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Nairaland Forum / Nairaland / General / Politics / Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. (2396 Views)
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Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by richmond500: 1:39pm On Oct 12 |
phantom:Wait what? ok, have a nice day. |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by mrvitalis(m): 1:39pm On Oct 12 |
richmond500:Which currency is floating? Naira? 😂Lmaooo bro please Naira is far from a floated currency Tinubu attempt at floating backfired and is responsible for the economic hardship we face Please read up currency floatation before u reply me next 2 Likes |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by richmond500: 1:45pm On Oct 12 |
mrvitalis:bruh, our currency is floating, it was pegged to the USD but right now it's..... U know what, just forget it. I'm done here |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by Atuero(m): 1:50pm On Oct 12 |
Ikaeniyan0: Borrow to promote production and use the revenue from production to fund infrastructure |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by mrvitalis(m): 1:50pm On Oct 12 |
richmond500:Do you know what is the meaning of a floated currency? What is the first thing to do when you float a currency? Lmaooo. See people way dey attack Obi Bros go sleep 2 Likes 2 Shares |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by phantom(m): 1:50pm On Oct 12 |
richmond500: Think about it... how many companies can afford to remain open if they can't afford the cost of production? 2 Likes 1 Share |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by phantom(m): 1:51pm On Oct 12 |
Atuero:QED 3 Likes 1 Share |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by richmond500: 1:54pm On Oct 12 |
mrvitalis: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. |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by phantom(m): 1:56pm On Oct 12 |
richmond500: Okay, it is being "managed" ... how is it being managed? 😂 😂 2 Likes 1 Share |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by richmond500: 1:57pm On Oct 12 |
phantom: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 |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by richmond500: 1:59pm On Oct 12 |
phantom:it's called "dirty float". Just go google, I no get strength to type on this issue |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by phantom(m): 2:04pm On Oct 12 |
richmond500: 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 2 Likes 1 Share |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by Ikaeniyan0: 2:04pm On Oct 12 |
Atuero:This thread is about people obi saying he will borrow to defend the naira. |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by mrvitalis(m): 2:08pm On Oct 12 |
richmond500:What has cardi b been doing with BEDC selling below market price? Lmaooo 2 Likes |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by richmond500: 2:09pm On Oct 12 |
phantom: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. |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by richmond500: 2:10pm On Oct 12 |
mrvitalis:stick to the topic, we no deh discuss cardi B here |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by mrvitalis(m): 2:12pm On Oct 12 |
richmond500:What is your CBN governor doing selling dollar below market rate trying to control price in a floated currency system? 2 Likes 1 Share |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by phantom(m): 2:12pm On Oct 12 |
richmond500: 😂 😂... I hope you know forex sales are part of dirty float? In other words, the govt is still defending the currency 2 Likes 1 Share |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by Atuero(m): 2:13pm On Oct 12 |
Ikaeniyan0: I hope you understand the meaning of defending the naira, no be to they regulate am 2 Likes |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by richmond500: 2:15pm On Oct 12 |
mrvitalis:Stick to the topic, do u approve borrowing to bring down a devalued currency? |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by mrvitalis(m): 2:19pm On Oct 12 |
richmond500:You don't borrow to devalue a currency There is what we call in economics true value of a currency Right not naira true value to a dollar is ₦2500 to a dollar... Anything above that is artificially inflated To achieve a stable currency yoi devalue to a value close to the true value their would be panic but also lesser demand That's where the borrowed funds comes in to stabilize pressure then allow market forces take over This process takes value 6 months to 18 months 3 Likes 3 Shares |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by Ikaeniyan0: 2:21pm On Oct 12 |
Atuero:wetin you dey talk? |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by Ikaeniyan0: 2:22pm On Oct 12 |
mrvitalis:This is a baseless statement. |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by phantom(m): 2:22pm On Oct 12 |
richmond500: 🤦🏾♂️... 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! 2 Likes |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by richmond500: 2:29pm On Oct 12 |
mrvitalis: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. |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by richmond500: 2:34pm On Oct 12 |
phantom:we did not float to get a value of N700, u got that news from probably a porn Whatsapp group . That was supposed to be a joke, no take am serious sha Now let me answer ur question, a floating currency is to allow it find its own value, a devalued currency helps the govt to take charge of its economy. It's two different things. Also I never said we should forget production 1 Like 1 Share |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by blacknp(m): 2:35pm On Oct 12 |
Tochi3:You urgently require psychiatric treatment. |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by richmond500: 2:35pm On Oct 12 |
Ikaeniyan0:he got if from a telegram group that shares porn videos. Just ignore what he said. |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by Tochi3(m): 2:39pm On Oct 12 |
blacknp: ..you did run away from one in Iragbaji..you need to be buddled back there.. ...Pained BATist.. |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by phantom(m): 2:47pm On Oct 12 |
richmond500: 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! |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by Artscollection: 2:53pm On Oct 12 |
richmond500: 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. |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by phantom(m): 2:54pm On Oct 12 |
Artscollection: Naira depreciation actually but you are correct. It was why I asked him about production. He said we should forget production first. 😂 1 Like 1 Share |
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