₦airaland Forum

You’re correct…. In my opinion, the only solution to the forex crisis is for government to purge itself of corruption at all levels…. Tackle insecurity by exposing political sponsors, cut down on excessive foreign borrowing spree, reduce cost of governance by removing duplicate MDAs, review and reduce politicians huge allowances especially president, VP, governors and National Assembly…. As a matter of urgency revive at least 2 local refineries to start producing fuel….

Unfortunately this APC government is complacent in all that’s happening in the country….

linearity:
This is happening already and not even for importers but for most people in diaspora who send money back to Nigeria.

It now happens by barter on a daily basis, where is Mr. A in diaspora want to send $100 back home, they readily would find someone who has Naira in Nigeria but needs that $100 abroad for whatever reason. They just look up the Naira to Dollar rate on the black market and viola! the trade is consummated.

In Nigeria the only evidence of this happening is a Naira to Naira transfer from one account to another.

Such a foolish statement, are Nigerians not working for the money they save in their bank accounts? Most businesses that engage in manufacturing source raw materials in the international market, are you saying their legitimate trade should be disrupted as result of your government’s incompetence? Are you educated? Is Tinubu himself not stockpiling stolen dollars in his Lagos mansion vaults? Are the CBN and bank officials not stockpiling dollars engaging in forex round-tripping for selfish ends….? Your naivety is unhinged and dangerous…. Look at your statement…. “Tinubu should take brutal action on innocent hardworking Nigerians while greedy politicians and bankers are encouraged to continue to rape Nigeria….”

goodconsience77:
My candid advice for the president is that he need to take brutal approach in handling this situation. Many Nigerians stocks pile the dollar in there bank account. President Tinibu should give executive order to limit the amount of dollars anyone can have in there domiciliary account anything above that should be converted to naira eg any private that have above $100,000 the remaining should be converted to naira while corporate organization shouldn't have more a $1m. and remaining should be converted to naira.

The blame lies with the government for not providing enabling environment for local manufacturing to thrive . Since 1999 Nigeria can not boast of 247 electricity…. Insecurity rising and bad roads mainly in southern commercial parts of the country…. Again was Nigerians not importing under Jonathan’s government? How is it that naira did not rise uncontrollably back then….

This APC government in the last 8 years destroyed Nigeria’s economy through excessive borrowing, corruption and looting…. Till now no single local refinery is producing fuel….. This is an evil government….

ExudeLoveToAll:
They are using dollar to import everything, from the phone you are using, your television, fridge, watches, shoes, clothes, cars, heavy duty equipments, the list is endless.

If we reverse it by making our county export driven via practicing production economic policies nobody will need forex to import the materials that we should have a substitution for by now.

It is what it is, without importation the economy will experience great decline because we don't have substitute for many products as we speak.

I’ve warned and appealed to Nigerians not to expect any positives from this government as it is clueless, incompetent and corrupt just like the APC government before it.

The CBN recent policy on mandating banks to convert customers forex transactions to Naira is a violation of people’s right to earn and spend. Forex round-tripping among bank officials including the CBN has been revealed as one of the major cause of our forex crisis…. Has the CBN and banks purged itself of corruption….? This new measure will discourage forex remittances from Nigerians abroad, local businesses and foreign investors…. It will exacerbate the situation….

This is a violation of people’s right to earn and spend. Round tripping among bank officials including the CBN has been revealed as one of the major cause of our forex crisis…. Has the CBN and banks purged itself of corruption….? This new measure will discourage forex remittances from Nigerians abroad, local businesses and foreign investors…. It will exacerbate the situation….

We need to take responsibility as a people by holding our leaders accountable…. There is need to agitate for devolution of power…. There is need for state or regional economic autonomy….

BigBlackPreek:
Renewed shege indeed!

Our leaders are all confused lots


God belp us the masses in this CornTree

This is a clear violation of people’s right to their savings. It bridges the contract between depositors and their banks…. It’s simply a bad policy that will discourage foreign investors and Nigerians abroad from investing…. It’s outrageous….

Yes it’s glaring that’s why there is no moral burden on him to be accountable to Nigerians….

SoNature:
Tinubu didn't promise anything; he only said it was his turn and was declared the winner afterwards

Yes The future is bleak…. We ran a system of government that brought out the worst among us…. We ran a system of government showed how divided we are and this was used against us by our greedy leaders…. the way forward for Nigerians now is to APC government by pushing for dissolution of the government then reset, restructure and decentralize power….

It can’t work because the foundation of our union is faulty…. There is need for a reset and restructure…..

You may not like my opinion but I don’t post to please anyone what I’ve written is my truth…. You can either criticize it by providing a compelling argument or leave…. Calling me names like Obidient over my posts doesn’t change reality of Nigeria’s economy….

Throwback:
If you are not an obidient, then you are even far worse.

You are an alarmist and anarchist.

Yes personally I am an anarchist…. Anarchy doesn’t mean chaos or disorder, it means freedom from oppressive centralized authority with a monopoly of force. Voluntarism or Anarchy is the organization of society on the basis of voluntary cooperation without centralized hierarchical government. I am not advocating for a lawless society but a society bound by voluntary cooperation and not force.

Throwback:
If you are not an obidient, then you are even far worse.

You are an alarmist and anarchist.

Quite unfortunate that you are still caught up on tribal politics and propaganda when your house is on fire…. If you think by accessing my posts I am an Obi supporter then you’re wrong….. What I want is for Nigerians to see that the real issue is foundational…. This is why we can’t prosper as a people…. Nigeria is doomed in its current form…. This centralized democratic system of governance must change…. Either we restructure and decentralize power or we divide the country….

Throwback:
I reckon your agenda did not agend the last time, so you just had to come back like a miserable election loser to find another way to truncate a legitimate government, just because your candidate like you, is a sore loser?

Shame on you and those losers who have assigned you your miserable task.

I did not support the participation of Nigerians in the last election neither did I support Obi or Atiku. I’ve always been a proponent for restructuring of Nigeria…. See my post before the election here

https://www.nairaland.com/7578573/take-tinubu-atiku-obi-sowore

I guess you’re Yoruba and Tinubu supporter… your tribal induced rhetorics will not work….

Throwback:
I reckon your agenda did not agend the last time, so you just had to come back like a miserable election loser to find another way to truncate a legitimate government, just because your candidate like you, is a sore loser?

It is glaring…. There is no hope for Nigeria in its current form…. It is time to reset and restructure Nigeria… If as a people we cannot agree then we can divide the country….

With the recent news of Naira trading at over N1500 to $1, the next few months will be chaotic as prices of food and services continue to rise…. We have consistently failed as a people to hold our leaders and government accountable… we have continually embraced and cheered our corrupt leaders for looting our common wealth…. For every action there is always a reaction…. Our nonchalance and foolishness as a people have finally caught up with us…. Nigeria’s economy is now on its knees and on the brink of total collapse…. Many of our greedy politicians are only waiting for final collapse to escape once crisis erupts as a result of the economy….

Since 1999, we’ve had leaders elected every 4 years with promises to revamp our refineries and encourage local manufacturing by developing infrastructure only to turn around to loot the national treasury, we’ve had leaders who bribe and rig elections with careless abandon, instituting nepotism and god fatherism not minding the damage done to our polity. As we have failed as a people to embrace a merit system in our national affairs, today seem to be judgement day and many Nigerians appear clueless as to how we got here….?

In 2023, when the Supreme Court validated the fraudulent election that produced Tinubu, a criminal as President, many Yoruba Tribal bigots celebrated his emergence and kept insulting other sensible Nigerians who predicted the negative impact that a Tinubu presidency will cause this country. Today, many of those Yoruba bigots can’t afford 3 square meals or take care of their families…. The truth is that Nigeria is doomed because we have consistently failed to unite against injustice and corruption…. we have consistently failed to condemn evil…. When you support a selfish criminal like Tinubu who has no shame and celebrate him for rigging an election…. A man who was central to the emergence of Buhari and the terrible state of our country…. How do you think you will prosper?

Nigerians can now see that the end is near…. Those who think that by leaving the country they will escape what is coming…. Sorry to say this but they won’t as long as they have families and relatives in Nigeria, whatever happens will affect them….

Nigerians lost the last chance to save Nigeria when they allowed the evil Buhari’s government to rig and install Tinubu as president…. Overtime I’ve seen many media reports about Tinubu government plans, policies and economic jargons on how he will turn Nigeria to paradise but the bottom line is that you can not plant yam and harvest beans…. Corruption can not fight corruption…. Evil can not produce good…. Tinubu has nothing good to offer but media and tribal propaganda, the sooner all Nigerians realize this the better….

Now that the chips are down, what Nigerians must do in order to survive and avert the impending economic doom is to unite (Even though we don’t like ourselves) and end this shameful APC evil government…. Once APC is gone then we must push for the formation of a national conference that will be tasked with forming a new people’s constitution that is based on equity and justice which will guide the new decentralized government (Restructuring) that will emerge. The lives of our children and future generations hangs on our ability to do the right thing, it is not too late to act and reset the system…. If we continue like this…. No matter your tribe whether Hausa, Igbo or Yoruba no one will be excepted when Nigeria’s economy finally collapses….
It is time to wake up and say no to tribal and religious sentiments…. It is time to end the deceit….

Good question “ WHO WILL BELL THE CAT?

Nigeria’s economy is a saddening situation….

A nation without unity…. Tribal and religious sentiments may finally destroy Nigeria….

SeeWahala:
I agree with everything single line of your post above but the main question still remains . . .

WHO WILL BELL THE CAT?

Until you or I are ready to rise up to this challenge, Nigeria as a country will continue to run around in circles and even our small neighbours Benin Republic and Cameroon will soon surpass us economically. All it will take is a little time, dazzall

Seem it is already too late to salvage the economy…. Although dissolving this APC government may give the economy respite in the interim…. Until a new government with competent team formed on merit and not based on nepotistic appointments take over and truly cut costs by downsizing government ministries, reducing agencies, reducing National Assembly huge allocations and empower anti-corruption agencies, enact frugal spending policies to checkmate wastages and get one national refinery working.

Maybe Nigeria’s economy will bounce back if all listed above is done…

SeeWahala:
Wetin we go use dissolve am?

Hot water abi acid?

Up emilokan, the suffer must to reach everyone for our collective brains to be reset properly

For those making jokes and dishing out insults on this thread, all of you will face the consequences for supporting this evil APC government against your people….

This platform can never achieve its full potentials with the biased and hateful way the mods delete user posts especially political posts that doesn’t align with their views. You keep deleting posts that are against the incompetent APC government but leave those that promote Igbo and iPOB hate propaganda…. Such bias is the reason why this platform will lose user engagements over time…. After what I’ve seen so far…. There is no doubt any more that Nairaland is a biased political platform…. I guess your mods will delete this too….

Naira yesterday fell to a record low of N1,348.63 per dollar following strong demand on the official market, also known as NAFEM market.

This is despite the news of additional release of 500 million dollars to various sectors in its determination to address the backlog of verified foreign exchange transactions by the Central Bank of Nigeria (CBN).

This represents 33.87% or N456.73 weaker than N891.90 recorded at the close of trading on Friday.

The observed depreciation is unparalleled and stands as the lowest point in the historical performance of the Naira, reflecting the severity of the current economic challenges.

With the recent news, there is no doubt that Tinubu’s government is clueless and has lost control of the economy. The only reasonable option left for Nigerians now is to push for the dissolution of this government…. Tinubu and his gang of looters have to go before it is too late to salvage the economy. This APC government will destroy this country if left to continue…. It is sad that National Assembly seem to be dead to its responsibilities of checking the executive…. There seem to be no hope as it stands…. Nigeria is finished if we all stand by and do nothing…. This evil APC government has to go…. We know that Tinubu didn’t win the 2023 presidential election…. a government on a stolen mandate….

Point of correction I did not say he will legalize same sex unions I said his supporters want to know his stance on this judging from recent rumors of his son been called a gay….

DaddyJapan:
For the avoidance of doubt, I am not Obi's supporter or affiliated to any political party in Nigeria.

You say he would have legalized same sex unions had he won, but I put it to you that: this betrays a lack of understanding of how our laws are framed.


Source: https://en.wikipedia.org/wiki/Federal_government_of_Nigeria

Well said but @aribisala0 keeps dwelling in the past as means to down play the present I guess to absolve the correct incompetent government of any blame..….

Tianamen1:
More facts
November 2014
Background
-Nigeria’s excess crude account was depleted.
-Nigeria had taken Eurobond debt
-OPEC held a meeting concluding that they should flood the market with crude to push US shale producers out of business.
Metrics
-USD to NAIRA: about N160
Today about N1400
9 years have passed, so at the rate the Naira is going, God forbid, but it can get to 14,000 in 7 years.

Our leaders are incompetent and have always been incompetent. The economy collapsed in the 80’s through the 90’s and the economy is collapsing now.

Wow this is serious allegation…. Can it be true…..? Obi need to come clean with Nigerians…. Nnamdi Kanu may know more than we think….

Well said…

Nigeria's root problem is foundational. Due to the demographics, unfortunately we are people who uphold our ethnic, tribal and religious affinities above national identity and ideologies. If nothing else proves my assertion I believe the sentimental support of the Yorubas to validate illegality by pushing a dubious character like Tinubu as President, the lingering injustice on Nnamdi Kanu by government disobeying court orders, Biafra agitation, Niger delta agitation and the Fulani herdsmen bloody pogrom validates it. What we need is justice for the country to heal there so much oppression and injustice in Nigeria. I strongly feel that we can achieve this through restructuring.

For peace to reign and to foster prosperity, we need a new decentralized system of government. I hope and wish that Nigerians will push for restructuring instead of waiting for 2027 to participate in another rigged election that will bring back our oppressors….. Time is running out for Nigeria…..

Ttalk:
The North started restructuring by introducing another constitution. They say it is their right to have sharia in a Federation and a Southern president granted them their wish.

Now the South is yearning for fiscal autonomy and devolution of power. Let any man prove that Is against the constitution in a federalism.

The truth is that Nigeria has lied so much to itself without success, not it is the right time to take the bitter pill. Nigeria must be restructured whether the North likes it or not.

The unity that accommodates Sharia should also accommodate regional autonomy, which was the basic foundation of this country, let no man deny it

Currently I can’t verify the numbers you are posting… you may be right. But just as I said we moved from military to civilian rule to make things better…. It got worse….

aribisala0:
No opinions
Facts
The exchange rate changed from 75 kobo to 80Naira from 1983 to 1999
And petrol changed from 20 kobo to 20 Naira

Not my opinion but FACTS

Do you dispute them?

I’ve addressed your submission in my earlier post…

aribisala0:
Keep quiet and stop talking nonsense
The military borrowed so much that Obasanj o had to plead for debt forgiveness along with Iweala and still had Finlayson excess of 20 billion IS $ TO PARIS CLUB
The military were not transparent and information about borrowing was not Waterville nonsense in an inter net age
It was after they had gone we realised the extent of damage

Your attempt to superimpose your opinion by accusing me of ignorance when I am only stating the obvious shows how sentimental you’re regarding the issue…. What I’ve been trying to point out is that Nigeria experiencing massive devaluation under the military does not negate the terrible state of our situation today…. We moved from military to civilian rule to correct the wrongs you’re pointing out…. Did it get better? The answer is No…. Are Nigerians supposed to be worried…. The answer is yes…. Whatever happened during military era is history…. what matters is now…. Successive civil governments failed Nigerians and made it worse…. The Naira is now on free fall losing value per day…. Massive surge in prices of food and services with no increase in salaries…. Insecurity is now worse and it was not this bad during the military era…. As I said your attempt at trying downplay the situation or absolve current government by blaming military while calling me ignorant and a child shows you’re only sentimental and economical with the truth which is that Nigeria’s economy is on the brink of total collapse….

aribisala0:
But I already showed that in moving from 75 kobo for one one dollar to 80 Naira in 16 years The Naira underwent the most devaluation in our History and therefore the most pressure from 1983 to 1999.
So you are not being rational or logical
Why we're we getting debt forgiveness under Obasanjo from.Paris Club?
By whatever measure that was the worst period the only difference being there was no transparency as it was a military era
Babangida asked the country to be debating for months about whether to take IMF loans and people were debating foolishly about loans they had already taken
Stop talking ignorantly

Also these are foreign loans which adds more pressure on the Naira…. Because loans are not judiciously used but looted…. The Government is actually borrowing dollar to pay off loans…

aribisala0:
The questions are stupid
I did not call YOU names
If you are illiterate that is your problem

Our debt was close to its lowest level in 1970 when the civil war ended. That does not mean the economy was great then.
Who are you to ask me questions

National debt is not a measure of the health of the economy . Debt is not a sin or evil so that is a stupid question. Debt level is no basis for comparing economic performance
If you want the information you can research by yourself

You seem offended but if I call you a child severally ….. will you like that? I guess you won’t…. In the case of Nigeria…. National debt is a measure of the health of the economy because of the looting culture of politicians in each successive civilian government…. There is always no proper way to check what the money borrowed was used for…. There is also no proper plan in place on how to pay back the loans…. This is part of the reason why things are worse now because these loans will keep going up and add to our economic woes…

aribisala0:
The questions are stupid
I did not call YOU names
If you are illiterate that is your problem

Our debt was close to its lowest level in 1970 when the civil war ended. That does not mean the economy was great then.
Who are you to ask me questions

National debt is not a measure of the health of the economy . Debt is not a sin or evil so that is a stupid question. Debt level is no basis for comparing economic performance
If you want the information you can research by yourself

Same sex conduct is banned in Nigeria. There is anti-gay law that attracts punishment of up to 10 years imprisonment if found guilty, this is why Nigerians deserve to know. LGBTQ remains a contentious political issues as far Nigeria is concerned so the recent news is disturbing for someone like Obi who ran a popular campaign…. If truly his son is gay as you are insinuating…. the question that many of his ardent supporters want answered is if he had won would he legalize gay in Nigeria. What is his stance on the issue of LGBTQ rights and Nigeria’s anti gay law…. You seem to be his supporter or a Labor party agent….

DaddyJapan:
What is not part of our culture?

Do you want to know the irony? Homosexuals were not prosecuted (persecuted) in Africa until the advent of British colonial law, which criminalised it. Abi no be for Africa men dey wear wrapper - an apparel that some would argue goes against biblical teachings.

Obi does not have to confirm anything. His son's sexual orientation, which appears to be no longer in doubt, is just that - his son's.

You should have limited your post to just the last sentence you wrote, as neither Tinubu nor Obi's sexuality is up for debate.

You resort to name calling again…. Yes population has increased but I asked a simple question, what was Nigeria’s national debt under military rule as compared to current civilian rule…..?

aribisala0:
Stupid questions
You really are a child and not knowledgeable on this issue
The economy is not any worse than What we saw under Babangida.
The population has more than doubled and people have mobile phones and the internationals when you would travel kilometres to make a phone call.