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Five Oil Exporters Affected By Currency Devaluation Most - Business (5) - Nairaland

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Re: Five Oil Exporters Affected By Currency Devaluation Most by jpphilips(m): 10:37am On Feb 19, 2016
NgeneUkwenu:
Even Though The CBN Official rate of the Naira( which caters for about 80% of the dollar Usage) against the dollar Still remained @ 199 Naira at the Close Business Yesterday, while the parallel Market (Black Market) trades at 385 Naira to a dollar...It is pertinent to state that we are suffering for the mismanagement and corruption of the yesteryears, engineered, watered and nurtured by Vision less Party that just left power.

For the Past 16 Years, they looted Our reserves:

For For past 16 years, they did not Save for the rainy day...

For the past 16 years, they did not diversify our Economy..

For the past 16 years, they never implemented any of their yearly ritualistic budgets to stimulate the economy..

For the past 16 years, they only shared our Foreign exchange and depleted our reserves...

Now this is result of their hard work....

In fact , it is still a miracle, that The Present Government is still meeting it's financial Obligations in the face of all these crunches...


You made sense with the first article though it is nothing new, only the ignorant minds who refuse to grow up still think buhari is the cause of their economic woes, while I absolve buhari completely in this economic mess, I would blame Jonathan in 2015 but I think it is irresponsible to blame Jonathan in 2016 and beyond. let me tell you why;

No matter how much you save, it is only a matter of time before the balance of trade will tilt that is a fact, The rubbles went on a free fall recently according to your article, it has devalued by 100% against the dollar, so I can assume that by your analysis the Russian Economy is in trouble right?
Are you aware that this troubled Russian economy saved over $400b when the going was good? so why are their savings not saving them?
The answer lies with the fact that savings only buy time but will never change the inevitable.

You may have a valid argument by citing western sanctions but does it change the fact that Russia is the highest exporter of Natural gas in Europe? Europe is in winter and you have no idea how much Russia is making from Gas sales alone. Does it change the fact that russia has signed arms deal with china to the tune of Billions of dollars recently? or that president Assad has recently purchased an unspecified number of sophisticated air defence systems from Russia or that Iran recently placed orders for unspecified number of Su-30 fighter jets from Russia.

The idea of saving became a government policy in Nigeria during the era of OBJ and Soludo when the ECA was created, from there we paid off our debts which was a big sack on our annual budgets, we launched the NIPP, we paid subsidy, during the meltdown that saw most western economies in recession, the Nigerian economy was "immuned" according to Soludo, thanks to that savings made by Obasanjo.

The interesting part of the puzzle is that despite all the good things that savings did for our economy at the time, towards the end of Obj's administration, Naira was devalued to 155 against the dollar. To save is the right thing and it has saved us a lot of wahala in the past no doubt about it but if crude prices remain low for a longer time (OBJ/SOludo were just lucky that it peaked eventually), soludo with his savings would have devalued further.

So you see, there must be balance of trade whether or not you saved. It is irresponsible if buhari's media team continue to blame Jonathan beyond 2016, how much will Jonathan save that will stop the inevitable? I blamed jonathan in 2015, I voted him out in 2015 because I believe it was too early to have dipped into recession, but the present government needs to take hold of the wheels, this is no longer2015 and we voted them for a reason.

3 Likes

Re: Five Oil Exporters Affected By Currency Devaluation Most by Nobody: 10:39am On Feb 19, 2016
grandstar:


Stopping blaming others for Buharis incompetence.

Who told him not to devalue the naira?Was it PDP?

Who told him to exclude 41 products from accessing the CBN for credit? Was it PDP?

Who told JP Morgan to delist Nigeria from their index? Was it PDP?

Who told Soludi, Sanusi and now Pat Utomi to condemn his economic policies? Was it PDP?

Buhari may be a man of integrity but his economics suck. I have written off the economy since July last year. His policies are apalling!

1. Has he devalued the Naira?.
2. Kindly name the products and if you are referring the the products that were taking off from the Forex or imported commodities, then can you tell us another means of strengthening the economy if you still import them?.

3. Is JP Morgan a Nigerian? Who the hell is he?

4. In all, what has PDP got to what critics and economists say about his administration... everybody has his own point of view.

5. Pls proof your last statement with facts and figures based on the state of the economy when Buhari became the president. Putting into considerations the crude oil price going south, insurgency and Naira Being devalued cos of Crude oil price Crashing.

1 Like

Re: Five Oil Exporters Affected By Currency Devaluation Most by KINGOFJAPAN: 10:40am On Feb 19, 2016
NgeneUkwenu:


It is Only Nigeria that has not devalued its currency...Can't you read?
They don't read it's surprising how hatred has twisted their reason.... Any sane person who read d ops post will see d sense in it.
I now understand why they're called children of hate.
Re: Five Oil Exporters Affected By Currency Devaluation Most by Iroh88(m): 10:42am On Feb 19, 2016
luvinhubby:


APC is a fraud & a Buhari is super clueless.

Nigeria is worse of today than 12 months back, all thanks to this to this mega scam called APC .
Great post!! Such uncommon wisdom! Your folks must be very proud of you sir. cheesy
Re: Five Oil Exporters Affected By Currency Devaluation Most by Trillyonaire: 10:42am On Feb 19, 2016
yommyss01:
We know PDP was not in power but if as you now agree it is a general problem, why blame Buhari for the down fall of the naira?

Quote where you saw me blame Buhari for the fall of the naira?
Re: Five Oil Exporters Affected By Currency Devaluation Most by jpphilips(m): 10:42am On Feb 19, 2016
Demdem:


Of cos. This is no brainer.
When oil was more than $100 dollars per barrel, the fool never diversity our economy. Is it now that oil is less than $30 that diversification will happen within months?
Jeeez, by the time the fool was leaving, we were borrowing to pay salaries after many years of plenty. It's a miracle that Buhari so far has sustained us this far.


You made sense with the first article though it is nothing new, only the ignorant minds who refuse to grow up still think buhari is the cause of their economic woes, while I absolve buhari completely in this economic mess, I would blame Jonathan in 2015 but I think it is irresponsible to blame Jonathan in 2016 and beyond. let me tell you why;

No matter how much you save, it is only a matter of time before the balance of trade will tilt that is a fact, The rubbles went on a free fall recently according to your article, it has devalued by 100% against the dollar, so I can assume that by your analysis the Russian Economy is in trouble right?
Are you aware that this troubled Russian economy saved over $400b when the going was good? so why are their savings not saving them?
The answer lies with the fact that savings only buy time but will never change the inevitable.

You may have a valid argument by citing western sanctions but does it change the fact that Russia is the highest exporter of Natural gas in Europe? Europe is in winter and you have no idea how much Russia is making from Gas sales alone. Does it change the fact that russia has signed arms deal with china to the tune of Billions of dollars recently? or that president Assad has recently purchased an unspecified number of sophisticated air defence systems from Russia or that Iran recently placed orders for unspecified number of Su-30 fighter jets from Russia.

The idea of saving became a government policy in Nigeria during the era of OBJ and Soludo when the ECA was created, from there we paid off our debts which was a big sack on our annual budgets, we launched the NIPP, we paid subsidy, during the meltdown that saw most western economies in recession, the Nigerian economy was "immuned" according to Soludo, thanks to that savings made by Obasanjo.

The interesting part of the puzzle is that despite all the good things that savings did for our economy at the time, towards the end of Obj's administration, Naira was devalued to 155 against the dollar. To save is the right thing and it has saved us a lot of wahala in the past no doubt about it but if crude prices remain low for a longer time (OBJ/SOludo were just lucky that it peaked eventually), soludo with his savings would have devalued further.

So you see, there must be balance of trade whether or not you saved. It is irresponsible if buhari's media team continue to blame Jonathan beyond 2016, how much will Jonathan save that will stop the inevitable? I blamed jonathan in 2015, I voted him out in 2015 because I believe it was too early to have dipped into recession, but the present government needs to take hold of the wheels, this is no longer2015 and we voted them for a reason.

2 Likes

Re: Five Oil Exporters Affected By Currency Devaluation Most by jpphilips(m): 10:44am On Feb 19, 2016
ibietela2:


Leave that guy because he starts insulting you....... Imagine what he is saying that ONLY ELITES are affected.

My hosting fee is $25 now 9k by month end if things doesn't improve it will be around 15k and he is saying elite

Perhaps we have to be paying to be able to access Nairaland
Re: Five Oil Exporters Affected By Currency Devaluation Most by KINGOFJAPAN: 10:44am On Feb 19, 2016
NighttWalker:
What the fvck are you talking about? Everyone's feeling the heat, my uni fees have almost doubled thanks to buharis government and the devaluation of the naira.
read bro and quite acting like an uneducated fellow... The naira wasn't devalued... Buharis government had nothing to do with this, if previous govt had diversified our economy we won't be in dx mess...
Pls for the love of God read d article again (that's if you read it b4).
Re: Five Oil Exporters Affected By Currency Devaluation Most by jpphilips(m): 10:45am On Feb 19, 2016
ibietela2:


Leave that guy because he starts insulting you....... Imagine what he is saying that ONLY ELITES are affected.

My hosting fee is $25 now 9k by month end if things doesn't improve it will be around 15k and he is saying elite

Perhaps we have to be paying to be able to access Nairaland, have you tried to get dollar at the official rate for hosting your website?
Re: Five Oil Exporters Affected By Currency Devaluation Most by KINGOFJAPAN: 10:49am On Feb 19, 2016
melodyirish:
until naira sell at 500 ur eyes go clear. Call a spade a spade, nd stop hidden truth
what's the hidden truth? Can you give reasons why you think is d cause of the naira losing its value?
If you can give one reason and explain how's Buharis fault and not blindly spew ignorant messages here I promise a hate filled zombie like u.
Re: Five Oil Exporters Affected By Currency Devaluation Most by KINGOFJAPAN: 10:53am On Feb 19, 2016
rozayx5:


so Nigeria started in 1999 ?

you better get a job and stop defending your illiterate god. your type will soon run out of business at this rate. after all the blunders and shame you suffered from supreme court rulings your still yapping mouth

wake up bro. the likes are no more flowing . a bag of rice gej kept cheap has almost doubled since he left
Jesus can't you read??
That same bag of rice gej kept is among the reasons we in this mess... He failed to diversify d economy and relied on imports (we import rice, sugar even matches)
OR you think buhari was the one that caused the oil prices to fall whereby causing d naira to lose value?
Read the article again and understand... Peace
Re: Five Oil Exporters Affected By Currency Devaluation Most by KINGOFJAPAN: 10:55am On Feb 19, 2016
zheroes:
you are part of the problem!!! unless its naira they are accepting for the school fees. if every Nigerian did what you are doing now, naira will be at 5000 to 1 USD

HOPE YOU GET THE LOGIC, its time to look inwards, at this time the demand for dollar is more than what is available period!!! there is dollar scarcity and under such scenario price with go uphill, its no rocket science.
God bless u... They don't know they're part of the problem...funny thing is that they prefer to stay ignorant even when d truth is staring at them
Re: Five Oil Exporters Affected By Currency Devaluation Most by KINGOFJAPAN: 10:57am On Feb 19, 2016
luvinhubby:


Angry? That is an understatement.

Took a $6,000 order from a client at 325 -$1 only for me to buy the forex at $375 two days after, losing N300,000 because of this useless & clueless administration.

Hell yes, i am not just angry but FURIOUS angry
pls explain here how's it's administration's fault..
Don't cuss or insult or deflect just explain...
Re: Five Oil Exporters Affected By Currency Devaluation Most by grandstar(m): 11:06am On Feb 19, 2016
sseunhayor:


1. Has he devalued the Naira?.
2. Kindly name the products and if you are referring the the products that were taking off from the Forex or imported commodities, then can you tell us another means of strengthening the economy if you still import them?.

3. Is JP Morgan a Nigerian? Who the hell is he?

4. In all, what has PDP got to what critics and economists say about his administration... everybody has his own point of view.

5. Pls proof your last statement with facts and figures based on the state of the economy when Buhari became the president. Putting into considerations the crude oil price going south, insurgency and Naira Being devalued cos of Crude oil price Crashing.

Stop being defensive. I have written off the economy since July or probably earlier.

Buhari being a man of integrity does not make him an economist. That is what his supporters fail to remember.

I know rotten economic policies when I see them. His epic mismanaging off the crisis is completely inexcusable.

1 Like

Re: Five Oil Exporters Affected By Currency Devaluation Most by Nobody: 11:11am On Feb 19, 2016
grandstar:


Stop being defensive. I have written off the economy since July or probably earlier.

Buhari being a man of integrity does not make him an economist. That is what his supporters fail to remember.

I know rotten economic policies when I see them. His epic mismanaging off the crisis is completely inexcusable.


I want to reason with your post. i still don't get it. Are you implying that Economists should be the president? U are only being paranoid about him.
I wil love it if you can answer the questions i asked. Oh and you can also hint me on his rotten economic policies... Just one will do
Re: Five Oil Exporters Affected By Currency Devaluation Most by luvinhubby(m): 11:15am On Feb 19, 2016
Iroh88:
Great post!! Such uncommon wisdom! Your folks must be very proud of you sir. cheesy
Omenka stop misbehaving cheesy, tell your principal that $1 - N400.
Re: Five Oil Exporters Affected By Currency Devaluation Most by davodyguy: 11:19am On Feb 19, 2016
rockiedink:


Biko, tell us...

Which tyres are made in Nigeria? Abi where are they making tyre in Nigeria?

Or don't you know that the Dunlop factory in Lagos is now a combination of Zenith Bank and church hall?

So where are they making the tyres!

Some people will just type anything because they have an internet connection sha...I don't blame you. I blame MTN and Airtel and Etisalat that gave you free data

Your brain failed to assimilate the post you read.

The greedy importers will buy dollars high and now over take advantage, instead of just making the normal profit

Let's break it down for slow learners.

$ at N250, machine selling price N25,000
$ at N380 machine selling price should be N41,425 and not N45,000.

That's the greed I'm talking about
Re: Five Oil Exporters Affected By Currency Devaluation Most by jpphilips(m): 11:28am On Feb 19, 2016
[quote author=plaetton post=43056774]


Before 1999, who managed the economy?
Did they manage it well ?

Are you saying that you have no idea what a prosperous economy looks like?


PDP was corrupt. We all agree.
But as compared to what ?

Compared to common sense, a corrupt government stand no chance of implementing useful policies except chop chop policies.
The chop chop flaring permit smuggled into the PIB was one of the reasons why the PIB was discarded, good policy but marred with chop chop corrupt practises, TSA was not implemented another good policy who knows if it was chop chop that stalled it, well the 1% chop chop has been discovered by a more responsible government.
The fraudulent fixed charge for DISCOS did not take any time to implement, another chop chop even though we agree that balkanizing the power sector is a good step.
In summary, a corrupt government stand no chance of implementing any beneficial policy without the chop chop dept carried along. Downplaying the ills of corruption is an insult to well meaning Nigerians.



I need to remind you that APC stalwarts strongly objected to the creation of sovereign wealth fund ( the much talked about savings for the rainy day).
Selective amnesia?

You are the one with acute Amnesia, the SWF is the FG's share of the ECR, what business does it have with APC?



I need to remind you further that all states of the federation, including APC States, participated willfully in the depletion of our foreign reserves.


You are super ignorant, first the Governors took the FG to court from OBJ's era, Obj called them bluff because he insisted he held the money on trust though the account was illegal, when jonathan came he started making illegal withdrawals from the account betraying that trust, Amaechi and his army demanded for their own share, the court did not give a judgement on the matter rather the court asked them to go and settle out of court.
so if you had any shred of wisdom, culpability is on the person who betrayed the trust OBj upheld for 7yrs.




My point in all of this is that APC federal government and their apologists sing songs that the immediate past administration mismanaged the economy is hollow and baseless; for the simple reason that our economy has NEVER EVER been properly managed by any administration since Independence.

APC's allegation has substance in 2015 and perhaps first quarter of 2016, beyond that it becomes baseless, for shallow minds like you, I don't expect you to criticize down to the details.

2 Likes

Re: Five Oil Exporters Affected By Currency Devaluation Most by Herrmes: 11:29am On Feb 19, 2016
lurlah2014:
HOW EFFECTIVE AND RAMPANT IS IT??
Was that your question? It is effective, but how rampant it is depends, nobody wants to visit a hell-hole time after time.
Re: Five Oil Exporters Affected By Currency Devaluation Most by lurlah2014(f): 11:33am On Feb 19, 2016
LOL
ishiamu:



Let's not go into e-fight I love you we can talk elsewhr kiss kiss kiss

U join NL 2days after me kiss kiss kiss
Re: Five Oil Exporters Affected By Currency Devaluation Most by lurlah2014(f): 11:35am On Feb 19, 2016
DEFINITELY YOU ARE IN A HELL-HOLE THERE TOO, SO KEEP STRUGGLING WITH IT AND DONT THINK OF COMING BACK WHEN ALL IS WELL WITH US HERE
Herrmes:
Was that your question? It is effective, but how rampant it is depends, nobody wants to visit a hell-hole time after time.
Re: Five Oil Exporters Affected By Currency Devaluation Most by jpphilips(m): 11:37am On Feb 19, 2016
rockiedink:


Biko, tell us...

Which tyres are made in Nigeria? Abi where are they making tyre in Nigeria?

Or don't you know that the Dunlop factory in Lagos is now a combination of Zenith Bank and church hall?

So where are they making the tyres!

Some people will just type anything because they have an internet connection sha...I don't blame you. I blame MTN and Airtel and Etisalat that gave you free data

majority of Nigerians are super dumb, Nigeria is plagued with the highest number of dumb people in one geographical location at a time.
They ooze emptiness in public so much that you will question whether their IQ is sub human, that is the country you live in pls endure.
Re: Five Oil Exporters Affected By Currency Devaluation Most by ishiamu(m): 11:39am On Feb 19, 2016
lurlah2014:
LOL


Hw u nah?
Re: Five Oil Exporters Affected By Currency Devaluation Most by jpphilips(m): 11:49am On Feb 19, 2016
adipemcanis1:


Well.....even if PDP did save every spare cent or kobo in 16 years(and OBJ and Yaradua did save).....at the end of the day....it would have just delayed the inevitable till next year.

In my opinion, if we had saved well....we would have had $100bn at the start of the oil prcie drop.That would have been good....but we would have been drawing heavily from that cash to pump up the naira....and without the oil price rising....it would have been drained by next year.

Somehow....Nigerians have to cut their coats according to size. And PMB should spend more on power.

This is the only human being on this thread!! the rest are omo and dust heads, congratulations to you for at least being better informed than majority of bingos who won't face their daily breads discussing what they have no idea about, criticizing the government is not a career, before you do, get informed.
congratulations!!
Re: Five Oil Exporters Affected By Currency Devaluation Most by lurlah2014(f): 11:53am On Feb 19, 2016
AM GOOD, AND U?
ishiamu:



Hw u nah?
Re: Five Oil Exporters Affected By Currency Devaluation Most by Herrmes: 12:01pm On Feb 19, 2016
lurlah2014:
DEFINITELY YOU ARE IN A HELL-HOLE THERE TOO, SO KEEP STRUGGLING WITH IT AND DONT THINK OF COMING BACK WHEN ALL IS WELL WITH US HERE
No I'm not, I don't depend on my Naira ATM, I don't even need it, and all would never be well with Nigeria, it doesn't matter who is in power, 16 years from now there would still be power outages, there would still be corruption among the ranks, it's the only way Nigeria can thrive.
Re: Five Oil Exporters Affected By Currency Devaluation Most by ishiamu(m): 12:05pm On Feb 19, 2016
lurlah2014:
AM GOOD, AND U?

Am okay, how's your day goin?
Re: Five Oil Exporters Affected By Currency Devaluation Most by 989900: 12:12pm On Feb 19, 2016
The article lacks depth, if it is not taking into consideration the black market rates; especially in Nigeria and Venezuela.
Re: Five Oil Exporters Affected By Currency Devaluation Most by unphilaz(m): 12:18pm On Feb 19, 2016
NgeneUkwenu:
Even Though The CBN Official rate of the Naira( which caters for about 80% of the dollar Usage) against the dollar Still remained @ 199 Naira at the Close Business Yesterday, while the parallel Market (Black Market) trades at 385 Naira to a dollar...It is pertinent to state that we are suffering for the mismanagement and corruption of the yesteryears, engineered, watered and nurtured by Vision less Party that just left power.

For the Past 16 Years, they looted Our reserves:

For For past 16 years, they did not Save for the rainy day...

For the past 16 years, they did not diversify our Economy..

For the past 16 years, they never implemented any of their yearly ritualistic budgets to stimulate the economy..

For the past 16 years, they only shared our Foreign exchange and depleted our reserves...

Now this is result of their hard work....

In fact , it is still a miracle, that The Present Government is still meeting it's financial Obligations in the face of all these crunches...
wow last time i checked they are NOW in APC full blast with the stolen doo and sponsored @Mbuhari to be what we are "enjoying" today
Re: Five Oil Exporters Affected By Currency Devaluation Most by lurlah2014(f): 12:32pm On Feb 19, 2016
THIS WILL BE IF PEOPLE LIKE YOU STILL PROCLAIM YOURSELF AS NIGERIAN.
BY THE WAY IF IT HAS NOT AFFECTED YOU AND YOU DONT DEPEND ON YOUR NAIRA ATM, WHY ARE YOU STILL STRUGGLING ON HOW TO PAY YOUR SCH FEES?
Herrmes:
No I'm not, I don't depend on my Naira ATM, I don't even need it, and all would never be well with Nigeria, it doesn't matter who is in power, 16 years from now there would still be power outages, there would still be corruption among the ranks, it's the only way Nigeria can thrive.

1 Like

Re: Five Oil Exporters Affected By Currency Devaluation Most by Demdem(m): 12:47pm On Feb 19, 2016
jpphilips:



You made sense with the first article though it is nothing new, only the ignorant minds who refuse to grow up still think buhari is the cause of their economic woes, while I absolve buhari completely in this economic mess, I would blame Jonathan in 2015 but I think it is irresponsible to blame Jonathan in 2016 and beyond. let me tell you why;

No matter how much you save, it is only a matter of time before the balance of trade will tilt that is a fact, The rubbles went on a free fall recently according to your article, it has devalued by 100% against the dollar, so I can assume that by your analysis the Russian Economy is in trouble right?
Are you aware that this troubled Russian economy saved over $400b when the going was good? so why are their savings not saving them?
The answer lies with the fact that savings only buy time but will never change the inevitable.

You may have a valid argument by citing western sanctions but does it change the fact that Russia is the highest exporter of Natural gas in Europe? Europe is in winter and you have no idea how much Russia is making from Gas sales alone. Does it change the fact that russia has signed arms deal with china to the tune of Billions of dollars recently? or that president Assad has recently purchased an unspecified number of sophisticated air defence systems from Russia or that Iran recently placed orders for unspecified number of Su-30 fighter jets from Russia.

The idea of saving became a government policy in Nigeria during the era of OBJ and Soludo when the ECA was created, from there we paid off our debts which was a big sack on our annual budgets, we launched the NIPP, we paid subsidy, during the meltdown that saw most western economies in recession, the Nigerian economy was "immuned" according to Soludo, thanks to that savings made by Obasanjo.

The interesting part of the puzzle is that despite all the good things that savings did for our economy at the time, towards the end of Obj's administration, Naira was devalued to 155 against the dollar. To save is the right thing and it has saved us a lot of wahala in the past no doubt about it but if crude prices remain low for a longer time (OBJ/SOludo were just lucky that it peaked eventually), soludo with his savings would have devalued further.

So you see, there must be balance of trade whether or not you saved. It is irresponsible if buhari's media team continue to blame Jonathan beyond 2016, how much will Jonathan save that will stop the inevitable? I blamed jonathan in 2015, I voted him out in 2015 because I believe it was too early to have dipped into recession, but the present government needs to take hold of the wheels, this is no longer2015 and we voted them for a reason.

First and foremost, i never presented any article as stated by you. i only expressed my opinion and i still stand by u.
secondly, I got ur drift. the bottom line is we need alternatives to oil that will fetch us foreign currency. That want available by the time this govt was coming on board. Are u among those that think those alternatives by now after less than a yr in power should be fetching us the amount we desire? how long will do u think these will come to play? Tommorrow? For me, I choose to give them till 2nd quarter of this year. Anything before then is Jonah-daft curse hunting us.
Re: Five Oil Exporters Affected By Currency Devaluation Most by Demdem(m): 12:48pm On Feb 19, 2016
[s]
grandstar:


You are mistaken. Cold pure water is now. 10naira. Before it was 3 for 20. May it 20 each by this time next year if this insanity does not stop.
[/s]

dont know what u are talking about. Here in PH pure water has always been 10naira and even now on the streets it remain 10Naira.

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