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Nairaland Forum / Nairaland / General / Business / Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg (35999 Views)
CBN Did Not Devalue The Naira! / CBN May Devalue Naira Steeply After 2023 Elections - Bloomberg / Naira Likely To Weaken Further - Zainab Ahmed (Finance Minister) (2) (3) (4)
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Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by nedekid: 5:25pm On Mar 21, 2020 |
VolvoS60:I think it has to do with the color of our skin. |
Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by Nobody: 5:27pm On Mar 21, 2020 |
Can someone tell me why we should devalue our currency? In the case of China, they devalue their currency because of her product, which will ease country like Nigeria the major buyer of chinese product to buy comfortably and other countries as well. But in Nigeria apart from crude oil and its equivalent what are we producing again? We import virtually everything even the waste product of crude oil sold was imported into the country to tarr road. Buhari should remain firm on this issue, devaluation will do us more harm than good 1 Like |
Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by Dpharisee: 5:32pm On Mar 21, 2020 |
Bloomberg is bitter, these articles are sponsored by IMF. We don't need Bloomberg to teach us how to do business, they should focus on Europe which is grounded due to Coronavirus, their stock exchanges are crumbling because they lack substance and work on a lot of fake figures. Corona has exposed EU as not United in the true sense 1 Like |
Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by 11doubledee: 5:35pm On Mar 21, 2020 |
Jonathan:The yen's value is a direct result of both their fiscal and monetary policies. You can imagine them having negative interest rate. Constantly mopping up dollars in their system It's more or like currency manipulation just to boost their manufacturing(exports). The world is now global market. All these analysis helps foreign investors to make informed decisions. 1 Like 1 Share |
Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by Deoboss(m): 5:36pm On Mar 21, 2020 |
RenaissanceGuy: They are vultures waiting to gain from our down fall. They give advice that suits them hence once you devalue your currency they bring in cheap funds to invest in govt bonds, stock market etc and quickly repatriate back to their country after profit taking & if they see a red flag signal they will abandon our economy for other countries 1 Like |
Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by pacespot(m): 5:41pm On Mar 21, 2020 |
Why do I see dollars as an instrument of modern slavery. That is why USA government can pump 1 trillion dollars in its economy as a relief for Americans. What they are going to buy with these dollars, are they made in America? No. USA wants every country to devalue its currency, except China which is an exporting country, so as to keep the purchasing power of dollars very strong. 1 Like |
Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by nedekid: 5:44pm On Mar 21, 2020 |
4gunners:So is what they are saying true or false? They predicted naira will be devalued, fgn said na lie. Some people decided to buy usd. Last last has naira not been devalued? And from prediction by the "nagative" writers in your own words, the Naira will be devalued more! The fact that one places a hood over his head does not mean the sun is not shining bright. Ie deceive yourself but the fact still remains. 5 Likes 1 Share |
Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by Chirowman(m): 5:45pm On Mar 21, 2020 |
Recession is just looking Nigeria face to face, our leaders thinks it's all about oil subsidy and living large with national cake. this the time to get acquainted with realities, increasing of VAT or even double bank charges won't add up. let them diversify the economy or restructure the country putting off much work out of federal government because most states depends on federal allocation to survive which shouldn't be so. equally our refineries,electricity and SME should be looked into at least if we refine and use it, it's not a curse.lets head to Agriculture and local manufacturing.Nigeria shall rise again. 1 Like |
Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by joepepsy(m): 5:46pm On Mar 21, 2020 |
The reason why we are poor is we speak too much english than the English. festacman: |
Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by rottennaija(m): 5:52pm On Mar 21, 2020 |
ZombiePUNISHER: And what brought it to USA with this higher number of infections and death? 1 Like
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Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by KingWarri: 6:01pm On Mar 21, 2020 |
iamJ: ![]() That last line gat me LMAO |
Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by TechSpace02: 6:04pm On Mar 21, 2020 |
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Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by VolvoS60(m): 6:06pm On Mar 21, 2020 |
festacman: ^^^ No sir. This isn't the time for speaking in parables or tongues about rainfall and "attendant flooding" (whatever that means ![]() Defend your position if you can... 1 Like |
Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by festacman(m): 6:11pm On Mar 21, 2020 |
VolvoS60: You crave for 'defence of my position' but here you are unable to see the defence you seek. My hands are tied. |
Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by Hangulsaram: 6:14pm On Mar 21, 2020 |
Kendumazy:Hahaha! I wonder ooo, from 180 to 360 and they said they have not devalued it I nukwa. |
Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by ZombiePUNISHER: 6:14pm On Mar 21, 2020 |
rottennaija:They were taken unaware... We had time and everything working for us... But incompetent Buhari couldn't capitalise Shut the borders since... Buhari said no Not until we got the virus Well... Help me tell him.. It's in Abuja and on its way to Aso rock |
Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by isnovic(m): 6:17pm On Mar 21, 2020 |
iamJ: Sadly bro you are very correct, but akin to China we have all the proponents that worked in Chinese favour. First we have the market, the largest in size in all of Africa. We have the industrial hub, Aba and Nnewi, to replicate any technology to jump start the revolution!!!. What we lack is the unilateralism of purpose and political will made worse by bad leadership. If we make it a political will that all consumed product in the country must have a manufacturing plant, make the cost of Labour cheap and ensure a political climate that is predicated on sound economic decisions, security of life and rule of law no matter how highly placed then what we seek will come to us. 1 Like |
Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by ZooOga: 6:18pm On Mar 21, 2020 |
FrLukas: it's appropriately placed. it refutes the common belief that Bloomberg and his media entity are infallible. |
Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by Nobody: 6:19pm On Mar 21, 2020 |
ZooOga: If you insist. |
Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by Cantonese: 6:21pm On Mar 21, 2020 |
iamJ: Fantastic response! Question 1: why would they always insist that Nigeria must devalue the naira? Question 2: with all the devaluation over.the years, why have foreign investors found it difficult to invest in Nigeria? Question 3: must Nigeria continue to remain an import based economy? |
Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by PHijo(m): 6:22pm On Mar 21, 2020 |
uncle005: ....because Nigeria has got no choice! Whether she likes it or not, the Naira will be devalued until she starts doing things the right way or cease to exist as a country. There is no way Nigeria's government can pay salaries or contractors under the current circumstances. If Naira loses value by say 50 percent, it means the government will have double to spend in Naira terms. That is one of the reasons some of us insisted on a deregulation of the downstream sector in 2012. The 'know it all' people in Lagos had their way. Many unsustainable policies are being embarked on. In 2016 there was a golden opportunity to deregulate, Buhari failed to. There is another opportunity in 2020. Nigeria has failed to use it thus far. We can avoid devaluation if we remove fuel and electricity subsidies. Reinvest all of that money in industrialisation, cut recurrent expenditure ( including Aso Rock & NASS). Place a permanent cap on how will be spent on budget from oil sales. Any excess should go straight to the Sovereign wealth fund. Weigh the funds investment to be 20-25 percent Nigeria, 30-40 percent Africa and 20-30 percent the rest of the world. Anything short of that, we are just playing like children will usually do. 1 Like |
Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by ositadima1(m): 6:30pm On Mar 21, 2020 |
Anneka101: I am not an economist but I would like to give a simplified explanation, as I understand it. ▪︎ Most of the world accept dollars as a means of payment for goods and services. ▪︎ Naira is only used within Nigeria by Nigerians ▪︎ Everytime Nigerians buy a service or product from outside the country they pay in dollars, meaning that they have to exchange their Naira for Dollar within Nigeria. ▪︎ Now, central bank has a large deposit of dollar notes which they exchange with Nigerians that wish to transact with the outside world. ▪︎ The size of the Nigerian dollar deposit is very important because with it Nigerian goverment can get Foreign Loans, buy foreign goods and services on credit, as well as pay for services etc. It gives us confidence. ▪︎ This dollar deposit can grow larger if we sell enough goods and services to the world, or it can shrink if we buy more goods from the outside world. ▪︎ So, the Nigerian central bank tries to maintain a balance by either increasing or decreasing the exchange rate to keep our dollar deposit from shrinking toomuch. ▪︎ You see, it varies with demand and supply. ▪︎ To answer your question, we have to devalue Naira (increase the value of dollars) to drive down demand for dollars or Nigeria will risk having its dollar deposits shrink a lot which is bad. ▪︎ Nigeria is currently not earning enough dollars to balance its expenses. I hope I made a little sence. 4 Likes |
Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by Mizwisdom(f): 6:54pm On Mar 21, 2020 |
iamJ: Na scam ![]() |
Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by SIRTee15: 6:59pm On Mar 21, 2020 |
Nigeria will eventually have to devalue the naira.... There's no 2 way around it.... The corona pandemic has shut down global economy and there's less demand for oil... Nigeria can't sustain it's budget on a paltry 20 dollars per barrel.... The govt will soon go broke and will be forced to devalue the naira to meets it's obligation.... Irrespective of IMF or bloomberg..... 1 Like |
Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by frog12: 6:59pm On Mar 21, 2020 |
and your economy is not going anywhere. hahaha Dpharisee: |
Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by Mizwisdom(f): 7:08pm On Mar 21, 2020 |
SIRTee15: If the US doesn't manipulate the value of $$ why is the dollar stable even in this crisis. Everything is locked down in America so how come dollar remain stable? simple, America is a scam. Blomberg report is another scam to manipulate countries into devaluing their currencies while $$ remains constant despite economic downturn in America |
Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by globalresource: 7:23pm On Mar 21, 2020 |
iamJ: Brother you are right. But we are not getting it in this country. We are heavy consumer. Even Buhari is clueless on the economic matter |
Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by thobie11: 7:25pm On Mar 21, 2020 |
No matter how the CBN try to maintain the present exchange rate, we will continue to experience this issue, CBN continue to inject 210million dollars every week into the exchange market to keep it ₦360 to a dollar, meanwhile these dollar is coming from sales of crude oil, so if we fail to sell oil, we can't fund the market. diversification from oil is not feasible now, we can can't diversify now and expect the result instantly, it takes time. To control trade imbalance, we are having. We have to devalue, though major financial stakeholder are after it, many Nigerians see it as an evil policy to the economy. But with devaluation you curb unnecessary trade with other nation. We import anything we feel like importing. China did currency manipulation several time to curb Chinese from buying outside, because the exchange rate is expensive, so inturn you are force to look inward for your purchase, rather than spending outside. Though, import will be expensive, which inturns affect the consumer commodity, but in the long run, companies will come up locally to take advantage n produce these goods locally. So in real sense, we should devalue now. If we don't, one way or the other we will surely come back to these. 1 Like |
Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by plaetton: 7:27pm On Mar 21, 2020 |
ShenTeh: Foolish Nigerians, always averse to real facts, and ever beholden to fantasy and wishful thinking. If the analyst predict N600 exchange rate, everyone should get ready for N700 or N800 very soon. That is reality. No hail Marys on raw economic facts. 2 Likes |
Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by SIRTee15: 7:27pm On Mar 21, 2020 |
Mizwisdom: Most global currencies may depreciate this year.... American dollar may escape the hammer, because they are like the de facto global currency.... Federal reserve can afford to print more dollars not backed on any transaction n get away with it..... They will simply export the inflation..... Nigerian CBN dont have that privilege.... Printing artificial naira into circulation will only breed internal inflation.... The only way out is to devalue the naira..... The above is why America will fight and destroy any nation that attempt to replace dollar with an alternative global currency..... The free money is just too sweet to abandon.... 2 Likes |
Re: Nigeria’s Refusal To Devalue Naira Likely To Fail, Again - Bloomberg by NamelessOGBENI(m): 7:33pm On Mar 21, 2020 |
Kendumazy:Odogwu.. |
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