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Nairaland Forum / Nairaland / General / Business / When The Naira Was Stronger Than US Dollar (Throwback) (48553 Views)
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Re: When The Naira Was Stronger Than US Dollar (Throwback) by ibegeeee: 9:13am On Aug 28, 2018 |
geometricaxis: You are almost correct but the National Development Plans - which were never really carried through in any case were themselves flawed and not aimed at strengthening the economy in a sustainable way. The fundamental flaw was setting up industries for import substation instead of export oriented industry and businesses. We always (especially during Buhari regimes) that if we curtail imports and produce our own we will be richer. Whereas the Far East Asian countries have always concentrated on producing goods and services to export out of their countries, in the first instance they never looked at their home markets - think about it, 40 years ago how many Chinese children were playing with the cheap plastic toys that China was famous for exporting? We have been a mono-economy since the early 1970's and prior to that we relied on cheap cash crops to survive. We can never have a currency that can be comparable to other currencies if we export so little compared to our needs. BTW the era of strong naira to the dollar was a fallacy and disaster waiting to happen. Only the privileged few benefited from it. When dollar was $1 to N1 how many fully employed security guards in any Nigerian company or ministry could afford to buy a car? yet a security guard in America at that time could afford to buy a car. So how did the so-called strong naira help the average Nigerian? |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by wirinet(m): 9:14am On Aug 28, 2018 |
geometricaxis: Nigeria has never been short of plans, the problem had always been implementation of plans. Nigeria has the best plans in the world on paper, it is how to turn plans to reality that has always been the problem. Awolowo, Zik and Tafa Balewa continued with the colonialist's policy of using Nigeria as a source of primary raw materials, so they did not invest in developmental infrastructure and science and technical education. They continued investing in primary raw materials like agricultural and mineral and investing in administrative education like law;and accountancy. We exported raw materials and imported finished goods. That put us in perpetual dependence on foreign finished goods. Awolowo even invested in cocoa, which we do not eat, instead of those we actually consume. So we needed to export cocoa in order to get dollars or pounds to import things we needed. Same policy has been with us since. We export crude oil to import petrol, kerosene and diesel. 1 Like 1 Share |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by justifyme(m): 9:15am On Aug 28, 2018 |
I could remember buying akara #20 back then in late 90's, i couldn't finish it, was begging my school mates to help me |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by Nobody: 9:15am On Aug 28, 2018 |
Ugosample:Exactly my point. |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by udemzyudex(m): 9:16am On Aug 28, 2018 |
Sirjamo: Nonsense talk, what has achieved that others haven't? 1 Like |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by CodeTemplar: 9:21am On Aug 28, 2018 |
abokibuhari:I tell ya. |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by Nobody: 9:22am On Aug 28, 2018 |
DAMNNNNNN!...... #the labour of our heroes past IS IN VAIN! the shithole is long overdue for RE-COLONISATION! |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by 2kris(m): 9:23am On Aug 28, 2018 |
blackpanda:lol For your mind him the lie |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by CodeTemplar: 9:24am On Aug 28, 2018 |
Sirjamo:Hitler too achieved a lot you know. |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by Akabuking: 9:26am On Aug 28, 2018 |
realistically, northerners are the problem we have.IBB finished our economy, buhary has buried it.
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Re: When The Naira Was Stronger Than US Dollar (Throwback) by AreaFada2: 9:27am On Aug 28, 2018 |
OneCorner: Buhari's poor economic management was inherited by IBB. Life got much harder within Bubu's 20 months. IBB attempted to correct it with SAP. With advise of IMF & World Bank. Against advise of local economists who feared inflation. IBB used the wrong medicine to try to cure the economic ailment Buhari left behind. You must witnessed and lived it it to understand, not told. The 1983 coup destroyed Nigeria's credibility. Trying to keep the Naira strong artificially was going to be hard economically anyway. Lots of people lost their jobs under Bubu. Political stability & rule of law/democracy had become important in maintaining as sustainable economy. With 1983 coup Nigeria lost both. Worst still, after 20 months, Buhari had not even a road map to return to democracy. People yap about "Buhari was not involved in the coup, he was called to take over". A fat lie. Buhari wanted power since 1979. He was against OBJ's following Murtala Mohamed's 1979 return to democracy. I have explained all here over the years. |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by 2kris(m): 9:27am On Aug 28, 2018 |
Sirjamo:a very good example of born to rule mentality If though he is good or bad power must remain in their hand Bro I am very disappointed with you |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by Tabbaz(m): 9:30am On Aug 28, 2018 |
Nawa o. Can naira ever become so strong again Who destroyed us |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by Blessed200016: 9:32am On Aug 28, 2018 |
Fellow Nigerians, the deed has been done. What is the way forward ? How do we make #1 equate $1 Or is it that those at the helms of our economic affairs didn't know the right things to do |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by Nobody: 9:36am On Aug 28, 2018 |
selemempe: My brother, you should be happy instead that he knows who you meant when you said "lifeless cow" |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by Ijaya123: 9:37am On Aug 28, 2018 |
EmekaMD: You’re wrong. Naira did not become weaker under Buhari. It did when IBB took over. Ask your parents for proper history. |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by kushercain: 9:42am On Aug 28, 2018 |
Sirjamo: Foolish man..why not be the president instead
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Re: When The Naira Was Stronger Than US Dollar (Throwback) by AfonjaSlaves(f): 9:43am On Aug 28, 2018 |
Sirjamo:another brain Dead Zone-B |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by hopexter(m): 9:44am On Aug 28, 2018 |
abokibuhari: Look at someone that cant even win SUG secretary for a poly ranting here. :-XAnd the lifeless cow is still rulling an active Gorilla like you all these years. |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by Nobody: 9:46am On Aug 28, 2018 |
IBB destroyed the country and would not allow MKO rebuild it. I don't believe Buhari has what it takes now...but he is not responsible for the problem we have |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by Nobody: 9:52am On Aug 28, 2018 |
Sirjamo: U mean the back to back recession he achieved? |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by ShenTeh(m): 9:53am On Aug 28, 2018 |
amaniro: You may need to take a second look at your initial posts. Yes, in 2002, one could buy alot with #5 but that that was your dad's pay, No I don't agree. I was in my second year in the university then and best example I can think of now is that at about that time taxi fares in Ilorin were jacked from #10 to #20 naira and us students kept paying the #10 to any taxi headed toward and out of Unilorin at the time. It is #50 today. In 1992, my mum was earning about #435 as a class teacher in the Education Ministry's employ. Between 1997 and 1999, as a teenager in the sawmill, I had older people working for me and they earned between 70 to #250 per day depending on their input and available jobs. . Again, you may need to cross-check what your dad earned at the time. 1 Like |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by dolapo2009: 9:55am On Aug 28, 2018 |
. Sirjamo: |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by amaniro: 9:56am On Aug 28, 2018 |
ShenTeh: My grandfather you're still speaking of died 10years ago. I said it was told to me as a story either 7 naira or 70 naira but am pretty sure it's 7naira.1978 there about |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by itu404(m): 10:08am On Aug 28, 2018 |
Sirjamo:TRUE TALK! |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by ShenTeh(m): 10:10am On Aug 28, 2018 |
amaniro: amaniro: I would take it that you now deny your claim that your granddad was earning about N7 in 2002. That's fine and 'agreeable' Ever8054: |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by CaptainFM1: 10:16am On Aug 28, 2018 |
Macopol01: The man we honestly need now is Kingsley Moghalu |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by semyman: 10:21am On Aug 28, 2018 |
abokibuhari:Fuuuuuul |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by phase1: 10:22am On Aug 28, 2018 |
selemempe: See savage reply to sirjamo the muslimumudeen. |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by amaniro: 10:24am On Aug 28, 2018 |
ShenTeh: Are you dumb or ignorant. I didn't say he earned 7naira in 2002,i said 5naira was my lunch money in school and his salary was told to me by my mum that as a teacher then he earned about 7naira in 1978 or so |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by EmekaMD(m): 10:28am On Aug 28, 2018 |
Ijaya123:it became weaker than dollar actually.. Before Buhari naira used to trade 0.something against dollar.. after Buhari is trade for about 1 or even 2.something.. It became worst under IBB we know.. But Mr Integrity hasn't admitted he is a failure jus like the others too.. |
Re: When The Naira Was Stronger Than US Dollar (Throwback) by Dicksonpal: 10:45am On Aug 28, 2018 |
Ever8054:things were cheap den, three of us share 10naira, 3 naira goes to me my eldest takes 4 naira |
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