Buhari has done a lot of damage to this country

As at 2015 before gej left, a was #220 later moved up to 500 and above under apc before it gradually comes down 355/360.

PDP created all the problems and laid the foundation for the destruction of everything in nigeria before apc took over from them and stepped in their shoes.

Exchange rate has little or nothing to do with the state of the economy

I guess it is safe to say civilian government are the ones who crippled our economy, judging from what is written on that paper.

https://www.youtube.com/watch?v=1tTIMHm3cjI

To get 1gb for free click here
MTN Users only https:///X8aqdb and click subscribe

after that comment below I will respond how to get it

Thanks to Abdulrecession Aminu Jubril al Sudani.

Naija is f$cked up already

Our leaders are our problems.

Posterity will judge them all

1985 & 1986 was when it all started... who was the head of state then...

TheFacelessMan:


I was a currency smuggler for the late dictator Muammar Gaddafi.

This is a true story of an adventure in the Sahara Desert....

u nah all round network oo, the weed u smoking is from Haiti

kennygee:


If you check, from the times when the naira was 0. against the dollar, we had a vibrant economy and exports.

Since we started depending on oil, down went our economy, the dollar started controlling the market.

That was during fiscal federalism

In summary black market start killing Naira from 1994

This simply shows how far Nigeria has depreciated over time both as a country and in human capacity development.

Compare the economies of Singapore, South Korea, Malaysia, India and Vietnam that started the same development race with Nigeria in the 50's and where they are now.

I fear for the future generation and this lend credence to why Nigerians are moving out of the country in droves. Things seems to be regressing at an alarming rate.

Oh NIGERIA my country!!!
How did we get it wrong to this point
Who will lead us out of this mess

If the exchange rate can come come back to 100naira per 1dollar poverty will reduce in Nigerian

jayson87:
1985 & 1986 was when it all started... who was the head of state then...

Gen Ibrahim Badamosi Babangida from 1985-1993.

Looking at the trend, the naira is being pushed by Blackmarket Value

oz4real83:
I have always said it that every successive govt this country has ever had,have always taken us into deeper mess. The military took the naira from N0.658 to the dollar and dumped it at about N88/dollar by 1999. The Pdp took it from that point and dump it at about N300/dollar by 2015. Apc took it from that point to even up to N530/dollar at some point. The same sets of individuals keep recycling themselves in different forms in govt and that is why we keep getting the same results.

The PDP left it at N186/1$. It skyrocketed to N300/1$ within months of the APC. In 16 years the PDP increased the exchange rate by less than 120% but in less than 6 months the APC increased by more than 120%. It's clear that the incompetence of the APC, their wrongly formulated fiscal policies and their inability to even implement those policies is the reason why Nigeria is in this moribund situation. The PDP certainly could have done better but the APC made promises to Nigerians, promises of a better future yet in four years they have effectively destroyed our future.

This is incorrect. Under Abacha (1993- 1995) the exchange rate was N85 to $1

My heart broke just seeing the headline

IBB, the grandmaster of naira collapse.

oz4real83:
I have always said it that every successive govt this country has ever had,have always taken us into deeper mess. The military took the naira from N0.658 to the dollar and dumped it at about N88/dollar by 1999. The Pdp took it from that point and dump it at about N300/dollar by 2015. Apc took it from that point to even up to N530/dollar at some point. The same sets of individuals keep recycling themselves in different forms in govt and that is why we keep getting the same results.

liar. ..PDP stopped at 199

oduademonest:
Exchange rate has little or nothing to do with the state of the economy

It may not be causative but it is strongly indicative.

Roon9:
My own question, how come the dollar never depreciates?

IT BAFFLES ME TOO

olujastro:
IBB through his IMF-induced Structural Adjustment Programme initiated the death of the Nigerian naira.
Abacha added his own to it and afterwards, successive PDP governments gave the naira 1000% loss of value from about N20/$ they met it to N200/$.
Sharp decline in oil prices from 2014 led us to another 80% decline in value to the current N360/$.

IBB and PDP are the worst things to ever happen to Nigeria.

typical yoruba thinking

We are the problem, after military era, we the People ought to hold the leaders to account, from Obasanjo till date

oz4real83:
it is a matter of leadership. All the small emirates in the UAE once depended on oil just like Nigeria. Their economies were built,developed and diversified into tourism using oil revenues. All these were done because of good leadership. Those emirates don't depend on oil anymore even though oil revenues keep coming. Opposite is the case of Nigeria. Bad leadership will always yield bad results.

Why are you still on this bad leadership matter?
Are the leaders aliens i.e. non-Nigerian? Which one of them is non-Nigerian
How are the leaders different from the people who allow/elect them into public office?

miketayo:
We are the problem, after military era, we the People ought to owe the leaders to account, from Obasanjo till date

Thank you for this revelation.
Stay blessed.

barron2094:



The PDP left it at N186/1$. It skyrocketed to N300/1$ within months of the APC. In 16 years the PDP increased the exchange rate by less than 120% but in less than 6 months the APC increased by more than 120%. It's clear that the incompetence of the APC, their wrongly formulated fiscal policies and their inability to even implement those policies is the reason why Nigeria is in this moribund situation. The PDP certainly could have done better but the APC made promises to Nigerians, promises of a better future yet in four years they have effectively destroyed our future.

Well, the reason why it shot up like that under the APC was the oil price crash.

In 2014, oil was at $120 per barrel at the start of the year. By May 2015, it had dropped to $75, and by January 2016 , it was at $30.

That had an impact on our dollar earnings and by extension our ability to keep the value of the naira up...hence the shooting.

And since 2016...oil has never been above $80. Meanwhile Fitch says we need it at $139 to run a budget without borrowing. See the problem.

Of course that does not let APC off the hook. The only thing I'll give them kudos for is saving some money despite the low oil prices. However, they contunue to keep price controls in place in the petroleum and electricity secotr...stifling foreign investment, and job creation.

Nigerians.

When would you realise no country can be prosperous if it doesn't produce?

You are 200 million people depending on 2 million barrels of oil a day.

Your entitlement if oil is sold at 100 dollars per barrel (which it isn't) is 1 dollar a day.

Go out and produce.

For how long would you continue to lament?

Day after day, year after year.

Produce and see if you would be complaining about the exchange rate.

for those of us in business, there was a time (about two years ago or so) that dollar was sold about N500. So, this list doesnt capture it.

Mophasa:
Over the years,the exchange rate between the US dollar and the Nigerian naira has experienced a lot of disparities and oppression.

Here is a preview of the exchange rate from 1972 till date.



https://www.viewsnaija.com/2019/05/checkout-exchange-rate-of-us-dollar-to.html?m=1

Some of the fact are wrong.

sureheaven:
As at 2015 before gej left, a was #220 later moved up to 500 and above under apc before it gradually comes down 355/360.

PDP created all the problems and laid the foundation for the destruction of everything in nigeria before apc took over from them and stepped in their shoes.

The problem isn't PDP or APC...but the idea, since independence, that our economic prosperity rests on exporting raw materials aborad for scarce dollars...and then using that scarce dollars to import stuff.

Also, Nigerians believe so much in price controls in vital sectors like petrol (subsidy) and power (subsidy via NIBET). That prevents investors form coming in, and also provides an avenue for government waste and corruption. But since Nigerians don't want to pay the ACTUAL price of producing one liter of fuel or one kilowat of power....

This currency will not stop depreciating until a law or a bill is passed to monitor what the president , senate president , speakers , reps , governors has done each year, and to probe each of then at the end of each year.
If not nothing will move on in this country. Since all of them knows that once they finished 4 year term, they will go for another term or another position. So until they are been probe each year ,jail the failure once,nothing will move in this country