richmond500:
Guy rest.
You thinking I know too much at first is ur fault and has nothing to do with me.
We talked yesterday, while u are busy asking me useless questions and avoiding the main topic of discussion, my stance was on the main topic before we derail, you guys had no interest in the main topic yet couldn't accept the truth, you beat around the bush, saying I know nothing?
Create another thread and ask me that question, I will answer it.

Create another thread for you? Because of what? Big waste of time. It's like trying to fetch water with a basket.

We were both ready to engage you yesterday, and still are, BUT you were being evasive. We knew INSTANTLY that you had nothing to say.
You suppose even give us thumbs up for our patience wey you drag like tiger generator 😂... we really tried that yesterday.. 😪

richmond500:
Did u read what I wrote or u just felt like to counter my point?
Go back and read, na new week be this, I no get strength to argue. Bye bye

😂 😂... kai.. 🤦🏾‍♂️

😂 😂 Chijioke Ihunwo no get joy normally... 😂

Remove that charlatans name jare... A man who has decided to tear down his own legacies by himself deserves no respect from anyone.

Very soon, the name Ezebunwo Nyesom Wike will become ANATHEMA in Rivers state.

Mark my words! Mark today's date!

richmond500:
What the govt is doing is forceful stability which has caused devaluation thereby leading to lower purchasing power and currency depreciation.
Now when a currency is floating, it can adjust to shock from external influence.
What this means is that, our economy will grow when world economy is growing and we will not fall if there is a global catastrophe in world economy.
If our currency was floated all these while, COVID-19 wouldn't have affected us that much cos the economy would naturally adjust to the pressure.

Drawbacks of Free-Floating Exchange Rates:

Exchange Rate Volatility: One of the most significant drawbacks of a free-floating system is the potential for exchange rate volatility. Currencies can experience rapid and unpredictable fluctuations, which can introduce uncertainty for businesses engaged in international trade and investment.
Currency Risk: The volatility of exchange rates introduces currency risk for businesses and investors.
Inflation Pass-Through: Exchange rate fluctuations can lead to changes in import prices, which can impact domestic inflation. A significant depreciation of the currency can contribute to imported inflation and erode real purchasing power.
Loss of Exchange Rate as a Policy Tool: While countries gain monetary policy autonomy, they lose the ability to manage the exchange rate as a deliberate policy tool. This can limit the direct influence of exchange rates on trade and competitiveness.



Ogbeni Richmond... please look at number 1 above ... Read it and digest it.

Look... FLOATING A CURRENCY is a very dangerous economic policy that should be undertaken by very strong economies.. even at that such strong economies are always careful about floating their currency.

You think the US and UK , most especially the latter have not adopted very tight reforms to manage their currencies

You are talking about stability.. which stability? 😂..if not for anything, currency floatation renders your economy very UNSTABLE, PARTICULARLY for weak, non productive economies like ours.

Kukutenla:

So how has the economy stabilised since the floating? It seems to have been on a free call instead
I'm seeking for knowledge that's why I'm asking what I don't know
I believe you quoted me because you saw a gap in my knowledge

Dont bother yourself! When you probe him further you'll find out he knows nothing. Just throws around words he reads in the newspapers. 😂

Adblg0610:
As at 29th of May 2023, when Tinubu took over, debt to revenue ratio was 97%, which means that out of every #100 government would use #97 to pay debt, leaving a paltry #3. Does it make sense for Peter Obi to continue to borrow to support the naira, considering the facts that :
1. By your own admission, Nigeria is a non productive economy.
2. It would increase our import dependency
3. Borrowing more would increase our debt profile.
4. Nigeria was already insolvent, during Jonathan administration, according to Ngozi Okonjo Iweala.
In my opinion, let’s give these new policies a chance and stop the corruption ridden padding of our currency which has not yielded any meaningful results since 1960 when we got independence.

Very good! So in effect, we are left with 2 options
1. Raise our revenue
2. Reduce or debt

Abi? Respond so I know we can take this further.

Borrowing is NOT the problem but what you do with it.

I'm tired of explaining Peter Obis thought process to you BATIDIOTS... it would be like trying to explain PhD quantum physics to a primary 2 dullard.

Stop opening stupid threads on this issue and instead open threads on your iragbiji mannequin who has been struck with the "sokugo" disease.

helinues:
Wetin Agulu trader dey yarn bayi

Agulu trader wey your papa no fit lace im boots... 🤦🏾‍♂️

mrvitalis:

Bros explain how the economic diversification can be done na oga I'm. Waiting

Guy, e be like I go leave you here o! This nigga no serious.

He's hell bent on proving obi was wrong but is not interested in looking deeply into the issues because I don't think he really knows much. Forget all the grammar. I'm out o jare..

Okoroawusa:
The last thing I will do is to click on a video to watch a female voiced man talk trash on things he absolutely has no idea about.

I am not an efulefu

Exactly! Its like a primary 3 dullard clicking on a video of Albert Einstein teaching quantum physics.

richmond500:
I am serious in sticking to the topic, but if we are to deviate, at least let us finish what we started.
Also, u being bias in attacking me that wish to stick to the topic while defending the guy that details makes a lot of sense

Na wa o.. shebi i and mrvitalis have agreed obis idea was stupid. What else do you want? 😂

richmond500:
no, what I explained was something u could find on Google. The meaning of economic diversification. It wasn't superficial, it was the answer to his question.
He told me to explain Eco.Div, that's what I did

I don't think he wanted a Google definition of economic diversification.

What we want to know is your definition of economic diversification in the context of the Nigerian situation... how will you diversify our economy? What are your suggestions?

richmond500:
I wanted to answer the question but beat around the bush first, then I noticed its not worth it. What I answered was the meaning of economy diversification which mrvitalis asked me

Thats Why you deleted it E be like you no dey serious to discuss anything.

mrvitalis:

For I "admit " Obi idea was foolish

Now explain what you mean by Economic diversification

Didn't you read the original answer he gave? But he deleted it 😂.. I guess he read it and saw how superficial it was

Why did you delete your answer richmond 😂 😂

richmond500:
I don't need to give reasons, what Obi said, was it wise?

😂 😂.. very pedestrian, superficial answer.. 😂

Mrvitalis are you satisfied with the response? 😂

advanceDNA:
China wey big pass Nigeria is not running a free floating currency...... Ur president is just licking the àss of the IMF becos he has no plans for the nation that to borrow money to steal..

Yet y'all are dancing to propaganda of "no pain no gain".....8 years will soon come and go..... We will see the lies clearly with zero gains

Are you minding them? Floating a currency which has done more damage because YOU DO NOT FLOAT THE CURRENCY OF A NON PRODUCTIVE ECONOMY most especially AFTER REMOVING THE SUBSIDY ON ENERGY..

Dumb president with dumb advisers! 🤦🏾‍♂️

richmond500:
don't worry, I have my answer and it's the best u can ever hear.
But I want mrvitalis to admit that Obi idea of acquiring debt to defend currency depreciation is a very stupid move.
I'll explain my point, but I have a reason why I need him to admit.
If he is scared of admitting then I am not interested in derailing this thread.
He is scared that his so called messiah is nothing but a scam. Lolz

Please, leave all this cho cho cho... he asked you a direct question. If you can't answer, just say so and stop insulting folks who genuinely want to engage with you by asking irritating questions.

helinues:


Mynd44
Oam4j
Nlfpmod
Fergie001
Mukina
Dominique
Seun

Why have you been allowing this fellow to be attacking me even on threads which I am not interested in? Yet to make a single comment on this thread yet this guy started calling me names

Please leave this thread... this is way beyond your paygrade. And I can call you anytime I want to use you as an example of what every young man shouldn't be.

Please leave this beautiful thread let sensible folks discuss.

richmond500:
The question is "is it a wise or foolish idea to borrow money and defend a depreciating currency?
The question is easy, if u can't understand this, then u can't possibly understand my explanation on economy diversification.

Please stop being evasive under very silly excuses. Explain yourself. I know you to be far more sensible so please stop being funny and let's discuss. For once, I'm on a thread not started by a riff raff like helinues so make it worth our while abeg 😂

mrvitalis:

Bros no need to rush into conclusion how can I come to that conclusion when u don't even understand ur point

I am trying to understand you and your alternative

You said Economic diversification... Fine I said how break this down lets analyze it

Don't worry. I've agreed. Obi was stupid. Oya, Let him enlighten us 😂

richmond500:
The thread was about Obi, why should I leave Obi? Why would u dodge the main topic? Answer my question, then I'll tell u how I plan to tackle economic diversification even though it's not what this thread is meant for, I'll deviate a little just to massage ur ego, do u agree Obi idea was stupid?

No wahala. To make you you happy and because I really want to read your own solutions.. obis idea was stupid. Oya, answer.. Economic diversification.. how will you do it?

richmond500:
before I go further, do u agree that Obi idea of borrowing to save a depreciating currency is a very stupid idea?
If u answer this question, then I'll know u are smart enough for my answers on economy diversification

Ogbeni, leave Peter obi and answer his question. Let's all discuss logically. Like I told kobojunkie yesterday, I would love to understand your own solutions.. break them down.

mrvitalis:

Don't rush and brush over serious points

Economic diversification? How can you break this town let's start from there

😂 😂... I'm looking foward to this too

Ndume the embarrassment. Since dem knack am akpako he has been behaving himself by saying what his party wants to hear 😂

We are finished in this country walai 🤦🏾‍♂️

richmond500:
na just this part I deh try tell ona since, all other things discussed here was secondary.
Obi was wrong, that is what I wanted to say.

Also, I am not sure if our currency has been overvalued, rather I'll say it was stable cos we actually pegged it to USD all these while, also depreciation and devaluation are two different things, this wicked govt deliberately devalued the currency like 4 times bruh, it was not just depreciation.

Obi should have known that the currency was devalued, so his assertion on borrowing was flawed and shows he has no knowledge of economy of a country.

That's why I'm trying to say. Peter Obi like many of us used the term DEVALUED loosely but don't be decieved the man understands the exact problem.

What you are hammering on is simply a misuse of terms. Our currency is DEPRECIATING FROM FLOATATION.

Obi knows the exact problem! His solution is not off point at all. He is simply talking about borrowing to keep the naira at a level at which production IS STILL POSSIBLE.

It's really unfortunate! 😔.. Next time, vote with your head and not your heart. Shun tribalism and religion... those sentiments get us no where!

IseyinIsese:
Is it not better for you to check into a psychiatrist hospital so that he can assess you? The guy wants to help you overcome your problems.

And the drugs are free o! Dude is BIPOLAR with a touch of schizo 😂

Because of one man... Wike! It's alright. 😂 let's see how it unfolds.. 😂

Artscollection:


They are still defending your currency if you are still naive,pop out and understand the game and dont be emilikon that has never run a private business b4 joining politics
The reason why most multinationals left was because of sudden naira devaluation.

Naira depreciation actually but you are correct. It was why I asked him about production. He said we should forget production first. 😂