The politicians we will vote tomorrow will affect our economy good or bad...


So its our fault where we are today.

Useless country

ADEWUMIMichael:
Did you all noticed that the gap between the exchange rate from 2000-2014, suddenly doubled in 2015?



.

THE LEADERS KILLED THE COUNTRY, ALL THE PAST LEADERS ARE USELESS. FROM 1914 TO 2017, ALL THE LEADERS ARE USELESS. I WILL GIVE CREDIT TO NON OF THEM.

Stevebamdex:
I pledge to nigeria my country? (That was before).
I have always being faithful,loyal and honest without no substantial result.
But to continue serving nigeria is no longer by force.
To defend her unity is beyond what I can handle{ask buhari and apc}.
To serve nigeria with all my strength is tiring me.{No salary}
To Uphold her honour and glory is a waste of time because the honour had already being sold off by our heartless leaders.
To defend her unity is beyond my understanding{ask nnamdi kanu} ?
So help me God.












This is what I used to be reciting in ignorance for 2decades.But we are still where we are


I pledge to Nigeria my country, to be faithful, loyal and honest. To serve Nigeria will all my strength, to defend her unity, uphold her honour and glory, so help me God.”

THE LEADERS KILLED THE COUNTRY, ALL THE PAST LEADERS ARE USELESS. FROM 1914 TO 2017, ALL THE LEADERS ARE USELESS. I WILL GIVE CREDIT TO NON OF THEM.

ADEWUMIMichael:



Yes that's it, Nigeria has been having same leaders for the past 50years

The same criminals doing exactly the same thing. They just refused to die.

plz Epp me ask'' mr Naira where is He runing to''''?

ANTONINEUTRON:
All thanks to oga BUBU

Oga BuBu na yeye man o. But make we talk truth, all of them are useless.

Actually, the problem started in 1986 when exchange rate moved from N0.86 to N2.02 - a depreciation of over 130%.

ADEWUMIMichael:
Did you all noticed that the gap between the exchange rate from 2000-2014, suddenly doubled in 2015?



.

buhari started it. babangida took it up. obasanjo murdered it. and buhari finally buried it. buhari do sth

after they tell me say Politicians go make Heaven.. pFFt

ADEWUMIMichael:
Did you all noticed that the gap between the exchange rate from 2000-2014, suddenly doubled in 2015?



.

Check 1999 -2000

1zynnvn:
things are getting worse... no solutions whatsoever except restructuring

It will be restructured by same criminals & they will restructure it in a way that will favour them. The problem is that Nigeria has had same set of criminal leaders for the past 50 years.

Pls can someone explain what brought about black market?

Not at all! The problem has always been with us. It has been a time bomb since 1986 and eventually exploded in 2016 - 30 years later.

cana882:
Oboy! Don't know if Democracy is even the problem

hucienda:
In 1980 during Shagari the naira was at its peak strength to the US dollar. IBB folo scatter dis kuntri money sha ...

Useless leaders...

The problem started with IBB. Do a trend analysis

ANTONINEUTRON:
All thanks to oga BUBU

Wonders shall never end

ADEWUMIMichael:
Not so long ago the Nigerian Naira was a very strong currency, so strong that in the 70’s and 80’s and to be specific as at 1979/1980 fifty five kobo (55k) could fetch you about one dollar ($1).




Ever since the exploitation and discovery of crude oil in Nigeria, the major source of foreign currency (Forex) in Nigeria shifted from agriculture to crude oil hence the foreign reserves was deeply affected with the discovery of shale oil process of extracting oil, the crude oil price dropped significantly hence depleting the foreign reserves.




The love for western made products also played a significant role in fall of the Naira currency as most products were imported into Nigeria which required Dollars to purchase hence making the demand for the Dollar a scarce commodity. Importation was so bad that Nigeria which was one of the highest exporters of agricultural products became an importer to products such as rice, garri, cocoa and much more.



Older generations would be able to relate to the good times better when the Naira was as strong as the Dollar but for the newer generation seeking the history of the Naira against the dollar this article should help you with that.


Find Below Naira to Dollar Exchange Rate History

1972 $1 = N0.658

1973 $1 = N0.658

1974 $1 = N0.63

1975 $1 = N0.616

1976 $1 = N0.62

1977 $1 = N0.647

1978 $1 = N0.606

1979 $1 = N0.596

1980 $1 = N0.550 (0.900 Black Market Rate)

1981 $1 = N0.61

1982 $1 = N0.673

1983 $1 = N0.724

1984 $1 = N0.765

1985 $1 = N0.894 (N1.70 Black Market Rate)

1986 $1 = N2.02 (N3.90 Black Market Rate)

1987 $1 = N4.02 (N5.90 Black Market Rate)

1988 $1 = N4.54 (N6.70 Black Market Rate)

1989 $1 = N7.39 (N10.70 Black Market Rate)

1990 $1 = N7.39 (N10.70 Black Market Rate)

1991 $1 = N8.04 (N9.30 Black Market Rate)

1992 $1 = N9.91

1993 $1 = N17.30 (N21.90 Black Market Rate)

1994 $1 = N22.33 (N56.80 Black Market Rate)

1995 $1 = N21.89 (N71.70 Black Market Rate)

1996 $1 = N21.89 (N84.58 Black Market Rate)

1997 $1 = N21.89 (N84.58 Black Market Rate)

1998 $1 = N21.89 (N84.70 Black Market Rate)

1999 $1 = N21.89 (N88-N90 Black Market Rate)

2000 $1 = N85.98 (N105.00 Black Market Rate)

2001 $1 = N99-N106 (N104-N122 Black Market Rate)

2002 $1 = N109-N113 (N122-N140 Black Market Rate)

2003 $1 = N114-N127 (N135-N137 Black Market Rate)

2004 $1 = N127-N130 (N137-N144 Black Market Rate)

2005 $1 = N132-N136

2006 $1 = N128.50-N131.80

2007 $1 = N120-N125

2008 $1 = N115.50-N120

2009 $1 = N145-N171

2010 $1 = N148.21-N154.8

2011 $1 = N151.05-N165.1

2012 $1 = N155.09-N161.5

2013 $1 = N153.21-N162.9

2014 $1 = N170-N199

2015 $1 = N199-N300

2016 $1 = N300-N320 (N310-N370 Black Market Rate)





www.theinfofinder.com/naira-to-dollar-exchange-rate-history/

Ok there's a few things that are worth noting:

- Up until 1973 Nigeria used the Nigerian pound which was in effect the same as the UK sterling

- Even when the naira was introduced in 1973, this propitiously coincided with the Yom Kippur war/oil embargo of October 1973 where the US' military supported Israel's attack on Palestinian territory.

In response to this, Nigeria and all the other Arab countries which were part of OPEC i.e. Saudi Arabia, Oman, Egypt, Syria etc. issued an oil embargo (also referred to as the 1973 Oil crisis) against the UK, Canada, Japan, Netherlands and the US . This hurt the aforementioned countries as they were dependent on oil to maintain their industrialisation endeavours, and the reduced output led to a four-fold increase in the price of oil overnight: from $3 per barrel to $12. Consequently the in flows of foreign currency outweighed Nigeria's naira reserves, leading to the naira being highly-valued

- As a result of the influx of new wealth, Nigerians, in particular Lagosians, developed an insatiable appetite for imported goods; demand which has largely remained unchanged up until the present day. Between 1974 and 1978/79 this wasn't a major issue such was the strength of the naira, but there was another oil crisis in 1979; this time it wasn't due to too little oil, but due to a global oil supply which outweighed demand

- Where the currency was hurt was that Nigerian officials at the time were embezzling money in the belief that the oil price would remain high (sound familiar in more recent times??) and due to the 1979 crisis, they effectively were caught with their 'trousers down'; essentially they weren't in a position to service the $ denominated debt which they issued during the 'good times'

- Nigeria first defaulted on its sovereign debt in 1982, then again in 1986 which led to an IMF bailout. One crucial condition of the bailout was that Nigeria devalued the naira (which can be seen on the chart) and switch to an Export-driven economy

The problem with this was that the IMF knew that the Nigerian economy was consumption-based at the time due to agricultural neglect, and if any of you did not know, IMF policy is dictated de facto by the US Treasury department. The significance of this, I believe, was that it was belated retaliation/retribution for Nigeria's foreign policy in the 1970s; Yakubu Gowon was at the helm in 1973 when the oil crisis hurt them, and even when Murtala Muhammad succeeded him, he maintained similar foreign policy by selling cheap/subsidised oil to fellow African countries (among other policy moves), which coincided with Nigeria not selling oil to them

- Last point and sorry for the long epistle, but the whole idea of a highly-valued currency isn't necessarily a good thing in a global capitalist economy. This is because maintaining its value indefinitely, particularly for a country like Nigeria, is near enough impossible. When you have a highly-valued currency, it discourages other sectors like agriculture; after all why will farmers grow produce when Nigerians will just import the same produce for cheaper than it cost the farmers to grow? (rhetorical question). This was exactly what discouraged agricultural and other merchandise production for exportation (whether primary or secondary commodities), and nothing is being done to solve this up until today; Fulani herdsman and lack of adequate government support has left many an agriculturist in a vulnerable and anxious state

CC Zehner

TheFreeOne:
Buhari is a disaster that shouldn't have been allowed to grace our political landscape and voted for by any sensible Nigerian.

But 15m individuals thought otherwise.

That's D problem with Nigeria, na Buhari dey power since 1960? Say D truth all our leaders were useless, including Buhari the old goat.

Plain truth, a drink for you on me

hucienda:
In 1980 during Shagari the naira was at its peak strength to the US dollar. IBB folo scatter dis kuntri money sha ...

MirJay:
. It won't be fair to call a vegetable "Stupid and clueless".

Though the truth is that Buhari caused this. He should have stayed in his farm in Daura tending to his cows.

That's D problem with Nigeria, na Buhari dey power since 1960? Say D truth all our leaders were useless, including Buhari the old goat.

Seconded

zicora:
If late Umaru Musa Yar'Adu (may his soul rest in prefect peace) didn't die, 9ja wld ve bin a bit better. He was the only President that has convinced me till date.

peace for the people who has gone, YEPA!!! for the one not yet born.

hucienda:
In 1980 during Shagari the naira was at its peak strength to the US dollar. IBB folo scatter dis kuntri money sha ...

Not IBB but Buhari , IBB govt inherited a really faulty economy from Buhari and it carved on on him just like who ever will take over from Buhari tommorow

Atiku2019:
Buhari why?
100% increase?

Atiku2019

The THUNDER that will strike U will split U into 12 parts, ur papa go feel am.

misano:



The THUNDER that will strike U will split U into 12 parts, ur papa go feel am.

cc Lalasticlala Seun Mynd44

MARKone:
A senior friend of mine, told me that in the early 80's, he once paid a cab man in the US with Naira, I think one naira, because he ran out of US dollar, and the white man was very happy to collect it. I shall never be well with those leaders that directly or indirectly stunted the growth of this great nation.

Amen

brightisodje:
God help us send us the moses that will help us cross this red sea

D way D matter be na, I nor sure say our Moses papa don meet im mama. Chai Naija.