₦airaland Forum

cescky:
.......in other words op what does it imply for the ordinary man on the street ?

The man on the street should expect the price of everything to raise with the rate of the Naira on the blackmarket. As the manufacturers pay more for raw materials they would pass on that increase in the product. If he bought Naira at 400/1 to produce bar soap that sells at N100....and January he buys Naira at 800/1 then you should expect the price of the same soap to jump to N200 per bar.
The man on the street should also think about being self employed ... start a home based business.... like food or service...if not full-time then part time to cope with the crisis. The buying power of your salary is tied to the Naira on the blackmarket. As the Naira loses its value... your salary would lose its buying power at about the same rate. Let's say your salary for the past year has been N50K. ... a year ago the Naira was 200/1.... and let's say it is 400/1 today..... the price of everything except your salary has since doubled... it means you are today actually working for half as much as you were last year. As the value of the Naira drops so does the buying power of your salary....what you could've bought a year ago with your salary..you can barely buy half as much today. The same way the economy depended on oil only and is now suffering... the same way the man on the street that depends on salary only would be suffering. BTW...I'm not an economist or into finance.

FagsamPHP:
The effect of the Buhari change, what amazes is that some Oloriburuku Mashafani people will still come on here to look for excuses and defend buhari. When its clear cut that Buhari has failed this country & Buhari is a failure...
As it stands this country can only expect the worst. Just being realistic. I don't see a happy ending

What a vile and ignorant post . . .

The same story

amagunnerfan:
I guess Saudi, Venezuela and others don't know this?

Have you been to them countries ? The first thing you will notice is petrol is cheap . Cos they have loads of it except venuzuela . And you cannot compare Nigeria to the remaining two.

Dilluted:
am sory to say this you are very foolish and bias Sir go and Re-evaluate yourself

Ok fair enough . What's your own solution since you decided to dis me with no moral or litrate backing
This is why the leaders take your future into Russian rollete houses.In the country I live the prime minister Resigned cos he felt he is not the best person for the job of the DAY . get educated young man stop being ignorant

It wasn't like this in the days of Jonathan despite huge corruption.

TheRealestGuy:
Prophet of life... you've been away for too long... your posts I have surely missed...

Baba mi,I just decided to siddon and observe things for a while. How have u been sir

AdeniyiA:
May thunder fire anyone who wishes to send us out of this world and this nation through hardship and scarcity...

after the thunder , then what? no go pack your bag logout by yourself...dem tie your legs for naija NEPa pole abi

fortunejum:
It wasn't like this in the days of Jonathan despite huge corruption.

You never see anything. This is just the beginning

Marvel1206:
Buhaari! You wee nor keelus

I wonder what they are doing with all the dollars from crude oil sales,atleast it suppose to serve 85% of our forex needs
Oil was 30$ per barrel fine but it has been 45$ to 50$ over 4 months now so i wonder why this government is hoarding dollars

erico2k2:
Have you been to them countries ? The first thing you will notice is petrol is cheap . Cos they have loads of it except venuzuela . And you cannot compare Nigeria to the remaining two.

What you have refused to accept that the countries I mentioned are also struggling.

See the article below

The Kingdom is struggling with weak GDP growth, higher fees and taxes, and an economy that is unable to pay the dues to its workers, leaving thousands of workers from South Asia with an uncertain future.

When a nation is unable to provide food to its migrant workers, it says a lot about their financial condition.

The oil price crash has forced the oil-rich Kingdom to introduce austerity measures, and delay payments to already cash-strapped contractors.


x
“It looks like austerity has hit hard and more than we had anticipated, halting construction projects and stopping hiring,” said Jason Tuvey, Middle East economist at Capital Economics, reports the Financial Times.

During the financial crisis in 2009, the government paid companies to help them tide over the cash crunch, however, this time, the finance ministry has cut advance payments from 20 percent to 5 percent, as reported by the al-Hayat newspaper.

"Money is not being paid at the top level," said one banker to the industry. "This has been going on since October, and it is hard to know how long it will go on for,” reported Reuters back in February of this year.

The stranded Indian and Pakistani workers are evidence that things aren’t any better now than they were in February.

Source - http://oilprice.com/Energy/Energy-General/Is-Saudi-Arabia-About-To-Cry-Uncle-In-The-Oil-Price-War.html

.

onatisi:
Baba mi,I just decided to siddon and observe things for a while. How have u been sir

Been good sir...

Some of us still look forward to reading your comments from time to time. Please don't starve us of your much needed insights...

Sibrah:
What a vile and ignorant post . . .

If by vile you mean offensive, yeah; ignorant? I think not!

bettercreature:
I wonder what they are doing with all the dollars from crude oil sales, atleast it suppose to serve 85% of our forex needs
Oil was 30$ per barrel fine but it has been 45$ to 50$ over 4 months now so i wonder why this government is hoarding dollars

between 2002 and 2014, govt was satisfying forex needs average of $15B+/yr. There no way the present govt can get that kind of money to satisfy forex needs even if oil sold for $50pb all through 2016.

But Aisha Buhari get access to plenty dollar oo. Manufacturers ...abeg buy from her 'bureau de change'.

amagunnerfan:
What you have refused to accept that the countries I mentioned are also struggling.

See the article below



Source - http://oilprice.com/Energy/Energy-General/Is-Saudi-Arabia-About-To-Cry-Uncle-In-The-Oil-Price-War.html

What you have failed to realizability is that we are not struggling but dying .

dis is good. i see revolution happening in 2017

Sibrah:
between 2002 and 2014, govt was satisfying forex needs average of $15B+/yr. There no way the present govt can get that kind of money to satisfy forex needs even if oil sold for $50pb all through 2016.

If that is how incompetent Buhari is, (as you have so ashamedly admitted) why can't he just resign and let other people try their hands on the country's governance?

drss2:
dis is good. i see revolution happening in 2017

Dont fool urself ,which kind yeye revolution,abi no be Nigerians?

onatisi:
Dont fool urself ,which kind yeye revolution,abi no be Nigerians?

they say hungry man na angry man. n d hunger wey dey increase under buari is like famine. hunger can make pipul do impossible tins.

erico2k2:
What you have failed to realizability is that we are not struggling but dying .

Must be difficult to admit that you are wrong.

Have a good day.

porka:
If that is how incompetent Buhari is, (as you have so ashamedly admitted) why can't he just resign and let other people try their hands on the country's governance?

lol . . . Wailer 007

porka:
If that is how incompetent Buhari is, (as you have so ashamedly admitted) why can't he just resign and let other people try their hands on the country's governance?

This was what I suggested but one pry 6 kid said I was foolish .

amagunnerfan:
Must be difficult to admit that you are wrong.

Have a good day.

There is no me right or you wrong here what's for sure is Nigerian's are dieing slowly.

erico2k2:
There is no me right or you wrong here what's for sure is Nigerian's are dieing slowly.

What's wrong here is your lot's penchant to blame the ills of yesteryears on Buhari.

The error has been committed years ago. We didn't suffer because oil price was okay before now.

amagunnerfan:
What's wrong here is your lot's penchant to blame the ills of yesteryears on Buhari.

The error has been committed years ago. We didn't suffer because oil price was okay before now.

PMB was aware of the Ills of yesteryears yet he practically begged to become president promising to fix them and not make it worse.
He was aware that oil price is going down even before his party primaries yet he said he can do the job. Every forecast before 2015 pointed that oil prices will remain low for the next 4 years.
Nobody begged him to lead, he wanted it, begged for it, went round the whole country to the extent that he wore suit and even Ibo attire just be accepted.
He is enjoying his full pecks and allowances even as his county men are going hungry.
So tell me one reason why he should not be blamed for the current woes. If the job is too much, he can just resign, it is not by force. With this mentality of yours, any competitive organization you lead will be grounded because you give room for excuses.

FagsamPHP:
The effect of the Buhari change, what amazes is that some Oloriburuku Mashafani people will still come on here to look for excuses and defend buhari. When its clear cut that Buhari has failed this country & Buhari is a failure...
As it stands this country can only expect the worst. Just being realistic. I don't see a happy ending

You are the olori buruku mashanfani yourself, I think a sane human should know how we get here or how this started, The Nigeria official currency is Naira. Now ask yourself why all those useless foools that looted this country dry change all their loots to Dollars and hoard them in different bank account home abroad? GEJ and his useless economy teams know Nigeria is hitting recession and they know the effect so they convert their loots to dollars so as to start selling when dollars go on the rise.. Now ask yourself where did PEJ get all the million of dollars that as freeze in her accout by the EFCC? It's through dollar subsidy of GEJ era But PMB is not ready to do the same so as to not wrecked the economy more. So the enlighten Nigerians know where the problem started from so you can go and die.

Miles300:
wat are they defending ? If it happened in the 80s and it's happening now it's no coincidence .. It shows he is the cause of the recession simple

What happen in the 80's? is there dollar scarcity in the 80's or increase in dollars exchange.. Go and ask your father father about history and stop yearning thrash you hear at news paper stand.

Saintp:
PMB was aware of the Ills of yesteryears yet he practically begged to become president promising to fix them and not make it worse.
He was aware that oil price is going down even before his party primaries yet he said he can do the job. Every forecast before 2015 pointed that oil prices will remain low for the next 4 years.
Nobody begged him to lead, he wanted it, begged for it, went round the whole country to the extent that he wore suit and even Ibo attire just be accepted.
He is enjoying his full pecks and allowances even as his county men are going hungry.
So tell me one reason why he should not be blamed for the current woes. If the job is too much, he can just resign, it is not by force. With this mentality of yours, any competitive organization you lead will be grounded because you give room for excuses.

So it is now a crime to contest for an election? The fact is, PDP and the last administration kept doctoring reports to make everyone feel all is well with the country.

Ever wonder why it is only under GEJ that the foreign reserve plummed despite us borrowing so much? No one is saying Buhari is a saint but a tenure is 4 years not 1 year plus. You lot have refused to take a chill pill because you can't come to terms with the fact that your 'hero' the shoeless one lost an election.

amagunnerfan:
Answer this question - is it Buhari that made the prices of oil in the world market to Plummet?

What could Buhari have done to ensure we have enough dollars to satisfy our need for "foreign"?

Abeg ask the stewpid mashanfani ooooo