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Naira Crashes Even Further To 300 Against Dollar - Business (2) - Nairaland

Nairaland ForumNairaland GeneralBusinessNaira Crashes Even Further To 300 Against Dollar (39444 Views)

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Re: Naira Crashes Even Further To 300 Against Dollar by kolnel: 6:47am On Jan 13, 2016
This government seems to be doing testing testing
I sincerely hope things can get better
Re: Naira Crashes Even Further To 300 Against Dollar by Nobody: 6:47am On Jan 13, 2016
This is the REAL corruption that no one is fighting.
Re: Naira Crashes Even Further To 300 Against Dollar by passionate88:
Buhari oooo, where's the chanji angry sad angry sad huh tongue tongue


Some idiots go still blame Jonathan


Every single lie was a hit back to back from 5k to every poor citizens to 1$ to 1naira then to leading the war against boko from the forefront.
Technically Nigerians are in for hard times
Re: Naira Crashes Even Further To 300 Against Dollar by ifyalways(f): 6:49am On Jan 13, 2016
Oluwawapelumi .
Re: Naira Crashes Even Further To 300 Against Dollar by Pidggin(f): 6:50am On Jan 13, 2016
Bubu has ruined this country
Re: Naira Crashes Even Further To 300 Against Dollar by SOPIGO: 6:50am On Jan 13, 2016
When will N1 =$1
Re: Naira Crashes Even Further To 300 Against Dollar by ifyalways(f): 6:50am On Jan 13, 2016
ichidodo:
[color=#1980BC] [b] As we recalled Ngozi Okonjo Iweala shouting herself hoarse on the need to diversify the economy and save far back as 2012. Maybe you also cast your mind back on her instituting the SWF on the backdrop of vitriolic oppositions from political elements -who,ironically,are now 'saints' in this admin e.g Amaechi,Saraki etc and most gullible Nigerians- Heck, we even remembered the constant yearly fights btw NOI and the political class especially those of the opposition back then on what point to peg our budget about a certain oil price so as to fund it and also save for the rainy day....whilst NOI insisted on pegging way below the crude oil price so as to have excess dollars to save,amaechi and his rabid dogs insisted and pegged it higher so as to have that excess dollars to loot.At a point the Federal Government was taken to court and that was the end of it for NOI,but as bad as it is right now NOI could have steered this economy away from this global downturn just as her policies auto piloted us away from the 2008 financial meltdown....but who are we kidding when we are stucked with janjaweede propagandists,imbecilic,illiterate tyrants from daura with zombies as their fanatic supporters and wait for it......a rookie and horribly mentally limited finance minister whose last gig was impoverishing a state into begging for bail out funds let us leave the topic of her getting the job via tribal and regional sentiments for another day.....And you wondered why we laugh?! Thank goodness we relocated back to France in time.[/b][/color]
Re: Naira Crashes Even Further To 300 Against Dollar by Nobody: 6:51am On Jan 13, 2016
Penssuwa:
300? that's too much
He will make 1$ =N1000= sad
Re: Naira Crashes Even Further To 300 Against Dollar by Justiyke4u: 6:51am On Jan 13, 2016
Please forgive my ignorance... What is this parallel market I have been hearing? Where is it located?
Re: Naira Crashes Even Further To 300 Against Dollar by bugativeron: 6:51am On Jan 13, 2016
Kikero112:
So...what do you want him to do?

What do you think that GEJ would have done if he was still in charge.?

What the CBN has done is the best of two bad choices. The other one.....straight devaluation....would have crashed our naira further.

We are paying the price for an oil dependent economy. And it is going to take more than seven months and lots of hard work to get off the oil dependency.
Great comment
Re: Naira Crashes Even Further To 300 Against Dollar by Nobody: 6:51am On Jan 13, 2016
passionate88:
Buhari oooo, where's the chanji angry sad angry sad huh tongue tongue


Some idiots go still blame Jonathan
Well....if the previous administration had been brave enough to save money....instead of spending it....and if they had been brave enough to remove subsides........we would be having this conversation next year.

Nigeria has to say goodbye to oil, agriculture and mining. Innovation and industry will get us out of this mess.
Re: Naira Crashes Even Further To 300 Against Dollar by otokx(m): 6:55am On Jan 13, 2016
The BDC are very greedy, after buying $ at 197 they will go and sell 287+ to fellow Nigerians.

That is how we just deceive and oppress ourselves in this country.

NEPA will bring bill when there is hardly and light.
Re: Naira Crashes Even Further To 300 Against Dollar by thunder74(m): 6:57am On Jan 13, 2016
It is time this economic team humble themselves and consult the former economic team to assist them or give them some clues on how to do it right.
Things were still well managed then.

Lastly, APC talks too much, they should talk less, it is not every thing they should call press conferences. Every signals from the government affect the economy.
Re: Naira Crashes Even Further To 300 Against Dollar by olanshi: 6:57am On Jan 13, 2016
This one go pass Greece economic crisis sad
Re: Naira Crashes Even Further To 300 Against Dollar by Nobody: 6:59am On Jan 13, 2016
ichidodo:
[color=#1980BC] [b] As we recalled Ngozi Okonjo Iweala shouting herself hoarse on the need to diversify the economy and save far back as 2012. Maybe you also cast your mind back on her instituting the SWF on the backdrop of vitriolic oppositions from political elements -who,ironically,are now 'saints' in this admin e.g Amaechi,Saraki etc and most gullible Nigerians- Heck, we even remembered the constant yearly fights btw NOI and the political class especially those of the opposition back then on what point to peg our budget about a certain oil price so as to fund it and also save for the rainy day....whilst NOI insisted on pegging way below the crude oil price so as to have excess dollars to save,amaechi and his rabid dogs insisted and pegged it higher so as to have that excess dollars to loot.At a point the Federal Government was taken to court and that was the end of it for NOI,but as bad as it is right now NOI could have steered this economy away from this global downturn just as her policies auto piloted us away from the 2008 financial meltdown....but who are we kidding when we are stucked with janjaweede propagandists,imbecilic,illiterate tyrants from daura with zombies as their fanatic supporters and wait for it......a rookie and a horribly mentally limited finance minister whose last gig was impoverishing a state into begging for bail out funds, let us leave the topic of her getting the job via tribal and regional sentiments for another day.....And you wondered why we laugh?! Thank goodness we relocated back to France in time.[/b][/color]
Well, that still indicts your PDP particlualry as most of the governors who agitiatied for the sharing of the cash....were in PDP too.

And anyway.....we also failed to remove subsides completely. We also did nothing about the importataion of fuel, and the GEJ govt was making unauthorised withdrawals from the account....which we now see revealed via dasukigate.

But it doesn't matter. Even if GEJ had saved like Scrooge.....we would be in this mess next year. The best we could have done would have reached $100bn.

The real issue is that we have to raise taxes, end corruption and tighten the seatbelts......which the govt has done the first two already (No 3 is not being done....BMW things sadly).Eventually, we are going to have to go the austerity route. If it is any consolation to you....we shouldahve made those choices back in the 1970's....and gone industrial too.

Sorry....but your PDP is partly to blame. Your governors in PDP were part of the sharing. Your government back then was not strong enough to make the hard choices that were needed, as well as to stop the massive leakages in our revenue.Pretending that it is all APC's fault is flawed thinking.

But...beyond politics.....we have to diversify away from oil.
Re: Naira Crashes Even Further To 300 Against Dollar by oluwashegunfunm(m): 6:59am On Jan 13, 2016
Justiyke4u:
Please forgive my ignorance... What is this parallel market I have been hearing? Where is it located?
It actualy means "black market" .
Re: Naira Crashes Even Further To 300 Against Dollar by Nobody: 6:59am On Jan 13, 2016
This government keeps fumbling and wobbling and moving from one misstep to another. The only thing they're good is blaming the past government, even when they have been in charge for 8 months. When will the current government begin to take responsibility?
Re: Naira Crashes Even Further To 300 Against Dollar by AmeLonRo(m): 6:59am On Jan 13, 2016
bamite:
All the posters above me are ignoramus. The spike is due to the economic shock which always accompanies monetary policies such as these, its just a short term reaction. No need to panic, the naira will rebound in no distant time. Wailers this one no be food for una so just chill and keep sipping your cup of burukutu
Are you a novice to naira:dollar. When it goes up it has not come down for the past 30 years. Reason: No export, only plenty imports. Thats the main reason and recently the US raised their interest rates which strengthened the dollar. #1 will equal $1 when the currency is reconstructed like Ghana did. But its still the same and better that way.
Re: Naira Crashes Even Further To 300 Against Dollar by fero07(m): 7:00am On Jan 13, 2016
We have always had economic challenges from the time
of IBB to GEJ none gave up or was busy accusing any
past govt of causing any problem they faced the
challenge frontally and Nigeria did not crash. It
shouldn't be different now. All we hear day and night in
this govt is blame game and I wonder if that is what
this govt will tell us when the tenure is over. kissWe have always had economic challenges from the time
of IBB to GEJ none gave up or was busy accusing any
past govt of causing any problem they faced the
challenge frontally and Nigeria did not crash. It
shouldn't be different now. All we hear day and night in
this govt is blame game and I wonder if that is what
this govt will tell us when the tenure is over.
Re: Naira Crashes Even Further To 300 Against Dollar by Nobody: 7:01am On Jan 13, 2016
Kemi Adeosun unfit for that post. Buhari should also come up with economic blueprint
Re: Naira Crashes Even Further To 300 Against Dollar by Vikky014(f): 7:02am On Jan 13, 2016
Na waoh...No more foreign goods ooo tongue
Re: Naira Crashes Even Further To 300 Against Dollar by PigMeat: 7:02am On Jan 13, 2016
This GOODLUCK JONATHANS" govt will send us all into extinction. God help us.
Re: Naira Crashes Even Further To 300 Against Dollar by RELEASEUS: 7:04am On Jan 13, 2016
GenBuhari:
No need to panic.

This will only discourage imports.

FG is still maintaining fuel price N86 per litre.

No shaking !!
Bro. Don't decieve people in the name of supporting the government which is not wrong. But let me tell you there is serious shaking. Nigeria is heavily dependent on imports, from car parts to mechanized tools for agriculture to infact technologies. This is simply for the fact that we are not yet a producing nation.
By this now every commodity directly or indirectly will skyrocket in no time.
The larger population of Nigeria are not rich and it will tell seriously and negatively on their lives.
Tell people the truth even though it hurts so we can be better prepared to face the wahala when it comes. How can you say no shaking?
Re: Naira Crashes Even Further To 300 Against Dollar by amtaken(f): 7:05am On Jan 13, 2016
Why do you keep referring to GEJ whenever Buhari runs into trouble, didn't he promise us CHANGE or is it GEJ that should help him do sohuh??
Kikero112:
So...what do you want him to do?

What do you think that GEJ would have done if he was still in charge.?

What the CBN has done is the best of two bad choices. The other one.....straight devaluation....would have crashed our naira further.

We are paying the price for an oil dependent economy. And it is going to take more than seven months and lots of hard work to get off the oil dependency.
Re: Naira Crashes Even Further To 300 Against Dollar by chi4ik4(m): 7:05am On Jan 13, 2016
Buhari should resign already!!
Re: Naira Crashes Even Further To 300 Against Dollar by Nobody: 7:06am On Jan 13, 2016
SOPIGO:
When will N1 =$1
This joke is lame...really lame.

But...let's get serious.

The road to N1=$1 is very plain

1.Remove subsides, increase taxes, school fees fuel price, end corruption, and tighten the borders.

2.Reduce government costs by sacking excess workers, and by tightly monitoring government spending.

3.Spend more on Power generation and transmission.

4.Spend less on imports, and more on made in Nigeria goods.

5.In the short term....increase revenue generation from agriculture and mines. Note that I said short term

6.Savings,savings, savings.

7.Grant favourable concessions to local and foreign investors who will invest in industries that use Nigerian raw materials.

8.All the above will take years....but if we do it, we could have N1=$1 in ten years.


Assignment: A not so brief history of the fall and fall of the Nigerian naira.
Re: Naira Crashes Even Further To 300 Against Dollar by ukomko: 7:06am On Jan 13, 2016
The zoo is falling
Re: Naira Crashes Even Further To 300 Against Dollar by joseph1832(m): 7:07am On Jan 13, 2016
Yikes!!!.
Re: Naira Crashes Even Further To 300 Against Dollar by joseph1832(m): 7:08am On Jan 13, 2016
amtaken:
Why do you keep referring to GEJ whenever Buhari runs into trouble, didn't he promise us CHANGE or is it GEJ that should help him do sohuh??
Like seriously?
Re: Naira Crashes Even Further To 300 Against Dollar by Lvlink(f): 7:09am On Jan 13, 2016
I am the biggest scam that happens in 2015 - Buhari
Re: Naira Crashes Even Further To 300 Against Dollar by Stanbeto: 7:10am On Jan 13, 2016
FG pls do something this too high
Re: Naira Crashes Even Further To 300 Against Dollar by judedwriter(m): 7:11am On Jan 13, 2016
Nigeria's economy is regressing at an alarming rate...something must be done quickly to salvage the situation or else...people will learn how to swim out of this hellish nation.
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