As much as we need to work and try arrest the fall in the strength of the naira in the black market by prohibiting round tripping and corrupt practices people need to be aware of how markets work and stop making baseless accusations that the economy is falling. Yes the economy may be slow and uncertain but this is result of what's happening on the global scale. Even countries with better economies and far greater reserves have had their currency trading extremely lower against the US DOLLAR.

Just a little comparison and you would agree the Nigerian economy is not doing badly but just needs a swing from our over reliance on imported goods to relying on local creation of goods and services and not the useless noise some people are generating. A little bit of education isn't too bad. To buttress the point let's take a look at the currency of some oil producing countries, recent happenings due to fall oil prices and make a comparison. Just note that countries like Norway which is tagged the world's safest oil economy fund just 1/5 of their budgets on oil proceeds and has the world's largest reserves at $900 billion still have their currency falling almost 30% to the US dollar since the decline let alone Nigeria whose budget is based on over 80% reliance on oil revenues and most business development are tied to growth in that sector.

Norway
Norway’s already weakened currency, the krone has fallen to its lowest level against neighboring Sweden’s kronor in 20 years. The US dollar hasn’t been so strong against Norway’s krone since 2002 and the krone has lost 30% to the US Dollars.

Fact: Oil constitute 1/5th of the budgetary funds of the Norwegian economy. Norway has the largest cash reserves of over $900 billion. Norway is the worlds 6th largest exporter of oil and the 2 largest exporter of gas. It exports 90% of its oil production.

Effects to their oil industry: Over[b] 30,000 have lost their jobs [/b]in the petroleum sector since the start of the fall of oil prices.

www.investopedia.com/articles/investing/081015/norway-safest-oil-economy.asp

Canada.
The Canadian dollar is on its longest losing streak since at least the 1970s as speculation mounts that the central bank will cut interest rates back to the record low only seen amid the 2009 financial crisis, with almost nothing left to drive the country’s economy. The streak surpassed a nine-day run in April 2005, and in February touched an almost 13-year low to the US Dollar

Effects to their oil industry: Over all, the western province i.e Alberta has lost more than 30,000 natural-resources jobs since 2014.

Fact: Canada established its Heritage Savings Fund in 1976, but it contains only $17 billion


Russia
The Russian ruble fell to its lowest level against the dollar and euro since December 2014 amid drop in oil prices and falling stocks, the Interfax news agency reported. Since the beginning of 2014, the Russian currency has lost half of its value against the U.S. dollar.

Facts:Oil and natural gas sales accounts for 68% of Russia's total budget. The Reserve Fund has around $137.09 billion and the National Welfare Fund has $87.97 billion. Russia loses about $2bn in revenues for every dollar fall in the oil price

www.themoscowtimes.com/mobile/business/article/ruble-hits-13-month-low-on-falling-oil-prices/555457.html

Venezuela
Venezuela has over 200% inflation rate and is the fastest growing inflation rate in the world. The bolivar has lost over 120% of its value in the black market since the beginning of fall in oil price. Venezuela also increased its petroleum price by over 6000% just yesterday.

President Nicolas Maduro of Venezuela finally announced the devaluation of the country’s currency, bolivar by 59 percent, raising petrol prices by[b] 6000 percent – meaning paying about 60 times more.[/b] Before the address, a litre of petrol in the oil rich country went for 1.5 US cents (N3), but would now go for 95 US cents (N190) per litre. This is the country’s first increase in fuel price in 20 years.

https://www.thecable.ng/oil-rich-venezuela-devalues-by-59-to-pay-60-times-more-for-petrol

Saudi Arabia
Saudi Arabia, the world's largest oil exporter and Opec's most influential member. Although Saudi Arabia needs oil prices to be around $85 in the longer term, it has deep pockets with a reserve fund of some $700bn - so can withstand lower prices for some time.


When you look at all these, you would agree if we had planned better and move away from our over reliance, we won't be in such position now. Instead of us to look inward most are just shouting especially Illiterate governors like Fayose about the economy when they should be hitting the ground running and investing in income generating ventures like massive, mechanized and irrigation based agriculture they are inaugurating and building 3billion naira worth of market complexes that don't add any value to the economy of the state.

in case it makes front page!

Wat of Togo or 2go

Can Fed Govt Ban BCD or Fixed their rate of exchange....?
Just Asking if it possible