Johnpaul88:
Thank God Nigeria is finally sinking as I have always wished and hoped for! Gush I hate this godawful country.

you get problem foolx100^1000

Maximus85:
Uuuummmmm! I think the naira is not going down. Its actually going up. From N160/Dollar to N180/dollar. It is going up. Let's celebrate our over reliance on oil and the dollar.

hope you are being sarcastic.

dear God I will be needing a visa after my education.

My goodness...it will soon touch N200 like a joke!
Don't even know if I should buy dollars and hold on to it.

torhuke:
Tough times don't last...

It's a tough time for GEJ and his administration but I am positive we will get over this..

No cause for alarm.

GEJ till 2019.

This is very stupid a post. Excess crude is down to $4bn (2 weeks imports), your external reserves is down to $37 (18months imports-). Your idiot president promised four new private refineries and they have not even started construction because of the civil servants have been sabotaging them four three years now. You are importing fuel for N2 trillion. 25 states don't have internal generated revenue, Senators are earning $2million each.
Why should you be wasting your education and embarrassing your teachers by posting this thought less thrash. If you want to ass lick your dump president please join TAN. Meanwhile pray very well that you keep your job in the new year or your business does not collapse because if it does then you are a DOUBLE FOOL.

gnykelly:

you get problem foolx100^1000

Exponentially number of fooooools in Nigeria. You are right. A lot of idiots running around thinking they are going places.

ADVICE:GO AND BUY DOLLAR NOW!!!!! OIL SHALE IN UNITED STATES IS BOOMING, THE ERA OF CRUDE OIL IS OUT

This has little or nothing to do with the presidency, it is solely due to the plummeting oil price. Although, we should have diversified by exploiting other sectors but we are too myopic and reliant on oil for sustenance. The balance between injections and leakages into our national income equation cannot be accounted for as corruption has taken lead in the queue of leakages.

That is by the way. For those of you who still clamour for naira dollar parity sighting examples of the early 80s where Nigeria was more or less a closed economy; you should understand that the structural adjustment program which was part of Babangida's economic policy designed to revamp the economy that was taking a similar downturn changed the exchange rate regime from being fixed to flexible among other things. The fixed exchange regime allowed Nigeria to peg the naira against the dolar for any rate it pleased, then naira was valued more or at parity with the dollar. The flexible exchange rate allows the naira to find its 'realistic'value in the market which is majorly determined by the interplay of demand and supply. This is better for any country that has embraced globalization as the flexible exchange regime is like a shock absorbed capable of insulating the domestic economy from external price perturbation. China are able to peg their exchange rate because they have more favourable trade terms than many countries. Conversely, Nigeria are vulnerable to all the negative fall outs of fixed exchange regime since they are majorly an importing economy and have less favourable trade terms with world powers. So unless we effectively minimize corruption, reduce subvention to govt parastatals, embrace and optimize other resources at our disposal, commercialize and privatize some govt owned organisations, coupled with other monetary and fiscal policies, our economy will still be at the mercy of more catastrophes.

So this is wholly not the President's fault but an inherited culture.

IAMGEJ:
So where is our prof. Minister of finance?

mtcheeeeeeeeeeeeeeeew!!!

The blame should go to the CBN, not the Finance ministry because the former manages and controls the currency.

You should know dat Okonjo is more dan a mere minister of finance.

CFCfan:

The blame should go to the CBN, not the Finance ministry because the former manages and controls the currency.

IAMGEJ:
You should know dat Okonjo is more dan a mere minister of finance.

Yes, I know she's also the coordinating minister for the economy. Her role is proposing and implementing broad fiscal policy, not monetary policy.

I THINK THE MAIN BLAME SHOULD GO TO TWO PEOPLE IN THE COUNTRY, NO 1: EMEFELE AND NO 2: OKONJI IWEALA

WHEN EMIFELE ASSUMED OFFICE, HE FIRST WENT AFTER THE BUREAU DE CHANGE (BDC) ACCUSING THEM OF SPOILING AND DEPICTING THE NATIONAL RESERVES INSTEAD OF GOING AFTER THE BANKS WHO RECKLESSLY SELL FOREX WITHOUT PROPER DOCUMENTATION, TAKING BRIBES LIKE IF IT IS THEIR RIGHT FOR YOU TO GER HARD CURRENCIES.

OKONJI ON HER OWN PART HAS NEVER ADVISED THE GOVERNMENT ON A STRONG BACK UP PLAN FOR THE NATION IN THE CASE OF DWIDLING CRUDE OIL PRICES. THE MINISTRY OF FINANCE HAS NO BEEN SO CLEVER TO KNOW THAT WITH THE DROP OF CRUDE OIL PRICE THERE IS SUPPOSE TO BE A CORRESPONDING DROP IN THE PETROL PUMP PRICE WHICH WILL ADD POSITIVE VALUE TO THE ECONOMY, INSTEAD THEY KEEP ON TALKING ABOUT HOW TO REMOVE SUBSIDY.....

SHAKE MY HEAD FOR THE NATION

torhuke:
Tough times don't last...

It's a tough time for GEJ and his administration but I am positive we will get over this..

No cause for alarm.

GEJ till 2019.

the thunder that is going fire you is still doing press up.

papiforreal:



the thunder that is going fire you is still doing press up.

The Thunder that will fire you is still gathering momentum.

Adminisher:



This is very stupid a post. Excess crude is down to $4bn (2 weeks imports), your external reserves is down to $37 (18months imports-). Your idiot president promised four new private refineries and they have not even started construction because of the civil servants have been sabotaging them four three years now. You are importing fuel for N2 trillion. 25 states don't have internal generated revenue, Senators are earning $2million each.
Why should you be wasting your education and embarrassing your teachers by posting this thought less thrash. If you want to ass lick your dump president please join TAN. Meanwhile pray very well that you keep your job in the new year or your business does not collapse because if it does then you are a DOUBLE FOOL.

You are a very big ediot. So how has the nonsense you posted up there increased our foreign reserves or improved the naira? Because I didn't join your uselessness and hopelessness to hurl insult on the president, you quote me just to type your stupidity in other letters and words.

If I am a double fool, only u is a combination of all the foolishness in your village so only u is a FOLISHNESSES.

i dey fear o..abeg it should not go up again, even if it is 170 per dollar we will manage it.

abbeyoye2001:
Congrats GEj! We love u die. Waiting for wen dollar will be 350 after the election

I hope you're being sarcastic.

Now 184naira to a usd..

Is the naira gonna be worth the paper its printed on by dec. 31st?
"the day you take away a man's ability to feed himself is the day you lose his loyalty" ask louisxiii or hosni mubarak

sholatech:


You probably should blame Sanusi for defending the Naira with our reserves instead of allowing market forces determine exchange rate when oil prices were higher than budget. Now we having a steep decline in Naira value due to Oil price volatility and not enough in reserves

you get point sha

Good news for me and my fellow working boys..... Na to hammer sure pass now.

miky:
no surprises, oil fell to 65 dollars from 70 in just two days..

thank you oooo. Please kindly educate these nigerians that the devaluation has got nothing to do with gej or pdp. All major currencies worldwide are going down also. The malaysian rinngit,japanese yen, russian rubble and others are also losing points and are been devalued . m.bbc.com/news/business-30276353

Malaysia's oil-dependent
ringgit also suffered heavy
losses, while the yen hit a
seven-year low against the
dollar and Nigeria's naira
was down 2% to a new
record low against the
greenback.
China slows
The slide in oil prices was
compounded by China's
factory activity slowing by
more than expected in
November, with the official
purchasing managers' index
(PMI) dipping to 50.3 in
November from October's
50.8, closer to the 50 point
mark that separates growth
from contraction.
The fears of declining
demand from China also
sent copper prices to their
lowest level in four-and-a-
half years in London and hit
shares in mining companies.
Neil Williams, chief
economist at fund manager
Hermes in London, said:
"Over-optimistic global
growth forecasts have been
pared back, and probably
rightly so, and also China
has come back on to the
radar. And that of course
has become a big driver for
a lot of commodity prices."
Adding to the gloom were
figures showing that
eurozone manufacturing
growth stalled in November
as new orders fell at the
fastest pace in 19 months,
despite heavy price cutting.

I remember in 1999, when a dollar exchange for N88, we thought that is the highest (worst) we can get. here we are today.

Some persons just come online only to talk down on mr president when actually they dont really no exactly why they dislike the gentle man. They are just fellow-fellow. How is the drop in oil price in the int'l market is to be blame on GEJ. I simply notice that these people feeding on free oil money have completely lost better side of their sense. God help una.

This ain't good

Its actually 179 naira to a Dollar

sandraokosun:
when you have a drunk shoeless jonothing ebola thats what you get. He would be jailed by #GMB in 2015

Oil mentality..

Its a pity none of u here is luking at it from d positive angle.

Dont u knw dat wil simply discourage importation ? There by giving chance 2 domestically produced goods

I assure you its rising, CBN is selling to BDC operators this week at the rate of 171naira to a dollar unlike last week which was 151naira... expect bigger changes in dollar price from Wednesday.

spanzed:
Okonjo-Iwela what are we paying you for....

To give us window dress account