patmaine:


go and study Ghana economy since the revaluation...it's worse. didn't work for them..

the exchange rate is favorable to Nigerian produced item....with the recent emergence of Nigerian in d agriculture sector..it 'll be favorable to Nigerian exporters and subsequently Nigerian economy..because more people will be inspired to export..earning foreign exchange..

Ask companies like ibeto who export motor batteries to the USA. I am sure he 'll surely 've increased patronage because Nigerian products will be cheap in the international market...

Ask companies like innoson technical company. they 'll tell you thr plastic and vehicles now 've much international patronage...

u na a pc too dull joor

do I look like innoson or dangote or ibeto to you? or did anyone tell you I am their wards? if devaluation is so Good why is US, UK, and EU not rushing to devalue?

mickey45:


Then Some People Might Spend More Years At Home Than They Did In School Before They Get Any Job. I Hope You Dont subscribe to that line of Thought?

Saudi is an importing Nation sir... the only thing they export is petroleum... have you been to saudi?

mickey45:


Only Countries With Small Populations And A Good Manufacturing Base Do It Without It Ruining Their Economy. China Has The 2nd/3rd Best economy in the world and dares not thread such path

CHINA EXPORTS OOOOOOOOOOOOOOOO....

manny4life:


You're all over the place.

It failed in Ghana simply for several reasons... Same way it's likely to fail in Nigeria if implemented.

so what if Nigeria does it homework well and is succesful... Consolidation of banks cost the least in Nigeria... because Soludo didnt just say this is how dey did it in so so and so place he actually improved on it... are you saying we cant improve on Ghana? Economic policies should be perculiar to your needs... USA is always shouting democracy... Democracy no dey saudi and saudi is working... when libya was under ghadafi libya was better off... in singapore lee kyun yeu of blessed memory was said to have maintained tyt grips on media and today singapore is better for it... and when he was asked about it He said he didnt follow any theory on democracy that he did what needed to be done

Teempakguy:

I have an idea . . . what if we all want to keep importing?

How many tonnes of Cement does Dangote currently export? so because of only Dangote the rest of us should continue to suffer And maybe where we all will start to understand this stuff is that... do you know that it wasnt the laws of demand and supply that forced naira to its current position? CBN just woke up and decided to make me suffer... if they can do that i'm sure they can just resleep rewake and make me smile by revalueing...

bdidi:




Ghana did this....are they better now?

Why did it fail in Ghana When you analyze situations you dont jump into conclusions... Atleast Ghana celebrated 1 whole year of stable electricity. we have never done that...

Eluwilussit:


I am not contradicting myself. I just tried to analyze both sides. On the long run, we need a strong economy and strong economies are not necessarily synonymous with strong currency. I cited China to support this line of thought.

At the same time, I acknowledged that we don't need a weak naira at the moment. The reason is because we are not an export based economy but import based.

In summary, I mentioned somewhere that a weak naira could be turned into an economic advantage by looking inward and going into full scale production. Just like China, Malaysia, India etc.

What's so contracting in my summation? I simply stated my opinion on the pros and cons of a weak naira.

I blasted Buhari because he was talking without thinking. If he understood economics, he would have presented his argument in a logical way and not political. Then again, it is all about the elections and the electorate. The masses go where the vibe is. Substance or not, they don't know any better. Those who know, like you and I, should be able to see through an empty and foolish talk.

This is one.

Well as soludo put it then he said they are all making a wish list... In a Nigerian campaign you dont give full details and actually the statement he made is consistent with the ideals of the party... I see APC as a progressive socialist party. a lot of welfarism is in their manifesto... stipend here and there... revalueing the naira is in line with these policies as we wont have to save up much to buy the gadgets we love and need... They just want to ease our lives while they clinically grow our economy and export abilities... as opposed to slamming a 70% duty on tokunbo cars because you want to encourage local production when those who would produce are still complaining that they cant produce cos no stable electricity... PDP dont just care if the masses blead to death before their transformation is complete...

agabaI23:
The same grade as "I stabilize global oil price"

He allowed the naira to depreciate by 20% from 76k to 89k to $1 and it is now that he will make naira equal to a $1. Someone tells me he is sincere?
Jmain, Jmaine, Firefire, anonimi, sweet ellechrystal, Whynotthetruth, Kenai dein77, barcanista eeee make una come ooooo Buhai is at it again

well, do you know that saudi can stabilize the global oil price? although it is a wishful thinking on his path but it is not an impossibility... Someone said he wanted a Nigeria without prison naaa.... compare and contrast...

mickey45:

You Could Easily Have Pointed My Attention To What I Never Considered Without Attacking My Person. Moreover I did say that I'm no Economist! So I'llgladlylearn4rm Uifuare. Thatasidethough, Idoknowhowdevaluationdiffersfromrevaltation. The Revaluation Soludo wanted to do then would only have helped us achieve what Awolowo Achieved when he did same Biafra back then,i.e.beat money hoarders and launderers at their own game. This is because they'll all need to explain the source when they bring it to the bank to change. At the end,the exact amount of money in circulation will be known and that will aid further planning.

sorry if it seems I was attacking you although if I might add that that's just a taste of your own medicine. (you attacked buhari personally). I actually just googled the soludo thing and the ghana stuff it is actually called redenomination... your money is revalued quite alright but your population doesn't get richer... in plain revaluation the population actually get richer...

mickey45:

A Weak Naira Shd Force Local sourcing of materials,discourageimportation,attract foreign investors as they can achieve more with less dollars.

Yes a weak naira should do that... but in a country where you dont have anything on ground you dont just start by forcing stuff... it's like trying to force water out of a very dry stone... lets say we av this drastically low naira... to produce anything locally you have to buy machineries which means most people wont be able to afford it but the rich... now the government also needs to provide basic infrastructure on ground... low naira means it will cost the government more as almost everything shall be imported... we dont make turbans for dams... we dont build generators for gas plants... we av to import rollers and pavers and trucks for our roads and railing equipment need to be imported too... so why not do it this way? improve the value and keep it constant and then when or if u are ever in the position to start exporting then devalue....

nigeria had more foreign companies producing locally when our naira was strong and stable... they ran away when the fluntuations became unbearable

mickey45:

No developing country ever tries such! With My Minuscule Macroeconomics exposure, ( I'm an Engineer) such country will end up in flames.Has China n India dare not think ofit? Rather,the U.S keeps accusing the Maoists of intentionally keeping their exchange rate below what free market dictates (given China's export volume). But China knows a high Dollar-Yen rate is imperative 2 keep attracting investors while it keeps working to ensure that virtually all that their citizens needs are produced inhouse which is why their seemingly low pay still sustains them well since the purchasing power is high.
Ghana was only naive and much as I respect Soludo and agree with his positions,our manufacturing sector's not yet at d level where a strong currency will benefit the citizens employment wise

you're getting it wrong sir... since we dont manufacture that is why we need a strong naira.... owk lets go basic.... now that the naira is around 200 to a dolls it means to buy a 1 dolls stuff u need to av 200naira but if the naira were revalued to say 100naira to a dollar then all u need to buy the same product is 100naira and you keep the remaining 100naira in your pocket. Most of what we consume in Nigeria are imported so they have dollar price tags.... this thing is not rocket science na

mickey45:


Much as I dont really feel our incumbent president,he's got some good (albeit intentionally selfish,myopic & conceited) heads about & around him.
How can someone (a presidential aspirant far!) spew such Bull?
Reasons like this're why I imagine d drama we'll witness when this people enter.
Jona may seem dull n frail now but I jst hope that he can really right many wrongs if voted in.
This one when he enters may only b gallivanting about as figurehead (like in the Buhari-Idiagbon Era).
Those troublesome cattle herdsmen may also become more brazen while these brothers of ours become bolder.
Jona hasn't helpt our plight either,not with the way he keeps handling our destinies 2 greedy biznesmen.
e.g;
I knew trouble was brewing d day our SWF/ECA was handed 2 Goldman Sachs.Dat Was NOI

If we all remember the days before Soludo went out of office he was talking about revaluation of the naira... it means kicking off some zeros as he called it then... This guy is not talking bullshit.. read about devaluation and revaluation before you react to this post else you'll actually be displaying your ignorance.

Eluwilussit:


Nigerians never see nothing. An idiiot(buhari) talking rubbish. What's the exchange rate of Chinese yuan renminbi to the dollar? Doesnt it occur to these imbeciles that China and some other rogue nations constantly devalue their currencies to their advantage? Even Japan and Russia too.

The problem with exchange rate in nigeria is that we are a consumer nation. We buy every rubbish from overseas. If we look inward and produce more of the things we need and for the rest of Africa, then a weakened Naira becomes an economic advantage.

Since we buy almost everything, a weak naira is the last thing we need. It is so because people like Buhari are even considered for the job of the president of Nigeria in the first place. Imagine claiming to have the power to make naira equal to the dollar: how does that sound to his illiterate followers? Stabilizing the oil price as well. Na wa o. Nigerians are really dumb.

Someone who couldn't improve his personal lot in the last 29 years, claiming to have the ability and know-how to change our economic fortunes. I pity nigerians and their myopic way of looking at issues. This is what tribalism and religious bigotry can cause. Square pegs in round holes. Such a shame.

you just agreed that a weakened naira is the last thing we need... yet you go all the way around to insult someone who agrees with you and says he will strengthen the naira I dont get you man... why do you contradict yourself?

sleemfesh:


I'm sure you must suck at Web designing if you believe Buhari on this. Killing your business talent ma guy. Check am wella. No make politics turn you to mugu.

it is possible if usa will let us... it is called revaluation of the money just like devaluation you can decide to weaken or strengthen your currency. but over strengthening it might meet resistance because goods you import will become cheaper... it is just a matter of waking up and deciding to do it... you just instruct ur banks to sell the naira at a particular price or something... I dont know the details

Omooba77:


Even Japan,China can not achieve this

lol... japan and china are export driven countries so they would not want to achieve this. part of the reasons why china's products are cheap is because of the value of their currency. nigeria is an importing nation and stable naira is what we need. although it's not so feasible to achieve equality but the naira can be revalued and made stable.