On the other hand, Venezuela's currency only devalued by
9% even though they were more affected by the fall in oil prices
because they were able to put economic policies in place to reduce the
rate of the devaluation in the same time period and reduce the impact of
the reduction in oil prices. Continue
Can the reduction in demand of oil and the fall in oil prices be used as an excuse for what's going on? Please share your thoughts"At this rate of devaluation, our currency could end up like the Zimbabwe Dollars and become worthless within the next few years if necessary economic policies are not put in place." an Economist said
247 comments:
1 – 200 of 247 Newer› Newest»OK o...hope it will b stable.
This administration has failed Nigerians in more ways than one!
Yess we shud be very worried!
OK o...hope it will b stable.
Ofcourse we should be worried!
Point of correction, Pounds is 315 officially. confirm from Oanda.com however the banks (GTB) charges plus N10 to the asking price on Oanda.com
It is unfortunate that with all our knowledgeable leaders we have such things happening in the giant of Africa.
I give up no hope for Nigeria under this government administration, the FG says it has diversified the economy but yet we are worse hit by the constant devaluation of our currency...25% thats a World Record
Some selfish and weak individuals up there wanna soil this nation, but what should we tell em? God is up there to punish u all, son of bi*#hes..
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**man in suit**
MR EDDY said this heat wan kill person o.
9ja which way? May God help us
^
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^™THAT EDO BOY.COM~
Some selfish and weak individuals up there wanna soil this nation, but what should we tell em? God is up there to punish u all, son of bi*#hes..
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**man in suit**
Haba!! Y shudnt we be bothered?!! What a question, of we should,because things imported will automatically increase in price,causing inflation and more expenses for d masses!
The masses re in deep shit, cos the measures DAT re gonna be put in place by d federal government to control the devaluation of naira, is gonna be vested majorly on dem...
Linda is intelligent enough to have written this :p or is she an economist? Just kidding. Nigeria matter is on God's table because men have failed us
Lindodo....Please our clueless GEJ.....Dis man needs to go abegi !!!
Let the oil finish, this country needs to focus on other sources of revenue! All the lands in the North could be used for agriculture, the East will focus on production. It is overdue for this to have happened, yet all through the campaign, I haven't heard one candidate address this issue.
Is this a 'sponsored' post or??
Thank God for OkonjoIweala's doggedness to save something in the excess crude account, it could have been much worse. Venezuela is a system that does not have 36 governors dictating economic policy.
Thank God for OmonjoIweala saving money in the ECA otherwise the governors led by Rotimi Amaechi would have shared everything and the situation much worse. That is the change APC wants to impose on Nigeria- a sharing not saving.
The very ignorant economist has failed to address the simple fact that the minister of Finance fought to have savings in the ECA to be used as buffer to shore up the value of the Naira should the oil prices fall but Rotimi Amaechi, Adams Oshiomohle led a group of governors to the fight her and the case is still before the Supreme Court. If not for the small savings she made while the fight was on al, the ECA would have been shared by these greedy governors. Venezuela is a semi dictatorship and so it is easy to have things done unlike Nigeria with 36 gods.
The very ignorant economist has failed to address the simple fact that the minister of Finance fought to have savings in the ECA to be used as buffer to shore up the value of the Naira should the oil prices fall but Rotimi Amaechi, Adams Oshiomohle led a group of governors to the fight her and the case is still before the Supreme Court. If not for the small savings she made while the fight was on al, the ECA would have been shared by these greedy governors. Venezuela is a semi dictatorship and so it is easy to have things done unlike Nigeria with 36 gods.
311....Jeeeez!!!
To answer dis question, Can the reduction in demand of oil and the fall in oil prices be used as an excuse for what's going on? ... Yes! Yes!! Yes!!!
Just as d saying goes "Wht comes around, goes around"... It is an inevitable syndrome dat there is variable r/ship btw our money rates and d demand/supply of oil.
So we should b worried and pray tins turn around or our case wil b no difference frm wht d Economist said ~"At this rate of devaluation, our currency could end up like the Zimbabwe Dollars and become worthless within the next few years if necessary economic policies are not put in place".
To answer dis question, Can the reduction in demand of oil and the fall in oil prices be used as an excuse for what's going on? ... Yes! Yes!! Yes!!!
Just as d saying goes "Wht comes around, goes around"... It is an inevitable syndrome dat there is variable r/ship btw our money rates and d demand/supply of oil.
So we should b worried and pray tins turn around or our case wil b no difference frm wht d Economist said ~"At this rate of devaluation, our currency could end up like the Zimbabwe Dollars and become worthless within the next few years if necessary economic policies are not put in place".
To answer dis question, Can the reduction in demand of oil and the fall in oil prices be used as an excuse for what's going on? ... Yes! Yes!! Yes!!!
Just as d saying goes "Wht comes around, goes around"... It is an inevitable syndrome dat there is variable r/ship btw our money rates and d demand/supply of oil.
So we should b worried and pray tins turn around or our case wil b no difference frm wht d Economist said ~"At this rate of devaluation, our currency could end up like the Zimbabwe Dollars and become worthless within the next few years if necessary economic policies are not put in place".
It's really should call for worry!
See wetyn jona turn nigeria to ooo
Why don't you ask Rotimi Amaechi who fought OkonjoIweala and the case is still in the Supreme Court because the woman wanted to save money in the ECA and Ameachi and the others wanted to share everything. Nigerians and hypocrisy. WHere were you Linda when that was going on? Why did you not shre your thoughts on that? It is now that the issue is coming to a boil that you are want to sher thoughts. Hypocrites.
Sack the CBN Governor....He has blur vision of our Economy.
311....Jeeeez!!!
It's really nice to see you (Linda) post something intellectual and of great interest on your blog apart from celebrating people buying used car from the USA and that silly thing you call spot the difference...
UK Tog.
See the reason I won't vote Jonathan? I started my little business last year as there was no job after school,importing nice things people loved,immediately dollar went up the items I managed to buy no1 wanted to buy because the taught it was so expensive,the 2k,3k gain I was managing to get could not be found anymore..this is a country with about 8 presidential jets and her citizens are gnashing teeth..misplaced priorities.....
OkonjoIweala should be called a prophet. I remember when she kept warning and pushing to have savings in ECA but Rotimi Amaechi and others fought her saying she has no constitutional right to save any money. That all money should be shared. Thank God she managed to save some while the case is still before the Supreme Court otherwise issues would have been much worse.
GEJ till 2019
Honestly it calls for great concerns, we are all affected in one way or d other but 4 me, it's a personal tragedy I have had to cancel two my trips abroad because of d exchange rate, all my calculations were made with d then exchange rate of 165 per Dollar so just imagine the mess and d extra money those who made their calculations like me will go through. We appeal to d appropriate authorities to look into this urgently pls
this has been one of my greatest issue in this whole process.Nigerians don't seem to be informed about the poor state of our economy.The naira has never been this bad,and unfortunately people are still considering a government such as this.
Of course na, it's a very big course to worry about. As na d mass go suffer d consequences. Linda take note!
Linda, you should ask Rotimi Amaechi the governor that is leading the 'change'. Was it not him that went to court to stop the minister of finance from saving money in the ECA. If the woman did not save while the case was in court it would have been N500 to 1 dollar by now. Venezuela saves because it does not have our system of government where a rogue group of state governors gang up on the federal government and want to dictate a policy just to make sure the government fails in its duties.
Of course na, it's a very big course to worry about. As na d mass go suffer d consequences. Linda take note!
Of course na, it's a very big course to worry about. As na d mass go suffer d consequences. Linda take note!
Linda, you should ask Rotimi Amaechi the governor that is leading the 'change'. Was it not him that went to court to stop the minister of finance from saving money in the ECA. If the woman did not save while the case was in court it would have been N500 to 1 dollar by now. Venezuela saves because it does not have our system of government where a rogue group of state governors gang up on the federal government and want to dictate a policy just to make sure the government fails in its duties.
Of course na, it's a very big course to worry about. As na d mass go suffer d consequences. Linda take note!
Linda, you should ask Rotimi Amaechi the governor that is leading the 'change'. Was it not him that went to court to stop the minister of finance from saving money in the ECA. If the woman did not save while the case was in court it would have been N500 to 1 dollar by now. Venezuela saves because it does not have our system of government where a rogue group of state governors gang up on the federal government and want to dictate a policy just to make sure the government fails in its duties.
IT SHUD B OOH I WORRY PASS WORRY SEF.tomjerryswit
y not? Our economy is import-driven, therefore expect an increase in price of goods soon..
Hmmmm am short of words. But why do ppl only find d problems in naija without solutions. All we need is a solution not talks.
I remember when the minister of finance was screaming at t he top of her voice that money must be saved in the ECA. Linda where were you then? Why did you not share thoughts then?
Its all good,yet people will say dat dis current administration is working?...hmmmmmmm, nawao
We have a government filled with mediocers.
The only thing they are good at is stocking and stocking money away for their own use.
Before this month ends, a dollar would exchange for N250, because right now, the government is not even ready to put up measures towards restoring the economy, they are only focused on going back to aso rock to park the remnant of the ones they've stolen already.
I would have been elated by the thoughts of Buhari sweeping GEJ led government out of Aso rock, but Buhari himself seems to be more confused, making bogus promises without telling us how he intends to fulfill them, and he won't even come out to face the press and speak to the people he intends to govern!
Nigeria is sitting on a very long thing, and soon; It would become a GIANT THAT USED TO BE!
Sincerely speaking the mind of Amadioha
In another clime people like Rotimi Amaechi would be hiding in shame. But in Nigeria he is leading a rag tag group of 'change' after fighting the Federal Government and attempting the stop the government from saving any money in the ECA which is the buffer when things go bad. Now that things are bad it is 'sharing thoughts' you want, whey was all this conversation absent when the woman was fighting some governors to allow her save in the ECA? Nigerians get what they deserve.
Linda, you should ask Rotimi Amaechi the governor that is leading the 'change'. Was it not him that went to court to stop the minister of finance from saving money in the ECA. If the woman did not save while the case was in court it would have been N500 to 1 dollar by now. Venezuela saves because it does not have our system of government where a rogue group of state governors gang up on the federal government and want to dictate a policy just to make sure the government fails in its duties.
This is serious.prices of goods have risen in the market due to this.something has to be done abt it.
You want my thoughts?
Rotimi Ameachi and a host of APC governors should be stoned as Amaechi once advocated because it is them that went to court to stop the Federal Government from making a lot so savings in the ECA which is the buffer in times like this. Nigeria and their cowardice. When the woman OkonjoIweala was fighting the governors because they wanted the money shared but she wanted it saved where we your voices? Now it is sharing thoughts! Mtchew!
You have a government playing voodoo economics, you can not continue to spend more than you earn and expect to be in a position of strength economically.
You can not import more than you export and expect to be in a position of strength economically.
You can not have a strong economy where you do not have an efficient power sector, supplying constant electricity.
Your currency will also be at risk when foreigners bring in hot money and take out at will.
You add the above with the now present danger of political instability, and nothing for now will stop the free fall of the Naira.
Unfortunately with most people {those in charge} who should take firm decisions more interested in the safety of keeping their jobs over doing what is right, you have a government in slow motion.
Still Boko Haram is giving investors but local and international several reasons to stay on the side lines, thus necessary foreign exchange is being lost.
Until Nigeria builds strong institutions, that are independent of political actors, Naira may be taking a stroll towards N1,000 to the dollar. It is just a matter of time.
So if an election holds on March 28th, and a winner emerges, major economic decisions would be required, decisions that would require strength in character.
We have prayed for Nigeria, but it is time to start working for Nigeria that our strength may come forth once again.
Ayodele A. Ojo
0817 424 9421
Dis is alarming, ofcourse we shuld be worried. #happuthurs
This is an insult
We should o, see price of Electronics and phones going high before of exchange rate. May God help us.
How shameful it is that Nigerians did not demonstrate in support of OkonjoIweala when she was warning that money must be saved in the ECA for the rainy day. Now that the rainy day has come Linda is asking for 'thoughts' well Venezuela and the rest saved and so they have dollars to shore up their currency. Nigeria did not save as much because governors led my Amaechi are fighting through the courts till date to make sure nothing was saved.
How shameful it is that Nigerians did not demonstrate in support of OkonjoIweala when she was warning that money must be saved in the ECA for the rainy day. Now that the rainy day has come Linda is asking for 'thoughts' well Venezuela and the rest saved and so they have dollars to shore up their currency. Nigeria did not save as much because governors led my Amaechi are fighting through the courts till date to make sure nothing was saved.
For the past few years, I can say within Mr badluck regime things were not in order anymore. The economy is depreciating on daily basis, GPD index fall consistently, poverty rate increase radically, unemployment rate increase rigorously, with increase in inflation & exchange rate and this same man except us to vote for him again never. Even With devaluation of naira, I don't except us to be where we are if necessary steps & measures were taken at the right time, and we should be very worried about this phenomenon cos if not soon/ later the currency will be useless. God bless 9ja
#Commenting thru Glo 4G LTE
It is the foolishness of Rotimi Ameachi led Governors forum that you are experiencing. Every nation saves money for the rainy day. OkonjoIweala was saving money but the rogues of Rotimi Amaechi and his co travelers went to court to stop her from saving any money in the excess crude account. The case is still in the supreme. Court. According to Ameachi then the ministry of finance had no right to save any money. All money must be shared. So what are you now wanting 'thoughts' about? It might even go to 500 naira to 1 dollar.
Very interesting. So it has not yet reached N500 to 1 dollar? It is still ok. Ask Rotimi Amechi and his fellow governors who fought OkonjoIweala because she was saving money in the ECA and they made sure that stopped so they can share the money. Yeye.
Haaa! Whr are we heading 2? These ppl av killed our economy wt there useless economic policies
Linda, nigeria runs an oil dependent economy. Nothing has changed since the first oil crash of 1982, when our economy crashed due to a fall in oil prices. This is worse with our huge dependence on refined fuel since as a country we lack the capacity of producing what we need and have to spend about a tenth of our savings on oil subsidies. This increases a demand on Forex and 'pressurizes' the naira. The USA however runs a knowledge based economy based on ideas coming to fruition. These ideas are patented and made enviable attracting countries to spend on products coming from the USA,hence placing a huge value on the dollar. This is similar to what we see with the UK. Our populace is not educated enough to know this or influential enough to educate the uninformed. Moreover this is not rocket science, Pat Utomi and Rewane have talked about these things a lot. The government knows about reducing pressure on the naira and thus try to make adjustments by telling their employees to limit foreign travels and so on. However this is not impractical enough. During our boom, oil refineries should have been quickly built and oil subsidies subsequently stopped. Unfortunately the government wanted to eat their cake and have it by stopping oil subsidies without building refineries. Until the economy is industrialised and becomes export driven, the tide will not turn. Nigeria lacks that capacity and Dangote, who is right on track is only but one man. Hence we need effective governance and leadership for this to happen
Gej should pls leave...this man is an idiot!! Imagine exchange rate, he's just over clueless
Linda it would have been good if you asked this question two years ago when OkonjoIweala was being demonized by the Amaechi led governors forum for daring to save money in the ECA.
GEJ. BAD GOVERNANCE .. CORRUPTION. Look at how much that Aviation woman used to destroy the airports? People say remodeling? Look at the Nigerdelta Amnesty program it is full of corruption they cannot accout for anything?
We all know that a few years ago there was an excess of money. Oil prices were high.
The new name for OkonjoIweala is prophet Minister of Finance for seeing this day and wanting to save money in ECA. Ask Amechi why he is still fighting this in the Supreme Court? More could have been saved if not for Rotimi Amaechi and his greedy co travelers.
Jona, Iweala, Deziani must all GO! Never in the history of this country have we had this kind of exchange rate! Enough is Enough! Jonathan pack your bags and vacate that Aso rock premises NOW! Ole, Thief, Most Corrupt + Corruption itself!
Yep. It will depreciate further. Because God sent us a Joseph in the person of OkonjoIweala who had the wisdom to save in the ECA but Rotimi Amaechi and his co governors fought her and are still fighting her. The case is still at the Supreme Court. So what thoughts do you want. Just be happy that she saved a bit otherwise it could be worse.
Yep. It will depreciate further. Because God sent us a Joseph in the person of OkonjoIweala who had the wisdom to save in the ECA but Rotimi Amaechi and his co governors fought her and are still fighting her. The case is still at the Supreme Court. So what thoughts do you want. Just be happy that she saved a bit otherwise it could be worse.
Yep. It will depreciate further. Because God sent us a Joseph in the person of OkonjoIweala who had the wisdom to save in the ECA but Rotimi Amaechi and his co governors fought her and are still fighting her. The case is still at the Supreme Court. So what thoughts do you want. Just be happy that she saved a bit otherwise it could be worse.
We suppose worry oooo
Well that is what happens in a system where a rogue group of governors gang up to determine economic policy. The fact that any one is not calling for the head of Rotimi Amaechi and his group of governors whose lack of common sense meant that OkonjoIweala could not save as much as we could in the ECA is still shocking. Venezuela saved and that is why they have a buffer. OkonjoIweala was stopped from saving because Amaechi said that the constitution does not give her the right to save and that the money must be shared. So what 'thoughts' Linda do you want?
Very very bad,really something to be worried about.
HUMBLE EVE
We will improve.. I need to hear news about what measures we can take to do better.. Not all these news that we will end up blaming politicians.. Who is your economist anyways?
It will still fall. There is little amount in the buffer which is Excess a rude Acoount to shore up the naira so when other countries like Venezuela were saving, Rotimi Amaechi was in court fighting OkonjoIweala and the federal government insisting the money in ECA must be shared. Yeye.
It will still fall. There is little amount in the buffer which is Excess crude Acoount to shore up the naira so when other countries like Venezuela were saving, Rotimi Amaechi was in court fighting OkonjoIweala and the federal government insisting the money in ECA must be shared. Yeye.
using the oil price excuse to print more cash... smh
It will still fall. There is little amount in the buffer which is Excess a rude Acoount to shore up the naira so when other countries like Venezuela were saving, Rotimi Amaechi was in court fighting OkonjoIweala and the federal government insisting the money in ECA must be shared. Yeye.
The fall of oil prices is not enough to cause this boomerang-effect on our economy if we have had reliable economic-realist to spear head our macro economy affairs from the helm of our governmental system.
It's disheartening that in this advance age of economical inclination globally, we (as self - acclaimed giant of Africa) still dwell on mono -product economy as the most populous black nation with numerous natural resources,with no alternative exports market engagement which had adversely ricocheted on the growth of our GDP.
We lack government with workable economic policies and programs to improve our GDP which seems to be the only viable and bailable measure out of this abject situation. It's a dire predicament as it stands, let's hope things improve to salvage the situation.
Thanks!
Jeeez!! At this point in time i lack words to express. This nation is falling
When the rogues governors like Rotimi Amaechi were attcking our Joseph - OkonjoIweala who was saving money in the ECA what did Nigerians do? Keep quiet. Now it is biting you are all jumping over yourselves to be 'economists'. Nonsense. It will fall further. The woman just has to keep meaning the situation as she has been doing. I continue to pray for her.
We should be really worried. Mismanagement and bad economic policies by this regime.
Our leaders' thought processes have being beclouded by whatever wealth they will enmass during their tenure of office because our value system adores wealth no matter how it is gotten. We are blessed more than any country in the world. We talk about USA as a land of gold; do we have tornadoes and other natural disasters like they do? We are blessed with the smartest people that I see on the face of the earth. If you walk into any highly placed office in the USA, check very well and you will see a Nigerian there as an astute staff contributing immensely to the growth of that corporation. It is saddening to begin to have a discourse of this enigma called Nigeria and is leaders. Infact,I cry for my country. Corruption has eating so deep every aspect of our life to the extent that the so called leaders of tomorrow are likey to be worse thasn the present generation of politicians tha we have. I wish the oil will vanish. It is a blessing in disguise. In 2015, we are still talking about'' no light for days''. Linda, I am even confused. Where do we start to discuss this thing sef?. Boko Haram does not even know the right people to annihilate so that things will be easy for them. God dey. May be God will send His son again specifically to rescue our sanity.
CHILDREN OF GOD,FEAR NOT,FOR THE LORD IS WITH THEE IN HARD TIMES.WHEN THE WORLD IS CASTING DOWN,YOU SHALL BE LIFTED UP.NO MATTER WHAT THE EXCHANGE RATE IS,ALL I KNOW IS I SPEND AND GIVE IN ABUNDANCE BY GODS GRACE....AKA...TESTIFYING
Yay thank God we use usd over here and I am coming soon.linda observe
Linda, Venezuala effectively provides the basics for its citizens and does not depend on foreign fuel for its day to day activities,it also has quite a mixed economy despite its huge gains from oil sales. On the other hand,nigeria runs an oil dependent economy basically with no other God -given and 'idea-lack' product as big a sale . Nothing has changed since the first oil crash of 1982, when our economy crashed due to a fall in oil prices.this is history repeating itself. This is unfortunately worse with our huge dependence on refined fuel since as a country we lack the capacity of producing what we need and have to spend about a tenth of our savings from crude oil sales on oil subsidies. This invariably increases a demand on Forex and 'pressurizes' the naira. The USA however runs a knowledge based economy based on ideas coming to fruition. These ideas are patented and made enviable attracting countries to spend on products coming from the USA,hence placing a huge value on the dollar and providing organized and meaningful jobs to its people. This is similar to what we see with the UK. Our populace is not educated enough to know this or influential enough to educate the uninformed. Pat Utomi and Rewane have talked about these issues a lot. The government knows about reducing pressure on the naira and thus tries to make adjustments by telling their employees to limit foreign travels and so on. However this is not practical enough. During our boom, oil refineries should have been quickly built and oil subsidies subsequently stopped. Unfortunately the government wanted to eat their cake and have it by stopping oil subsidies without building refineries. Until the economy is industrialised enough and becomes export driven, the tide will not turn. Nigeria does not have an attractive economy that places a high or good enough value on the naira making our currency enviable and attractive like the dollar.Nigeria also lacks that capacity of doing this and folks like Dangote, who is right on track with his ideas is only but one man. Until then ...
It is only in Nigeria that the very people who refused to allow the federal government save money in the ECA which common sense demands are leading 'change'. Well thank you OkonjoIweala for the little your doggedness saved in ECA. Otherwise the naira should have been N 500 to 1 dollar
We should be worried, a country like ours that imports virtually everything.. It doesn't sit well it has more harms than good..
Charles C Soludo explicitly stated this things in his past articles published online n some microscopic few thought that he was running down people at the helm of affairs for the sake of not given political appointment while the poor man was stating the obvious.without sentiment, GEJ's administration has ran the economy of this great country into deficit, if time isnt taken this Nigerian economy is heading for doom, I pray that will not be our portion IJN.Amen.
Charles C Soludo explicitly stated this things in his past articles published online n some microscopic few thought that he was running down people at the helm of affairs for the sake of not given political appointment while the poor man was stating the obvious.without sentiment, GEJ's administration has ran the economy of this great country into deficit, if time isnt taken this Nigerian economy is heading for doom, I pray that will not be our portion IJN.Amen.
Linda,I know you are happy because google pay you in dollars. Na today!
In another clime most Nogerians would have been calling for the head of Rotimi Amaechi and his gang of governors who went to court to share the money in the excess crude account which is our buffer created by OkonjoIweala for times like this. Venezuela and oil denominated economies were able to save because they do not have a band of rogue governors always wanting to share not save.
Eh heh? So? It will keep falling. Nigerians are just big hypocrites and cowards, you all pretended not to know when the minister of finance was being fought by Rotimi Amaechi and his Gang of governors because the lady dared to save money in the ECA. Now it is the rainy day and the ECA is depleted because enough savings were not made you are all complaining. Abegi. Keep quiet.
Please who rated nigeria as best economy in africa? What's there basis for the rating?
Nigeria is going down gradually and we are saying change is not needed. If GEJ is working, no one needs to tell us, we will see. Why is all his achievements only written and not seen or felt?
Unemployment, inflation, corruption or thief as he claims, terrorism, lack of infrastructure, and wrong policies have ruined the country like never before. Obasanjo and Atiku used to steal millions of dollars, few billions of naira but GEJ's administration deals with billions of dollars of several occasions, yet some says he's the best.
Even Alison Madueke's sugar boy (kola aluko) even stole 2 billion dollars and nobody is asking questions. Are we going to continue like this?
How corrupt can amechi, aregbesola, fayemi, mamora, abike dabiri, segun oni, fashola, tinubu, GMB and other league of APC be to be compared with the likes of Alaimeseigha, ibori, obanikoro, kashamu the drug baron, aneinih, bode George, fayose, mimiko, okonjo iweala, Asari dokubo, tompolo, omisore, ali modu sheriff, just to mention a few. We need to think and not be sentimental in judgement. These people will sick nigeria dry to bone marrow one day that we will be worse than Iran or pakistan.
0f course we should be worried. Life's hard enough in this country already ----C21
kudos to OkonjoIweala and her drive to save. What kind of nonsense constitution says we cannot save money something common sense tells us? But that is what Rotimi Amechi is in court saying...that the constitution does not recognize Excess Crude account so all money earned must be shared. Next.
Make i know peoople wey sabi book now.nobi only to dey insult kim.
Oya make una answer and explain.lol
Joseph saved for Eqypt and in time of famine there was food. OkonjoIweala saved for Nigeria but Rotimi Amaechi went to court and stopped her from saving in the Excess Crude Account insisting the money must be shared citing the constitution. So what do you expect? That dollars will drop from heaven to help shore up the naira now that oil price is down? Abegi. It will fall further. Venezuela saved a lot more so they are in a better place. Abegi next.
I just thank God for Ngozi OkonjoIweala everyday because the situation would have been much worse if she did not manage to save something in the ECA. When the Rotimim Amaechi band of rogues were shouting the money must be shared, Nigerians kept quiet and left her to face the greedy men. Abegi. Let it fall now. Wetin.
I just thank God for Ngozi OkonjoIweala everyday because the situation would have been much worse if she did not manage to save something in the ECA. When the Rotimim Amaechi band of rogues were shouting the money must be shared, Nigerians kept quiet and left her to face the greedy men. Abegi. Let it fall now. Wetin.
I just thank God for Ngozi OkonjoIweala everyday because the situation would have been much worse if she did not manage to save something in the ECA. When the Rotimim Amaechi band of rogues were shouting the money must be shared, Nigerians kept quiet and left her to face the greedy men. Abegi. Let it fall now. Wetin.
I dnt understand wat s haPpening in Nigeria, from 2011- 2015. GEJ must b held responsible ooo I tire ooo. Things ll b so costly nw
Linda it would have been great to share 'thoughts' about 2 years ago when OkonjoIweala was fighting to have more money saved in the ECA and Rotimi Amaechi, Oshiomohle, Fashola and the rest were fighting her insisting the constitution does to recognize ECA and all monies must be shared! just so that the government will fail. But thank God she managed to save something despite the court cases filed against her one of which is now at the Supreme Court. Next.
Linda it would have been great to share 'thoughts' about 2 years ago when OkonjoIweala was fighting to have more money saved in the ECA and Rotimi Amaechi, Oshiomohle, Fashola and the rest were fighting her insisting the constitution does to recognize ECA and all monies must be shared! just so that the government will fail. But thank God she managed to save something despite the court cases filed against her one of which is now at the Supreme Court. Next.
Nigerian currency is depreciating faster than its economy......God save the poor masses in a country like this
::::::::::::::::::::::::QUEENMAYA:::::::::::::::::::::
Well the finance minister did warn about this when she was pleading with the governors led by Rotimi Amaechi to drop their court cases so that money could be saved in the ECA but they refused. Next.
No Sentiments Jonathan has to go if we love our country
Corruption........
a.k.a EDWIN CHINEDU AZUBUKO said...
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We are dummed man.....
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***CURRENTLY IN JUPITER***
Thank you for pointing out the Venezuela case of currency devaluation, so the Govt should not use this oil issue as an excuse. I'm no economist or policy maker but I do know this devaluation can be controlled, dont remember it getting this bad in recent times. Shameful!!!!!
Wish i hv some hard currency to change ooo...lol.
Oya ooo. All you pro GEJ persons, come and defend how he and his band of theives have improved the economy. I am waiting. Shior.
God help us in this country. Say what!
http://mightyincome.com/?refer=12344
linda u r no longer neutral o. conny conny style. d naira was devalued by greater amount in 2008/2009 y didnt ur research pick that one up?
My dear Linda, the oil prices have got nothing to do with this. The Fed Govt, CBN and those demonic leaders determined to kill the naira are responsible for this.
#Fizz
WE SHOULD BE WORRIED!!!!
ANGOLA, THE SECOND TOP OLI PRODUCING COUNTRY IN THE WORLD SEPNT $160MILLION IN ONE WEEK STABILIZING THEIR CURRENCY THAT DEPRECIATED IN NIGERIA. THE CBN SHOULD WAKE UP AND INCREASE THE SUPPLY OF FOREIGN CURRENCY IN NIGERIA SO THAT OUR CURRENCY CAN BE STABILIZED, THIS DEVALUATION SHOWS HOW INEFFICIENT OUR CENTRAL BANK HAS BEEN.
We will remember charles soludo, fmer CBN, latter! When some dumb idiot here were saying rubbish! This is the second article I saw on the media. Are you a Nigerian? Can't you see the game Mr President and the ruling party are playing? The number of people killed, number of soldiers killed, number of people that are displaced, missing funds, attacking anyone that opposes his policies, what happened to the promises he made concerning electricity? You should ask God for forgiveness. Can't you see number of private jets that are owned by individuals in Nigeria? Have you forgotten long ASUU strike? Have you forgotten strike by the medical doctors? Numbers of soldiers subjected to mutiny? The rich are getting richer and poor are getting poorer. President Jonathan has been called out on media and social platforms more than any other previous president or head of states in Nigeria. What he couldn't achieve in 5 years is something he want to achieve in 6 weeks. He pardoned former governor of his state after embezzling government funds, he gave free access to Militants in his niger delta area to buy warships. Let me remind you that it's only the poor that are suffering and with the situation on ground people just want a change...Buhari or no Buhari' we are tired of Jonathan and his cohorts, why does he want to rule us when people don't want him? Sanusi exposed the missing 20 billion dollars issue and he was sacked. GEJ has made an history and Nigerians won't forget him. Once the poor get crazy and start killing the rich people then we'll see how any of them want to rule the masses, it happened in Ghana. You better be focused so you don't sell your future. Nigerians vote for #change#! We need #change# of government Nigerians my people oh!!!!!!!!!!!!!!!
For a country that imports almost everything (including toothpick), there is every reason to worry. The dollar is the currency of international trade and crude oil, our major forex earner is cheap in the market. Unless Nigeria looks inward and develops it local production capacity, we r heading straight to Zimbabwe.
POLITICIANS MADE DOLLAR SCARCE SO THEY CAN HAVE MONEY FOR ELECTION. AFTER ELECTION DOLLAR WILL REVERT TO ITS NORMAL PRICE
POLITICIANS MADE DOLLAR SCARCE SO THEY CAN HAVE MONEY FOR ELECTION. AFTER ELECTION DOLLAR WILL REVERT TO ITS NORMAL PRICE
Yes, am much as we all crave for a fall in oil price, we should also pray for the fall not to be sustained but balanced, what is going on right now is the consequences of sustained decreasese in oil price. Devaluation is the least of its sconsequences, deflation is on it's way too and our oil export might collaps because United states which is the highest oil consuming country in the world now drill their own oil. This might not affect bigger oil producing countries like UAE and RUSSIA, but for ccountries like Nigeria! My heart is already weeping for us because it will hit us drastically. Email me if you need more explanations, can't give out the whole info here Linda. Lol Visit my blog @
Www.udokajane.blogspot.com
These are the kind of sentiments that ensue when some uninformed group of people published stories like this- there usually is a corollary bandwagon of public sympathies and it could be catastrophic. Linda had better decline from her delve into macro economic and political commentaries and face her. gossips.
U are one of the ignorant Nigerians . Spend less time chatting and reading rubbish tweets . Spend more time on reading reasonable post and journals online, reading books and talking to smart people
Dollar is 209 not 204. The country is sinking fast.
A downward shift in d prices of oil in D int'l mrkt can affect d xchange rate of Nigeria currency Bcos Nigeria's budget is main dependant on oil nd d Naira is nt considered as an int'l currency and also Nigeria's Economy is solely dependent on d export of oil,so wen supply is high nd demand is low der is bond 2 b a crash in prices nd a crash of d Economy dat is if d Economy is lyk dat of Nigeria who is dependent on oil.
Mumu
Honestly, I see no sense in what you wrote.. Do you even go to sch at all??? Prayer for economy turn around. Are u just dicking arnd or what?
It is a big lie to say the devaluation in our currency started in 2011. There was has always been inflation before the fall in oil price. It only started recently and I know that the Jonathan government is taking the relevant effect to cub the effect. The crash in oil price didn’t just affect Nigeria but so many countries. But Nigeria is already taking a huge step towards diversification to cushion the effect. Thank God for GEJ.
Having been smart enough to compare two countries of similar trade, the author of this piece has failed to compare the varying demands for each countries products- one factor he/she agrees is responsible for the devaluation of both countries currencies. i'm not impressed at all.
The instability of the naira to the dollar is one function that depends on so many indicators. And it is no respecter of the government of the day. During Obasanjo’s government when the global recession hit the country, the naira was quite unstable for few months before it was stabilized. It was President GEJ administration that stabilized it. Until the diversification process is in full, the country will continue to experience instability between the naira and the dollar.
I disagree with the fact that devaluation started in 2011. The instability has been there from God knows when. Now accrediting it from 2011-2013 is not a fair one. It only shows how partisan Nigerians can be when it comes to saying the truth. It’s something that will be stabilized as government is putting policies in place. And it’s all for the best of our country.
Are you kidding me, Linda, or something...? kindly quit this political propaganda before it gets out of hands.
Wa( is this country turning into.? http://youthincome.com/?user=1404
Very simple we only spend,we do not earn dollars beyond crude oil income,,our banking system has define their mediocrity as standard we should all accept,their system of operation is laughable to the western world,Naira will keep going down,because our banks don't recongnise start up that could earn U.S. foreign exchange and create employment or reduce dependence on foreign exchange ,if Nigerian Banks were in position to determine the business proposals of Bill Gate,Late Job,Netflix,Iroking ,Konga.com etc. trust me those industries will never has existed.
Trust me dollar to Naira will get to 250.
This royal idiot has a prob. Just be typing shit... fool
Guy u need to slow down your stupidity on here. Its getting too much. U are married with kids for that matter..
Get some brain plss
What comes arnd goes arnd? Are u a univeristy drop out? I wonder if u even go to sch at all
Hope it get much better#SaiBuhari
Hmmmmmm! It's only God dt can salvage ds
Linda, why would you even ask such a question when the answer is apparent? Of course we should worry! But beyond worrying, I think we need to look inward and stop the blame game. Our dependence on importation should reduce while we develop our local industries. That’s my take on this.
We desire development and progress for our country, but we should also ask ourselves if we are ready to do the right thing. For example giving biased information just for the cause of favouring one party or the other is not in the interest of this nation. We should criticize constructively and not destructively, because if we continue to criticizes destructively; we are gradually sending our country to that point we don’t want to be. The present government is not the cause, but they are working out solutions to cushion the effect.
Who is dis BASTARD anonymous dat I repeating comments n insulting pple n praising okwonjoewela, ECA. R u sick? I'm sure its doyin okupe or d rest. Just face d issue at hand n comment on it. Who is amechi n co 2 stop okonjo from saving wateva money. Nigerians aint stupid anymore.
Yes ooo . Linda we should. Some of us schooling outside Nigeria really need it to go back to normal. And for our parents to be able to pay our school fees
Can anytin gud come out from this administration.....this bin dis worst nigeria iv cin..I swear
Governor Amaechi had warned late last year that exchange rate to the dollar will hit 250 and that this will happen immediately after the election. He said that the Fed Govt is just managing it so as to be able to conduct the polls and that once the polls are over, naira will have a free falls. The people in authority at the Finance and CBN should resign immediately.
U better seek knowledge before u start spitting out rubbish. All d governors noticed d money in d excess crude accout was getting depleted on a periodic basis, so before d money gets totally finished, they decided to share d money and use it for state projects. Jona Badluck and okonjo Iweala are thieves and they wld end dia lives in jail.
If you have nothing positive to say, please keep your destructive criticisms to yourself. We want solutions not more problems
This is what we have been saying. Way before the crude oil prices started falling, Ngozi Okonjo-Iweala set up the ECA so that the country can save for the rainy day. However some won’t make it work, they called for the sharing of the account. The devaluation of the naira is of course a ripple effect of the fall of international price of crude oil. God forbid that those negative economic predictions should come to pass.
The exchange rate is indeed sky-rocketing. But this should not meet us unawares the CME then was canvassing that the country needs to save, but the governors refused to heed her. They said it was unconstitutional for there to be savings; all the oyel money must be shared. Now we should ask them whether it is constitutional for Nigeria’s currency and economy to be weak.
It is indeed a matter of great concern and honestly this is not a time to play the blame game or point accusing fingers. But we have had warnings in the past, remember when Okonjo-Iweala set up the Excess Crude Account, it was as if she had foreseen this. Thank God, for that initiative, otherwise things might have been in bad shape. Hopefully, things would get better and the naira would become stronger.
Yes that is the main factor responsible for the weak naira. It is very horrible. The prices of commodities have increased generally. At least the current administration is managing the situation well; what I call damage control. Otherwise things could have been worse; Allah forbid.
It’s always easier to point accusing fingers while sitting down and refusing to contribute meaningfully to what others painstakingly do to make things better.
SO Amaechi ate up the Our Foreign reserves and The ECA. I didnt know Amaechi was that Powerful.
Maybe if our governors had heeded Okonjo-Iweala then, things would have been better. But they were hell-bent on sharing the ECA savings. That is unfortunate. As for the devaluation of the naira, I believe it is just for a season; Nigeria would wade through this tough times
Oh i see, the Blame is Now on Amaechi...HAHAHAHAHAHAHAHa! how foolish can we be in this country.
It should stay this way till May abeg! hehehehe
No now, why should we worry. No be we say Na GEJ or bust? Yes while currencies are falling in a few countries, steps are being taken to remedy the situation. Here, even what is left is being stolen or used for the campaign. Or how do u think they're paying to put out all that trash in newspapers and on TV?
People this is not a vote for Abacha, but check the records, during his regime oil was sold as low as $9p/b. Yet the dollar then was about N110! Someone was manning the gate, protecting the Naira, our collective survival force. Does that answer your question Linda? Do we even have a CBN governor?
People this is not a vote for Abacha, but check the records, during his regime oil was sold as low as $9p/b. Yet the dollar then was about N110! Someone was manning the gate, protecting the Naira, our collective survival force. Does that answer your question Linda? Do we even have a CBN governor?
When the Finance Minister was canvassing for ECA, and the state governors shunned the idea since most of them are there to loot the treasury till they drop, it was for such a time as this. No one commended her then, now that it has backfired in our faces, we cry foul. Nigerians please act responsibly and maturely rather than trading blames and sulking.
God bless Okonjo Iweala for ensuring that our fiscal policy is stood on the right footings. She fought with the greedy governors who wanted to share everything sharable from the purse.
Nigerians should be concerned cos we import almost every thing we use. If the exchange rate is high, then the prices of goods will also go up.
$.
$.
@Carlos via Nokia Lumia
Nigerians should be concerned cos we import almost every thing we use. If the exchange rate is high, then the prices of goods will also go up.
$.
$.
@Carlos via Nokia Lumia
I av had to cancel 2 out of 3 international courses I managed to save for from my hard earned money becos I can't afford it anymore.n som ppl still r clamouring for gej,may all ur lifes turn out lik Nigeria is under ebele
Is that ur problem or the fact that this is true Nigeria is in trouble? Ode!
Who the fuck is this posting same comments in different formats.. .. Must we adhere to the crap you're saying.. .. We talking bout views on why the Maura is being devalued and you're talking something else.. . What if she saved the money back then.. .. Would it have prevented our currencies devaluation?? ???? Ode oshi. ... Empty skull
The report doesn't say Venezuela saved... It says they had other economic policies in place to buffer the fall. When your entire economy depends on just one thing, this is what you get when that one thing falters.
We no longer have agriculture... Not one single textile plant is operational... Outside of oil, we don't have any other sub-surface mining operations... These, my friend, would have cushioned the blow.
Save the money so they can embezzle and later in the coming years we hear so so so so billion naira is missing from the ECA.. .... ODE OSHI
Nigerian Banks are the enemy of this Country not the finance Minister,not Mr president ,Stupid Bank don't know how to create wealth,they are only interested in Goverment money or ready made money,sorry ass country,sori azz Bankers
T.B jousha said all this things will happen this year on 31st night.
Linda we should GTB is charging me N314 to £1 all the way from N270 to £1. Ive seen my money dwindle.
In fact we should be screaming
Well. I think the echange rate wouldn't havd depleted to this extent if the governors listen to NOI
Nigerians are not fooled. We know those that are wrecking havoc on the Nigerian economy. God will judge them all.
Linda you have already answered the question yourself. You cited the case of Venezuela. What you are witnessing here is a bad case of poor economic policy. This government and the previous ones were told to diversify the economy but refused to do so. What u are seeing now is the consequence of that refusal. Agriculture is the way to go and not oil.
I am very worried! See my salary depreciation already: At exchange rate of 155.5/USD, my salary value was N120,000, now with the exchange at 203.9/USD, my salary value is N91,515.4. Yet the price of commodities in the market is on the increase.
#smh - THE PAINFUL PART IS THEY ARE STIL LYING TO US THAT OUR ECONOMY IS PERFECT. THE MOST PAINFUL PART IS THAT WE ARE GIVING EXCUSES FOR THEM. Look at the quality of sound and visuals of presidential interview; let's tune to NTA (African's largest network and it summarizes the claim of the present government). VOTE BUHARI!!!
All these things happen under Okonjo Wahala's watch. If she is that good she should have seen this coming and take corrective action. Saving money in ECA is not the answer. Somebody or some ppl are waiting and ready to steal that money or at least misuse it. That is why some ppl were agitating that it should be distributed among the states for development. Okojo Iweala is overrated and has worked at the world bank for too long to be effective. She sees things from d world bank point of view. She is not to be celebrated.
Its worrisome and our government urgently needs to find a solution.
Major implications are increased cost of imported goods and more naira to be spent on foreign fees.
Bloody Fool!!! What is the cause then?? PDP e-rat!
Anonymous Okonjo Iweala, stop trying to defend yourself. You keep blaming everyone else but yourself. If you knew this would happen, why didn't you resign & tell Nigerians you resigned because the governors are trying to destroy the lives of Nigerians. The truth is you are a very selfish person and God will reward you accordingly.
Bitch!
Die!
Die already,you and ur mum and everyone one making this country unbearable for the common people
My problem with most people is that they are so ignorant and they demonstrate it proudly. Exchange rates simply refer to the rate at which one country’s currency can be exchanged for another. Since our economy is dependent on oil and largely consumption by nature there will be rise in the exchange rate definitely. We need not worry about exchange rates because it is not a sole determinant of economic performance. A good example is the American dollar and British pounds
The question is what is the effect of exchange rate on the economy? Devaluation of the currency makes import more expensive and export cheaper. No responsible government will fold its hands while its domains is flooded with goods from foreign countries. Why then worry about exchange rates?
Thumbs up NOI!
The fact that the exchange rate is the way it is shows how the governors have decided to empty the Excess Crude Account. Nigerians must know the truth and not put the blame on the great woman, Okonjo Iweala who is ensuring that the economy is put on the right standing.
The rise of foreign exchange rates is a function of several variables. It rather makes us work harder as a nation and as a people. The rise in foreign exchange rates will make exports to be cheaper and import more expensive. My problem with most people is that they demonstrate their ignorance rather publicly, particularly those in the opposition.
The problem is that Mrs. Okonjo-Iweala's distractors want to stread their own ignorance to the public by creating unnecessary fear. NOI please don't be distracted continue your good works
It is on record that the IMF Director, Christiane Largarde in 2012 advised the Federal Government to devalue the Naira. The advice coming from professionals like Largarde is that to ensure that the economy becomes production based, there is need to make imports become expensive and export to become cheaper. So the raise of the foreign exchange rate is nothing to worry about for those who know.
Only few among the APC members appreciate professionals such as Okonjo-Iweala since the opposition can't boast of such intellectuals.
Please don't be distracted Mrs. Okonjo-Iweala we that are for you are more than those against you
Does it surprise anyone that the British pounds weigh more than the American dollars? Does it also worry anyone that the American economy is stronger than the British? The Nigerian economy is now the largest in Africa despite the so-called rise in foreign exchange rate. No one should lose sleep over the rise in foreign exchange it is only a sign of growth. Things are changing.
Some people should go and dust their elementary economics textbooks before coming out to speak. Dr(Mrs) ngozi Okonjo-Iweala is far more intelligent than they are and not in their class in terms of Economic analysis
Devaluation of the currency makes import more expensive and export cheaper. No responsible government will fold its hands while its domains is flooded with goods from foreign countries. Why then worry about exchange rates?
We need stop pretending about this, our economy is dependent on oil which requires diversification to get back to shape. This is what Mrs. Okonjo-Iweala is trying to achieve. She needs our support. She has mine what about you?
Yes. We have to be worried. But in Nigeria, economic analysts and gurus in this matter will know d worst to come, know who is to blame, but will not know d solution. In advanced countries, this is considered an emergency and everybody drop their differences and unite to tackle this problem.
Anon 1:26pm, gej is not the cause of the devaluation of Naira. Please get your facts right.
Christiane Largarde the IMF Director in 2012 advised the Federal Government to devalue the Naira. The advice coming from professionals like Largarde is that to ensure that the economy becomes production based, there is need to make imports become expensive and export to become cheaper. So the raise of the foreign exchange rate is nothing to worry about for those who know.
Minister for Finance is on course in taking our economy to the path of recovery. We can't have it both ways. Thank you Mrs. Okonjo-Iweala!
It will not be stable people... The price of oil has dropped by 40%, Our funds don dey finish... All you guys on the PDP and GEJ waggon make una continue ooh... Last last na we go suffer for the man mumu.
After 15 years of PDP rule, there has been no substantial meaningful development in our country, things have gone from bad to worse... WE NEED CHANGE!!!!
Dont mind the idiot posting the same comment a million times. I guess its one of the cyber rats hired by okupe to spread ignorance on social media. They have increased in number.
The Nigerian economy is now the largest in Africa despite the so-called rise in foreign exchange rate. No one should lose sleep over the rise in foreign exchange it is only a sign of growth. Things are changing.
With the economy in the more than capable hands of the charismatic Minister of Finance, Dr. Mrs Ngozi Okonjo-Iweala no one needs to lose sleep over the rising rate of foreign exchange.
I trust Mrs Iweala
The question is what is the effect of exchange rate on the economy? Simple elementary economics show the answer to this question. Devaluation of the currency makes import more expensive and export cheaper. SIMPLE. Non-Economists cause more problems for professionals like Ngozi Okonjo-Iweala and her team with their abysmal ignorance. For me the economy has done well under the able leadership of Iweala
No responsible government will fold its hands while its domains is flooded with goods from foreign countries. Why then worry about exchange rates? This is why the present rise in foreign exchange is beneficial to our dear nation. Thanks to prudent management under Mrs. Iweala, our economy is now the largest in Africa. thanks to the able hands of NOI
It rather makes us work harder as a nation and as a people. The rise in foreign exchange rates will make exports to be cheaper and import more expensive. My problem with most people is that they demonstrate their ignorance rather publicly, particularly those in the opposition,APC who always find it convenient to attack Okonjo-Iweala. the truth is Iweala is the best Minister for Finance
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