₦airaland Forum

Compared to Kenya, Ghana and South Africa. These countries exchange rate has more than remain the same today as it was in 2023. Why is it that ours went down so rapidly. All 3 countries rely on foreign goods probably except SA but the other two yes.

So there is no justification for the exchange rate to drop from 700 to 1600 today.

Guys make Una make me understand😳🤔

because we have a clueless president and advisors who thought floating the naira will just automatically normalize the exchange rate in an economy largely dependent on imported goods

KnowAll:
Compared to Kenya, Ghana and South Africa. These countries exchange rate has more than remain the same today as it was in 2023. Why is it that ours went down so rapidly. All 3 countries rely on foreign goods probably except SA but the other two yes.

So there is no justification for the exchange rate to drop from 700 to 1600 today.

Guys make Una make me understand😳🤔

Ghana: 2016 one dollar was 4.cedi

2023: one dollar was 11.2 cedis

Kenya: 2016 one dollar was 100 Kenya shillings

Now: 120 shillings gets you.a.dollar.

( Kenya gets half it's income from.donor agencies)

South Africa

17 rand to dollar in 2016
18 rand to dollar in 2025

( Diversified industrial economy that exports
Also gold , platinum and a vibrant tourist sector)


Nigeria could do better than all this if we had serious government

KnowAll:
Compared to Kenya, Ghana and South Africa. These countries exchange rate has more than remain the same today as it was in 2023. Why is it that ours went down so rapidly. All 3 countries rely on foreign goods probably except SA but the other two yes.

So there is no justification for the exchange rate to drop from 700 to 1600 today.

Guys make Una make me understand😳🤔

Did Kenya, Ghana or South Africa devalued their currency twice like Nigeria did between 2023 and now?

If I used the word illiteracy for you now, hope you won't get angry

Stay updated

Ikaeniyan0:
Did Kenya, Ghana or South Africa devalued their currency twice like Nigeria did between 2023 and now?

South Africa does something we don't do.

Diversified industrial economy

KnowAll:
Compared to Kenya, Ghana and South Africa. These countries exchange rate has more than remain the same today as it was in 2023. Why is it that ours went down so rapidly. All 3 countries rely on foreign goods probably except SA but the other two yes.

So there is no justification for the exchange rate to drop from 700 to 1600 today.

Guys make Una make me understand😳🤔

Naira is going down because it is reliant on oil income.

Once oil prices fall, we either let the naira fall with it or incur debt in keeping it afloat which is what we have done for decades until debt started eating 99% of revenue and we had to stop.

Nigeria needs to change the basis of it's economy and earn more revenue. And fight corruption as well

nairalanda1:
South Africa does something we don't do.

Diversified industrial economy

Did Kenya, Ghana or South Africa devalued their currency twice between 2023 and 2025 like Nigeria did?

Ikaeniyan0:
Did Kenya, Ghana or South Africa devalued their currency twice between 2023 and 2025 like Nigeria did?

Where do you expect Kenya precisely to get the money to devalue their currency?

nairalanda1:
Ghana: 2016 one dollar was 4.cedi

2023: one dollar was 11.2 cedis

Kenya: 2016 one dollar was 100 Kenya shillings

Now: 120 shillings gets you.a.dollar.

( Kenya gets half it's income from.donor agencies)

South Africa

17 rand to dollar in 2016
18 rand to dollar in 2025

( Diversified industrial economy that exports
Also gold , platinum and a vibrant tourist sector)


Nigeria could do better than all this if we had serious government

We are talking about 2023 rates. Was Tinubu President in 2016?

Because you all keep electing useless people as your leaders

Ikaeniyan0:
Did Kenya, Ghana or South Africa devalued their currency twice between 2023 and 2025 like Nigeria did?

Still doesn't change the fact that Nigeria needs to have a serious government that would diversify the economy.

KnowAll:
We are talking about 2023 rates. Was Tinubu President in 2016?

Did you read the last sentence of my comment, dear boy?

Does exposing how bad our currency fall compared to other African countries somehow excuse tinubu?

Didn't tinubu help bring in buhari to power?

helinues:
If I used the word illiteracy for you now, hope you won't get angry

Stay updated

former chairman agbero union nairaland branch why not answer his question.well let me help ,the agbero chairman snatch and grab power.A man that emptied all his bullion vans to grab power will get it full and look for gain.like adding many bullion vans as profit.so all the mathematics on what happened to naira is just to fill the bullion vans in case he want to build another state or country after building Nigeria.

KnowAll:
Compared to Kenya, Ghana and South Africa. These countries exchange rate has more than remain the same today as it was in 2023. Why is it that ours went down so rapidly. All 3 countries rely on foreign goods probably except SA but the other two yes.

So there is no justification for the exchange rate to drop from 700 to 1600 today.

Guys make Una make me understand😳🤔

most of you are just funny,wait if you spent all your money to achieve success on a particular business and it went through won't you find a way to make profit and also recover your investment.thats what happened to naira. A man spent all his naira to be in charge of the naira he has to make his naira back and being an African man he will like profit . Nigeria will start to look like getting better when he thinks his ok .then guess when 3080

We have a terrible president

Bobloco:
We have a terrible president

I am beginning to think so. Was that the only solution?? What happened in 2023 and removal of subsidies and deregulation of the naira.

Just checked different countries rate in 2023

To the dollar

Ghana cedis 2023 11.20

Ghana cedis 2025 15.8

Kenyan schillings 158 2023

Today it is 129 to the dollar it actually strengthened

South Africa Rand 18.50 2023

S.A. rand today 18.80

So why did the naira drop from 700 to 1600 in just 2 years no wonder people are hungry.

Basically Nigerian lives has been devalued by a 1/3 which is a shame.