phantom:


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

Wait what?
ok, have a nice day.

richmond500:
Our currency is floating, with insecurities and investors trusts at stake. Borrowing money to defend a currency that is floating is not something anyone should do.
I'd rather he peg the currency back to USD. Not to borrow.
It only make sense to borrow and defend a currency when the currency has a chance of being stable, not the naira.

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

mrvitalis:

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

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

Ikaeniyan0:
It's better to borrow to build infrastructure than to borrow to defend the naira. But I don't also agree with the way Tinubu has made the naira lose value

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

richmond500:
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

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

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?

Atuero:


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

QED

mrvitalis:

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

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.

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? 😂 😂

phantom:


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

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

phantom:



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

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

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

Atuero:


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

This thread is about people obi saying he will borrow to defend the naira.

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.

What has cardi b been doing with BEDC selling below market price?

Lmaooo

phantom:


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

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.

mrvitalis:

What has cardi b been doing with BEDC selling below market price?

Lmaooo

stick to the topic, we no deh discuss cardi B here

richmond500:
stick to the topic, we no deh discuss cardi B here

What is your CBN governor doing selling dollar below market rate trying to control price in a floated currency system?

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

Ikaeniyan0:
This thread is about people obi saying he will borrow to defend the naira.

I hope you understand the meaning of defending the naira, no be to they regulate am

mrvitalis:

What is your CBN governor doing selling dollar below market rate trying to control price in a floated currency system?

Stick to the topic, do u approve borrowing to bring down a devalued currency?

richmond500:
Stick to the topic, do u approve borrowing to bring down a devalued currency?

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

Atuero:


I hope you understand the meaning of defending the naira, no be to they regulate am

wetin you dey talk?

mrvitalis:



Right not naira true value to a dollar is ₦2500 to a dollar... Anything above that is artificially inflated

This is a baseless statement.

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!

mrvitalis:

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

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.

phantom:


🤦🏾‍♂️... 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!

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

Tochi3:


..BATist listen attentively..

..when poo'hari was loaning the living day light for Nigeria..it was you & your cohorts..the darling daddy chanters..who were defending him..saying.." there is nothing wrong in Borrowing ""..

..examples of the USA, China, germany was quoted as been the biggest Debitoren in loan borrowing..

...you were all of the opinion that borrowing was infact not the problem not because Nigeria borrowed for hopeless & useless things..but for the fact that developed countries are also into loans..

..All of a sudden it is bad..because the man you love to hate & find faults in his words & statement said he will borrow to defend the naira..

..what he said is rigth..& as a man of integrity & prudence, competence..PO will invest those loans in education, infrastructures, SME's,.manufacturing etc..& not use the loans to bribe judiciary, buy private Airbus..& for other non developmental frivolities..

..you first disaster poo'hari failed woefully in that regard..but it never stopped people like you from singing his praises.. until he sanked the country..& handed over to the worst disaster in the person of Thief'nubu..

You urgently require psychiatric treatment.

Ikaeniyan0:
This is a baseless statement.

he got if from a telegram group that shares porn videos. Just ignore what he said.

blacknp:
You urgently require psychiatric treatment.

..you did run away from one in Iragbaji..you need to be buddled back there..

...Pained BATist..

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!

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

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.

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. 😂