The Buhari regime was plagued by shortages and hoarding of essential consumer products.

This was as a result of daft economic policies of price control initiated by the Buhari junta to stall runaway inflation. Scarcity was the order as many goods were hoarded by wholesale distributors. I remember back then I would haven been about 7 and our landlord used one of his flats to hoarde cartoons of elephant detergent.

This was because of Buhari's daft economic policies which lead to most multinational corporations and foriegn investors pulling out and avoiding Nigeria, our economy was slipping. The naira was set to collapse but instead of initiating reforms Buhari refused to devalue our currency but continued to play the ostrich with our economy. But no matter how hard he tried to lie to himself, the economy was steadily falling with inflation rates as high as 40% the worst recorded spike ever in the history of Nigeria.

Buhari's only solution was to initiate price control mechanism by setting up military tasks force that raided markets, confiscating goods and harassing traders if the prices of Goods on display were not in line with the government fixed price.

With virtually no direct foriegn investments and with big multinational companies pulling out, most essential commodities needed to be imported. This further put a huge strain on the Naira but Buhari's govt refused to devalue the Naira but rather initiated more draconian policies and hurdles for any company seeking forex. The truth be told the CBN could not meet Nigeria's forex demand before long the black market sprang up.

Buhari then initiated more draconian laws making forex possession by individuals illegal. Nigerians were avoiding the banks andnaira by investing in dollars and saving it under their pillows. Fela was jailed for currency possesion but what is most striking about Buhari's hypocrisy was that his fellow northern brothers who still dominate that illegal black market trade were never arrested.

Buhari will also be selective on who is allowed to hold forex as a controversy raged on the illegal smuggling of forex into the country by a northern royal.

This man is too damn sectional and daft.

The forex black market is one of many legacies of a failed Buhai junta.

Egift come and defend your messiah

The internet gives kids and idiots the opportunity to have their stupid say. Any person old enough to know or to have travelled abroad will know that there was always rationing of foreign exchange in Nigeria. The so called Basic Travel Allowance which was about 1000 Naira with an official rate of about One Naira for $1.50 during Obasanjo's regime and not much changed during the earlier part of Shagaari's regime. There was always a black market located at Bristol Hotel/Quayside on Lagos Island . By the time Shagari left the oil price crashed just as is happening now . The official rate did not change but BTA was restricted and black market rates rose. This has happened in exactly the same way over the last few months for the same reasons showing that Nigeria has learnt nothing.

These are the facts and by the way I do not endorse BUHARI but we must still tell the truth. There is hardly any place in the developing world where you will not find a parallel foreign exchange market. What makes it "BLACK or WHITE" is a matter or law and semantics. Is it still "BLACK" these days?

omonnakoda:
The internet gives kids and idiots the opportunity to have their stupid say. Any person old enough to know or to have travelled abroad will know that there was always rationing of foreign exchange in Nigeria. The so called Basic Travel Allowance which was about 1000 Naira with an official rate of about One Naira for $1.50 during Obasanjo's regime and not much changed during the earlier part of Shagaari's regime. There was always a black market located at Bristol Hotel/Quayside on Lagos Island . By the time Shagari left the oil price crashed just as is happening now . The official rate did not change but BTA was restricted and black market rates rose. This has happened in exactly the same way over the last few months for the same reasons showing that Nigeria has learnt nothing.

These are the facts and by the way I do not endorse BUHARI but we must still tell the truth. There is hardly any place in the developing world where you will not find a parallel foreign exchange market. What makes it "BLACK or WHITE" is a matter or law and semantics. Is it still "BLACK" these days?

Don't be stup1d.

Why did the black market spring up during Buhari's regime?
what did he do to curtail and arrest the operators of this market?
What action did Buhari take against the norther traditional leader who smuggled suitcases of foriegn currency into the country?

Fools like you will turn darkness into light for your fanatical desire to see this dunce become president.

Vote him you choose but don't distort history.

Pleb.

RevDesmondJuju:


Don't be stup1d.

Why did the black market spring up during Buhari's regime?
what did he do to curtail and arrest the operators of this market?
What action did Buhari take against the norther traditional leader who smuggled suitcases of foriegn currency into the country?

Fools like you will turn darkness into light for your fanatical desire to see this dunce become president.

Vote him you choose but don't distort history.

Pleb.

The black market existed before Buhari , I am not here to hold brief for Buhari so will not defend him but the black market existed at Bristol Hotel long before Buhari . The issue of 53 suitcase is not something I know anything about and cannot comment .It is not related to when the black market started anymore than who won the world cup Actually I do not wish to see Buhari as President but even if I did so what.?
Your mother is the fool and she will die from cancer

omonnakoda:

The black market existed before Buhari , I am not here to hold brief for Buhari so will not defend him but the black market existed at Bristol Hotel long before Buhari . The issue of 53 suitcase is not something I know anything about and cannot comment .It is not related to when the black market started anymore than who won the world cup Actually I do not wish to see Buhari as President but even if I did so what.?
Your mother is the fool and she will die from cancer

Don't be daft. How can the black market exist before Buhari when naira was trading very strong?

The need for the black market arose when the CBN could not service the forex demand and the naira was still artificially high.

This is why parallel markets exist.

Ignoramus pleb.

You are a kid the black market started during Gowon;s regime. He introduced a DUAL exchange rate

All you need to do is Google ; gowon dual exchange rate black market

Why would Naira trade strong ? In 1983 ??
On what basis? The $30 dollar crude oil trading price which had crashed from $35 in one year or the huge debt that we could not service?

Anyhow I am not here to hold the fort for Buhari just to clarify ONE THING black market started LONG BEFORE HIM.

So find another of his faults I a sure there are many. Let us criticize with FACTS not stupid LIES

omonnakoda:
You are a kid the black market started during Gowon;s regime. He introduced a DUAL exchange rate

Why would Naira trade strong ? In 1983 ??
On what basis? The $30 dollar trading price which had crashed from $35 in one year or the huge debt that we could not service?

Anyhow I am not here to hold the fort for Buhari just to clarify ONE THING black market started LONG BEFORE HIM.

So find another of his faults I a sure there are many. Let us criticize with FACTS not stupid LIES

Dual exchange rate? Omo if you wan lie please do it well.

Hitherto to fuel scarcity was there any such thing as black markets for fuel?

Go and pick a simple introductory text book in economics before you post rubish here.

Pleb.

RevDesmondJuju:


Dual exchange rate? Omo if you wan lie please do it well.

Hitherto to fuel scarcity was there any such thing as black markets for fuel?

Go and pick a simple introductory text book in economics before you post rubish here.

Pleb.

Your mother is the Pleb

omonnakoda:
Your mother is the Pleb

You just googled the meaning of pleb, right?


[size=18pt]Pleb[/size]
Actually defined as a member of a despised social class, a commoner, a member of the plebs of ancient Rome. Also low-born, undisinguished, vulgar, and my personal favourite: vulgar-looking.

Other words with similar meaning: Scrut, Townie, Kappa-Slapper, Rude-Boi, Scum, Greb, Scav, &c.

RevDesmondJuju:


You just googled the meaning of pleb, right?


Pleb

If it makes you feel better to think so OK.

I believe your Principal described himself as a pleb in one of his recent campaigns!

I imagine though that a nonentity whose source of livelihood is as a paid troll will be more aptly described as a pleb.You are empty and have nothing to offer .

omonnakoda:
If it makes you feel better to think so OK.

I believe your Principal described himself as a pleb in one of his recent campaigns!

I imagine though that a nonentity whose source of livelihood is as a paid troll will be more aptly described as a pleb.You are empty and have nothing to offer .

Stick to the topic or Gtfo

RevDesmondJuju:


Stick to the topic or Gtfo

There is NO TOPIC the black market started before Buhari.You are not earning your pay.

omonnakoda:
There is NO TOPIC the black market started before Buhari.

Become incredulous and indignant. Avoid discussing key issues and instead focus on side issues which can be used show the topic as being critical of some otherwise sacrosanct group or theme. This is also known as the “How dare you!” gambit.

omonnakoda:
i.You are not earning your pay.

5. Sidetrack opponents with name calling and ridicule. This is also known as the primary attack the messenger ploy, though other methods qualify as variants.

RevDesmondJuju:


Become incredulous and indignant. Avoid discussing key issues and instead focus on side issues which can be used show the topic as being critical of some otherwise sacrosanct group or theme. This is also known as the “How dare you!” gambit.




5. Sidetrack opponents with name calling and ridicule. This is also known as the primary attack the messenger ploy, though other methods qualify as variants.

You are just a dunce so do not call yourself my "opponent" you flatter yourself.

My only issue here is that there was forex black market as far back as 1975 at Bristol Hotel in Lagos

https://books.google.co.uk/books?id=CZDGAAAAQBAJ&pg=PA35&lpg=PA35&dq=bristol+hotel+black+market+lagos&source=bl&ots=pclDJE1Zn5&sig=I3Mjg53mxeggE9oc2tND8cqlpPk&hl=en&sa=X&ei=cC-1VOLtLdfgapeJgegP&ved=0CDcQ6AEwAQ#v=onepage&q=bristol%20hotel%20black%20market%20lagos&f=false

omonnakoda:
You are a kid the black market started during Gowon;s regime. He introduced a DUAL exchange rate

All you need to do is Google ; gowon dual exchange rate black market

Why would Naira trade strong ? In 1983 ??
On what basis? The $30 dollar trading price which had crashed from $35 in one year or the huge debt that we could not service?

Anyhow I am not here to hold the fort for Buhari just to clarify ONE THING black market started LONG BEFORE HIM.

So find another of his faults I a sure there are many. Let us criticize with FACTS not stupid LIES

PDP fan, oya continue.. You have seen your match and don't want to reply inorder to avoid further embarrassment you thought you could malicious design for an opposite party

omonnakoda:


You are just a dunce so do not call yourself my "opponent" you flatter yourself.

My only issue here is that there was forex black market as far back as 1975 at Bristol Hotel in Lagos

https://books.google.co.uk/books?id=CZDGAAAAQBAJ&pg=PA35&lpg=PA35&dq=bristol+hotel+black+market+lagos&source=bl&ots=pclDJE1Zn5&sig=I3Mjg53mxeggE9oc2tND8cqlpPk&hl=en&sa=X&ei=cC-1VOLtLdfgapeJgegP&ved=0CDcQ6AEwAQ#v=onepage&q=bristol%20hotel%20black%20market%20lagos&f=false

Your link is not working. Try harder shill

8. Invoke authority. Claim for yourself or associate yourself with authority and present your argument with enough “jargon” and “minutiae” to illustrate you are “one who knows”, and simply say it isn’t so without discussing issues or demonstrating concretely why or citing sources.

ccollins:
PDP fan, oya continue.. You have seen your match and don't want to reply inorder to avoid further embarrassment you thought you could malicious design for an opposite party

Olodo

RevDesmondJuju:


Olodo

first of all, I don't engage in childish tantrums and insults.. I only believe in power of academic prowess and facts not lies.. Try and be matured in yóur comments.. Seems GEJ paid you well.. Anyway, I side Buhari on the issue of black markets due to the healthy and analytic argument of omonnakoda.. It seems more rationale

ccollins:
first of all, I don't engage in childish tantrums and insults.. I only believe in power of academic prowess and facts not lies.. Try and be matured in yóur comments.. Seems GEJ paid you well.. Anyway, I side Buhari on the issue of black markets due to the healthy and analytic argument of omonnakoda.. It seems more rationale

Your opinion is not valid here. Omonnakonda is a bloody liar. Check his link. It is dead.

RevDesmondJuju:



Your opinion is not valid here. Omonnakonda is a bloody liar. Check his link. It is dead.

You have been destroyed.

Google "Gowon dual exchange rate" naa.


That one must go if the link doesn't.

The link is working fine
I expect the scurrilous rodent to do "as rat dey do ........corner corner, hide hide........."