₦airaland Forum

new2020:
Another shameless slave from the SW. GEJ is the only administration you haters from the waste like to focus on. Have you asked about the $10 billion windfall that disappeared under IBB, The missing suitcases under Buhari regime, the $billions of misappropriated under Abacha, Abdulsalami, OBJ? Where were you on Monday when Swiz bank returned over $300 million more of Abacha loot? Swine. Why the focus on only GEJ...oh he is from SS and maybe Igbo...surrounded himself with Igbos? Wasn't oil price under Obj and Yaradua $65 - $98? If you are a student of economics you will know that there isn't much difference between $10 oil price in the 90s and $100 in the 2000s in comparative value when you factor inflation. How much was a brand new car in the 90s...300,000 naira? Can you buy a brand new car today or 10 yrs for under 2million naira? How strong was naira to dollar in the 90s? When oil price was $10 in the early 90s, you could go to market and buy a day worth of food with 50 kobo? Can you buy a day worth of food today with 10,000 naira? Bloody tribalistic hypocrites...you hate GEJ because he is from the SS and most of you even call him Igbo...Wicked mofos!

God bless you for this post. Only if the self-deluded bigots will open their minds to reason with you.

Lap Dog, Corruption supporter

I sight you

ZUBY77:
Zombie. Looks like you don't get it.

Omenkata:
[s][/s]
trash trash trash
Rubbish post

Says the guy who steals another person's monica and has no contribution

tartar9:
stop acting like you dont know the cause.don't also forget oil was $110 during gej's clueless administration.we won't be suffering now if he prepared for such scenerio.

If you read your news and stop listening to propaganda, you would blame your then Governors headed by 'saint' Amaechi that dragged FG to the courts to stop saving from ECA and shared it. The amount the FG managed to save, Buhari gave it out as a gift to the Governors in the name of bailout.

Abacha looted Nigeria more than anyone we ever knew, Nigeria moved on. Let's Buhari generate funds and stabilize economy while he pursues the loots.

You claim Nigeria is rich but you keep blaming $2.1bn Dasuki arms deal on Nigeria's woes, I'm not defending Dasuki. Do you know how much Dangote reportedly spent on Refinery? $14bn, but you're here saying Dasuki collapsed Nigeria because of $2.1bn meant to purchase arms, and of which large part of it was used to purchase those arms before he also became a father xmas.

[s]

DaBullIT:
Says the guy who steals another person's monica and has no contribution

[/s]

says a dude who cannot comprehend a simple sentence.

walker

ala fejuo i anya ebea

Omenkata:
[s][/s]

says a dude who cannot comprehend a simple sentence.

walker

ala fejuo i anya ebea

Give your daddy

[s]

DaBullIT:
Give your daddy

[/s]

Tinka tigbuo nna i

The military destroyed this country by not allowing fiscal federalism. If fiscal federalism was entrenched, the country's economy would have been diversified as each state would have found other resources and businesses to generate funds and states would have not gone overboard on their expenses. As it is, we must live with the consequences of choosing the easy route.

Cycle will soon change, Dollar also will take its own hit. All nah time.

This is an educative response to all your ignoramus and politically inclined comments.

Bevista:
N320/$ imminent as oil price flirts with $30 mark.
---
For those thinking that the former president did a better job, I'd like to refresh our minds. Oil price collapsed from around $115 in June 2014 to around $70 in Nov 2014 and then to around $50 in Feb 2015. The CBN first responded by depreciating the Naira from N150/$ to N168/$ in Nov 2014 and then to N197/$ in Feb 2015. The reality is that political leaders are usually powerless to the forces of Free Market.

---Currency depreciation (of oil exporting countries) is a natural course of action when oil prices decline. This is the case currently for Angola, Libya, Russia, Saudi Arabia, Venezuela, etc. Even countries like Canada and Norway are also experiencing same fate.
---
The appropriate thing for the CBN to do is to adjust the official exchange rate to around N250/$. This will help close the divergence between the official rate and the parallel rate. Grand standing is completely unnecessary. The president, as a matter of urgency, should stop having a definitive opinion about what the exchange rate should be. This only serves some futile National Pride but with dire economic consequences.
---
Those blaming the current administration for the fate of the Naira are either completely ignorant or mischievous. Anyone with some modicum of economic intellect will understand the correlation between oil prices and the exchange rate of an oil exporting country. It becomes much worse when the country is import-dependent. The blame goes to previous administrations for paying lip service to diversification of the economy and for not shoring up our FX Reserves during boom periods.
---
If Saudi Arabia with FX Reserves of over $750bn, Russia (over $450bn), Canada (over $500bn), etc can see their currencies plummeting due to declining oil prices, then Nigeria (with FX Reserves of $28bn) must be a complete joke for trying to maintain the strength of the Naira.
---
I won't bother going into the implications and all the interwoven dynamics of oil price, exchange rate and the overall economy.

I weep for this nation....
God help us!!!

Bevista:
N320/$ imminent as oil price flirts with $30 mark.
---
For those thinking that the former president did a better job, I'd like to refresh our minds. Oil price collapsed from around $115 in June 2014 to around $70 in Nov 2014 and then to around $50 in Feb 2015. The CBN first responded by depreciating the Naira from N150/$ to N168/$ in Nov 2014 and then to N197/$ in Feb 2015. The reality is that political leaders are usually powerless to the forces of Free Market.

---Currency depreciation (of oil exporting countries) is a natural course of action when oil prices decline. This is the case currently for Angola, Libya, Russia, Saudi Arabia, Venezuela, etc. Even countries like Canada and Norway are also experiencing same fate.
---
The appropriate thing for the CBN to do is to adjust the official exchange rate to around N250/$. This will help close the divergence between the official rate and the parallel rate. Grand standing is completely unnecessary. The president, as a matter of urgency, should stop having a definitive opinion about what the exchange rate should be. This only serves some futile National Pride but with dire economic consequences.
---
Those blaming the current administration for the fate of the Naira are either completely ignorant or mischievous. Anyone with some modicum of economic intellect will understand the correlation between oil prices and the exchange rate of an oil exporting country. It becomes much worse when the country is import-dependent. The blame goes to previous administrations for paying lip service to diversification of the economy and for not shoring up our FX Reserves during boom periods.
---
If Saudi Arabia with FX Reserves of over $750bn, Russia (over $450bn), Canada (over $500bn), etc can see their currencies plummeting due to declining oil prices, then Nigeria (with FX Reserves of $28bn) must be a complete joke for trying to maintain the strength of the Naira.
---
I won't bother going into the implications and all the interwoven dynamics of oil price, exchange rate and the overall economy.

This summarises the entire situation. Nigeria is in real trouble and for the first time, with oil prices dropping below $30/bbl, I am inclined to now support the decision to devalue the currency substantially. A state of emergency also has to be declared in the manufacturing, agriculture and solid mineral sectors so the nation can take advantage of the devalued currency by increasing exports.

So far with all the noise about diversifying, if one must be honest, the recent budgeted figures for agriculture and solid minerals does not reflect a government which really wants to radically develop those sectors.