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Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent - Business (5) - Nairaland

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Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by CanineOfJackal: 9:56am On Jul 29, 2018
Colourich:
Why will the government, central bank of Venezuela and Economists in Venezuela allow inflation to rise to this extent?


truth of the matter is that Venezuela is suffering from dutch disease and if time is not taken, Nigeria and other oil developing exporting countries that don't diversify their economy and stop the crowding out of the tradable goods sector by this booming oil sector will suffer the same fate. CBN is already warning us.


The government of Venezuela should use fiscal policies and CBV should use contactionary monetary policies to curb this inflation.
wow. you blew me away.


I don't know you but I will find you and marry you
Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by Nobody: 9:59am On Jul 29, 2018
I expected bad news from Venezuela ever since i saw them fighting with America.

1 Like

Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by IsioStar1: 10:00am On Jul 29, 2018
sotall:
With a weird combination of Buhari serving as the president without a waec certificate and aunty Kemi serving as finance minister with oluwole Nysc certificate , Nigeria's naira was definitely heading this way of worthlessness.

Thanks to Nigerians who didn't let it happen.

Are you kidding me? Thank your God that GEJ failed in the 2015 election, it would have been a disaster for Nigeria. Learn to comprehend my brother. Have you forgotten that Okonjo-Iweala has already started borrowing money to pay Federal Civil Servants? God I thank you so much for the change of baton in 2015.

1 Like

Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by adeoba2008(m): 10:03am On Jul 29, 2018
decatalyst:
Chineke!


And they still have government?

No. They dot have.
Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by olajizz01(m): 10:04am On Jul 29, 2018
Alapafaari:
Thank God Buhari came to the rescue in 2015, probably ours wldv been worse, Jonathan led PDP was borrowing money to pay workers when crude oil was selling at $65 per barrel. Many Nigerians will argue this point instead of them Googling it. The only Delta in Buhari's reign is d stupid killing in middle- B
You are a patriot and normal Nigerian, nowadays,we have lots of abnormal Nigerians esp. from particular region .
Only that senseless and yeye killings which the president is less concern about
is the barn of this present government.

1 Like

Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by Sanchez01: 10:07am On Jul 29, 2018
uridadole:
All mono cultural oil exporters are in deep crises. We must give kudos to Nigeria economic team and buhari for prudent economic management and diversification efforts.
Indeed. By diversifying oil to the Congo Basin and the North.
Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by Sleekfingers: 10:07am On Jul 29, 2018
Nigeria own is looming. Check out the prices of commodities, exchange rate etc. Hmmmmm we better start proffering solution to the problem at hand and the one ahead.

And stop this crap of calling God God God. Prayer won't revive a dead economy.

I don talk my own o

1 Like

Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by Aystarz: 10:09am On Jul 29, 2018
BluntBoy:


Buhari never scored cheap points with this.

The only thing I wrote was that he managed a crisis well. It is not easy to manage such a crisis in Nigeria where the structure is built in a way that it is hard to save. The president deserves some praise for that.

You said the masses are suffering? Then, go to Venezuela and see those worse than us. That is my point.

Why should we compare ourselves with Venezuela? We are more blessed with natural and human resources, hence we should be doing much better. The comparison here is at best mediocre, my friend.



And sorry, but the Nigerian people do not deserve to suffer like the Venezuelans. We are Nigeria, supposed giants of Africa! How come smaller nations like Rwanda, Ghana and South Africa are have it way better?
Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by wink2015(m): 10:10am On Jul 29, 2018
Colourich:
Why will the government, central bank of Venezuela and Economists in Venezuela allow inflation to rise to this extent?


truth of the matter is that Venezuela is suffering from dutch disease and if time is not taken, Nigeria and other oil developing exporting countries that don't diversify their economy and stop the crowding out of the tradable goods sector by this booming oil sector will suffer the same fate. CBN is already warning us.


The government of Venezuela should use fiscal policies and CBV should use contactionary monetary policies to curb this inflation.

You have some good economics point but sometimes the challenges facing nations around the world tend to defy classrooms academic theories.

But in the case of Nigeria our overdependence on crude oil as our main foreign exchange earners will spell doom for us.

Diversifying from a monoproduct economy to multiproduct economy should be the way forward for Nigeria.

If President Buhari is wise he should stepdown as minister of petroleum and then supervise Agriculture.

Northern Nigeria have abandoned farming for sweet crude.

Before the advent of crude oil exploration in the Niger delta region we had groundnut, cotton,hide and skin (leather) tin, coal, cocoa etc.

But our crave for pet-dollars drag us to abandon agriculture for sweet crude.

The experience from Venezuela is a picture of what will happen to Nigeria if Agriculture is not developed.

Our greedy political class all these years want quick fix without building our economy on a sound agricultural footings.

1 Like

Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by BedLam: 10:12am On Jul 29, 2018
BluntBoy:


It is the structure, not the leadership per se.

I will repeat, bring all the past presidents of America to govern Nigeria and they will fail.

I am sure that some of our past presidents had noble intentions until they got there and saw the reality of things. We must first begin with the structures that slow down decision making and we must work toward pressuring the reviewing of huge, unnecessary expenditures, especially the salaries that public office holders earn. I heard that a local government chairman in Nigeria goes home with a total of at least a million naira every month. These are things we should work on.

Buhari was the sole administrator some years back. No one stopped him! What did he do ? Oga have a good day.

It's funny how dweebs come over here thinking anyone that isn't supporting Buhari is a fan of last administration.

Government of dweebs and for dweebs.
Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by semyman: 10:14am On Jul 29, 2018
May God Almighty bless Buhari for saving Nigeria from similar calamity GEJ the clueless could have landed us

1 Like

Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by BedLam: 10:15am On Jul 29, 2018
blowjohn:
j

Must u call him/her idiot to pass ur message? What the hell is wrong with you? If u have issues to trash with buhari why not take a trip to Abuja. Its not like u have provided a solution to Nigeria's problems. Haba!
If you sound idiotic to me I will call you out . I don't patronize bullish,t vendors. Now move along.
Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by Nobody: 10:17am On Jul 29, 2018
udemzyudex:


Oga shut up if you have nothing reasonable to say.

Useless opinion.

He's a bloody idíot.

You should not have mentioned him
Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by Nobody: 10:17am On Jul 29, 2018
Abdul315:
Uncle Sam nd imf played a big part in this!!!after making sure Hugo chavez is 6ft below one couldn't expect less,look at what they turned Libya into[color=#990000][/color] embarassed embarassed
y

Well said bro
Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by Nobody: 10:18am On Jul 29, 2018
Azmodan:




APC propaganda army hired by Red Media
I am sure you are part of the 67 million youth movement?

So quick to jump on any news and blame past government all in .move to distract from the brazen incompetence of the current APC government.

Please ignore those trolls angry

Please

1 Like

Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by spiritedtete: 10:20am On Jul 29, 2018
Colourich:
Why will the government, central bank of Venezuela and Economists in Venezuela allow inflation to rise to this extent?


truth of the matter is that Venezuela is suffering from dutch disease and if time is not taken, Nigeria and other oil developing exporting countries that don't diversify their economy and stop the crowding out of the tradable goods sector by this booming oil sector will suffer the same fate. CBN is already warning us.


The government of Venezuela should use fiscal policies and CBV should use contactionary monetary policies to curb this inflation.
Impressive!
Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by Nobody: 10:20am On Jul 29, 2018
BluntBoy:


But we are doing better than Venezuela, so what is your problem?

Why are you comparing Nigeria to Venezuela?

Why not compare our present economic fortune now to how it was 5-6 years ago?

Are we doing better?

NB: Venezuela has other challenges unique to them so keep them out of this angry
Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by Iamgrey5(m): 10:21am On Jul 29, 2018
BedLam:
You giving credit to something so bad and horrible is my problem and the fact that you think we are doing better than Venezuela and that's okay. I strive for excellence and I will never compare myself to Venezuela even if we are 10 times better than them. We should be far off! But you think Buhari is doing good just because we are better than Venezuela.
It's okay that you ignored the last point I raised and I understand that subtle message too.
Good luck with mediocrity.
Why should we be far better off?

The late Hugo chavez implemented socialist programs that significantly backfired after the unexpected crash in the global oil prices.

Nonetheless, Venezuela has better infrastructural facilities than Nigeria. Venezuela refines its own crude oil for domestic use unlike Nigerian. The only similarities between Nigeria and Venezuela is the Dependant on imported items.



These key issues i have raised above accounts for most of the problems we face in Nigeria today. it also a testament to the mismanagement of the previous governments before Buhari.


If Buhari didn't implemented important economic policies and austerity measures when he became the president of Nigeria and continued with the waste like experienced under Jonathan and those before him, Nigeria will have been worse off..
Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by Nobody: 10:22am On Jul 29, 2018
majekdom2:
This is a country with one of the largest reserve of the world's most wanted resource but yet, it's an empty country void of Global impact. You can have all the treasures in the world but still be valueless.

That's what happens when your economy is attacked by foreigners.

How can't any of you see this?

1 Like

Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by Yankee101: 10:23am On Jul 29, 2018
kolaaderin:


Shot up, GEJ and Ngozi were already on that path. Thank God for the prompt intervention of Nigerians in installing this present administration, we would have dived soo deep into he pit of recession without return.

Shut...not shot
Elected....not installed
The pit....not he pit


Now to the basis of the matter, did you know Buhari is repeating the same tragic economic woes he enacted as a military admin?

Either you are blind, too young to remember, can't read or just plain ignorant.

2 Likes

Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by Nobody: 10:24am On Jul 29, 2018
As much as there is bad leadership in this country..
Majority of there problems started when they asked foreign countries to return there gold deposits.
Meanwhile the foreign countries have sold most of there gold.
What did the foreign countries do, they decides to frustrate, sabotage and cripple there economy.
Its no news. Its out there.

Shebi Nigerias foreign reserve is with foreign country and its standing at over $40 billion dollar.
Wait until the day Nigeria asks for that money to be returned or majority of it transferred to other countries like China.
Part of Jonathans fall out with these foreign countries was, we wanted some of Nigeria foreign reserve to be denominated in Chinese Yuan.

1 Like

Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by 4Play(m): 10:25am On Jul 29, 2018
This thread is another BMC propaganda session of: Venezuela's economic troubles serves as evidence of Buhari's strong economic performance. It's a claim that feeds on people's ignorance and I have countered it several times before.

Venezuela went into recession and its inflation problems were well known as early as 2013. See example below:

June 9, 2013 1:32 pm by Benedict Mander in Caracas

Hyperinflation is looming in Venezuela, with prices suffering their highest monthly rise on record in May, while the economy slides into recession and the popularity of Nicolas Maduro, the new president, wanes.
https://www.google.co.uk/amp/s/amp.ft.com/content/b41fbcb4-d0f1-11e2-be7b-00144feab7de

Did the people praising PMB today for not turning Nigeria into Venezuela also praise GEJ from 2013-2015 for not turning Nigeria into Venezuela?

It's not like Nigeria and Venezuela had similar economic performance until 2015, and suddenly Venezuela diverged for the worse. Venezuela's problems are distinct - stemming from the ill-conceived Bolivarian 'revolution' - long standing and predate the Buhari era. It's a sign of desperation when you praise a government by comparing it to the worst available outlier of an example. Next you will be praising the security situation in Nigeria by comparing us to Somalia.

4 Likes

Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by BedLam: 10:26am On Jul 29, 2018
Iamgrey5:
Why should we be far better off?

The late Hugo chavez implemented socialist programs that significantly backfired after the unexpected crash in the global oil prices.

Nonetheless, Venezuela has better infrastructural facilities than Nigeria. Venezuela refines its own crude oil for domestic use unlike Nigerian. The only similarities between Nigeria and Venezuela is the Dependant on imported items.



These key issues i have raised above accounts for most of the problems we face in Nigeria today. it also a testament to the mismanagement of the previous governments before Buhari.


If Buhari didn't implemented important economic policies and austerity measures when he became the president of Nigeria and continued with the waste like experienced under Jonathan and those before him, Nigeria will have been worse off..
Name the waste under the last govt and the austerity measures under this gov't.
Fyi, this gov't you said is implementing saving mechanism is the one using more than twice the amount the previous gov't used for elections that were laudable.
So much for saving and waste huh?!

1 Like

Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by Sleekfingers: 10:27am On Jul 29, 2018
Aystarz:


Why should we compare ourselves with Venezuela? We are more blessed with natural and human resources, hence we should be doing much better. The comparison here is at best mediocre, my friend.



And sorry, but the Nigerian people do not deserve to suffer like the Venezuelans. We are Nigeria, supposed giants of Africa! How come smaller nations like Rwanda, Ghana and South Africa are have it way better?


We deserve to suffer. And this is just the beginning. All our leaders are they not Nigerians? We need to take the bull by the horns. And stop all this God nonsense.

Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by Nobody: 10:28am On Jul 29, 2018
Reference:


Back to my posts four or so years ago when the late Hugo Chavez started the mess. We warned severely then. Incidentally some folks on this forum were hailing him as standing up against the west. See the disaser now.

Their unjust hatred for the west usually blinds them. Now they can enjoy the miracle of Socialism.

On a plus side; you can literally bang on of this hotties for $1 a day. All thanks to Socialism.

1 Like

Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by BedLam: 10:28am On Jul 29, 2018
Iamgrey5:
Why should we be far better off?

The late Hugo chavez implemented socialist programs that significantly backfired after the unexpected crash in the global oil prices.

Nonetheless, Venezuela has better infrastructural facilities than Nigeria. Venezuela refines its own crude oil for domestic use unlike Nigerian. The only similarities between Nigeria and Venezuela is the Dependant on imported items.



These key issues i have raised above accounts for most of the problems we face in Nigeria today. it also a testament to the mismanagement of the previous governments before Buhari.


If Buhari didn't implemented important economic policies and austerity measures when he became the president of Nigeria and continued with the waste like experienced under Jonathan and those before him, Nigeria will have been worse off..
What happened when Buhari was the head of state. Same recession? Was that oil slump too ? The people are the problem of this country.

1 Like

Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by BedLam: 10:29am On Jul 29, 2018
Admin401:


Their unjust hatred for the west usually blinds them. Now they can enjoy the miracle of Socialism.

On a plus side; you can literally bang on of this hotties for $1 a day. All thanks to Socialism.
Lol. You are hilarious.
Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by Nobody: 10:29am On Jul 29, 2018
theoldpretender:


Nigeria.under Buhari did several things differently from Venezuela

1.Restricted imports.

2.Saved forex. Between 2015 and now, our reserves went from 28bn to 41bn $. Venezuela is down to less than $12bn.

3.Exchange rate won't go back to previous rate till oil goes above $140 per barrel, which is what we need it to be to balance the books.

4.When oil prices crash, oil countries take.heavy loans to stay afloat. When prices go up, we need to pay those loans back. Another reason why we don't have forex to buffer the naira.

5.Bubu is making one mistake though, subsidy. Yes, Bubu pretends there is no subsidy, but the truth is we have a subsidy that is keeping fuel below 145naira. And no deregulation means no investment, no new jobs,.no. added economic benefit.

6.One way we are not like Venezuela, we still have a lot of manufacturing at home, plus many of our manufacturers have learned to source raw materials locally. Example, we make toilet paper and beer in Nigeria, Venezuela has closed.down most of its beer and toilet roll factories(the last ones.closed a year ago)

When this administration is over y'all will go crazy. The new name is "under-recovery" cheesy subsidy is old school
Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by Nobody: 10:30am On Jul 29, 2018
BedLam:
You giving credit to something so bad and horrible is my problem and the fact that you think we are doing better than Venezuela and that's okay. I strive for excellence and I will never compare myself to Venezuela even if we are 10 times better than them. We should be far off! But you think Buhari is doing good just because we are better than Venezuela.
It's okay that you ignored the last point I raised and I understand that subtle message too.
Good luck with mediocrity.

Thank you very much!
Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by metroid(m): 10:31am On Jul 29, 2018
theoldpretender:


Possibly, BUT, that would be because we are not diversified enough to buffer the effect.

See China and Japan... two countries who focused on industry and technology. Result, even if the EU or US sanctions them, they will be strong enough to ride it out.

Venezuela was in the same mess in the 1980s and the government then was friends with the US., so even sans sanctions the same issues happen.

Economic diversification is not just for growth, it is for security too.

True

1 Like

Re: Venezuela’s Bolivar Currency Worthless As Inflation Hits 1 Million Percent by theoldpretender(m): 10:31am On Jul 29, 2018
BedLam:
What happened when Buhari was the head of state. Same recession? Was that oil slump too ? The people are the problem of this country.

Buhari took over in December 1983.

In 1982, oil prices collapsed. Shagari.was already talking about austerity measures in early 1983

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