₦airaland Forum

A lot of you don’t grow because you keep living in the past without acknowledging today’s reality.

Get over it abegi

Even abroad nothing remains the same over a period of time

richmond500:
Are you people aware that in the 70s and 80s, most banks closed down which made your grandparent poor?

Name 2 banks that closed down

Politicians are Nigerias' decay constant[/quote]I will rather blame the electorates who keeps voting them and rigging them into power. Some even keep defending them even where it's glaring that they are not performing.

To get that 10 konbo nobe akara

HighQue007:
A lot of you don’t grow because you keep living in the past without acknowledging today’s reality.

You sound pained
Mentioning a historical fact is informative
Nothing to do with living in the past

There are so many things a person who never knew could dp with that information

It is part of our history
Somebody did not know came across it and was wowed
He felt he needed to share
That is normal

Your reaction is not

SmartPolician:
What is the benefit of devaluating our naira since we don't have any reasonable thing to export aside oil and gas with a set price?

At least many Asian countries like China devalued their currency to encourage exports, why did Nigeria devalue hers?

Please don't reply me if you have no reasonable comment to make.

First and foremost, what dictates the value of your currency7 are the markets. That is the number one determinant. It isn't even the central bank.

Let me give you an example.

In June 2014, the Naira was around $1- N160. By May 2015, it was $1-N199.

Why did the Naira depreciate? It was because the price of crude oil went from $100/barrel to $50/barrel. That meant that the inflow of dollars was reducing and that led to the Naira depreciating against the dollar.

However, in June 2015, Buhari was against any further depreciation of the currency, despite the fact that crude oil prices were still falling,

Did the Naira value stay firm? The central bank could no longer fund all forex demand at that price and many who couldn't get forex or not enough, turned to the black market. There the Naira plunged to low depth. By December, 2015, while the official rate was $-199, at the black market, it was N280.

Let me end there. What ever exchange rate you have, you must be able to defend. I won't explain what defend it means but rather what it implies.

It implies that the central bank must have sufficient forex to meet demand at that exchange rate. If it can't, the economy would collapse like it did under Buhari

aribisala0:
Name 2 banks that closed down

I don't know but it was a news that fly during the 90s, my grandmother was affected.
Many people were affected too, if u grew up in the 90s, u might have heard of it

erad:
Why do some of you like living in the past?

Nothing stays the same for a while, let alone forever.

it's to learn the type of society we uses to be and how people lived and if we are moving forward or retrogressing.

it's good to compare and contrast.

richmond500:
Are you people aware that in the 70s and 80s, most banks closed down which made your grandparent poor?

Are you aware that in the 70s and 80s our grandparents are farmers, hunters and fishermen


Na that your bank Dem wan take save the Animals, crops, and fishes

richmond500:
I don't know but it was a news that fly during the 90s, my grandmother was affected.
Many people were affected too, if u grew up in the 90s, u might have heard of it

You said 70s and 80s. You also said MOST BANKS

Now it is 90s?

kelechi50:
Fela would have died, if what he did then is done now.

didd they kill his. Mother or they did not, did they imprisoned him or they did not. If u think the past is. Better for you,then go to the past na

adamkkk:
those were the good old days

they where good old days bcus to you now, 1naira seems like change and non existent. But too those people who lived that age, there salary might even be 50kobo. And to them that age u claim good old days for you now. Might be there own night mare. Have u ever wondered that, tht 10naira then, how many people could get it easily,

grandstar:
First and foremost, what dictates the value of your currency7 are the markets. That is the number one determinant. It isn't even the central bank.

Let me give you an example.

In June 2014, the Naira was around $1- N160. By May 2015, it was $1-N199.

Why did the Naira depreciate? It was because the price of crude oil went from $100/barrel to $50/barrel. That meant that the inflow of dollars was reducing and that led to the Naira depreciating against the dollar.

However, in June 2015, Buhari was against any further depreciation of the currency, despite the fact that crude oil prices were still falling,

Did the Naira value stay firm? The central bank could no longer fund all forex demand at that price and many who couldn't get forex or not enough, turned to the black market. There the Naira plunged to low depth. By December, 2015, while the official rate was $-199, at the black market, it was N280.

Let me end there. What ever exchange rate you have, you must be able to defend. I won't explain what defend it means but rather what it implies.

It implies that the central bank must have sufficient forex to meet demand at that exchange rate. If they can, the economy would collapse like it did under Buhari

Okay, thank you for your explanation. However, I am intereted in what happened before Year 2000. You see, the IMF and other international lending agencies advised Nigerian leaders to devalue the naira.

Devaluation, in this contest, means reducing the original value of your currency. For instance, one naira exchanged for one dollar at some point when it was new. Those agencies advised Nigerian leaders to devalue naira and they did.

This means that if 10 cubes of Maggi sold for #1, after the devaluation, 10 cubes of Maggi started selling for #10. My point is, why did they agree? I am asking this question because I have watched videos of late Audu Ogbeh accusing those agencies of wrongly advising Nigerian leaders to devalue the naira and they did.

Curious345:
Do you know that the price of indomie in China in 1999 is still the exact same price for indomie in China today

this is how u guy mislead people with wrong info. And be confusing some zoombiesssss that dont have brain to think for themselves

Curious345:
My dad bought his first 504 Peugeot car in 1975 brand new at the cost of 3,000 naira. In 1975 2 naira or rather $2 was equivalent to 1 naira. This means my father bought his car for $7,000. If you go to the United States today you can still buy a brand new car for between $7,000 to $8,000.

Politicians are Nigerias' decay constant

hmm.. 1975 so u think ur dad got that 3k naira without working hus ass off abi. U think its easy to get that 3k naira in 1975, bcus u where busy eating mama dash me then and not working. Judging from ur dad 1975 and all, it means you are way way older than I am, but realistically having knowledge does not lies on age alone. Age does not define who is knowledgeable. About ur claims that. U can get a brand new car for 7k to 8k in the USA. That is also completely false. The cheapest brand new car in the USA goes for around 18k dolls, i mean the cheapest, not something fancy.. and before u get that 18k in the usa, u will also work well for it. At ur age u still think people are picking free money anywhere in the world... Nigeria is very corrupt and no opportunities yes we know that, but that does not mean I should not use my brain, and be dishing out wrong and misleading info up and down just to exaggerating my point, or be mislead by people posting rubbish online

Curious345:
My dad bought his first 504 Peugeot car in 1975 brand new at the cost of 3,000 naira. In 1975 2 naira or rather $2 was equivalent to 1 naira. This means my father bought his car for $7,000. If you go to the United States today you can still buy a brand new car for between $7,000 to $8,000.

Politicians are Nigerias' decay constant

if i guess right, politicians are nigerians right.

We are our problem nothing else

aribisala0:
You said 70s and 80s. You also said MOST BANKS

Now it is 90s?

it happened in the 70s and 80s but the news was there in the 90s, cos I was not born in the 70s, I heard it in the 90s

PulaPower:
Leave them make them dey play..

What was $10 in USA many years ago then is nothing less $100 today. What was 10pounds in Uk many years ago is nothing less than $100 pounds today..

USA/Uk/Europe citizens have said alot on TikTok. They made me have first hand informations about how things are going everywhere..

Which country currency be $100 pounds?

adamkkk:
those were the good old days

Lol, go back and taste those times bro.

Proudlyngwa:
if i guess right, politicians are nigerians right.

We are our problem nothing else

I'm telling you. Each time I hear people saying "politicians" or "our leaders", I begin to wonder whether they come from Jupitar, Mars or Spain, unlike the rest of us.

erad:
Why do some of you like living in the past?

Nothing stays the same for a while, let alone forever.

And not even the whole past

Just some whitewashed nostalgic impression of the past

For some of us who grew through some phases of life, you can't pay me to go back to the past

Yes, a younger version of me spent 50 kobo back then.

And I was a "big boy" that day

Buying up packs of Bazooka Joe bubble gum - and even "dashing" a few to some neighbours I liked

But then again...

There was no Internet in those days

To make phone calls, you still had to go that contraption in the living room and faithfully dial those numbers

To make international calls required a pilgrimage to NITEL office

The other day I was telling my kids about things called cassettes that you rewound with pencils - and it sounded so archaic to them.

And I'm not even that old o

Don't know about y'all, but let's keep the past where it is - and move on...

helinues:
Fela wouldn't be an activist if Nigeria was better then

And so the chain of failure should continue.
You have never for once sounded reasonable,
Next govt should continue from Tinubu's failure just same way he (Tinubu) continued from where Buhari stopped.

erad:
Why do some of you like living in the past?

Nothing stays the same for a while, let alone forever.

Federal Savings Bank was later renamed FSB Bank before it went under in the early 2000s during the recapitalization exercise.

erad:
Why do some of you like living in the past?

Nothing stays the same for a while, let alone forever.

Stop deceiving yourself..
In UK here,fuel was £1 per litre in 2009.
Now,2025..it's £1.35pence.
Some basic food stuffs here doesn't change price.. highest,a few pence on it or it drops.
Make Una dey enjoy Una crazy inflation for Naija.

Prove me wrong

Lekan239:
this is how u guy mislead people with wrong info. And be confusing some zoombiesssss that dont have brain to think for themselves

Lekan239:
they where good old days bcus to you now, 1naira seems like change and non existent. But too those people who lived that age, there salary might even be 50kobo. And to them that age u claim good old days for you now. Might be there own night mare. Have u ever wondered that, tht 10naira then, how many people could get it easily,

nd u think I don't know that because ?

richmond500:
it happened in the 70s and 80s but the news was there in the 90s, cos I was not born in the 70s, I heard it in the 90s

Most banks in the 70s and 80s were closed and you cannot name one
Does that sound sensible to you?
Not even one?
Try think before you talk nah

casualobserver:
If Fela did not die then, he won’t die now. Many of you who didn’t live through it don’t appreciate how tolerant of dissent Nigeria is today. All these people talking anyhow, Sowore, Obi, would have gone missing or if they are lucky locked up on trumped up charges. Meanwhile these same people have skeletons in their cupboards but the government allows them to make noise.

Aswear. Who you wan express dissent for? Idiagbon or Buhari? Abi na IBB or Abacha? But then, this is the beauty of democracy or quasi- democracy ad is our case.

PulaPower:
Leave them make them dey play..

What was $10 in USA many years ago then is nothing less $100 today. What was 10pounds in Uk many years ago is nothing less than $100 pounds today..

USA/Uk/Europe citizens have said alot on TikTok. They made me have first hand informations about how things are going everywhere..

You are completely wrong. I lived in the UK for twenty five years and the economy is very stable unlike the Nigerian economy.