The same sanusi, the same ApC spy I government that began blowing whistle into an imagined money that was looted by the past administration.

The truth is that when you make lie a priority, it comes back twofold to hit you in the face: Buhari, Osibanjo, Elrufai, Sanusi and the chairman of all lies, Liar Mohammed.

Oh Naija we so gullible, we believe every bullshit our political elites throw to us

We had parallel market system even when Sanusi was in central bank, so why is he now preaching against it?

Orjioorji:
APC have changed osibanjo to devil incarnate .

I dey tell u, d man is now a certified liar. imagine saying foreign reserve was depleted to 25billion dollars?
who dis man think say him dey talk to sef? sha na meeting of the zombies by the zombies formthe zombies.

Which way Nigeria?

9japrof:
The same sanusi, the same ApC spy I government that began blowing whistle into an imagined money that was looted by the past administration.

The truth is that when you make lie a priority, it comes back twofold to hit you in the face: Buhari, Osibanjo, Elrufai, Sanusi and the chairman of all lies, Liar Mohammed.

Oh Naija we so gullible, we believe every bullshit our political elites throw to us

This is a different SANUSI O,this one is Joseph Sanusi

Sanchase:
SAnusi, sanusi, sanusi. How many times did i call you?

You are no longer the CBN governor so get that into your brain dead skull.

Take your devaluation to Kano, ur village precisely.

Sanusi and his team of embezzlers have stacked up huge amount of foreign currency, they are now pushing the government to devalue Naira so

they can cash in, ur plan go no work boy.

[color=#000099][/color]Seems many Nigerians do not even understand the meaning of this devaluation, hence their objection on the idea.

Please can you educate us on why you kicked bitterly against it.

blazetitov:
Devaluation is not the answer. We should instead diversify the economy and consume more of locally produced goods.

diversify to wat nw?

igbokwesampson:



http://www.premiumtimesng.com/news/headlines/199188-vp-osinbajo-ex-cbn-governor-clash-lagos-naira-devaluation.html

igbokwesampson:



http://www.premiumtimesng.com/news/headlines/199188-vp-osinbajo-ex-cbn-governor-clash-lagos-naira-devaluation.html

This politic pastor should take his time and do what Sanusi said or else......... Up pipelines

pendusky:
I started seeing different Osibanjo when he said GEJ and Yar'adua didn't build a single road!!!


Take it or leave it!


This country is in economy mess!


Its affecting Everyone...

heard Buhari form Its Economic Team and SAN is the head, I am wondering if its the same Federal Economic Council that is headed by VP then I must say we are joking!

I am watching ooh!

At times it better to be silent and learn from things beyond your understanding.

Now, if you are the head of the economic team, what will you do? Let learn from the great professor of Economy.

kITATITA:
Someone please educate me; is there any country in a monolith economy that got better after currency devaluation

There are many reasons why you devalue.

As you can see, there has been a massive devaluation of the currency at the black market. Government is just living in denial and the dollar shortages is hampering I dustries.

kITATITA:
Someone please educate me; is there any country in a monolith economy that got better after currency devaluation

People shouting devaluation are bad economist,Nigeria is not an exporting country so why devalued the naira,I keep asking my self why is imf and western countries oppose to China yuan devaluation and want Nigeria to devalue naira.

No to any fuc.k.ing devaluation.

Joseph Sanusi - Ex-CBN Governor!

So if sanusi was still d CBN governor......this is d best he can offer?....i expected him to knw bera

kITATITA:
Someone please educate me; is there any country in a monolith economy that got better after currency devaluation

yes plenty, instead of staying on nairaland ask google, America,china,Uk Germany all did

pendusky:
I started seeing different Osibanjo when he said GEJ and Yar'adua didn't build a single road!!!


Take it or leave it!


This country is in economy mess!


Its affecting Everyone...

heard Buhari form Its Economic Team and SAN is the head, I am wondering if its the same Federal Economic Council that is headed by VP then I must say we are joking!

I am watching ooh!

Constitutionally, the VP is the head of the economic team. What happened during Jonathan was an aberration.

erico2k2:

yes plenty, instead of staying on nairaland ask google, America,china,Uk Germany all did

And they are all monolithic economies according to your Google

Sanchase:
SAnusi, sanusi, sanusi. How many times did i call you?

You are no longer the CBN governor so get that into your brain dead skull.

Take your devaluation to Kano, ur village precisely.

Sanusi and his team of embezzlers have stacked up huge amount of foreign currency, they are now pushing the government to devalue Naira so

they can cash in, ur plan go no work boy.

jus to correct ur impression...its nt d Emir Sanusi u knw of....this is a different sanusi...as u can read its Joseph Sanusi..

Clone2020:
My father always tell me stories of how he used to travel to U.S in the 80s and the Naira was stronger than the dollar. I used to think it was one of the fairy tales parents tell e.g like how they always come first in class but the one day they came 2nd, they almost committed suicide cuz their parents would've killed them. Anyway, he went on to say back then, Nigerians only traveled to US to do business, school or vacation. My father said the white man used to beg Nigerians to come to America cuz our currency was so powerful and they needed the tourism money. Nigerians never really liked travelling abroad, for what? Our economy was booming, our currency was very strong, the middle class was thriving. There was still that belief that your children will grow up to surpass you in wealth and achievements. It's sad to see that once beautiful country with so much potential going down the drain fast while the rest of the world is excelling. $1 is now over N300. My Ghanaian friends sometimes tease me that it's cheaper to burn a pile of naira notes than buy firewood. Is this what we have become? A laughing stock? A country that produces nothing? I don't know about you but I miss the Nigeria of the 60s-80s and I certainly miss a stronger Naira.

Well,back in the year 1973.....something happened. Oil prices shot up by 400%....thanks to OPEC raising the oil prices to ''deal'' with the Americans for backing Israel during the Yom Kippur War. (google for it).

As a result, a lot of oil producers had money flowing in.....dollars.

This meant that most oil producers had lots of dollars. For Nigeria....enough dollars meant a stronger Naira.

That is why by 1978....N1=$1.

(At the same time, America had a lot of economic problems,. and the dollar was not as strong as it used to be. Add the rising power of Japan...and you get the pic)

By 1982,however, the oil price per barrel dropped. This led to a drop in forex holdings for many oil producers. For many of them it was a nightmare (The Soviet Union for example went into economic crisis which was one of the reasons why it collapsed by 1992.). For Nigeria....less dollars meant economic problems. And thanks to the massive corruption of the Second Republic....we did not have the forex to buffer the naira. By 1983....Shagari was already talking about austerity. When Buhari took over on Dec 31 1983 via coup.....the situation was serious. Buhari kept the problem at bay via certain economic measures....but inflation kept rising because we did not have enough forex to import . Buhari's answer was import substitution. Then Buhari was overthrown.....IBB came in, the oil price stayed low,our debt was rising....and SAP came around.

Your dad had a good time in the early 1980's because of high oil prices. If you listened closely....he would have told you that from 1984....things got tougher.

Nigeria was to remain in the economic doldrums until oil prices rose again by 2003.....

devaluing the naira won't be the answer to our problem in the long run,what we need to a long lasting solution not temporary measures, past devaluation didn't change anything,it doesn't have to be about party and politics, let's think about the National interest for once, and the overall best decision for the country in the long term

erico2k2:

yes plenty, instead of staying on nairaland ask google, America,china,Uk Germany all did

only China devalued their currency few years ago and you can see the opposition from western countries if you follow the news,China devalued yuan to gain trade advantage over others China is an exporting country and will gain more,Nigeria is fuc.king importing everything,won't work for us.

I am not an economist, can the economist in the house explain the meaning of devaluation of the Naira in a simple terms please

grandstar:


There are many reasons why you devalue.

As you can see, there has been a massive devaluation of the currency at the black market. Government is just living in denial and the dollar shortages is hampering I dustries.

We may have to devalue. Problem is....things might get worse....especially as we are not an exporting nation...ie...we do not export manufactured goods like Japan and South Korea...who can afford to devalue their currency to their benefit....because they can control the prices of what they export.

Nigeria on the other hand exports oil mainly. We do not export cars, radios,PC,TV sets, etc. And the oil we export ...we do not control the price. Worse still....we import a lot of the raw materials for the local industry that we do have....meaning devaluation could make locally produced goods more expensive.

For now...let's not devalue...and let's use our forex for vital things.I can survive on Nasco cornflakes....no need for Kellogg's .

adipemcanis1:


Well,back in the year 1973.....something happened. Oil prices shot up by 400%....thanks to OPEC raising the oil prices to ''deal'' with the Americans for backing Israel during the Yom Kippur War. (google for it).

As a result, a lot of oil producers had money flowing in.....dollars.

This meant that most oil producers had lots of dollars. For Nigeria....enough dollars meant a stronger Naira.

That is why by 1978....N1=$1.

(At the same time, America had a lot of economic problems,. and the dollar was not as strong as it used to be. Add the rising power of Japan...and you get the pic)

By 1982,however, the oil price per barrel dropped. This led to a drop in forex holdings for many oil producers. For many of them it was a nightmare (The Soviet Union for example went into economic crisis which was one of the reasons why it collapsed by 1992.). For Nigeria....less dollars meant economic problems. And thanks to the massive corruption of the Second Republic....we did not have the forex to buffer the naira. By 1983....Shagari was already talking about austerity. When Buhari took over on Dec 31 1983 via coup.....the situation was serious. Buhari kept the problem at bay via certain economic measures....but inflation kept rising because we did not have enough forex to import . Buhari's answer was import substitution. Then Buhari was overthrown.....IBB came in, the oil price stayed low,our debt was rising....and SAP came around.

Your dad had a good time in the early 1980's because of high oil prices. If you listened closely....he would have told you that from 1984....things got tougher.

Nigeria was to remain in the economic doldrums until oil prices rose again by 2003.....

Very well said. Your analysis paints a broader picture. Our reliance on oil has been a roller-coaster ride.

drss:
wetin una expect from mere commissioner d fact dat him dey head buari's economic team is a testament dat buari's govt is a huge joke.

Guy sometimes it's better for you to keep quiet. You must not comment always.

Sanchase:
SAnusi, sanusi, sanusi. How many times did i call you?

You are no longer the CBN governor so get that into your brain dead skull.

Take your devaluation to Kano, ur village precisely.

Sanusi and his team of embezzlers have stacked up huge amount of foreign currency, they are now pushing the government to devalue Naira so

they can cash in, ur plan go no work boy.

did u even read the article

i wonder when lamido sanusi name change to joseph sanusi

adipemcanis1:


We may have to devalue. Problem is....things might get worse....especially as we are not an exporting nation...ie...we do not export manufactured goods like Japan and South Korea...who can afford to devalue their currency to their benefit....because they can control the prices of what they export.

Nigeria on the other hand exports oil mainly. We do not export cars, radios,PC,TV sets, etc. And the oil we export ...we do not control the price. Worse still....we import a lot of the raw materials for the local industry that we do have....meaning devaluation could make locally produced goods more expensive.

For now...let's not devalue...and let's use our forex for vital things.I can survive on Nasco cornflakes....no need for Kellogg's .

You are right bro,if Japan or South Korean devalued their currency you will see strong opposition from Imf or US but they want us to devalued naira because its favor them more.

My only worry is how does this government intend to fund all these projects as mentioned by the VP?

Sanchase:
SAnusi, sanusi, sanusi. How many times did i call you?

You are no longer the CBN governor so get that into your brain dead skull.

Take your devaluation to Kano, ur village precisely.

Sanusi and his team of embezzlers have stacked up huge amount of foreign currency, they are now pushing the government to devalue Naira so

they can cash in, ur plan go no work boy.

Dis is a different Sanusi,nt Sanusi Lamido Sanusi.Joseph Sanusi was CBN Gov during Obj's first regime.Pls take note,don't confuse urself cos u r talking abt two different people.

kITATITA:
Someone please educate me; is there any country in a monolith economy that got better after currency devaluation

Your President said he would not devalue so you have no problem. Just sit back and enjoy. That is 4 Central Bank Governors encounting who have warned, counseled. Enjoy.