₦airaland Forum

Zooposki:
Emefiele 3x, while Cardoso 2x. Soludo and Sanusi the best.

It got bad under all the governor's
Not because they're incompetent but because the system is bad.
Infact it could have been worse under emefiele in not that we borrowed to sustain our rate.

When a msg is senseless, you have to question the brain behind it

Sibrah:
You are far more shameless and uselessly illogical. Attack the message.

ivandragon:
Come 2027, apc must be kicked out from the centre.

They have shown that they are more concerned in propaganda and optics than actual governance.

Please can you explain what determines the value of currency, like what are the factors that makes a country currency strong so we know if they are incompetent or they are incapacitated by the system

Gbadugbakun:
APC has nothing good to offer this country

This information is irrelevant.

Dollar was pegged for all other CBN Governors except Cardoso.

You are comparing Apples to Oranges.

Noblechykk:
In other words, it could reach 5x in 8 years

This information is irrelevant.

Dollar was pegged for all other CBN Governors except Cardoso.

You are comparing Apples to Oranges.

Amitex:
Don't get it twisted sir.
Emefiele 3x in 8 years
Cardoso 2x + in 1 1/2 years.

This information is irrelevant.

Dollar was pegged for all other CBN Governors except Cardoso.

You are comparing Apples to Oranges.

CodeTemplarr:
Demand and supply forces are not the doings of CBN. Did Soludo or Sanusi bring dollars from anambra/kano to support supply of dollar?
This is cheap politics.

Its purely poor policy and lack of knowledge

DMerciful:
When a msg is senseless, you have to question the brain behind it

The point is valid. Dollar supply isnt controlled by CBN governor. Things like Oil and export does. Since oil prices started dipping, has Naira not lost some value? How is that the doing of the CBN governor. If volume of cocoa or habiscus export quadruple today and boost forex inflow as we as strengthen the naira, will that be the doing of cbn gov also?

CodeTemplarr:
Demand and supply forces are not the doings of CBN. Did Soludo or Sanusi bring dollars from anambra/kano to support supply of dollar?
This is cheap politics.

This is the most nonsense comment of the year.
A sensible person wouldn’t make this comment .

In 2004, one US dollar cost just ₦132.8 in Nigeria—a time when the naira held its ground.

I stopped reading here.

The OP was not an adult back then in 2004. I was, and I can tell you people complained about how expensive that was.

In 2004, I met an old man who was commenting about the days ...1978...when one naira was one dollar. Now, as he said in some anger, see how far it has fallen.

The honest truth is that our naira is weak because we do not do what strong nations do. For years we used oil money to hide the cracks and incurred a lot of debt in the process until 2023, when we came to the end of the road. No one would lend us any money again...so t-pain was forced to stop subsidising the naira.

I'm sure some people would say that those days were great in Nigeria. LOL...people were suffering back then. A lot.

And the decisions made back then are why we can no longer have subsidised naira and petrrol today.

alanto:
How about you let us know how much each CBN governor pays to subsidize dollars?

Tough one huh?

was subsidizing the dollar good or bad?

How much did Tinubu borrow since 2023 till date compared to what his govt repay

kunle4toyeyaho:
it is on record APC government of Tinubu is repaying 69 different loans obtained by various PDP government from OBJ to GEJ
https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://punchng.com/fg-repaying-69-loans-obtained-by-ex-presidents-wbank-declares/&ved=2ahUKEwiOt_CI2qONAxU2S0EAHbg3GdMQFnoECBwQAQ&usg=AOvVaw0PwRxqHTDyb3pSgt7PPHeW

Besides it is expected when the country's currency is floating and subsidies are no longer serviced in the current administration unlike the previous...

CodeTemplarr:
Demand and supply forces are not the doings of CBN. Did Soludo or Sanusi bring dollars from anambra/kano to support supply of dollar?
This is cheap politics.

Will your father be the ones kicking them out ?!

ivandragon:
Come 2027, apc must be kicked out from the centre.

They have shown that they are more concerned in propaganda and optics than actual governance.

nairalanda1:
I stopped reading here.

The OP was not an adult back then in 2004. I was, and I can tell you people complained about how expensive that was.

In 2004, I met an old man who was commenting about the days ...1978...when one naira was one dollar. Now, as he said in some anger, see how far it has fallen.

The honest truth is that our naira is weak because we do not do what strong nations do. For years we used oil money to hide the cracks and incurred a lot of debt in the process until 2023, when we came to the end of the road. No one would lend us any money again...so t-pain was forced to stop subsidising the naira.

I'm sure some people would say that those days were great in Nigeria. LOL...people were suffering back then. A lot.

And the decisions made back then are why we can no longer have subsidised naira and petrrol today.

no nation will even risk floating its currency. I support the removal of fuel subsidy but you see this naira own,I nor support am......

People were suffering in the past but what are you going to call the present hyper inflation situation.

This is fact and the CBN givernor as to do beta. There is nothing dump about stating the truth.

loffyloffy:
Statidumb don open mouth again oh

Bizibi:
no nation will even risk floating its currency. I support the removal of fuel subsidy but you see this naira own,I nor support am......

People were suffering in the past but what are you going to call the present hyper inflation situation.

Yeah, and our not floating the currency led us into the debt trap that forced the removal of subsides on petrol and the forex rate anyway.

At the end, if we want excess forex, and by extension a strong currency, you got to have as the basis of your economy the production of manufactured goods and services, which is what the countries with strong currencies do.

The original post on forex...it does not show that the economy was better years ago....it just shows the decline of the naira and the efforts made over the years to hide the decline by throwing scarce forex at the problem, and by extension getting into more debt.

This is another propaganda tactics to chase cheap political clouds.

Same Sanusi you are praising started Gej must go with Amaechi and Timipere that put us in the mercy we found ourselves today so pls I don’t care what dollars says mine stand is Tinubu till 2031 for us especially from the Southern Nigeria to learn a bitter lesson so next time people like Amaechi and Timipere will not sell their brother out again, same is obi from same Southern Nigeria is doing right now but we will resist him till Jesus return.

Tinubu till 2031.

kunle4toyeyaho:
it is on record APC government of Tinubu is repaying 69 different loans obtained by various PDP government from OBJ to GEJ
https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://punchng.com/fg-repaying-69-loans-obtained-by-ex-presidents-wbank-declares/&ved=2ahUKEwiOt_CI2qONAxU2S0EAHbg3GdMQFnoECBwQAQ&usg=AOvVaw0PwRxqHTDyb3pSgt7PPHeW

Is Tinubu not borrowing money another president will pay back? Abi Buhari did not borrow money?

nairalanda1:
Yeah, and our not floating the currency led us into the debt trap that forced the removal of subsides on petrol and the forex rate anyway.

At the end, if we want excess forex, and by extension a strong currency, you got to have as the basis of your economy the production of manufactured goods and services, which is what the countries with strong currencies do.

The original post on forex...it does not show that the economy was better years ago....it just shows the decline of the naira and the efforts made over the years to hide the decline by throwing scarce forex at the problem, and by extension getting into more debt.

the economy was better then until emefiele became cbn governor. I asked a stakeholder in this government about this floating thing and it is connected to the rubbish the last administration did under emefiele and others. The thing is you can't just float a weak currency on an import dependent economy,it doesn't even make sense because the government will find it difficult to manage and maintain the multiplier effects in the long run.

The hyper inflation has cut across all sectors and how will the government be able to even get Nigeria back to when the economy was growing, the economy has been on fast reverse since buhari administration

Bizibi:
the economy was better then until emefiele became cbn governor. I asked a stakeholder in this government about this floating thing is connected to the rubbish the last administration did under emefiele and others. The thing is you can't just float a weak currency on an import dependent economy,it doesn't even make sense because the government will find it difficult to manage and maintain the multiplier effects in the long run.

The hyper inflation has cut across all sectors and how will the government be able to even get Nigeria back to when the economy was growing, right now the economy is on reverse.

The economy was bad back then. Very bad. People were complaining about how awful it was. It was when oil prices went up in 2009-14, that there was some 'benefit'...but it did not benefit the majority of Nigerians. At all. People were still suffering and on nairaland they used to post a photo (2012) of a pot with padlock on it...lol.

Keep in mind that our economy is bad because it is resource dependent, not induistrialization dependent. THAT IS WHERE THE PROBLEM IS AT. The oil money hides the cracks.

Our exchange rate is a reflection of the decline of the economy over decades. We used oil money to hide the decline. We did not do what sane countries have done.

KillVDMnow:
Sadeast must always be sad

sad for what ? For performing well or what?

Bizibi:
was subsidizing the dollar good or bad?

Yes it keeps things cheap and debt high, high debt means bad credit.

malali:
This information is irrelevant.

Dollar was pegged for all other CBN Governors except Cardoso.

You are comparing Apples to Oranges.

What is the problem with all these nepotistic individuals??

Nairaland has been seriously infiltrated by paid APC minions and Publicist.

I have been a member for close to 17 years and I can assure you that it hasn't been this infiltrated by any other regime since '99 post democratic government.

Imagine a sane, normal and authentic person supporting $1- N1,625 FX rate when it has been revealed that the naira devaluation is a money illusion to enable the PBAT Government declare humongous revenues from proceeds of exports and FX denominated transactions without real productivity within the country.

The TUC President- Festus Osifo on recorded TV programmes has consistently said that he has challenged Government officials on the FX devaluation and they appealed to him on the revenues being accrued from the huge differentials in the Dollar -Naira exchange rate to the current huge revenues experienced.

Mr. Yemi Cardoso has supervised the Naira being one of the weakest countries in the world with smaller neighboring countries CFA zone triple (x3) our currency. Second in devaluation only to Lebanon and Argentina in the world as at 2024.

With our FX reserves at $23B, the Naira can be defended to N500-$1 for a average of six months at the current import trajectory.

However, once dollars drops to such amounts like 500, the FAAC reduces because taxes like the Petroleum Tax significantly will be affected since its denominated in dollars and import duties from customs will take a reduce significantly.

Prof. Chukwuma Soludo called it a money illusion. CBN under APC moved from" ways and means" disaster to "money illusion" propaganda.

kunle4toyeyaho:
it is on record APC government of Tinubu is repaying 69 different loans obtained by various PDP government from OBJ to GEJ
https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://punchng.com/fg-repaying-69-loans-obtained-by-ex-presidents-wbank-declares/&ved=2ahUKEwiOt_CI2qONAxU2S0EAHbg3GdMQFnoECBwQAQ&usg=AOvVaw0PwRxqHTDyb3pSgt7PPHeW

Shut up, do you know how much Tinubu borrowed so far?
Do you know how much past administration depts GEJ paid?
This was past and present dept profile. You are extremely shameless in 2yrs did you see how much the present rogue borrowed?
Compare it to Jonathan’s 5yrs.

ARISHEM:
Truly this is the most nonsense comment of the year.
A sensible person wouldn’t make this comment .

Seun, will the antispambot spare me if i copy this and paste as a reply to another user?

Let me try that.

Bizibi:
the economy was better then until emefiele became cbn governor. I asked a stakeholder in this government about this floating thing and it is connected to the rubbish the last administration did under emefiele and others. The thing is you can't just float a weak currency on an import dependent economy,it doesn't even make sense because the government will find it difficult to manage and maintain the multiplier effects in the long run.

The hyper inflation has cut across all sectors and how will the government be able to even get Nigeria back to when the economy was growing, the economy has been on fast reverse since buhari administration

You're a shameless person

Eagleways:
sad for what ? For performing well or what?

For performing badly

CodeTemplarr:
Demand and supply forces are not the doings of CBN. Did Soludo or Sanusi bring dollars from anambra/kano to support supply of dollar?
This is cheap politics.


If as things stand today, Nigeria improves forex inflow by selling ten times more cocoa, coffee and cotton, that will bring in more forex and undoubtedly strengthen the Naira, will it be the doing of a CBN governor that farmers improved their output? I can see you after cheap political bashing and not rigorous mental exercise to unravel soluutions. Ride on and be typing derânged things up and down.

Another angle is that the current exchange rate actually favours the government, since we spend naira in Nigeria. It means for every 1 dollar that comes it, the government is making 1600 naira. Hence more naira for govt to spend of infrastructure. This also favours local contractors, who dont have to repatriate their funds, and lose value of currency.

dapsoneh:
If soludo ended at 134 , why did sanusi start at 146?

It skyrocketed immediately after they named the new CBN governor

CodeTemplarr:
You're a shameless person

look I am an Apc person and I don't sugar-coat....counter what I said or keep quiet. You think the president is not pissed at buhari.nonsense