₦airaland Forum

SeverusSnape:
But that first picture is Nigeria... I've seen it before

netizenbuzz:
I think it was kind of necessary. A lot of people in the south don't understand the horrors of what is going on in the north.

OneNaira6:
I feel zero remorse for him. He brought this to himself. Who told him to continue living up north with those trigger happy monsters. While others were leaving, why stupidly risk your life or did he think he was special and somehow BH attacks wouldn't reach him

I've said this before, any southerner still living up north deserve whatever the heck comes to them. If you still dey north, it's obvious as heck your life is worthless to you

CHM11:
Buhari be careful ith your wife oh, Tinubu is a yoruba man and they are know for hmmmmmm with other peoples wives.

Nicklee:
Jonathanians are seriously taking Nigerians for a ride. Y'all must think Nigeria is made up of grossly inept people like your educated illiterate pay master.

There are clearly two records of primary market FX data available for the period under consideration:

1980: Official - N0.55/$ and Parallel - N0.90/$
1981: Official - N0.61/$
1982: Official - N0.673/$
1983: Official - N0.724/$
1984: Official - N0.765/$
1985: Official - N0.894/$ and Parallel - N1.70/$

The statistically meaningful thing to do is to interpolate between N0.90 and N1.70 to fill out the unreported data between 1981 and 1984. If this is done, the data looks like this:

1980: Official - N0.55/$ and Parallel - N0.90/$
1981: Official - N0.61/$ and Parallel - N1.04/$
1982: Official - N0.673/$ and Parallel - N1.186/$
1983: Official - N0.724/$ and Parallel - N1.304/$
1984: Official - N0.765/$ and Parallel - N1.399/$
1985: Official - N0.894/$ and Parallel - N1.70/$


2010: Official - N148/$ and Parallel - N155/$
Now:Official - N168/$ and Parallel - N193/$

Based on this, Naira lost value as follows:

Official Parallel
Buhari 23.48% 30.37%
Jonathan 13.51% 24.54%


However, in Buhari's period in power, Nigeria earned a total of $69.92B (in 2014 $) with [b]$41.95B [/b]accruing to the FG and states. In Jonathan's time, Nigeria has earned a total of $484.2B as at October (in 2014 $) with [b]$290.5B [/b]of that accruing to the FG and states. These numbers were derived from monthly records of crude sales (from CBN's website) and a roughly 60% vs 40% split between Nigeria and the IOCs respectively.

Nigeria has never seen as much record earnings in its history as we have seen in Jonathan's time yet there is nothing to show for it. Slow people want us to compare Buhari's 20 months in office with $41B and Jonathan's 60 months in office with $290B. What did Jonathan do with Nigeria's $290B record earnings? Why is the ECA just at $2B when countries like Norway have saved up hundreds of Billions this same period? Why is the foreign reserve still at $30B? What happened to the Sovereign Wealth Fund (SWF)? Jonathan and his cronies have 'gang-banged' (whatever that means) the economy and have absolutely nothing to show for it.

Nonsense!

nduchucks:
Please provide supporting evidence that the CBN would not had been able to ward off the recent devaluation of the naira if we had had $50billion in reserve instead of $38. Mind you the naira has been successfully defended for many years by Sanusi and Soludo when the reserves hovered around $40 billion without devaluation.

atlwireles:
For the size of this economy, it is a crime against humanity, that Nigeria still depends on oil and gas, for 80% of government spending. The economy is diversified already. Oil and gas represents only 18% of the GDP.

major466:
Exactly. The value of the naira had always been artificially supported by crude oil prices. That has always been the case since 1970s.
The way forward is for government to increase its diversification drive and allow market forces determine the true value of the naira. Its better to have a strong economy and a weak naira than have a weak economy with a strong naira supported by the nation's reserve.