Re: Naira Drops To 313.5 As Dollar Shortage Persists by grandstar(m): 2:50pm On Feb 10, 2016 |
Know2020: This country is finished!
Let me see the twit that will invoke GEJ. GEJ left office with naira to dollar at 210 and today it's 313. WTF? GEJ inherited naira to dollar from Yaradua at 165, it stayed at this rate +/-15 for 4 yrs, it was only towards the end of 2014 that we began to see fall in naira largely caused by those who are bent on sabotaging his achievements to make sure he doesn't get re-elected. Compare dollar to naira lost in value under GEJ from 165 to 210 within 4-5 yrs span...that's very reasonable. However under Buhari from 210-313 in barely 6 months? This is disastrous...an invitation to anarchy. Same goes for fuel scarcity, there was never a fuel scarcity under GEJ except for his last few months in office, again largely perpetrated by the same very savages who are bent on making sure he never got re-elected.
You noticed how yorubas are quiet all of a sudden? Because their sister Kemi Adeosun is at the helm of the finance. Had this drastic dollar free fall happened under Iweala? Oh lord...they will be calling for her head not even resignation. They are already making excuses for Fashola to downplay the expectations on him...see 3rd topic now on front page. Hypocrites! Your petty tribalism spoilt a great post. Soludo and Sanusi have both condemned Buhari's policies. The naira is hitting 400 this year and I am being conservative. 2 Likes |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by ifyan(m): 2:54pm On Feb 10, 2016 |
Buhari have no economic policy on ground correctly. 1 Like |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Remii(m): 2:54pm On Feb 10, 2016 |
grandstar:
Your petty tribalism spoilt a great post.
Soludo and Sanusi have both condemned Buhari's policies. The naira is hitting 400 this year and I am being conservative. by that time we go know that bachuss wine and pink lady na the same, aba shoes with better gum and leather na the same with italian shoes, ofada rice and uncle ben's na the same thing, 1 Like |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by ifyan(m): 3:00pm On Feb 10, 2016 |
grandstar:
Your petty tribalism spoilt a great post.
Soludo and Sanusi have both condemned Buhari's policies. The naira is hitting 400 this year and I am being conservative. Bro The so called Finance Minister don padlock her mouth 1 Like |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Reference(m): 3:00pm On Feb 10, 2016 |
bigtt76: Funny how people seem to attribute the fall of the Naira to the current administration despite all revelations showing the unchecked dollarization of the electoral process by the past government.
People seem to have forgotten how the foreign reserve dropped drastically under the past government as well as the importance of the foreign reserve to keeping the sanity of the local currency against their counterpart currencies round the world especially in an economy that thrives solely on imports.
Agreed that PMB and Yemi Osinbajo promised equating the dollar to the naira .....its usually the case when you're not in the system to know the factors. For example in the past regime's handover note, I would believe there was no revelation of how the phantom BDCs were emerging daily in their thousands seeking for new licences, in the note. I also believe the president did not know of this until he was told by the CBN governor.
In essence, we should not expect the mess created over the years to be rectified in less than one year of attaining the position ...haba! Lets all be patient and let 4years lapse before judging.
Note I'm apoliticial here! The policy of artificially supporting the naira by market manipulation is a flawed one no amount of time can solve. An economy of this size, complexity and global connectivity cannot afford financial isolation. China is currently defending her currency with 100 billion a month out of cash reserves of 5 trillion. Even it has been told to stop wasting its time. Who then is Nigeria. The only way to halt wanton imports and start local patronage and industry is to devalue. You will no doubt suffer massive inflation but like Mexico you will begin the long road to industrialization. This model is what brought us here and what will keep us an underdeveloped, mono-product, poverty stricken economy in perpetuity. 1 Like |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by ifyan(m): 3:02pm On Feb 10, 2016 |
Know2020: This country is finished!
Let me see the twit that will invoke GEJ. GEJ left office with naira to dollar at 210 and today it's 313. WTF? GEJ inherited naira to dollar from Yaradua at 165, it stayed at this rate +/-15 for 4 yrs, it was only towards the end of 2014 that we began to see fall in naira largely caused by those who are bent on sabotaging his achievements to make sure he doesn't get re-elected. Compare dollar to naira lost in value under GEJ from 165 to 210 within 4-5 yrs span...that's very reasonable. However under Buhari from 210-313 in barely 6 months? This is disastrous...an invitation to anarchy. Same goes for fuel scarcity, there was never a fuel scarcity under GEJ except for his last few months in office, again largely perpetrated by the same very savages who are bent on making sure he never got re-elected.
You noticed how yorubas are quiet all of a sudden? Because their sister Kemi Adeosun is at the helm of the finance. Had this drastic dollar free fall happened under Iweala? Oh lord...they will be calling for her head not even resignation. They are already making excuses for Fashola to downplay the expectations on him...see 3rd topic now on front page. Hypocrites! Should I say love this or supported. |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by grandstar(m): 3:07pm On Feb 10, 2016 |
Ephemmm: [/s]
You forgot to add that Nigerians are still suffering from the dollarization of the economy by your ineffectual buffon who suddenly becomes an ATM dispensing hard currency during the last election.
Thrash........... The blame falls completely on Buhari. Soludo and Sanusi have condemned his economic policies and both are Buharist. GEJ certainly did not teach Buhari that 1 + 1= 4. That's the economic equivalent of Buharinomics. I have already written off his economic policies as far bqck as July if not June. The naira will hit 400 it this hubris 2 Likes |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Nienie(f): 3:16pm On Feb 10, 2016 |
Justinah4real: One Chance. Very soon 1000naira = 1dollar. Thank me latter. I hope not oo |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Reference(m): 3:21pm On Feb 10, 2016 |
harmony940: When a government tries to fight corruption,it surely will fight back very hard,and that is what is happening,the rich have stocked their accounts with millions of dollars,and the central bank of Nigeria restriction is killing them because most of their monies are trapped in the Nigeria bank,with the introduction of the cbn policies regarding foreign currencies. The introduction of the BVN by the central bank is a very good step,because all the accounts with millions of foreign currencies is being monitored. In addition, as things are unfolding, we should not be surprise to see people being questioned and scrutinized to the later on how they make their so called millions in dollars,euros and pounds.
It will be tough at first but later the Naira will gain its strength when these so called rich thieves are dealt with...What pains me so much is that, it is the poor that surfers the most,is not that the rich don't surfer but the poor swallow all the pills.
Corruption is a rot in the economy,it has gotten to the stage where drastic measure is highly needed. If corruption is gone for good, Nigeria will be one of the best nations in the world.
You are so ignorant (pardon the honour at this critical juncture) but if you think wealth is what your account reads and poverty is what thieves stole last night, you need it. Nigeria is broke and vulnerable simply because we are not a productive nation, simple. Steal all you want from a productive person and you will never degrade him to poverty. Give all you want to a lazy bu.t.t and set your stop clock. Stop buying excuses from ignorant folks. Even if one penny is not stolen from government till 2019 (impossible) it will not balance the budget, diversify the economy or liberate us from the yoke of big oil. 'If you love stuff and cannot work them out...', my mother, (God bless her soul) saying to me 25 years ago, '....you are bound to suffer and if you cannot do it, you will pay for getting it done.'. We are paying heavily in Nigeria for doing little and loving much. Not government, we the people. 2 Likes |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by vislabraye(m): 3:25pm On Feb 10, 2016 |
Know2020: This country is finished!
Let me see the twit that will invoke GEJ. GEJ left office with naira to dollar at 210 and today it's 313. WTF? GEJ inherited naira to dollar from Yaradua at 165, it stayed at this rate +/-15 for 4 yrs, it was only towards the end of 2014 that we began to see fall in naira largely caused by those who are bent on sabotaging his achievements to make sure he doesn't get re-elected. Compare dollar to naira lost in value under GEJ from 165 to 210 within 4-5 yrs span...that's very reasonable. However under Buhari from 210-313 in barely 6 months? This is disastrous...an invitation to anarchy. Same goes for fuel scarcity, there was never a fuel scarcity under GEJ except for his last few months in office, again largely perpetrated by the same very savages who are bent on making sure he never got re-elected.
You noticed how yorubas are quiet all of a sudden? Because their sister Kemi Adeosun is at the helm of the finance. Had this drastic dollar free fall happened under Iweala? Oh lord...they will be calling for her head not even resignation. They are already making excuses for Fashola to downplay the expectations on him...see 3rd topic now on front page. Hypocrites! I no fit talk again. People say that 9months is too short for Buhari to effect change. So who should we hold responsible for the rapid fall of Naira ? |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Nobody: 3:28pm On Feb 10, 2016 |
subhanallah ![shocked](https://www.nairaland.com/faces/shocked.gif) |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by ndlife: 3:32pm On Feb 10, 2016 |
how do these thing work,i check online convert and is 195 somebody explain to me.abi e no the affect online xchenger |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by harmony940(m): 3:43pm On Feb 10, 2016 |
Reference:
You are so ignorant (pardon the honour at this critical juncture) but if you think wealth is what your account reads and poverty is what thieves stole last night, you need it.
Nigeria is broke and vulnerable simply because we are not a productive nation, simple. Steal all you want from a productive person and you will never degrade him to poverty. Give all you want to a lazy bu.t.t and set your stop clock. Stop buying excuses from ignorant folks. Even if one penny is not stolen from government till 2019 (impossible) it will not balance the budget, diversify the economy or liberate us from the yoke of big oil.
'If you love stuff and cannot work them out...', my mother, (God bless her soul) saying to me 25 years ago, '....you are bound to suffer and if you cannot do it, you will pay for getting it done.'.
We are paying heavily in Nigeria for doing little and loving much. Not government, we the people. I totally concur with you analysis.However you should see from my own perspective that corruption is Nigeria biggest challenge,fine we have all what it takes to be a big nation,we have the human resources and the resources itself,but still most Nigerians are still lingering in abject poverty. Believe you me my dear friend,if you are to contest election in your household for a post juicy or not,and you don't give something to your kids,the possibility that you will loose the election in favor of your wife who is ready to give something to your kids is very high,corruption is in Nigeria as become a culture to both the rich and the poor. Thanks for apologizing after your comment,it is very mature of you. 1 Like |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Abidex35(m): 3:54pm On Feb 10, 2016 |
this is because there is shortage of supply |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by anigbajumo(m): 3:55pm On Feb 10, 2016 |
amusadele: No normal being will doubt you except those apc members. Whether they like or not, no matter the degree of lie they will tell, we are face to face with the greatest danger. Bro,the thing don tire me I swear .. 1 Like |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Reference(m): 4:03pm On Feb 10, 2016 |
vislabraye:
I no fit talk again. People say that 9months is too short for Buhari to effect change. So who should we hold responsible for the rapid fall of Naira ? Blame the critical mass of Nigerians. If they demand the right thing Buhari cannot do otherwise but as it is he panders to the people and the establishment which is not good leadership. Not what Cameron or Obama did. Leadership is doing the rightful, hurtful thing but soothing the pain of the people by interaction and good governance. This government rather does not want us to go through the pain of circumcision so we face the awful future with little prospects. This president wants us stuck to the status quo. |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Pesuzok(m): 4:08pm On Feb 10, 2016 |
monex:
i laughed when i saw that part. I wish peeps can criticize Buhari without praising the ineffectual & clueless GEJ. then i can join in criticizing not the wailing-induced criticism.
meanwhile APC peeps should keep on making excuses for Buhari o. we are watching. I just want Buhari to succeed for the sake of Nigeria. I keep asking if we are to conduct an election today between GEJ and PMB, who will they vote for? |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Reference(m): 4:16pm On Feb 10, 2016 |
harmony940:
I totally concur with you analysis.However you should see from my own perspective that corruption is Nigeria biggest challenge,fine we have all what it takes to be a big nation,we have the human resources and the resources itself,but still most Nigerians are still lingering in abject poverty.
Believe you me my dear friend,if you are to contest election in your household for a post juicy or not,and you don't give something to your kids,the possibility that you will loose the election in favor of your wife who is ready to give something to your kids is very high,corruption is in Nigeria as become a culture to both the rich and the poor.
Thanks for apologizing after your comment,it is very mature of you. I like and totally appreciate mature reasoning and the quest for understanding debates generate. Your view is true but that is not governance, that is politics. It ends at the polls. When you are sworn in you've got to start cashing in on the goodwill to do what is right, not perpetuate what is wrong. The quest for popularity after elections is wrong. Buhari should take the tough road to restructuring Nigeria, instilling equity and justice, changing the socio-economic scape, diversifying the economy. Granted these are harder to do than 'corruption wars' but these are legacy projects to last far beyond his tenure. I'm afraid the way things are going he will have no legacy and the only hope he has of preventing a total washout of his presidency is oil price rises. Why can't he set us on the path of economic emancipation. Why. |
|
Re: Naira Drops To 313.5 As Dollar Shortage Persists by grandstar(m): 4:35pm On Feb 10, 2016 |
emiye:
Your analysis is fraudulent, The drop in oil price started from July 2014 from his peak of 117usd/b to 110 , 90, 80, 70, and 65 around december2014, there was so much pressure on the forex due to the drop in oil price, Naira was devaluated officicially from 159 to 198 /usd, it was over 220 at the parallel/black market. Why do you wailing zombies love to lie, and bury your heads in sand like a messed up ostrich.?
The pressure on naira that has led to his current value is 99% directly due to the continuos fall in oil price, price is now 28usd/barrel. If we were under GEJ may be dollar would be 450 naira by now. Get lost with your blind loyalty. Nigerians took a wise decision on March 28, 2015. It is either you are dumb , ignorant or gullible. You are completely wrong. Even Soludo and Sanusi have heaped the blame on Buhari. His exclusion of 41 products from the CBN forex market and most importantly his refusal incomprehensible refusal to devalue the currency at the official rate to about 230 is what is devastating thee currency. Both Sanusi and Soludo are both Buharist They are also economists and former CBN governors. The delisting of Nigeria from the JP Morgan index was a vote of no confidence on his economic policies 3 Likes |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by mark3009(m): 4:36pm On Feb 10, 2016 |
How many if you honestly believe that the naira would not have fallen if gej was reelected? The truth remains that this sudden decline started during the tail end of gej's tenure due to to the fall in oil price. |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by femijohn21(m): 4:59pm On Feb 10, 2016 |
instead of complaining about our leader while not pray to God because our leaders are seriously confused. It is only God that can turn the situation of this country around. #cry on to God. |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by erico2k2(m): 5:04pm On Feb 10, 2016 |
zheroes:
you are making sense but you need to add more sense!!! how much was oil which happens to be your only and major source of FX trading at when your hero was in office and when he left?
truth is things are bad, oil producing countries are feeling it the most, but it would have been worse if your brother was still there. Not all. It depends on The over head cost . |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by erico2k2(m): 5:06pm On Feb 10, 2016 |
grandstar:
You are completely wrong. Even Soludo and Sanusi have heaped the blame on Buhari.
His exclusion of 41 products from the CBN forex market and most importantly his refusal incomprehensible refusal to devalue the currency at the official rate to about 230 is what is devastating thee currency.
Both Sanusi and Soludo are both Buharist They are also economists and former CBN governors.
The delisting of Nigeria from the JP Morgan index was a vote of no confidence on his economic policies Plz show me who dey argue with you.the person deserve an E-slap |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Herrmes: 5:07pm On Feb 10, 2016 |
Fall to a thousand, I don't care, it doesn't affect me even makes things better for me |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by erico2k2(m): 5:07pm On Feb 10, 2016 |
harmony940:
I totally concur with you analysis.However you should see from my own perspective that corruption is Nigeria biggest challenge,fine we have all what it takes to be a big nation,we have the human resources and the resources itself,but still most Nigerians are still lingering in abject poverty.
Believe you me my dear friend,if you are to contest election in your household for a post juicy or not,and you don't give something to your kids,the possibility that you will loose the election in favor of your wife who is ready to give something to your kids is very high,corruption is in Nigeria as become a culture to both the rich and the poor.
Thanks for apologizing after your comment,it is very mature of you. We too do not like taking risk nd we are like wheelbarrow stop where the pushing ends. |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by iretiland: 5:13pm On Feb 10, 2016 |
Know2020: This country is finished!
Let me see the twit that will invoke GEJ. GEJ left office with naira to dollar at 210 and today it's 313. WTF? GEJ inherited naira to dollar from Yaradua at 165, it stayed at this rate +/-15 for 4 yrs, it was only towards the end of 2014 that we began to see fall in naira largely caused by those who are bent on sabotaging his achievements to make sure he doesn't get re-elected. Compare dollar to naira lost in value under GEJ from 165 to 210 within 4-5 yrs span...that's very reasonable. However under Buhari from 210-313 in barely 6 months? This is disastrous...an invitation to anarchy. Same goes for fuel scarcity, there was never a fuel scarcity under GEJ except for his last few months in office, again largely perpetrated by the same very savages who are bent on making sure he never got re-elected.
You noticed how yorubas are quiet all of a sudden? Because their sister Kemi Adeosun is at the helm of the finance. Had this drastic dollar free fall happened under Iweala? Oh lord...they will be calling for her head not even resignation. They are already making excuses for Fashola to downplay the expectations on him...see 3rd topic now on front page. Hypocrites! Yorubas are intelligent enough to know that Kemi Adeosun does not control monetary policy. Obviously people like you don't understand this basic idea since you spend your illustrious time learning how to hate people of a different extraction from yours. 3 Likes 1 Share |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by onatisi(m): 5:14pm On Feb 10, 2016 |
ifyan: Buhari have no economic policy on ground correctly.
|
Re: Naira Drops To 313.5 As Dollar Shortage Persists by justmenoni: 5:27pm On Feb 10, 2016 |
Can ur dad help me buy a truck from Germany??
quote author=anigbajumo post=42791621]This is gradually moving from bad to worse, my dad has been in Germany some weeks to buy new trucks as usual, he called me on Sunday that it is a big problem coz it is too expensive Dan what he speculate..dollar don rise again I swear am in deep poo coz this thin don dey hit my backbone.....
Imagine a truck of 6.5 million before as at beginning of 2015 nw over 9million,dollar still don increase again now ....
I swear ah don dey regret this change coz this is not my thoughts b4 I vote...
U doubt me as an APC supporter check my post and punch out where I supported PDP....[/quote] |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by 14(m): 5:31pm On Feb 10, 2016 |
surestakes: Let's not panic yet. It's quite certain it will get to N1,000 by the end of the year ![undecided](https://www.nairaland.com/faces/undecided.png) Go check Venezuela, you will understand where nigeria is headed |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by surestakes: 5:42pm On Feb 10, 2016 |
divide9ja:
Until fire enter ya house you no go do anything Abi? I was being sarcastic ![undecided](https://www.nairaland.com/faces/undecided.png) 1 Like |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by uyplus(m): 5:44pm On Feb 10, 2016 |
Know2020: This country is finished!
Let me see the twit that will invoke GEJ. GEJ left office with naira to dollar at 210 and today it's 313. WTF? GEJ inherited naira to dollar from Yaradua at 165, it stayed at this rate +/-15 for 4 yrs, it was only towards the end of 2014 that we began to see fall in naira largely caused by those who are bent on sabotaging his achievements to make sure he doesn't get re-elected. Compare dollar to naira lost in value under GEJ from 165 to 210 within 4-5 yrs span...that's very reasonable. However under Buhari from 210-313 in barely 6 months? This is disastrous...an invitation to anarchy. Same goes for fuel scarcity, there was never a fuel scarcity under GEJ except for his last few months in office, again largely perpetrated by the same very savages who are bent on making sure he never got re-elected.
You noticed how yorubas are quiet all of a sudden? Because their sister Kemi Adeosun is at the helm of the finance. Had this drastic dollar free fall happened under Iweala? Oh lord...they will be calling for her head not even resignation. They are already making excuses for Fashola to downplay the expectations on him...see 3rd topic now on front page. Hypocrites! Stupidity. You should also state Wether GEJ met a debt free nation and what he left it with. You should also state that GEJ sold oil at $140/barrel yet he left us in debt. Only genuine importers of raw materials for manufacturing industries get the dollar at interbank rate while ediots who wanna import palm oil, bottle, toothpick, tomato paste and other finished goods that can be manufactured comfortably here will get it at that BDC rate. It's simple. Use made in Nigeria products so you don't demand for dollars. If you wanna pay your fees for school, CBN gives it at interbank rate. I don't see anything wrong with the new forex rule o. I work for an indigenous pharmaceutical firm that manufacturer's locally and I can boldly say that this buhari led government is favoring local manufacturers so much. My sales has risen so much because the reliance on imported finished drugs is reducing. The finished products end up coming into the market at a cost higher than ours because of the custom tax on finished products and the dollars they get from greedy BDC outlets. Take a chill pill Abeg. 1 Like |