It’s a Forex Crisis! Naira Set to Crash Even Further This Week … Here’s Why


Did you notice all the emails from your banks last week telling you that 1- you can deposit foreign currency again in your domiciliary account and 2-you can transfer money again.

However, this didn’t work as only small amounts of foreign currencies were deposited, as high net-worth individuals are still cautious.

Here are excerpts of the report from Vanguard,

Banks have recorded near zero foreign currency deposit inflow from high net-worth individuals indicating that their domiciliary account customers are staying cautious on the reversal of foreign currency deposit ban by Central Bank of Nigeria (CBN), early last week.

The development has sustained scarcity of foreign exchange in the market as well as the high exchange rate above N300/ USD1

CBN had hoped to buoy foreign currency supply from independent sources through the de-freezing of foreign currency deposits, and hence help douse the pressure on exchange rate which had accentuated last week.

Sunday Vanguard investigations last weekend, however, showed that only low-end domiciliary account holders responded to the policy with a few dollar deposits, a situation which prompted some of the banks to send out marketing sensitization to their customers to come forward and deposit their dollar with them.

Some of the bankers told Sunday Vanguard that some of the depositors now trade or invest their dollar cash with Bureau de Changes, BDCs, where exchange rates and returns on investments are far higher, not minding the risks involved.

However, they also explained that some of the bigger volume customers are finding options with foreign bank accounts.

Consequently, the expected inflow of dollar into the domiciliary accounts with local banks did not come as much as was anticipated.

But some financial sector observers said the high volume dollar account customers were skeptical about the policy reversal which was silent on withdrawals.

The CBN foreign currency deposit restriction policies had come with imposition of limits on foreign currency withdrawals, but the unbanning of deposits last week was silent on withdrawals.

This gap, according to the analysts, may have short-circuited the expected positive response from most domiciliary account holders especially the high-end customers.

Commenting on the policy reversal, financial sector analysts at Afrinvest Group said “CBN reneged on its earlier policy, announcing its decision to allow commercial banks accept foreign currency deposits but was not clear on whether foreign currency transfers or withdrawals can be made”.

They are also worried that despite the huge crash in value of the Naira against world’s major currencies, CBN maintained its official rate at N197/ USD1 thereby creating wider parallel market margin of about 50 per cent, the highest so far in the history of Nigeria’s currency market.

Consequently, Afrinvest stated that “this calls for a quick response of the monetary authority given the huge margin between the official and parallel market rates.

“With foreign reserves at lows of US$28.7 billion and oil prices at US$29.47 per barrel, a compelling argument to devalue the Naira at the next Monetary Policy Committee (MPC) meeting cannot be jettisoned”, it stated. Analysts at Cowry Asset Management, a Lagos based investment house, expressed discomfort at the policy reversal which they believe fell short of capturing other factors that would have made it achieve desired results. They stated, “we are worried that the policies of CBN on the foreign exchange management seem to be made in silos as all the ramifications didn’t seem to have been factored in before the announcements, hence the frequent reversals and consequent loss of confidence by the business and investing public.

“We will advice the Monetary authorities to articulate an integrated policy on foreign exchange management taking into consideration the fiscal policy objectives of the federal government.

“We also think that CBN being the recipient and owner of 90% of the country’s foreign exchange earnings must evolve a channel for injecting dollar cash liquidity into the system, to meet legitimate needs”. Concluding its prognosis of the foreign currency market situation, Cowry Assets analysts stated, “this week we expect further depreciation of the Naira at the alternative market segments on aggravated supply scarcity buoyed by the closure of CBN’s window to BDCs”.

70 Comments on It’s a Forex Crisis! Naira Set to Crash Even Further This Week … Here’s Why
  • Tola January 17, 2016 at 12:18 pm

    I’m based in the U.S but was in Naija last month (Dec 2015) to see my fiancé. So I chose to open a GT savings and Domiciliary account to deposit my naira and dollar. While opening the account GT bank gave me hell.

    So I managed to deposit cash, get a token and debit card et al.

    But GT bank REFUSED my dollar deposit into the Domiciliary , I was close to begging them to please accept it. But they refused. The bankers said I had to transfer from my U.S bank account to my Dom. account. I said OKAY.

    So I ended up changing all the dollar with Aboki on the road side for N275 to $1.

    My issue now is that I have no solid confidence in Naija banks because, what if I deposit dollar and can’t withdraw it because of some kinda CBN policy that changes all the time.

    So we can’t blame the public in exercising caution in depositing $$. I am also very afraid of such deposits. As of today on Dollar is 305.

    Although, it pays Nigerians in the diaspora. But, I am getting REALLY concerned for my birth country’s economy. CBN has to do something FAST. Or else. Hmm. I don’t care about the exchange rate anymore – for my dollar. I just want Nigeria to be better. So I can move back!

    • nene+ January 17, 2016 at 4:34 pm

      Nothing much to say! I just miss the sai babarians.

      So scarce this days. One day Nigerians will start hurling curses on those who used their thumb prints to cause so much pain for Nigeria. A million naira is now equal 3k dollars. #Shaking my head#

      Next time Nigerians check the results and antecedents of your leader.. A catastrophic business man can not perform miracles. Adeosun is a mere Ogun state commissioner. What do you expect? Kemi no insults but you are not what Nigeria require. Emefiele now constantly looks like a statue. Mr Enelama could have been better.

      Now back to mud houses Nigerians!!!! Use your local natural resources while Zhara Buhari wears Manolo Blanik. I am not hating. I just criticized. My criticism are 100% true. I didnt even expect it to manifest this soon. Meanwhile our President who hit the ground flying is out yet again. Chasing rats……….

      • nnenne January 17, 2016 at 6:06 pm

        Where have you been nene+?
        Tell them!

      • ElessarisElendil January 17, 2016 at 7:43 pm

        How short-sighted can you be??? The former administration had 6 years of Crude prices at N120+ and left us $30bn in reserves, by the time they left the exchange rate was already trending up.

        The present administration hasn’t been A+ true, but your pretending they’re the source of the problem is disingenuous.

      • Sigh! January 18, 2016 at 12:41 am

        Actually, regardless of who is in office, the situation would be the same or worse. Nigeria’s economy is highly dependent on oil. As rich as Saudi is, they may be filing for bankruptcy if the oil prices don’t go up in the next couple of years. Oil used to be cheaper than water in Saudi, now they’ve increased the price at the pump. So is that because of Sai Babarians????

        My dear nene+, before you throw blames, ask yourself, what did the previous administration do with all the money they made in the $100+ per barrel of oil era? Did they invest in the Nigerian economy or their family’s? And all the people that massively took out their money from Nigeria last year, before the elections, have they pumped it back in?

      • molarah January 18, 2016 at 10:35 pm

        Wanted to directly respond to ElessarisElendil, who took the words right out of my mouth! The profligate and thoughtless spending of the last administration, who gave little thought to saving in reserves or diversifying the economy is part of the reasons we are in a crisis by now. If you really mean to be smart nene+, you should be blaming all Nigerians, not just those that voted Buhari in, for not holding their leaders accountable for better management of the country’s resources.

    • Ms.b January 17, 2016 at 6:18 pm

      Go straight to the point. “I was in naija last month to see my fiancé”. Who cares???

      • Titilicious January 17, 2016 at 8:02 pm

        Ms. B na wa for you o. See bad belle. Single and bitter. I’m sure you are one of those who are forming Ms. Independent. Shebi you will come back and reply me claiming you are married. Joker. Shio.

      • Chi January 17, 2016 at 9:24 pm

        Are you his ex? @Ms b

      • ATL’s finest January 17, 2016 at 9:42 pm

        Who cares? Some of us do! Haba she’s didn’t come for U @ Ms. B so why go for her???? Let her be. Besides, I know how she feels cuz they gave me hell too @ Union Bank & I just vex comot. In addition to the hell bank gave me, it rained HEAVILY & here comes erosion, mud and mood swings making it worse.. So I didn’t even bother .

      • lacey January 17, 2016 at 9:57 pm

        You are sick Ms.BS and yes she was in Nja to see her fiance suck it in and put a sock in it! You are just a local breed die hard wannabe! So she can not come and tell her story again because you are reading! Silly git! People are telling their stories, let them be! If you do not have a story to tell! You can travel to your village and get experience! Colloquialism! Numpty!

      • The real dee January 18, 2016 at 3:50 am

        Purge yourself of bile. Bile limits progress. Add that to your 2016 plan.

      • Vidavi January 18, 2016 at 9:12 am

        Eh yah ms still dey wait for husband abi? Don’t worry may hell fire and brimstone consume anyone standing in the way of your marital line in Jesus name.Give me a break hater, what was she supposed to say” I went to nigeria to but suya?”

      • justpassing January 18, 2016 at 4:06 pm

        Titilicious thank yu for ur comment, I cannot like this enough lol!!! I think i liked it like 5 times

    • Kaeto January 18, 2016 at 2:09 am

      If the economy like, crash. That one does not concern me and my family. My lover father and mine have accounts abroad. His dad even owns a bank, mines a politician at the end of the day. The bs does not affect me, instead motivates me to do exceedily well and not live like the average Canadian in Toronto.

      • ElessarisElendil January 19, 2016 at 1:38 am

        I admire your honesty, can’t even hate. Live the good life.

  • Ghen Ghen January 17, 2016 at 12:25 pm

    I guess PMB & Goddy Emefiele have no knowledge of Math, finance & economics.
    PMB cos he is ancient & outdated & Goddy cos he worked @ Zenith Bank as chief puppet to Jim Ovia ( the original puppet master) for years!
    Yelling corruption corruption will not stop anything.
    They were ruining the economy step by step, brick by brick. Driving the economy into the ground & suddenly they expect miracles to happen.
    In the words of mama peace “kontinu”!

    • Ada January 17, 2016 at 5:07 pm

      But to be fair to all, Buhari had an F9 on his WAEC certificate that was presented to Nigerians. When I saw that result, I was shocked that Nigerians were not worried that they were handing their already fragile economy to a man that had an F9 in Math.

      Hopefully, after this administration has taken Nigerians to hell and back, we will start to teach REAL history in our schools so we will not keep repeating past mistakes by going to museums to collect relics and instal as our presidents. I say this because anyone who truly knows NIGERIAN history knows that Idiagbon was the brain behind the few successes that were by the Buhari military administration in the 80’s. And IBB was able to topple Buhari’s administration only after Idiagbon was on a trip outside the country.

      Buhari is a one trick pony that only shouts “corruption ” while the country burns to the ground economically and otherwise. He did it in the 80’s and he is doing it again in 2015-2019.
      I pray things don’t get worse over time because whether we like it or not, Nigeria is the only country a lot of people have and if shit hits the roof, they have nowhere else to run to.

    • oversabi January 18, 2016 at 1:43 am

      PMB is only familiar with savings and loans schemes at the customer point of contact. This is why the most honorable man in the room is the one who is able to assess their usefulness without knowing through failure. All this high high economic gist is confusion and confoundment to the poor man. Change has come. People be careful what you ask for. We should have been very specific – change that will positively improve my life above and beyond what President Jonathan could offer. We are in deep trouble.

  • ke January 17, 2016 at 12:47 pm

    hmm God help us

  • jwezee January 17, 2016 at 12:54 pm

    What is Buhari doing to this country??? Its Buhari that’s in power now

    • hmmm January 17, 2016 at 4:53 pm

      oil worth is plummeting its hurting many countries economies, including the USA, but dollar is needed for business thus the naira is just falling. Also nigerias economy is heavily dependent on oil, making matters worse. If you check the news you would see that the US stock market has been crashing along with china’s. In addition, Iran deal has been passed, so they will now be bringing their oil to an already weak oil market. Buhari has to now try to mobilize the economy quickly hopefully focusing on agriculture and other things that do not involve oil. Because black gold is no longer supreme.

    • slice January 17, 2016 at 10:53 pm

      @hmmm this is a difft issue. Pple are nt depositing their dollars in Nigeria bc of cbn’s failed policy so the country is getting more of a hit from drop in oil prices. Ie less dollar coming in from oil n no dollar coming in from Nigerians living abroad

  • justsayying January 17, 2016 at 1:04 pm

    What did they think would happen when they ban it earlier, obviously the finance minister and whoever it was that made the earlier policy should resign,immediately!!!!!

  • Nwa nna January 17, 2016 at 2:22 pm

    High networth individuals are not depositing any monies into their domiciallary account because they don’t trust the CBN policy reversal.. I wouldn’t too if I was in their shoes, Nigerians prepare yourselves for some hyper inflation if the naira gets devalued any further

  • Ada January 17, 2016 at 3:25 pm

    As at Friday morning, the rate had dropped to 295 per dollar and by 3pm in the afternoon when I went to change it had dropped to 290 per dollar. This coming week maybe better. Financial analysts don’t always predict right though I also agree that the CBN governor has to go.

  • nnenne January 17, 2016 at 3:49 pm

    Could someone please tell the President to MANAGE Nigeria?
    Am calling the president because he is the one in charge.
    Catching corrupt individuals is a noble thing to do but that should not stop us from managing Nigeria. That the price of oil is down is not an excuse too.If the oil dries tomorrow, won’t we live? Be creative people!

    As for catching corrupt people, build institutions to reduce the prevalence of corruption. No country is corruption free, so we can only reduce it as much as we could.
    This crude way of catching your enemies, leaving others, who are your friends doesn’t help us.

    PMB, please sir, it’s time to stop this distraction. Let’s get to work.

  • Emy January 17, 2016 at 4:48 pm

    That finance minister thinks speaking phonetics would save our economy. Times like this we need pple like Okonjo Iweala n Charles Soludo, but the dictator master n his cohorts will b pursuing dansuki while d economy is crashing badly.

  • Ada January 17, 2016 at 5:12 pm

    Bella Naija, kudos for deleting my comment o! Na una go tire. After all, your business is a NIGERIAN based business. By the time, the economy is total ruins, nobody will tell you stop censoring comments. Nonsense.

  • Benny January 17, 2016 at 5:41 pm

    Sai Baba
    You thought you’d seen cluelessness?
    Buhari does not know anything

    • Taipan January 18, 2016 at 4:00 pm

      @Benny GBAMMMMMMMM! nothing the man sabi, na shoe shiner them vote for

  • Ms.b January 17, 2016 at 6:22 pm

    You all blaming buhari are the clueless one. Oil price drops, foreign reserve depleted, CBN has independent monetary policy power, but u don’t see all that. Educated ignorant ppl

    • nene+ January 17, 2016 at 10:51 pm

      But you blamed Jonathan and promised Buhari has the magic to make 1$ =1N no be so????

      Now you say don’t blame Buhari ok we blame who Osibajo??? Hypocrites!!!!!

      • Observaunt January 18, 2016 at 8:21 pm

        Please you people should leave nene+ alone. She is determined to hold on to her biases. There is no room for reason, fact or logic in her tirades.

  • lafayette bunny January 17, 2016 at 6:24 pm

    In the face of the economic situation, let the CBN Governor wake up to reality. Since he assumed office i just see policies been created and retracted. The previous competent CBN governors somewhat have a record of setting firm economic policies. PMB does not make decisions at CBN neither did he appoint Emefiele. This is what you get when politics affects good judgement. Clearly managing a commercial bank versus heading CBN is not in the same league. Competency is key when these appointments are made.

    However it amazes me how Nigerians remove themselves from the world economy.Oil prices are hitting the rocks further this week, which will only make the naira weaken. Here, job loss is no longer news. Its a struggle to pay bills and keep moving on. Hopefully, someday soon we will see a boom and our rigs will be alive again.

    • ElessarisElendil January 17, 2016 at 7:54 pm

      Omo optimistic people are predicting 2016…………..unless the Middle-East does what the Middle-East does. Hopefully the government finally quits its budget shenanigans and starts expending capital to maybe absorb some of the laid off staff.

    • Word January 17, 2016 at 8:57 pm

      My question to you is do you still want us to depend on oil or diversify our sources of revenue? To me, it is out right stupidity not to diversify our economy and reduce risk of economic downturn!

      • ElessarisElendil January 18, 2016 at 1:25 am

        You think diversification is by snapping fingers??? There’s this thing called market share, so unless they’re a bunch of Nigerian genius about to invent the next 100 must need items in the world. We’ll need A. Capital and B. Cheaper prices.

        Capital will have to come from Foreign investors because the FG is too broke to finance it, foreign investors know they have us over a barrel and they intend to f8ck us……………..So devaluation it is which this being Nigeria will lead to inflation, NLC strikes and so idiot PDP politician promising to “save the naira” in 2019 which Nigerians are just gullible enough to do.

        And that’s without tackling the hydra of cheaper prices………………….when was the last time you had 24 hours power, how good are your roads, isn’t rail non-existent?? Just the other day on the Konga article I pointed out how it was cheaper to ship from Amazon (even at current prices) so cheaper in Nigeria is still a pipe dream. There’s no way to escape the fact that we need that sweet crude cushion or else it’ll be a very tough crash landing.

        A crash landing which might spiral into more chaos in the North and with Iran suddenly being flush with cash a little might find its way into El Zakazzy’s pocket, Southern secessionists are still hovering e.t.c. Let’s not pretend oil isn’t the one thing keeping this whole edifice stable, WE NEED PRICES AT $141 to break even.

        Take a look at the link and see how bad it is even for Saudi.

  • concerned9a January 17, 2016 at 6:57 pm

    Happened in US and UK in 2008..Total economic meltdown due to sub prime mortgages and easy credit. .
    In 9jas case…the last govt made very sure to cripple and completely loot the economy dry…that is the reality..abi you think Buhari is keeping $$$ underneath his bed..??

  • Larz January 17, 2016 at 7:33 pm

    When the failure in appropriate governance led to financial crisis in 2007, heads rolled. George Bush was voted out in the US so was Gordon Brown in the UK. Why? Becuz they were leaders of the countries and were held responsible for failure in their sectors. Buhari has the question/ probe the CBN govenor publicly or privately. No they couldnt help the devaluation of currency due to circumstances beyond their control but going back and forth on the policies affecting currencies is just ridiculous. Most financial regulation is aimed at promoting fin stability not undermining them. When they made the initial decision, it created unneccessary panic which is further compounded by decision to someworth retract that decision. It doesnt seem well thought of and I wouldnt trust a flaky system like that and most ppl wudnt

    • Word January 17, 2016 at 9:47 pm

      George Bush wasn’t voted out. He completed his second term in 2008. I am correcting you my dear. Please don’t rewrite history.

  • .. January 17, 2016 at 7:34 pm

    We sit here blaming Buhari and the past govt when in reality Nigerians IMPORT EVERYTHING! pencils, rice, tomatoes any and everything. Nigeria builds its foreign reserves by exporting oil and now oil prices are low and we still keep importing without exporting anything from our country to build up our foreign reserve

  • ElessarisElendil January 17, 2016 at 7:53 pm

    What part of all the oil based economies are suffering is hard for some Nigerians to understand??




    Saudi Arabia.


    Name one Oil economy that its currency is doing well before you come here to spout hateful ignorance What is irritating me even further is you people making me defend a government I’m disappointed in, but FFS at least argue with a little semblance of rationality.

    Maybe…………just Maybe if a certain party that had ruled for 16 years had the common sense not to loot our reserves we’d be riding this out better.

    • Word January 17, 2016 at 9:49 pm

      That is we shouldn’t depend on oil. FYI, oil isn’t the main source of revenue in Canada.

      • Word January 17, 2016 at 9:50 pm

        That is why we shouldn’t depend on oil. FYI, oil isn’t the main source of revenue in Canada. Comment await…

  • ‘Deola January 17, 2016 at 8:10 pm

    A humming first world economy like America is nothing to be compared to an idle third world economy like Nigeria. It is only normal that naira should find its level.without the distortion of oil money. For some reason, team #prideinNigeria do not want that to happen and have been using unorthodox means to stablize the naira and in the process creating more panic.

    It is not the finance minister that is the problem and she is only minister in name not in real portfolio. Also she has no say on monetary affairs because CBN has autonomy on monetary policy. It explains why his tenure is independent of Buhari’s appointees and why he still runs CBN even through Jonathan is gone.

    The problem of the naira predates Buhari. It is the structural nature of the industries in the Nigerian economy and our sole dependency on oil as a source of revenue. Imagine currency value as cake and oil revenue makes most of the ingredient. and no substantial ingredients been created by manufacturing ,cultural and other industries. This is what is at the heart iof our problem.

    Across the world, oil resource economies have been ‘wounded ‘by the American dollar. Canada is also seeing a depreciation of its dollar in a signifact manner. It has nothing to do with baby finance minister that has portolio has been divided amongst other people.. And more do with a CBN governor that chose to defend the NIgeria using unorthodox means =.

    • Word January 17, 2016 at 9:54 pm

      With your long epistle, Nigeria should diversify its source of revenue. We have the resources and manpower! It is common sense. UAE is moving away from oil by investing in education, technology, human capital,and medical and hospitality tourism. We need to follow UAE’s model.

  • nene January 17, 2016 at 9:16 pm

    Nigeria needs to move away from oil, thats why we are suffering. We can’t blame Buhari for that, he just came into power. All u ppl looking for jobs in oil and gas, better go into agriculture, that’s the way forward!

    • ElessarisElendil January 18, 2016 at 1:34 am

      Look at that map very very well. Do you see any African countries???? You people think its easy sha, I blame the Nigerian media.

      Anyways, our soil isn’t very fertile, our irrigation system is very poor and as you probably noticed this year rains aren’t very reliable. In addition to all of the above, the top agricultural producers usually protect their own farmers from competition by subsidising them meaning their prices are kept artificially low, good luck competing.

  • Elle January 17, 2016 at 10:12 pm

    The oil should dry up sef. Make we find our level.

    • ElessarisElendil January 18, 2016 at 1:34 am

      Google pictures of the Great depression and understand why that’s a horrible thing.

    • Sweetsie January 18, 2016 at 3:31 am

      Lollll elle your comment.. You’re right though.

  • Byn January 17, 2016 at 11:21 pm

    Eventually it all dawns on us all that we really do need maths! Find x is important after all.. I think Emefiele is downright incompetent, and what exactly is the finanace minister doing? Buhari being a brick head that he is will keep on spewing insults on the past administratn.. Okonjo Iweala was outrightly corrupt (yes i said tht), but she was far less incompetent than this crew.. God save us all

  • D January 18, 2016 at 1:05 am

    Please ask them o.when the last administration and Dansuki dey do all year cha-ching! y’all be thinking n.a. rain, calling bro Joe a good man, running presidential campaign on naijas ATM , not diversifying or doing something to our refineries while we sold oil for $120 and above.yet some MOF.. are wondering why e no dey move, e go move cause Bu Bu na magician or ritualist msctew……

  • Jeanne January 18, 2016 at 1:30 am

    I find it laughable that we have our own currency yet we are so worked up about how it measures against the dollar….To me, that right there is a problem.

    Have we not thought about what to do in order not to be reliant on the dollar? Can we change this our importation mindset? Do you hear Americans caring how much their salary is worth against the pounds? Do you hear Americans saying the price of pizza has gone up because the pounds has gone up? Why do we care about foreign currency – the people who should care about this are the idiots stealing our oil money (oil bunkers). Why are we so reliant on Oil and Gas. It is so pathetic.

    The issue is not the dollar value up against the naira, it is the fact that we rely so much on importation and as such are at the mercy of the dollar

    • nnenne January 18, 2016 at 2:02 pm

      One of the best comment ever made.

    • nene January 18, 2016 at 3:40 pm

      God bless you. the realest comment here.

    • ‘Deola January 18, 2016 at 7:22 pm

      Value is determined by the forces of demand and supply. This is what economists say, but it is pretty much intuitive. For example, in lay and relatable terms, a woman or man that is much sought after would have more value in the dating market. This is pure logic and based on everyday observation. So in a sense, scarcity or availability creates an intrinsic quality that makes something or somebody desirable. In many ways, it applies to naira.

      For example, you can’t date yourself. So also you can mate on your own to have kids. So also you can’t date your brother or sister. You have to go outside your family unit and be willing to trade/offer qualities or something of quality for. This example explains why we must care about the dollar. It offers a benchmark mark within which to measure how well our naira is worth.

      As such, it is not about ” our own currency” per se and more about how interested are other countries willing to ‘date’ us. Date in the sense that they want our goods and services. In the sense, that they want our oil, our expertise, and our manufactured goods. And how much they are willing to offer in exchange. That is the nature of the foreign exchange market.

      Look around you and think on these questions :

      How many manufacturing companies in Nigeria?
      How much interrupted power supply do you have?
      How great is your transportation system?
      How much good schools do you have? How much oil and gas do you have?
      How many good schools do you have?
      What something of interest can you offer the rest of the world that is uniquely you?

      Without wanting to write an epistle, I think these are the critical questions that should bother us and that determine the value of naira. We can allow ourselves float and let suitors demand what we are worth or we can fool ourselves and psyche ourselves up even when we are wearing rags that we are billionaires. I think fooling ourselves is what is laughable.

    • Chu January 19, 2016 at 2:39 pm

      I loved this even before I finished reading the comment Gbammest!!! Pound is higher than dollar but you don’t see US having sleepless nights over that. Unfortunately whatever diversification we want to do will take years to achieve, which means that Nigeria has some lean years to look forward it, even if we do the right thing. If we don’t….. then start looking for another country o..
      When I was younger I believed in the Nigerian dream, stay and make your country better, but now I can’t say the same again o.

  • Mecks January 18, 2016 at 2:25 am

    Abeg how aboki (bureau de change) folks take they get this DOLLAR? Who dey sell am to them, and refuse to sell to bank’s direct customers wey they make them get the money?


  • Zee January 18, 2016 at 6:26 am

    The sad reality is we are responsible for this problem. Everything we own, at least 97.5% of what we own is imported. What magic were we expecting. A country where people define self worth by the possession of foreign product. Don’t get me wrong i am guilty of this, but it is the sad truth.

    As we speak, the sanctions placed on Iran have been lifted so they can legally sell their oil. which mean price of il will further drop and people who purchase from Nigeria, don’t have to because they now have an alternative (Iran). We wanted change right, but we failed to understand the change is necessarily with leadership but with the followers. We are a hugely uneducated people when it comes to global and national economics. We just look out for ourselves.There are consequences for our complacency and ignorance.

    Unfortunately, the only person, God, who can save us through this, we totally ignore until times like this. I pray He hears our cry because its only going to get worse.

  • Manuka January 18, 2016 at 8:29 am

    What one can one expect from a country that does not even produce its own pencils

    • nnenne January 18, 2016 at 2:10 pm

      Even if they did, Nigerians will not buy it. ” Colo mentality. ”
      People came for my throat when I suggested they patronize Nigerian Pampers, for obvious reasons of course.
      Patronize made in Nigeria products, then demand that the products improve. What is the Standard Organization of Nigeria, SON, here for ?

  • Vidavi January 18, 2016 at 9:14 am

    Meanwhile on today’s episode of to catch a thief..1.5 billion was just discovered in idle accounts. Nigeria pls get your sh** together

  • YUMMY CHICK CUM MUMMY January 18, 2016 at 9:29 am

    this is so pathetic and sad…………. my dear president please sit tight and do ur work instead of hunting corruption 100% , please do other things. infact i dont know ow to express ow i feel right now. $3k to 1m …….that so degrading to an average 8-5 person………

  • prince January 18, 2016 at 11:25 am

    The thing is whether you live in London, US, Swiss, Canada etc, you should be worried about our exchange rate, in as much as I don’t know how we got here but its heart breaking that what you purchase with 8thousand naira on an international site is now 16thousand naira.
    No matter where we live, This is the ONLY country we can truly call OUR, where we can confidently call HOME. Pray for Nigeria, forget about PDP, APC, SDP and whatever their names are. Pray for this nation please

  • nnenne January 18, 2016 at 2:15 pm

    @ prince….Prayer is good but we need action.Faith without good work is nothing.

  • ifeanyi January 18, 2016 at 2:46 pm

    The Past and the Future is a Burden to Nigerians! They are so fixated about the present that they fail to learn anything about the past or utilize what has been learnt for the future. This is our Biggest problem. From the Biafra Agitation, to the dependence on oil even to Buhari. Nigerians pray to God that the country should be good, He sends them a Buhari to clean the stable…and now they are complaining! We cannot recognise ‘good’ when we see it…

    Before you jump the gun, I am a Die-Hard Buhari Supporter!!! I voted for Him because of the dictatorial tendencies that makes Him a credible choice to enforce the rule of Law! Yes, the rule of Law is to chase and repatriate money stolen from the Public purse whichever means possible….Whichever way possible, such money should be returned to the National treasury..He is doing exactly such…Ask Dasuki and Olisa

    Back to the Forex devaluation, Please…and please read about what happened during the structural adjustment programme of Ibrahim Babagida. Immediately Buhari was ousted out of Office in 1983, IBB devalued the currency as a direct order from IMF…Who suffered? The Poor and Vulnerable people of Nigeria! Too much Naira in Circulation chasing few goods…as a non-producing state, small dollar produced Many Naira and since we are a consuming state (that typically imports everything even condoms and hips trainers), the Naira went on a nose-dive…History has a way of repeating itself…

    Coming to 2016, GEJ came before Him. Literally looted the entire treasury and added nothing! Nothing!!! Read the World Bank Report about His time as president, Nigeria grew at an average of 6% INSPITE of Government! It means even if we had no Govenrnment, the economy would still grow at 6%. We are a purely extractive Industry, How hard is it to explore the oil from the ground and sell abroad???

    It takes an average of $30 to explore a barrel of Oil. Oil trading at around $20-$25 means Nigeria is earning nothing from Oil. Absolutely Oil. (You can now understand why Buhari re-drew the Budget from the National Assembly). It made no sense to budget $38 for a commodity that would trade less than $20 in 2016…

    We are really into very tough times in Nigeria. Buhari needs all the Prayers and Luck to get it Right! Whatever happening Now is an Indictment of the Last Government! from Dasuki to Dezieani…

    I am just tired! Looking at what could have happened if the last govenrment had done the right thing.

    Jonathan mistakenly called Goodluck!
    Whatever you made happen to Nigeria, God should make Happen to you.

    Amen. That settles its

    Now, you can start the shower of curses! I need to have a Bath now.

  • Taipan January 18, 2016 at 3:51 pm

    Nene ….i Love you for this……Muaaaah….absolutely spot on, we didn’t hear word during electioneering campaign and now all negative issues are coming up there are no Sai Buhari please oh they should do something about Fuel scarcity, Lassa fever, ,Missing budget, Disobedience of court order, dollar to naira, chibok girls (scam), militancy, Boko haram…..please i cant go on ..its too many to type

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