See his coconut head. Tinubu failed woefully.

TemplarLandry:

Stop typing with a stolen phone.

This could have been avoided, or at least, tempered down.

The current World Trade Organization boss, Ngozi Okonjo-Iweala, when she was managing our country's finances, cried time and again, against the stomach infrastructure mentality of then governors, now mostly political key figures of the ruling party. She was hounded by all manner of politics and propaganda until they fulfilled their lifelong dream of depleting our ECA to their own gains.

After the PDP handed over, the ECA became ultimately became useless, despite opportunities after opportunities to save foreign income. In 2022 alone, we should have at least $9 billion saved in the ECA. Today, in 2023, Edun is talking of just $6.8bn needed.

Now the chicken is home to roost and there is nothing to cushion the fall. Posterity will judge the likes of Aregbesola, Fashola, Akpabio, Amaechi and Oshiomole who fought tooth and nail against the idea of saving our excess earnings.

Excuses Don start

OK, so what is the honest, clear-cut, and rapid plan to boost crude refining and reduce the huge inportation of refined product (with our limited dollar), and further acquire more dollars by exporting the refined products?

Good point. Now, buckle up and find us a way out of this progressive mess

Once the root of the problem is known then solving it becomes easy!

Malroux:
See his coconut head. Tinubu failed woefully.

Let us see the shape of your own head. I am sure it's like the one below:

Malroux:
See his coconut head. Tinubu failed woefully.

He is older than your father and probably your grand father and you address him like that?

What a generation!

Mr egg head Wale Edun, please find solution to the problem.

Ok

Walahi everyone get excuses to make...

Idiots. Same people complaining that as things were 400% cheaper under g.e.j were too costly then are now explaining and defending same at extra 400% increase, and 400-500% drop in standard of living

Liar liar keep lying liar. Yeah fools will believe u

The main reason for Naira decline is because of Igbo businessmen like Peter Obi, ndi importer and exporter crooks. Igbo importers like Peter Obi keep taking the available scarce dollars using their crooked connections and bribe to import every damn thing into this country, from toothpicks to ketchup.

The govt must shut down NEXT. Peter Obi has destroyed the naira for too long, enough is enough. Later this bastard liar called Peterr Obi will be lying about moving Nigeria from consumption to productionz whereas the Pandora thief is the biggest importer of rubbish fake products in Nigeria, making the Naira to lose value every day.

DesChyko:
This could have been avoided, or at least, tempered down.

The current World Trade Organization boss, Ngozi Okonjo-Iweala, when she was managing our country's finances, cried time and again, against the stomach infrastructure mentality of then governors, now mostly political key figures of the ruling party. She was hounded by all manner of politics and propaganda until they fulfilled their lifelong dream of depleting our ECA to their own gains.

After the PDP handed over, the ECA became ultimately became useless, despite opportunities after opportunities to save foreign income. In 2022 alone, we should have at least $9 billion saved in the ECA. Today, in 2023, Edun is talking of just $6.8bn needed.

Now the chicken is home to roost and there is nothing to cushion the fall. Posterity will judge the likes of Aregbesola, Fashola, Akpabio, Amaechi and Oshiomole who fought tooth and nail against the idea of saving our excess earnings.

It is also on the record that it was one governor that was highly in support of her initiatives. His name is Peter Obi.

THEM GO EXPLAIN TIRE....

APC has completely destroyed the economy of this nation.

Oga Edun - over printing of trillions of naira by your lord and personal savior - the sniffer at Boudillion is the reason for the sharp decline

Your Boss proposed in 2017 that Buhari should print excess money to pay workers and Gov Obaseki of Edo State raised alarm

That is what he is doing now and he had to get rid of EMEFIELE to allow him do it

The forger is printing trillions of naira as fast as he can and converting it to dollars to recoup his election expense and make profit too

we are in deep sh it as a nation - when a drug baron and forger is in charge of the CBN, Oil and Armed Forces! IT IS FINISHED

well.well Since my last post, you have all gotten poorer by more than half. Regardless of what industry you are domiciled in within the nigerian economy. I POSTED SO MANY WARNINGS HERE PRIOR TO THE ELECTION, BUT HOW DO YOU REDEEM A NATION ON A CLEAR SUICIDAL PATH? Read to the end, I will profer my perceived worse case scenarios and perceived solutions to this quagmire we find ourselves in.

Mr, Wales theory of only 6.8 Billion dollars needed is purely subjective. Even if that money is put in the foreign exchange market now, a new deficit will be created in a mere couple of months and we will be right back in the same position.

I have been tracking tracking economies, foreign exchange rate, global policies and Gdp growth for over 20 years now, ONE key thing needed in stability of foreign exchange rate is Perception. Perception itself has even surpassed ;local production in in terms of factors that determine foreign exchange rate since the advent of smart phones and information on the go.

We are a nation of Big Tribes and many smalls ones, Decades ago those in power figured out we have to balance the egos of these three big tribes to have a balanced political, economical and even social environment, The APC regime came in and completely threw us into this satanic tribalistic territory where igbo hating is a policy and igbo marginalization is barefaced, and we are all going to suffer for it. Here is why

The igbo/igboid people are a majority in nigeria, and might be even more than the yorubas, we can not say for sure without a proper census. (I noticed on wiki the yorubas have gone on to increase their population percent to 20 percent and left the igbo one at 18 percent. although both tribes were listed at 17 percent just three years ago). What we now know for a fact is that the igbos and their sympathizers do have the largest online presence in nigeria, we can tell from the Peter Obi online polls and how he always won with over 80 percent regardless of how it was framed.

If you have these group of aggrieved nigerians on every social platform bashing and dissing nigeria, there is no way our economy or currency can survive that.

My people we have now dived into this electric pond, these is no easy way out. The easiest path would have been allowing an igbo person become president this time when it was rightfully their turn, so than we as can country can heal and build the sense of nationalism that every nationhood needs to survive and build anything on in the long run.

Northerners were ok with the rotation of power to the south, But NO some south westerners refused, they hijacked the election and took the country into this highspeed train off a cliff and that is where we are now. Besides the perception the guy who was elected is someone who has a, should I say God complex or dictatorial complex and that really compounds the situation, a man who felt too big to attend a debate, give an interview and was nominating people to answer a question that was asked to him is a person who believes he is above all and sundry and does not care about the feelings of the masses, and thats the kind of person who would go on to devalue the extremely sensitive naira and remove subsidy at the same time, without meticulously bringing everything to understand how we got here, close up corrupt lose ends on both sectors before making a policy change. Those of you who voted for the man knew exactly what he was, how are your lives now? It doesnt matter how rich you are as nigerian, you are definitely getting fxcked over and bleeding money if you have nigeria as your main source of income. Not unless you are a corrupt politician.

Anyways, our next stop in devaluation is 1500, but honestly there appears to be no end to where we are going because thing with this type of devaluation comes fear and with every deeper devaluation comes an even deeper fear and uncertainty with fuels the next devaluation. And where we are heading to venezuelan and zimbabwean levels of devaluation which brings absolute chaos and crime at extreme levels never before seen, nobody drives a nice car or lives in a nice house would feel safe.

Here are some of my perceived solutions.
As much as we all know they would hate, the APC government should be trying to pacify the igbo people by balancing their appointments, an igbo guy should have been Senate president, massage the egos of these people we need them to believe we are in this together. Disown and fire any member of government who makes any perceived hate speech against igbos or pretty much any other tribe, and possible people who make this their means of staying relevant, I mean tribal jingoist like FFK and Omokri. I honestly doubt that this would ease the tribal tension we have now in the country but its not a bad start. Because I see the igbos are being haunted by all these extreme tribalist statements from government officials, for example you can how the judges at the judges at the PEPT sounded, you can clearly hear the words from apc online trolls right from their mouth, Absolutely shocking. Honestly i think pacifying the igbo people at this point may not work, Too much harm has been done, maybe in 4 years tinubu should step aside and let and igbo person take over, but at that point this country would be far too gone in the wilderness.

Option 2 is bend over ass cheeks open and let the french have their way, sign the agreement for ECO to be used as the single currency for ecowas backed by the french and the Euro, they have always wanted to have under their belt and are partly to be blamed for the political and currency crisis we find ourselves in.. But we are now in desperate moments and desperate measures are needed.

Option 3 is dollarized the economy. Dollar should be accepted as a means for payment in all sectors and all forms of trading. That is itself is another decision that comes with its own upper cuts.

Shalom!

You have debt due for repayment and u still went ahead to borrow $800m and more loans to use as 'palliatives" for fictitious people, why will the naira not keep dying

Hmmm

faoogoke:


He is older than your father and probably your grand father and you address him like that?

What a generation!

Do you mean a generation that would point out those who have failed the nation not minding their age?

DesChyko:


https://nairametrics.com/2023/09/22/forex-crisis-6-8-billion-overdue-forward-payment-responsible-for-nairas-decline-wale-edun/?amp

Another lieing machine being oiled. These people have no solution and don't know what to do to save Nigeria.

Yeah... I hope you guys don't run out of excuses before this tenure is over.


Meanwhile... Make I just dey observe both leaders and citizens. This is gonna be a long and amusing ride.

Results pls

Simply put, they are using the available forex to meet suspended obligations of the past.
Dangote should please fire up. No other way out of this mess.