Please I want to ask this question if the foreign currency rate to the Nigerian naira can ever go back to its rate before Buhari's government came into power. I remember in January 2014 $1=158-164naira while in December 2014 $1=180 naira. Now Buhari' came into power in 2015 and said his government will make $1=1 naira but now $1=580 naira and the economy is down as things are overly expensive.

If Buhari gets out of seat in 2023 and we have a new government in power can we ever get the dollar rate to what it was before buhari came into power?

Mods please move to frontpage
Lalasticlala, Mynd44

The truth is that his 8 years of misrule ll forever hurt Nigerians..

Never ..we don't have the capacity and attitude

remsonik:
Please I want to ask this question if the foreign currency rate to the Nigerian naira can ever go back to its rate before Buhari's government came into power. I remember in January 2014 $1=158-164naira while in December 2014 $1=180 naira. Now Buhari' came into power in 2015 and said his government will make $1=1 naira but now $1=580 naira and the economy is down as things are overly expensive.

If Buhari gets out of seat in 2023 and we have a new government in power can we ever get the dollar rate to what it was before buhari came into power?

Mods please move to frontpage
Lalasticlala, Mynd44

It can fall below what it was in the black market before Buhari took over

It can be #200 by 2027 or below #200 sef

But it depends on the capacity of who becomes the president next year.

But don't also forget that the U.S. dollar has lost 17% of its value since 2014. Money do lose value, and it do appreciate, but is all a matter of how fast is it falling or rising. The rate at which the naira was falling apart under Buhari, I don't think such a thing has ever happen in Nigeria.

Buhari and Emefiele made a mistake by not protecting the Naira at some point, the Naira took a brutal beating, if not for the FG intervention, Dollar fit be close to or more than 1k by now

Yes it would.... Most of our National Forex income is spent on Fuel subsidy, with Dangote refinery agreeing to trade in Naira and accept crude oil swap, we would not need so much PetrolDollars and we would earn far more needed dollars from sales of our refined crude oil

After this election believe it or not things will get worse no reasonable person
Powerful enough to control Nigeria among all the aspirants so far
USD might be stable at 600/$ for a Long while
For USD to go back to 180/$
We will have to clear at least 70% of our debt

Mooh247:
Yes it would.... Most of our National Forex income is spent on Fuel subsidy, with Dangote refinery agreeing to trade in Naira and accept crude oil swap, we would not need so much PetrolDollars and we would earn far more needed dollars from sales of our refined crude oil

Did you say with Dangote refinery? HONESTLY NIGERIA IS FINISHED.

Snitch24:

For USD to go back to 180/$
We will have to clear at least 70% of our debt

Are you serious?

On what basis are you saying the Naira will appreciate against the dollar only if we pay 60% of our debt.

It won't.
However what any serious Govt. can do is to deliberately formulate policies that will help local industries to produce those items that we massively import.
privatize our refineries, industrialization will really help to reduce the pressure on our naira.
Only then can the naira start making any gain against the dollar.
Anything apart from this, forget it, the naira will continue to go down.

sarris:
It won't.
However what any serious Govt. can do is to deliberately formulate policies that will help local industries to produce those items that we massively import.
privatize our refineries, industrialization will really help to reduce the pressure on our naira.
Only then can the naira start making any gain against the dollar.
Anything apart from this, forget it, the naira will continue to go down.

Total removal of petrol subsidy and Dangote refinery will relieve the naira to some extent.

Blablamalala:


Did you say with Dangote refinery? HONESTLY NIGERIA IS FINISHED.

Nah Nigeria is not finished, Nigeria must learn to let Private sector manage important aspect of economy like petroleum refining

Snitch24:
After this election believe it or not things will get worse no reasonable person
Powerful enough to control Nigeria among all the aspirants so far
USD might be stable at 600/$ for a Long while
For USD to go back to 180/$
We will have to clear at least 70% of our debt

How will we clear our debt to make the dollar improve when there's no industrialization and there's corruption in government leading.
Political office holders are earning more than their performance and I believe they should be put on minimum wage that the civil servant and salary earners earn

Impossicant

Mooh247:



Nah Nigeria is not finished, Nigeria must learn to let Private sector manage important aspect of economy like petroleum refining

Bro counting upon an individual's property as a way of salvaging a Nation is a shame. So if Dangote should die today what happens to the future of a Nation's economy built on the foundation of an individual's wealth?

Is it that impossible to make our refineries work or build new ones?

Blablamalala:


Bro counting upon an individual's property as a way of salvaging a Nation is a shame. So if Dangote should die today what happens to the future of a Nation economy built on the foundation of an individual's wealth?

Atleast Abdulsalam Rabiu is building one in Akwa Ibom through BUA group

A 100 barrels per day refinery cost less than 10 million USD this means most Politicians can afford it instead of fancy hotels, event centers and empty estates

Mooh247:


Atleast Abdulsalam Rabiu is building one in Akwa Ibom through BUA group

A 100 barrels per day refinery cost less than 10 million USD this means most Politicians can afford it instead of fancy hotels, event centers and empty estates

Honestly am short of words. For all I care I hope we will not be scammed again by our politicians

Then nigerians need to trade massively on commodities we have greater comparative advantage over other nation by capitalism with more value of our exports over imports as well as produce more items we import then the naira will grow stronger....

remsonik:
Please I want to ask this question if the foreign currency rate to the Nigerian naira can ever go back to its rate before Buhari's government came into power. I remember in January 2014 $1=158-164naira while in December 2014 $1=180 naira. Now Buhari' came into power in 2015 and said his government will make $1=1 naira but now $1=580 naira and the economy is down as things are overly expensive.

If Buhari gets out of seat in 2023 and we have a new government in power can we ever get the dollar rate to what it was before buhari came into power?

Mods please move to frontpage
Lalasticlala, Mynd44

It is possible if we pay back our foreign loans with interests.

That will happen after this disaster step down as president

If u think Tinubu is d messiah to salvage this poverty infested country then u not serious

We can do better.


By taking it back to 20 naira in 1999.

sarris:
It won't.
However what any serious Govt. can do is to deliberately formulate policies that will help local industries to produce those items that we massively import.
privatize our refineries, industrialization will really help to reduce the pressure on our naira.
Only then can the naira start making any gain against the dollar.
Anything apart from this, forget it, the naira will continue to go down.

This was exactly what the present government thought before banning importation of rice and closing the borders. This singular policy sent the country back to the trenches.

See them comparing score sheet. APC made do many promises but so far in just their 7th year in power it seems like Nigeria as a nation is going the opposition direction of what it is to be a better country for everyone.

JAMO84:
We can do better.


By taking it back to 20 naira in 1999.

remsonik:
Please I want to ask this question if the foreign currency rate to the Nigerian naira can ever go back to its rate before Buhari's government came into power. I remember in January 2014 $1=158-164naira while in December 2014 $1=180 naira. Now Buhari' came into power in 2015 and said his government will make $1=1 naira but now $1=580 naira and the economy is down as things are overly expensive.

If Buhari gets out of seat in 2023 and we have a new government in power can we ever get the dollar rate to what it was before buhari came into power?

Mods please move to frontpage
Lalasticlala, Mynd44

It's not possible. Even if it was possible, it would take decades. I'm talking from an economists perspective.

Rather than be fixated on the exchange rate, your focus should be on ending Buhari's disastrous foreign exchange rate meddling that has left the economy prostrate since 2015.

I am sure any new coming government would allow the Naira find its true value by giving the CBN the autonomy which Buhari took away.

The economy would start its revival next year. All 3 presidential candidates seem to all belief in technocrats unlike Buhari who ignores lots of sound advice.

Peter Obi, Atiku and Bola Tinubu

Ekoblendedsince:
See them comparing score sheet. APC made do many promises but so far in just their 7th year in power it seems like Nigeria as a nation is going the opposition direction of what it is to be a better country for everyone.

Cry more

Always wailing on dollar

Has America ever wail on naira

HOW? WHEN? WHY?

It's POssible. Good thinking/policies, good execution, good product

sarris:
It won't.
However what any serious Govt. can do is to deliberately formulate policies that will help local industries to produce those items that we massively import.
privatize our refineries, industrialization will really help to reduce the pressure on our naira.
Only then can the naira start making any gain against the dollar.
Anything apart from this, forget it, the naira will continue to go down.

Are you sure you're in Nigeria and know what is happening in Nigeria? The Nigerian Government have done what you're suggesting, it is one of the reason we are where we are now.

remsonik:
Please I want to ask this question if the foreign currency rate to the Nigerian naira can ever go back to its rate before Buhari's government came into power. I remember in January 2014 $1=158-164naira while in December 2014 $1=180 naira. Now Buhari' came into power in 2015 and said his government will make $1=1 naira but now $1=580 naira and the economy is down as things are overly expensive.

If Buhari gets out of seat in 2023 and we have a new government in power can we ever get the dollar rate to what it was before buhari came into power?

Mods please move to frontpage
Lalasticlala, Mynd44

yes, thats when politicians stop hoarding all the dollars making it scarce.
The likes of Atiku, Tinubu, and Wike are all a problem.

It's not impossible but will take some very difficult choices.

I listened to recent interview of Prof Utomi with Channels' Seun where the former made it clear we are in serious trouble but with hard choices we might just be able to salvage the situation

Extend our value chains in agricultural and manufacturing sectors
Increase
exports over imports
Reduce dollar denominated transactions
In a nutshell, diversify the economy.

remsonik:

How will we clear our debt to make the dollar improve when there's no industrialization and there's corruption in government leading.
Political office holders are earning more than their performance and I believe they should be put on minimum wage that the civil servant and salary earners earn

With all the industries in South Korea, go check the equivalent of won to a dollar.....which nullifies your point