aribisala0:


No opinions
Facts
The exchange rate changed from 75 kobo to 80Naira from 1983 to 1999
And petrol changed from 20 kobo to 20 Naira

Not my opinion but FACTS

Do you dispute them?

More facts
November 2014
Background
-Nigeria’s excess crude account was depleted.
-Nigeria had taken Eurobond debt
-OPEC held a meeting concluding that they should flood the market with crude to push US shale producers out of business.
Metrics
-USD to NAIRA: about N160
Today about N1400
9 years have passed, so at the rate the Naira is going, God forbid, but it can get to 14,000 in 7 years.

Our leaders are incompetent and have always been incompetent. The economy collapsed in the 80’s through the 90’s and the economy is collapsing now.

Well said but @aribisala0 keeps dwelling in the past as means to down play the present I guess to absolve the correct incompetent government of any blame..….

Tianamen1:


More facts
November 2014
Background
-Nigeria’s excess crude account was depleted.
-Nigeria had taken Eurobond debt
-OPEC held a meeting concluding that they should flood the market with crude to push US shale producers out of business.
Metrics
-USD to NAIRA: about N160
Today about N1400
9 years have passed, so at the rate the Naira is going, God forbid, but it can get to 14,000 in 7 years.

Our leaders are incompetent and have always been incompetent. The economy collapsed in the 80’s through the 90’s and the economy is collapsing now.

Tianamen1:


More facts
November 2014
Background
-Nigeria’s excess crude account was depleted.
-Nigeria had taken Eurobond debt
-OPEC held a meeting concluding that they should flood the market with crude to push US shale producers out of business.
Metrics
-USD to NAIRA: about N160
Today about N1400
9 years have passed, so at the rate the Naira is going, God forbid, but it can get to 14,000 in 7 years.

Our leaders are incompetent and have always been incompetent. The economy collapsed in the 80’s through the 90’s and the economy is collapsing now.

Your facts are random and incoherent
Under the military did they even maintain excess crude account
We just heard there was a Gulf War windfall but never got any account of where it went
We are still hearing of Abacha loot
Buhari took over on 31 December 1983
Dollar was 75 kobo. When he left less than two years later it was 4 Naira

In 1999 it was 80 Naira

Nothing like that has happened before or after
Even with that they did not remove subsidy and they did not refurbish or build any refinery.

So when people go about talking about collapse of economy I have to conclude they are unwell
Exchange rate is not the fundamental problem

The problem is deep. We have a young population that are mostly unemployed and are lured into criminality. They need jobs and we need electricity. No one can fix those things by magic
The question is what is the way forward not all these ignorant rubbish

There is no easy solution

The only realistic short term action is to focus on security and food production.
There is little anyone can do about exchange rate in the short term because we import more than we produce.
If you have any sensible solutions proffer them and stop ranting

Elemosho478:


1$ is like 1350 won in korea and they have one of the best stable economy in asia.

I think naira devaluation can benefit Nigeria greatly if we play it well but we just don't have many establishment that can earn us a lot of forex. Dangote refinery is going to take at least 6 months to fully come on board and see its benefit

You started making sense but later got confused. Why do you need alot of forex when you can stop using more of it. Korea economy is good because they use what they produce, so there is little need for forex, why will Nigeria import petrol, when we have the capacity to refine our own petrol.

Sha, I stopped complaining about Nigeria economy. Any day I wake up, I pray that God give me my daily bread.

9jatriot:
I keep saying it, China will give an arm and a leg to have an exchange rate like this. Imagine that you were an exporter and were paid USD10,000 that will be 14 million, so while exporters are smiling, importers and being an import dependent nation will be crying.

It doesn't work that way. When you buy abroad, you buy in foreign currency not in naira. There can only be a change, if there is a deflation in that country.

aribisala0:


The economy is not on the brink of collapse
Dollar exchange rate is not what determines our economy

The dollar exchanged for 75 kobo when Buhari took over in 1983 in 1998 when the military left it was 80 Naira

That is the equivalent of moving from 500 to 1 to 50000 to 1 in 16 years
So all you kids With your catastrophization talk should remember we have seen worse
a lot worse under Babangida and his so called structural adjustment programme.
Yes in 1984 a bottle of coke was 30 kobo and a loaf of bread 10 kobo what did it cost when they left in 1999?

We have seen he'll in this country . Imagine what was happening every single year under the military for the Naira dollar exchange rate to shift from 75 kobo to 80:Naira in 16 years

It moved from that 75 kobo in 1983 to Four Naira in 1985 when Babangida took over in less than two years
At some point Babangida was quoted as saying he did not understand why the economy had not collapsed

Dollor exchange is one of the factors that determine our economy, sadly it is so, we import almost 80 percent of what we use into the country including petrol, so it is a determining factor of our economy. Very important one.

Bebigiby1:
Your attempt to superimpose your opinion by accusing me of ignorance when I am only stating the obvious shows how sentimental you’re regarding the issue…. What I’ve been trying to point out is that Nigeria experiencing massive devaluation under the military does not negate the terrible state of our situation today…. We moved from military to civilian rule to correct the wrongs you’re pointing out…. Did it get better? The answer is No…. Are Nigerians supposed to be worried…. The answer is yes…. Whatever happened during military era is history…. what matters is now…. Successive civil governments failed Nigerians and made it worse…. The Naira is now on free fall losing value per day…. Massive surge in prices of food and services with no increase in salaries…. Insecurity is now worse and it was not this bad during the military era…. As I said your attempt at trying downplay the situation or absolve current government by blaming military while calling me ignorant and a child shows you’re only sentimental and economical with the truth which is that Nigeria’s economy is on the brink of total collapse….

That guy is a paid Tinubu supporter, for your sanity, stop arguing with them, they were paid to defend the government online, you can never win them.

aribisala0:

Your facts are random and incoherent
Under the military did they even maintain excess crude account
We just heard there was a Gulf War windfall but never got any account of where it went
We are still hearing of Abacha loot
Buhari took over on 31 December 1983
Dollar was 75 kobo. When he left less than two years later it was 4 Naira

In 1999 it was 80 Naira

Nothing like that has happened before or after
Even with that they did not remove subsidy and they did not refurbish or build any refinery.

So when people go about talking about collapse of economy I have to conclude they are unwell
Exchange rate is not the fundamental problem

The problem is deep. We have a young population that are mostly unemployed and are lured into criminality. They need jobs and we need electricity. No one can fix those things by magic
The question is what is the way forward not all these ignorant rubbish

There is no easy solution

The only realistic short term action is to focus on security and food production.
There is little anyone can do about exchange rate in the short term because we import more than we produce.
If you have any sensible solutions proffer them and stop ranting

The solution is actually quite simple, fire government workers, raise taxes on wealthy individuals and spend on basic education for the poor.

Firing government workers will place downward pressure on dollar demand. Taxes on things rich people spend on will also place downward pressure on the demand for dollars.
However, both policies will lead to slower economic growth and can push Nigeria into a prolonged recession.
Building schools, employing teachers, having a policy of a few students to each teacher will spur economic growth and hopefully prevent a recession. More money will circulate within Nigeria’s economy.

EMILOKAN WILL BE A CLANDESTINE LOOTERS COVEN IF WE CANNOT TAG DOLLARS TO A PARITY WITH THE NIGERIAN SOVEREIGNTY.

Saintinoo:


Dollor exchange is one of the factors that determine our economy, sadly it is so, we import almost 80 percent of what we use into the country including petrol, so it is a determining factor of our economy. Very important one.

let me give You a medical metaphor
Blood loss can cause death but blood loss is not of itself a disease
Dollar exchange rate does not determine our economy that is a symptom it is not the disease
Your understanding is very very superficial and shallow.

Even your analysis on imports is still superficial .
We do not import mainly from the US but still pay for imports in dollars

Our solutions should be focused on
short term the next two years
Medium term Ten years
Long term after 10 years

Our fundamental problem is we do not have any of let me say enough home grown companies of the type of Dangote.

Nigerians often think they are smart but do not know the basics of business
So MTN,DSTV,Shoprite,Indorama Okomu Oil to make a few are not Nigerian companies
We need serious billion dollar companies with less emphasis on government .The obvious sectors are medicine manufacture, food production and distribution, textile and clothing production ,furniture production

No foreign investors will do that for us

Tianamen1:


The solution is actually quite simple, fire government workers, raise taxes on wealthy individuals and spend on basic education for the poor.

Firing government workers will place downward pressure on dollar demand. Taxes on things rich people spend on will also place downward pressure on the demand for dollars.
However, both policies will lead to slower economic growth and can push Nigeria into a prolonged recession.
Building schools, employing teachers, having a policy of a few students to each teacher will spur economic growth and hopefully prevent a recession. More money will circulate within Nigeria’s economy.

Government will not and cannot make us rich or fix the economy but bad government can destroy it

I Love Bola Ahmed Tinubu

Elemosho478:


1$ is like 1350 won in korea and they have one of the best stable economy in asia.

I think naira devaluation can benefit Nigeria greatly if we play it well but we just don't have many establishment that can earn us a lot of forex. Dangote refinery is going to take at least 6 months to fully come on board and see its benefit

How can one be this insincere. Is this the same sentiment you had when Jonathan was in power?

The main issue here is Tinubu is killing the naira. He’s almost doubled the rate in less than 8 months. Korean won was over 1,000/$ when APC came in 2015 but they’ve been able to keep it stable over the years to 1,337/$ today. In fact it’s been between 1k and 1300 for over 20 years

Make una Try dey fear God o.

Afospecialk:
The only set of people that are happy at the tribulation and predicament of his nation is Ibo


God have mercy on Nigerians

Nigeria is not a nation but a contraption.
Just one question for you. Tell me just one policy that has been made in the last 15 years that was meant to benefit all sections of Nigeria. It has always been a 'we against them' policy right from the inception of the contraption.
Nigeria has to disintegrate so compatible regions can build their own countries for themselves.

One nincompoop is still telling me to "relax that jagaban will fix things up".What kind of stupid relaxation is that?Economy is crashing, insecurity is hitting everywhere, price of foodstuffs is high, inflation rate is high,power is nothing to write home about but one creature is still preaching RELAX.Apc supporters don't have a heart.

Naira is undervalued. I believe in the Near future Naira will be better controlled. As at today it is floated and thereby in hands of speculators.

aribisala0:

Your facts are random and incoherent
Under the military did they even maintain excess crude account
We just heard there was a Gulf War windfall but never got any account of where it went
We are still hearing of Abacha loot
Buhari took over on 31 December 1983
Dollar was 75 kobo. When he left less than two years later it was 4 Naira

In 1999 it was 80 Naira

Nothing like that has happened before or after
Even with that they did not remove subsidy and they did not refurbish or build any refinery.

So when people go about talking about collapse of economy I have to conclude they are unwell
Exchange rate is not the fundamental problem

The problem is deep. We have a young population that are mostly unemployed and are lured into criminality. They need jobs and we need electricity. No one can fix those things by magic
The question is what is the way forward not all these ignorant rubbish

There is no easy solution

The only realistic short term action is to focus on security and food production.
There is little anyone can do about exchange rate in the short term because we import more than we produce.
If you have any sensible solutions proffer them and stop ranting

Make he prefer solution to who abeg, what is the job of the federal government then ?, why are they in suvs ?, nah why the Bleep are they even employed? when is it job of private citizens to proffer solutions ?.

Sulele04:

Make he prefer solution to who abeg, what is the job of the federal government then ?, why are they in suvs ?, nah why the Bleep are they even employed? when is it job of private citizens to proffer solutions ?.

Why are you quoting me to rant?
Do I look liken a psychiatrist?

aribisala0:

Why are you quoting me to rant?
Do I look liken a psychiatrist?

Lol answer the questions itk.

Bebigiby1:
To be clear in my opinion I will prefer a decentralized system of government where states are made autonomous and control its security (State Police) and revenues from state natural resources (100%) with no Federal influence but will remit an agreed amount as tax to Federal not how it is been done now that Federal takes all and shares it. If this is not feasible, I am also open to going back to people backed regional government system that will reflect equity. The truth is that current centralized system of democratic government we are running can not and will not benefit us as I said earlier many Nigerians are easily manipulated and weakened by the ruling class due to tribal and religious sentiments…. You can see how many Yorubas in this forum shamelessly defended a drug criminal who was proven to have forged school certificates to become president knowing the damage it will cause the nation…. that’s how tribalistic many Nigerians are.

Your submissions are too myopic devoid of all the realities on ground.
First leave the issue of Tinubu as president , the blunt truth is if I have an organisation like Nigeria and I have Tinubu, Obi and Atiku applying. I will give it to Tinubu, I need a Technocrat and politican wrapped in one his credentials supercede that of Obi and Atiku.
Let me blow your mind because of the system of thing s in Nigeria, 99% of Nigerians have done something incriminating in the past, the difference between Tinubu and the rest is that it is not yet in the public domain. You can hardly get a Saint in Nigeria.
You talk of autonomy as if it is a magical word. If we have autonomy today, will we manufacture new breed of governors to take over? The governors we have now which among them is performing so well that his limitation is autonomy? The truth is none.
With their limited allocation from federation account they are stealing in billions and trillions, guess what happens if they have more? Do you think it will make them change?

forgiveness:
A dollar to South Korea won is 1,339 won. Is Korea economy on the brinks of total collapse?

Korean economy experienced the same thing we are going through but they focused on production and citizens welfare. The reason they are very rich.

Besides, Korea focused on patronizing their own products before any other. Can we say the same thing?



Instead, you want to buy Italian shoe instead of Aba and Kano made shoes. You want to buy Ghana adire instead of Abeokuta Adire. You want to drive Japanese cars instead of Innoson and Nord cars and you're expecting your economy to grow.

Elemosho478:


1$ is like 1350 won in korea and they have one of the best stable economy in asia.

I think naira devaluation can benefit Nigeria greatly if we play it well but we just don't have many establishment that can earn us a lot of forex. Dangote refinery is going to take at least 6 months to fully come on board and see its benefit

Koreans floated their currency right after their economic miracle, when the standard of living had already increased to a point where the floating had minimal effects on citizens. Today, the average salary for a Korean is 3,890,000 KRW (South Korean Won) or USD 2,947 per month, while in Nigeria, a developing country with one of the lowest standards of living in the world, the average monthly salary is only 339,000 Nigerian Naira, equivalent to nearly 226 US dollars. Floating the currency in developing and underdeveloped economies with lower living standards, such as Nigeria, may pose challenges.


And comparing the Korean won and Nigerian Naira directly is a retarded move, given Korea's high HDI and Nigeria's low HDI.

Acme45:
your comments is the best so far.you said it all

You compare a dead, religious and hypocritical country with citizens who mostly liabilities to an industrious and hard working country like South Korea?

Even your president don jackpa go France to escape the hellish existence back home.

Where is my 2x 4 make I
knack somebody.

phonexpert:



Koreans floated their currency right after their economic miracle, when the standard of living had already increased to a point where the floating had minimal effects on citizens. Today, the average salary for a Korean is 3,890,000 KRW (South Korean Won) or USD 2,947 per month, while in Nigeria, a developing country with one of the lowest standards of living in the world, the average monthly salary is only 339,000 Nigerian Naira, equivalent to nearly 226 US dollars. Floating the currency in developing and underdeveloped economies with lower living standards, such as Nigeria, may pose challenges.


And comparing the Korean won and Nigerian Naira directly is a retarded move, given Korea's high HDI and Nigeria's low HDI.

Stop peddling false information here. Korea was forced to deregulate their currency by imf as condition to borrow 20b dollars to rescue their fallen economy due to sudden withdrawal of investors money from their economy.

The result was catastrophic as 2.6 million lost their job due to layoff of kia and Daewoo staffs.

Nigeria is doing the same thing Korea did then.