Mogidi:
How can they devalue Naira when they promised parity with the dollar?

What happened to the #1 = $1 promise?

Provide a link with direct quote in which he promised parity and the time frame he gave.

Dollyak:

Tell me something new? In the long run it will be devastating to our export trade to equal or peg our currency to dollars. If you don't know the reason then your problem. The long term plan of any nation is to increase the export with respect to import, that's how the economy grows. By equalling dollars you will price out a lot of customers in businesses like agriculture for instance. The points is as our economy grows stronger you will still have the chance of deliberately devaluing your currency like China did
There are disadvantages of course like high input cost and bureaucratic red tape which I can coach you on, but the long term benefits simply outweigh matching dollars to naira. Strong currency simply helps service nations like Britain. To reiterate, we need a strong currency but not one equal to dollars, especially with increasing calls for diversification and export increase.
A better idea instead of equalling dollars is to peg against it, as we will get to maintain a steady exchange rate to help build stable trade relations. That also has massive disadvantages especially with the troubles in oil and gas. It can be difficult to maintain and have unintended or undesirable consequences, which we see now with the Hong Kong Dollar which is pegged to the USD and consequently importing America's loose monetary policy despite Hong Kong having a robust economy.
I am not replying until you apologise for the trash comment, so don't waste your time.

Nigeria is not even at a point where it produces to satisfy local consumption yet you are talking of the benefit of a devalued currency. Even in China and India where mass productions are made for export, there is thie scourge of "Cheap labour" when compared the take-home pay with the Dollar equivalent of an average Chinese worker.

For Nigeria, what we need is Short, Mid and long term economic plan. In the short term, we must seek to strenghten the Naira so as to control our inflation and the buying power of our currency and cost of livelihood.

We need to reach the stage where local production serves the economy and less dependence on import, we also need to reach the stage where our citizens can export some commodities abroad. Even at this stages, we need a strong NAIRA for the sake of our economy. Nigeria is not an export country like China neither do we aspire to be a fully exporting country where export is our mainstay. We already have mineral resources, all we need is to strenghten the manufacturing, Tourism, Agric and other sectors as well as put in place basic amenities. We are sure to be in the league of oil rich Middle Eastern states IF we do this. We also need a very strong Naira if we are to be in the league of Kuwait, Brunei Darusalem and co.

As for apology, I don't think I owe you any!

Dollyak:

Nigeria is not even close to Greece.... not even.
1 Our debt is 11% of our gdp compared to 175% of Greece
2 control of our monetary policy unlike Greece.
3 Slowed but still growing economy unlike Greece which is contracting
4. Higher rating in moody
etc.

Nigeria is worse than Greece economically. The only problem is that the worthless leadership Nigeria had was not truthful to the citizens. How do you explain the country borrowing hundreds of billions of dollars to pay the federal government employees ?. The naira was dropping value almost every day during the election period. The infrastructure is in a mess. The recurrent expenditure takes about 80%of the budget. There are no check and balances between the Executive and the Legislature. At least, Portugal is in EU . Do you think there is any economic giant to help Nigeria out of her predicament in West Africa ?. The situation in Portugal is bad because there leadership is an open book unlike the corrupt and cult leadership Nigeria had.

When Mr #1 to $1 is there?

barcanista:
Nigeria is not even at a proint where it produces to satisfy local consumption yet you are talking of the benefit of a devalued currency. Even in China and India where mass productions are made for export, there is thie scourge of "Cheap labour" when compared the take-home pay with the Dollar equivalent of an average Chinese worker.

For Nigeria, what we need is Short, Mid and long term economic plan. In the short term, we must seek to strenghten the Naira so as to control our inflation and the buying power of our currency and cost of livelihood.

We need to reach the stage where local production serves the economy and less dependence on import, we also need to reach the stage where our citizens can export some commodities abroad. Even at this stages, we need a strong NAIRA for the sake of our economy. Nigeria is not an export country like China neither do we aspire to be a fully exporting country where export is our mainstay. We already have mineral resources, all we need is to strenghten the manufacturing, Tourism, Agric and other sectors as well as put in place basic amenities. We are sure to be in the league of oil rich Middle Eastern states IF we do this. We also need a very strong Naira if we are to be in the league of Kuwait, Brunei Darusalem and co.

As for apology, I don't think I owe you any!

My last reply to you. Did I ever said we need poor currency? Go on and find it, don't understand your reasoning behind those your trash. Buy some sense to help with your poor comprehension skils. Oh yeah, an economist banking on ever depreciating mineral resources... seriously, go and read your book again.

Lucasbalo:
Nigeria is worse than Greece economically. The only problem is that the worthless leadership Nigeria had was not truthful to the citizens. How do you explain the country borrowing hundreds of billions of dollars to pay the federal government employees ?. The naira was dropping value almost every day during the election period. The infrastructure is in a mess. The recurrent expenditure takes about 80%of the budget. There are no check and balances between the Executive and the Legislature. At least, Portugal is in EU . Do you think there is any economic giant to help Nigeria out of her predicament in West Africa ?. The situation in Portugal is bad because there leadership is an open book unlike the corrupt and cult leadership Nigeria had.

With all due respect they are not comparable for millions of reasons. There is a reason we have a lot better ratings than Greece which is still seen as junks. Haa... Ask any economist they will tell you they are not comparable.
P.s I am not economist, but my field intersect this.

Dollyak:

My last reply to you. Did I ever said we need poor currency? Go on and find it, don't understand your reasoning behind those your trash. Buy some sense to help with your poor comprehension skils. Oh yeah, an economist banking on mineral resources... seriously, go and read your book again.

You plan with "every resources at your disposal". No where did I say you bank on your mineral resources.

Madam you just de rant jare...hope you are fine tho

Dollyak:

With all due respect they are not comparable for millions of reasons. There is a reason we have a lot better ratings than Greece which is still seen as junks. Haa... Ask any economist they will tell you they are not comparable.
P.s I am not economist, but my field intersect this.

Sorry to disappoint you, Portugal situation is much better than Nigeria for so many reasons I can't go on to here for obvious reasons. I am in a financial field and I know of what I speak of. Portugal will not be an albatross on the neck of Europe . Germany, France and other wealthy EU countries will do anything for Portugal to survive because of their common good. Tell me any country in West Africa that can do that. Portugal is not a third world with all her financial ills while Nigeria is a third world country with an average citizen making less than $2 a day. Hopefully, things will get better for Nigeria. Enough said.

Bros, e never bad like that na. We are yet to be at the level of Greece but with the way the economy is going, especially if the Buhari administration implement all its "laughable" social programs, Nigeria will not only surpass Greece within a record time but may never recover for decades.

Nigeria need to fix the real sectors and provide basic amenities. We need to invest in capital projects. Our present system unfortunately discourages that. In fact, there should be system restructuring!

Lucasbalo:
Nigeria is worse than Greece economically. The only problem is that the worthless leadership Nigeria had was not truthful to the citizens. How do you explain the country borrowing hundreds of billions of dollars to pay the federal government employees ?. The naira was dropping value almost every day during the election period. The infrastructure is in a mess. The recurrent expenditure takes about 80%of the budget. There are no check and balances between the Executive and the Legislature. At least, Portugal is in EU . Do you think there is any economic giant to help Nigeria out of her predicament in West Africa ?. The situation in Portugal is bad because there leadership is an open book unlike the corrupt and cult leadership Nigeria had.

Yahoo guyz don hammer again..no time

Lucasbalo:
Sorry to disappoint you, Portugal situation is much better than Nigeria for so many reasons I can't go on to here for obvious reasons. I am in a financial field and I know of what I speak of. Portugal will not be an albatross on the neck of Europe . Germany, France and other wealthy EU countries will do anything for Portugal to survive because of their common good. Tell me any country in West Africa that can do that. Portugal is not a third world with all her financial ills while Nigeria is a third world country with an average citizen making less than $2 a day. Hopefully, things will get better for Nigeria. Enough said.

In terms of human development index yes, but not in overall economic terms. I respect your knowledge so I will agree to disagree Sir. AMEN to your prayer.

barcanista:
You plan with "every resources at your disposal". No where did I say you bank on your mineral resources.

Madam you just de rant jare...hope you are fine tho

we dey manage, you?

Dollyak:

we dey manage, you?

"we"? Una plenty wey de use this moniker? Abi you be trinity?

I'm fine sweete, thanks

barcanista:
Bros, e never bad like that na. We are yet to be at the level of Greece but with the way the economy is going, especially if the Buhari administration implement all its "laughable" social programs, Nigeria will not only surpass Greece within a record time but may never recover for decades.

Nigeria need to fix the real sectors and provide basic amenities. We need to invest in capital projects. Our present system unfortunately discourages that. In fact, there should be system restructuring!

Barcanista, Greece is bad. No argument about that but the European Union won't let Greece go down the drain, that's why you see Angella Merkel, Hollande and other European Union leaders rose up to assist Greece. Nigeria is worse in the sense that her financial dealings are hidden in secret. Have always said that Nigeria is being run like a family business where corruption and nepotism is the order of the day. Have been to Lisbon and Lagos in Portugal and the infrastructure is world class. Dont tell me an average Portuguese makes $2 an hour talk less of a day like an average Nigerian. Love Nigeria since part of me is Nigerian, but the reality is, Nigeria has a long way to go. Portugal is in the midst of rich countries that can help her while Nigeria is in the midst of poor countries that cannot help themselves talk less about helping Nigeria. That's one thing Portugal has going for her.

Dollyak:

In terms of human development index yes, but not in overall economic terms. I respect your knowledge so I will agree to disagree Sir. AMEN to your prayer.

Respect to you. You are a brilliant young lady. At least you are very civil unlike some unnamed people that resorts to name calling. I say what I say not because I loathe Nigeria, I love her to bits. Just want the country to be an Eldorado instead of a perpetual third world.

Lucasbalo:
Barcanista, Greece is bad. No argument about that but the European Union won't let Greece go down the drain, that's why you see Angella Merkel, Hollande and other European Union leaders rose up to assist Greece. Nigeria is worse in the sense that her financial dealings are hidden in secret. Have always said that Nigeria is being run like a family business where corruption and nepotism is the order of the day. Have been to Lisbon and Lagos in Portugal and the infrastructure is world class. Dont tell me an average Portuguese makes $2 an hour talk less of a day like an average Nigerian. Love Nigeria since part of me is Nigerian, but the reality is, Nigeria has a long way to go. Portugal is in the midst of rich countries that can help her while Nigeria is in the midst of poor countries that cannot help themselves talk less about helping Nigeria. That's one thing Portugal has going for her.

I get your point but unlike Greece, we are not in such a pathetic situation yet though we are gradually moving towards that path. Nigeria has potentials to turn our fortunes around, but we are to first overcome useless structure of governance, bad leadership and corruption. We also must implement some of our laudable plans that only seem to be good on paper but suffers when it comes to implementation. We must zero the idea of feeding bottle system of "free money" in the name of social program because we are not yet at that level. We need productivity and sound fiscal policies. The ones that are in operation at the moment have neither magnitude nor direction. Nigeria cannot afford to crash, we need to start making good use of what we have.

Adesiji77:


http://www.thisdaylive.com/articles/rencap-predicts-further-naira-devaluation/210539/

No worries PMB go soon make 1 Naira=1Dollar.

barcanista:
I get your point but unlike Greece, we are not in such a pathetic situation yet though we are gradually moving towards that path. Nigeria has potentials to turn our fortunes around, but we are to first overcome useless structure of governance, bad leadership and corruption. We also must implement some of our laudable plans that only seem to be good on paper but suffers when it comes to implementation. We must zero the idea of feeding bottle system of "free money" in the name of social program because we are not yet at that level. We need productivity and sound fiscal policies. The ones that are in operation at the moment have neither magnitude nor direction. Nigeria cannot afford to crash, we need to start making good use of what we have.

Good points.

adeoti01:


really...

Yes so

Why would one compare Nigeria to Greece? Nigeria is not at that level....and even if it does get there due to mismanagement...corruption...whatever the reasons.....Nigeria has the potential...the people and the resources to build a ramp drive itself out of such a pit. Greece has only people as resources...and has fell to the bottom of the well. It can't come out on its own....and is constantly been thrown a lifeline by the EU...if not they perish....they are helpless and hopeless...Nigeria is neither.

Originalsly:
Why would one compare Nigeria to Greece? Nigeria is not at that level....and even if it does get there due to mismanagement...corruption...whatever the reasons.....Nigeria has the potential...the people and the resources to build a ramp drive itself out of such a pit. Greece has only people as resources...and has fell to the bottom of the well. It can't come out on its own....and is constantly been thrown a lifeline by the EU...if not they perish....they are helpless and hopeless...Nigeria is neither.

God bless you.

barcanista:
Whatever that means tho...




@Topic:Buhari you can't kill the economy, this isn't part of your campaign promise

she sexymoma said, "the family of bacanista will soon barge in here, and start barking like a mad ravin imfectious dogs".
Call me when they abuse u in strange language,nonetheless not your fan either

Blackfire:


she sexymoma said, "the family of bacanista will soon barge in here, and start barking like a mad ravin imfectious dogs".
Call me when they abuse u in strange language,nonetheless not your fan either

Thanks bro...

pls don,t tell us u have just made emty promises to d ppl of dis great country. Is too early to start deny nig,s apc u better rise up to ur campan promises

Ezenwammadu:
But buhari promised to make N1=$1 and somebody is talking about devalution.This govt has already broken another of their promises.

#BabaOneChance

ABEG HELP ME, ASK HIM/ DEM MY BRO.

How much did dollars trade for today in black market?

chiedu7:

Na so Abok1 talk

make dem do anytin wey dem lyk jare!

ojezee:
reason most of you fail in school is dat you cant read and understand,the article was written before buharis inauguration.

You must be a fool.
I was only trying to emphasize on his campaign promise but being such a fool you have rushed to type nonsense.