Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by DModeCntStopMe: 7:28am On Mar 28, 2020 |
apache22b: Bad business for that Dead Rat Seller Guy ![undecided](https://www.nairaland.com/faces/undecided.png) Suicide might be his only way out 2 Likes |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by Nobody: 7:29am On Mar 28, 2020 |
Agboriotejoye:
Who mentioned party? I mentioned an individual called buhari vis a vis recession. Obj ruled this country thrice just like buhari has. Not once was there a need for economic analysis of recession during his tenures. But once buhari comes onboard, professors of recession will be in high demand. The reason for that is what we should look at. Obj had economic issues during term 1 (the argument then was that we should vote for him because he had to repeat) but during term 2...oil prices started to rise again, he made the wise decision not to bring in control on prices on the GSM sector...which meant job expansions...and he also got a good deal on our debts (67% forgiven, the rest paid off) And Obj's military rule of 1976-79 was smack dab in the middle of the oil boom years of the 1970's Even then, our economy is vulnerable because it is reliant on the price of oil(my ultimate point) , and if oil prices were high under Buhari now, I would still be making the same criticism by the way. It's Buhari's hardluck that he came into power when oil prices had collapsed for a year and running both times (1983 DEC, and 2015 May.). The problem i have with him is that he had the tools to get us out of the oil induced recession... and did not use them at all. 1 Like |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by Godfirst2014: 7:30am On Mar 28, 2020 |
kikero:
1.Buhari did not cause this current recession or the one that happened on his watch in 1983-5
2.The recession that happened under Buhari in 1983-5 started when oil prices fell in 1982...which even prompted Shagari to bring in austerity programmes by 1983.
3.Likewise the recession under this current admin started in April 2014...when oil prices collapsed due to the Saudis trying to outproduce American shale oil producers. By January 2015...NOI was warning that whoever won the election, there would be economic crisis.
4.The truth is, our economy has been vulnerable since independence. The economy depends on revenues from whatever raw materials we sell , whose prices we do not control. In the 1960's it was agricultural produce. By the 1980's, oil was taking over.
5.Where Buhari and others make mistakes is that they spend too much controlling prices on vital sectors like petrol and power. This limits the amount of investment that can be poured into both sectors, leading to job lossess and financial losses...especially from subsides which is money down a bottomless pit.
6.Because of our large population, we need oil at $139 per barrel and above, since 2017, up from $120 per barrel since 2012....to run a balanced budget.(despite our cost of production being below 30 dollars). Since 2010...we haven't had oil prices that high. That's why we are taking debts via borrowing...the money we are earning is not enough and has never been enough for our needs.
Oil is at $25. We need it at $140. We are losing at least $115 now per barrel of oil sold. (More information on my figures here)
Also due to the low oil prices, we are losing an average of $35.76million or N13.1 billion per day in accruable revenue
7. The way froward eventually...remove subsides , allow power and petrol to be run at a profit....which brings in investment and jobs. We did this for the GSM sector. Why can't we do this for power, petrol?? To long term help us transition into a producer economy...which produces goods whose prices we can control.
Modified
To anyone who thinks I am defending the current administration, see my points 5 and 7 and reflect on them. Also look at point number 6 and them make the assumption....we need to change our economic paradigm.
There is nothing to defend about this APC government. It is obvious they have failed. However, my problem with most critics of this administration is that they criticse the effects...they don't think about the cause of the effects. If we can think about the cause of the effects, we may be on the way out of this economic crisis.
The problem is, the solution involves some hard decisions. Removing subsides...and so on. The problem also is, APC, like PDP exisits to share the national cake, not to think about how the cake is baked, or how we assemble the ingredients. |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by Asquare84(m): 7:31am On Mar 28, 2020 |
But I thought the value of a currency increase during higher demand, now there is Corona virus nobody travel or import anything from American how come the demand for dollars keep increasing. Let someone explain this 1 Like |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by aribs(m): 7:32am On Mar 28, 2020 |
kikero:
1.Buhari did not cause this current recession or the one that happened on his watch in 1983-5
2.The recession that happened under Buhari in 1983-5 started when oil prices fell in 1982...which even prompted Shagari to bring in austerity programmes by 1983.
3.Likewise the recession under this current admin started in April 2014...when oil prices collapsed due to the Saudis trying to outproduce American shale oil producers. By January 2015...NOI was warning that whoever won the election, there would be economic crisis.
4.The truth is, our economy has been vulnerable since independence. The economy depends on revenues from whatever raw materials we sell , whose prices we do not control. In the 1960's it was agricultural produce. By the 1980's, oil was taking over.
5.Where Buhari and others make mistakes is that they spend too much controlling prices on vital sectors like petrol and power. This limits the amount of investment that can be poured into both sectors, leading to job lossess and financial losses...especially from subsides which is money down a bottomless pit.
6.Because of our large population, we need oil at $139 per barrel and above, since 2017, up from $120 per barrel since 2012....to run a balanced budget.(despite our cost of production being below 30 dollars). Since 2010...we haven't had oil prices that high. That's why we are taking debts via borrowing...the money we are earning is not enough and has never been enough for our needs.
Oil is at $25. We need it at $140. We are losing at least $115 now per barrel of oil sold. (More information on my figures here)
Also due to the low oil prices, we are losing an average of $35.76million or N13.1 billion per day in accruable revenue
7. The way froward eventually...remove subsides , allow power and petrol to be run at a profit....which brings in investment and jobs. We did this for the GSM sector. Why can't we do this for power, petrol?? To long term help us transition into a producer economy...which produces goods whose prices we can control.
Modified
To anyone who thinks I am defending the current administration, see my points 5 and 7 and reflect on them. Also look at point number 6 and them make the assumption....we need to change our economic paradigm.
There is nothing to defend about this APC government. It is obvious they have failed. However, my problem with most critics of this administration is that they criticse the effects...they don't think about the cause of the effects. If we can think about the cause of the effects, we may be on the way out of this economic crisis.
The problem is, the solution involves some hard decisions. Removing subsides...and so on. The problem also is, APC, like PDP exisits to share the national cake, not to think about how the cake is baked, or how we assemble the ingredients. Agreed! Very valid points . However the question of the subsidy should be directed also to the Nigerian people, trade unions, and Organized Private Sector. Shall we continue in this subsidy foolishness so that poverty may abound? As it is , any government which attempts a removal of this subsidy will face near insurrection from " civil society groups " and labor. We cant eat our cake and have it. Realism is needed 4 Likes |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by Seetto: 7:33am On Mar 28, 2020 |
Agboriotejoye:
More excuses. The root of it all is that one man alone is synonymous with 1984, 2016 and 2020. That is an incontrovertible fast starring us in the face. Your wife's soup is sour, you say it's the weather. Na only her pot weather affect? It calls for study why recession always comes with Buhari. There's a lot of lesson to learn there. So if buhari was not the president, they wouldn't have been Corona virus or the price of crude wouldn't have fallen to 28$ per barrel in 2015, guy you are not toddler, Nigeria is in big shiit, the country is a shadow of itself, our leaders failed us, look at pdp regime, they have all it takes to improve the economy, but stealing and looting becomes order of the day, now crude is useless where do we start from with all these challenges the country is facing. |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by pacespot(m): 7:33am On Mar 28, 2020 |
Now to save your dollars for bounty future gains. |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by 6digitscomrade: 7:33am On Mar 28, 2020 |
kikero:
1.Buhari did not cause this current recession or the one that happened on his watch in 1983-5
2.The recession that happened under Buhari in 1983-5 started when oil prices fell in 1982...which even prompted Shagari to bring in austerity programmes by 1983.
3.Likewise the recession under this current admin started in April 2014...when oil prices collapsed due to the Saudis trying to outproduce American shale oil producers. By January 2015...NOI was warning that whoever won the election, there would be economic crisis.
4.The truth is, our economy has been vulnerable since independence. The economy depends on revenues from whatever raw materials we sell , whose prices we do not control. In the 1960's it was agricultural produce. By the 1980's, oil was taking over.
5.Where Buhari and others make mistakes is that they spend too much controlling prices on vital sectors like petrol and power. This limits the amount of investment that can be poured into both sectors, leading to job lossess and financial losses...especially from subsides which is money down a bottomless pit.
6.Because of our large population, we need oil at $139 per barrel and above, since 2017, up from $120 per barrel since 2012....to run a balanced budget.(despite our cost of production being below 30 dollars). Since 2010...we haven't had oil prices that high. That's why we are taking debts via borrowing...the money we are earning is not enough and has never been enough for our needs.
Oil is at $25. We need it at $140. We are losing at least $115 now per barrel of oil sold. (More information on my figures here)
Also due to the low oil prices, we are losing an average of $35.76million or N13.1 billion per day in accruable revenue
7. The way froward eventually...remove subsides , allow power and petrol to be run at a profit....which brings in investment and jobs. We did this for the GSM sector. Why can't we do this for power, petrol?? To long term help us transition into a producer economy...which produces goods whose prices we can control.
Modified
To anyone who thinks I am defending the current administration, see my points 5 and 7 and reflect on them. Also look at point number 6 and them make the assumption....we need to change our economic paradigm.
There is nothing to defend about this APC government. It is obvious they have failed. However, my problem with most critics of this administration is that they criticse the effects...they don't think about the cause of the effects. If we can think about the cause of the effects, we may be on the way out of this economic crisis.
The problem is, the solution involves some hard decisions. Removing subsides...and so on. The problem also is, APC, like PDP exisits to share the national cake, not to think about how the cake is baked, or how we assemble the ingredients. more like saying someone has always been unfortunate.. perhaps there are 3 culprits here ..fate,destiny or karma or all of the above.. 3 Likes 1 Share |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by DModeCntStopMe: 7:33am On Mar 28, 2020 |
kikero:
[s]1.Buhari did not cause this current recession or the one that happened on his watch in 1983-5
2.The recession that happened under Buhari in 1983-5 started when oil prices fell in 1982...which even prompted Shagari to bring in austerity programmes by 1983.
3.Likewise the recession under this current admin started in April 2014...when oil prices collapsed due to the Saudis trying to outproduce American shale oil producers. By January 2015...NOI was warning that whoever won the election, there would be economic crisis.
4.The truth is, our economy has been vulnerable since independence. The economy depends on revenues from whatever raw materials we sell , whose prices we do not control. In the 1960's it was agricultural produce. By the 1980's, oil was taking over.
5.Where Buhari and others make mistakes is that they spend too much controlling prices on vital sectors like petrol and power. This limits the amount of investment that can be poured into both sectors, leading to job lossess and financial losses...especially from subsides which is money down a bottomless pit.
6.Because of our large population, we need oil at $139 per barrel and above, since 2017, up from $120 per barrel since 2012....to run a balanced budget.(despite our cost of production being below 30 dollars). Since 2010...we haven't had oil prices that high. That's why we are taking debts via borrowing...the money we are earning is not enough and has never been enough for our needs.
Oil is at $25. We need it at $140. We are losing at least $115 now per barrel of oil sold. (More information on my figures here)
Also due to the low oil prices, we are losing an average of $35.76million or N13.1 billion per day in accruable revenue
7. The way froward eventually...remove subsides , allow power and petrol to be run at a profit....which brings in investment and jobs. We did this for the GSM sector. Why can't we do this for power, petrol?? To long term help us transition into a producer economy...which produces goods whose prices we can control.
Modified
To anyone who thinks I am defending the current administration, see my points 5 and 7 and reflect on them. Also look at point number 6 and them make the assumption....we need to change our economic paradigm.
There is nothing to defend about this APC government. It is obvious they have failed. However, my problem with most critics of this administration is that they criticse the effects...they don't think about the cause of the effects. If we can think about the cause of the effects, we may be on the way out of this economic crisis.
The problem is, the solution involves some hard decisions. Removing subsides...and so on. The problem also is, APC, like PDP exisits to share the national cake, not to think about how the cake is baked, or how we assemble the ingredients.[/s] 2 Likes |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by Nobody: 7:34am On Mar 28, 2020 |
1.Buhari did not cause this current recession or the one that happened on his watch in 1983-5
2.The recession that happened under Buhari in 1983-5 started when oil prices fell in 1982...which even prompted Shagari to bring in austerity programmes by 1983.
3.Likewise the recession under this current admin started in April 2014...when oil prices collapsed due to the Saudis trying to outproduce American shale oil producers. By January 2015...NOI was warning that whoever won the election, there would be economic crisis.
4.The truth is, our economy has been vulnerable since independence. The economy depends on revenues from whatever raw materials we sell , whose prices we do not control. In the 1960's it was agricultural produce. By the 1980's, oil was taking over.
********** ********** Was he born after election? Was he not aware of all these probems before he said that he could lead,rule and make us great? Since he know that Nigeria is this bad why should he take over and blame PDP 8 Likes |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by Nobody: 7:34am On Mar 28, 2020 |
aribs:
Agreed! Very valid points . However the question of the subsidy should be directed also to the Nigerian people, trade unions, and Organized Private Sector. Shall we continue in this subsidy foolishness so that poverty may abound? As it is , any government which attempts a removal of this subsidy will face near insurrection from " civil society groups " and labor. We cant eat our cake and have it. Realism is needed Indeed... That's the same issue GEJ faced in 2011/12...when he tried to do a 'partial' removal of the subsidy...riots on the street.(despite the fact that it made economic sense then, and even now). The thing is, we don't have the money to maintain subsides indefinitely, and subsides are stifling economic growth....and indirectly the growth of our power sector. |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by koyeni(m): 7:35am On Mar 28, 2020 |
Serious mess |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by cybertron88: 7:35am On Mar 28, 2020 |
Good news for those who earn in dollars especially fx traders. Now just a 10pip movement in price and am already banking N4k.. ![grin](https://www.nairaland.com/faces/grin.png) What they should have done long ago by now the naira would have steadied at a normal price. But no, they were padding the naira yo make all seems well. 1 Like |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by Asadujames202(m): 7:36am On Mar 28, 2020 |
thugmanwiz: As a gee boy now this is one is good news for me��� Hahaha Where you wan see client. Which oyibo fit send you $ in this coronavirus time 1 Like |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by NaMeAboki: 7:36am On Mar 28, 2020 |
|
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by Nobody: 7:37am On Mar 28, 2020 |
|
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by Agboriotejoye(m): 7:38am On Mar 28, 2020 |
kikero:
Obj had economic issues during term 1 (the argument then was that we should vote for him because he had to repeat) but during term 2...oil prices started to rise again, he made the wise decision not to bring in control on prices on the GSM sector...which meant job expansions...and he also got a good deal on our debts (67% forgiven, the rest paid off)
And Obj's military rule of 1976-79 was smack dab in the middle of the oil boom years of the 1970's
Even then, our economy is vulnerable because it is reliant on the price of oil(my ultimate point) , and if oil prices were high under Buhari now, I would still be making the same criticism by the way.
It's Buhari's hardluck that he came into power when oil prices had collapsed for a year and running both times (1983 DEC, and 2015 May.). The problem i have with him is that he had the tools to get us out of the oil induced recession...and did not use them at all. OBJ had economic issues in term 1 but no recession true or false? Every baby born in 1999 got to find out there's something called recession in 2016. Like I told you, the issue is recession not choices and policies and buhari has overseen it now. That's what we should look at not whether oil price is high or low. 1 Like |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by Nobody: 7:39am On Mar 28, 2020 |
6digitscomrade: more like saying someone has always been unfortunate.. perhaps there are 3 culprits here ..fate,destiny or karma or all of the above.. Buhari has always had the tools to get us out of recession, but he and his guys won't use them because it involves things getting worse before they get better, and it impedes their ability to share the national cake. 1 Like 1 Share |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by udemzyudex(m): 7:41am On Mar 28, 2020 |
kikero:
1.Buhari did not cause this current recession or the one that happened on his watch in 1983-5
2.The recession that happened under Buhari in 1983-5 started when oil prices fell in 1982...which even prompted Shagari to bring in austerity programmes by 1983.
3.Likewise the recession under this current admin started in April 2014...when oil prices collapsed due to the Saudis trying to outproduce American shale oil producers. By January 2015...NOI was warning that whoever won the election, there would be economic crisis.
4.The truth is, our economy has been vulnerable since independence. The economy depends on revenues from whatever raw materials we sell , whose prices we do not control. In the 1960's it was agricultural produce. By the 1980's, oil was taking over.
5.Where Buhari and others make mistakes is that they spend too much controlling prices on vital sectors like petrol and power. This limits the amount of investment that can be poured into both sectors, leading to job lossess and financial losses...especially from subsides which is money down a bottomless pit.
6.Because of our large population, we need oil at $139 per barrel and above, since 2017, up from $120 per barrel since 2012....to run a balanced budget.(despite our cost of production being below 30 dollars). Since 2010...we haven't had oil prices that high. That's why we are taking debts via borrowing...the money we are earning is not enough and has never been enough for our needs.
Oil is at $25. We need it at $140. We are losing at least $115 now per barrel of oil sold. (More information on my figures here)
Also due to the low oil prices, we are losing an average of $35.76million or N13.1 billion per day in accruable revenue
7. The way froward eventually...remove subsides , allow power and petrol to be run at a profit....which brings in investment and jobs. We did this for the GSM sector. Why can't we do this for power, petrol?? To long term help us transition into a producer economy...which produces goods whose prices we can control.
Modified
To anyone who thinks I am defending the current administration, see my points 5 and 7 and reflect on them. Also look at point number 6 and them make the assumption....we need to change our economic paradigm.
There is nothing to defend about this APC government. It is obvious they have failed. However, my problem with most critics of this administration is that they criticse the effects...they don't think about the cause of the effects. If we can think about the cause of the effects, we may be on the way out of this economic crisis.
The problem is, the solution involves some hard decisions. Removing subsides...and so on. The problem also is, APC, like PDP exisits to share the national cake, not to think about how the cake is baked, or how we assemble the ingredients. Zombie, Buhari did not cause it ,your father did. Nonsense. 4 Likes |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by Agboriotejoye(m): 7:42am On Mar 28, 2020 |
Seetto:
So if buhari was not the president, they wouldn't have been Corona virus or the price of crude wouldn't have fallen to 28$ per barrel in 2015, guy you are not toddler, Nigeria is in big shiit, the country is a shadow of itself, our leaders failed us, look at pdp regime, they have all it takes to improve the economy, but stealing and looting becomes order of the day, now crude is useless where do we start from with all these challenges the country is facing. There's no way to know because he is president. But we know others have been there before him in 1984 and after then till now and only he has brought recession thrice. Every student that fails has a reason for failing. But the fact is while he failed, others passed. He should bear the burden for his failure. The great depression occurred when FDR was president of US, but he got his people out and made sure it never happened again. How come recession keeps occurring when Buhari is in power? That's the multi million dollar question 5 Likes |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by Nobody: 7:44am On Mar 28, 2020 |
Agboriotejoye:
OBJ had economic issues in term 1 but no recession true or false? Every baby born in 1999 got to find out there's something called recession in 2016. I was old enough to recall the Obasanjo years from 1999-2006. Back then before 2003..the story was that things had been messed up by the Army so it would take time to get things better. It was from around 2003 when prices went up, and when we got NOI on board that there was some improvement...but even then, oil dependency was making our economy weak Like I told you, the issue is recession not choices and policies and buhari has overseen it now. That's what we should look at not whether oil price is high or low. The recession is being caused by low oil prices. Here is this quote from an article written in 2004.... https://nigeriaworld.com/articles/2004/aug/062.html
The Dutch disease occurs when the traditional export (tradable goods) sector is crowded out by the booming export sector and the non-tradable goods sector. The lagging traditional tradable goods sector may include cocoa, palm produce, cotton, rubber, coal, copper, textiles and some manufactured goods while the booming export sector may be crude oil, coffee, gold, etc. The non-tradable (non-export) goods sector covers all those goods that are produced for domestic consumption only, e.g. staple food items, clothing, building materials, locally-assembled cars. Where crude oil (and gas) is the booming export sector, the non-oil export sector may be crowded out by the oil sector and the non-tradable goods sector of the economy. This can happen when the oil revenue windfall increases domestic demand for non-tradable goods and pushes up domestic prices leading to an appreciation of the real exchange rate which in turn reduces the competitiveness of the non-oil export sector. This will in turn lead to a reduction in non-oil exports in both quantum and value terms. The oil windfall may also lead to movement of the factors of production in the economy. For instance, capital and labor (and land) may shift from the non-oil export sector to the oil sector (in order to maintain or increase reserves and production) and the non-tradable goods sector (to take advantage of the growing domestic demand). This explains why the increase in oil prices and the subsequent oil revenue windfall in many oil-exporting countries have tended to depress their non-oil export sector while at the same time generating a boom in both the oil and the non-tradable goods sectors. With capital and labor shifting from the non-oil export sector to the oil-sector and non-traded goods sector, firms in the non-oil export sector are forced to either close down or reduce their scale of operation. The boom in the oil and non-traded goods sector increases the demand for imported goods. This may not be a problem in the short-term so long as the country has enough foreign exchange to pay for the imports. The depression in the non-oil export sector and the boom in the other two sectors have medium to long term implications for the economy because the oil windfall will not be permanent given the volatility, unpredictability and exhaustibility of crude oil. For instance, if there is a decline in oil prices and oil revenue, the lagging and collapsing non-oil export sector will not be able to compensate for the drop in oil revenue while domestic demand for the non-traded goods and imports remain sticky. Consequently, the country will be forced to borrow from the international financial market to compensate for the decline in oil revenue. Over time, external debts will increase and so will the debt service obligations. Even when oil prices go up later and there is another round of oil windfall, it is difficult to correct the earlier damage or distortions created by the initial or previous oil windfall. In some cases, the oil exporting country may be forced to adopt some form of structural adjustment program (SAP) to correct such distortions or imbalances. Some of these SAPs are painful and may increase the prevalence, depth and severity of poverty.
(N.B In 1982 oil prices collapsed, by 1986, IBB put our economy on SAP .kikero's edit ends here)
In an extreme case, the Dutch Disease can lead to "Immiserising Growth" syndrome - a situation where increase in the output of exported commodity by a country leads to a deterioration of the country's welfare (Bhagwati, 1958). This happens when the effect of export-led growth on a country's terms of trade is strong enough to more than offset the direct benefits of growth. It is an extreme case of self-defeating growth. Although the theory of Immiserising Growth was not originally developed for oil-exporting countries, its tenets apply to many oil-exporting countries in the sense that despite the substantial increase in their export revenue, they have suffered significant decline in general welfare due largely to mismanagement of their oil revenue. Thus, the Dutch Disease syndrome confirms the assertion by a Spanish writer in the 16th Century that "the gratification of wealth is not found in mere possession or in lavish expenditure but in its wise application". Although the main manifestation of the Dutch disease syndrome in an oil exporting country is the decline or depression in the non-oil export sector, other "collateral" manifestations include appreciation of the real exchange rate at the onset, increase in corruption, increase in external debt and increase in poverty. However, an oil-exporting country must not suffer from the Dutch Disease. Furthermore, not all oil-exporting countries suffering from the disease have all "collateral" manifestations at the same time. Country experiences vary considerably depending on their political economy.
Note that if oil prices were high....things would have been better., people would have been praising Buhari. But I won't because it is still a fake mirage. |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by Nobody: 7:45am On Mar 28, 2020 |
Breaking Since the naira started depreciating, when is it going to appreciate. Naijasweet ooo
For your notice Sell your Bitcoin to us and get your money directly to your bank account. Any amount. |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by Agboriotejoye(m): 7:45am On Mar 28, 2020 |
Khaleepha5681:
1.Buhari did not cause this current recession or the one that happened on his watch in 1983-5
2.The recession that happened under Buhari in 1983-5 started when oil prices fell in 1982...which even prompted Shagari to bring in austerity programmes by 1983.
3.Likewise the recession under this current admin started in April 2014...when oil prices collapsed due to the Saudis trying to outproduce American shale oil producers. By January 2015...NOI was warning that whoever won the election, there would be economic crisis.
4.The truth is, our economy has been vulnerable since independence. The economy depends on revenues from whatever raw materials we sell , whose prices we do not control. In the 1960's it was agricultural produce. By the 1980's, oil was taking over.
********** ********** Was he born after election? Was he not aware of all these probems before he said that he could lead,rule and make us great? Since he know that Nigeria is this bad why should he take over and blame PDP I tire o. Plates keep breaking in your hands and you say it's because they're slippery. How come others don't have such plate breaking issue? 2 Likes |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by Ezmans: 7:46am On Mar 28, 2020 |
VaselineCrew: Nigeria needs leadership now more than ever
We need intelligent leaders, with very high IQs and love for their country and states
Not leaders that will allocate cars to themselves, when other countries are scrambling to invent makeshift ventilators due to low supply
Not leaders that will abandon their own countries hospital for more than two months in London
God will definitely see all of us through these trying times, but let us not mock God by remaining foolish in our decisions. is 216 naira to 1 dollar ok @ campaign time,but now 410 to 1 dollar govt of lies by lies 2 Likes |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by Njspark(m): 7:50am On Mar 28, 2020 |
Despite what's going on in the United States, this is what is happening here.. This country is a joke, very useless head |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by Nobody: 7:52am On Mar 28, 2020 |
Agboriotejoye:
There's no way to know because he is president. But we know others have been there before him in 1984 and after then till now and only he has brought recession thrice. Every student that fails has a reason for failing. But the fact is while he failed, others passed. He should bear the burden for his failure. The great depression occurred when FDR was president of US, but he got his people out and made sure it never happened again. How come recession keeps occurring when Buhari is in power? That's the multi million dollar question **** Don't mind stupids that always bring stupid president in to circle of power. 1 Like |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by Mizwisdom(f): 7:52am On Mar 28, 2020 |
princeade86: But every country have its own problems na, even America. Why can't dollar be depreciating to naira. Good question. World economy works based on deception. IMF and other economic organization manipulate economic indices to favor developed countries, America print more dollars at its own discretion, the dollar is like the world legal tender so it's going to be hard to watch it depreciate without bringing down other currencies to favor its stability. |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by SenecaTheYonger: 7:53am On Mar 28, 2020 |
Well we printed 1.1trn Naira. It was bound to happen. But the US has printed over $6trn and their currency still waxing stronger |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by shegzhkn: 7:55am On Mar 28, 2020 |
Racoon: Economic recession in full force.Brace for impact people. A Fatal one ! |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by Chatflick(m): 7:56am On Mar 28, 2020 |
GOD. Why did I withdraw most of my dollar? |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by Mizwisdom(f): 7:56am On Mar 28, 2020 |
drololaaof: Weaked people the money changers who is going or buying abroad at this time. When nearly everywhere is locked down what do they exchanged . By this time the naira ought to be stable. True |
Re: Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens by Tianamen1: 7:57am On Mar 28, 2020 |
You identified the problem correctly but your solution is too simplistic to be workable. Allowing market rates on electricity and petroleum would not by itself lead Nigeria to industrialization but will impoverish the common man and worsen our long term economic growth. There are two groups of Nigerians impacted differently by government's economic policies: the civil servants (public servants too) and the private sector( corporations and SME's). The civil service accounts for less than 25 percent of workers be it federal or state so a larger proportion of Nigerians work in the private sector. Removing price controls in the petroleum and electricity sectors will obviously lead to inflation but not necessarily increase wages specifically in the private sector. For example, Tailors, Barbers and Carpenters may not be able to increase the price for their services even though their input cost have gone up making them poorer. In Kaduna, I have been cutting my hair at the same price for the last 10 years even though fuel prices have gone up. My barber has gotten poorer. Secondly, it is wishful thinking that by simply removing price controls investors from nowhere would just pop up. Our telecoms sector is regulated and there are also price controls but this did not stop investment. A primary cause of inflation is too much money chasing too few goods. This is why food prices would rise even though the Tailor, the Barber and the Plumber cannot increase their incomes. This abnormality occurs because Nigeria has an unproductive civil service whose incomes increase by decree or by theft. Not only do subsidies need to be removed, but also governments across Nigeria must streamline their workforce (fire workers), increase taxation in a progressive manner, and shift their developmental focus to the provision of quality public basic education and healthcare to all Nigerian citizens. The world bank, IMF, PWC, even El-Rufai have all suggested Nigeria tows this path. This would improve Nigeria's security situation, increase our competent labor force and should attract much needed foreign direct investments. kikero:
1.Buhari did not cause this current recession or the one that happened on his watch in 1983-5
2.The recession that happened under Buhari in 1983-5 started when oil prices fell in 1982...which even prompted Shagari to bring in austerity programmes by 1983.
3.Likewise the recession under this current admin started in April 2014...when oil prices collapsed due to the Saudis trying to outproduce American shale oil producers. By January 2015...NOI was warning that whoever won the election, there would be economic crisis.
4.The truth is, our economy has been vulnerable since independence. The economy depends on revenues from whatever raw materials we sell , whose prices we do not control. In the 1960's it was agricultural produce. By the 1980's, oil was taking over.
5.Where Buhari and others make mistakes is that they spend too much controlling prices on vital sectors like petrol and power. This limits the amount of investment that can be poured into both sectors, leading to job lossess and financial losses...especially from subsides which is money down a bottomless pit.
6.Because of our large population, we need oil at $139 per barrel and above, since 2017, up from $120 per barrel since 2012....to run a balanced budget.(despite our cost of production being below 30 dollars). Since 2010...we haven't had oil prices that high. That's why we are taking debts via borrowing...the money we are earning is not enough and has never been enough for our needs.
Oil is at $25. We need it at $140. We are losing at least $115 now per barrel of oil sold. (More information on my figures here)
Also due to the low oil prices, we are losing an average of $35.76million or N13.1 billion per day in accruable revenue
7. The way froward eventually...remove subsides , allow power and petrol to be run at a profit....which brings in investment and jobs. We did this for the GSM sector. Why can't we do this for power, petrol?? To long term help us transition into a producer economy...which produces goods whose prices we can control. 1 Like 1 Share |