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.

Reference:


He is not preaching against it. He is asking for a convergence of indicies so that the economy is on an even. No one can build effectively on uneven ground. Can you?

One out of many rexamples (reasoning examples). If I was to set up industry requires fx and I bought at 300. How will I compete with you who buys at 'government' rate if I'm not on the list, connected or corrupt. The uneven playing field is a big disinvestment. If the margin was 2, 10, 15% I may harzard it but the margin in 70% encounting. Which kind of profit will I make to hedge this risk.

Clone2020:
My father always tell me stories of how he used to travel to the 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 came 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 the 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 children will grow up to surpass their parents 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.

yaki84:



how much is being budgetted to this ministries in d current bill?

shameseun:


[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.

ideylaff:


2 time CBN Governor he was.

Very calm level headed man.

Simple life and simple words

When he speaks he making sence .

Bubu and Osinbajo need to listen oooooo

Diversification and Exportation of made in Nigeria goods won't happen overnight

Also enuff of Jonathan did this and that

I voted for Buhari but he's driving Nigeria with a rear view mirror

I've just about had enuff of blame games and excuses. You are in charge now

Investors have left the country in the midst of too many pictures, bilateral talks, photographs and prayer meetings before meetings all over the place

Had enuff

Progressive01:
Because he doesn't support devaluation

Jonathan's loss has turned some people into mad men with internet access.

Some crooks that benefited immensely from the criminal regime of the Ineffectual Baboon, and hoarding their dollar loot, are trying desperately to blackmail the government into devaluing the naira so they can turn gazilionaires overnight.

Una plans no go work.




#Rashford is the man jor.

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

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!

Reference:


A stronger naira only favours imports and importers. The stronger the naira the cheaper the goods imported whether they are raw materials or finished goods. Devalue your currency and imported tomatoes will become expensive, people will return to the farm and in suffient numbers the price of local tomatoes will go down again.

What Buhari is saying by refusing devaluation is that he does not have hope that the average Nigerian will abandon costly imported goods for cheaper ones be it fuel, cars, chicken, fish or furniture. He doesn't trust our intellect, fortitude and capacity to be a productive people. That is why he has kicked the can down to another administration. The worst thing is that most Nigerians instead of saying, yes we can, are saying, Mr. President. We have no hope of doing things for ourselves. Infact we give up and wait for oil prices to rise again....slavery.

greatiyk4u:
Devaluation should be entirely suspended for now, too many distractions aimed at compounding the confusion of this already confused government,,,Buhari is the last hope of common Nigerian and so should be allowed to deliver.

Reference:


Will you buy less quality Nigerian goods at a more expensive price that better but cheaper imported alternatives. Your truthful answer will be no. Even the VP and his government are not doing this. There has to be an incentive, a carrot to take hard decisions or a stick to force submission. Nigeria has no more carrots in the CBN or Treasury. The only way to change is to force it by devaluation. The best time to do it is now with a combination of low oil prices and a new and popular government. If you were a patriot you will do the right thing, not the expedient thing. There is no painless way to develop. We have been on palliatives since 1988 due to Babangida's half measures. He started, saw the bleeding body on the operating table and fearing popular uprising baulked and elected for drugs instead.

Nigeria needs focused, courageous leadership that Buhari is currently not offering. I warn again. The populism of his anti-corruption drive will wane and when there are no longer deviants to conquer, Napoleon will weep.

fairheven:

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

Progressive01:
Because he doesn't support devaluation

Jonathan's loss has turned some people into mad men with internet access.

Some crooks that benefited immensely from the criminal regime of the Ineffectual Baboon, and hoarding their dollar loot, are trying desperately to blackmail the government into devaluing the naira so they can turn gazilionaires overnight.

Una plans no go work.




#Rashford is the man jor.

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.

Clone2020:
My father always tell me stories of how he used to travel to the 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 came 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 the 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 children will grow up to surpass their parents 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.

Sanchase:
These are the consequences of devaluation, for example if the government devalue the exchange rate of Naira to Dollar which currently is

N197 to $1. Say the government decide to peg it at N200 = $1, this will have a ripple effect across everything more than we currently experience

in Nigeria. Every Naira added by the government on top of the current exchange rate figure will be multiplied 2x in addition by every business in

Nigeria, this is normal because nobody wants to sell at a loss. If this devaluation happens again that is when we will witness more inflation i.e.

the price of goods that normally sell for N10 will then skyrocket to N50. This is bad for an average Nigerian striving to survive as they will pay

double the price for everything while their income is reduced, sales will drop while prices remain high due to substitute products that can be

bought slightly cheaper. An average Nigerian will spend more money for everything while his/her income remain the same or even less for business

people as their revenue will drop even though they still make profit.

Secondly, Nigerian economy will not benefit from devaluation because it is a major importer of almost everything. This affects the economy

because a country where there is nothing to sell to earn foreign exchange apart from oil, any trigger on that oil affects the currency severely.

Devaluation is only suitable for a major exporting country so that foreign investors can come and buy cheap goods from the country while the

country produce those goods in massive quantities, but i detest devaluation of any sort because quality goods at suitable prices will still attract

foreign investors.

The solution is for Nigerians to change the way they think, Nigerians need to turn a blind eye to foreign made goods and get use to local

alternatives and enhance them to meet standards.

The Federal government maintains there will not be any devaluation and it will not change so hoarders of foreign exchange is in for a long ride.

989900:



Really? That seems to have worked very well since 65 kobo to a dollar to N199 to a dollar.

igbokwesampson:



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

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.

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

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.

Clone2020:
My father always tell me stories of how he used to travel to the 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 came 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 the 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 children will grow up to surpass their parents 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.