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niyooo:

The western countries just want to keep getting our oil on the cheap. Devaluation is favorable when you are a manufacturing nation that exports your manufactured goods. As it is we don't manufacture jack and the CBN is having issues defending the value of the naira because the confused desperate man in the rock is hell bent on staying there even if it kills the whole country. How do you explain a situation where we are making more from oil right now and yet spending everything with nothing to show for it?  

Abeg make dem no try am o. China devalues its Yuan so that it's exports can be cheaper for foreigners. The crux of the matter is that our manufacturing industries have to be developed, if that is done, we can now export our manufactured goods at competitive prices. Also the government should improve power supply rather than wasting all the money.

louchi:

The fear of IMF is the beginning of wisdom. Nigeria needs to fix the power problem and start exporting. Even with over a 100% inflation within 3yrs, Nigerians are still suffering and smiling. How long will a tree bend before it breaks?

Nutridor:

What we need is increase in maunfacturing. I travelled to Indian and as you know after China they are the next economic force. Obama even had rto travel there with over 25 ceos of american companies to discuss business. But what have they done compared to Nigeria?
1. Constant power supply: I was there for about one month and I will admit it is not 100%. But I can tell you where I stayed power availability was about 95%
2. They do not ban importation of goods but put a very high tarrif on them. So this makes the equivalent goods manufactured in country much cheaper. After a while everyone buys the locally made good. This results in reduction in patronage of imported goods.This makes the foreign manufacturers lose about 500 million customers. What they do next is bring the factory to India. This creates employment etc. So designer clothers, cars like Honda, Toyota etc are manufactured in India. If you want to import a Honda from let say the US, it will cost about 3 times the cost of a locally manufactured one.

So all this talk about devaluing the naira or banning imported goods are stories. 1 Rupee is N3.3. Power should be fixed first and all other things will fall in place.

10cirenoh:

@Kobo

What is wrong with you self? are you looking for ways to send $100 home to those you normally send to instead of the normal $1000? you want to reduce how much you send home right?

You must be thinking this way, let me send $100 to mama kudira, thats going to be ALOT of money to her compared to when i use to send $1000 which is alot of money to me.

Mere $1000 is N152,000 naira now, you want $1,000 to be N400,000 right? so you can be lord over your people abi?


FURk devaluation, it's because our money's got no value, that's why our best brains are traveling out en-mass to other countries of the world where they currency's got value.

What we want is not to devalue the naira, if IMF wants to help us, they should forgive whatever debt we are owing and also dash us $100 billion without any interest so we can use it to face power once and for all.

With power solved, Naira and our economy is going to be the new damsel in town.

Kobojunkie:


On Devaluation, why has it worked for China, and why can't we make it work for us in similar fashion?

The way I see it, it makes sense to believe that with all the GROWTH we have been recording in our books for the past 2 years(average of 7% every quarter), increasing manufacturing and devaluing the naira would aid our economy in a good way.

Always assuming everything is a ploy has lead us to close our eyes while the rest of the world, even common china has gone past us.

EzeUche_:

The reason why the IMF is saying this, is because the U.S. is getting worried about oil prices rising as the Arab world is going through a lot of pricing. This of course will push crude prices into the sky. That is why they need Nigeria to devalue of currency, so they can purchase our oil cheaply.

passyjango:

Please educate me on how devaluing our currency will make our oil cheaper. The last time I checked, oil was priced and sold in Dollars. So, even if N1,000,000 = $1,  they will still be buying at almost the same price. I am not saying we should devalue, I am only saying that we should not waste our foreign reserve to artificially stabilise our currency. The Naira should be allowed to float. Its value should be determined by prevailing market forces to some extent.

As for your question How do you explain a situation where we are making more from oil right now and yet spending everything with nothing to show for it?

The answer is simple, CBN is using the reserve to stabilise the Naira artificially.

EzeUche_:

The reason why the IMF is saying this, is because the U.S. is getting worried about oil prices rising as the Arab world is going through a lot of pricing. This of course will push crude prices into the sky. That is why they need Nigeria to devalue of currency, so they can purchase our oil cheaply.

Kobojunkie:

PLEASE take some time to actually read the article. . .  .

The above is for you!

yeswecan:

Kobojunkie

I read the direct IMF article not the newspaper edited copy. The reason given for that suggestion is asinine given the realities in Nigeria. And please do not compare China and Nigeria in this, it worked for China because of the nature of their export which is not raw material but manufactured products. China currency manipulation is to get more market for their product by making it cheaper in relative to America's. Do you understand that? If you do now tell me "what are we producing that we need more market? if you can't answer that then trow out the Chinese argument.