Stats: 3,183,597 members, 7,921,261 topics. Date: Wednesday, 14 August 2024 at 09:15 PM |
Nairaland Forum / Nairaland / General / Business / Kingsley Moghalu Reveals The Problem With The Naira (24922 Views)
Those Who Want Naira To Be ₦400 To Dollar Are Living In A Dream World - Moghalu / Nigeria's FX Crisis: What You Should Know By Kingsley Moghalu / Cryptocurrency: Kingsley Moghalu To Address Challenges, Opportunities In Dubai (2) (3) (4)
(1) (2) (3) (4) (5) (6) (7) (Reply) (Go Down)
Re: Kingsley Moghalu Reveals The Problem With The Naira by codemaniacs: 10:25am On Jan 26 |
onyekabe: The World Slavery Bank and International Slavery Fund use population to decide the stability of African economies. Those countries have smaller populations than Nigeria and they use a currency that's created by their colonial thieves. Every year the World Slavery Bank and International Slavery Fund keeps over inflating Nigeria's population figures and this affects the economy of Nigeria badly. Anyone that says anything else from this is telling you rubbish because Nigeria produces locally more than what 90% of other African countries produce locally. |
Re: Kingsley Moghalu Reveals The Problem With The Naira by eliteweb(m): 10:25am On Jan 26 |
indigenous234: Absolutely right. Nigeria will continue to fail because no one wants to do the right thing. |
Re: Kingsley Moghalu Reveals The Problem With The Naira by Angelfrost(m): 10:26am On Jan 26 |
ppogba: Love?! Lol! An average Nigerian will burn the nation to the ground without a second thought if it will make him wealthier. We have become a group of people more concerned about personal wealth growth than the collective and corporate growth of the nation. We don't even go to election grounds with Patriotism and love for the country in mind. Look at sports... Our Super Eagles are not after their nation's honor. Compare that to Senegal, Morocco, Cape Verde, etc. That's why some of those nations are faring better economically too. Imagine the amount of Dollars being hoarded by Politicians alone, including Mr. President and his Vice. These people are not interested in the collective progress of this nation except it benefits them alone. Nigeria and Nigerians have exalted Money to ridiculous heights... It is shocking. 1 Like |
Re: Kingsley Moghalu Reveals The Problem With The Naira by mariahAngel(f): 10:29am On Jan 26 |
BreconHills: What pleasure though? The government/politicians keep taking and taking, till there's nothing left to take from the citizens. What more is left? The people never thought it could get any worse after Buhari, until Tinubu forced himself on the people. 1 Like |
Re: Kingsley Moghalu Reveals The Problem With The Naira by mozona(m): 10:32am On Jan 26 |
ohk |
Re: Kingsley Moghalu Reveals The Problem With The Naira by poseidon12: 10:34am On Jan 26 |
EreluRoz: Nigeria's problems will not be solved by prayers. If Asiwaju wants to succeed, he must urgently restructure Nigeria. Otherwise he will just waste another 4 or 8 years, just like his useless predecessors Jonathan and Buhari. 1 Like |
Re: Kingsley Moghalu Reveals The Problem With The Naira by mariahAngel(f): 10:34am On Jan 26 |
EreluRoz: Keep whining yourself. Una go support nonsense finish, come dey cap later. Get mind dey gaslight the citizens ontop. You dey whine? Make nobody annoy me this morning! ![]() 1 Like |
Re: Kingsley Moghalu Reveals The Problem With The Naira by ppogba: 10:35am On Jan 26 |
Angelfrost: Well said. |
Re: Kingsley Moghalu Reveals The Problem With The Naira by EreluRoz: 10:38am On Jan 26 |
mariahAngel:Was there a better candidate to support? Like I said when we've all agreed to revolution then I promise my 100% support but till then we can continue to selfishly support the recycled politicians that brought the country to where it is. |
Re: Kingsley Moghalu Reveals The Problem With The Naira by poseidon12: 10:39am On Jan 26 |
SIXFEETUNDER: So you expect a country that does not have the technical capacity to produce electricity, to start producing missiles and nuclear warheads?? I hope it is sarcasm. 2 Likes 1 Share |
Re: Kingsley Moghalu Reveals The Problem With The Naira by poseidon12: 10:42am On Jan 26 |
itumafriday: He is not your President. It is your President that should take quick action. |
Re: Kingsley Moghalu Reveals The Problem With The Naira by ppogba: 10:44am On Jan 26 |
poseidon12: With all due respect for your opinion, talking about restructuring to me is just like someone trying to hide behind a finger. Let us not deceive ourselves, the people on whose laps and tables the restructuring falls will be out of job immediately. Will they be ready to be jobless? I doubt that. Any form of restructuring will have to pass through the legislative arm. Will it sail through? Never. 1 Like |
Re: Kingsley Moghalu Reveals The Problem With The Naira by poseidon12: 10:45am On Jan 26 |
emkz: How can you hold state governments to account when you are running a unitary system of government? To hold them to account, you have to first restructure the country. 1 Like |
Re: Kingsley Moghalu Reveals The Problem With The Naira by Faposky95: 10:46am On Jan 26 |
senm117:Ever thought why the Israelites doubted Moses after all they'd seen...? The same phrase you spat..........the question they asked .... ...When...?! |
Re: Kingsley Moghalu Reveals The Problem With The Naira by poseidon12: 10:46am On Jan 26 |
nairavsdollars: The fools are coming out. |
Re: Kingsley Moghalu Reveals The Problem With The Naira by ReubenE(m): 10:46am On Jan 26 |
1Alex:After six months, you still think he or his government has good intentions, the joke is on you. With the thievery and profligacy that this administration has inflicted on Nigeria in six months alone, not to talk of the almost zero security, you still talk about good intentions. The only intention Tinubu had and still do is was to become president and it ends there. You can pray for him to succeed which is a noble thing. However, those prayers will not do anything. You don't have to pray for someone that has good intentions to succeed especially the president of Nigeria. In terms of "Political Power" the Nigeria president may be among the top ten most powerful in the world as he can virtually act without restraint. Tinubu has the National Assembly and the Judiciary on his palm so what are you praying for him to succeed again. He already has everything he needs to succeed 1 Like 1 Share |
Re: Kingsley Moghalu Reveals The Problem With The Naira by TOYNEX(f): 10:49am On Jan 26 |
We don't need revelations without solutions |
Re: Kingsley Moghalu Reveals The Problem With The Naira by ufotunang: 10:49am On Jan 26 |
EreluRoz:..ajaokuta steel company can create jobs for the youths and nigerians , boost the economy, earn revenue in dollars for the country and appreciate and strengthen the naira against the dollars..but our politcians do not care about the ajaokuta steel company 1 Like 1 Share |
Re: Kingsley Moghalu Reveals The Problem With The Naira by uuzba(m): 10:50am On Jan 26 |
Chinese people are killing themselves in order to create value added manufacturing. Nobody can beat them in this world to produce cheap goods. Their goods are so cheap that everybody will always be buying their products. US former president Trump was so pissed off about this and that has been his main goal. To bring back manufacturing to US soil whether Chinese goods are cheaper or not. Yet in Nigeria we have no plan to do this and continue flooding our markets with cheap Chinese goods. Destroying all our factories. |
Re: Kingsley Moghalu Reveals The Problem With The Naira by tnerro1(m): 10:51am On Jan 26 |
Ok, we don hear |
Re: Kingsley Moghalu Reveals The Problem With The Naira by ufotunang: 10:52am On Jan 26 |
I have said it...it's nigeria to be a producing economy and country...more of exportation of goods and less Importation of goods...and valuing and patronizing what we have in nigeria... It's not everytime we should be patronizing foreign goods and foreign things, foreign universities, foreign medical treatment, trip...this puts pressure on the demand for dollars in a country where dollars is scarce....so nigeria been a producing economy and country .. it will appreciate the naira and add more value to the naira and strengthen the naira against the dollars .. |
Re: Kingsley Moghalu Reveals The Problem With The Naira by Anatolia: 10:56am On Jan 26 |
At a deeper level, true but the economy will not be so bad if we were not following IMF instructions to destroy Nigerian economy. |
Re: Kingsley Moghalu Reveals The Problem With The Naira by SIXFEETUNDER: 10:56am On Jan 26 |
poseidon12: Nigeria can produce a lot of electricity if it want to but technically it's not worth it as it doesn't generate revenue for the political menaces |
Re: Kingsley Moghalu Reveals The Problem With The Naira by Anatolia: 11:00am On Jan 26 |
Nigerians leaders are more interested in following the lead of oppressive Western economic institutions than caring for the welfare of the citizens. They are being remote controlled. IMF is always advising us to commit gradual economic suicide and we have been following that for the last 35 years. |
Re: Kingsley Moghalu Reveals The Problem With The Naira by COMPAQ(m): 11:02am On Jan 26 |
nlfpmod: Pretty much exactly what I said on X! The reality is that Nigeria is suffering from the poor economic decisions of almost 20-30 years!! We have put off the pain for decades and continued riding our luck! That luck seems to have run out now and this generation will unfortunately have to bear the brunt of this mismanagement, which came to a head under President Buhari. The FX rate is simply the result of the demand and supply fundamentals. Demand continues to increase unabated. Everything around us is imported. In fact everything on us right now is probably imported. clothes, watch, shoes, phone, tablet, laptop etc. Added to traditional demand for USD is now the masses of those migrating permanently or for school. Supply on the other hand continues to dwindle due to oil production way below Nigeria's historical production levels. To make matters worse, the Emefiele CBN of the last 5years seems to have mortgaged our future USD earnings already. And the Tinubu government has also securitized future NLNG dividends. Funny enough, the same NLNG has already issued profit warnings due to insufficient supply of gas for existing trains 1-6, how much more train 7 under construction. So we are likely to be in a deep dollar supply mess for the foreseeable future. And as for oil production reaching 2mln barrels again on a consistent basis in the near future, that's a tall order. The onshore oil production assets and infrastructure has been almost totally lost to bandits and criminals. You produce 200k barrels, only 100k barrels gets to the terminal. Aging oil fields need new investment, but who will invest in the midst of all that madness! Even in the offshore where its relatively safe, Nigeria is no longer the oil magnet it once was. With many other countries in Africa and beyond finding oil and gas reserves in the last decade, Nigeria with its legal, infrastructure, political, regulatory issues is one of the last places anyone wants to bring his money. And a $10bln investment in a new field would improve supply in the short term (FDI) and also in the long term (production). So if we have no USD supply as a country, how can we defend the Naira!? The only option was to allow it to find its market value. And funny enough, the expectation is that a depreciated Naira will force demand to slow down and spur exports. That's the text book impact. But Nigeria has such a poor industrial base that if NGN were to become $/5000, it wouldn't even spur exports, because we really have nothing to export in the short term. And because almost all our inputs into production are imported, it actually just increases the cost of said production, so we lose any advantage a devalued Naira might have provided for cheap exports! And because Nigerian's feel we have no options to medicals and schooling abroad, we will continue to demand the dollar at whatever price. I am not sure there are that many people with kids in school abroad 1 year ago when dollar was N750, that have brought the kids back home because dollar is now N1400. Somehow the parents always seem to find a way to get more Naira to buy the dollar at whatever price. And the cycle just continues!! it is such a vicious cycle that is extremely difficult to break. https://twitter.com/oyeolsakin11538/status/1750805925697364222 1 Like |
Re: Kingsley Moghalu Reveals The Problem With The Naira by Tranquility2345: 11:04am On Jan 26 |
Angelfrost: You think say you smart to talk something wey children in primary school know? Yamayama fall on that your bald head there ![]() |
Re: Kingsley Moghalu Reveals The Problem With The Naira by dettolgel: 11:04am On Jan 26 |
1Alex: This is ridiculous can you tell one president that came with bad intentions since Nigeria independent? Everybody has good intentions but intentions do not cut it. It is either you have what it takes to move the country forward or you do not have it. So please stop foolish yourself. 2 Likes 1 Share |
Re: Kingsley Moghalu Reveals The Problem With The Naira by Artscollection: 11:07am On Jan 26 |
Piroty: Big lie !!every trader is on pause now bv you don't know where the werey naira go put head. |
Re: Kingsley Moghalu Reveals The Problem With The Naira by Gbadugbakun(m): 11:10am On Jan 26 |
EreluRoz:Madam don't you have conscience. Is this how hatred has eaten so deep into you that you can't see how your almighty Tinubu has destroyed our economy within months of assuming office? What is wrong with Nigerians. I never supported Tinubu but if he was performing, I would have applauded him. For you to still be defending him amidst all the killings, kidnappings, looting...etc shows how wicked and heartless you are. 3 Likes 1 Share |
Re: Kingsley Moghalu Reveals The Problem With The Naira by Artscollection: 11:10am On Jan 26 |
Asiwaju was not informed properly hence those hasty decisions. Power can be grabbed but managing the economy no be moi moi. Every average economist or informed person knows what this man is saying just implementation is where the problem lies. |
Re: Kingsley Moghalu Reveals The Problem With The Naira by Angelfrost(m): 11:11am On Jan 26 |
Tranquility2345: Okay... Did I claim to have propounded a 'rock science' solution?!! Does the truth always have to be far-fetched and complicated? I really don't understand the thrust of your rant or response. Okay, bring forth your own 'something' wey only Ph.D. holders know... We are all here to learn. ![]() |
(1) (2) (3) (4) (5) (6) (7) (Reply)
Dangote To Own 50,000 Cows, Produce 500m Litres Of Milk By 2019- The Cable / Don't Panic, Your Money Is Intact- CBN Assures All Ex-skye Bank Customers / Kaduna, Dangote, Boi, Others To Acquire PAN – El-rufai
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 71 |