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Nairaland Forum / Nairaland / General / Politics / Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg (43549 Views)
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Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by NavierStokes(m): 1:15pm On Apr 21, 2016 |
Source:http://www.bloomberg.com/news/articles/2016-04-20/nigeria-economics-loses-to-politics-as-buhari-takes-naira-stand Having observed the issue of SAP and the IMF coming up repeatedly here on nairaland, I will be doing a thread with the true history of events that diacusses the SAP so some Nigerians can let go off the paranoia assoiciated with the IMF or western governments. If course they look out for their best interests and yours too. Because every time you run into problems you still come to bother them with your issues like Aid moneys and hangouts, immigration issues etc. 19 Likes 4 Shares
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Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by TonyeBarcanista(m): 1:19pm On Apr 21, 2016 |
I don't know who is advising President Buhari but his insistence on not devaluing the Naira to reflect present reality is one decision he would live to regret. The false sense of value we are giving to the naira is not helping anybody neither is political consideration more important than the economy. The suffering we would experience through devalued naira won't be compared to the hopeless situation we are now. in fact, if the country is pragmatic enough, the devalued naira policy would turn to be a blessing. 39 Likes 5 Shares |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by TonyeBarcanista(m): 1:19pm On Apr 21, 2016 |
. Clearly he didn’t do 18 Likes 3 Shares |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by AZeD1(m): 1:22pm On Apr 21, 2016 |
Those people who say we should devalue the Naira have never said what the country stands to gain from devaluation. 143 Likes 9 Shares |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by TANTUMERGO007(m): 1:24pm On Apr 21, 2016 |
Buhari is a failed man leading us to a failed land(failed state) 37 Likes 4 Shares |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by NDPVF(m): 1:26pm On Apr 21, 2016 |
In zombies voice, Bloomberg is a wailer!. 71 Likes 7 Shares |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by TonyeBarcanista(m): 1:27pm On Apr 21, 2016 |
AZeD1:The benefit are enormous though not immediate, it outweighs the suffering we are subjected to at present 26 Likes 4 Shares |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by Almajiri1: 1:27pm On Apr 21, 2016 |
We pray things don't get to the level where we queue to get daily rations of sugar and salt. 31 Likes 4 Shares |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by NavierStokes(m): 1:28pm On Apr 21, 2016 |
AZeD1: . 3 Likes 1 Share |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by AZeD1(m): 1:29pm On Apr 21, 2016 |
TonyeBarcanista:Like the benefits of SAP? Also can you list the benefits, short term and long term. 77 Likes 7 Shares |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by dustmalik: 1:30pm On Apr 21, 2016 |
It's now evident that the west is furious over our deal with China. 82 Likes 2 Shares |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by obailala(m): 1:32pm On Apr 21, 2016 |
Still on external forces mounting pressure on Nigeria to devalue its currency. Since the 80's this has always been the advice to African countries. Nigeria has devalued and devalued and devalued from N1 = $1 to the present N200 = $1 but has all these devaluations in the last 30 years ever helped Nigeria? TonyeBarcanista:And you think devaluing will miraculously take care of the sufferings we are subjected to at present because some oyibo economics textbooks says so?... How much foreign investments can possibly come in instantly to counter the prevalent scarcity of forex?.... With sky-high oil prices and excess forex in the NIgerian system between 2010-2014, how much of forex was really introduced into the country by these 'foreign investors'?.... If they couldn't help or impact so much in Nigeria when the going was good, how are we so sure that if we devalue , enough investors would rush in to help the Nigerian economy now that things are bad? 162 Likes 15 Shares |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by Truth234(m): 1:39pm On Apr 21, 2016 |
If the current oil prices appreciation can be sustained we will be out of this whole devaluation soon, but pending June meeting of oil producers, FG needs to make provisions for these foreign companies in their forex policy. There is no point adding to our unemployment rate because of rigid policy with no basis in modern economics. 10 Likes 1 Share |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by TonyeBarcanista(m): 1:40pm On Apr 21, 2016 |
AZeD1:SAP flopped because IBB mismanaged the whole thing for his selfish interest. Already, businesses are operating on a value of the naira that is over 100% more than the official value. in fact, the naira is technically devaluated due to scarcity of the dollar. What we are saying is for the government to allow the naira to be officially devalued so that businesses can freely operated. This will even boost our export as our goods would be cheaper in the international market, and that would help local economy. however, it will make import more expensive but we can't depend on import forever 11 Likes 1 Share |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by AZeD1(m): 1:51pm On Apr 21, 2016 |
TonyeBarcanista:1) The scarcity of the dollar is not caused by the rate so devaluing doesn't solve the scarcity, rather it would push the black market rate up further. 2) We really don't export anything so the idea of our goods being cheaper is economic theory. 3) You need to understand that foreigners that are calling for devaluation are doing it in there own interest not because they like us? 135 Likes 14 Shares |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by jmichlins(m): 2:00pm On Apr 21, 2016 |
Comparing nigeria with russia is not only stupid but height of foolishness. What do we export to earn the $ apart from crude oil? Our banking sector are on the brink of collapse and it seem devaluation which will leave them with lots of almost worthless # then what next if not borrowing from IMF and her partners. Believe me the worst has already happened and we survived. No power, no fuel, high inflation what else are we expecting to see. Many states have problem paying salaries with the current minimum wage now imagine what will happen when we devalue and NLC seeks more salary. Strike action will cripple what remains of the economy. How then can we pay for the loans that IMF and her partners will give us 89 Likes 6 Shares |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by TonyeBarcanista(m): 2:04pm On Apr 21, 2016 |
obailala:My brother blame the leaders since 1980s that mismanaged the economy and not the policy itself. Naira is N200 against the dollar officially but how many businesses trade on that? 9 Likes 1 Share |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by courage89(m): 2:07pm On Apr 21, 2016 |
TonyeBarcanista: Can you please highlight those benefits. 17 Likes 1 Share |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by Pidggin(f): 2:09pm On Apr 21, 2016 |
Gutter economics is what is being practiced ![]() 2 Likes |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by jmichlins(m): 2:11pm On Apr 21, 2016 |
TonyeBarcanista:please can you tell me and others that single produce you want to export that will become cheaper as a result of devalution. Believe me economic theories do not work for us because we operate an economy that is yet to be studied or should i say ignored so the second colonization can work 52 Likes 4 Shares |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by Nobody: 2:11pm On Apr 21, 2016 |
BUHARINOMICS! 3 Likes 1 Share |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by Truth234(m): 2:13pm On Apr 21, 2016 |
AZeD1: 1) Devaluing would not pushed black market rate up but normalize it. It means instead of majority of us buying it at speculators' price we will be buying at official rate or something closer. 2) By fixing naira at 197 -199, we are losing money because the major means from which we generate foreign reserves is not fixed and has fell more than 70% so far, but we refused to make realistic adjustment to contain such changes. Saudi Arabia is enjoying the Riyal fixed because her foreign reserves is huge, $744,440,558,276 and can cover over $200 billion deficit created by the current oil glut. 3) Not for their own interest but a more conducive working environment. Note: I am not favouring devaluation at this stage because of current oil price appreciation, but forex policy need to be adjusted to accommodate these foreign companies, if not we will lose jobs and unemployment rate will surge with scaring inflation rate. Our Foreign Direct Investment that is nosediving, will plunge even more, so what is the essence of a policy that can't create jobs, yet losing the ones already created. 13 Likes 1 Share |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by jmichlins(m): 2:13pm On Apr 21, 2016 |
Pidggin:care to teach us that economics you were taught at harvard business school since you know 16 Likes 1 Share |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by NavierStokes(m): 2:19pm On Apr 21, 2016 |
Truth234: I had added a text to the original piece up there. A lot of Nigerians sorry Africans have this paranoia about anything west or IMF . The west have their humanitarian sides and their business sides, and in all they understand one thing that they do what is best for them self and for the group. Nigerians expect the IMF to do the job of the UNO or UNICEF, they are all set up for different reasons. In all they protect themselves by giving us earnings because when we flip, we will still come to them to borrow or send refugees across or ask for hand outs you see either ways we are their problem. 15 Likes 1 Share |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by TonyeBarcanista(m): 2:19pm On Apr 21, 2016 |
AZeD1:1. A devalued naira makes it attracts hoarders of the dollar to bring out the currency since they know that they would make more. 2. We have the capacity to export products like cement and few other items, especially some agricultural items. However, it doesnt stop our government from empowering local manufacturers and producers so as to enable us meet local demand, thereby reduced reliance on import. 3. it isn't every time that one should be political in decision making. 11 Likes 2 Shares |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by AZeD1(m): 2:20pm On Apr 21, 2016 |
Truth234:You don't get it. We don't have the dollars to go around. Even if you devalue, we still won't have enough and you know want happens when plenty money chases fewer goods. 12 Likes 2 Shares |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by BrainnewsNg(f): 2:24pm On Apr 21, 2016 |
TANTUMERGO007: You must be a failed man? 24 Likes 2 Shares |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by NDPVF(m): 2:25pm On Apr 21, 2016 |
AZeD1:You prefer this useless government pegging one dollar to 197-199 na,which is against all known economic practice,and has seen investors leaving the country in droves?. 4 Likes 2 Shares |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by olafum1(m): 2:26pm On Apr 21, 2016 |
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Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by BrainnewsNg(f): 2:26pm On Apr 21, 2016 |
TonyeBarcanista: Please, tell him. 5 Likes 1 Share |
Re: Nigeria Economics Loses To Politics As Buhari Takes Naira Stand – Bloomberg by TANTUMERGO007(m): 2:27pm On Apr 21, 2016 |
BrainnewsNg:fixed! 1 Like |
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