for the election you will also panic and pull out and that is what brings down the value of the naira. It has nothing to do with what we were producing or what we were NOT producing. It has nothing to do with any of that otherwise we wouldn't have had better value in the past. The value of our currency was held on the hope that the country would be great, once that is taken away from the belief of the people in the country to the point where they stop investing and only start looking for how to leave, the country cannot survive that starting with the value of the currency. That is the biggest Factor in our currency devaluation at the moment.

The second Factor like I did state here earlier on other posts is there an external factor. During my travels across West and Central Africa over the last 15 years, I have come to realize that we were a threat to the French government on their dream to take over the sub-saharan continent. Every single country that I went to and spoke to their politicians in French speaking Africa they kept repeating the same thing that if we as Nigerians get our act together their people had no business bowing down to the French people as much as they did because Nigeria was equally a big enough partner and right here in Africa who they could trust and deal with. When I put two and two together I started to realize that the French people would like to have us out of the way. For example. the issue of the eco currency for West Africa was brought up the French quickly took over it, sidelined our country's and wanted to be the deciding factor in it. You can also all see the hands of the French government play out in this current administration. Tinubu is literally doing exactly what they say as a policy, what is recommended by World bank/IMF aka Kristin lagard and macron are the policies that the president is following and these are his closest confidence internationally. These were the first people to recognize him as a president and when they say devalue the currency he does, when they say remove the subsidy he does, they're giving him tips of what to do and then they come back and they mock the same decision that they asked him to take when it backfires.

The final thing that is putting a strain on our currency is corruption and corruption becomes endemic when the people, the citizenry have a loss of Hope in the direction of the country. When nobody believes that we're going anywhere it is best to take what you can right now because the future is no longer clear. So even if this were to supposed to be for example (Going back to my initial Point of rotational presidency and nationalism) only the corrupt politicians within the South East who now see for very clear fact that this country is not to be taking serious because their people are being sidelined, and stealing is all that they can do. And then they're stealing and then putting the money into dollars that conversion process puts a lot of strain in our currency. Just imagine if the a lot of politicians in the south South and the southeast were just stealing with impunity because they don't believe where the country was going to (We know for a fact that corruption is endemic in all parts of nigeria) and because they see that the value of the naira is plummeting, they are compelled take this stolen money and try to convert it into US dollars, the strain of that process rinse and repeat will continue to drive our currency down a bottomless spiral.

It started with the election of a wrong candidates from the wrong region. The worst couldn't have happened if we have elected a person from the southwest or anywhere else who truly was an upright person who everybody knows is coming truly to work for the people, it would not be as bad as it is because then the citizenry would say well hey at least this guy is corruption for free, educated, and truly truly out to fight for the interest of everyone regardless, But when you skip a big tribe like the igbo people when it's rightfully their turn and then you put practically the worst person who could ever come up for president in this country ( just look at his resume) then it is done! we were cooked at that point.

The lesson here is as we move forward in this country we have to accept to ourselves this country and our constitution is written in such a way that regardless of who the president is, his people cannot benefit more than the others he's tribe only matters before he becomes the president. As the President he cannot unfortunately be able to overfavor his tribe enough to change their fortunes, because of the way the country is designed. So taking this issue of tribe, rotation of precedency, Political power seriously, to put in that sanctity that no Nigerian is a servant and no one is a master is the first principle that we need to build nationalism. When there is nationalism the people will make sacrifices because they believe they know where the country is going and they believe that their sacrifice is for their future generation. That is how growth is built. No country on the surface of this planet survived when tribalism, ethnicism, nepotism and all of that is the cornerstone of their policy and politics

To those saying Peter Obis presidency would have been the same are lying to themselves. First his presidency for the fact that we got the region right would have brought hope, that alone would have moved our currency up. Has someone ever given you hope to the point that you start glowing for weeks or months? Secondly Peter Obi being elected by the people would have had fear of the electorates and would not be willing to do anything to threaten his mandate, (unlike your I am a God and its my turn president.) So every decision would have been properly thought through. Corruption would have massively reduced.

Hopefully we will learn this time and say never again when next an absolute Loser is presented as a presidential candidate. I worry that the dollar might end up around 7500. in the coming year, and pain of the ripple effect of that is extremely gigantic. There is nothing being done to counter the loss of hope amongst the citizenry.

The Naira is almost 1650 as we write. What a shame.

Oga you have said it all. When then G O of Salvation Ministries was talking about Naira going over 1k to 3 k that last year before the election, I honestly thought the man was being ridiculously over pessimistic. How Bad can tinubu be. See as we dey now nah

Billionairly:
Oga you have said it all. When then G O of Salvation Ministries was talking about Naira going over 1k to 3 k that last year before the election, I honestly thought the man was being ridiculously over pessimistic. How Bad can tinubu be. See as we dey now nah

We will eventually get to right path. That is what pain does, you are forced to learn. This is the pruning process we have to go through as country to get better. When we taste the worst scenario we will start doing everything to avoid it. Hopefully.

Xbobtage:
The Naira is almost 650 as we write. What a shame.

650? Where? To what currency?

predictor1:
650? Where? To what currency?

Sorry I meant 1650. Corrected myself

deep

OP, you just said it all. Nothing to add. Patriotism is dead. Obasanjo, Nigeria foremost nationalist saw this and supported Obi. IEven Afenifere did. t will take miracle if this country doesn't disintegrate as hardship continue. Tribalists took over and rigged election. Imagine the whole of west Africa looking up to us and we messed up. People will eat grass. Watch, people will compete with animals in eating grass.

You igbos should be happy. Shebi you kuku want Nigeria to perish before.

Sannisege:
You igbos should be happy. Shebi you kuku want Nigeria to perish before.

I am not an Igbo man and I dont wish for Nigeria to break. Focus on the message. Those of you who really want to keep this country together should start seeing every Nigerian Ethnic group as an equal partner in the Nigerian project, lest we all drown.

What is that saying again, A man who says wants to hold another man to the ground, he himself has to stay down.

onez:
OP, you just said it all. Nothing to add. Patriotism is dead. Obasanjo, Nigeria foremost nationalist saw this and supported Obi. IEven Afenifere did. t will take miracle if this country doesn't disintegrate as hardship continue. Tribalists took over and rigged election. Imagine the whole of west Africa looking up to us and we messed up. People will eat grass. Watch, people will compete with animals in eating grass.

My Brother I am really saddened by where we are now, because I saw this coming, I left everything I was doing at work to come here to leave comments hoping I could be able to reach Nigerians for them to see where we were headed. Still the devils hand held sway. We are yet to start feeling the ripple effects of this currency devaluation, the price of everything has barely started catching up. More darker days lie ahead, as sad as it sounds

Sannisege:
You igbos should be happy. Shebi you kuku want Nigeria to perish before.

Rather than focus on the message, you cant help yourself but continue ur usual way in the midst of the hunger striking your entire family.

Bro, how market? I am glad I didn't read your epistle then in February and I didn't read it now in April.

Ifele megbuo gi there!

Okoroawusa:
Bro, how market? I am glad I didn't read your epistle then in February and I didn't read it now in April.

Ifele megbuo gi there!

Sir. It's clear you don't understand economics. Before the end of this year, it will reach 5k.

Nigeria had one duty which was to align and remove APC from power first but that's the time the short sighted Obidient movt decided to start .I will say it and say it Tinubu couldn't have one the election without the participation of the Obidients movt !!!!! All the Agbados bon earth couldn't have win that election for Tinubu, the Obidients and Nyesom Wike handed over the presidency to Tinubu on a platter

Omowale2023:

Sir. It's clear you don't understand economics. Before the end of this year, it will reach 5k.

Since you understand economics,why not sell your house,car , take a massive loan join and buy dollars. You stand to make five times your investment. Go for it,sell everything and you'll be richer than Dangote by December.

Omowale2023:

Sir. It's clear you don't understand economics. Before the end of this year, it will reach 5k.

Thank you. Let it reach 10k

Firingpin:
Since you understand economics,why not sell your house,car , take a massive loan join and buy dollars. You stand to make five times your investment. Go for it,sell everything and you'll be richer than Dangote by December.

LOL you want kill the guy

Okoroawusa:
Bro, how market? I am glad I didn't read your epistle then in February and I didn't read it now in April.

Ifele megbuo gi there!

You are a known tribal troll here on this website, its belittling for anyone for to respond to you, so this has to be one of my lowest moments. But I am responding as always with the intent to educate the general public.

First of all the exchange rate as I write is 1240, at the parrallel and 1300 at the Official. Anyone who is happy with these rates from 430 per dollar last june or 125 per dollar in 2014 has to have their heads checked.

Here is the reality of the situation. The dollar shot up after it crossed 1300 because the general public panicked. And in a couple of weeks it was at 1990. That was extreme fear, and anyone who has been a trader of stocks or any other public financial asset knows that - that kind of spike is unsustainable and would instantly correct. Because those who were smart enough to buy early and also sold the top started the correction, and that initial correction caused those who bought at the top to also panic and sell and this will send the naira tumbling down slightly below where the spike started from. So you are somewhere around the bottom or maybe at 1150 or there about. The same fear is also the reason why the parallel rate is lower than the official rate. Traders are trying to take advantage of panic sellers.

There is no change in policy by the government so this is just a healthy correction from that spike, has nothing to do with binance or whatever other lies you are being told. Traders are waiting for the panic sellers to stop selling so they can start buying. Corrupt politicians with stolen billions from the top to bottom are also going to be buying again once the indicators start pointing towards a movement upwards in the dollar price. If I were to guess I would say we would be back to 1500 around say august/september and and 1850 by christmas.

Once again the primary drive for this naira dollar crisis is unchecked extreme corruption, which is causing a loss of hope in market sentiments, loss of hope amongst the citizenry. which is why we have mass emigration crises, even rich nigerians are running away. Part of what drives this corruption is the unbalanced tribal equity we have as a nation. What we are practicing now as a nation is winner takes all, dog eat dog, survival of the fittest, so every elected or appointed politician understands that they cannot change anything they can only simply take their share and we all continue the sidon look we are currently doing.

Have a nice day!

Binance Saga don go
the uptrend continues. . .