By Babajide Komolafe The naira on Wednesday depreciated further to N385 per dollar in the parallel market as demand for foreign exchange intensified in the market. This implies the naira has depreciated by N60 against the dollar this week in the parallel market, when compared with the closing exchange rate of N325 per dollar Friday last week. The currency however remained stable at the official interbank foreign exchange market as the interbank rate closed N199.34. Thus the gap between the interbank and parallel market rates widened to N185.66 per dollar from N127.53 Friday last week. Vanguard investigation also reveals that the naira depreciated against the British Pounds to N505 per pounds in the parallel market implying N65 depreciation when compared with the closing rate of N440 Friday last week. Investigations reveal that the sharp depreciation of the naira in the parallel market this week is driven by increasing demand by importers sourcing dollars to pay for imports from China. According to a BDC operator who spoke on condition of anonymity, “You know China had been on its one month annual holidays. But they resumed work on Monday, and people have to complete payment for goods ordered before the holidays. They had made 30 per cent down payment to order the goods and they now have to pay the 70 percent balance otherwise they will lose the 30 percent. That is why they are desperate and ready to buy dollars at any rate. Meanwhile supply is scarce and those who have dollars are not willing to sell because they might also need the currency soon”. The naira has been on steady decline since Tuesday January 12 2016, when the Central Bank of Nigeria (CBN) stopped weekly dollar sale to BDCs. Prior to this action, the naira traded at N265 per dollar in the parallel market. Consequently the naira has depreciated by N80 in the parallel market since the CBN took the action.

Is it true that Nigeria is the closest country to hell, or we are under the influence of some diabolic forces

AngryNigerian:
Is it true that Nigeria is the closest country to hell, or we are under the influence of some diabolic forces

i believe a bad name given to a child makes him/her behave live that, could it be that flawra shaw,cursed us by naming us nigeria meaning, niger-darkness/black and area,area of darkness. i think we should adopt wazobia and change our flag to green white red, my thought though

This is total CHANGE

This buhari is naturally useless to humanity... His childish stubbornness and basic lack of prudent economic management has brought the country to its knees.

Awo on Africa's Dependence on Former Colonial Masters
"Today, Africa is a continent of COMPETING BEGGAR-NATIONs. We vie with one another for favours from our former colonial masters; and we deliberately fall over one another to invite neo- colonialists to come over to our different territories to preside over our economic fortunes ... Unless a beggar resolutely shakes off, and irrevocably turns his back on, his begging habit, he will forever remain a beggar. For, the more he begs, the more he develops the beggar characteristics of lack of initiative, courage, drive and self-reliance."
-Address to 4th OAU Summit in Kinshasa (1967): In Voice of Courage, 1981.

Back in 1981, the late Chief Obafemi Awolowo, GCFR, had warned the Shagari administration that the economy was heading for the rocks. Because Awolowo was the leader of the Unity Party of Nigeria, UPN, the leaders of the National Party of Nigeria, NPN, dismissed his observations as prophecies of doom which should be ignored. Shagari’s Chief Economic Adviser, CEA (does Jonathan have one?), a professor of economics, wrote a full page rejoinder to Awo – full of the lies and half-truths governments indulge in . 25 months after that warning, Shagari, elected by a “moon slide” (credit to the late MKO Mbadiwe) was toppled by Buhari; who was in turn sent packing by Babangida. What was the cause of the problem? Nigeria’s crude oil price had risen steadily from $3 in 1973 to about $28 in 1981. Based on that, “technocrats” had advised the government to take a $2.8bn loan – on the grounds that the loan could be easily repaid. The civilian federal and state governments, elected in 1979, also went on a borrowing spree. The impression one had was the belief that crude oil price was on an ever-rising escalator. Unfortunately, the escalator not only stopped moving up; it actually reversed itself when a global recession severely slashed the demand for crude oil as well as other commodities. Nigeria’s crude eventually hit the bottom at $9.9 per barrel under IBB. The loans, which were said to be easily re-payable, became the albatross called the DEBT TRAP of the 1980s and 1990s. Okonjo-Iweala is only taking us down the familiar path to severe economic hardship – from which she will escape to America. Why? Because the longest global economic expansion which brought crude prices to over $110, at one point, has also come to an end. Furthermore, while the number of oil producing countries was less than 20, the number today is over 40.

Read more at: http://www.vanguardngr.com/2014/10/economy-bended-knees-nigerias-belated-contingency-economic-plan/

Gerarahere:
i believe a bad name given to a child makes him/her behave live that, could it be that flawra shaw,cursed us by naming us nigeria meaning, niger-darkness/black and area,area of darkness. i think we should adopt wazobia and change our flag to green white red, my thought though

https://www.nairaland.com/521853/open-letter-mr-president-change

CHANGE OF NAME OVERDUE FOR NIGERIA
I have made unsuccessful attempts to persuade two previous heads of state to effect a change of name for our beloved country, Nigeria. But because I believe that it is not a foolish cause I intend pursueing it untill success is achived. I therefore write the present memorandum to you as head of state and through you to the supreme millitary council.

2. The name “Nigeria” is not one that we can be proud of. One reason for this is that it was chosen for us by foreigners. Another reason is that it connotes all that is bad and unacceptable.

3. In many Euro-American languages like Spanish, Latin, Portuguese, French, English, Greek et cetra, “nigger” in its various other forms such as neger, negre, negro and nekros has to to do with contempt, hate, hostility, offence, vulgarity, death, dead body, communication with the dead and so on. There is absolutelely nothing good about the word from which the name of Afrika’s most populous nation originates. It was no accident that the early imperialists came to put such labels as “Negro,” “Negroid,” etc. on Afrikans and on things Afrikan. It is also by no accident that the English Language for instance is full of such phrases as blackmail, black-leg, black-market, black magic, black list, black mass, black Friday, blak mark, black sheep, black maria. By extension, the westerners always get black people to play the role of Satan, Judas Iscariot, slaves and errand boys in their movies.

4. It is clear that nigger or black in Euro-American mentality and philosophy represents everything evil. It is due to the absence of the necessary foresight and awareness that we have not long ago done away with names that are rooted in a way of thinking which insults the dignity of man. Since the age of awareness has now arrived, I humbly demand a better name for our dear country as well as its people. New names for the river Niger as well as the entire nation and her various ramifications will certainly correspond with and bolster the national spirit that gave birth to the re-branding campaign now searching for a new path of nationalism and patriotism.

5. It is also culturally and politically appropriate to change the names of our cities which do not bear Afrikan names. For example, Lagos and Port Harcourt. Rivers, Cross Rivers, Lagos, Niger and Plateau States are among other places names which need to be Afrikanized.

6. Most Afrikan countries which had foreign names in the past have taken the honourable step of dropping such names and replacing them with their original or chosen names. They include: Ghanah, Togo, Benin, Zambia, Botswana, Zimbabwe, Zaire, Kongo and, most recently Bourkina Fasso which were formerly Gold Coast, Togoland, Dahomey, Northern Kongo (Brazzaville) and Upper Volta, respectively. (Banjul, capital of Gambia, was once Barthurst; Kinshasa was Leopoldville, and Harare was Sasilbury.)

Sadly, Nigeria remains one of the few Afrikan nations who are still complacently retaining their colonial names. The others include: Sierra Leone, Ivory Coast, Niger, Central African Republic and swaziland.
7. Of all the colonial names of Afrikan countries non are as bad and demoralizing as Nigeria and Niger if we consider the meaning or the roots ofthese two. I therefore conclude by suggesting that a panel be set up to give this burning question a close look and find a replacement for the name “Nigeria” and other replaceable names.

8. With highest regards and best wishes for a successful tenure of office.

I remain,
Your faithful citizen,

Nkemkanma Chukwuemeka Uche.