Wahala dey!
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| CBN Governor |
Are those that should be worried really worried?Are they doing anything to remedy the situation or are we just gonna wake up one day and hear that ''Oh did you hear that the Naira passed on last night?''
Who should we hold responsible for this?I know some of you would say Buhari but come on,lets talk reality here...WHO SHOULD BE HELD ACCOUNTABLE FOR THE NOSE DIVING NAIRA?
I am even scared today to check what the figures are and i have kinda stopped using my ATM card because 'na myself i go dey do if i continue encouraging its use when nothing good really comes out anymore.
Do you have any Solutions that you think might reverse the Naira curse?
Is the drop in its value and the scarcity of FOREX in Nigeria man made to frustrate the government into bending or reversing some of its rules?
I mean why make the common citizens suffer because you are trying to curb corrupt officials from spending their loots?why not freeze all their accounts until further notice?
Somebody please talk to me because I am just 50cents away from giving up on Nigeria because of the frustrations attached to being called a Nigerian...Hissss!
And the CBN Governor has been quiet like he doesn't know that Nigerians need explanations as to why a loose shoe suddenly pinches the toes?Mscheeew!
Nigerian polithiefcians have hidden all the dollars in soakaway pits thus demand is high and supply is low. And the naira? Depreciating faster than Usain bolt.
ReplyDeleteThere is no dollar because our only source of getting dollar is thru exportation which had to do with the exportation of crude. And Since oil price has fallen from 140 dollar to about 30 dollar, sales has gone down as most country are looking for alternative means..
DeleteIt has nothing to do with dollars in the soakaway
Abacha had billions of dollar taken from Nigeria but we didn't have this nose dive
How much more what every leader has stolen
If we can look for things to export to bring dollars we would be fine
Things like our solod minerals and agriculture..
We use to be the greatest exporters of cocoa in Africa, I don't know what happened to us. We left every agriculture products we supply to depend on oil and now the boom is gone
For the benefit of all the illiterates on this blog who continue to blame Buhari for the naira decline..kindly let me enlighten you. First of all..a country's currency can not just start to devalue overnight. There are multiple long term factors that influence this, one of which is a lack of foreign currency reserve and the scarcity of the foreign currency to which your currency is secured upon which in his case is the dollar. There are also other factors like the decrease in prices of our oil which reduces GDP and forced down the value. Also. No one wants to buy our oil anymore and as an incentive for them to do so we are being required to devalue out currency so they can purchase for even lower than the current price which is why Buhari isn't allowing it. But the damage has already been done. The dollar reserves we were supposed to hold on to at a time like this when oil prices have fallen which would have served as backing for our currency and prevented this free fall has been squandered by a select few. Or did u guys think that all this looting wouldn't have long term effects on the economy? That it would just St blow over? When u take such large amounts of its impunity there are going to be consequences to the country which is what we are all experiencing right now. When you clean out a country's treasury and allow a man who isn't fit to be a local govt chairman rule an entire country this is what u get. The reasons for all out woes are very glaring. And until we stop recycling these old politicians and actually put intelligent Nigerians in power we will continue to be backwards as a people. Since independence we have made more money than most countries will ever see. Yet Nigeria looks like a village in comparison to the rest of the world. A true third world country. Dubai has not made more money than we have in the same time period and yet it looks like heaven and when the rest of the world call us monkeys we are offended. A Nigerian owns Gatwick airport in the UK. Highly intelligent man. Why wouldn't this type of person be president? Do U realize that we have not had a single university trained president since the 70's? Not one single one. And nobody should mention GEJ cos I do not consider that an educated person. Might actually be the dumbest human to ever assume such a position. Wike who killed people to become govt was sacked. But a retarded Supreme Court ruling placed him back in office to continue his murderous rule. Until we execute all the looters that bled this country dry and take over all properties acquired with their ill gotten wealth and then vote in the right candidates, we will not make headway. No be curse
DeleteBuhari has killed this country...
ReplyDeleteWe won't blame anybody Stella rather than Buhari!..
Oh God,how did we get here?...
Every damn thing in this country is now over priced...
If it continue like this,I don't have any other choice than to relocate with my family...it's better for us mehn...
What are you still waiting for?
DeleteWhat are you still waiting for?
DeleteU are the dullest person ever, go and read punch or vanguard on line and know the reasons for the scarcity of dollars and fall in naira. FYI, The commercial banks executives are the ones responsible cos they sell dollars @ higher rates btw N220 and N300 to importers as against the mandatory N199 per dollar claiming scarcity of dollar. I think CBN governor knows about this but turning a blind eye probably cos he is making gains from the forex fraud in the banking industry. CBN needs to start selling back to BDC operators so the market will be competitive.
DeleteLook who is talking? Okoro feeling enlightened! Relocate bawo? Who will give you this illetrate a visa? The odor from your husband's mouth will make the embassy officers collapse during questioning! Idiot!
DeleteAnonymous 13.54..LWKMD ooo!!! U Cray gan..
DeleteMy own question is, who fixes d price.(i no wan hear it's determined by d forces of supply and demand)i say na who be dat person who dey determine d price. Really pissed
ReplyDeleteStella! Stella!! How the fall of Naira affect price of food for market? For all I know, the basic requirements like food, transport, shelter have not been affected. People wey dey cry na people like u wey either dey abroad (still earning some Naira), and people wey dey plan travel for summer.
ReplyDeleteAffected items are imported goods - then mak we revert to made in Niaja products!
The poor masses, that make up the larger population no even understand wetin e mean for Naira to fall - where e dey fall from?
Are you serious Right now? Are you part of the poor masses? This your conclusion is somehow o. I am a student of uniben and we have not been finding it funny. Egg is now sold at 50naira. Small bread now sold at 90naira. Even vegetable that does not concern dollars is now very high. Infact everything has increased. The poor masses are even suffering more because market people have taken undue advantage of the pitiable situation. Something has to be done asap as nobody is finding it funny down here.
DeleteMay God bless you wella! You get sense baje
DeleteWhich food and transport hasn't been affected?
DeletePls shut up if you don't go shopping at all! Everything has added price in the market and they all blame it on dollar! Including kilo of meat which used to be #1000, now its #1200. Wonder if we also import cows! MtschewwMtscheww. Nigerians can be so exploitative
DeleteGod bless u. Not by force to travel or use imported tins
DeleteE se o. It did not affect me sam! Sam! I don't use anything imported . Tomatoes dey yanful yanful.corruption must dye!
DeletePeople that sell vegetable and cow meat(beef)end up buying other necessities that are imported.e.g bread(flour),my point being that you have to raise prices of ur goods or services to afford same in this harsh economic climate...Dr Samba
DeleteIts normal for everything to go up my dear friends. We run an import dependent economy. You expect the meat dealer not to increase the price as if his kids won't need school fees n clothings. The petty trader by the roadside will also buy imported pencils n rulers for her 9 kids. Its called multiplier effects or chain reaction.
DeletePls do your research well before spilling trash every item in the market is high,transport fare is equally very high let alone clothing and the rest.
DeleteMr Common sense has tried by encouraging us to "buy Nigeria to grow Naira" but the question remain what do Nigerians produce? Fabrics n footwear yes, what about other things?
DeleteDon't be naive
DeleteCost of everything has increased because the standard of living in Nigeria has increased..
Things that go for 800 now go for 1200. Unless you don't go to the market or still live with someone because if you do, you would know something as common as vegetables has hiked in price.
Johnson, sadly, a slight disruption in the value chain of a dependent product can lead to cyclic increase in prices of commodities. The IPMAN have hinted about a perceived scarcity of fuel as the high exchange rate cum scarcity of dollars is impeding the importation of pms, hope you know these transactions are effected in dollars....what do you think would be the rebound effect, especially when people have to spend more to transport their goods to the shops in your vicinity ?
DeleteLi-yon Vls.
End time CBN governor
ReplyDeleteIMO let us prophesy into the naira by saying:NAIRA! NAIRA! I command you to rise, riSE, RISE O NAIRA! just as dead bones were commanded to rise, I say NAIRA! You will rise AGAIN! Can somebody give me an AMEN?
ReplyDeleteEvery weapon fashioned against the naia shall not prosper. In the absence of any explanation, let us do what we do best; PRAY.
The fall in oil price and cut short the inflow of dollar into the economy ..CBN no longer has dollars to give to the banks . So the banks are going to source for dollar in the black market . And with the law of demand and supply , when there's a high demand for a commodity , it hikes up the cost of that commodity .
ReplyDeleteBlame Jonathan for this mess . If only they had not squandered even the loot of abacha that was returned and emptied the treasury , maybe we would have been cushioned , maybe if that idiot dieziani hadn't squandered so much in dollars - maybe we won't be here .
I don't see a short term solution tho . The only solution is to not demand for dollars
Jonathan has nothing to do with this because if they had not squandered money at some point we will still run out of dollars as oil price wouldn't be coming up anytime soon
DeleteBlame the fact that the government depended on oil as out only source of revenue and getting dollar. In a land as rich as Nigeria, we picked only oil to depend on not looking at what the future says
If out exportation in agriculture and solid minerals was still good enough we wouldn't be in this situation.
Do you know how much abacha stole?? Do you know how much people have stolen since the birth of this country?? But we haven't noticed it this much as we did with the last administration because of the fall of oil price
If oil was still booming now, even with all what Jonathan and everyone that has been in power stole we won't notice it as we would have source of getting dollars
Now I blame the government. For depending on only one source of revenue. Every country with oil is suffering the same fate as us but why their isn't so much is because they have other things they rely on to bring revenue
Look at dubai, they have tourism.
Angola also export other items
But we were foolish to depend on oil courtesy of our government
So let us better focus on agriculture and mining now to help this country. That's the only way forward
It is well ooo. God pls help ur Children ooo.
ReplyDeleteFirst things first, buhari has to come and sit his black arse down in his own country.
ReplyDeleteThen other things can follow.
Stella, u mentioned that buhari isn't to blame, biko who's d leader of dis country, can u honestly say u wouldn't have blamed gej if he was still d president????
Anything that goes wrong in this country, the head is accountable for every.
You're correct, its the head's fault. You're a bitter conniving bitch & na buhari b d causer.
DeleteEka bitter, you are born bastard! Tell your own father to go and sit his ugly black aSs down for not doing a good job of training you better! And you expect a man to put you in his house as wife? So you can cuss his father? Tufiakwa!
DeleteOlodo, I'm sure u don't know d meaning of conniving. That's enough punishment for u already.
DeleteTa gerrarahere anon. Is she the "causer" of your problems? Is it your boyfriend she "connived" with that you are so pained?
DeleteLets forget about the oil price, for the fact that the CBN Governor stoped the selling of 00dollar to BDC also caused it. Because people now source for it anywhere even outside the country, then add their transport and sell whatever pleases them.
ReplyDeleteStar babe pls hold your peace, it will still crash.Before something can rise it need to fall and am confident it will be so.It happened in the bible in the book of 2 kings 7. pls don't give up just yet.A little more prayer and positivity and all will be well.Nigeria will rise and shine again in Jesus name.Amen
ReplyDeleteWe should start by impeaching our clueless president
ReplyDeleteAre you now dragging the queen title with linda portable? You are a desperado and attention seeker! Go and first take care of your clueless husband who didn't know what he was getting into before he married you!
DeleteThe reason we are witnessing is because our foreign reserve is very low (less USD30b) because GEJ and his government depleted it.
ReplyDeleteBecause of the low foreign reserve, the CBN is refusing to withdraw more FOREX as there will be no FOREX to support future and more essential foreign purchase by the state.
The solution: wait out the fall of oil prices and then increase foreign reserve. At that time, there will more foreign earnings and thereby more Forex in circulation.
Na leader we go blame.
ReplyDeleteNo more blame GEJ now
its blame BUHARI for everything.
Was he not there when his campaigners were saying "we would make Naira equals dollar?"
#wakawakaPresident
Truth be told, there is an unhealthy disconnect between the old and the modern elites, the former have failed to build a bridge to unite with the latter and this is why we have a multitude of well trained and educated minds deviating into areas of less mental requirement leaving the areas of importance/criticality to be manned by old and corrupt-minded men. This cycle has gone on for years at the expense of the synergy and unity required for nation building. Every society ought to be integrated with majority of the policies and sectors inter-related for a common goal, but in our case, we act and support ideas on the basis of selfishness and tribalism.
ReplyDeleteThis plunge in naira is as a result of the build up of uncorrected failures which have stared us in our faces for decades, but the same evil cards of selfishness and tribalism has always impeded us from having a common resolve. Numerous 'man-made' fault lines dividing us to blindly support leaders who apparently lacked national interest at heart. We have performed woefully as a country and right now we need to act fast, pick up our hoes and head out to cultivate because if we don't revamp our institutions as a country, then we would drown away faster than we can imagine cos we actually cannot compete with the technology present in the developed societies(with lil or non existent R and D)
We need to have a common mindset as a nation and optimize our resources, we are blessed with 'raw valuables' which are in high demand to the western societies, when we are able to sort ourselves then we can think towards exporting at a reasonable scale and strenghtening our currency as we hope for the global dynamics in demand and supply to ease out and favour the price of oil.
We know our problems and I think we've got smart people present in key areas, we can lend them our support and hope the fangs of corruption wldn't sink into them anymore cos we have suffered enough as a country. (This is our problem, we already know all the turanci bout buying naija to grow the naira and reducing the import, export deficit)
Li-yon Vls.
@ World People. You Are a big idiot. Won't u allow the people that have the money to spend complain? Why should u blame GEJ. Brain-dead goat.
ReplyDeleteSo help us God
ReplyDeleteWho to blame? CORRUPT PEOPLE! Q.E.D!
ReplyDeleteThis is an economical problem. Your reserve bank must have a monetary committee and policies to control this situation. Yes they are a lot of external factors but your internal controls should bring your currency to some level of stability. Sadly your reserve bank Governor looks like he's a little diverted from corrective factors. In economics when you get too strict you create a demand and this hits you back in your face as it has right now . Objectively demand a solution from your monetary committee on the policy of Nigeria to correct such a
ReplyDeletesituation, every country has this. Wish you the best and we look forward to seeing some stability in the Naira
this queen and boss of her village is the dullest person on earth, go and read punch and vanguard online so as to know the reasons for the rise in dollar and fall in naira,g FYI, the commercial banks executives are the ones responsible cos they sell dollars @higher rates btw N220 and N300 to importers as against the CBN mandatory rate of N199 per dollar, lying to the masses there is shortage of dollars. i think the CBN governor knows about this but turning a blind eye probably cos he is making gains from the forex fraud in the banking industry. CBN needs to revert back to selling dollars to the BDC operators so the market will be competitive and dollars readily available thereby bringing a rise in naira and fall in dollar. The only reason why I might want to blame Buhari is why he has not sacked this CBN governor. He needs advice from Sanusi to tell the right person for the CBN governor
ReplyDeleteAnnon 17:48 your head de there. U carry sense well.
ReplyDelete@ anonymous 17:48
ReplyDeleteI think you have allowed unhealthy sentiments get a better part of your opinion which made sense to a point.
During HRH Emir Sanusi's tenure as CBN governor, part of the reserves were used to shore up the naira from taking a dip as against outright devaluation so its not just stealing that ate up our reserves. Our economy is mono resourced so the moment oil prices took a dive, our foreign currency earning power went with the dive. Since we don't have anything else more valuable to trade with, its only logical that we be priced cheap and made to pay more for other goods. Savings might have delayed the inevitable for a while, in the end we will still have ended up in the same position now. FYI, oil prices are not expected to rebound within the next 3-5 years and is forecasted to never reach the 100 dollars mark again.
The Nigerian problem goes way beyond the 6 year tenure of the last government. The sword of 'economic crisis' Damocles had been hanging thinly over our heads for decades and successive military and civilian governments right from the 1970s did nothing about it. No upgrade of existing infrastructure, no building of new ones, no diversification of the economy, no orientation of people, no improvement in the education of citizens. Its quite unfortunate that the damned sword has fallen on our heads now and we are bleeding profusely, but it was very well expected.
Like someone said earlier, the amount of money stolen/misappropriated during the last government cannot compare to what has been taken from the Nation. It will be very hypocritical to lay blame solely at the feet of the last president for all the ills of the Nation since independence and what we are experiencing now.
Going forward, we are now very much aware of our economic bleeding and in desperation, we voted in a new president we believe can stem the gush, so don't be pained if some people blame him and his team. In my opinion, I think his government can do better than what its currently doing. Even if it's not doing anything, keeping quiet/dumb and not trying to assuage the concerns of people or inform people about his economic strategy makes him look incompetent, uncaring or just completely out of tune to current realities.
Its his time, his presidency, his name, his moment to be remembered in the history of this Nation, he can either step up, go hard and tackle the economic challenges or go home. Simple.