ONE DOLLAR WILL WORTH N500 NAIRA EXCHANGE RATE WHEN APC AND BUHARI ARE DONE


I am not blaming President Buhari or APC for the expected doubling and

predictable rise of the exchange rate  of Nigerian Naira to Dollars, Euro and other

 hard international currencies which is causing economic hardship for Nigerians.

First of all,  a lot us have  over the years been worried about the situation,

where with the huge and abundant talents Nigeria have and abundant

amount of Agricultural resources, fertile land, Rivers,lakes and ocean

available to Nigeria that too many countries will  be thanking God for that

 to make them great nations, but Nigeria doesn’t understand how blessed

the country is to use these resources to diversify Nigerian economy as

soon as possible.

My main point, Earlier last year 2014 the exchange rate for Naira to Dollars

was N140 to N150 Naira to One Dollars, but it has doubled today

to N240 Naira to one Dollar. What makes a sensible person not

understand that with the way things are going on in Nigeria,

that it is possible for the exchange rate to double to N500 to one Dollars.

Reasons of the possibilities of Naira double to N500 Naira to a dollar.

(A) USA and Europe have stopped buying our oil after they have

developed efficient technologies to fine and produce

more oil and gas in their lands..

(B) USA, Europe, Asia and Brazil the big buyers of  our oil and Gas are

now increasing their use of alternative energy

like electric cars, hybrid, ethanol, Natural Gas to run motor vehicles

and their factories and industries.

(c) Nigeria is not developing her agriculture, Fishing, and

aquatic resources from the abundant Rivers, Lakes and Ocean

to diversify Nigeria economy.

(d)  The countries buying our oil and gas now  from Asia majority of

 them don’t have hard and international Currencies, because

Countries like India, Malaysia, Indonesia from Asia have to also

source and look for hard currencies and International currencies

like Nigeria, and it hits them hard too on their countries exchange rates.

 Finally, with Corruption, looting of Nigeria wealth stashed away in

foreign countries and the Boko Haram and Refugees

dislocation of population in West Africa and North Africa. All these

will affect Nigeria growth and development rate.

These are the reasons I feel that this is just morning time for Nigeria,

Things does not look great as I looks if serious action

is not taken by President Buhari and I wish President Buhari  luck.

Please, mind you that myself here and my family in Nigeria suffer when things

go wrong in Nigeria like before. I am just being honest.

 I am not blaming President Buhari or APC at all.

These are structural problem for Nigeria for over 30 years now.

Thanks

Ugo Ukandu