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. 😂

richmond500:
bruh, the true value of naira is not N2500, which palmwine joint did u get this news? We are practicing a floating system, so whatever u see is the true value but when u devalue a currency, it means the value u see is actually less than true value.
Stop typing crass.

You don't borrow to defend a devalued currency, no sense in devaluing then borrow to raise back the value.

Okay, now i understand your confusion! Ogbeni, in the strict sense WE DID NOT DEVALUE OUR CURRENCY... our currency has always been OVERVALUED .. we simply stopped propping our naira up with our reserves 😂

What we have essentially is a DEPRECIATION! 😂

Your naira is simply floating up to its real value , a value that represents our current productive capability.

Peter Obi, like many others simply used the term DEVALUATION loosely to describe the ongoing depreciation from floatation. Please forgive him. 😂 🙏🏾

So in that strict sense, deliberately devaluing your currency then borrowing to revalue it is senseless!

mrvitalis:

Yes you can't use infrastructure to improve an economy no

You use infrastructure to sustain growth

Osun tried it failed
Ebonyi tried it failed
Akwa ibom tried it failed
Kaduna tried it failed
Kano same
Ogun same


When would u guys learn

What drives economic growth is availability of credit

God bless you! Maybe we should also define the term INFRASTRUCTURE for them.. what it and doesn't encompass.

richmond500:
this is not about defending Obi.
Calm down and rethink what the thread is about.
We devalued the naira, I am not going to tell u the benefits of naira devaluation again, now is it right to borrow money to defend a devalued currency?
Whether we produce or not is not a problem, will u devalued a currency, yet borrow foreign currency to defend that currency which u devalued?
Is that a sane move?
Ur answer will depend on weda I'll reply u or not, cos I am tired already.

🤦🏾‍♂️... ogbeni, yes, on face value It appears COUNTER PRODUCTIVE but when you float a currency hoping it would get to a fair value of 700 instead has broken 1500 and is set to hit 2000 and above, what will you do ESPECIALLY when 1. Your forex isn't enough to defend 2. Your economy isn't strong enough withstand all sorts of manipulations


But let me ask you... what effect does a devalued currency have on local production

You can't say we should forget production my brother when the whole point of a country stabilising its currency IS TO AID PRODUCTION.

Look at the big picture. You are fixed on what Obi said that doesn't make sense I agree BUT zoom out!

richmond500:
it's called "dirty float".
Just go google, I no get strength to type on this issue

😂 😂... I hope you know forex sales are part of dirty float? In other words, the govt is still defending the currency

richmond500:
devaluation of a currency only makes for a competitive market at the interest of the country above foreign forces.
Let us assume u have little knowledge on the topic of devaluation, will u borrow to defend the naira? That will just kill the whole idea on why u devalued in the first place

Haba mana 😂 😂.... ogbeni, what are you talking about?? Have you asked how companies that were barely surviving buying the dollar at 700 naira for production would manage with it at 1700?

You are talking about how devaluation makes it cheaper for our goods to be exported ba

Oga, we are not even producing IN THE FIRST PLACE... do you know how significant the dollar input is in our production capability

WE ARE NOT PRODUCING... THE LITTLE WE WERE PRODUCING HAS WORSENED WITH THE PULLING OUT OF COMPANIES IN THE LAST 15 MONTHS

richmond500:
The exchange rate of the naira is subjected to demand and supply since we floated the naira, this has caused the naira to be devalued many times. CBN came and said though the naira is floating but it is managed.
I know u are Obi supporters, ona no ever deh in line with reality, no wonder ur Oga wanted to borrow money to defend a floating and devalued currency.

Okay, it is being "managed" ... how is it being managed? 😂 😂

Atuero:


Borrow to promote production and use the revenue from production to fund infrastructure

QED

richmond500:
Wait what?
ok, have a nice day.

Think about it... how many companies can afford to remain open if they can't afford the cost of production?

helinues:


Stop talking nonsense.

Make una go something meaningful with your life without wasting it attacking those who are doing dar more better possibly than una lineage self.

Outta that the below trade already, unto another one. Money can be made any day anytime

Why should you people be bitter about others who are doing more better than you?

Financial market, walahi you be an illiterate about trading

That's my point... you trade the markets but you hardly visit the business/investment sections on the forum 😂 . Where did you get the image you posted? What markets do you trade? 😂

Dunce that doesn't understand simple 5+5 dey trade financial markets 😂

helinues:


Hahahaha, see pure bullshit

The arguments you ever won over me. And if that's too much, mention anything you have supported in the last 5 years that came to reality.

Take bitterness and frustrations away from this thread

Argue with you about what exactly? It's like me arguing with a mad man on the road. You a seriously deranged. The only serious discussion i would be having with you is assessing you in a psychiatry clinic. To me you are a patient.

Why would I argue with my sick patient? Deluded schizophrenic!

helinues:
They would tell you are jobless you have been for being online stead yet they are the one shouting hardship everywhere.

Saturday freestyling money making after waking up from my nap

The bitter souls people dem

Olodo, you trade the financial markets YET YOUR MOST VISITED SECTIONS ARE POLITICS, ROMANCE AND FOREIGN AFFAIRS.. 😂 😂 😂... Kai, this boy is a demented urchin!

richmond500:
Oga, my question is, "if u are the president, will u borrow to defend a devalued currency"?

If the devaluation is costing the economy far more than defending the currency, which is our current dilemma, WHY THE F NOT?

The argument was that it was no longer sustainable and I ask, is our situation better today with all the companies that couldn't survive the effect of both policies pulling out?

Peter Obi has been consistent from day 1 about to handle this mess. He has been particular about the corruption element of this whole quagmire.

We have no choice... WE MUST BORROW! But Obi is not advocating for perpetaul long term borrowing. The man simply see borrowing as a short term measure that acts as a "spark"

richmond500:
our currency is already floating, borrowing to defend a floating currency is a detrimental move.

Floating a currency IN A NON PRODUCTIVE ECONOMY in the first instance was a bad move. .. especially when done SIMULTANEOUSLY with removal of energy subsidy.

richmond500:
Oga, the idea that nothing wrong in borrowing is our problem.
Someone said he will borrow money to defend money in our present predicament and u want to believe that is a good idea?

I don't think I want to engage u any further, have a nice day

Okay, let's engage... Do you know the benefits or advantages of a stable currency to your economy

helinues:


Stop trolling, isn't it shameful for one guy to have defeated thousands of you people

The only thing you've defeated in your life is the happiness and pride your parents should have in you.

If you were my only child, I would start making preparations to check into an old pepples home at the appointed time in addition to putting modalities in place for my own burial. 🤦🏾‍♂️

NEIGHBOUR:



Self chosen special adviser to Obi! Writing as if Obi gave you a blueprint. The audacity is funny.

Fk off if you can't contribute like a human being with a brain.

helinues:


This thread is not about as usual senseless attack, I am daring all of you wailers 1 billion times, no disputing means you guys are naturally a failure

One person vs thousands yet you want to be blabbing

I doubted your mental state in another thread... you've removed all doubt.

You are obviously deranged and you lack INSIGHT... in other words you have no idea you are insane or you do but are in denial.

You are exhibiting something in medicine we call " delusions of grandeur "... Google it!

Like I told you, NOBODY WILL EVER ENGAGE YOU REASONABLY ON A THREAD YOU SETUP... We'll simply come in, poo poo 💩 on it and leave.

Nigga, rest!

Pity your mumsi!

Atuero:
You can never win an argument over a fool because his mindset is already fixed on his opinion as been superior to others and can't accept a new dimension.

When your argument is devoid of
Critical reasoning
Logic
Facts and figures but just conjecture, how can one win you?


Examples of where you were shamelessly trashed in arguments abound but you don't deserve the stress of digging them out from my current and other usernames.


A question for you
If God decides to treat your life the way Tinubu is managing Nigeria, will you happily accept it?

2..If Nigeria was Tinubu business empire, will he manage it this way?

Abeg ignore this dude...we can't be crying on his behalf everyday doing the job of his parents.. 🤦🏾‍♂️.. his mum is there to cry for him.