₦airaland Forum

danjumakolo:
Simple economics teaches arbitrage opportunities.So for dollar to go high at the black market.it isn't a surprise because traders will get it at official rate and go out to sale.

The dollar fell by 107% during buhari does not stop the poor man having a decent per capita income in 1983.

The percentage change from 0.7 to 1.5 is 107% but have u looked at the price of goods at that time?

Did u bother to know the reason why it moved from 0.7 to 1.5?Guy there is what is called a monetary policy which cbn always adopt to reduce the pressure on Naira.Currently the cbn devaluated the Naira from 165 to 194 mainly to mop up liquidity and reduce the Naira pressure..

OLODO

Inflation was stable then,interest rate was single digit.

There was a closed Market economy in order to bring down those hiding goods.

So what is the difference between the monetary policy adopted by GMB and that of GEJ with respect to the pressure on the Naira caused by the crashing crude price?

And Naira was devalued from N155 to N168 (officially) not 198... additionally, the crude price was relatively stable throughout GMB regime

ellechrystal:
E-pig

yea pd pigs e-rat. i have free internet here can your clueless gej do that for you?

datolee:
Sometimes I feel for the “poor” Nigeria voters who are constantly fed with half-truth and in some instances, outright lies. We are at it again, being told how perfect, stable Naira was under Buhari. To even quote GMB, . http://www.thecable.ng/exclusive-interview-im-opposed-muslim-muslim-ticket-says-buhari/2

Two things are involved here:

1. At no point during the administration of IBB was naira N80 to a dollar, the highest it was at parallel market was N21.90

2. When Buhari took over in 1983, the Naira was exchanging for N 0.724 to a dollar, by the time he left office, the Naira was exchanging at between N1.5 to 1.7 in the parallel market. We will make use of the N1.5 exchange rate.
From 1983 to 1985, the Naira moved from 0.724 to 1.5 representing a 107% depreciation of the Naira!

The question therefore, with 107% depreciation of naira from 1983 to 1985, how stable was the naira under Buhari?

ALSO: HOW STABLE WAS ELECTRICITY UNDER GEN. BUHARI(by the way, Why does a former soldier who wants to be elected president in a civil, democratic dispensation still choose to be called 'General'? Could it be a fore-warning?) (2) WHAT ADDITION DID BUHARI MAKE TO NIGERIA'S ELECTRIC POWER INFRASTRUCTURE?

nduchucks:
If I weren't excited about Feb. 2015, I would have told you, "mgbo piafuka gi isi". Given my mood, I say to you, run along and sin no more..

Lol...

Mgbo anaghi apia ndi na ekwu ezi okwu...

Stop distorting fact just to propagate falsehood

QuiverBox:
FastShipping - why did you allow this guy to hit you below the belt ?

Hahahahahahahah

WhiteTechnology:
What was the oil price as at June 1982 and why didn't he stabilize the oil market then

He may not have stabilized the market then but he was able to win a concession to increase Nigeria's output by 150,000 barrels per day when everyone wanted a cut or at least quotas should remain stagnant which obviously helped in managing foreign exchange.

LAGOS, Nigeria, Nov. 7— Nigeria will maintain its over-quota pace of oil production for the foreseeable future regardless of cuts other OPEC members have made, according to Nigeria's oil minister, Tam David- West.

''I will not cut,'' he said in an interview today in his office at the Nigerian National Petroleum Corporation.

Members of the Organization of Petroleum Exporting countries agreed in Geneva last week to lower the group's overall production ceiling from 17.5 million barrels a day to 16 million. By restricting production, they hope to reduce the world oil glut and bolster sagging prices.

Many Western oil analysts had expected Nigeria to make at least a token output cut in line with the OPEC decision. But Mr. David-West insisted today that ''Nigeria is not cutting production.'' He said Nigeria would continue to produce more oil than is allowed under its official OPEC quota.

We could defy OPEC if we wanted. Compare it to today where everyone wants to tow the line of the Saudis even though their economy is dying.

ellechrystal:
Oh thanks dear.

anytime swerry

danjumakolo:
Simple economics teaches arbitrage opportunities.So for dollar to go high at the black market.it isn't a surprise because traders will get it at official rate and go out to sale.

The dollar fell by 107% during buhari does not stop the poor man having a decent per capita income in 1983.

The percentage change from 0.7 to 1.5 is 107% but have u looked at the price of goods at that time?

Did u bother to know the reason why it moved from 0.7 to 1.5?Guy there is what is called a monetary policy which cbn always adopt to reduce the pressure on Naira.Currently the cbn devaluated the Naira from 165 to 194 mainly to mop up liquidity and reduce the Naira pressure..

OLODO

Inflation was stable then,interest rate was single digit.

There was a closed Market economy in order to bring down those hiding goods.

Preach it brother,

All this their conjure value to prove a point just stink to the high heavens without them looking at other indices for growth.

Nah wow for some people on this forum

datolee:
Sometimes I feel for the “poor” Nigeria voters who are constantly fed with half-truth and in some instances, outright lies. We are at it again, being told how perfect, stable Naira was under Buhari. To even quote GMB, . http://www.thecable.ng/exclusive-interview-im-opposed-muslim-muslim-ticket-says-buhari/2

Two things are involved here:

1. At no point during the administration of IBB was naira N80 to a dollar, the highest it was at parallel market was N21.90

2. When Buhari took over in 1983, the Naira was exchanging for N 0.724 to a dollar, by the time he left office, the Naira was exchanging at between N1.5 to 1.7 in the parallel market. We will make use of the N1.5 exchange rate.
From 1983 to 1985, the Naira moved from 0.724 to 1.5 representing a 107% depreciation of the Naira!

The question therefore, with 107% depreciation of naira from 1983 to 1985, how stable was the naira under Buhari?

u are a gift to nigerians.

chemali:
He may not have stabilized the market then but he was able to win a concession to increase Nigeria's output by 150,000 barrels per day when everyone wanted a cut or at least quotas should remain stagnant which obviously helped in managing foreign exchange.

So why did he say he would stabilize oil market when his last approach was oil barter

Pls enlighten us the more

WhiteTechnology:
What was the oil price as at June 1982 and why didn't he stabilize the oil market then

Oil prices wasn't even anywhere close to the 80 dollars Nduchucks quoted.. oil price was around 30 dollars at the time

www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=F000000__3&f=M

Exchange rates[edit]
This table shows the historical value of one U.S. Dollar in Nigerian naira - PM = Parallel Market.[citation needed]

Date Naira per US $ Date Naira per US $
1972 0.658 1993 17.30 (21.90 PM)
1973 0.658 1994 22.33 (56.80 PM)
1974 0.63 1995 21.89 (71.70 PM)
1975 0.616 1996 21.89 (84.58 PM)
1976 0.62 1997 21.89 (84.58 PM)
1977 0.647 1998 21.89 (84.70 PM)
1978 0.606 1999 21.89 (88-90 PM)
1979 0.596 2000 85.98 (105.00 PM)
1980 0.550 (0.900 PM) 2001 99-106 (104-122 PM)
1981 0.61 2002 109-113 (122-140 PM)
1982 0.673 2003 114-127 (135-137 PM)
1983 0.724 2004 127-130 (137-144 PM)
1984 0.765 2005 132-136
1985 0.894 (1.70 PM) 2006 128.50-131.80
1986 2.02 (3.90 PM) 2007 120-125
1987 4.02 (5.90 PM) 2008 115.50-120
1988 4.54 (6.70 PM) 2009 145-171
1989 7.39 (10.70 PM) 2010 148.21-154.8
1990 7.39 (10.70 PM) 2011 151.05-165.1
1991 8.04 (9.30 PM) 2012 155.09-161.5
1992 9.91 2013 153.21-162.9




So why distort the fact?

WhiteTechnology:
So why did he say he would stabilize oil market when his last approach was oil barter

Pls enlighten us the more

At least he had an approach that countered both the external and internal forces. What's your government's approach today? This election is not a referendum on Buhari. It is one on Goodluck Jonathan who has shown himself incapable of leadership or making hard choices.

obayaya:
Lol...

Mgbo anaghi apia ndi na ekwu ezi okwu...

Stop distorting fact just to propagate falsehood

Oga, the statement above means Mgbo will not get close to me either. Can you with a straight face, say that GEJ and his cohorts na ekwu ezi okwu?

nduchucks:
You forget that leadership is most important. Experts in Economics are a dime a dozen. GEJ has access to these experts but allowed theft to reign with impunity.

As to the question posed by the OP, I remind lazy youths of the following:

The price of crude oil, was $86.62 in September 1982, just before President Buhari took over, and dropped to $27.61 by the end of 1985!!
Given the Economic conditions Buhari met, it’s a miracle that the naira depreciated only 106% I don’t have time to educate you people, but I’d suggest that you read up.

I hate when people come here to say rubbish or lies where did the price of Oil say $86.62 in 1982?? is this not silly you saying this I cant tell you with Authority that the price of Oil 1982 was $31.85 as average and here is my source http://www.ioga.com/Special/crudeoil_Hist.htm
as U can see Sept 1982 it was $31 so where did U manufacture $86.62 from?,I just sent these data to my friend in texas and its correct and he feels U are out of your mind.

datolee:
No it was not... 0.894 officially, but if you take your dollar to the bank for exchange, you will be given N1.7.. you want to know why? Because of mulitple exchange rate. 0.894 was fixed by the government for the importation of essential goods not the true exchange rate of the currency!!.. Read about multiple exhange rate. Even Buhari himself stated in his interview that it was between 1.2 to 1.5 to a dollar by the time he left office

Pls share me the link of the video of that particular interview orelse i will take you as a clown

obayaya:
Oil prices wasn't even anywhere close to the 80 dollars Nduchucks quoted.. oil price was around 30 dollars at the time

www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=F000000__3&f=M

Guy leave the Olodo to be selling his foolishness o n Nairaland,

The economist datolee giving APC e minions nightmares since time immemorial

Collynzo9:
Learn to relax when issues beyond your brain capacity are being discussed.

Chai!
This one is ogbunigwe

Collynzo9:
Learn to relax when issues beyond your brain capacity are being discussed.

7-HIT COMBO!!

obayaya:
Oil prices wasn't even anywhere close to the 80 dollars Nduchucks quoted.. oil price was around 30 dollars at the time

www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=F000000__3&f=M

Oga, if you know how to use a mouse, place your mouse on the x-axis during the stated time period. I know I know, cheap shot.

Check it out

FastShipping:
At least it wasn't $1 to 196 Naira under Buhari's watch.

Don't just come here and give us manufactured numbers. Show us prove showing the naira depreciated by 107% between 1983 and 1985. You cannot just manufacture number out of thin air. What was the exchange rate under Shagari administration? You also failed to tell us the inflation rate at the time which Buhari reduced to about 5%. Don't just come here with half baked information and want people to believe your garbage economic data.

And you couldn't figure out that what Buhari and others that preceded Jonathan did to the economy gave us that outcome?

datolee:
Sometimes I feel for the “poor” Nigeria voters who are constantly fed with half-truth and in some instances, outright lies. We are at it again, being told how perfect, stable Naira was under Buhari. To even quote GMB, . http://www.thecable.ng/exclusive-interview-im-opposed-muslim-muslim-ticket-says-buhari/2

Two things are involved here:

1. At no point during the administration of IBB was naira N80 to a dollar, the highest it was at parallel market was N21.90

2. When Buhari took over in 1983, the Naira was exchanging for N 0.724 to a dollar, by the time he left office, the Naira was exchanging at between N1.5 to 1.7 in the parallel market. We will make use of the N1.5 exchange rate.
From 1983 to 1985, the Naira moved from 0.724 to 1.5 representing a 107% depreciation of the Naira!

The question therefore, with 107% depreciation of naira from 1983 to 1985, how stable was the naira under Buhari?

Don't just come to massage fact for us. Like one guy early said some issues are better left alone when the circumstances that revolve around them are beyond your cognition.

According to CBN statistical bulletin 2013, naira rose from 0.7649 to 0.8938 in exchange for a dollar...... Get your fact right, dude....

What happened to other macroeconomic variables? why were they not being considered in your question?

ChristineC:
Chai!
This one is ogbunigwe

Also known as Ojukwu bucket !!

mistabiola:
Pls share me the link of the video of that particular interview orelse i will take you as a clown

I told Walters we were not going to devalue the naira; we were not going to remove any subsidy. And if you recall by the time we were removed, one naira was equal to 1.2 or 1.5 dollars. The naira was run down to N80 to a dollar by General Babangida’s regime. I refused to remove the so-called petroleum subsidy.

http://www.thecable.ng/exclusive-interview-im-opposed-muslim-muslim-ticket-says-buhari/2

nduchucks:
Oga, the statement above means Mgbo will not get close to me either. Can you with a straight face, say that GEJ and his cohorts na ekwu ezi okwu?

It's not all about GEJ.. it's about you and I..

So you knew all this while that a drop in oil price will definitely cause the naira to lose against the dollar? But you keep mentioning it as a shortcoming for "GEJ and his cohorts".

Now it's been used against GMB and you resort to false data to hoodwink people... Is it fair?

Ka chukwu Mezie Okwu

chemali:
At least he had an approach that countered both the external and internal forces. What's your government's approach today? This election is not a referendum on Buhari. It is one on Goodluck Jonathan who has shown himself incapable of leadership or making hard choices.

Let's be sincere for once.

The reason naira is unstable is because we get most of our dollar from crude oil sales

If we diversify our economy, naira won't be facing issues like this.

The fastest way to diversify our economy is by encouraging

Resource control

Fiscal federalism

Privatization


These 3 Buhari won't support because it will deprive his Hausa Fulani people so many opportunities



This is the truth you must know


Even the SW will not experience true poverty eradication.


My good friend this is the truth

If I am sure Buhari would implement this, I might consider him.

But that will mean going against his ethnic group which will spell doom for him especially a coup .

datolee:
Sometimes I feel for the “poor” Nigeria voters who are constantly fed with half-truth and in some instances, outright lies. We are at it again, being told how perfect, stable Naira was under Buhari. To even quote GMB, . http://www.thecable.ng/exclusive-interview-im-opposed-muslim-muslim-ticket-says-buhari/2

Two things are involved here:

1. At no point during the administration of IBB was naira N80 to a dollar, the highest it was at parallel market was N21.90

2. When Buhari took over in 1983, the Naira was exchanging for N 0.724 to a dollar, by the time he left office, the Naira was exchanging at between N1.5 to 1.7 in the parallel market. We will make use of the N1.5 exchange rate.
From 1983 to 1985, the Naira moved from 0.724 to 1.5 representing a 107% depreciation of the Naira!

The question therefore, with 107% depreciation of naira from 1983 to 1985, how stable was the naira under Buhari?

You are comparing a military government which was overtaken from a corrupt government to one which took over of booming economy. Obasanjo left a buoyant economy for yar a dua and Gej. What did Your president do when oil sales where booming. Did he invest. Missing money here and there. Even with fuel subsidy the economy was not in trouble under obj. But what did Gej do with the money. So how can you compare a government which took over from corruption to one which caused the devaluation of naira within the past years.

Sincere9gerian:
Like their father, the devil, Buhari and his disciples have been telling wicked lies since 1804.
However, unlike in the past, Sincere and patriotic Nigerians will make sure they do not get away with their lies this time.

The most embarrassing thing about their lies is the TV campaign ad of Buhari about how he allegedly brought down inflation and stamped out corruption.
These guys are taking Nigerians as fools who believe anything in the name of change.
GEJ Till Buhari goes to School and stops lying.

Nice thread. Datolee, as usual welcome.

obayaya:
It's not all about GEJ.. it's about you and I..

So you knew all these while that a drop in oil price will definitely cause the naira to lose against the dollar? But you keep mentioning it as a shortcoming for "GEJ and his cohorts".

Now it's been used against GMB and you resort to false data to hoodwink people... Is it fair?

Ka chukwu Mezie Okwu

Why are you intentionally being decptive?

A drop in oil price will NOT definitely translate to a devaluation of the naira, if you have enough reserves to back up the naira. What we know is that the current devaluation of the naira by GEJ and his cohorts could have been avoinded if his thieves in NNPC and elsewhere had not stolen $10.8, $20, or $50 billion. This is a fact which you cannot sweep under the rug.

benebaby77:
Don't just come to massage fact for us. Like one guy early said some issues are better left alone when the circumstances that revolve around them are beyond your cognition.

According to CBN statistical bulletin 2013, naira rose from 0.7649 to 0.8938 in exchange for a dollar...... Get your fact right, dude....

What happened to other macroeconomic variables? why were they not being considered in your question?

The same way CBN is tell you that the exchange rate as at today is 168 naira to a dollar?? Go to any bank with 168 and expect to get a dollar ok?

What are the other macroeconomic variables? crude price falling and pressure on naira isn't?