₦airaland Forum

bayelsaowei:


Apart from the shady promises made by buhari and his pastor cohort, Do we all remember that buhari wore clean blazer suits during his campaign?? Now he has reverted back to the man he truly is..do we all agree as nigerians that we were scammed immensely ??

grandstar:
The only people that were scammed were those who believed it.

I'm wrong. Those who were scammed were those who believed it and still voted for him again in 2019 despite a crushing recession that impoverished millions with 11 million losing their jobs.

Economists put the blame squarely on Buhari for the senseless forex policies he introduced to help stem the weakening of the Naira.

urahara:
I dont think buhari was responsible for the recession.The recession was primarily caused by low oil prices.

grandstar:
It was Buhari's foreign exchange policies that led to a dearth of dollars denying businesses of forex to run their businesses that led to the severe recession that plagued the country. It was when the Naira was allowed a partial float in 2017 that the economy began to stir. Foreign exchange became available again.

grandstar:
Wrong.

The country might have gone into a recession but it would have quickly bounce back. The low price of oil was an issue but not all. It wasn't a given that it would have entered a recession. It might have been nothing more than a downturn. Remember that oil only accounts for less than 10% of the country's GDP.

The disproportionate power that oil holds over the economy is that it constitutes the bulk of government spending and the country's exports.

It was Buhari's foreign exchange policies that led to a dearth of dollars denying businesses of forex to run their businesses that led to the severe recession that plagued the country. It was when the Naira was allowed a partial float in 2017 that the economy began to stir. Foreign exchange became available again.

Please read the article below. It was written by the Financial Times in 2016. You might have to fill a Google survey to read. Survey just takes 15 second

https://www.ft.com/content/2f5e5d2c-2338-11e6-9d4d-c11776a5124d

grandstar:
Remember that oil only accounts for less than 10% of the country's GDP.

The disproportionate power that oil holds over the economy is that it constitutes the bulk of government spending and the country's exports.

It was Buhari's foreign exchange policies that led to a dearth of dollars denying businesses of forex to run their businesses that led to the severe recession that plagued the country. It was when the Naira was allowed a partial float in 2017 that the economy began to stir. Foreign exchange became available again.

Please read the article below. It was written by the Financial Times in 2016. You might have to fill a Google survey to read. Survey just takes 15 second

https://www.ft.com/content/2f5e5d2c-2338-11e6-9d4d-c11776a5124d

Olukoso1:
Lol
DSS IS coming after you

urahara:
Remember that russias economy tumbled too when oil prices dropped.

urahara:
Why couldn't these business go and source for dollars at the black market ?

grandstar:
Russia is too dependent on commodities especially oil and gas. America is now the largest producer of oil in the world and its economy did not flounder because oil prices fell. Britain too produces oil but its economy did not flounder also.

I doubt Indonesia and Mexico suffered economic downturns. They too are oil producers but have been able to an extent wean themselves from it.

Nigeria's economy is quite resilient.

gidgiddy:
We Igbos saw through the scam, Yorubas swallowed it hook, line and sinker

bayodele73:
Cant you make an expression without tagging tribe?

urahara:
I dont think buhari was responsible for the recession.The recession was primarily caused by low oil prices.

bayelsaowei:


Apart from the shady promises made by buhari and his pastor cohort, Do we all remember that buhari wore clean blazer suits during his campaign?? Now he has reverted back to the man he truly is..do we all agree as nigerians that we were scammed immensely ??

grandstar:
The amount there isn't enough. The Economist magazines used the phrase "thinly traded black market' to show the size of it. If you wanted $10m, I doubt it will be easy getting it.

urahara:
And when they went to the banks , the banks refused to give them ? Right ?

grandstar:
Yes. That's why they turned to the black market. What is the point of an exchange rate where there's no one to supply you at that rate?

urahara:
Lmao , that's messed up. During that period did you also find it tough getting forex on the black market ?

grandstar:
There was but not in large quantities.