USA Africa Dialogue Series - Naira In Free Fall

"Today's posted average exchange rates for the Canadian dollar and Nigerian Naira are:

$1 US Dollar = $1. 24357 C Dollar

$ 1 US Dollar =  N189.445 Nigerian Naira.

http://www.oanda.com/currency/converter/

Compared to one year ago, the Nigerian Naira is fairing much better
against the US dollar than the Canadian dollar."
 
Dear All:

It is unrealistic and unfair to blame the GEJ government and its economic
team solely for the ongoing massive devaluation of the Naira
which is a global phenomenon that no country in the world
can individually control.

The current global economic crisis was triggered by the desire of the
Obama led government of the USA to inflict some economic punishment
on Russia in retalliation for the latter's military incursion into the Ukraine.

The Obama led government deliberately opened the taps to the huge storage
tanks of crude oil in its reserves at the same time that huge amounts of crude
oil were being produced from shale deposits in the USA.

This has led to a glut in the amount of crude oil available in the global market that is further
compounded by the slowing down of economic activities in China and other major manufacturing
countries which has led to decreasing demand for crude oil.

The result is a massive 30 to 40% drop in the price of crude oil per barrel by the barrel and even more at
the pump for refined petroleum fuels at retails stores.

The  Naira is no more impacted negatively than those of other currencies including the Canadian dollar which
is also trading at more than 30% lower against the US dollar compared to its value about  2  years ago when it
briefly either traded at par with or slightly above the US dollar.

Today's posted exchange rate for the Canadian dollar is:

 $1 US Dollar = $1. 2453 C Dollar

$ 1 US Dollar=  N189.445 Nigerian Naira.

Compared to one year ago, the Nigerian Naira is fairing much better
against the US dollar than the Canadian dollar.

The Nigerian economy, just like Canada's is resource driven with both countries being major oil exporters.
Currently, the Nigerian is fairing better than the Canadian dollar even with current historic low rates of 190 to
 1 USD. The global economy cannot sustain such protracted fall in oil prices for a long time.
Thus we should regard the current devaluation of the Naira as a temporay phenomenon.


Currency devaluation is a two edged sword. It helps countries which are importers of the commodities they use
while it also helps those countries which are major exporters because their goods are now cheaper to buy for citizens
of the countries receiving the goods.

Bye,

Ola                                                                                                                                                                                                                                                                                                                                                                                                          

---- Original Message ----
From: Wharf A. Snake <wharfsnake@yahoo.com>
To: NIgerianWorldForum <NIgerianWorldForum@yahoogroups.com>
Cc: AfricanTalk E-group <africantalk@yahoogroups.com>; TalkNaija <talknigeria@yahoogroups.com>; Nebukadineze Adiele <nebukadineze@aol.com>; Ozodi Osuji <ozodiosuji@gmail.com>; PE Jerome Niang Yakubu SE <jniang20@gmail.com>; Ayo Ojutalayo <ayoojutalayo@yahoo.com>; Edo Global <edo_global@yahoogroups.com>; Vin Otuonye <vincentotuonye@msn.com>; African GM <africanworldforum@googlegroups.com>; Ezeana Achusim <pachusim@yahoo.com>; Omo Oodua <omoodua@yahoogroups.com>; Afis Odidere <odidere2001@yahoo.com>; Ozodi Osuji <africainstitute@yahoo.com>; Tajudeen Raji <traji@aol.com>; Ozodi Osuji <ozodiosuji@yahoo.ca>; Daniel Akusobi <dakusobi@gmail.com>; BUSKA OLADOSU <alaremu2007@gmail.com>; Ola Kassim <olakassimmd@aol.com>; Ayotade Ojutalayo <ayoojuts@yahoo.com>; Collyezebuihe <collyezebuihe@hotmail.com>; Dr. KC Prince Asagwara <kcprinceasagwara@shaw.ca>; Africa Today <africatoday80@gmail.com>; NEW NIGERIA NEW NIGERIA <newnaijapolitics@yahoogroups.com>; Niajapolitics <niajapolitics@yahoogroups.com>; Nigerianobserver <nigerianobserver@yahoogroups.com>; Nigeria World <nigeriaworldforum@yahoogroups.com>; nigeriansncanada <nigeriansncanada@yahoogroups.ca>; Edo Nation <edo-nation@yahoogroups.com>; Vincent Modebelu <vin_modebelu@yahoo.com>; Afis 'Deinde <odidere2012@gmail.com>; AfriCan IDENTITY <africanid@yahoogroups.com>; Bolaji Aluko <alukome@gmail.com>; Politics Naija <naijapolitics@yahoogroups.com>; Tino Odidu <tino.odidu@yahoo.com>; Ken Asagwara <ken.asagwara@gov.mb.ca>; Yan Arewa <yanarewa@yahoogroups.com>; Egbe <egbeodua@yahoogroups.com>; Peter Opara <ogbuonyeiro@yahoo.com>; Kingsley Nnabuagha <kingsnna@yahoo.com>; Vincent Unachukwu <chukwukpee@gmail.com>; Abraham Madu <abraham.madu@yahoo.com>; James Agazie <jamesagazie@yahoo.com>; James Agazie <jamesagazie@gmail.com>; james.a.ikwuetoghu <james.a.ikwuetoghu@exxonmobil.com>; talknigeria <talknigeria@yahoogroups.co.uk>; talkhard <talkhard@yahoogroup.com>; talkhardnigeria <talkhardnigeria@yahoogroups.com>; Bring Your Baseball Bat <naijaobserver@yahoogroups.com>; Chucks <agwu22@yahoo.com>; Ibukunolu Alao Babajide <ibk@usa.net>; Emenike C. <igbonize@yahoo.com>; Edo Nationality <edo-nationality@yahoogroups.com>; Pius Adesanmi <piusadesanmi@yahoo.com>; Okonkwonetworks <okonkwonetworks@googlegroups.com>; Africanherald <africanherald@aol.com>; African Forum <africanforum@yahoogroups.com>; afrikatoday80 <afrikatoday80@yahoo.com>; africanpolitics <africanpolitics@yahoogroups.com>; africanforum <africanforum@googlegroups.com>; Otitigbe Obadiah Oghoerore Alegbe (The Okatakyie Otitigbe of Africa) <beliefsandreligion@yahoogroups.com>; otitigbe <otitigbe@oviri.com>; Jerome Niang Yakubu PE Jerome Niang Yakubu PE <lett_drb_peacce2@yahoo.com>; Acer Acer <mjogundu1@msn.com>; Maigoro A. Jos <maigoroajos@gmail.com>; Baduba54 <baduba54@aol.com>; Tony Eluemunor <teluemunor@yahoo.com>; Naijaobsever <naijaobsever@yahoogroups.com>; Adeniran Adeboye <aadeboye@mac.com>; Tijani Asuku <asukutj@gmail.com>; No Guideline In Free for All <talkhard@yahoogroups.com>; Truth As My Weapon <igboworldforum@yahoogroups.com>; Joe Attueyi <topcrestt@googlemail.com>; Evelyn Joe <msjoe21st@aol.com>; msjoe21st <msjoe21st@yahoo.com>; Martin Akindana <matto1@msn.com>; Abraham Madu <abrahammadu@yahoo.com>
Sent: Wed, Jan 28, 2015 8:06 am
Subject: Re: [NIgerianWorldForum] Naira In Free Fall

This is part of the problem in Nigeria: educated illiterates parading about town as thespians. Does this writer have any idea how currency exchange work?

Sent from my iPhone

Ejo ni Mushin - Prince 

On Jan 28, 2015, at 4:39 AM, Nelson Ekujuminel ekujuminel@yahoo.com [NIgerianWorldForum] <NIgerianWorldForum@yahoogroups.com> wrote:

Free fall of the Naira and Dangers to the economy

I couldn't believe my ears when a friend called to express alarm and need to sensitize Nigerians that a dollar which xchanged for 120 naira to a dollar when President Goodluck Jonathan was elected as President in 2011 is now 210 naira to I dollar.

It is an indisputable fact that this is a sad commentary on the state of the Nigeria economy under President Jonathan and the earlier we all realize that a Golden opportunity to rescue our country and economy from total shut down is knocking on the door come FeBuhari 14, 2015.

Nigerians, the ball is in our court and I pray and hope that we will all do the needful by doing what is right at the polls. Lets get our PVC now and troop out enmasse to cast our vote on election day and make sure it counts by being eternally vigilant.

Nigerians, the ball is in our court.

Sent from my iPad

On Jan 28, 2015, at 9:01, "'Jerome Niang Yakubu, SE., PE.' let_drb_peace2@yahoo.com [NIgerianWorldForum]" <NIgerianWorldForum@yahoogroups.com> wrote:

 

Folks,

​

In response to the article below, captioned:

Presidency: Will The Ijaw Ever Support Ndigbo?  

HELL (fucking) NO !!!

I have said this honestly several times before,

NO OTHER MINORITY TRIBE IN SOUTH-SOUTH or SOUTHEASTERN NIGERIA WILL EVER SUPPORT IGBO PRESIDENCY BEFORE THEIR OWN

​ SON​

.

Igbo had their own chances already.

Nnamdi Azikiwe ..... President.

Alex Ekwueme ..... Vice President.

However, If you think otherwise, that Igbo have supporting friends around them, be a good Christian.

Hold your BIBLE in your right hand and SWEAR to God naming just ONE non-Igbo tribe in that region that TRULY and HONESTLY love IGBO PEOPLE so deep that they will want an Igbo to ever be their president in Nigeria again. Go ahead, SWEAR TO GOD ABOUT THAT.

Don't you guys think those other minority tribes around you Igbo people are all tired of BOWING "Yes Sir, Yes Sir" to Enugu since the independence of Nigeria?

Those Ijaws have tasted power, (GEJ).
They will NEVER say

​want to say ​

"Yes Sir" to any Igbo again.

Those Itsekiris,

​Urhobos, ​

Edos, Idomas, Ekans, Ibibios, and other

​ minority tribes​

around Igbos want their own turns too.

​ They may not openly act their inner intentions, but come election day, when nobody will know who voted for who, to them, it is gonna be ANYONE BUT IGBO.

When the votes are counted, those Igbos expecting their votes will then be claiming RIGGING, unbelieving that those non-Igbos took their money just for stomach infrastructure purposes only.

​Actually, those minority tribes will rather vote HAUSA/FULANI or YOROBA, instead of bowing to any Igbo again.

​YOU'VE BEEN TOLD THE ​

HONEST TRUTH.

​T​

o be fair to all other tribes south of rivers Niger and Benue,
We must have an IDOMA president before any Iyanminrin Igbo is even elected to be the Deputy Security

​Guard (Maigadi) to the gate of Aso Rock.

FEEL FREE TO BITE ME !!!

I just expressed my God-given rights of free speech.

It's me, again.

Jerome Niang Yakubu, S.E., P.E.

---------- Forwarded message ----------
From: Oliver Anam <oanam@executivecommunication.net>
Date: Tue, Jan 27, 2015 at 12:12 PM
Subject: [africanworldforum] IJAW HAVE NEVER SUPPORTED NDIGBO, RATHER THE HAUSA.

The honest answer is NO, not in this life, Ndigbo supporting Jonathan an Ijaw man is nothing but for "Stomach Infrastructure"

I'm glad and relieved that I am able to see another Igbo man writing in the same vein with me, in respect of Ndigbo with hidden agenda rather than genuine Igbo Political Survival in Corporate Nigeria, supporting Jonathan, anyway as per Chief Igwebuike, "they are doing so for personal gain" PERIOD. 

Anam/OO

Issele-Azagba, Delta State.

Presidency: Will The Ijaw Ever Support Ndigbo?  

Published on January 22, 2015 by admin pmnews   ·   2 Comments

By Jerome Igwebuike

In a famous article deservedly syndicated in the Nigerian newspapers as well as social media entitled "Ndigbo and support for Jonathan", C. Don Adinuba, a respected public affairs and communication consultant, wondered why Governor Seriake Dickson of Bayelsa State has always been enthusiastic to express gratitude to Vice President Namadi Sambo for "supporting our  son, President Goodluck Jonathan", but has never, like Ijaw leader Edwin Clark, uttered a word of appreciation to the Igbo people who have provided the bulwark of support to Jonathan. Adinuba asked why has the situation been like this, even when it is axiomatic that Sambo, who lost his ward in the 2011 general elections to the opposition Congress for Progressive Change, CPC, has added little or no electoral value to the Jonathan presidency, unlike the Igbo who have supported this administration more than any other ethnic group in the country, including those in Jonathan's Niger Delta region. I have waited for  months since the article was published to see if any person could answer the Adinuba exceedingly thoughtful poser, but couldn't find any.

The Igbo political elite claim that their unflinching support for Jonathan without demanding the development of the Igboland in any way, including the rebuilding of collapsed infrastructure like federal roads in the Southeast, is targeted at achieving a rapprochement with the Ijaw who have over the years displayed unparalleled hostility towards the Igbo whom they accuse of internal colonialism in the First Republic. If this official explanation is believable — though many analysts believe that the support for Jonathan by the Igbo politicians has more to do with personal gains than anything else — then we should expect a reciprocal action from the Ijaw political leaders. Rapprochement is not a one-way traffic. Parties on both sides of the divide must show the spirit of mea culpa, or atonement of sins committed against the other party. Whereas it is possible that the Igbo people oppressed or displayed a profound lack of sensitivity to the Ijaw and other minorities in the defunct Eastern Nigerian Region, it is also true that the Ijaw have hurt Igbo interests in an awful manner.

Take the notorious "Abandoned property" issue in the old Rivers State. At the inception of the cataclysmic Nigerian civil war in 1967, Igbo people in different parts of the country fled to the Igbo heartland now called the Southeast. Those who had buildings and other valuable assets naturally left them behind. At the end of the civil war in January, 1970, the Igbo people were warmly welcomed back to all parts of Nigeria, thus making Nigeria a quintessential case study in what the late great Professor Ali Mazrui called "Africa's short memory of hate". Dr John Abaelu, the brilliant Anambra State-born erstwhile academic, economist and banker, recalls in his absorbing autobiography entitled Traversing Hills and Valleys which was published a couple of months ago: "Nigerian and Biafran soldiers were seen hugging each other and laughing like old friends. Plenty of gifts changed hands from Nigerian soldiers (biscuits, corned beef, sardine), and from their new (Biafran) friends oranges, coconuts, bananas, etc. It was difficult to believe these were former enemies who had been locked in mortal combat for 30 months".

Houses and other immovable assets left behind by the fleeing Igbo people were returned to them without conditions. In Yorubaland in particular, rents collected from tenants who occupied the houses were paid to the Igbo owners on return. As Senator Jibril Aminu, former Minister of Education and of Petroleum Resources, has always observed, the Yoruba have a great sense of social justice and largely do not hesitate to react promptly anytime they notice an act of grave injustice. When naval ratings attached to Rear Admiral Harry Arogundade brutalized a female banker named Uzoma Okere in Lagos in November, 2008, Governor Babatunde Fashola of Lagos personally led the public protest against the action and instructed the State Ministry of Justice to file an action against the fellow Yoruba top naval officer in a state high court; Ms Okere from Imo State was awarded N100m by the Lagos State court on January 28, 2010.  Back to the so-called abandoned property issue. The only place in the country where properties belonging to the Igbo were not given back to them was the old Rivers State, carved out of the Eastern Region and was then dominated by the Ijaw people. Rather than ensure the return of these valuable assets, often built with the life savings of the Igbo owners, the Ijaw military governor of the State, the young Commander Alfred Diette-Spiff, enacted a military edict overnight declaring all the Igbo-owned houses "abandoned properties". They were confiscated and distributed to indigenes of the Rivers State as a war booty. For instance, one of the houses of Chief Z. C. Obi, the revered president of the Igbo State Union and father of Senator Onyeabo Obi, was given to the late Ogoni writer and Igbophobist, Ken Saro-Wiwa, and it se

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Posted by: Nelson Ekujuminel <ekujuminel@yahoo.com>

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