Brenbentondiaz:


The answer people are skipping is that the govt was defending the naira that time and fixing forex prices. That subsidy regime has been removed now.

I'm also aware this present government has been clearing a lot of bad debt that has the naira so much problems but locally and internationally and it has been giving the naira some strength.

I’ve been asking this question since

yommen:


You yourself have not even given a reasonable answer to the question the OP asked. You only repeated comments that have been made over and over again. It is comments like yours that gave birth to OP's question. You have claimed to know but can't even give answers to the topic you seem to know. What was exports like then and now? Give figures and links to information.

I had thought I would learn something significant from answers to OP's question.

The OP understands that many Nigerians, especially on Nairaland insist that there is a need to increase export from Nigeria abroad in order for the Naira to begin to regain its value. The OP is now asking if there was anything Nigeria was exporting in particular when dollar was N200 compared to now that the naira has depreciated so much.

Moreso, just over 3 weeks ago, the dollar was close to N1,900, now it's N1,300. It has appreciated by a whopping N600. The government has done a lot in the process but nothing as regards all your claims of exports, export, exports!!! You have been shouting increase in exports but the Naira has been gaining strength without the exports increase you claim yet you can't afford to keep quiet.

Based on what many of you are saying, you do not have answers to the questions. Many of you here are just being to emotional about things without really offering substantial answer to the questions.

My take!

I have written about this several times on this website, there's no need to rehash.
I bet you are one of the ignorant lot who comes here everyday to monitor the performance of the Naira against the dollar.
You need to get yourself educated rather than come online to spew balderdash.
I bet you think our consumption of foreign goods in food, fuel, raw materials, electronics etc remained the same as it was when naira exchanged for #200.
Don't come to me with stupidity.
I am sure it doesn't occur to you also that there's more pressure on the naira depending on how much you need to import.
What you are ignoranttly talking about is just the naira reaction to short term supply and demand, not whether there's more export or not.
0.45 cents change is "whooping" N600!
Why don't you just say you are devastated the naira is gaining strength?

chinchum:
well, many who left vis school route had to pay school fees, it is not cheap o, they took flight o and yes may go along with dependant(s), they paid visa fees, money to agents in some cases, took IELTS multiple times, showed at least some money in their bank account to prove to visa officers they could survive in new country 6 months to a year.

wen guys de alter pof wit banks,fr agent no be u de do am ursef, den flight nd school fee,pls most agents are agent of darkness no too entrust dem mk u no find ur sef fr Sudan as dem tell my guy na spain

chinchum:
The recent waves of Japa in the last 7 years is yet to yield appreciable remittance, it will yield at some point . There is a gestation period for most people who left to begin remit appreciably . It is at least 10 years for most people. If you spend 40,000usd to leave the country, when do you settle down enough to meet your basic needs in your new country and can then begin to remit hundreds of thousand dollars? Sending 100 dollars every month when you used 40,000usd is not bringing the ROI.

There are Nigerians in Diaspora that left 15-50 yrs ago, many are accomplished enough to start building large homes , companies and remitting to families.The bulk of remittance are coming from those set of people.

Youu will agree with me that rate of "Japa" increased a lot in the last 7 years., Most of this new set of japarians in the last 7 years are not self fulfilled in their country of origin to bring any tangible remittance beyond some few hundred and thousands, there may be very rare exceptions, they are close to negligible

If you spend 40,000usd to leave Nigeria and start remitting 500usd monthly to Nigeria the moment you got in to the new country, how long will it take to remit 40,000usd? 7 years. Most recent japarians can't even remit 500usd monthly yet.

I understand the angle you are coming from but sincerely no one spent $40,000 to japa from the country, the recent student japa to UK is the most expensive jada in the history of Nigeria and on the average no family spent more than 25000usd.

Yourprick:
People keep saying Nigeria should export more for the naira to gain, Please was Nigeria actually exporting anything when a dollar was 200 during Jonathan regime?? I'm curious 🤔

less babies.

Yourprick:
People keep saying Nigeria should export more for the naira to gain, Please was Nigeria actually exporting anything when a dollar was 200 during Jonathan regime?? I'm curious 🤔

You're smart. Not that we were producing anything different from now, but the federal government was not printing the equivalent of four years' budget in new naira notes. It's the illegal printing of naira notes and the blatant robbery of our foreign reserves under the two APC regimes that killed the naira

teeytimi:

I understand the angle you are coming from but sincerely no one spent $40,000 to japa from the country, the recent student japa to UK is the most expensive jada in the history of Nigeria and on the average no family spent more than 25000usd.

I really can't place how you arrive at "no one spent $40,000 usd" . School fees are not cheap in UK, Canada, US , Germany e.t.c. international student tuition per session can be more than $15,000. Proof of funds is not cheap. When you then factor in dependants who are mostly minors you realise why the amount is not far fetched. Off course some people will spend less than that amount.

emperor4love:
wen guys de alter pof wit banks,fr agent no be u de do am ursef, den flight nd school fee,pls most agents are agent of darkness no too entrust dem mk u no find ur sef fr Sudan as dem tell my guy na spain

not everyone cuts deal with bank or forged bank statements. It will surprise you that majority got the money.

But hope you got his massage, lol

Yourprick:
how does this answer the question?

Yourprick:
how does this answer the question?

It answered your question

Yourprick:
People keep saying Nigeria should export more for the naira to gain, Please was Nigeria actually exporting anything when a dollar was 200 during Jonathan regime?? I'm curious 🤔

Nigeria was just collecting rents from crude oil explored and exported by several (mostly foreign) companies.

Out of the $money ,the CBN would sell dollars to people at a very low rate (e.g $1=200) that is below the market value. This meant that the CBN was subsidising the exchange rates.
This policy has been in place since 1973 when the Naira was introduced. The policy has it's pros and cons.

Pros: It enable Nigerians to access FOREX at low rates so they can import foreign goods or pay for foreign services e.g Hajj, Tuition fees in Foreign schools,Medical treatments abroad or even Holiday in The Bahamas etc
Cons: 1) With increased population and increased demands for Foreign goods/services, the CBN was unable to meet the demand for dollars at subsidised rates ,so they often increase the exchange rates e.g from $1= #0.56 in the 1970s
$1= #5 in 1986
$1=#21 in 1993.

However, not all those who needed the dollars got it at this rate, privileged elites who got it at 'official' subsidised rates sold it in the black markets at exorbitant rates.

By 2022, Nigeria was borrowing $1.5 Billion monthly to subsidised the exchange rate and it got to a point, no creditor was willing to borrow Nigeria money for such subsidies anymore.