₦airaland Forum

Economists pls I have a question.

What causes the Dollar to Rise and Fall,
Why is the Naira losing it value.
Why can't we raise the value
Who set the exchange rate
Why is it impossible to have $1 equal to 1N as it were in the 70s
?

Good News!

If this continue to persist, Let me now see;

How Nigerians won't start inventing things

How Nigerians won't start buying Nigerian made

How govt won't be able to channel money stvpidly paid into money market to boost naira power into local economy.


Good Change is here! Nigerians, acclimatize!! Cease the whimperings!!!

This man sef

www.nairaland.com/attachments/4007147_buhariangrycry_jpeg840665085b2bb973a568178bbd272427

Good morning,
We ar reaping the fruits of reckless years of wastage.

Jombojombo:
Buhari is the worst thing to have befall Nigeria... We never had it this bad

Reason you don't know the difference between "befall" and "befallEN". That's how well Jonathan's tenure fared well for your education.

patiently waiting for 2019

Rick9:
Economists pls I have a question.

What causes the Dollar to Rise and Fall,
Why is the Naira losing it value.
Why can't we raise the value
Who set the exchange rate
Why is it impossible to have $1 equal to 1N as it were in the 70s
?

To answer your question in brief, we need dollars to buffer the naira.
Our dollar supply has fallen. In brief, thanks to the fall in oil prices, we have lost about 70 dollars per barrel.....so we are not earning enough dollars.

N1=$1 back in the 1970's because in 1973.....oil prices quadrupled....as a result, we had dollars flowing in which we used to buffer our currency.Once the oil price fell in 1982....naira started falling against the dollar from N4 in 1984 to N6 in 1989 to N22 in 1993 to N89 in 1998 and so on.

At the same time, we started importing a lot in the 1970's....and continued . Meaning we lost a lot of dollars to imports. Then there are the debts we picked up too ......especially when oil prices fell...and we needed dollars to balance the books.

In short....Dutch disease.

Amazinpeace:
patiently waiting for 2019

If oil stays below $60 per barrel by 2019.....and I fully expect it to do so....nothing will change....even if we change government.

I am not saying we should not vote for our choice by 2019....what I am saying is...whoever is in charge by that date should tell Nigerians the truth. We are not a rich nation, and we cannot continue to base our economy on revenues from resources like oil....whose prices we do not control.

Why is Dollar popular than our local currency even in our domain?



Guess work can't salvage this precarious economy condition in this country.

Let the ruling class eat the humble pie and vacate those offices for people with better understanding of how economy works to formulate a working economic policies/strategies.

Imagine Osinbajo leading the national economic team.

Smh

2015 election remains the biggest historical error for obvious reasons.

Oluwabusobomi:
It will never be well with Buhari, Lai Muhammed, Elrufai, and all APC families (zombies) worldwide

cc: NgeneUkwune, omenka, PassingShop, et al

If it is not well with them, how can it be will with u? Think

sarrki:
Over 20 billion dollars unremitted to federation account. Nigeria economy will crumble if nothing is done ...........HRH Emir Sanusi Lamido Sanusi .
Bingos: He is an alarmist.
Whoever wins 2015 will never find it easy. Over 30 trillion is mismanaged, unaccounted for or missing under Jonathan. ...... Prof Charles Soludo.
Bingo's : He is desperate .
Our reserve is depleted and our savings squandered. Our nation is in trouble. ... Dr Oby Ezekwesili.
Bingo's : She is an alarmist looking for appointment.
For seven months, NNPC did not remit any money into federation account. When I called as a sitting governor and major oil producing state, Deziani Alison Madueke refused to take my call....... Senator Godswill Akpabio.
Bingo's : He is trying to please Buhari.
I wanted to save but Jonathan have no political will. That is why we are in crisis because we squandered our boom. .... Okonjo Iweala. ...
Bingo's : She doesn't want to be arrested
Dear Noisy Bingo's,
Whatever is the state of economy today was prophesied by our own Nigerians long time ago.
The only problem is that your memory capacity is less than 1 milibyte.
Prof. Soludo wrote to Nigerians what they will suffer irrespective of the party that will win.
Why then are you celebrating IMF recession?
You ignored Emir Sanusi warning
You ignored Oby Ezekwesili warning
You ignored Prof Soludo warning
You ignored Akpabio confession
You ignored Okonjo Iweala testimony.
You are now celebrating naira free fall
Your thinking is damn scary

Your points are good.

But here is the scary fact.

Let us say we had saved...that NNPC remitted all the remittances, that GEJ was a miserly saver., that OBJ , Yaradua, GEJ and PMB had corruption free governments.

At the end of the day...we would have enough money saved......to delay things by a year. IE...economic crisis starts by 2017

Problem really is that selling oil is not a good foundation for any country's economy. Unless said country's population is less than 15 million.

tno4real:
If it is not well with them, how can it be will with u? Think

Sorry my life don't depend on them as yours do

Its either Buhari dies or Nigeria dies.
And I don't want Nigeria to die

waice6571:
Why is Dollar popular than our local currency even in our domain?



Guess work can't salvage this precarious economy condition in this country.

Let the ruling class eat the humble pie and vacate those offices for people with better understanding of how economy works to formulate a working economic policies/strategies.

Imagine Osinbajo leading the national economic team.

Smh

2015 election remains the biggest historical error for obvious reasons.

1.You have no idea about how the economy should be run if PMB and co leave the building tomorrow.

2.Basically, we are in hard times because the revenue from oil has fallen. And GEJ is not a good comparison because he had high oil revenues to play with. The economy was just as bad then.....it was the excess dollars that masked how bad it was

3.What our political elite should be telling us is the truth. Nigerian economy is dependent on the rise an fall in oil prices. We must get off oil. That means a hard path to industrial development. (APC is not expediting action that way).

4.Nigeria needs to stop relying on sharing revenues from resources sales. Not sustainable.

Oluwabusobomi:
It will never be well with Buhari, Lai Muhammed, Elrufai, and all APC families (zombies) worldwide

cc: NgeneUkwune, omenka, PassingShop, et al

He that must secure his liberty from serfdom, must first guard his ruling enemies from oppression and ill-wishes. He establishes a precedent that would soon reach to him if so trivialized and consequently ignored. (Thomas Paine in "The book of commonsense" 1776)

As long as we don't produce anything to export and earn dollars we will continue to grope in the dark.

Even when/if we start producing we will need to satisfy local consumption first before exporting to earn dollars.

We will never produce anything with this structure.

True federalism practised in it true nature is what will get us out of this mess and even that will take quite some time but atleast we would be on the right path.

So a change of this rent structure is the first step.

The only other problem is our psychy and attitude. I believe that would improve if we change the structure and there is a sense of justice (where people don't think they are cheated) and belonging.

Every state/region can comfortably fend for themselves in this country and the meaning of unity in diversity will then make sense.

eyeview:
Its either Buhari dies or Nigeria dies.
And I don't want Nigeria to die

No....it is either Nigeria stops relying on oil.....or Nigeria keeps on suffering.

Whoever is in charge.

RisMas:
Its high time Buhari sack this emefiele of a guy. Haaaan, You persuade baba to allow u devalue our currency, now, it is done and the problem is getting worse. Buhari should sack him, patapata, Wailers will only wail for a week and things will become normal Im getting sick of Nigerian economy i swear

sack and bring another person it will sink to N500

MCRUEMUS:
LET ME ASSIST MY BROTHER TO PROFER SOLUTION AS YOU REQUESTION: Buhari should RESIGN, he is incompetent

Good....so how would the new government run the economy with low oil prices?

Am waiting for your response.....

Upon all dis hardship, I saw someone driving a branded vehicle of "I stand with Buhari". Tho, he ws not smiling

sarrki:
Over 20 billion dollars unremitted to federation account. Nigeria economy will crumble if nothing is done ...........HRH Emir Sanusi Lamido Sanusi .
Bingos: He is an alarmist.
Whoever wins 2015 will never find it easy. Over 30 trillion is mismanaged, unaccounted for or missing under Jonathan. ...... Prof Charles Soludo.
Bingo's : He is desperate .
Our reserve is depleted and our savings squandered. Our nation is in trouble. ... Dr Oby Ezekwesili.
Bingo's : She is an alarmist looking for appointment.
For seven months, NNPC did not remit any money into federation account. When I called as a sitting governor and major oil producing state, Deziani Alison Madueke refused to take my call....... Senator Godswill Akpabio.
Bingo's : He is trying to please Buhari.
I wanted to save but Jonathan have no political will. That is why we are in crisis because we squandered our boom. .... Okonjo Iweala. ...
Bingo's : She doesn't want to be arrested
Dear Noisy Bingo's,
Whatever is the state of economy today was prophesied by our own Nigerians long time ago.
The only problem is that your memory capacity is less than 1 milibyte.
Prof. Soludo wrote to Nigerians what they will suffer irrespective of the party that will win.
Why then are you celebrating IMF recession?
You ignored Emir Sanusi warning
You ignored Oby Ezekwesili warning
You ignored Prof Soludo warning
You ignored Akpabio confession
You ignored Okonjo Iweala testimony.
You are now celebrating naira free fall
Your thinking is damn scary

First of all, I make this comment not because I'm anti Gej nor pro GMB.....Yes we were warned, we knew how empty the reserves were but the question is; what did the winner of the election promise (PMB) ?
If we the masses knew the current financial state of our country how much more PMB, a presdential nominee at the time? I maintain that president buhari knew what he was getting into. There was already projections that the price of Oil would plummet further, there were already projections of how our revenues would be drastically shortened. Yet apc went ahead to promise good tidings, promising heaven on earth. As citizens, we ought to hold our leaders accountable to their word. Yes the countrys financial purse may have looked bad before PMB arrived but then he PMB knew what he was getting into. No time for excuses, Kapish!!!

RisMas:
Its high time Buhari sack this emefiele of a guy. Haaaan, You persuade baba to allow u devalue our currency, now, it is done and the problem is getting worse. Buhari should sack him, patapata, Wailers will only wail for a week and things will become normal Im getting sick of Nigerian economy i swear

The truth is u never made any salient point.

RisMas:
Its high time Buhari sack this emefiele of a guy. Haaaan, You persuade baba to allow u devalue our currency, now, it is done and the problem is getting worse. Buhari should sack him, patapata, Wailers will only wail for a week and things will become normal Im getting sick of Nigerian economy i swear

SMH for your delusion

RisMas:
Its high time Buhari sack this emefiele of a guy. Haaaan, You persuade baba to allow u devalue our currency, now, it is done and the problem is getting worse. Buhari should sack him, patapata, Wailers will only wail for a week and things will become normal Im getting sick of Nigerian economy i swear

Devaluation was not our problem per se....it was the fact that we did not have enough dollars to buffer our naira that was the problem....and it would have made devaluation inevitable.(if oil prices stayed low).

Emefiele did the ''right '' thing....by putting on the brakes, and not allowing the devaluation to go out of hand. But....that is the best he can do. Either oil prices go up....or we keep on losing value per the Naira.

Whoever is in charge.

AmAlbert:
Please FG help us here in Togo, Imagine I changed Naira today only to see that exchange rate now goes for 916 cfa to 1000 naira, please nau you people should help us, Nigerians hardly comes to Togo nowadays to purchase goods cos of the exchange rate... Please help o

You can lie oh!

Chukzyfcb:
First of all, I make this comment not because I'm anti Gej nor pro GMB.....Yes we were warned, we knew how empty the reserves were but the question is; what did the winner of the election promise (PMB) ?
If we the masses knew the current financial state of our country how much more PMB, a presdential nominee at the time? I maintain that president buhari knew what he was getting into. There was already projections that the price of Oil would plummet further, there were already projections of how our revenues would be drastically shortened. Yet apc went ahead to promise good tidings, promising heaven on earth. As citizens, we ought to hold our leaders accountable to their word. Yes the countrys financial purse may have looked bad before PMB arrived but then he PMB knew what he was getting into. No time for excuses, Kapish!!!

PMB knew nothing, knows nothing and will continue to know nothing!

He just wanted to be lord commander of Nigeria and King in the North.

Let's stop giving credit where they don't deserve.

https://www.facebook.com/photo.php?fbid=770949749673366&set=a.219700254798321.36641.100002750442043&type=3&theater

besty....

Empero1:
You can lie oh!

Which 1 is I can lie oh Eco Bank changed 1k naira to 916 cfa today and you're saying am lying, I dont like it when you argue something you know nothing about...

Oya how much is exchange rate today

....but what did we do to this man that he just wants to destroy our dear country, just imagine hoe our economy is in shambles. Just as he usurped power in 1983 and put our citizens through untold hardship. I just wonder what type of magic he wants to perform to get us out of this mess.

Quakertellicus1:
1.You have no idea about how the economy should be run if PMB and co leave the building tomorrow.

2.Basically, we are in hard times because the revenue from oil has fallen. And GEJ is not a good comparison because he had high oil revenues to play with. The economy was just as bad then.....it was the excess dollars that masked how bad it was

3.What our political elite should be telling us is the truth. Nigerian economy is dependent on the rise an fall in oil prices. We must get off oil. That means a hard path to industrial development. (APC is not expediting action that way).

4.Nigeria needs to stop relying on sharing revenues from resources sales. Not sustainable.

I don't have time for comparing all the available economic indices and all those permutations.

All I know is,

1. Either Naira is on bullish or bearish as against Dollar, its not of any benefit to Nigerians but to the ruling class and their posterity.

2. I find it hard to differentiate between PDP and APC because they are the same set of people changing platforms to cheat and pilfer what would have benefit the people.

In summary, these people are not thinking about us.

Hoping for people who have a better human perspectives to lead this country not these old incompetent charlatan with their irrelevant policies.

[size=15pt][b]

sarrki:
Over 20 billion dollars unremitted to federation account. Nigeria economy will crumble if nothing is done ...........HRH Emir Sanusi Lamido Sanusi .
Bingos: He is an alarmist.
Whoever wins 2015 will never find it easy. Over 30 trillion is mismanaged, unaccounted for or missing under Jonathan. ...... Prof Charles Soludo.
Bingo's : He is desperate .
Our reserve is depleted and our savings squandered. Our nation is in trouble. ... Dr Oby Ezekwesili.
Bingo's : She is an alarmist looking for appointment.
For seven months, NNPC did not remit any money into federation account. When I called as a sitting governor and major oil producing state, Deziani Alison Madueke refused to take my call....... Senator Godswill Akpabio.
Bingo's : He is trying to please Buhari.
I wanted to save but Jonathan have no political will. That is why we are in crisis because we squandered our boom. .... Okonjo Iweala. ...
Bingo's : She doesn't want to be arrested
Dear Noisy Bingo's,
Whatever is the state of economy today was prophesied by our own Nigerians long time ago.
The only problem is that your memory capacity is less than 1 milibyte.
Prof. Soludo wrote to Nigerians what they will suffer irrespective of the party that will win.
Why then are you celebrating IMF recession?
You ignored Emir Sanusi warning
You ignored Oby Ezekwesili warning
You ignored Prof Soludo warning
You ignored Akpabio confession
You ignored Okonjo Iweala testimony.
You are now celebrating naira free fall
Your thinking is damn scary

[/b][/size]