₦airaland Forum

We know this is not the best of times for Nigeria, but what a lot of new generation Nigerians don't know is that the Naira used to be more valuable than the dollar in those years. Those were the times when the country didn't depend much on Petroleum. The economy was so strong that our currency was being spent in other European countries, even in the UK.

We hope things are going to get back on track.

http://www.blackberrybabes.com/2016/09/check-out-naira-dollar-exchange-rate-as.html

Fuc!k buhari

ShutdownBrown24:
Fuc!k buhari

the exchange rate started shooting when?

Well, Nigerian economy was not relatively dependent on crude export. There were still many agricultural products being exported.
Moreover, Naira was just introduced a decade earlier. Hence the stability.

See record wey Mr Buhari yaff break; this generation will never forget this man.......




[size=20pt]never!!![/size]

Naira has really degenerated

veekid:
See record wey Mr Buhari yaff break; this generation will never forget this man.......




[size=20pt]never!!![/size]

Le shoeless and not Buhari got us into this mess.

This is exactly the problem. He ruined us. He had plenty but plurged us into debt. Figures below will do justice.

2. UMARU MUSA YAR ADUA (2007 - 2009)

EXTERNAL DEBT:
Inherited: $3,348.22 billion

Left: $3.94 billion Dollars

http://www.dmo.gov.ng/oci/News/docs/Fact%20on%20%20Nigeria%20External%20Debt%20Stock.pdf

EXTERNAL RESERVE
Inherited: $45.0 billion

Grew To: $63 billion in September, 2008
http://www.nigerianmuse.com/20090102021223zg/nigeria-watch/nigeria-s-foreign-reserves-dip-to-52-7-billion/

Left : $47. 7 billion (As at Dec 31st 2009 when Jonathan took over as "Overseer" )
http://www.vanguardngr.com/2011/03/state-of-nigerias-external-reserves-worrisome-cipm-president/#sthash.cXXdNcoU.dpuf

N/B:
The reserve grew when the price of Crude Oil was $147 per barrel
It Slided in Mid 2008 during the recession, when the crude price fell to $35 per barrel in 2009, till his death



3. PRESIDENT GOODLUCK JONATHAN:
EXTERNAL DEBT
Inherited: $3.94 billion Dollars

As At Now: $9.3 billion Dollars

http://www.dmo.gov.ng/oci/edebtstock/docs/External%20Debt%20Stock%20as%20at%2030th%20June_%202014.pdf

FOREIGN RESERVE:
Inherited: $47. 7 billion (As At December 31st, 2009)

As At Now: $38.2BILLION http://www.cenbank.org/intops/Reserve.asp

N/B:
Of the $9.3 billion EXTERNAL DEBT, Federal Government’s owes $6.36b, while ALL 36 States plus FCT owes $3.0 billion

As at 2010, Oil Price was at $89 per barrel

As at 2011, It was $103 per barrel - During Le shoeless' regime.

As at November 2014 it is $100 per barrel http://en.wikipedia.org/wiki/World_oil_market_chronology_from_2003

Meaning, Jonathan have access to more more money than Yar Adua, but he depleted the Foreign Reserve and Still Purge Us into Further Debt With NOTHING to show.

Le shoeless was producing more oil and was selling for more than Buhari, almost 4 times more. Got us into debt to the ton of over $5 billion. Depleted the reserve from $47. 7 billion to $38.2 billion and this is despite selling our crude for more and without militrants unrest.

Now go on and defend your boss.

Nigeria headed for the down since 1983

We've all played a huge role in destroying the value of the Naira. This isn't about buhari.



The earlier y'all accept it, the better

Blackberrybabes:
We know this is not the best of times for Nigeria, but what a lot of new generation Nigerians don't know is that the Naira used to be more valuable than the dollar in those years. Those were the times when the country didn't depend much on Petroleum. The economy was so strong that our currency was being spent in other European countries, even in the UK.

We hope things are going to get back on track.

http://www.blackberrybabes.com/2016/09/check-out-naira-dollar-exchange-rate-as.html

Yep

APC/PDP has become greater than Nigeria/Nigerians.

The problem though is during the 70s to early 80s there was an oil boom which ended with a glut in the late 80s that affected revenue, gdp, and exchange rates.

The failure of our leaders beginning with the SAP introducer, and those who failed to once and for all diversity our source of revenue are responsible for our sorry state today.

But then we can go back to agriculture, and other identified credible sources of revenue and back them up with stable policies and programmes. That stability is what is necessary for economic growth.

Our leaders just need to be serious and in the next decade our naira will be competing again with world top currencies.

Tolexander:
the exchange rate started shooting when?

Well, Nigerian economy was not relatively dependent on crude export. There were still many agricultural products being exported.
Moreover, Naira was just introduced a decade earlier. Hence the stability.

WHy are you bothering yourself replying to people who are filled with hate and who will never ever say the truth even when they know it. Let them continue in their folly.

Buhari why?

This APC slowpoke's should give it up, it's killing them they can't handle Nigeria

veekid:
See record wey Mr Buhari yaff break; this generation will never forget this man.......




[size=20pt]never!!![/size]

Who was Head of State in 1983?




Stay in school puppy..

So what do we do? We can't go back in time.

Bubu U see ur life? Nigerians forgot once beaten is twice shy

nairaman66:
Nigeria headed for the down since 1983

And the dullard who derailed our country is at it again. Leopard & spots.

From your view. Lala your opinion nko

those were the good old years when Nigeria was truly the Giant of Africa....

Look for foreign exchange as at 31st of December, 1985 and compare it with the one you have up there.

Buhari should kukuma sell Naija and gimme my share biko

Buhari should be in jail now, for Nigerians future. He has come to destroy

Gone are good old years. It is well with our naira.

this is one reason why all our past leaders will go to hell!! with the way the have misled and mismanaged the resources of this great country, even photograph of heaven sef dem no go carry eye see am.

Blackberrybabes:
We know this is not the best of times for Nigeria, but what a lot of new generation Nigerians don't know is that the Naira used to be more valuable than the dollar in those years. Those were the times when the country didn't depend much on Petroleum. The economy was so strong that our currency was being spent in other European countries, even in the UK.
We hope things are going to get back on track.
http://www.blackberrybabes.com/2016/09/check-out-naira-dollar-exchange-rate-as.html

@Op, give us the exchange rate in 1984 when Buhari was in charge let's compare and contrast.

wow