₦airaland Forum

Under President Bola Tinubu’s administration, the Nigerian naira has undergone a precipitous depreciation, exposing the fundamental flaws and shortcomings of the government’s so-called economic reforms.

Upon assuming office in May 2023, the Tinubu administration consolidated the country’s multiple exchange rate windows and permitted the naira to float freely. This abrupt policy shift triggered a sharp and immediate devaluation, with the naira plummeting from approximately ₦461 to ₦600 per US dollar within the first month, signaling a lack of preparedness and poor management of the nation’s currency.

Following this, government officials issued contradictory and ambiguous statements. Claims such as “the naira is allowed to find its true value” sought to justify the drastic devaluation by implying that previous rates were artificially maintained. However, in August 2023, the then Acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, acknowledged the naira was “significantly undervalued” based on purchasing power parity, a tacit admission of systemic currency mismanagement.

By the end of 2023, the official exchange rate had deteriorated further to ₦1,041 per US dollar, placing the naira among the world’s worst-performing currencies. The depreciation accelerated into 2024, with the naira trading at approximately ₦1,825 per dollar in early 2024, the highest exchange rate ever recorded and the most severe collapse in Nigeria’s history.

Currently, with the naira valued at over ₦1,600 per US dollar, the currency has lost more than 247% of its official value since the inception of the Tinubu administration. Despite repeated optimistic projections from the government, the persistent slide of the naira lays bare the failure of the so-called economic reforms to stabilize the economy or restore confidence. Instead, Nigerians continue to endure escalating inflation, reduced purchasing power, and growing economic hardship, underscoring the disconnect between policy rhetoric and economic reality.

Petty gossiping.

We are not distracted

helinues:
Petty gossiping.

We are not distracted

you're not distracted that the economy is in shambles or what are you not distracted about?

helinues:
Petty gossiping.

We are not distracted

I know you didn’t read the piece, but this isn’t gossip. it’s fact. And the fact is, the naira became one of the worst-performing currencies in the world under the Tinubu administration

helinues:
Petty gossiping.

We are not distracted

you need your brains Examined.
Even the Muslim Muslim tickets now Muslims cannot even Buy Rams .

1USD = 1367 Korean won does it mean the Korean currency is doing badly against the dollar?
This is a country that exports way more than Nigeria.
All these roadside economists sef.

A very failed leader being supported by self centered low lives

ElSudani:
1USD = 1367 Korean won does it mean the Korean currency is doing badly against the dollar?
This is a country that exports way more than Nigeria.
All these roadside economists sef.

You really want to compare Korea to Nigeria?

South Korea GDP per Capita is 34 thousand dollars

Nigeria GDP per Capita is a miserly 800 dollars under Tinubu

Korea GDP 1.8 trillion dollars

Nigeria GDP 180 billion dollars

South Korea Inflation 2.1 %

Nigeria inflation 34%

South Korea poverty rate 14%

Nigeria poverty- rate 52%

Korean minimum wage : 1.9m Naira

Nigeria minimum wage : 70k Naira

Korean Electricity: 144 Giga Watts

Nigeria Electricity: 3800 Mega Watts


There is nothing to compare here please

SarkinYarki:
You really want to compare Korea to Nigeria?

South Korea GDP per Capita is 34 thousand dollars

Nigeria GDP per Capita is a miserly 800 dollars under Tinubu

Korea GDP 1.8 trillion dollars

Nigeria GDP 180 billion dollars

South Korea Inflation 2.1 %

Nigeria inflation 34%

South Korea poverty rate 14%

Nigeria poverty- rate 52%

Korean minimum wage : 1.9m Naira

Nigeria minimum wage : 70k Naira

Korean Electricity: 144 Giga Watts

Nigeria Electricity: 3800 Mega Watts


There is nothing to compare here please

Exactly my point, given what you mentioned above don't you think the Nigerian currency should be performing even worse?
By the way, Tinubu has been president for only two years, you cannot hold him responsible for the level of our GDP against Korea.
This is exactly what he is trying to change, to make Nigeria more productive.

ElSudani:
Exactly my point, given what you mentioned above don't you think the Nigerian currency should be performing even worse?
By the way, Tinubu has been president for only two years, you cannot hold him responsible for the level of our GDP against Korea.
This is exactly what he is trying to change, to make Nigeria more productive.

I get your point

helinues:
Petty gossiping.

We are not distracted

3 bullion vans for you.the agbero chairman came to refill his bullion vans

Educationalserv:
you need your brains Examined.
Even the Muslim Muslim tickets now Muslims cannot even Buy Rams .

Why are you crying?

specialmati:
3 bullion vans for you.the agbero chairman came to refill his bullion vans

What's the correlation with this thread?

Bobloco:
Under President Bola Tinubu’s administration, the Nigerian naira has undergone a precipitous depreciation, exposing the fundamental flaws and shortcomings of the government’s so-called economic reforms.

Upon assuming office in May 2023, the Tinubu administration consolidated the country’s multiple exchange rate windows and permitted the naira to float freely. This abrupt policy shift triggered a sharp and immediate devaluation, with the naira plummeting from approximately ₦461 to ₦600 per US dollar within the first month, signaling a lack of preparedness and poor management of the nation’s currency.

Following this, government officials issued contradictory and ambiguous statements. Claims such as “the naira is allowed to find its true value” sought to justify the drastic devaluation by implying that previous rates were artificially maintained. However, in August 2023, the then Acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, acknowledged the naira was “significantly undervalued” based on purchasing power parity, a tacit admission of systemic currency mismanagement.

By the end of 2023, the official exchange rate had deteriorated further to ₦1,041 per US dollar, placing the naira among the world’s worst-performing currencies. The depreciation accelerated into 2024, with the naira trading at approximately ₦1,825 per dollar in early 2024, the highest exchange rate ever recorded and the most severe collapse in Nigeria’s history.

Currently, with the naira valued at over ₦1,600 per US dollar, the currency has lost more than 247% of its official value since the inception of the Tinubu administration. Despite repeated optimistic projections from the government, the persistent slide of the naira lays bare the failure of the so-called economic reforms to stabilize the economy or restore confidence. Instead, Nigerians continue to endure escalating inflation, reduced purchasing power, and growing economic hardship, underscoring the disconnect between policy rhetoric and economic reality.

You go cry tire

helinues:
What's the correlation with this thread?

Same question to you. what's the connection between the topic and your comment below?

helinues:
Petty gossiping.

We are not distracted

Bobloco:
Same question to you. what's the connection between the topic and your comment below?

Sorry I can't help with your inability to comprehend my comments

simpleseyi:
You go cry tire

We all are crying

helinues:
Sorry I can't help with your inability to comprehend my comments

It seems you're the one lacking the capacity for meaningful and purposeful conversation

Ghana’s currency has been gaining because it is tied to the gold and gold prices have been surging recently hence why the cedis is the best currency in the world at the moment.

Tinubu and APC, destroyed this country and the living standards of its people

$1=1650 (one thousand six hundred and fifty Naira) under APC and tinubu.

In a world that is globalised.

This is pure wickedness.

Nigerians should fight for their lives.

ElSudani:
Exactly my point, given what you mentioned above don't you think the Nigerian currency should be performing even worse?
By the way, Tinubu has been president for only two years, you cannot hold him responsible for the level of our GDP against Korea.
This is exactly what he is trying to change, to make Nigeria more productive.

making it productive how? By consuming more foreign product like 130 m USD plane ,3 bn naira Ford car and always in France
Approving food Import.
This statement and Tinibu actions are a contradictory.
He just. a Failure that must be sent back to Lagos

ElSudani:
Exactly my point, given what you mentioned above don't you think the Nigerian currency should be performing even worse?
By the way, Tinubu has been president for only two years, you cannot hold him responsible for the level of our GDP against Korea.
This is exactly what he is trying to change, to make Nigeria more productive.

he have remaining 2 years, if he has put Nigeria in this mess for only 2 years in office how miserable will Nigeria be if tinubu reach 4 years in office.

Educationalserv:
making it productive how? By consuming more foreign product like 130 m USD plane ,3 bn naira Ford car and always in France
Approving food Import.
This statement and Tinibu actions are a contradictory.
He just. a Failure that must be sent back to Lagos

Damned if you do and damned if you don't. Aren't you the same folks who said Tinubu wanted to kill you all with hunger?
Now, he shouldn't have approved food importation!

Sunday2021:
he have remaining 2 years, if he has put Nigeria in this mess for only 2 years in office how miserable will Nigeria be if tinubu reach 4 years in office.

He already put Nigeria on the path of growth. Unfortunately if you are one of those who are expecting him to distribute rice to you like you are a refugee, you will probably not see it.

ElSudani:
He already put Nigeria on the path of growth. Unfortunately if you are one of those who are expecting him to distribute rice to you like you are a refugee, you will probably not see it.

But he has been sharing rice like Nigeria is some kind of huge IDP camp

Bobloco:
Same question to you. what's the connection between the topic and your comment below?

I didn't direct that to you. Stop jumping on my mentions anyhow

ElSudani:
Damned if you do and damned if you don't. Aren't you the same folks who said Tinubu wanted to kill you all with hunger?
Now, he shouldn't have approved food importation!

listed Several things but an only 1 you choose

SarkinYarki:
A very failed leader being supported by self centered low lives

no wack for lazy men.