Nigeria and the Naira Dilemma: Why the Naira crashed so bad!

Nigeria Money, Nigeria Banks and Banking, Stocks and Forex, Nigerian Stock Market, Currencies, Loans And Related Topics
Comment
User avatar
NiceGuy
Senior
Location: Lagos
 

March 22nd, 2021, 8:58 pm

NIGERIA & NAIRA DILEMMA
Author: Annon

*Today's exchange rates are:
£1 = N665
$1 = N480
images(54).jpg
*PONDER ON THIS*

*IN 1980 NIGERIA EXCHANGED 80kobo to 1$*

*TODAY NIGERIA NAIRA EXCHANGES ₦480 to 1$*

*BUT HERE ARE THE MAJOR REASONS AS CAPTURED BY AN ANONYMOUS WRITER.*

*We shouldn't be surprised.*

*We were far more productive in 1980 than we are today*

*In 1980 the key reasons for economic growth were as follows:*

*1) We were a net exporter of refined petroleum products. Today we import all our refined petroleum products.*

*2) We rode in locally assembled cars, buses and trucks. Peugeot cars in Kaduna and Volkswagen cars in Lagos.*

*Leyland in Ibadan and ANAMCO in Enugu produced our buses and trucks.*

*Steyr at Bauchi producing our Agricultural tractors.*

*And it was not just Assembly, we were producing many of the components.*

*Vono products in Lagos producing the seats.*

*Exide in Ibadan producing the batteries, not just for Nigeria but for the entire West Africa.*

*Isoglass and TSG in Ibadan producing the windshields.*

*Ferodo in Ibadan producing the brake pads and discs*

*Tyres produced by Dunlop in Lagos and Mitchelin in Portharcourt.*

*And I mean tyres produced from rubber plantations located in Ogun and Rivers State.*

*3) We were listening to Radio and watching television sets assembled in Ibadan by Sanyo.*

*4) We were using refrigerators, freezers and Airconditioners produced by Thermocool and Debo.*

*5) We were putting on clothes produced from the UNTL textile mills in Kaduna and Chellarams in Lagos.*

*Not from imported cotton but from cotton grown in Nigeria.*

*6) Our water was running through pipes produced by Kwalipipe in Kano and Duraplast in Lagos .*

*7) Our toilets were fitted with WC produced at Kano and Abeokuta.*

*😎 We were cooking with LPG gas stored inside gas cylinders produced at the NGC factory in Ibadan.*

*9) Our electricity was flowing through cables produced by the Nigerian wire and Cable, Ibadan and Kablemetal in Lagos and Portharcourt.*

*10) We had Bata and Lennards producing the shoes we were putting on*
*Not from imported leather but from locally tanned leather at Kaduna.*

*11) We were mainly flying our airways, the Nigeria Airways, to most places in the world.*
*The Airways was about the biggest in Africa at that time.*

*12) Most of the food we ate were being grown or produced in Nigeria*.

*We were producing all of the above and more in 1980*

*Today, we import almost everything.*

*There lies the source of the terrible exchange rate we are experiencing today and everybody reading this has a critical role to play in reversing this very UGLY trend.*

*It is not enough for us to complain about the exchange rate or point out what others are not doing or are failing to do, the key question is what are we producing or what are we planning to produce?*

*Going forward, it's time to ponder and think of the way forward progressivesly before it's TOO LATE.*

*Credit goes to the Unknown writer for this beautiful reminder.*
We have been talking about these problems and more for ages...

*What solutions do you have in mind*.?

Please share...

I'm really not that nice... :mrgreen:
User avatar
Debunie
Senior
 

March 22nd, 2021, 9:21 pm

True talk
Am a human what are you.
User avatar
Dube
VIP VIP
Location: Yola
 

March 22nd, 2021, 11:57 pm

Na from Obasanjo that naira became a mess
Follow me on Instagram: https://www.instagram.com/chukwubunna
Twitter- https://www.twitter.com/@Lucky87284882
User avatar
Debunie
Senior
 

March 23rd, 2021, 1:23 am

Dube wrote:Na from Obasanjo that naira became a mess
Abi
Am a human what are you.
User avatar
eMade
VIP VIP
Location: Abuja
 

March 23rd, 2021, 3:22 pm

We are too dependent on imported products
Learn more about ✓ VIP Members: https://www.bestnaija.ng/61848 ✓ Referral: https://www.bestnaija.ng/62508
User avatar
Debunie
Senior
 

March 23rd, 2021, 3:26 pm

The giant of african :thnk:
Am a human what are you.
User avatar
Champ123
Senior
 

June 16th, 2021, 3:59 pm

We need to:
1. Deliberately produce and patronise local content
2. Repeat number 1 above
3. Be consistent in doing so
4. Repeat number 3 above
5. Repeat number 4 above
6. Repeat 1-5 above.

And the cycle continues.

That's the solution. And we need government support. Will we get teh support
We need both fiscal and monetary policies to make these work.

That's all.
Life is simple. Seriously. :mrgreen:
User avatar
Gloria50
VIP VIP
Location: Enugu, Nigeria
 

June 16th, 2021, 4:44 pm

Seriously.
Telephone
MHD22
Senior
 

June 17th, 2021, 6:15 am

But who supposed to acting in changing all these for us to lives in good conditions of life as it was before?
User avatar
eMade
VIP VIP
Location: Abuja
 

June 17th, 2021, 6:42 am

MHD22 wrote: June 17th, 2021, 6:15 am But who supposed to acting in changing all these for us to lives in good conditions of life as it was before?
Everyone has a role to play. But the bulk of it lies on the government. In fact, this is the epitome of failed governance and failed state. With all the natural and human resources, and still like this, it is true to conclude that Naija has been grossly mismanaged and misgoverned.

It's sad to know.
Learn more about ✓ VIP Members: https://www.bestnaija.ng/61848 ✓ Referral: https://www.bestnaija.ng/62508
User avatar
Timighty
Senior
 

June 17th, 2021, 7:03 am

Nigeria has a dependency and mediocrity mentality
User avatar
Slayobrey
Senior
 

September 10th, 2021, 8:57 am

Nice info
https://mobile.twitter.com/slayobree
N600 in 3days https://lss-nigeria.com/Public/reg/smid/19205
Comment
  • See also...
    Comments
    Views
    Last post
  • Information
  • Online

    Users browsing this section: No members and 0 guests