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Nairaland Forum / Nairaland / General / Business / See Why The Naira May Fall To The Dollar At #1000/$ (51259 Views)
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Re: See Why The Naira May Fall To The Dollar At #1000/$ by SimplyWale(m): 12:42am On Feb 01, 2016 |
Hmmm...it's all our fault. We never appreciate anything that comes from within. Nice one OP |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by Dozzmani(m): 12:44am On Feb 01, 2016 |
It's not all about pointing out the problem from what is on ground but providing solution and doing something about it.many people know of this things you wrote but go on to talk about it alone with less action. Act on it and encourage those around u with such.[color=#990000][/color] |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by baum1: 12:45am On Feb 01, 2016 |
duni04: The point being made very clear is that it is not senseless to posit that improvement in trade surpluses can lead to a stronger currency. I think your statement which I highlighted should read 'hasn't made sense', not 'doesn't make sense' because it is not senseless at all to expect this. |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by Nobody: 12:47am On Feb 01, 2016 |
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Re: See Why The Naira May Fall To The Dollar At #1000/$ by Barywhyte(m): 12:48am On Feb 01, 2016 |
menxer: Bro u can't blame urself for this. Not 100%. What choice do we have? Everything we need are imported. And yet we need those things and so we must buy them. This article is nothing but pure truth. We have to go back to that basis. Hard times await. 1 Like |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by musicwriter(m): 12:57am On Feb 01, 2016 |
If my economics and my understanding of the way the world works are right, then that is as far from the truth as Jesus Christ is black Jesus Christ was a black man. It's undisputable!. Even white people are coming out to confess the scam perpetrated over the years claiming Jesus was white. If anybody want to know the truth, go to Google.com and search for "Jesus Christ was a Blackman - according to the Bible - Africason". Just copy, paste and search it on Google. Therein you'll see overwhelming proof that Christ was black. NB: Important. Make sure to watch the documentary on the bottom on that page. |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by ZUBY77(m): 1:02am On Feb 01, 2016 |
One of the best truths I have read about Nigeria. I have complained so much about the same thing. Thanks for this.. I hope someone pushes this to our government. Any sane government can easily reset their system through comprehensive implementation of the points raised here. 1 Like |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by lilreese: 1:31am On Feb 01, 2016 |
Change is coming |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by 19naia(m): 1:43am On Feb 01, 2016 |
I Beg, this OP is proper accountability for Nigeria's currency value. It doesn't matter what measures govt. takes to control currency flow and value, if they are not inflating the value of Nigeria's productivity, then there is nothing to back the currency or soend the currency on except on imports. Amd as far as imports go, very few countries want to sell their wares in exchange for naira. The faith in the Naira on the international market will only go as far as faith in Nigerias coruption and stability as a nation. Sure Nigeria is a giant economy in africa, but to have Naira currency rank internationally, Nigeria has to provide more produce and good faith as opposed to coruption reputation. |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by james1(m): 1:53am On Feb 01, 2016 |
@poster.you have spoken welll. |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by ty2014: 2:37am On Feb 01, 2016 |
Walahi, dis article is touching. But all of us are guilty. |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by calcal: 2:56am On Feb 01, 2016 |
OP wasting his time lecturing truth. 1 Like |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by dynamo007(m): 4:57am On Feb 01, 2016 |
plz who can xplain wat diz stamp charge means in d bank? ![]() ![]() |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by micky2004: 5:11am On Feb 01, 2016 |
The irony of everything is dat many Nigerians don,t like to be seen patronizing local goods,everybody wants to show off or impress their neighbours by using 'IMPORTED MATERIALS'so DAT their neighbour can know they have arrived,yet they will be d first person to shout anytime foreign currencies rise against our local naira forgetting dat they also contributed to it,s fall let us change our orientation by also patronising our local goods. 2 Likes |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by sdbaba: 5:30am On Feb 01, 2016 |
All the points stated here are the true reasons why our economy is sinking. I'm still amazed that Nigerians now travel on Thursday/Friday to UK and Europe just to watch football matches to return on Sunday - two days trip and blowing over N500K? Chai this is what yoruba will call "omo oni nakuna - Apa!" Meaning a wasteful spender. I've quarreled and explained to my wife why we can't take a vacation abroad now - How can I go on vacation abroad with my whole family when we are yet to build our own house? Thank God I'm still thinking straight. I almost jumped on the altar to hug my pastor the day he lambasted people who engage in frivolous expenditures and when he particularly mentioned this case of taking vacations abroad when one is still living in a rented apartment. I was the first on the queue at the church's turk shop to get the CD of that message after the service. I still make sure I play that CD anytime I'm home with my family. This is article is the best I've read in years. God Bless the writer and the person that posted this. 2 Likes |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by hopeforcharles(m): 6:23am On Feb 01, 2016 |
banmee:Do u know there was a time when the naira was bigger than the dollar? Do u know that there was a time when we export majorly? Read ur history books 2 Likes |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by ukandi1(m): 6:42am On Feb 01, 2016 |
millhouse: Me too |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by Nobody: 7:13am On Feb 01, 2016 |
If most Nigerians could reason like this OP,our problems would be half solved because a problem known is half solved.We have two fundamental problems in Nigeria: The greedy and selfish leaders and the myopic and reluctant followers. Our leaders' priorities are how to aquire massive wealth that'll cut accross their unborn generation not minding how badly and poorly the country is doing,lack of patriotism and believe in Nigeria,selfishness and greed. While we the followers are concerned with tne crumbs we could manage to get from our leaders without giving a thought to the abject poverty,under development,bad policies,lack of infrastructure,good governance,and accountability from people on the helm of affairs. We support our leaders even when it's obvious they are the cause of our problems.We put our tribes,states of origin,relatives before our country and have no dream for our great country. Our leaders have given us nothing but bad leadership.Even Buhari whom we think will make a difference is obviously biased.He finds it difficult to probe those close to him,yet tney want us to believe in tneir government. Let's re orientate ourselves and have a common believe in Nigeria because she's all we have. 2 Likes 1 Share |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by kenmaro: 7:18am On Feb 01, 2016 |
989900: Gbam! True talk! Importation of consumer goods is not d cause of Nigeria's financial problems, rather bad leadership, importation of refined petroleum products that can be refined at any of our homes, exportation of our money by our leaders, unstable power/electricity, & etc. No individual country can be self sufficient even d Americans import a lot of their consumer goods from China & Asia but they don't import refined petroleum products & they generate a stable power supply to boost their SMEs & give good relaxation comfort to the human brain & body after a stressful day at work thus enabling d brain to think & plan properly for next coming days unlike the Nigerian brain that doesn't rest even after working stressfully during d day, it will have to come back to a very uncomfortable rest at home thinking how to generate its power and water at home then rise up as early as 4am to prepare for d next day work again so as avoid d poor metro transit system. 3 Likes 1 Share |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by Skmoda360(m): 8:23am On Feb 01, 2016 |
This is called Gamma truth, damn! This guy really get nigerians and the government in short we are also the government. 1 Like |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by BluStreak(m): 8:47am On Feb 01, 2016 |
MathsChic: I have never doubted the possibility of N1000/$1 in the very near future if things continue the way they are. My projection actually is less than 18 months and the Naira will hit N1000 or even more to a dollar. Crude prices has crashed in the international market and the little we have left for export after vandals and oil thieves have taken their share don't have ready buyers. So we can't sell and if we can't sell, we can't earn the green-back and if we can't earn the green-back and still run an import based economy, then sorry Nigeria. |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by sulakishop(m): 9:13am On Feb 01, 2016 |
[size=20pt]I WEPT FOR NIGERIA AFTER READING THIS... ![]() ![]() ![]() ![]() ![]() ![]() |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by Datanet: 10:18am On Feb 01, 2016 |
bookface: Let me try to allay some of your fears and answer some of your questions/worries. Banning is still the best option for us. That is, banning any item that we have RAW MATERIALS to PRODUCE like Sugar, toothpick, fish, chicken, cement, tiles, steel and iron, furniture, clothing and the list goes on and on as well as ban on import of refined oil. (Read Micheal Porter - Law of Comparative Advantage of Nations) Yes, in the immediately term prices will rise as more money chase fewer goods. But i trust Nigerians, that automatically creates a huge business opportunity for smart entrepreneurs to start their own biz in the country to fill the immediate needs. This creates employment opportunity for the youths and over time lower prices. The simple economics here is that, a population of 180 million people cannot sustain importation of their basic needs. Forex will go off the charts. We MUST at least cater for 150 million people ourselves even if we eventually import for the rest of the 30 million people. (We have to produce more than we import). Forget export for now, just concentrate on serving local demand. Devaluation does not serve us any purpose. If we dont reverse our Import/Mono economy status we will continue to devaluate forever. I dont bother myself on whether we should devaluate or not. I worry about whether we are reversing our massive import bill. CBN Governor cannot increase interest rate at this time. There is already tightening of the business environment. CBN reduced MPR from 13% to 11% just to stimulate consumer spending. Increase in interest rate will further slow down the economy. On the foreign reserve issue, CBN should immediately stop funding BDCs, School fees, Medical bills, BTA, PTA, Pilgrims etc that use up the vital forex reserve at N199/$1. The forex should be used for only critical government needs like loan repayment, financing rail, road, bridge, dam, power projects, airport projects, and supporting local manufacturers. All other users should source their forex from parallel market at N305. |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by chigoizie7(m): 10:31am On Feb 01, 2016 |
Bookiemart01:. We re so resilient, though its not gonna be easy but we will survive |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by Datanet: 10:32am On Feb 01, 2016 |
duni04: You are right. Nigerian products are of lower quality than foreign products. I think that is clear. However, If we dont DELIBERATELY patronise them, they wont get any better. You are not buying Nigerian products because they are the best, you are buying because you know this will create employment opportunity for someone, increase the standard of living of your country men, reduce crime rate, increase tax revenue to government, improve the economy etc (you get my drift). Basically be patriotic even if you think their is little to be Patriotic for. Anything you buy a foreign product, you create jobs in tht country, you improve the standard of living there and help tht country with its development. Next thing you know, we all want to move to Europe or USA. You are right with regards the challenges in the textile industry as is the case with all our manufacturing sector. Power, credit facility etc. |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by persius555(m): 10:34am On Feb 01, 2016 |
hopeforcharles:Thank you for making this point. This i believe was the 60-80s, when global economy powers then relied on raw materials like cocoa, tin ore, steel, crude oil etc Then, there was demand for raw materials that we produced in huge quantities. The US dollar as a global base currency was not as strong as it is now. To get our raw materials which was in high demand, you had to come for our naira currency, so the naira was well sought after. Let it be known that as at then nigeria imported luxury cars, like citroen, bentleys etc Because our currency was well soughted for we didnt have problem patronizing these goods. The 80s was an era when america unleashed its global capitalist system on the world, they virtually invaded every economy via its banks backed by the call for privatization which many countries bought hook line and sinker. This was an era the american us dollar became a global benchmark currency. Unfortunately, that was an era that we abandoned our agro allied industries and went after petro dollar. The irony is that the americans did not abandon their own agric industry. Its amazing to know that agro-exports still accounts for the highest forex earner for the american economy. I am sure a lot of nigerians dont know this. |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by banmee(m): 11:25am On Feb 01, 2016 |
hopeforcharles: Sometimes people really need to think objectively. A country can peg it's currency to whatever rate. It doesn't mean it has value. Iraq has been exporting oil in like forever, it doesn't mean it was ever a great country. Just because you export products doesn't mean you are great. If that were the case, every country on earth would probably have that tag of being great. |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by Nobody: 11:39am On Feb 01, 2016 |
The analysis is correct, as long as we keep importing rubbish and disowning our locally made goods we shouldnt complain about the falling naira. Infact given the rate at which is it falling i can prophesy that by 2017 we 1$=N1000 naira. Our love for foreign goods, trips, and trouble will bring down that road. The other day i talked about our locally produced rice, one idiott on this forum said I should go to hell, that he will never touch that crap. Hmm what he failed to know is that most of the foreign brands are actually expired grains that are being dumped here because a market exist for them. |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by Nobody: 11:42am On Feb 01, 2016 |
persius555: Many Nigerians dont want to know this important fact you raised. They just want to enjoy their foriegn goods. go to spars, choprite and left ,dstv man utd and display their stupidity and ignorance. We burn alot of forex importing all sorts of things, and forget how balance of trade works, no exports whatsover, and we still have the guts to complain that the naira should equate the dollar. ![]() |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by Nobody: 12:20pm On Feb 01, 2016 |
sdbaba: We never for once pause and think how we give all our money to the West and yet we want to be develop like Europe, Asia and America. The black man is sick |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by spinoff: 12:53pm On Feb 01, 2016 |
989900: |
Re: See Why The Naira May Fall To The Dollar At #1000/$ by spinoff: 12:55pm On Feb 01, 2016 |
kenmaro: |
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