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Nairaland Forum / Nairaland / General / Politics / What Was Nigeria Producing When A Dollar Was 200 (2333 Views)
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Re: What Was Nigeria Producing When A Dollar Was 200 by yommen: 6:12pm On Mar 29 |
Brenbentondiaz: I'm also aware this present government has been clearing a lot of bad debt that has the naira so much problems but locally and internationally and it has been giving the naira some strength. |
Re: What Was Nigeria Producing When A Dollar Was 200 by IBB007: 6:24pm On Mar 29 |
I’ve been asking this question since |
Re: What Was Nigeria Producing When A Dollar Was 200 by ElSudani: 7:40pm On Mar 29 |
yommen: I have written about this several times on this website, there's no need to rehash. I bet you are one of the ignorant lot who comes here everyday to monitor the performance of the Naira against the dollar. You need to get yourself educated rather than come online to spew balderdash. I bet you think our consumption of foreign goods in food, fuel, raw materials, electronics etc remained the same as it was when naira exchanged for #200. Don't come to me with stupidity. I am sure it doesn't occur to you also that there's more pressure on the naira depending on how much you need to import. What you are ignoranttly talking about is just the naira reaction to short term supply and demand, not whether there's more export or not. 0.45 cents change is "whooping" N600! Why don't you just say you are devastated the naira is gaining strength? |
Re: What Was Nigeria Producing When A Dollar Was 200 by emperor4love(m): 10:15pm On Mar 29 |
chinchum:wen guys de alter pof wit banks,fr agent no be u de do am ursef, den flight nd school fee,pls most agents are agent of darkness no too entrust dem mk u no find ur sef fr Sudan as dem tell my guy na spain |
Re: What Was Nigeria Producing When A Dollar Was 200 by teeytimi: 10:25pm On Mar 29 |
chinchum:I understand the angle you are coming from but sincerely no one spent $40,000 to japa from the country, the recent student japa to UK is the most expensive jada in the history of Nigeria and on the average no family spent more than 25000usd. |
Re: What Was Nigeria Producing When A Dollar Was 200 by CodeTemplar: 10:29pm On Mar 29 |
Yourprick:less babies. |
Re: What Was Nigeria Producing When A Dollar Was 200 by NewDea4: 10:36pm On Mar 29 |
Yourprick: You're smart. Not that we were producing anything different from now, but the federal government was not printing the equivalent of four years' budget in new naira notes. It's the illegal printing of naira notes and the blatant robbery of our foreign reserves under the two APC regimes that killed the naira |
Re: What Was Nigeria Producing When A Dollar Was 200 by chinchum(m): 1:39am On Mar 30 |
teeytimi:I really can't place how you arrive at "no one spent $40,000 usd" . School fees are not cheap in UK, Canada, US , Germany e.t.c. international student tuition per session can be more than $15,000. Proof of funds is not cheap. When you then factor in dependants who are mostly minors you realise why the amount is not far fetched. Off course some people will spend less than that amount. |
Re: What Was Nigeria Producing When A Dollar Was 200 by chinchum(m): 1:43am On Mar 30 |
emperor4love:not everyone cuts deal with bank or forged bank statements. It will surprise you that majority got the money. |
Re: What Was Nigeria Producing When A Dollar Was 200 by Emmabyte: 5:15am On Mar 30 |
But hope you got his massage, lol Yourprick: |
Re: What Was Nigeria Producing When A Dollar Was 200 by Wizdom0091: 7:17am On Mar 30 |
Yourprick: It answered your question |
Re: What Was Nigeria Producing When A Dollar Was 200 by oyatz(m): 8:19am On Mar 30 |
Yourprick: Nigeria was just collecting rents from crude oil explored and exported by several (mostly foreign) companies. Out of the $money ,the CBN would sell dollars to people at a very low rate (e.g $1=200) that is below the market value. This meant that the CBN was subsidising the exchange rates. This policy has been in place since 1973 when the Naira was introduced. The policy has it's pros and cons. Pros: It enable Nigerians to access FOREX at low rates so they can import foreign goods or pay for foreign services e.g Hajj, Tuition fees in Foreign schools,Medical treatments abroad or even Holiday in The Bahamas etc Cons: 1) With increased population and increased demands for Foreign goods/services, the CBN was unable to meet the demand for dollars at subsidised rates ,so they often increase the exchange rates e.g from $1= #0.56 in the 1970s $1= #5 in 1986 $1=#21 in 1993. However, not all those who needed the dollars got it at this rate, privileged elites who got it at 'official' subsidised rates sold it in the black markets at exorbitant rates. By 2022, Nigeria was borrowing $1.5 Billion monthly to subsidised the exchange rate and it got to a point, no creditor was willing to borrow Nigeria money for such subsidies anymore. |
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