Why Nigerian Naira Continues A Freefall In FX Market

[@yummydishes2279]

I have never heard of any Nigeria president past and present who's ever made any deliberate effort to tackle this issue of Naira decline

[@stephenKerrr]

They have all tried to fight it, I think Nigerians have to start asking IMF why the Naira is falling so fast, do you know how much dollar that flows in Nigeria daily and annually? And we have an economy that has been growing steadily for the past years now. Some people are holding on to the dollar but it's not everyone and it's just a fewer number of Nigerians and it won't even be up to 5% of the Nigeria population, and we have a good amount in our foreign reserve to hold up to the dollar but with the rate it moving so fast is very questionable We have to stop blaming ourselves for nothing because it doesn't make any sense anymore, this is a foreign power fighting Nigeria

[@yummydishes2279]

@@stephenKerrr then Nigeria needs to start fighting back, do you know that some payments here in Nigeria are been made in dollars? They should invite expats, those who work numbers and studied economic. I was shocked to hear that naira many years ago was dollar equivalent.

[@streetprophet007]

It is. The black horse of revelation

[@paulchigozie7518]

​@@stephenKerrrI strongly disagree with you bro, IMF has nothing to do with the fall of naira, when you have prodigal people that has nothing to offer in government the effect shows on the currency's strength

[@soldeb7558]

Since china is our largest import country Nigeria should resume the currency swap policy with china . We import from china with naira while china buy from us in RMB this will reduce demand for dollar in foreign trade. Export of Agric commodities to china needs to increase for a favorable trade balance.

[@ik3nna__]

What we sell to China is not significant enough for such deals to work

[@mondaybenson5500]

We will continue to complain and this will get worse as long as we have the wrong persons In all aspects of government. Peter obi spoke about all these problems and he pointed out that Nigeria cannot grow it economy as long as we are a consumer economy not a productive economy. Tinubu has decided to lavish Nigeria's money going to buy yacht and allocate billions to himself and wife. He said there is hardship yes but there is nothing he can do about it. They have refused to allow Peter obi rule yet they can't and not willing to grow the economy. Congratulations to those individuals that helped Tinubu to rig election and snatch ballot papers. Am sure they are going to a different place to shop cheaper. God bless Peter obi for ever. Evil won't prevail forever.

[@Veebee-c6h]

Exactly! 💯 truth👍

[@zeemurks6626]

The yacht was ordered under Buhari, not Tinubu. It has been in the country since June, Tinubu was sworn in on 29th May. Peter Obi didn't impress most of the population because much of what he said was surface level. He could have gone deeper and campaigned harder since he was the 3rd quantity in the elections. Also worked harder to build the LP party base structure. Anyway, it's not too late, electioneering will resume in less than 3 years. Better luck next time.

[@Veebee-c6h]

@@zeemurks6626 your opinion is purely agbadorian! Peter Obi didn't lose the election for the reasons you enumerated. Rather, your Thiefnubu used his ill-gotten wealth to buy the presidency. We aren't fools, so that your advice is story for the gods! Nigeria is a captured state and the motto is turn by turn Nigeria Ltd. Peter Obi did his absolute best and got the MOST votes in the February elections but your Thiefnubu and the owners of Nigeria stole that mandate from him in connivance with Mahmud. If you like get 99.9% of the vote in Nigeria, the presidency would be given to a person who scored 0.1% as long as he has the backing of the owners of Nigeria!! You cannot be president unless these people allow it. This is what they did to Abiola and it will continue to be so until Nigeria is rescued from the hands of this power hungry and wicked political elites. This is the truth that every sane and well meaning Nigeria is aware of so you can argue with your keyboard if you cannot assimilate the truth. I don't engage in unreasonable argument with agbadorians bcos I see them as enemies of Nigeria who are in serious need of redemption. Unfortunately, I am not a therapist and don't have the ability to reconstruct your brain to start thinking rationally and empathetically, SO I CANNOT HELP YOU!!!

[@ohenhen4844]

Nigeris like the dollar too much that is the problem. We can trade in our currency and other currencies.

[@gsupport5264]

Dollar is just used as world trade currency, Naira is falling in all other currencies across the globe not only on dollars. If you keep supporting political criminals, Nigerians should get ready for the worst.

[@leeolajideadams]

😅

[@BakerMills7]

Isn't that ridiculous and hilarious same time 😊

[@hmaina0]

The problem is that everyone knows what needs to be done, but no one is doing anything.

[@stephenKerrr]

I think Nigerians have to start asking IMF why the Naira is falling so fast, do you know how much dollar that flow in Nigeria daily and annually? And we have an economy that has been growing steady for the past years now. Some people are holding on to the dollar but it's not everyone and it's just a fewer numbers of Nigerians and it won't even be up to 5% of the Nigeria population, and we have a good amount in our foreign reserve to hold up to the dollar but with the rate it moving so fast is very questionable We have to stop blaming ourselves for nothing because it doesn't make any sense anymore, this is a foreign power fighting Nigeria

[@odogwuod3364]

No bro, you are wrong it's not foreign powers, it's local power, mostly our political class, because the more naira keeps falling,the richer they become. Do you know how much is been spent on foreign products?ask yourself have you even seen any country in the world that manufactures cars and buy foreign cars for official use?? USA, BRITAIN, SWEDEN,GERMAN, ITALY,JAPAN,KOREA, MALAYSIA ETC, THEY all use local cars, but Nigeria hmmmmmmm. Just because they wanna pad up the price and all that. Tell me any country in the world that is doing well that the politician children school overseas,or go to hospitals abroad. Tell me any country in Europe that fly private jets like Nigerians?? Tell me any oil producing nation that imports fuel. All this are putting pressure on the dollar. And our commercial banks are also part of the problem.

[@creativemecksdave1319]

Which MUMU good ECONOMY do you have????? Outside CRUDE Oil, what else do you export to foreign country that can earn you you Dollars, absolutely NOTHING. You CANNOT even produce ENOUGH to feed yourself 😳🥺🤔😳🥺😱😱😱hence yiu are scampering for USD to import what 😂 will eat. If you produce ENOUGH to sell to NIGERIANS there will be no need for Dollars for important and the demand for USD will drop and the value of NAIRA AGAINST USD will appreciate. Your DUMB TINUBU president and his lawmakers are using USD that shld be given to manufacturers to buy foreign made cars, and INNOSON KOJO and NORD CARS ARE MADE in NIGERIA 😳🥺😳🥺🤷🤷🤷🤷. This so called Bola TINUBU's government in just 4months has done more damages to NGR than BUHARI did in 8yrs.

[@4evertrue830]

What did nigerians expect from a government that has intentionally given jobs to persons that have poor knowledge of their portfolios - round peg ministers in square holes. Were they expecting positive change in the economy, i.e economic growth? Take a good look at each and everyone of these officials and think, which of them really knows anything about his or her job thoroughly. From the minister of finance, the minister of avaition, the minister of power right up to the CBN governor an ex-western trained city banker with a poor knowledge of central banking, public expenditure and monetary policies, nigerians should not have expected anything different from what existed under the previous govt, but a lot worse. 🙄 😢

[@SMBSuccess-op5cg]

Who cares! The nearest African country with a more stable and secured economy is our target now. We can continue to vote in Nonentities while we go to churches for God to do the magic. God has left Nigeria on autopilot.

[@Veebee-c6h]

Facts! 👍

[@TabsT-vy5jy]

Exactly. Nigerians are deluded and brainwashed.

[@chudiuboja7235]

Does any one remember "Moving from consumption to production " ? 😂😂😂😂😂

[@BakerMills7]

The Economist on blue suit analysis was 💯 instance fo comparism,i expected him to cite an Zimbabwe as a case study and thats whay Nigeria is fast becoming.

[@michaelegonu6918]

Dollar accounts in Nigeria must be all closed

[@BakerMills7]

👍 you can say that again!

[@michaeligwe2131]

As long as you are not producing, Naira will continue to fall. Imagine a scenario where all the closed or moribund industries are working, all the refinaries are wirking, we have s Nigerian shipping line as well as Nigerian airline that are wirking, all the seaports are developed abd working, nit inlybin Lagos, good networks of working raikways actoss the lenght and breath if this country, a 24hr stabke electricity, there is noneay the economy will nit grow and the Naira strenghtened, buy unfortunately our leaders are clueles. When politicians turn political positions into a tyrn by turn thing, you eat , I eat, no accountability, no consequences for any wrong doing, corruption reigning supreme, then you are doomed.

[@creativemecksdave1319]

Peter Obi told them so. NIGERIA is an import dependent ECONOMY so the NAIRA will continue to fall until it reaches abyss. MOVE FROM CONSUMPTION IMPORTATION TO PRODUCTION/ EXPORTATION. If NOT, there's no remedy for your NAIRA 😡😡😡😡😱😳🥺😳🥺🤷🤷🤷🤷!!!!!!

[@jackielpowell]

I'm favoured, $60K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America❤️❤️❤️

[@davidliam000]

How please? Am a newbie in crypto investment, please can you guide me through on how you made it..

[@jelnnmorgan]

How did you do it? Do explain please 🥺 My family have been into series of sufferings lately

[@davehoper_319]

Yeah, $230K every weeks profits! thanks and God bless to Mrs Elizabeth Ann Larson trading services. God gave me a vision about her!!

[@Fostermargret-jv1ci]

Mrs Elizabeth Ann Larson services is the best, I got a brand new Lambo last week and paid off my mortgage loan thanks to her wonderful services!

[@Fostermargret-jv1ci]

Her good reputation already speaks for her, just her last month i invested over $ 10,000 with her and I've already made over $ 150,000 profit.

[@yinsam233]

The REAL economy, is what you FEEL when you go to the market

[@sterlingferguson1704]

The rot started when the military overvalued the Naira and led to a flight of capital out of the country. People were flying into Nigeria with plane loads of goods and selling them and flying out of the country from all over the world. To make matters worse, the ruling elite was smuggling, money out of the country and placing the money in banks overseas. In a few years, Nigeria was broken and turned to the IMF for a bailout, the IMF forces them to devalue their currency. Tinubu has some job on his had to correct years of mismanaging this country's economy.

[@Tirelesswarrior]

Brilliant point. This has always been my cadid assessment. Unfortunately, the elites are too intertwined in the rotten history. Tinubu himself has in the past been a beneficiary of the rot. To radically uproot the vampires is a tough sell. Since his NADECO days, they've all been in cahoot unknowingly, causing all the harm. He will do quite a bit, but Nigeria's future lies in the hands of a future club of radical and young leaders who will do all to change existing cultures and mindsets.. Culture change is more crucial than monetary policies. We have a long odyssey ahead.

[@jackjackson4584]

What can some one who is a part of those who stole money away to foreign countries do ?

[@sterlingferguson1704]

Nigeria has to keep her currency weak like China has been doing to avoid a flight of capital. Keep the Naira weak, so Nigerians have to produce goods at home. China is not going to like this because she has been dumping goods in this country. @@jackjackson4584

[@4evertrue830]

Based on your comment, it seems you have a very poor understanding of economics and historical events that took place in Nigeria at the time you are referring to. Basic economics teaches us that, the stronger a nation's currency, the stronger the economy of that nation and not the other way round. If your currency is weak due to constant devaluation, the weaker and problematic your economy will be. The problem the country was going through at the time was not the fault of military but the civilian govt that had been corrupted financially by the influence of WS european govts and their IMF/World Bank structural adjustment programmes known as SAP. To understand more do a search online or read the book "The Economic Hit Man" written by John Perkins, a whistle blower of the World Bank to be more enlightened. 😀 😊

[@tobioguntunde8614]

Definitely sound like a depression Era might be on its way.

[@okioladaniel]

Everyone should go and listen to what Peter Obi said about strengthening the naira and you’ll know what to do. The economic lies are too much,a borrower is subject to its lenders….the borrowers are your problem.

[@azeeznurudeenademola2224]

This easiest way is to ban dollars trading within Nigeria and limiting international trade in dollars for six months….. Naira we gain value in two months…. The worst country on earth Afghanistan, currency value is highest gain currency against dollars in year 2023 …..convert all dollars earn from oil to naira and ban dollar trading in Nigeria 2nd ban importation of unimportant goods like wine, Gold, shoes, jewelry, luxury items should be suspended for one year

[@MusaMuhammed-du1cs]

Godbleast good govt

[@Jwealthtvs]

We got there when we abandoned everything Nigeria. All the people who spoke here including the narrator and the journalist are wearing China Our appetite foreign good is a big factor and it’s even affecting cost of locally produced product because imported inflation due to lack of refinery Manufacturing cannot thrive with high cost of factor of production mainly energy driven.

[@bandangenge3217]

Carrying over spilled milk. Nigeria, put your house in order

[@Jerrauex]

$940,000,000,000

[@Matthew-u4f7t]

Always looking for diaspora remittance but yet deny them voting right

[@streetprophet007]

This is the black horse

[@caniceonuoha]

You cannot grow an economy on generators. Unless you fix the electricity problem you can forget everything else. There are foundational deficiencies with the Nigerian economy. Top most is corruption and lack of priorities. When you have ignoramuses running the country it becomes poor. My hope is that the poor discovers that it is the elite who got them to this current situation and seek revenge on them

[@victorebolum1583]

Exactly. They are not going to get the point. Everyone is busy stealing from one another, under the cancerous darkness of corruption.

[@Jfirstwish]

Illl keep telll every body but y they alll want them gone like the man said in the video.,. See our world shake us NOT me yallll yeh bad bad people fix it😅😢😮😢

[@benmoonraker]

Cut salaries for the senators and Assemblies , cut their allowances.

[@bradholmes3416]

Tinubu has a lot of dollars and wouldn't like to loose his wealth..Rather he prefers let naira cripple

[@taiwoidowu2854]

What has this got to do what Tinubu? He's only been president of Nigeria for less than six months. I am not saying his hands are clean when it comes to $ ,just about all the elites in Nigeria. Hopefully, he will do something about it. I mean Hopefully.

[@Veebee-c6h]

​@@taiwoidowu2854Tinubu won't do anything to solve the problem bcos he is behind it. The naira is going to continue to depreciate consistently under his govt. This is not a curse, but a fact. You can let me know if my prediction is wrong in the next 2 months. Until then, there's no point arguing with my opinion. Thank you

[@Charlesazubuke]

Please divide the country let every tribes find their way that's the only solution for Nigerians.

[@paulchigozie7518]

Let Nigeria switch government with US, the result will tell you why naira kept falling. Prodigal that has nothing to offer are in government and you still want to know why naira is losing power

[@nosiphomondile7]

This is serious more suffering 😢🇿🇦