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:
«Oldest ‹Older 201 – 247 of 247No keep supporting GEJ.
The bitter truth is when your currency devalues it takes years or decades to recover that's why Russia spent alot to defend the ruble with there foreign reserve. Yes your currency will fall but slightly but Nigeria cannot do that because GEJ don squander all of our foreign reserve.
E rat like you.
Someone pass me pesticide lemme spray the sponsored E rat.
You are the empty skull for asking back if the savings would have prevented the devaluation of the Naira. For your information, the savings would have defended the NAira in times like this. Why do you think Saudi Arabia isn't Majorly affected. This is because they saved a lot of their dollars and diversified their economy.
It is not your fault. You just represent the mindset of a typical Nigerian.
Who is this sick Anonymous e mosquito screaming Rotimi Amaechi, stop this sick obsession, is Rotimi in charge of our economy? Okonjo keeps lying that you have the largest economy while we happen to be one of the poorest country. Take your madness elsewhere and leave Rotimi out of this mess. Those people are feeding fat, settling themselves in dollars, this is a shame. Wait till dollar is 250 before you chase gridlock Jonathan out with your votes. Everything Is damn expensive.
Linda see ya life. You are not worried because Google is hosting you free of charge. This is a serious issue.. particularly to the IT industry in Nigeria. We pay for a number of tools and services in dollars
@ Salam, it's a lie, diversified the economy or their pockets, things are really bad.
Must you blame someone for your misfortune? Yes, Okonjo - Iweala was fighting hard to save for rainy day but your president was busy siphoning the economy, so the governor' s said no! Do you blame them?
Minister of finance and President what do u have to say?
Minister of finance and President what do u have to say?
The only ideology of these elements of opposition party is change. I wonder what their mean by change? Only history with tell the great height the present administration has taken the nation to. Development is a gradual change the needs time to perfect the good works. The only obligation expected of us the citizens of the nation is to support the government to continue the good work. Thank youe GEJ for your love for the country
Mere looking at the President and his words, you know that the man mean well for the nation. Albeit, some saboteurs within the country and outside are only interested in discrediting his government and tarnish his mandate. OgaJona, I have no gold nor silver; but with my support, I can guarantee you of my vote and the ones of my house hold. given the economic mastro from world bank should be accounted as a giant stride.
It is on good authority that the ECA has been picked clean. Not sure if they have caught up yet but as at the end of Q4 2014 some states were owed arrears ok the FAAC. The free fall continues..
Anon 12:51pm. Thank you!!!!!
What's the use of solutions when you have a government that won't implement. A government that cares about lining their pockets? Trust me better men than you....I mean in the top echelon of economics and business raised and alarm with the president about the impending doom, but did they listen? OK now....we go Sidon dey look.
In Nigeria , our emotions have beclouded our sense of reasoning. this present administration has been so kind to the people of the north. most of the projects of this admistration are in the core north. yet! this people have not said thank you. only God will judge. i know for sure come may 29, Goodluck Godsent will be swear in again for continuity of the good works you.again on the issue of devaluation, exchange rate doent matter. but making the eceonomy work is what we need most. that is what the transformation agenda is all about. with giant strides in agriculture,transportation, power reform, education etc.
When did devaluation becomes economic prosperity? Do we really know the current value of china currency? China as one of the largest economies in the world purposely kept the value of their currency(Renminbi) so low to discourage input and allow for more dollar chasing their currency.
The step of this team of transformation agenda, is to lead he country to multi-facet economy not the mono-culture economy their met.
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.
When did Linda Ikeji become an economic analyst? You had better face your business of gossip and entertainment rather than raising questions you cannot answer.
China as the biggest economy, still keeps her renmindi as low as 1.00 CNY = 0.160178 US dollar. this is a good economic strategy. the is devaluation of Naira will only help our Naira and our economy to be domestic driven economy and discourage foreign surplus and imbalance exchange. it only left for idiot and adult to dissect the economic expediency
@Omo Naija, you're obviously seething with anger but that does not give you the licence to distort the facts. No one is lying about Nigeria being the largest economy, it is an empirical fact. the devaluation of the naira is another issue entirely, and it is only a temporary situation.
Who is the anonymous economist that Linda Ikeji is quoting? The fellow ought to have been professional enough to support his/her thesis with relevant analysis. Basing an article on a blanket, unsubstantiated statement does not help anyone.
Linda ought to know better than to publish a piece like this that does not fulfil any purpose of good journalistic writing. There is nothing informing, educative or entertaining about this piece, just regurgitation of parochial sentiments. The fluctuation of exchange rate is not peculiar to Nigeria and it is not an issue that we cannot successfully deal with.
when i see amateur or pseudo intellectual talks on economic, be it micro of macro i laugh (lol). it should be noted presently, nigeria is the fastest growing economy in Afican. knowing the nexus between growth and development, it will take time for the manifest function of the economic structure of this present administrtion to come to past.thank Mrs Iweala for this your professional input to the Nation.
Are you attributing the fallen dollar rate to the President again? You harsh o.
When the Coordinating Minister of the economy reiterated the need to save into the excess crude account, the state governors vehemently opposed her. Little wonder the devalued naira against the pound owing to fallen oil price globally. Remember you can’t eat your cake and have it.
Yes o. E reach to worry. Its affecting me personally in almost everyway.
i commend DR Ngozi Okonjo Iweala for the prudent management of the economy in Nigeria,she is focus and intelligent,well organized,she need all the surport she can get from the people.
When the Coordinating Minister of the economy reiterated the need to save into the excess crude account, the state governors vehemently opposed her. Little wonder the devalued naira against the pound owing to fallen oil price globally. Remember you can’t eat your cake and have it.
Nigerians are not fooled - they know that are plundering Nigeria’s commonwealth. They are the governors that Ngozi Okonjo Iweala has been battling all these years. If more Nigerians raised the alarm when the governors were desperate to share the money in ECA, the naira would have been more stronger that it is now.
It is important to note that in spite of the serious challenges arising from the sharp fall in oil prices; Nigeria is still doing quite well, compared to some other oil producing countries. While the economies of Russia and Venezuela are projected to contract and experience negative growth this year, Nigeria’s gross domestic product, GDP, has been projected by the International Monetary Fund to grow by 4.8 per cent, which is quite robust by global standards.
Amen to this brother, you've spoken so intelligently.
#BuhariOsinbajo2015
God Bless Nigeria. Amen.
Okonjo, GEJ and their likes are clueless. Those of you trying to defend Okonjo, why are you baking the governors? Several of you have mentioned Ameachi. What a shame! What has happened to the share savings by the FG? Also at the supreme court? We need change. Period!
Okonjo, GEJ and their likes are clueless. Those of you trying to defend Okonjo, why are you blaming governors? Several of you have mentioned Ameachi. What a shame! What has happened to the share of savings by the FG? Also at the supreme court? We need change. Period!
That person who posted about 20 comments here is really angry with the governors and with APC.
This is one worry I have been trying to push to the back of my mind. One commenter here keeps implying: Do not blame the head. Was he put there for a walk in the park? Is he like me? Are there no perks in the job? Didn't he know he would face challenges. Why did they start giving the governors before the case went to court?
The utter worst
Kindly ignore these PDP hired comment posters! They post the exact same comments as Kate, jamiu and Qudus, Benson, chioma....their brief is to praise Ngozi Okonjo Iweala and blame Amaechi. The lies and propaganda are too much. Nigerians will no longer tolerate government-sponsored deception. Change is a must!!
True talk. Well said
Great to read intelligent post for once here. other than e no concern me or the usual " na dem go sabi". Well said sir. We do have intelligent minds but the country is structured in ways where educated minds are not given the chance or threatened.
ENOUGH ALREADY NOBODY IS BUYING your ignorant post. You cant fool the peopleall of the time. You are obviously sent here by PDP to post some rubbish here
we need not make an issues out of the rise in foreign exchange.DR Ngozi Okonjo Iweale is a competent woman,who will ensure the safety of our economy growth and stability.
A great woman of substance,who knows her work,the finance minister Dr Ngozi Okonjo Iweala,needs no introduction,even with the rise of the foreign exchange,she is still able to control the economy system in Nigeria.
The exchange rate has nothing to do with the economic growth,The Nigeria economic growth is under GEJ administrative is to be commended and not just the exchange rate.
Nigerians we are one,the minister of finance,Dr Ngozi Okonjo Iweala is really transforming the economy system,through the transformation agenda( TAN)we should commend her not tarnish her image.
It's becoming boring same person commenting with anonymous one millions times, pls take several seats
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