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Nairaland Forum / Nairaland / General / Politics / Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 (25855 Views)
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Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by Nobody: 11:49am On Mar 18, 2020 |
Depreciation not devalation. Oil prices heading south, Naira automatically goes the same direction. |
Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by Tolase1999(m): 12:01pm On Mar 18, 2020 |
This is where a country with a great leader and economist with financial analyst will be known. this is a global issues and don't forget the oil war between saudi and Russia. before we make any comment, i think we should know more about international economy bcuz this is beyond APC and PDP saga |
Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by Boxer007(m): 12:04pm On Mar 18, 2020 |
Any beautiful man wanna chat? (Free paid dinner? Disco & dance included) |
Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by MondayOsunbor(m): 12:15pm On Mar 18, 2020 |
Boxer007: any better ? i am available |
Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by courage89(m): 12:17pm On Mar 18, 2020 |
Is naira devaluation part of Senate responsibilities? I thought this is part of cbn mandate. Why not allow cbn to do their job, considering their independence. Are people now lobbying our Senate to achieve this? This is not good. I don't have any problem with removing subsidy, it's way overdue. |
Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by anonimi: 12:19pm On Mar 18, 2020 |
Nbote: Please ask yourself how many times they will remove the subsidy that barawo bubu called a fraud anyway ![]() www.nairaland.com/attachments/2589504_subsidy2_jpeg57ea79bc1f8758353f00f8db1d53dbf1 NIGERIA REMOVES FUEL SUBSIDY, PROMPTS MIXED REACTIONS www.nairaland.com/attachments/4024299_bubu6_jpeg86aaf8fa6cd32a5104ab6bf996dd1ee3 www.nairaland.com/attachments/6440050_dregaeuxcaaxmzn_jpegbc221e09788124eef1ab789b91afa35e 1 Like |
Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by MansoryMX(m): 12:24pm On Mar 18, 2020 |
NdiaraIGBO: Seconded! As in Foolish fools!
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Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by Nobody: 12:27pm On Mar 18, 2020 |
Devaluation of the Naira is a good way for us to step up our exports, because our goods and services will be cheaper to foreign nations. Unfortunately, rather than search for goods we can produce for export and learn about what standards we need to uphold and how to maintain those standards to make our exports attractive, my people will lie down on the floor and start wailing and throwing tantrums; waiting for government to come and spoon feed them. 2 Likes |
Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by Nobody: 12:28pm On Mar 18, 2020 |
GOFRONT: Maybe the guy don chop dead meat wey carry corona... |
Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by Nobody: 12:31pm On Mar 18, 2020 |
Officialgarri: Why should they worry themselves, when there is always money to share ? Lmao at Nigerian government. |
Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by Timozo1(m): 12:34pm On Mar 18, 2020 |
NdiaraIGBO: Are you not among the 190m, na all of us go suffer |
Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by Nobody: 12:38pm On Mar 18, 2020 |
Nnah make person go shopping before Indomie becomes scarce. Lmao.. When una dey vote people with padded certificate, una no Sabi say unletteredd persons are always disorganized ?? |
Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by Nobody: 12:41pm On Mar 18, 2020 |
MondayOsunbor: I remember Riot in my primary school days. We no dey do strike that time nah RIOT. 1 Like |
Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by Boxer007(m): 12:42pm On Mar 18, 2020 |
MondayOsunbor: You not my type sir. You too cunk |
Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by sentio2020: 12:45pm On Mar 18, 2020 |
I
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Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by Chibokgame: 12:51pm On Mar 18, 2020 |
My country, always planning to do something.. Please those in support say hi.. Otherwise say nay. That ends the story. |
Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by bigpicture001: 1:02pm On Mar 18, 2020 |
Officialgarri: U scolded that guy as dou ur Mr. Know it all. U tink k he doesn't know wit he was saying..? Get informed and stop ur pig headed behavior; during bihari and APC 2015 campaigns, they blasted Jonathanas thief a nd lie I g to the people saying there was nothing like government oayi g any subsidy. I remembered vividly how fashola turn economist... That is why that guy made that comment.... So since u don't know it all,allow ppl to say wit they know |
Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by AngelicBeing: 1:09pm On Mar 18, 2020 |
GOFRONT:Hahaha, Lol at darling daddy, the guy is a mugu raised to power 1000, darling daddy Ko, carcass daddy ni, Buhari is a dead carcass, nonsense and Buhari ![]() |
Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by DBlackCeazer(m): 1:16pm On Mar 18, 2020 |
MansoryMX:foolish fools is even an understatement. |
Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by DBlackCeazer(m): 1:19pm On Mar 18, 2020 |
Economists, plssss what's the next step for people that have their savings in Naira? |
Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by lastempero: 1:20pm On Mar 18, 2020 |
If these people are tired of sitting in the Senate,they should just go home to meet their wives. Insensitive bunch of criminals. |
Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by lastempero: 1:29pm On Mar 18, 2020 |
RisenPhoenix: Devaluation is still artificial solution that might backfire so it's better for them to start from the basic ,they should start by making legislation to liberate the power sector since they can't solve the electricity problem. 1 Like |
Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by gordus: 1:35pm On Mar 18, 2020 |
osamz007:Printing more money doesn’t increase economic output – it only increases the amount of cash circulating in the economy. If more money is printed, consumers are able to demand more goods, but if firms have still the same amount of goods, they will respond by putting up prices. In a simplified model, printing money will just cause inflation. True you have more money, but if everything is more expensive, you are not any better off. In this simple model, printing more money has made goods more expensive, but hasn’t changed the quantity of goods 1 Like |
Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by courage89(m): 1:44pm On Mar 18, 2020 |
RisenPhoenix: If this is accurate, why is it that our export to other countries has not triple or quadruple in the past, ever since we started devaluation of naira? Devaluation will not increase our export, it will only inflict more pains and compound our economic problems. Higher inflation, higher interest rates, lost of production economy Cheaper export and other production comparable advantage will happen when we fix other factors that affect production (excluding cheap labor, cheaper currency). High cost of diesel, electricity, high cost of funding, transportation, double taxation, high security cost and other factors. If we do not fix and improve on these factors, export of Nigerian goods remains a mirage. |
Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by BreconHills(m): 2:06pm On Mar 18, 2020 |
DonFreshmoney: Naira will lose 10-15% that is all. Import substitution program has already reduced aggregate demand. A lot of demand you see now is panic buying. Any body buying at 600 for e.g.will get their hands burnt badly. |
Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by Openbusiness: 2:14pm On Mar 18, 2020 |
GamalNasser:By the time Buhari is done with Nigeria economy, Zimbabwe will look like a paradise. Let them devalue the naira, let them increase fuel to 2000 naira per liter, hahahaha, let me see how APC will win in 2023 ![]() 1 Like |
Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by Nobody: 2:16pm On Mar 18, 2020 |
courage89: RisenPhoenix: I have already stated the reason why our exports do not triple and quadruple when the Naira is devalued. courage89: There is no single commodity produced up to international standard in Nigeria whose export is constrained by high costs due to any of the factors mentioned above. Our cost of production is very low compared to other countries despite the above mentioned issues. The problem is that the standard of our products is not always acceptable for export. So while solving the issues you pointed out will definitely help the Nigerian producer in the long run, our industries still have to sit up when it comes to production standards. |
Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by Glink2018(m): 2:34pm On Mar 18, 2020 |
Nbote: Presently we are paying more than the landing cost of fuel price. There is nothing like fuel subsidy for now.....there suppose to be the price reduction of fuel in the country |
Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by grandstar(m): 2:39pm On Mar 18, 2020 |
The biggest threat to the economy may be the collapse in oil prices due to the engineered glut in the market. Of Course, the present pandemic had a hand in everything. A devaluation may happen. What I don't understand is why hasn't the currency depreciated already. Is the CBN defending the Naira at all cost? Or has internal demand reduced or collapsed therefore reducing the corresponding demand for forex? I have not been paying attention to the news but currencies don't seem to have been in turmoil. There's been no news of crashing pounds, Swiss Francs or Euros. 1 Like |
Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by grandstar(m): 2:49pm On Mar 18, 2020 |
RisenPhoenix: I used to think a weak currency was all that was needed for exports to boom. I was wrong. I was also very young then. You need money to export. Is credit available to buy the goods? How much is the cost of credit? 25% in Nigeria's case. This is quite high. Also, for your goods to be very competitive, you need high productivity. Productivity in Nigeria is low because credit is costly. To invest in world-beating modern machinery, you need large chunks of money and borrowing at 25% or more, you'll just go bankrupt. The high cost of credit is the major bane of the country and not even poor infrastructure. 1 Like |
Re: Senate Mulls Naira Devaluation, Subsidy Removal Over COVID-19 by Nbote(m): 2:52pm On Mar 18, 2020 |
Glink2018: Dats d point.. We have been paying more ever since dis govt came in despite claims dey removed it.. |
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