It is foolishness that has put Nigeria in the same basket like Yemen, Ethiopia, Ruhinga and the poorest of the poor. A country whose leaders know nothing and have idiots as followers. To all those defending free float of Naira, I dare ask, Which country does that?
China as big as they are defends the Yuan, Russia has been defending the Rubble. The USA cannot allow free devaluation of the Dollar, o matter what. The UK, aside need to curb Eastern European incursion into the Kingdom opted out of the Euro so as to keep the Sterlin valuable.
Back home, some "educated " illiterates are falling over their stupid selves because Peter Obi said he would have defended the Naira.

Take a look at where we are today. A dollar is about N1600 from N367 that T-Pain met it. Even countries in war or crisis like Haiti has not had it so bad that their currency is devalued by 3400%.

Our purchasing power has been so eroded that Nigeria's minimum wage of N70,000 can only buy 55 litres of gasoline. The Naira is so useless now that given N100k to anyone is like giving them N1000 in 5 years ago.

Tinubu and his followers are suffering in silence, yet defending failures.

Validated:
It is foolishness that has put Nigeria in the same basket like Yemen, Ethiopia, Ruhinga and the poorest of the poor. A country whose leaders know nothing and have idiots as followers. To all those defending free float of Naira, I dare ask, Which country does that?
China as big as they are defends the Yuan, Russia has been defending the Rubble. The USA cannot allow free devaluation of the Dollar, o matter what. The UK, aside need to curb Eastern European incursion into the Kingdom opted out of the Euro so as to keep the Sterlin valuable.
Back home, some "educated " illiterates are falling over their stupid selves because Peter Obi said he would have defended the Naira.

Take a look at where we are today. A dollar is about N1600 from N367 that T-Pain met it. Even countries in war or crisis like Haiti has not had it so bad that their currency is devalued by 3400%.

Our purchasing power has been so eroded that Nigeria's minimum wage of N70,000 can only buy 55 litres of gasoline. The Naira is so useless now that given N100k to anyone is like giving them N1000 in 5 years ago.

Tinubu and his followers are suffering in silence, yet defending failures.

Please ignore these idiots! They will drain you. 😂

I have explained to them tirelessly and repeatedly... FLOATING A CURRENCY is a dangerous policy with a few pros quite alright BUT it is undertaken by countries with economies that are strong enough to withstand any volatility. Even at that the big boys hardly float their currencies.

If you know what the US and UK , particularly the latter, do to KEEP THEIR CURRENCIES where they are, you will know Nigeria is just a joke led by dunces who don't understand what they are doing.

Peter Obi knew what he was talking about. The man knows that at this present exchange rate, WE CAN HARDLY PRODUCE ANYTHING.

Why do you think companies are pulling out

I ask again... WONT YOU BORROW 15 billion dollars to defend a currency , knowing that the move would spur production to return 50 to 75 billion dollars at least?

Validated:
It is foolishness that has put Nigeria in the same basket like Yemen, Ethiopia, Ruhinga and the poorest of the poor. A country whose leaders know nothing and have idiots as followers. To all those defending free float of Naira, I dare ask, Which country does that?
China as big as they are defends the Yuan, Russia has been defending the Rubble. The USA cannot allow free devaluation of the Dollar, o matter what. The UK, aside need to curb Eastern European incursion into the Kingdom opted out of the Euro so as to keep the Sterlin valuable.
Back home, some "educated " illiterates are falling over their stupid selves because Peter Obi said he would have defended the Naira.

Take a look at where we are today. A dollar is about N1600 from N367 that T-Pain met it. Even countries in war or crisis like Haiti has not had it so bad that their currency is devalued by 3400%.

Our purchasing power has been so eroded that Nigeria's minimum wage of N70,000 can only buy 55 litres of gasoline. The Naira is so useless now that given N100k to anyone is like giving them N1000 in 5 years ago.

Tinubu and his followers are suffering in silence, yet defending failures.

You're complaining as if the CBN has not been intervening

phantom:
Peter Obi knew what he was talking about. The man knows that at this present exchange rate, WE CAN HARDLY PRODUCE ANYTHING.

Why do you think companies are pulling out

I ask again... WONT YOU BORROW 15 billion dollars to defend a currency , knowing that the move would spur production to return 50 to 75 billion dollars?

Don't mind agdado people.
People that don't see anything wrong in borrowing money to build railway to Niger republic and the fraudulent coastal highway are talking trash about borrowing to stabilize the currency that will stabilize the economy and spur economic growth.

Ikaeniyan0:
You're complaining as if the CBN has not been intervening

Don't mind all those ILLITERATES. They are all out to defend Peter Obi. 🤣🤣🤣🤣🤣🤣🤣

Why do we spend most of our time in complaining and crying instead of being productive.

Softmirror:


Don't mind all those ILLITERATES. They are all out to defend Peter Obi. 🤣🤣🤣🤣🤣🤣🤣

Nobody is out to defend anybody. Tinubu is borrowing quite alright BUT WHAT IS HE DOING WITH THE BORROWED FUNDS That's the issue.. all we are seeing are jets, yachts and escalades.

Don't you guys understand that the currency depreciation is the biggest damage to our economy presently.

phantom:


Nobody is out to defend anybody. Tinubu is borrowing quite alright BUT WHAT IS HE DOING WITH THE BORROWED FUNDS That's the issue.. all we are seeing are jets, yachts and escalades.

Don't you guys understand that the currency depreciation is the biggest damage to our economy presently.

Lol 😂 that is all you see. 😂😂😂😂😂😂 Of course that's all you will see.

Softmirror:


Lol 😂 that is all you see. 😂😂😂😂😂😂 Of course that's all you will see.

Bro, please tell or show me what else is there to see 😂

phantom:


Bro, please tell or show me what else is there to see 😂

T-PAIN......... TEMPORARY PAIN. 🤣🤣🤣🤣🤣🤣🤣🤣

Validated:
It is foolishness that has put Nigeria in the same basket like Yemen, Ethiopia, Ruhinga and the poorest of the poor. A country whose leaders know nothing and have idiots as followers. To all those defending free float of Naira, I dare ask, Which country does that?
China as big as they are defends the Yuan, Russia has been defending the Rubble. The USA cannot allow free devaluation of the Dollar, o matter what. The UK, aside need to curb Eastern European incursion into the Kingdom opted out of the Euro so as to keep the Sterlin valuable.
Back home, some "educated " illiterates are falling over their stupid selves because Peter Obi said he would have defended the Naira.

Take a look at where we are today. A dollar is about N1600 from N367 that T-Pain met it. Even countries in war or crisis like Haiti has not had it so bad that their currency is devalued by 3400%.

Our purchasing power has been so eroded that Nigeria's minimum wage of N70,000 can only buy 55 litres of gasoline. The Naira is so useless now that given N100k to anyone is like giving them N1000 in 5 years ago.

Tinubu and his followers are suffering in silence, yet defending failures.

Well, not to defend t-pain, but the fact is, years of defending the currency left us with a very limited amount of money, most of which has been chopped by debt service.

Unless this government can start diversifying the economy, something I see them not being serious about right now, we are not going to improve our forex earnings, and means of defending the naira.

And taking loans to do so, is not going to make things better...we would just be pushing the evil day further. Like Bhari and initially t-pain.

Reasonable countries would even go to wat to keep their currency stable....

But Asiwaju resident rags on nairaland wants everyone to think otherwise!

No wonder only renounced rags like that old vseless werey still dey support the old grandpa in Aso Rock!

Well, what do you expect from someone who's never had a business, worked gainfully or even have employable skills?

Please tell me any country in the world that's using 95% of it's revenue to service debt and still continue to borrow to defend it's currency. You really want to defend Peter Obi error. Those countries are not defending their currency but intervene in the market just like what CBN is doing presently.

nairalanda1:



Well, not to defend t-pain, but the fact is, years of defending the currency left us with a very limited amount of money most of which has been chopped by debt service.

Unless this government can start diversifying the economy, something I see them not being serious about right now, we are not going to improve our forex earnings, and means of defending the naira.

And taking loans to do so, is not going to make things better...we would just be pushing the evil day further. Like Bhari and initially t-pain.

I disagree with the bolded.. what you mean is that years of defending the naira WHILE WASTING THE ADVANTAGES OR BENEFITS IT GAVE US IS WHAT KEPT US IN THIS POSITION.

Remember, the aim of defending the currency especially for countries like ours whose COST OF PRODUCTION requires a very high dollar input is to SPUR AND MAINTAIN PRODUCTION.

overall90:


Don't mind agdado people.
People that don't see anything wrong in borrowing money to build railway to Niger republic and the fraudulent coastal highway are talking trash about borrowing to stabilize the currency that will stabilize the economy and spur economic growth.

You obviously know little about commerce. Niger and it's neighbors are landlocked. Most of their imports come through other neighbouring countries worth billions of dollars. A railway from Nigeria to Niger would corner much of that trade and there will be return on investment.

But does it make sense to you to devalue your currency and then start looking for loans with interest to keep defending it. If you are rich enough like China or the UK, why not? But at a time when your debt problem is already choking you, getting additional $15bn is madness

muykem:
Please tell me any country in the world that's using 95% of it's revenue to service debt and still continue to borrow to defend it's currency. You really want to defend Peter Obi error. Those countries are not defending their currency but intervene in the market just like what CBN is doing presently.

Ok fine. 95% debt to revenue. .. so if we earn 100naira, we spend 95 naira on debt servicing ba? So what is the way foward?? What are our options?

Obaaderemi2:
You obviously know little about commerce. Niger and it's neighbors are landlocked. Most of their imports come through other neighbouring countries worth billions of dollars. A railway from Nigeria to Niger would corner much of that trade and there will be return on investment.

But does it make sense to you to devalue your currency and then start looking for loans with interest to keep defending it. If you are rich enough like China or the UK, why not? But at a time when your debt problem is already choking you, getting additional $15bn is madness

Did we deliberately DEVALUE our currency? I agree with your first paragraph by the way.

Bigkoko:
Reasonable countries would even go to wat to keep their currency stable....

But Asiwaju resident rags on nairaland wants everyone to think otherwise!

No wonder only renounced rags like that old vseless werey still dey support the old grandpa in Aso Rock!

Well, what do you expect from someone who's never had a business, worked gainfully or even have employable skills?

Keep their currency stable by ramping up production not by borrowing more to add to a debt profile that's already a quarter of your GDP. Obidunces are just stupiid

Obaaderemi2:
Keep their currency stable by ramping up production not by borrowing more to add to a debt profile that's already a quarter of your GDP. Obidunces are just stupiid

Very good! 😂 😂... Pray tell, HOW DO YOU RAMP UP PRODUCTION?

phantom:


I disagree with the bolded.. what you mean is that years of defending the naira WHILE WASTING THE ADVANTAGES OR BENEFITS IT GAVE US IS WHAT KEPT US IN THIS POSITION.

Remember, the aim of defending the currency especially for countries like ours whose COST OF PRODUCTION requires a very high dollar input is to SPUR AND MAINTAIN PRODUCTION.

At the expense of a growing debt burden?

Ikaeniyan0:
You're complaining as if the CBN has not been intervening

Intervening How by treating symptoms? Giving BDC cheap dollars? ... You have done for 9 years... It didn't work... You have borrowed to build infrastructure for 9 years it has not boasted the economy

Yet Obi propose an alternative that has worked all over the world you are all against him

Na Obi I blame sha if na me I never leave una

nairalanda1:



At the expense of a growing debt burden?

I understand you perfectly. .. but would you really mind increasing your debt AS LONG AS ITS A MEANS TO AN END?
I wouldn't mind at all. Yes, I'm raising my debts by borrowing AS LONG AS WHAT IM BORROWING FOR LEADS TO AN INCREASED REVENUE at the end of the day.

phantom:


Very good! 😂 😂... Pray tell, HOW DO YOU RAMP UP PRODUCTION?

You can borrow money to do that. But borrowing money to defend a currency so your importers can import more is silly. You can borrow money and through commercial banks put the money into agricultural production and SMEs.

mrvitalis:

Intervening How by treating symptoms? Giving BDC cheap dollars? ... You have done for 9 years... It didn't work... You have borrowed to build infrastructure for 9 years it has not boasted the economy

Yet Obi propose an alternative that has worked all over the world you are all against him

Na Obi I blame sha if na me I never leave una

😂 😂

Obaaderemi2:
You can borrow money to do that. But borrowing money to defend a currency so your importers can import more is silly. You can borrow money and through commercial banks put the money into agricultural production and SMEs.

😂 😂... what of local companies that IMPORT RAW MATERIALS NEEDED FOR PRODUCTION?

phantom:


😂 😂... what of local companies that IMPORT RAW MATERIALS NEEDED FOR PRODUCTION?

As long as they have access to the dollar unlike the days of Buhari when they were strangled and we're at the mercy of the black market.

phantom:
😂 😂

Obi too quiet... Man spent over a million dollars to educate himself on governance

Came back proposed solution to solve problems and you hate him because of where he is from

See what's happening the Air peace today.. The same man preaching ome Nigeria

Igbos are hated because we are loud blah blah blah... Today see people celebrating his indictment... Lmaooo I would like to ask him if he is loud too to bring the hate to him

Go to North core North a significant doctors, nurses and pharmacist are igbos... They trust Igbos with their life but are brainwashed wash same Igbos would kill them if they become president

Nigerians never ready

Validated:
It is foolishness that has put Nigeria in the same basket like Yemen, Ethiopia, Ruhinga and the poorest of the poor. A country whose leaders know nothing and have idiots as followers. To all those defending free float of Naira, I dare ask, Which country does that?
China as big as they are defends the Yuan, Russia has been defending the Rubble. The USA cannot allow free devaluation of the Dollar, o matter what. The UK, aside need to curb Eastern European incursion into the Kingdom opted out of the Euro so as to keep the Sterlin valuable.
Back home, some "educated " illiterates are falling over their stupid selves because Peter Obi said he would have defended the Naira.

Take a look at where we are today. A dollar is about N1600 from N367 that T-Pain met it. Even countries in war or crisis like Haiti has not had it so bad that their currency is devalued by 3400%.

Our purchasing power has been so eroded that Nigeria's minimum wage of N70,000 can only buy 55 litres of gasoline. The Naira is so useless now that given N100k to anyone is like giving them N1000 in 5 years ago.

Tinubu and his followers are suffering in silence, yet defending failures.

If defending d currency will bring about stability then why not...as i hav been saying,there is no progressive nation thst govt do not subsidized something extremely important like power,house heating etc.Also,there is no progressive nation thst govt do not defend their currency.Tpain was serious agidi frm d start....free float of naira is a big mistake to an economy that is solely dependent on exchange rate n price of petrol.
Thats why they say tink before u act.... unfortunately we got one who acts without thinking

Obaaderemi2:
As long as they have access to the dollar unlike the days of Buhari when they were strangled and we're at the mercy of the black market.

Exactly my point! Borrow to defend naira and keep it at a level that local companies will find convenient to produce with. That is Obis aim.

The problem all this while is that cheap dollars have gone into consumption and NOT production!

mrvitalis:

Obi too quiet... Man spent over a million dollars to educate himself on governance

Came back proposed solution to solve problems and you hate him because of where he is from

See what's happening the Air peace today.. The same man preaching ome Nigeria

Igbos are hated because we are loud blah blah blah... Today see people celebrating his indictment... Lmaooo I would like to ask him if he is loud too to bring the hate to him

Go to North core North a significant doctors, nurses and pharmacist are igbos... They trust Igbos with their life but are brainwashed wash same Igbos would kill them if they become president

Nigerians never ready

My brother, its irritating but no worry yourself, eye go clear them. No just worry.

Na my people for South east I dey vex for. It is time we sef put our house in order. Let's look inwards and stop looking at others.

As we don’t have the revenue to keep defending the naira as we’ve seen in the last 12 years or so, let’s keep borrowing to keep petrol prices and exchange rate low.

At the time Buhari was leaving, our debt to revenue was already 97%. If Tinubu did not change course, we would be doing over 110% by now instead of 67%. We would have started defaulting and by now, no one will be willing to borrow us money again.

No one is against defending the naira, the problem is we don’t have the money to defend it. We need to improve and expand our economy to make more money and using all our earnings plus loan to defend the naira and pay PMS subsidy will not expand the economy. At least, it has not done that in the last 15 years.


Buhari did exactly what Peter Obi said he would do for 8 years and we all saw the sorry state of the economy that he left behind.