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Naira Drops To 251/dollar, External Reserves Now $29.7bn - Business (5) - Nairaland

Nairaland Forum › Nairaland General › Business › Naira Drops To 251/dollar, External Reserves Now $29.7bn (23804 Views)

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Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by 400billionman: 10:18am On Dec 07, 2015
Mishydoo:
IT AFF TAY DAT I HEAR 'SAI BABA' OH... grin
"Say Barber " is preparing to write WAEC .
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by obailala(m): 10:51am On Dec 07, 2015
pedrilo:
GEJ had a very competent economic team, but we were blinded by these negative change agents
[b]
mekaboy:
Buhari swallow your pride and #BringBackOkonjoIweala
GEJ had a very competent team but are you aware this was the exact exchange rate (N251 to $1) when GEJ was handing over to PMB on May 29th 2015?

Are you also aware that the foreign reserve was lower than this $29bn when GEJ with his wonderful economic team handed over to PMB in May 29th?

GEJ and his wonderful economic team squandered Nigeria's resources in a wonderful way and Nigeria's economy was on a nosedive when they handed over to the new government. Since the new government took office, they have been struggling to wedge this downward trend with several policies such as the forex restrictions, that's why there seemed to be a little improvement in the 3rd quarter, but obviously, there's hardly anything that can be done about this dead economy. An official Naira devaluation (which the FG has been avoiding) may just be inevitable to save this mess).

Only a complete ignoramus would want to place the blame of this economic turmoil on the new government which inherited it in a worse state.[/b]
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by anonimi: 10:55am On Dec 07, 2015
Themandator:
And why has Buhari not arrested the fall? Apart from the supplementary budget to pay subsidy what else has he been doing with money as to cause a continuous decline in our reserve?
I am sure we make enough money to pay for his transportation around the world and that need not come from our reserve.
www.nairaland.com/attachments/2186280_buhari2blaugh1_jpegc35d9ea4e30142f9302718e17f58f220
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by grandstar(m): 11:14am On Dec 07, 2015
I had this prediction that it will touch 300 by 2019
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by Nobody: 11:20am On Dec 07, 2015
demarc001:
Waiting for #1 = $1
Na nollywood movie e go first happen
it would be more easier to fetch water in a basket
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by Satisfier(m): 11:23am On Dec 07, 2015
Darlduchi:
Don't mind those Ishmalites, they have been doing same to me even went as far as deleating all my post that relates to us Biafrans. They get unsettled that i post the leaked audio tapes of APC plans to destroy Igbo business in the North and west before the end of Buhari's administration.
I have made it clear to them that words must get out, i am not in Nairaland to look at Totonto's cleavage.
they did the same to me, I created a trend of Bishop Oyedapo preaching how the north and south can never unite , they closed my trend, they hate the truth so much that it kills their soul. But I have one advice for them " escaping from the truth only brings you closer to face the truth " I rest my case
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by preetyb(f): 11:34am On Dec 07, 2015
Kestolovee95:
Great news!
are u ok?
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by 8unit(f): 11:38am On Dec 07, 2015
NgeneUkwuenu, passingshot what Can be done about this? If it was GEJ Tenure now you guys would have come here and written more than 3000 words blaming him. Are u people suddenly blind? U see one thing about bigotry? I love u guys sha
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by don4real18(m): 11:43am On Dec 07, 2015
It's shameful how people put the whole blame of Nigeria's woes on the present administration but I do not expect any better. Being educated doesn't have a high impact on morals and intelligent reasoning but the way one is brought up.
The country is destroyed, it has taken a nosedive into big problems because of corruption's push.
The people who put this country into this state are the same people we celebrate, the same people we try to protect from being probed by the present administration and yet we cry out as the country sinks more into the mess we are currently in.
The country is expected to still suffer some setbacks, but it is left for us to give the present administration the support to stop it from collapsing.
We should underpin the present foundation and get rid of the heavy weight of corruption
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by viktor01(m): 11:47am On Dec 07, 2015
Perilous times ahead.....
Fact is whether it were GEJ or another person other than Buhari, things would certaintly not have changed much.
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by Themandator:
dotune:
Well I'm not saying Buhari has done anything right...but I'm saying it is wrong to blame him for inheriting a crumbling economy. Nigeria is not the only OPEC experiencing this crisis. But we expect some cushioning against this fall. Maybe that's why he has summoned an emergency FEC meeting.
And traveling abroad, if it's not important for the progress of this country, I don't think he will attend. Nigeria has suffered an international relationship with some of the countries that can help us, one of the things he is doing is to repair this relationship, hence the China commitment to complete the abandoned power project. The country is very broke. He will be a crazy fellow to squander the little resources left at this time, I'd like to think that way until I'm proven wrong sir.
Obama inherited an economy in recession and with multiple wars... He set out with policies like bail out for big corporations.... One indicator that the government is bereft of ideas is the zero based budgeting they are proposing, for next year.

In a country where we live in mutual suspicion, that zero thing is a recipe for cataclysmic political upheaval... Allocations and earmarks allows us all to know if we are being fairly treated not not.... They have not worked out anything hence the resort to zero budgeting that just grant them access to lump sum without specifics that they will decide, going forward.


The best way to attract respect and investment is by rolling up your sleeves and leading not by running after foreigners... Obj did that, Goodluck did that before he returned to implement the policies in the auto industry, oil, energy and the rest... When he meets with outsider what exactly does he discuss with them in any sector... What does he tell them he is doing in documented form?

Why has he not endorsed those policies of the last administration that meets the needs of Nigeria and investors, for a starter?

APC is not ready for governance.
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by Pesuzok(m): 12:05pm On Dec 07, 2015
Most comments here are not even helping the matter, I expect us to analysis the situation and profer solution how we can get out this situation, you never can tell who is reading the comments.

A barrel of crude is about $44, we have unsold crude floating in the ocean looking for buyers. The simple truth is that the country is not earning enough foreign currency. Our country imports almost everything, and we need these dollars to buy anything.

The only solution I hear people saying is to diversify! how do you diversify? besides it's not an automatic thing.

Honestly, the country is in a really bad shape, I don't want to start blaming the present government yet because they inherited all these problems, and they have been working with the 2015 budget which is mainly for recurrent expenditure.

Let us see what the government has to offer in 2016 before we can start blaming them
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by Pesuzok(m): 12:07pm On Dec 07, 2015
Themandator:
Obama inherited an economy in recession and with multiple wars... He set out with policies like bail out for big corporations.... One indicator that the government is bereft of ideas is the zero based budgeting they are proposing, for next year.

In a country where we live in mutual suspicion, that zero thing is a recipe for cataclysmic political upheaval... Allocations and earmarks allows us all to know if we are being fairly treated not not.... They have not worked out anything hence the resort to zero budgeting that just grant them access to lump sum without specifics that they will decide, going forward.


The best way to attract respect and investment is by rolling up your sleeves and leading not by running after foreigners... Obj did that, Goodluck did that before he returned to implement the policies in the auto industry, oil, energy and the rest... When he meets with outsider what exactly does he discuss with them in any sector... What does he tell them he is doing in documented form?

APC is not ready for governance.
Which way forward?
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by Pesuzok(m): 12:10pm On Dec 07, 2015
viktor01:
Perilous times ahead.....
Fact is whether it were GEJ or another person other than Buhari, things would certaintly not have changed much.
That is just the truth, before GEJ left the economy was already falling, they were just patching it due to the upcoming election. At a time, they were borrowing to pay salaries. Even the fuel scarcity we are experiencing now could have continued due to the subsidy payments
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by Pesuzok(m): 12:13pm On Dec 07, 2015
don4real18:
It's shameful how people put the whole blame of Nigeria's woes on the present administration but I do not expect any better. Being educated doesn't have a high impact on morals and intelligent reasoning but the way one is brought up.
The country is destroyed, it has taken a nosedive into big problems because of corruption's push.
The people who put this country into this state are the same people we celebrate, the same people we try to protect from being probed by the present administration and yet we cry out as the country sinks more into the mess we are currently in.
The country is expected to still suffer some setbacks, but it is left for us to give the present administration the support to stop it from collapsing.
We should underpin the present foundation and get rid of the heavy weight of corruption
I dont even see what they expect the present government to do, this government inherited a budget of which about 75% is for recurrent, they have to work with it. They are even looking for more money to supplement the budget. Let
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by preetyb(f): 12:14pm On Dec 07, 2015
dotune:
Have fallen by 20 per cent since the end of June 2014, when Brent crude prices began a more than 60 per cent plunge, hammering the finances of Africa’s largest economy and biggest





No wonder they said, if u want to hide some thing from a black man, put it inside a book. It's how you people are blaming Buhari for this naira-dollar fall. And yet you people read in the article where it says the reserves have been falling since June 2014, the 15th year of PDP as a ruling party? What were they doing when we were selling crude at $150 per barrel. And most of you are youths, no wonder many of Nigerian youths are unemployable. We can't even explain to a foreigner what's responsible for our economy crisis.
Can you tell me why buhari was voted in if not for his claim to have possess some kind of magical powers that cud help heal the economy. Now they keep reminding us of the failure of the past governments that him his self was once part of. I think its time buhari cooperates with his ministers so they can think of how to move the country forward instead of seeing himself as a super man that can do everything on his own.

Buhari think say to rule as a civilian na beans?
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by COCKCROW: 12:15pm On Dec 07, 2015
What is happening is not new. What is new the person in charge the Zoo implementing the old time written hidden agenda. Please follow me through this analyses. Why the parallel in Forex and that reserved only for/to Mallam; as the controller. Why double forex markets in Nigeria and the supposed lower market has access to forex more than the known commercial banks that interact with and link to international banks? Why the wide gap in the exchange between banks and the parallel markets, N198/dollar and N251/dollar respectively? That is a margin of around N53/dollar sold. For example for one million dollars sold, there could be an average of N50m made and pocketed. Are there records or data to monitor how these dollars are used, for who and what,has any tax paid on such large cash turnover without commensurate contribute to the economy? Can you imgine the effect on the economy where because of the high profit margin forex is denied to genuine businessmen and companies except you pass through this shylock illiterate black marketers. Had it been Ibos in such the sky would have fallen with all sorts of name against the whole Ibo humanity. The profit market from these forex black market, can you imagine the effect if such large sum of cash enters into the hands of Boko Haram
Secondly have you observed Fulani cattle men with A-k 47 or 49 every where in the society unchecked. My 67 years old uncle, a hunter, in the interior of my village was arrested and detained for months because the Zoo police saw him with a outdated, old dane gun that even bush animals will not be afraid.Yet these mallam go every where conspicuously displaying their new and modern guns and the law enforcement agents-police, JTF, military DMI, SSS, etc turning the other way. If this is not facts slap me and tell how!!
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by jaybee(f): 12:17pm On Dec 07, 2015
Themandator:
Obama inherited an economy in recession and with multiple wars... He set out with policies like bail out for big corporations.... One indicator that the government is bereft of ideas is the zero based budgeting they are proposing, for next year.

In a country where we live in mutual suspicion, that zero thing is a recipe for cataclysmic political upheaval... Allocations and earmarks allows us all to know if we are being fairly treated not not.... They have not worked out anything hence the resort to zero budgeting that just grant them access to lump sum without specifics that they will decide, going forward.


The best way to attract respect and investment is by rolling up your sleeves and leading not by running after foreigners... Obj did that, Goodluck did that before he returned to implement the policies in the auto industry, oil, energy and the rest... When he meets with outsider what exactly does he discuss with them in any sector... What does he tell them he is doing in documented form?

APC is not ready for governance.
mr comparison; please tell us how was america's economy when mr obama took office and how many days it took him to revers the the recession.

you must be the most mischievous element to compare a sound economy in recession to a systemically dead economy enmeshed in corruption and waste.

if you think you understand the nigerian economy, please define it in one sentence.
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by eaglechild: 12:18pm On Dec 07, 2015
mekaboy:
Buhari swallow your pride and #BringBackOkonjoIweala
This is the comment I have been looking for.

Also bring back Akinwumi.
But this may just be wishful thinking.

GEJ's economic team was made up of erudite fellows that possess practical experience and have been proven to be effective.

It only needed some minor modifications.
The international community up till date cannot relate to Buhari's team or policies(or lack of it).

Out stock exchange has lost over a trillion naira since April due to capital flight. https://www.nairaland.com/2777415/nigerias-stocks-fall-three-year-low#40770737
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by Themandator: 12:28pm On Dec 07, 2015
Pesuzok:
Most comments here are not even helping the matter, I expect us to analysis the situation and profer solution how we can get out this situation, you never can tell who is reading the comments.

A barrel of crude is about $44, we have unsold crude floating in the ocean looking for buyers. The simple truth is that the country is not earning enough foreign currency. Our country imports almost everything, and we need these dollars to buy anything.

The only solution I hear people saying is to diversify! how do you diversify? besides it's not an automatic thing.

Honestly, the country is in a really bad shape, I don't want to start blaming the present government yet because they inherited all these problems, and they have been working with the 2015 budget which is mainly for recurrent expenditure.

Let us see what the government has to offer in 2016 before we can start blaming them
If they inherited a budget and it is not working they can sit down and reverse it... The budget is not heck in stones.. Have they had time to sit down, analyze the economy and push us in a sure direction?
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by ilenaira: 12:29pm On Dec 07, 2015
galadee:
.........
Each time you feel like complaining that people are losing their jobs on a daily basis, remember the N4.6billion collected for Spiritual purposes(still can't get over that) contributed to worsening our lot as a country...............................
shocked shocked shocked shocked

I must have missed this one. Please elaborate. Thanks
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by COCKCROW: 12:31pm On Dec 07, 2015
Please for point of correction, there are but two ministers in the Zoo called Nigeria.
President-----------Buhari
Vice President-------------------Nil but there is common commissioner standing for the VP
Minister of petroleum---------------------Buhari
Minister of Touring ------------------Buhari
Other ministers------------------Nil but there are noise makers around the ministers' offices. And we are waiting when these noise makers will sent to prison for noise making.
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by kelvincoll(m): 12:31pm On Dec 07, 2015
Tinyemeka:
We regret to inform you that due to petroleum scarcity, there hasn't been any power supply nor fuel to power the gen sets. So the lights have all gone off at the end of the tunnel.

Sorry.
grin grin chai character
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by kelvincoll(m): 12:32pm On Dec 07, 2015
Malakh:
nope....gross darkness is at the end of tunnel
Lol, u be proohet of doom ni?
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by Themandator: 12:33pm On Dec 07, 2015
Pesuzok:
Which way forward?
A road map in the key sectors.... Agriculture, manufacturing, Education.... Let us have a document that is sober not we will build 50000 mega hahaha.


Let them go to the ministry of agricultural, mineral resources and ask them for ready cash crops to be readily exploited and exported.
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by Themandator: 12:56pm On Dec 07, 2015
jaybee:
mr comparison; please tell us how was america's economy when mr obama took office and how many days it took him to revers the the recession.

you must be the most mischievous element to compare a sound economy in recession to a systemically dead economy enmeshed in corruption and waste.

if you think you understand the nigerian economy, please define it in one sentence.
An economy can't be sound and in recession. .if Buhari knows what he is doing, he stands a better chance within a shorter period to walk his country out of the doldrums...America's economy has been fully exploited... It takes a genius to find new economic angle there.... Here, everything is still at it raw state... Jonathan proved it in the auto industry


As for the definition : goldmine
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by Amanwulu1(m): 1:08pm On Dec 07, 2015
sanandreas:
Nigerians wanted change but they didn't ask what kind of change.
no dey didn't vote change to good govnance bt frm fedora cap wearing NDeltan minority to baba riga wearing gworo chewing expired fulani man, frm pdp to apc n dis dey got. Are dey happy? No!!
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by Themandator: 1:09pm On Dec 07, 2015
Pesuzok:
I dont even see what they expect the present government to do, this government inherited a budget of which about 75% is for recurrent, they have to work with it. They are even looking for more money to supplement the budget. Let
Reverse the budget if it is not working... OBJ did it
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by Themandator: 1:13pm On Dec 07, 2015
Pesuzok:
Most comments here are not even helping the matter, I expect us to analysis the situation and profer solution how we can get out this situation, you never can tell who is reading the comments.

A barrel of crude is about $44, we have unsold crude floating in the ocean looking for buyers. The simple truth is that the country is not earning enough foreign currency. Our country imports almost everything, and we need these dollars to buy anything.

The only solution I hear people saying is to diversify! how do you diversify? besides it's not an automatic thing.

Honestly, the country is in a really bad shape, I don't want to start blaming the present government yet because they inherited all these problems, and they have been working with the 2015 budget which is mainly for recurrent expenditure.

Let us see what the government has to offer in 2016 before we can start blaming them
Na from mess we go take no how shit go smell
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by Xhaka(m): 1:43pm On Dec 07, 2015
*In wande coal's voice*
Once upon a time, they tell us say 1 Dollar = 1 Naira sad
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by samplegirl(f): 1:52pm On Dec 07, 2015
IAMTHEHERO:
After, their Zombies will say "THEY VOTED FOR BUHARI/APC, THAT THEY ARE NOT COMPLAINING. Everything have gone up in this country. Soap of 100 naira is now 120 naira,l bought fuel 200 naira per litre in Lagos on Saturday. People are really suffering under this regime more than before. It would have been better for APC to leave the things as they were when they took over, they wanted power and they have it
He is busy running after Dasuki while expecting body odour to do the magic.
Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by samplegirl(f): 1:54pm On Dec 07, 2015
chosen04:
....So its NOT only me that they ban for my Pro-Biafra stance? Well! them go tire. I remain a proud Biafran till the end. "Thank Chukwu Abiama that i have neven been a niGERian. I maybe in the Zoo-niGERia but am not of niGERia.............Holy Book"
Dem ban me too o. Like say I dey send them?
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