naijaking1:

Oga, I'm not an expert on this subject, but I know enough to understand that unlike China, Nigeria is not buying up US treasury bonds and soaking up the dollar.
Instead Nigeria is consuming $ from its foreign reserve as way of meeting local demand for the dollar. So, you can see how drawing down our reserve to meet local markets will temporarily stablize the naira, but eventually the naira will crash to its natural level when either the reserve dries up or there is political will to stop drawing the reserve.

Buying US treasuries has little to do with it; otherwise the US wouldn't be complaining about China devaluing the Yuan. All China does to keep the Yuan low, relative to the dollar is to buy the dollar, thereby increasing demand for the dollar and increasins its price (value).

Kobojunkie:

uum

a) Oil is [b]not [/b]our only export.

b) I don't believe we are currently completing with any nation at this time

a) You have to name the other exports
b) Then we can ascertain Nigeria's competitivess in the international markets. If you believe that Nigeria is not competiting with other nations, then why do you think devaluation would help? If you don't have any competitors for your 'exports' apart from oil, then Nigeria should be seeking to maximise its profit by increasing prices rather than making them cheaper.

Lets deal with specifics

@ Katsumoto,

Before nko! How a whole guy like you go dey ask dat kain question. No fall my hand o!

The whole point is why are people selling the Naira? Cos they've seen the wanton despoil of our ECA by the current administration even in a time of record oil prices. Simples.

Katsumoto:

a) You have to name the other exports
b) Then we can ascertain Nigeria's competitivess in the international markets. If you believe that Nigeria is not competiting with other nations, then why do you think devaluation would help? If you don't have any competitors for your 'exports' apart from oil, then Nigeria should be seeking to maximise its profit by increasing prices rather than making them cheaper.

Lets deal with specifics

a) No I don't have to.
b) I am not an economist . . . I think in terms of what our Nigerian companies can do with their being better able to export locally produced goods -- to neighboring countries and even the rest of the world. They may have unique products, who knows.

@Ibime and Katsumoto
Do you guys remember when Abacha pegged the naira at 100 or 120 to the dollar and ---I think 35 for himself and his friends?
If the current trend of "officially" supplying the local market with dollar continues, do you all agree that the reserve will be adversly affected sooner than later

Ibime:

@ Katsumoto,

Before nko! How a whole guy like you go dey ask dat kain question. No fall my hand o!

The whole point is why are people selling the Naira? Cos they've seen the wanton despoil of our ECA by the current administration even in a time of record oil prices. Simples.

No mind me jo; I go dey over-analyse the matter.

Nigeria should learn from what Mugabe did and adopt the US dollar as our currency

All countries need to stablise their currency and nobody allows it to go into free fall. This is is quite different from devaluation. No country ever leaves it currency to go into free fall it would be very difficult to conduct international trade under such circumstances

@ Naijaking1,
We are not talking about propping up the Naira, we are discussing devaluation where the currency is pegged at a certain lower dollar value.

naijaking1:

@Ibime and Katsumoto
Do you guys remember when Abacha pegged the naira at 100 or 120 to the dollar and ---I think 35 for himself and his friends?
If the current trend of "officially" supplying the local market with dollar continues, do you all agree that the reserve will be adversly affected sooner than later

Of course; I think that is the point being made by 4 play and Ibime. The reserves are already adversely affected.

Actually, Abacha pegged the dollar to 22 Naira but the black market rate fluctuated between 120 and 140 Naira. His 'friends' made a killing then.

GenBuhari:

@ Naijaking1,
We are not talking about propping up the Naira, we are discussing devaluation where the currency is pegged at a certain lower dollar value.

Oga General,
This is what you said in the previous page of this thread:

naijaking1,

go back to sleep jor!!

Read and understand the topic first before jumping in next time.

The talk is not about propping up the Naira - tell me how the Naira is being propped up?.

When I took time to help you understand what you read, now you're saying "we're not talking about propping up the naira"
Do you want the passange translated into your mother tongue?

naijaking1:

@Ibime and Katsumoto
Do you guys remember when Abacha pegged the naira at 100 or 120 to the dollar and ---I think 35 for himself and his friends?
If the current trend of "officially" supplying the local market with dollar continues, do you all agree that the reserve will be adversly affected sooner than later

my friend shut up under abacha the nigerian naira was very stable it was 85 to 1 and it stayed that way for 5 years till he died am old enough to know that and remember that the price of oil then was $9 to a barrel

^^^^^ [size=14pt]ROFLMAO[/size]!!!

Stable ko . . . shamble ni!!!

Kobojunkie:

^^^^^ [size=14pt]ROFLMAO[/size]!!!

Stable ko . . . shamble ni!!!

i still stand by what i said the black market rate from 1993 to 1998 was 85 naira if that is not being stable then tell what stable means

I am not certain what the black market cost was but I do remember making a purchase from abroad in 1983-4 and it cost about Naira 1.80- 2.00 per dollar. Am not certain how you get 85 in the black market at that time.

r u ok i wrote 93 not 83

^^^ Oh  . . . sorry, my mistake!

But what you are saying is still not accurate though, because even after Babangida devalued the Naira, the exchange rate was still around Naira 20-25 when IBB left office. It was not until Abacha, that it moved up to 80-85. So, I don't think what you have there is remotely true.

We used to be into import/export back in the days and I know that it got significantly harder during the Abacha years as a result of the serious increase in the naira to dollar ratio.

, when Abacha came to power, he began to work out ways to run this country and was committed to reducing Nigeria’s debts which he did from $33 billion to $26 billion.

He repaid $7 billion of our foreign debt. We had a domestic debt of over a hundred million (100,000,000), Abacha paid it.

It is in the records and Obasanjo testified to that when he took over. Obasanjo confirmed that and went forward to say they have recovered some of the Abacha loot. So as I was saying, by the time Abacha died, he has cleared Nigeria’s domestic debts and this was testified to by the regime that followed him. He has mapped out billions of dollars to reactivate the Nigerian railway and that was meant to cheapen the transportation of goods and services. He has also invested on the establishment of Media Commission.

If he were alive today, all these problems we are having over lack of stable power supply would have been history because he had a blue print on how to turn things around for good. He stabilised the naira. It is the Western press that transferred its own personal biases against Abacha to Nigerians. He refused to be a ploy in the hands of the West and they wanted him out.

When Abdulsalami Abubakar took over, he came up with information about Abacha loot in Switzerland. How did he come about that?

Let me tell you. The Jews have been hiding their assets and wealth, gold, money and everything they own that is precious since 1917 during the 1st world war including the 2nd world war, from 1917 till today in Switzerland.

They could not get assess to their inheritance because of the coding system and the absolute secrecy with which the Swiss account are shrouded and yet Abdulsalami said shortly after he assumed power that Abacha looted money and that they have found out the account, they have found out the numbers and that they have found out the balances.

They were lies.

They wanted Abacha out because they wanted the naira to go back from where it has come from the SAP era so that it will continue to have a free fall like we had during the Obasanjo era. Abacha did not play their game.

But when Obasanjo came in, he did business with the West. He did all their bidding which Abacha refused to do.
Let me tell you something Chioma, during the NPN days, in 1992, I was one of those that accompanied Shagari to North-South dialogue. It would interest you to know that the US government under President Ronald Regan asked the Shehu Shagari government to devalue the Naira by a whopping 500%. Shagari refused on the ground that the measure would impoverish Nigerians.

He said the Nigerian economy hasn’t got the capacity to raise its production by a corresponding 500%. If he had accepted that request from Reagan under the prevailing economic situation at the time, Nigerians would have been impoverished by over 500%.

The West did not only want us to devalue the naira by 500 per cent, they wanted us to withdraw fuel subsidy on all imported goods. That attempt failed with Shagari and failed with Abacha.

But Obasanjo danced to their tune and that is why our economy is in a mess. We had an economic policy in the Abacha days which was at par with that of Malaysia. You know Malaysia is not suffering from the effects of the global economy. It is a growing economy.

At the time Shagari was overthrown, our exchange was $1.61 to N1 but now, our naira is one dollar to N150. Things began to deteriorate after the Second Republic. Abacha’s regime was set to revamp things but the West felt threatened because Abacha was not doing business with them.

==Was the problem created by the civilians or military regime because they are all seemed mixed up from your analysis?

Well, I don’t see any difference between the military regime and Obasanjo’s regime. I mean his second coming. This current administration is still on course and I will not be hasty to assess their performance. That is the only fair way of making a fair comment.

==So, you stand by what you said in the past that Nigeria is being reckoned with as a failed state?

I have no regrets saying that. Our politics is leading us towards being regarded as one and so we must reconsider the way we do things.

==And you think Abacha was killed by the West?

He was killed by Western agents in concert with oriental agents who were activated at the time they needed the operation. They came to Nigeria on holiday and were introduced to Abacha. They administered a drug on him which he thought was Viagra which was given to him by these agents. That was the pill that killed him.

==How did you come about this analysis? Why would the West kill him?

They wanted him out because he wanted to create an independent country. There was so much propaganda about him. Newsweek and Time reported that Abacha took the pill which he thought was Viagra. It shows that they must have known it was not Viagra that he was given.

==But he was having a marathon with love-peddlers at the time he died?

Even then, they were used.

Abacha was said to be diabetic and had a kidney problem too.
He was eased out by the West because he wanted to be independent of them.
                                                                                                                                                -senator ahmed uba

9jarukus:


They wanted Abacha out because they wanted the naira to go back from where it has come from the SAP era so that it will continue to have a free fall like we had during the Obasanjo era. Abacha did not play their game. When Abacha came to power, our exchange rate was N150 to one US Dollar. By the time he died, the value of Naira had appreciated to N82 to one Dollar.

Who told you that?? . . . Seriously where did you get this information from?

Painful truth be told; the Naira has no real worth. Oil is our main foreign currency earner, and its traded in dollars. We manufacture basically zilch and export zero services, so where is the value of the Naira to come from? Dude, its just paper we print for internal trade ONLY. . . And bingo! Thats why it must be pegged against currencies that have real value.

The long and short we can make of the IMF's position, is they can bin their rubbish suggestions.
The Naira is like one of those rabbits magicians pull out of hats; it can have absolutely any value our local politics/society decides, it can be any colour we like, damn, we can even make it out of wood!

Naira must be maintained at all costs, if not people won't be able to take the suffering.

Please someone tell GEJ and his boys to put money back in the ECA, that's just it.

OBJ's administration was able to keep Naira stable for a long time, abeg they should just do exactly the same.

In other news, Palm oil is selling at $3000 per tonne. I can't remember offhead, but I'm led to believe Malaysia makes more from Palm Oil than we do from Crude. If I had any suggestions for these lazy National Cake shares, it would be to revive the Palm Oil industry cos even our illiterate forefathers were world leaders in this field, so why not us who went to school. It is 50 times more labour intensive than the Crude Oil industry and will provide jobs for us. I heard Ribadu talking about building 1m homes and GEJ talking about building boarding house for Almajiris. They should come up with more creative solutions abeg!

9jarukus said:

when Abacha came to power, he began to work out ways to run this country and was committed to reducing Nigeria’s debts which he did from $33 billion to $26 billion.

He repaid $7 billion of our foreign debt. We had a domestic debt of over a hundred million (100,000,000), Abacha paid it.

It is in the records and Obasanjo testified to that when he took over. Obasanjo confirmed that and went forward to say they have recovered some of the Abacha loot. So as I was saying, by the time Abacha died, he has cleared Nigeria’s domestic debts and this was testified to by the regime that followed him. He has mapped out billions of dollars to reactivate the Nigerian railway and that was meant to cheapen the transportation of goods and services. He has also invested on the establishment of Media Commission.

If he were alive today, all these problems we are having over lack of stable power supply would have been history because he had a blue print on how to turn things around for good. He stabilised the naira. It is the Western press that transferred its own personal biases against Abacha to Nigerians. He refused to be a ploy in the hands of the West and they wanted him out.

When Abdulsalami Abubakar took over, he came up with information about Abacha loot in Switzerland. How did he come about that?

Let me tell you. The Jews have been hiding their assets and wealth, gold, money and everything they own that is precious since 1917 during the 1st world war including the 2nd world war, from 1917 till today in Switzerland.

They could not get assess to their inheritance because of the coding system and the absolute secrecy with which the Swiss account are shrouded and yet Abdulsalami said shortly after he assumed power that Abacha looted money and that they have found out the account, they have found out the numbers and that they have found out the balances.

They were lies.

They wanted Abacha out because they wanted the naira to go back from where it has come from the SAP era so that it will continue to have a free fall like we had during the Obasanjo era. Abacha did not play their game.

But when Obasanjo came in, he did business with the West. He did all their bidding which Abacha refused to do.
Let me tell you something Chioma, during the NPN days, in 1992, I was one of those that accompanied Shagari to North-South dialogue. It would interest you to know that the US government under President Ronald Regan asked the Shehu Shagari government to devalue the Naira by a whopping 500%. Shagari refused on the ground that the measure would impoverish Nigerians.

He said the Nigerian economy hasn’t got the capacity to raise its production by a corresponding 500%. If he had accepted that request from Reagan under the prevailing economic situation at the time, Nigerians would have been impoverished by over 500%.

The West did not only want us to devalue the naira by 500 per cent, they wanted us to withdraw fuel subsidy on all imported goods. That attempt failed with Shagari and failed with Abacha.

But Obasanjo danced to their tune and that is why our economy is in a mess. We had an economic policy in the Abacha days which was at par with that of Malaysia. You know Malaysia is not suffering from the effects of the global economy. It is a growing economy.

At the time Shagari was overthrown, our exchange was $1.61 to N1 but now, our naira is one dollar to N150. Things began to deteriorate after the Second Republic. Abacha’s regime was set to revamp things but the West felt threatened because Abacha was not doing business with them.

==Was the problem created by the civilians or military regime because they are all seemed mixed up from your analysis?

Well, I don’t see any difference between the military regime and Obasanjo’s regime. I mean his second coming. This current administration is still on course and I will not be hasty to assess their performance. That is the only fair way of making a fair comment.

==So, you stand by what you said in the past that Nigeria is being reckoned with as a failed state?

I have no regrets saying that. Our politics is leading us towards being regarded as one and so we must reconsider the way we do things.

==And you think Abacha was killed by the West?

He was killed by Western agents in concert with oriental agents who were activated at the time they needed the operation. They came to Nigeria on holiday and were introduced to Abacha. They administered a drug on him which he thought was Viagra which was given to him by these agents. That was the pill that killed him.

==How did you come about this analysis? Why would the West kill him?

They wanted him out because he wanted to create an independent country. There was so much propaganda about him. Newsweek and Time reported that Abacha took the pill which he thought was Viagra. It shows that they must have known it was not Viagra that he was given.

==But he was having a marathon with love-peddlers at the time he died?

Even then, they were used.

Abacha was said to be diabetic and had a kidney problem too.
He was eased out by the West because he wanted to be independent of them.
-senator ahmed uba

If what is claimed here is true, then why did Abacha execute Ken Saro Wiwa?

They should have been best mates.

If Abacha was for the people, why did he protect Shell and persecute the Deltans?

Why did he execute Ken Saro Wiwa?

Sorry, but the above claims ring hollow against several pivotal events in Abacha's administration.

Devalue what?

Nigeria-America: Naira versus Dollar analysis in retrospect  by Apostle Dr. Genesis A. Dawuda

About 37 years ago, co-incidentally my birth year; Nigeria’s economic situation was not competing with American Dollar but with that of United Kingdom’s Pound sterling buying it at N2 to a £ 1.

Nigeria is a country blessed and also bedeviled by myriads of hydra-headed problems. Back in the days, when 65kobo was exchanged for a dollar, there was no such thing as brain-drain, human trafficking and what have you.

Back in those days, do you know that the government of U.A.E. came to Nigeria seeking for loan from Nigeria? I don’t need to write about Malaysia coming to Nigeria, consulted some of our best brains and even exported our own brand of palm trees from the nursery to improve their agricultural sector. Today I don’t need to tell you how strong that economy is today. Thousands of our children troop to their embassy to either go for studies or business pursuits for greener pastures. In the cause of doing that we’ve lost some due to unnatural causes.

Nigeria, a nation destined for greatness is still crawling on her fours. I’ll tell you why later.

Where was America in the early 70s on the lips of little kids? We didn’t know  about America, we only knew so much of London, England and UK as registers for accomplishments and destinations for young dreamers. Why? Because our economy was stable. So stable that we needed no application for Visa to go somewhere like America to be ill-treated to the extent of being deported or questioned on the system of government we are practicing today.

In 1980, two years into the 2nd republic under President Shehu Shagari, Nigeria’s naira enjoyed the peak of her glory pegged at 55kobo in exchange for a dollar. Since that time, like the proverbial one-legged man who, out of the praise and applause accorded him for an excellent dance performance threw away the stick that supported him in the dance. Upon throwing away the stick, consequently he also lost the dance. Nigeria got so excited with a thriving second republic, she threw away the stick of prudence, the stick of the fear of God ( a common phrase of the late Sir Ahmadu Bello, Sardauna of Sokoto, “Basu da tsoron Allah?”) Our leadership also threw away the stick of Accountability. From that moment, the naira got a dent. Which led to the Buhari-Idiagbon coup with the then Brigadier Sani Abacha, while announcing the coup emphasized the Squander-maniac state of the toppled or ousted leadership of the 2nd Republic.

In 1981 61kobo exchanged for a dollar. 6kobo increment in the purchasing power  of the currency to buy a dollar. In 1982 67kobo bought a dollar. In 1983 the naira fell again buying the dollar at 72 kobo.

On the re-entry of the military, thinking the country has come to roost. In 1984 about 76kobo exchanged for the dollar. In 1986 the naira nose-dived to N2.02kobo exchanging for a dollar. For this, IBB (General Ibrahim Badamasi Babangida, first military president in Nigeria) gave four reasons for that I think:

1.       A decrease of our domestic production continues to increase.

2.       Dependence on import for both consumer goods and raw materials for our industries.

3.       A grossly unequal gap between the rich and the poor.

4.       The large role played by the public sector in economic activity with hardly any concrete results to justify such a role.

Me thinks to this day we are still trying to confront these four “IBB Realities.” But when he stepped-aside, he left the naira down begging to rise at N22.33kobo in 1993, no thanks to him and his economic advisers. Could it be the reason he wants to return? To still confront his Four IBB Realities. In 1994 Abacha raised it to N21.89kobo sustained it at N21.89kobo until he died; thanks to Prof. Aluko his economic adviser,(not for Abacha’s death but for contributing immensely to the economy.) For five good years the naira was stubbornly pegged at N21.89kobo with all the sanctions and bans on Nigeria left right and center; yet, the naira survived it at N21.89kobo

Gen. Abdulsalam left it to Gen. Obasanjo at a crazy shot of N85.98kobo. At the end of OBJ’s 1st tenure the naira had reached and roamed between N127-130 Naira in exchange for a dollar. With all the wonderful travels and monies spent on Esther’s Coat, oh I mean on estacode yet the naira soared high not like an eagle but against all winning formulas that will make it strong. Upon his second entry the naira suffered another blow, exchanging for the dollar between N132-136. But in 2005 the government gave the naira a slight lift between N128.50kobo-131.80kobo.

Quoting IBB in August 27th 1985 “Events today indicate that most of the reasons which justified the military takeover of government from the civilians still persist.” I too after 25 years of that speech can see that the problems still persist.

The almighty Legislative Houses (Both Upper and Lower) needs to go ask Prof. Aluko, what magic did he do to peg the naira @ N21.89kobo for five good years consecutively. You may want to ask, why ask Aluko? Because he was the Chairman of Gen. Abacha’s  National Economic Intelligence Committee. A man reputed to be second only to the late Dr. Okigbo on analyzing and managing of economic matters under different Governments in the past. Don’t you think he’ll do better in a democracy given the opportunity to perform better than he did under pressure? I can’t answer my question for the reader. You have your own say. It’s in the constitution.

Today you and I know that the naira is floating between N150-155. Nobody could stay it like Aluko. A man who once said we are an economically silly nation; importing nearly everything,  name it is it rice, or power or refined petroleum. Those who import generator will not allow NEPA or PHCN to work, neither will those importing rice allow mechanized agriculture to work, can you imagine the OBJ government voted N80Billion naira for the importation of rice? It he who warned against the “voodoo” economic system OBJ was concocting; warning that “the private sector-led economy, which OBJ was operating would lead the country into chaos and retrogression but he did not listen.”  Probably I’m giving him too much praise here but then tell me what others did, because I don’t know. Yes! I mean I just don’t know. No man, they say has the monopoly of knowledge.

The man who couldn’t travel out (Abacha) pegged the naira at N21.89 and those who dined and wined with kings and Queens and paid courtesy visits across the globe(Globe-Trotting everywhere) estacoded, shook hands with very successful and powerful leaders around the world, came back the same and left the office, I mean the naira worst than they met it. Well a friend said Abacha’s N21.89kobo was not confronting any international market forces at that time with so many sanctions rammed and slammed at his government; that was why, and that Abacha stumbled on the windfall of the gulf-war when the price of crude jumped for good, that means God must be a Nigerian and Abacha-Aluko as his errand boys. Market forces or not Abacha left the price of Petrol at N17.00, established the PTF to channel the proceeds of subsidy withdrawal into critical social service areas. And the results of this initiative remain resounding eleven years after Abacha’s death, while  ObJ shot it to N70.00 and no one knows where the proceeds were channeled into. So where did the proceeds of subsidy withdrawal go into during OBJ’s tenure? Did I here you say foreign investments? Yes it was invested into the air. It vanished into the thin air. Or into some people’s farm.

It was Prof. Aluko who gave the following analysis at conference 5th May 2001 hosted by Schiller Institute, Germany.

“In 1986, the IMF/World Bank succeeded in convincing the then Nigerian military government into adopting their Structural Adjustment Program. The Marketing Boards were disbanded; public enterprises were deregulated; government intervention in the economy became discredited; monetary and fiscal policies of government were relaxed, and the free traders took over the reins of government. The result was that cocoa production in Nigeria fell from about 400,000 tons a year in 1986 to 150,000 tons in 2000, and the production of cotton, groundnuts, hides and skin, rubber, and palm produce decreased to between 25% and 35% of the 1986 level. Coal production fell from 360,000 tons in 1980 to 19,000 tons in 2000. Per capita income of Nigerians fell from $760 per annum in 1985 to $360 in 2000. Food imports replaced food exports. The value of the naira, Nigeria's currency, fell from N1=$1 in 1985, to N115=$1 today, at the Central Bank exchange rate (Table 1).[FIGURE 11] Black marketing in the nation's currency began and grew since 1985, to become N140=$1 today. For more go to www.drgenesis.com/pulpit.htm

Apostle Dr. Genesis A. Dawuda writes from Centre For World Rebirth, Jos Plateau State, Nigeria

Website: www.drgenesis.com

Email: info@drgenesis.com   or centreforworldrebirth@yahoo.com

Phone: +2348028063695 | +2347027001527

^^^^ This is more bull . . . Abacha died in June of 1998, and I recall, the naira had made it all the way to Naira 80-86 per dollar by his death.

@Kobojunkie: check this out http://en.wikipedia.org/wiki/Nigerian_naira you'll find it out in the table all by urself my dear.

e ma devalue owo . e jo si le bi to se re. e ma je ki ani koka ti yi si wahala.

Drgen:

@Kobojunkie: check this out http://en.wikipedia.org/wiki/Nigerian_naira you'll find it out in the table all by urself my dear.

If you had bothered checking the table yourself, you would see that it does show the data you have up there is WRONG


1993 17.30 (21.90 PM)
1994 22.33 (56.80 PM)
1995 21.89 (71.70 PM)
1996 21.89 (84.58 PM)
1997 21.89 (84.58 PM)
1998 21.89 (84.70 PM)

The black market value of the naira is what Majority of Nigerians were exposed to -- see how it went from[b] 21.90 to 84.70[/b]?

Hey u muderfckers, why are u not partying?It's friday muderfckers. Just here talking rubbish.A currency is determine by d mind that drives it,it's just a legal tender,an exchange for what u want.

Public waste and corruption devalued the Naira. Poor infrastructure stunted growth particularly in manufacturing.

IMF is USA instrument for selfish interest. USA decries the fact that China devalues currency; Common sense tells you that China devalued currency to swam their goods globally and cripple industries in other countries, the next strategy will be to raise the value in the next 5 yrs and have the whole world beg them, that will finish America.

IMF is telling Nigeria to devalue currency cos other OPEC members' populace are revolting and it affect crude oil prices and supplies. IMF is telling Nigeria to devalue currency so they can buy crude oil penny penny. Furck IMF Furck USA Furck Any Nigerian that buys that silly idea.

Whether we like it or not, the Naira needs devaluing. We either do it now or wait until we exhaust all our foreign reserve. Then we will have no choice or control over the fate of the Naira. We may even borrow money then just to maintain our currency. We are just lucky that oil price is high, that is why the CBN could still afford to keep the Naira artificially stable. Some of us have been complaining about how our foreign reserves have been reducing despite high oil prices. Now we know why and we have been given a suggestion on how we could stop it. Do we even need IMF to tell that to continue depleting foreign reserve in order to keep our currency artificially stable is not sustainable in the long run? It is common sense.

devaluation ko help naija. ko se ki ni to da ni devaluation.

Why will naira not be devaluated? What is this visionless government doing about our GDP? We have crude oil in abundant but we still import refined petroluem products and everybody is happy. We import virtaully everything we use - how will naira not be devalued? Go to Dubai, China, etc and see the level importation has got to. You will pity this country. Even our president no longer spend naira - it is USD for transport fare, primary election "kola" to delegates, etc - have you not seen Atiku's allegation against the president?