menwongo:
We always talk of dollar, what of other currency.
Check exchange rate other African countries here https://www.nairaland.com/3618565/nigeria-doomed-naira-exchange-rate

The value of naira to dollar has equal and direct relationship with the value of naira to other currencies.

Ask around you from those who know better please.

PassingShot:

The value of naira to dollar has equal and direct relationship with the value of naira to other currencies.

Ask around you from those who know better please.

What ever, but its a shame that small African countries have better exchange rate than us. E.g Ghana

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PassingShot:

The value of naira to dollar has equal and direct relationship with the value of naira to other currencies.

Ask around you from those who know better please.

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bro chai, wat a disgrace!

IVORY2009:
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bro chai, wat a disgrace!

He who knows not and knows not that he knows not is a fool, shun him.

PassingShot:

He who knows not and knows not that he knows not is a fool, shun him.

he dat does not think before he replies and allow material things to blind fold him, shun him!!

mdokaba1:
Another pro-Buhari on the move to make us cast aspersions on *saint* GoodLuck and turn us blind to the folly of his excellency the clueless missing president.

Try again daft one........you only succeeded in convincing shallow minds about the heading

Once doessnt need to argue with uu because u are irredeemably made to be daft

owobokiri:


Just as you don't know the direct effects of population growth on increased productivity, increased earnings, increased consumption, increased tax accruals and so on and so forth.. Chinas population is her streghnt.., ditto India and you are here moaning.. Give me a break zoneb

Mumu...is when u comparing productive population like China to consuming population like Nigeria...stop disgracing ursef

PassingShot:

I don't even know where to begin with you.

You and your likes would prefer we don't talk about the past, yet you won't stop blaming a govt working tirelessly to redeem a very bad situation it inherited.

Guy, there are certain development that must occur for us to return to the path of growth and prosperity, no matter how one tries. The current recession cannot be avoided no matter what. We had it coming and the govt of that time refused to listen to Sanusi, Biswack Rewane and even its own Iweala.

One of the solution is to spend our way out of recession and I am sure you're one of those opposing the govt's plan for borrowing.

Ol boy, you cannot eat your cake and have it back. We ate ours long ago, we need to borrow to invest in the economy so as to exit recession earlier than envisaged, yet we oppose the govt in such efforts!

What do Nigerians want?

May God be with u...I love d way u took ur time to explain how their so calleddd hero Gooddluck brought dis country into dis messs

Anyone who thinks looting can directly cause inflation of currency is ignorant and lacking education.

What affects currency the most is monetary and fiscal policies.

What started the problem with the naira was Buhari's failed attempt to flush out thieves by making restrictions and regulations to the amount of dollars which flowed into the country and in its banks. This caused a chain of reactions which led to foreign investors leaving due to their inability to have cash on hand and move it freely, which led to the economy plunging (combined with the loss of oil revenue) which led to the naira falling even more. That led to the inflation of goods cost in the country (bread, rice, tomato, etc).

For those uneducated touts that don't understand why the naira falling in value to the dollar is important, that is because Nigeria is a consumption nation built on spending money on imports. The government and private sector have to change their naira to dollar in order to purchase from US, to euro for Europe and so on.

Had Nigeria been an exportation nation surviving off of what it produces and selling to the US, Europe, Asia etc, the lower valued Naira wouldn't be such a bad thing.


Those who have been educated well will understand what I'm saying. Village boys and touts won't be able to sensibly respond. Do the needful.

seunowa:

Once doessnt need to argue with uu because u are irredeemably made to be daft

You would and be worthy of my reply if and only if you stop typing with your tongue.

#Another disgrace to our educational system.

#An unlettered president begats an illiterate supporter

seunowa:

May God be with u...I love d way u took ur time to explain how their so calleddd hero Gooddluck brought dis country into dis messs

Foolish talk.

Every government has stolen. Buhari is currently watching his COS, SGF, SCOPE, CSO, family members and others steal out of this world and won't move a finger to stop them even with damning evidence. These guys are killing meaningful projects looking for bribe as well. Digusting and evil individuals, especially Babachir Lawal.

If only you guys left your village and gained your education in the US, Europe, etc.. maybe you would be smarter and not fall for foolish propoganda.

Then again, the Buhari you worship doesn't want that for you.

mdokaba1:




You would and be worthy of my reply if and only if you stop typing with your tongue.

#Another disgrace to our educational system.

#An unlettered president begats an illiterate supporter

I can see...u are exhibiting ur foolishness...#irredeemably daft#

I'm here to learn. Nairaland is a citadel of learning.

Baawaa:
It was a great mistake that Nigerians voted for Jonathan in 2011.

are you sure

Borrowing isn't the problem.

It is how they will mismanage and steal the money then continue to blame previous governments which is the problem.

When your SGF is stealing from refugee camps and you clear such a man after all that evidence? You're as evil and rotten to your core as he is.

PassingShot:

He who knows not and knows not that he knows not is a fool, shun him.

Don't plagiarise please. We know you don't have the mental ability to think that quote.

Next time, please quote the source, eh.

seunowa:

May God be with u...I love d way u took ur time to explain how their so calleddd hero Gooddluck brought dis country into dis messs

So? Yes we know GEJ wrecked the country. That's why we voted him out and voted PMB in. So the question remains, what is PMB doing to get us out of this mess? Or isn't that why we voted for him?

owobokiri:


You start as a government by training your population to be productive enough and channel their energy and skills into economic activities capable of impacting positively on the countrys export. Turn your huge population into an advantage and export more,. That's the duty of any serious government. Not to sit on their hands and whine and blame and hiss and point fingers and irritate every soul to no end..

The previous kaikai drinking president and his predecessors has good sixteen years to do this and they did not.
Why are you now frustrated with a two years old government, I know you will have prefer we continue with the previous thief thief government.
Than God for pushing them out, I'm sure your likes will still be here holding brief for him, even when a dollar is 1000 naira, you'll be here telling us to shut the bleep up.

owobokiri:


You start as a government by training your population to be productive enough and channel their energy and skills into economic activities capable of impacting positively on the country's export. Turn your huge population into an advantage and export more,. That's the duty of any serious government. Not to sit on their hands and whine and blame and hiss and point fingers and irritate every soul to no end..

Wisdom brother, you are truly wise.

Nigeria is destined to fail without educating and training it populace. That's the secret of Asian success. Until then, we will keep going round this mountain.

AfroSamurai:
So? Yes we know GEJ wrecked the country. That's why we voted him out and voted PMB in. So the question remains, what is PMD doing to get us out of this mess? Or isn't that why we voted for him?

get back to farming and stop complaining..

before oil was discovered,farming was our real currency not oil...

and stop importing so much..only importing doesnt make a economy grow...

we should invest more in our customs just to make the customs less corruptable..

close all borders...put higher tax on foreighn goods...

it can not be that foreighn goods are more cheaper than the local ones..

we should make foreighn goods unaffordable through high taxation...

@passingshot beautiful piece u put up there and I must say to all those who keep saying what is this government doin?

We must agree on the agree on the premise that there is no magic wand to get out of this dire straits and spending our way out is key to gettin us out in the short term. The question then arises: what do we spend when its obvious that we are cash strapped?

BORROWING!

To @owobokiri that opined that the government should go for "training their population to be productive", how else will a government train its populace when its runnin on empty-where will d much needed funds come from? We are back to that word we dread-borrowing because our foreign exchange earner has lost its lustre!

To @salomonkane who suggested we look inward without letting us know what that means and also castigating the borrowing plan of the government but, if i understnd ur "lookin inwards plan", it comes off more as a long term plan than a short term plan to stabilise our economy and this plan of urs will require funds to get it rolling. Do we have d funds to get it on the road? Hungry folks cant "look inwards"! I understnd ur pessimism at the govt borrowing plan though but being between the devil and the deep blue sea that we have found ourselves requires a "leap of faith"!

Atleast there is positive news comin from Nigerias Eurobond listing
https://www.nairaland.com/3620010/nigerias-1-billion-eurobond-oversubscribed

This is a step in the right direction and tells of better things to come!

darknetcom:


get back to farming and stop complaining..

before oil was discovered,farming was our real currency not oil...

and stop importing so much..only importing doesnt make a economy grow...

So in your brief spell at trying to display intelligence, you directed your post at me? So I'm now the president of Nigeria, right?

Bloody marvellous.

AfroSamurai:
So in your brief spell at trying to display intelligence, you directed your post at me? So I'm now the president of Nigeria, right?

Bloody marvellous.

how many needless things did you import lately??..

fallout87:
Anyone who thinks looting can directly cause inflation of currency is ignorant and lacking education.


Had Nigeria been an exportation nation surviving off of what it produces and selling to the US, Europe, Asia etc, the lower valued Naira wouldn't be such a bad thing.

To export you have to build infrastructures and industries. To build infrastructures and industries you need money. If the money has been stolen how do you proceed?

Stop being a dumb goat.

ISpiksDaTroof:


To export you have to build infrastructures and industries. To build infrastructures and industries you need money. If the money has been stolen how do you proceed?

Stop being a dumb goat.

More ignorance.

You uneducated touts act like there is no money. Did you forget the TSA accounts they bragged about collecting trillions of naira or were those just lies and the "corruption war" was a failure?

You say "build infastructure and industries". Please tell me what Buhari has done to encourage growth? His first actions were to kill currency circulation which KILLED growth, chased away foreign investors and turned Nigeria from a growing economy to a dead one.

Dead brain people like you are too simple-minded to understand the government doesn't need to make jobs if it allows the private sector and investors to create business and flourish. It is through the private sector and investors that countries flourish but lazy broke jokes like you always want a handout looking for politicians who are thieves to feed you.

Buhari destroyed growth, jobs and the economic future when he killed currency circulation and created a new form of corruption with forex manipulation.

The irony is he did the same thing in 1983-84 that he is doing today yet you're too blind to see clearly.

You people are not educated though. You have never left the village. Very easy to control and manipulate because you are lazy and lack basic understanding.

PassingShot:

You obviously don't know the effect of population growth, increase in economic needs, demand and supply effects on the economy; and above all, the importance of saving as well as negative effects of lack of it.

Do you?

Shut up there op! See, once a badluck will always b a badluck. If a crown does not fit your head and you wear it by force, this is what happens. Another person can get there tomorrow and things will turn around...they should have consulted the oracle before making buhari d presi...buhari ur boss is a complete badluck to diz country period!

OBJ started to build our reserve from $3.5B. Why can't we use a chunk of our reserve to 'reflate' our economy and start saving when things normalized? This ego building venture of I met so so reserve and left so so reserve without mentioning debt left is self-serving.

What's the essence of foreign reserve other than improve the economy of the country keeping it on your behalf (it's ability to finance so so month of import is nonsensical as Nigeria is not considering waging a war nor is it under any threat). What use is a savings that another kleptomanic administration would come and destroy.

PassingShot:

Suggest ways for govt to raise needed money to reflate the economy other than borrowing since there is no petrol-dollar?

The world has gone beyond subsistence farming as championed by you and your likes. How many people can truly afford cost of land, machineries for mechanized farming. Do we have enough storage facilities for our produce? Raw goods are cheap; can we processed them? Read about coffee from Kenya and see that we have not started. Kenyans produce it, process it and package it for export. How about loans, is government making it accessible?

Shouting farming is not enough without showing commitment required.

If you are close to government at LG, state or federal level, offer them advice and stop this blind support. NOTHING is working.

darknetcom:


get back to farming and stop complaining..

before oil was discovered,farming was our real currency not oil...

and stop importing so much..only importing doesnt make a economy grow...