Salma Paralluelo
: Salma ormahleechar nm,
Salma omalicham,
looking at the exchange rate of the Naira
very briefly
very shortly and
very quickly
from a view point of
the Economic History of the Naira
folks who have followed
the HISTORY OF NIGERIA
including
the Economic History of Nigeria
the Politico-Economic History of Nigeria
the History of the Political Economy of Nigeria
the Social History of Nigeria
the Socio-Economic History of Nigeria
the History of the Social Economy of Nigeria
and other folks who
are old enough to remember
may remember that
it seemed
at around circa 1988 / 1989 as if
the IMF was trying to get? Nigeria to take a loan
from the IMF ( International Monetary Fund ).
if my memory serves correctly
in a characteristic dribbling move
reminiscent of
his nickname – Maradona
referencing
the football maneuveres of the Argentine football star
( .. including? his “hand of GOD” duplicity and shenanigans ?? )
the then Nigeria Head of State
General Ibrahim Babangida
also called IBB by Nigerians
the first and only Nigeria leader till date October 2033
to operate a DIARCHY Government
i.e a Government merging 2 distincts form of Governance / Rulership
and in the instance of Nigeria at that era in time
a Government combining Military Rule with Civilian Democratic Rule ▼▼
( .. in this model of Government
which was
considered by many persons to be
very acceptable to many Nigerians
and
also considered by many persons to be
a very successful model of Governance,
there was
an active Civilian House of Representatives
and
an active Civilian Senate
while
the State Governors and the President were Armed Forces Personnel .. )
▼▼ and
who thus remains till date October 2023,
in NIGERIA HISTORY,
Nigeria’s only Military President
( .. distinct from
purely Military Heads of State
e.g
General Aguiyi Ironsi,
General Yakubu Jack Gowon,
General Murtala Mohammed,
General Olusegun Obasanjo,
General Muhammadu Buhari,
General Sanni Abacha,
General Abdulsalami Abubakar
and
distinct from
Civilian Prime Ministers and Presidents
e.g
Prime Minister Tafewa Balewa,
President Nnamdi Azikiwe,
President Shehu Shagari,
President Olusegun Obasanjo,
President Umaru Musa Yaradua,
President Goodluck Jonathan,
President Muhammadu Buhari,
President Bola Tinubu .. )
called for a national debate
among all Nigerians high, low and in between
on whether Nigeria should take the IMF loan
( .. if my memory serves correctly ).
Salma nnkeh nm,
Salma nkem,
at the end of the period of debate,
( if my memory serves correctly ),
Nigerians said they did not want the IMF loan
and
TO THE CREDIT OF THE IBB GOVERNMENT
THEY DID NOT TAKE ANY LOAN FROM IMF.
however,
Salma ohbee nm,
Salma obim,
at this same period
it may be recalled
( .. if my memory serves correctly .. )
that
according to rumours
it seemed/seems
some white? folks? were saying that
the Nigeria Naira was TOO STRONG
and it seems
according to rumours
that
their comments and views were
carried in some newspapers and other media
at that time
many years ago.
perhaps it was this view
that
the Nigeria Naira is/was TOO STRONG
that led the Nigeria Administration
to implement
the
FIRST TIER FOREIGN EXCHANGE MARKET
and the
SECOND FOREIGN EXCHANGE MARKET
etc
in which
the Naira went downwards in value
from
1 Naira = 1 US Dollar
to
2 Naira = 1 US Dollar
to
4 Naira = 1 US Dollar
and further downwards
and
this devaluation in real terms of the Naira
has continued fairly consistently over the years
since that 1989 period
to the extent that today
October 22, 2023
it is rumoured that
the Naira has continued it’s
continuing
free?-fall?
downwards-fall
comparative to the US Dollar
falling further downwards
from
1120 Naira = 1 US Dollar
just 2 days ago
October 20, 2023
to
1200 Naira = 1 US Dollar
today October 22, 2023
and
many observers are worried
that
if the Nigeria Administration is not able
to find a way to
either
halt any further fall of the Naira
or
achieve an improvement / improvements in the strength / value of the Naira
the Naira may continue
the woeful? downwards fall
further downwards
cc :
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Salma Paralluelo : Salma ormahleechar nm,
Salma omalicham,
looking at the exchange rate of the Naira
very briefly
very quickly
from a view point of
the Economic History of the Naira
folks who have followed
the HISTORY OF NIGERIA
including
the Economic History of Nigeria
the Politico-Economic History of Nigeria
the History of the Political Economy of Nigeria
the Social History of Nigeria
the Socio-Economic History of Nigeria
the History of the Social Economy of Nigeria
and other folks who
are old enough to remember
may remember that
it seemed at around circa 1988 / 1989 as if the IMF was trying to get? Nigeria to take a loan from the IMF ( International Monetary Fund ).
if my memory serves correctly
in a characteristic dribbling move
reminiscent of his nickname – Maradona referencing the football maneuveres of the Argentine football star ( .. including? his “hand of GOD” duplicity and shenanigans ?? )
the then Nigeria Head of State
General Ibrahim Babangida
also called IBB by Nigerians
the first and only Nigeria leader to operate a DIARCHY Government
i.e a Government combining Military Rule with Civilian Democratic Rule
( .. in this model of Government which was considered by many persons to be very acceptable to many Nigerians and also considered by many persons to be a very successful model of Governance,
there was an active Civilian House of Representatives and an active Civilian Senate while the State Governors and the President were Armed Forces Personnel .. )
and
who thus remains till date 2023,
in NIGERIA HISTORY,
Nigeria’s only Military President
( .. distinct from
Military Heads of State e.g General Aguiyi Ironsi, General Yakubu Jack Gowon, General Murtala Mohammed, General Olusegun Obasanjo, General Muhammadu Buhari, General Sanni Abacha, General Abdulsalami Abubakar
and distinct from
Civilian Prime Ministers and Presidents e.g Prime Minister Tafewa Balewa, President Nnamdi Azikiwe, President Shehu Shagari, President Olusegun Obasanjo, President Umaru Musa Yaradua, President Goodluck Jonathan, President Muhammadu Buhari, President Bola Tinubu .. )
called for a national debate among all Nigerians high, low and in between
on whether Nigeria should take the IMF loan
( .. if my memory serves correctly )
Salma nnkeh nm,
Salma nkem,
at the end of the period of debate,
( if my memory serves correctly ),
Nigerians said they did not want the IMF loan
and
TO THE CREDIT OF THE IBB GOVERNMENT THEY DID NOT TAKE ANY LOAN FROM IMF.
however,
Salma ohbee nm,
Salma obim,
at this same period
it may be recalled
( .. if my memory serves correctly .. )
that
according to rumours
it seemed/seems
some white? folks? were saying that the Nigeria Naira was TOO STRONG
and it seems
according to rumours that
their comments and views were
carried in some newspapers and other media at that time many years ago
perhaps it was this view that
the Nigeria Naira is/was TOO STRONG
that led the Nigeria Administration
to implement
the
FIRST TIER FOREIGN EXCHANGE MARKET
and the
SECOND FOREIGN EXCHANGE MARKET
etc
in which
the Naira went from
1 Naira = 1 US Dollar
to
2 Naira = 1 US Dollar
to
4 Naira = 1 US Dollar
and this devaluation in real terms of the Naira has continued consistently over the years since that 1989 period
to the extent that today
October 22, 2023
it is rumoured that
the Naira has continued it’s
continuing
free?-fall?
downwards-fall
comparative to the US Dollar
falling further downwards
from
1120 Naira = 1 US Dollar
just 2 days ago
October 20, 2023
to
1200 Naira = 1 US Dollar
today October 22, 2023
and
many observers are worried
that
if the Nigeria Administration is not able
to find a way to
either
halt any further fall of the Naira
or
achieve an improvement / improvements in the strength / value of the Naira
the Naira may continue
the woeful? downwards fall
further downwards
cc :
Salma Paralluelo : A Short, Quick, Brief Look at the Exchange Rate of the Nigeria Naira from the Perspective of the Economic History of the Naira [1]
Salma ormahleechar nm,
looking at the exchange rate of the Naira
very briefly
very shortly and
very quickly
from a view point of
the Economic History of the Naira
folks who have followed
the HISTORY OF NIGERIA
including
the Economic History of Nigeria
the Politico-Economic History of Nigeria
the History of the Political Economy of Nigeria
the Social History of Nigeria
the Socio-Economic History of Nigeria
the History of the Social Economy of Nigeria
and other folks who
are old enough to remember
may remember that
it seemed at around circa 1988 / 1989 as if the IMF was trying to get? Nigeria to take a loan from the IMF ( International Monetary Fund ).
if my memory serves correctly
in a characteristic dribbling move
reminiscent of his nickname – Maradona referencing the football maneuveres of the Argentine football star ( .. including? his “hand of GOD” duplicity and shenanigans ?? )
the then Nigeria Head of State
General Ibrahim Babangida
also called IBB by Nigerians
the first and only Nigeria leader to operate a DIARCHY Government
i.e a Government combining Military Rule with Civilian Democratic Rule
( .. in this model of Government which was considered by many persons to be very acceptable to many Nigerians and also considered by many persons to be a very successful model of Governance,
there was an active Civilian House of Representatives and an active Civilian Senate while the State Governors and the President were Armed Forces Personnel .. )
and
who thus remains till date 2023,
in NIGERIA HISTORY,
Nigeria’s only Military President
( .. distinct from
Military Heads of State e.g General Aguiyi Ironsi, General Yakubu Jack Gowon, General Murtala Mohammed, General Olusegun Obasanjo, General Muhammadu Buhari, General Sanni Abacha, General Abdulsalami Abubakar
and distinct from
Civilian Prime Ministers and Presidents e.g Prime Minister Tafewa Balewa, President Nnamdi Azikiwe, President Shehu Shagari, President Olusegun Obasanjo, President Umaru Musa Yaradua, President Goodluck Jonathan, President Muhammadu Buhari, President Bola Tinubu .. )
called for a national debate among all Nigerians high, low and in between
on whether Nigeria should take the IMF loan
( .. if my memory serves correctly )
Salma nnkeh nm,
Salma nkem,
at the end of the period of debate,
( if my memory serves correctly ),
Nigerians said they did not want the IMF loan
and
TO THE CREDIT OF THE IBB GOVERNMENT THEY DID NOT TAKE ANY LOAN FROM IMF.
however,
CONTINUED IN [2]
cc :
Salma Paralluelo : A Short, Quick, Brief Look at the Exchange Rate of the Nigeria Naira from the Perspective of the Economic History of the Naira [2]
( CONTINUED FROM [1] )
Salma ohbee nm,
Salma obim,
at this same period
it may be recalled
( .. if my memory serves correctly .. )
that
according to rumours
it seemed/seems
some white? folks? were saying that the Nigeria Naira was TOO STRONG
and it seems
according to rumours that
their comments and views were
carried in some newspapers and other media at that time many years ago
perhaps it was this view that
the Nigeria Naira is/was TOO STRONG
that led the Nigeria Administration
to implement
the
FIRST TIER FOREIGN EXCHANGE MARKET
and the
SECOND FOREIGN EXCHANGE MARKET
etc
in which
the Naira went from
1 Naira = 1 US Dollar
to
2 Naira = 1 US Dollar
to
4 Naira = 1 US Dollar
and this devaluation in real terms of the Naira has continued consistently over the years since that 1989 period
to the extent that today
October 22, 2023
it is rumoured that
the Naira has continued it’s
continuing
free?-fall?
downwards-fall
comparative to the US Dollar
falling further downwards
from
1120 Naira = 1 US Dollar
just 2 days ago
October 20, 2023
to
1200 Naira = 1 US Dollar
today October 22, 2023
and
many observers are worried
that
if the Nigeria Administration is not able
to find a way to
either
halt any further fall of the Naira
or
achieve an improvement / improvements in the strength / value of the Naira
the Naira may continue
the woeful? downwards fall
further downwards
cc :