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Nairaland Forum / Nairaland / General / Business / Brief History Of The Fall Of The Nigerian Naira (31112 Views)
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Re: Brief History Of The Fall Of The Nigerian Naira by Sydney22: 12:58pm On Feb 16, 2016 |
Re: Brief History Of The Fall Of The Nigerian Naira by aljharem(m): 1:00pm On Feb 16, 2016 |
Una never see anything. All na change notice it started from babangida then abacha then Sanusi then now buhari . The same set of people and elites destroying this country 3 Likes |
Re: Brief History Of The Fall Of The Nigerian Naira by Topeakintola: 1:00pm On Feb 16, 2016 |
NavierStokes: Agreed However, after the return to democratic governance in 1999, there was hope that things will change And remember that under GEJ, oil prices rose to +$100 bp. It was as high as $157 in November 2014 All squandered 5 Likes |
Re: Brief History Of The Fall Of The Nigerian Naira by NavierStokes(m): 1:00pm On Feb 16, 2016 |
bluaero: Lols you are right. |
Re: Brief History Of The Fall Of The Nigerian Naira by NaLaugh: 1:01pm On Feb 16, 2016 |
PresVA: I'm steady watching those rates now. Time for some Nigerian real estate moves. [img]http://onlyinnigeria.files./2013/07/1197784_ttttt_jpg61e7124ba551bed8df61ae784b164b5f.jpeg?w=550[/img] 1 Like |
Re: Brief History Of The Fall Of The Nigerian Naira by AikayDaWrapper(m): 1:03pm On Feb 16, 2016 |
nice article but... BRIEF 1 Like |
Re: Brief History Of The Fall Of The Nigerian Naira by EnigmaticEnigma(m): 1:04pm On Feb 16, 2016 |
take your naira to Heathrow bureau de change and watch them slap you toilet paper |
Re: Brief History Of The Fall Of The Nigerian Naira by aoshi: 1:05pm On Feb 16, 2016 |
So are we to devalue the Naira? |
Re: Brief History Of The Fall Of The Nigerian Naira by pacino26(m): 1:05pm On Feb 16, 2016 |
This is just one way the country is been controlled by Western influence. At a point India withdrew from the international scene to develop local content. We should do same and strengthen our naira. 2 Likes |
Re: Brief History Of The Fall Of The Nigerian Naira by NavierStokes(m): 1:06pm On Feb 16, 2016 |
Topeakintola: First Oil prices started dropping in june 2014 and couldnt have been up to $157. In fact never gotten to that amount (peaked $145.85). Secondly we shouldn't be talking about oil prices and GEJ's tenure. Google "global gdp and oil price", and you will realize that both graphs have exactly the same trend from point to point. This arbitrarily put means a babangida selling oil prices for $15/bbl would have purchased Mercedes benz cars at 100000naira compared to a GEJ selling oil at $100/bbl and buying same mercedes benz cars at 15million naira. Obj started of on a budget of about billion and based on his benchmark price of crude which fottunately witnessed a price increase, could afford to save in the eca or increase reserves. GEJ had budgets of ober 4 trillion plus leakages that hadn't been plugged by successive administrations this oul was not even enough to fund his budget. Take a lool at minimum wages he paid, or corpers allowances plus crude theft then consider the budget of 2016 predicated on 38$/bbl. If we do a rough maths, $38/bbl makes a contribution of 860billion to the 2016 budget. Scale up both figures by 3 and what do you have, a $114/bbl benchmark (unrealistic) would have contributed a value of 2.58trillion on a budget of over 4 trillion. So do you see that even using all the oil sales proceeds to fund his budget would have still left him with a huge deficit. Ps: (this Illustration is just an overtly simplistic calculation). 5 Likes |
Re: Brief History Of The Fall Of The Nigerian Naira by Nobody: 1:08pm On Feb 16, 2016 |
Materials Don cost o |
Re: Brief History Of The Fall Of The Nigerian Naira by sarutobie(m): 1:09pm On Feb 16, 2016 |
Topeakintola:So after reading the Op you still couldn't get wisdom? This was all you could get from the entire post? Kai 2 Likes |
Re: Brief History Of The Fall Of The Nigerian Naira by omolola15(m): 1:11pm On Feb 16, 2016 |
God bless you op for this wonderful piece. People keep blaming Buhari for naira downfall. But really it has been falling for a long time. But because of the oil boom we didn't really know. I use to say the past administrations could have done more for this country. Oil was selling at a record high. Instead of them to help this country with foreign reserve, they keep helping their pockets. Now Nigeria makes virtually nothing from oil. So I don't think anything can be done to redeem the naira this year. It's gonna be a gradual process, hence we need to be patient and hope we get over this trying times. This country will be great only if we can defeat corruption. God bless Nigeria. happney65 oya come and say something. I know you'll see negativity in this lovely piece. Sebi na you. 6 Likes |
Re: Brief History Of The Fall Of The Nigerian Naira by Nbote(m): 1:12pm On Feb 16, 2016 |
Plain and simple truth. .. Yet some mofos want to single out someone as a scapegoat always. Some of the so-called policies taken by d govt is simply going to deteriorate the situation more. 3 Likes |
Re: Brief History Of The Fall Of The Nigerian Naira by sarutobie(m): 1:13pm On Feb 16, 2016 |
NavierStokes:You're beating a dead horse my friend..information is cheap and accessible these days but no, they will not seek it..it has become tiresome telling people to read up or Google stuffs on this forum. 2 Likes |
Re: Brief History Of The Fall Of The Nigerian Naira by babafirst(m): 1:16pm On Feb 16, 2016 |
Nichobabe:I wish we had saved up to 150 bill USD in reserves like Algeria,instead we ate and stole everything.If only Jona had saved a little during the boom or invested it wisely.Anyway,I still have more confidence in PMB with crude price at 40USD per barrel than GEJ at 500 USD per barrel. 3 Likes |
Re: Brief History Of The Fall Of The Nigerian Naira by Topeakintola: 1:18pm On Feb 16, 2016 |
NavierStokes: Good analysis, however, after you have identified the trend/problem, it will be nice for you to proffer solutions as well. I think Nigeria's problem is based on the size of government which leads to high recurrent expenditure. (im not sure, I think it forms over half of total expenditure)= unsustainable If these successive administrations streamlined size of the government, then maybe it would have freed more funds for capital projects . This would have been more beneficial in the long run 7 Likes |
Re: Brief History Of The Fall Of The Nigerian Naira by Nobody: 1:21pm On Feb 16, 2016 |
NavierStokes: If only you could save this for people that really deserved reading it. Wait until the vultures land on this thread and turn your logic upside down. They are really good at it, that I can attest to. 2 Likes |
Re: Brief History Of The Fall Of The Nigerian Naira by babafirst(m): 1:21pm On Feb 16, 2016 |
sarutobie:Oya you don insult the man finish without making any academic point,we know say you sabi insult person now lets have your point countering his comment in a literate and academic manner. 1 Like |
Re: Brief History Of The Fall Of The Nigerian Naira by NavierStokes(m): 1:28pm On Feb 16, 2016 |
Topeakintola: Godbless you brother, now we are in sync. I had spent the past few weeks reading the book by Martin Meredith: The state of Africa: a history of the continent since independence. There you will find out why virtually ever african country failed, the root cause i did identify was the overbloated and inefficient civil service. These were overbloated because the governments or ruling parties saw it as a means of patronage, where they compensate their followers and subjects with apoointments to score political points. Imagine cases of offices with several employed typists but only one functional typewriter etc. Lets be honest If the government is a privately owned organization, will we have the type and quality of workforce we see today, or will service delivery and output be as seen today? Hell no. Reduce the size of the recurrent expenditure, create an enabling environment so the bulk of those people can be on the private sector, focus on building infrastructure and watch the entrepreneurial spirit spring up among the citizens. This also translates into increased output and ultimately a stronger value of the currency. 5 Likes |
Re: Brief History Of The Fall Of The Nigerian Naira by NavierStokes(m): 1:30pm On Feb 16, 2016 |
woodcook: Ha ha ha we see them everyday bro. One only needs to do his bit on making everyone know that the challenge is the system's foundations rather than an individual (GEJ). At the end of the day its still a case of "to each his own". 1 Like |
Re: Brief History Of The Fall Of The Nigerian Naira by InvertedHammer: 1:30pm On Feb 16, 2016 |
/ This is another proof that Nigeria is a feather weight nation. Nigeria is the giant of Africa as much as a chronic stammerer is the king among the dumb. If Nigeria were to be a serious nation, some verbal intervention from Emefiele will provide reprieve for the naira. The king is dancing naked in public! Instead of thinking outside the box, the people supposedly in-charge will consult western textbooks for solutions. God forbid Africans used their brains to be trendsetters in any discipline. We are born to.be followers and copycats. When everything else fails, they will bring religion into it.-- if not the will of God, it is the devil. \ 6 Likes |
Re: Brief History Of The Fall Of The Nigerian Naira by obailala(m): 1:33pm On Feb 16, 2016 |
I hope we can finally learn a lesson or two from this present mess. |
Re: Brief History Of The Fall Of The Nigerian Naira by Nobody: 1:35pm On Feb 16, 2016 |
This is a good piece indeed, we now need to preach this sermon to averaged Nigerians who are clearly detached from accessing this kind of text that answers almost all the questions regarding the control of the value if naira to the dollar. 1 Like |
Re: Brief History Of The Fall Of The Nigerian Naira by Nobody: 1:38pm On Feb 16, 2016 |
The problem of Nigeria is that Nigerians dont believe in the project called Nigeria thus we arent patrotic 2 Likes |
Re: Brief History Of The Fall Of The Nigerian Naira by hero2000: 1:38pm On Feb 16, 2016 |
Topeakintola: As much as I am a fan of lean government and hence reduced overhead the huge government means more employment to people. I know that is not the best we can come up with, it has some benefits at least! Lol. 1 Like 1 Share |
Re: Brief History Of The Fall Of The Nigerian Naira by germaneng: 1:38pm On Feb 16, 2016 |
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Re: Brief History Of The Fall Of The Nigerian Naira by babafirst(m): 1:39pm On Feb 16, 2016 |
[] First Oil prices started dropping in june 2014 and couldnt have been up to $157. In fact never gotten to that amount (peaked $145.85). Secondly we shouldn't be talking about oil prices and GEJ's tenure. Google "global gdp and oil price", and you will realize that both graphs have exactly the same trend from point to point. This arbitrarily put means a babangida selling oil prices for $15/bbl would have purchased Mercedes benz cars at 100000naira compared to a GEJ selling oil at $100/bbl and buying same mercedes benz cars at 15million naira. Obj started of on a budget of about billion and based on his benchmark price of crude which fottunately witnessed a price increase, could afford to save in the eca or increase reserves. GEJ had budgets of ober 4 trillion plus leakages that hadn't been plugged by successive administrations this oul was not even enough to fund his budget. Take a lool at minimum wages he paid, or corpers allowances plus crude theft then consider the budget of 2016 predicated on 38$/bbl. If we do a rough maths, $38/bbl makes a contribution of 860billion to the 2016 budget. Scale up both figures by 3 and what do you have, a $114/bbl benchmark (unrealistic) would have contributed a value of 2.58trillion on a budget of over 4 trillion. So do you see that even using all the oil sales proceeds to fund his budget would have still left him with a huge deficit. Ps: (this Illustration is just an overtly simplistic calculation).[/quote]Relating your Mercedes Benz logic to the present day it means PMB is disadvantaged because the price of Mercedes has not reduced and oil price has fallen.So IBB could have had an advantage but PMB unfortunately can't enjoy that. 2 Likes |
Re: Brief History Of The Fall Of The Nigerian Naira by InvertedHammer: 1:39pm On Feb 16, 2016 |
bluaero:/ You build a house on a weak foundation. And when the house falls, you blame the new tenant that just moved in. If you ring Toyota up today, they will show you a sketch of 2020 Toyota Camry. Serious nations do not live in the moment like Nigeria. They plan years ahead. Nigeria should have billions saved from the oil windfall. Other nations are living off of their savings. Just like on a personal level, if you fail to save for the rainy days; when it rains, it pours. Right now, it is pouring for Nigeria. / 1 Like |
Re: Brief History Of The Fall Of The Nigerian Naira by Nobody: 1:39pm On Feb 16, 2016 |
bluaero: I am sure that you didn't read the write up. I am also confident to say that you are not capable of understanding what is written. Meanwhile, did you notice that the writer avoided blaming any individual, political party or administration. That is maturity. If you don't have it, borrow one. 2 Likes |
Re: Brief History Of The Fall Of The Nigerian Naira by Topeakintola: 1:43pm On Feb 16, 2016 |
NavierStokes: God bless you too I agree that the over bloated nature of the civil service in Africa is a key problem , however I think the key word you used in"inefficient". The majority of the civil service workforce in Nigeria lack the capacity to create any meaningful output. The causes range from lack of qualifications, experience and most especially, the systemic corruption embedded in the civil service. Btw, The US, UK and France have very large civil service structures too but what they have been able to achieve is to reduce inefficiencies and improve their processes. The patronage you mentioned in your post is also very prevalent in the West- it is known as the "jobs for the boys". Where they have an advantage is that they have a culture based on continuos improvement. For Nigeria, I think we have far too many MDAs. A lot of them duplicating responsibilities. A lot of those paratatals have to go and the government should restructure the entire civil service. The problem we will have is the consequences from Labour Unions and even the general public. There will be public outcry and I dont think most governments will not want to risk it 5 Likes |
Re: Brief History Of The Fall Of The Nigerian Naira by babafirst(m): 1:44pm On Feb 16, 2016 |
NavierStokes:Relating your Mercedes Benz logic to the present day it means PMB is disadvantaged because the price of Mercedes has not reduced and oil price has fallen.So IBB could have had an advantage but PMB unfortunately can't enjoy that. |
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