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1USD = N452 as at June 2020.
Circa 2015, it used to be btwn N150-200 to 1$.
How did our currency deteriorate this low?
The senseless government borrowing, coupled with high importation of most of our consumables led us here.
Once upon a time, £1 used to be N2.
1/ https://twitter.com/MobilePunch/status/1273523181974888449
Circa 2015, it used to be btwn N150-200 to 1$.
How did our currency deteriorate this low?
The senseless government borrowing, coupled with high importation of most of our consumables led us here.
Once upon a time, £1 used to be N2.
1/ https://twitter.com/MobilePunch/status/1273523181974888449
I grew up hearing my grandma refer to N10 as "poun maarun" (meaning five pounds).
A USD used to be less than N1 back then.
What did we have then that we don't have now?
Production and manufacturing.
We were feeding ourselves then and were producing our stuffs ourselves.
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A USD used to be less than N1 back then.
What did we have then that we don't have now?
Production and manufacturing.
We were feeding ourselves then and were producing our stuffs ourselves.
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We were far more productive in the 70s & 80s than we are today.
Some of our key metrics include the followings:
1) we were a net exporter of refined petroleum products. Today we import all our refined petroleum products.
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Some of our key metrics include the followings:
1) we were a net exporter of refined petroleum products. Today we import all our refined petroleum products.
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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 produce our buses and trucks. Steyr at Bauchi producing our Agricultural tractors.
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And it was not just Assembly, we were producing many of the components. Vono products in Lagos was producing the seats. Exide in Ibadan produced the batteries, not just for Nigeria but for the entire West Africa. Isoglass and TSG in Ibadan producing the windshields.
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Ferodo in Ibadan produced the brake pads & disc. Tyres were produced by Dunlop in Lagos & Michellin in Port Harcourt. These are tyres produced from rubber plantations located in Rivers State.
3) We were listening to Radio & watching TV sets assembled in Ibadan by Sanyo.
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3) We were listening to Radio & watching TV sets assembled in Ibadan by Sanyo.
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4) We were using refrigerators, freezers and Airconditioners produced locally by Thermocool.
5) We were wearing clothes produced from the UNTL textile mills in Kaduna, Chellarams in Lagos etc. Not from imported cotton but from cotton grown in Nigeria.
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5) We were wearing clothes produced from the UNTL textile mills in Kaduna, Chellarams in Lagos etc. Not from imported cotton but from cotton grown in Nigeria.
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6) Our water were running through pipes produced by Kwalipipe in Kano.
7) Our toilets were were fitted with WC produced at Kano and Abeokuta.
8) We were cooking with LPG gas stored inside gas cylinders produced at the NGC factory in Ibadan.
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7) Our toilets were were fitted with WC produced at Kano and Abeokuta.
8) We were cooking with LPG gas stored inside gas cylinders produced at the NGC factory in Ibadan.
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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 wearing. Not from imported leathers but from locally tanned leather at Kaduna.
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10) We had Bata and Lennards producing the shoes we were wearing. Not from imported leathers but from locally tanned leather at Kaduna.
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Even in the 90s, one of my aunts used to work with Perfecta shoes in Lagos. I remember she used to help us buy our shoes at factory price from their company then.
11) We were mainly flying our airline, the Nigeria Airways, to most places in the world.
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11) We were mainly flying our airline, the Nigeria Airways, to most places in the world.
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Nigeria 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 the 80s
Today, we import almost everything.
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12) Most of the food we ate were being grown or produced in Nigeria.
We were producing all of the above and more in the 80s
Today, we import almost everything.
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There lies the source of the terrible exchange rate we are experiencing today and everybody on this platform has a critical role to play in reversing the ugly trend.
The bulk lies with the government though, but we have a part to play too.
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The bulk lies with the government though, but we have a part to play too.
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