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Nairaland Forum / Nairaland / General / Business / The Danger That Come With Naira Devaluation (31409 Views)
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Re: The Danger That Come With Naira Devaluation by abdul4new(m): 6:49pm On Feb 28, 2015 |
tempem:Are you sure its not the other way round |
Re: The Danger That Come With Naira Devaluation by Nobody: 6:51pm On Feb 28, 2015 |
akinz4:your useless bastard of a father is nowhere to be compared to mine financially and so,better watch your mouth...useless idiot |
Re: The Danger That Come With Naira Devaluation by abdul4new(m): 6:53pm On Feb 28, 2015 |
BrAkingNews:Grow up boy |
Re: The Danger That Come With Naira Devaluation by Nobody: 6:55pm On Feb 28, 2015 |
The devaluation policies of Central bank has been that of cluelessness. 1 Like |
Re: The Danger That Come With Naira Devaluation by adetwin(m): 6:56pm On Feb 28, 2015 |
Ymodulus: Will APC now change dollar back to #100 if they will the presidential ticket? OR WHAT |
Re: The Danger That Come With Naira Devaluation by Nobody: 6:57pm On Feb 28, 2015 |
olas24u:ofcus, Okonjo Iweala will definitely go with GEJ. She is a failure. If this woman still collects her salary in US$, then she's certainly better off when you do the mathematics. 3 Likes |
Re: The Danger That Come With Naira Devaluation by olas24u(f): 7:00pm On Feb 28, 2015 |
franciskaine: The woman is a big disgrace and destroyed her reputation 3 Likes |
Re: The Danger That Come With Naira Devaluation by hedges007(m): 7:03pm On Feb 28, 2015 |
Our currency is becoming more worthless by the day, it is getting weaker by the day, $6,666 was one million naira at the beginning of this administration but it is now less than $5,000. It is still doing me like dream. From N150 to N222, that is about 30% loss, massive loss. Imagine losing a third of your worth in a year. Many are silently crying and mourning over their monumental losses, there will be job cuts and anytime from now, banks, companies and organizations will start firing people because of obvious reasons, some have actually started laying off workers as of yesterday. Yet, some people will be shouting biggest economy. Only if brain transplants can be done for them. The naira is in crisis, the economy is failing and it is happening right before our very eyes. Of what use is your Harvard economics degree as a finance minister if life is not easier for the people? Who cares about big economic grammar when what you now import with N1000 is now N2,000 and your profit margin remains the same? Is it until it becomes N1,000 to the dollar before we wake up? The naira has been devalued. Wow! DEVALUED. After all the big grammar, the naira is becoming more of paper. Eat on, Madam Minister, eat on GEJ Mr Clueless.. Sai Buhari 10 Likes 3 Shares
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Re: The Danger That Come With Naira Devaluation by Nobody: 7:04pm On Feb 28, 2015 |
Ymodulus:Oga if u think APC is d change u need, then u must be blind and at d same time Naive. Apc and Pdp are same/same, decampees of Pdp made up Apc. Stop deceivn urself dear. 2 Likes |
Re: The Danger That Come With Naira Devaluation by tempem: 7:09pm On Feb 28, 2015 |
abdul4new: Lol.. You are swift on reasoning.... But between, make Hbp no take us for naija news... |
Re: The Danger That Come With Naira Devaluation by October1960: 7:10pm On Feb 28, 2015 |
$1 will eventually buy #1,000 Naira if we the people don't stop the STEALING by Government officials and Politicians !! AS long as MANY if not most government officials and polithievians transfer millions of $$$ meant for development and diversification of our economy to the UK, USA and Swiss banks the Naira will continue to fall. I mentioned to friends when Naira was 20 to $1, that it would be 100 to $1 and they laughed at me. Now it is $1 to 200. The free fall has just begun! Instead of praising people whose parents have stolen money but now go to Church we need to ask where they got the money!!! I predict if we don't hold Government officials and Politicians accountable, they will continue stealing of our national wealth and stashing in foreign and local banks that $1 will will be 1,000 Naira by the end of this decade! With all the money earned from Oil - what infrastructure do we have? Look at the Arab countries - they have invested their money. 10 Likes 3 Shares |
Re: The Danger That Come With Naira Devaluation by Nobody: 7:12pm On Feb 28, 2015 |
Make i no lie i no read everything u write but yea the naira aint worth sh1t,i just made a withdrawal of 5k naira in ghana and got 70ghc,which ordinaryly would have been 100-90 atleast 2 Likes 1 Share |
Re: The Danger That Come With Naira Devaluation by AdeniyiA(m): 7:15pm On Feb 28, 2015 |
And the bunch of clueless ones will sit in Abuja and be telling us they're are working, no vision, no insight, no planning for the raining days, no real transformation, no pragmatism, no revolutionary ideas. dunceheads! They spend our money nd want us to worship them, na dea papa money? of what essence is their much talked about "largest economy in Africa " ? nonsense! 7 Likes |
Re: The Danger That Come With Naira Devaluation by 989900: 7:16pm On Feb 28, 2015 |
And some wretched souls would still come and defend why the Naira is/should be devalued with some unrealistic textbook economics . 5 Likes 1 Share |
Re: The Danger That Come With Naira Devaluation by 989900: 7:18pm On Feb 28, 2015 |
From 65 kobo to $1, to N222 to $1!!! Are you better off now?! 3 Likes |
Re: The Danger That Come With Naira Devaluation by queensmith: 7:25pm On Feb 28, 2015 |
Not to worry, soon Nigerians themselves will abandon naira all together in the market and it'll turn into Somalia, where you'll be using dollars to purchase meat and potatoes. Who wants to hold on to the naira knowing it will be worth less? And if you think that will encourage spending think again. It will only encourage people to store savings offshore taking away much needed capital from the country. It's only a matter of time. adetwin: If APC plan on being a good government - and not one that simply plans on appeasing people they're going to have to make some very tough choices. The presidential seat isn't going to be an easy one to occupy right now, because the looters have done well and finally destroyed the economy. They will have to assume oil prices won't rise and make the much needed cuts to our current overheads, which is ridiculous. This means laying off workers and slashing the salaries and expenditures of the polity. It's going to be difficult but it needs to be done, they can then use the funds to stimulate production, we need to grow our export market and finally take the steps towards diversification. They also need to stall all this borrowing, it's not helping and its causing inflation. NNPC needs a complete overhaul, they shouldn't be allowed to manage their own money because they do such a poor job of it. We also need to look at privatising some sectors - removal of legislative barriers that seem to prevent power companies from distributing electricity. I'm afraid if Buhari does win this tenure will be compared to his last one which was said to be difficult. Even if he is able to recover money from the looters it ill be an arduous and expensive process and the proceeds probably won't be enough to buffer. The current Boko Haram problem doesn't even help, but I think we should take assistance from foreign governments if they're willing to help. There is no reason why we should spend all our money towards it. Nigeria can be made right if we have the right people with the right intentions working at it. They just have to be willing instead of only being interested in their own pockets. The naira can make a comeback if we are producing enough to stimulate demand. 4 Likes |
Re: The Danger That Come With Naira Devaluation by jayplae: 7:25pm On Feb 28, 2015 |
My only question is this ................is Nigerian economy falling? What went wrong? Why is everything happening now? |
Re: The Danger That Come With Naira Devaluation by PassingShot(m): 7:30pm On Feb 28, 2015 |
Unfortunately for our team led by a "PhD" holder and a Havard/World Bank. economist, common sense economics is not their fortress. Despite OP's genuine attempt not to make this look like a GEJ/PDP's failure, there is still no other way to present it than a mismanaged economy. A team thatt failed to manage surplus earnings to improve our quality of life surely does not deserve a second opportunity especially in times of dwindled income. 5 Likes 1 Share |
Re: The Danger That Come With Naira Devaluation by Ymodulus: 7:30pm On Feb 28, 2015 |
jayplae: It's falling. And Jonathan does not want to accept this, he believes he has a super economist goddess called Ngozi Okonjo Iweala, without knowing she is a failure and disgrace. She kept telling us the economy is doing fine even when we saw with our own eyes it wasn't. That's the fact. There is a difference between theoretical Economics / Analysis from practical One. 6 Likes 1 Share |
Re: The Danger That Come With Naira Devaluation by olas24u(f): 7:31pm On Feb 28, 2015 |
alotofgrace: The more you look the less you see many things dont add up in africa ,its manipulations 2 Likes |
Re: The Danger That Come With Naira Devaluation by Fourwinds: 7:33pm On Feb 28, 2015 |
Charpell:saying its nobody fault is wrong. can u watch d soup someone in ur house put on fire burn and leave it.? wont u put out d fire before blaming or complaining.?? any government in power must strive to. diversify its economy. if Goodluck Jonathan diversifies Nigeria economy and it works ., he can now sit down and blame Obasanjo who refuses to do d same. so don't say its. nobody's fault 2 Likes |
Re: The Danger That Come With Naira Devaluation by Lerumo: 7:34pm On Feb 28, 2015 |
halimaabi: Those of you that are being paid to politicize every thread and to turn every truth of fact as a propaganda against the govt or against any political party should remember that no matter how we try to cover the truth it will one day come to hunt us. To you people, you are only doing the job you were paid to do while hiding behind social media. We can lie to others but the greatest fool is the one who lies to himself or herself. Posterity will judge each and everyone of us. 7 Likes |
Re: The Danger That Come With Naira Devaluation by thegoodjoehunt3(m): 7:34pm On Feb 28, 2015 |
adetwin: Under GEJ, there is a jamboree of corruption. GEJ pardons those who embezzle our money and allows policies that will take us down. Lamido Sanusi was punished for pointing out that money from our Crude Sales were appropriated before being paid into the National account. This corruption Jamboree might be hidden on paper but our Currency value can not lie. The only way we can fix our problem is by finding out our problems. If GEJ remains in power, then we can not know how bad things have gotten. For instance, how come the NNPC Audit is still in hide mode. 3 Likes |
Re: The Danger That Come With Naira Devaluation by 989900: 7:34pm On Feb 28, 2015 |
Personally, I don't want us to see this from a partisan point of view, rather from an economic/'cumulative-bad-governance' point of view; dating from way back (it's hard to argue against it's amplification by the present administration though). 2 Likes |
Re: The Danger That Come With Naira Devaluation by 989900: 7:36pm On Feb 28, 2015 |
olas24u: This is the basic truth people want to pretend doesn't exist. They'r all trading Forex. 1 Like |
Re: The Danger That Come With Naira Devaluation by olas24u(f): 7:40pm On Feb 28, 2015 |
franciskaine: They keep bringing her back and making her some kind goddess that can solve all problems as if the rest of us are stupid .We have so many Nigerians,she was in obj govt and then she came again ,what about all those economic experts in Nigeria and beyond 4 Likes |
Re: The Danger That Come With Naira Devaluation by olas24u(f): 7:44pm On Feb 28, 2015 |
Ymodulus: after the subsidy removal i knew she was evil when she promised palliatives , englsih always using big big english to decisive us.All was a lie 4 Likes |
Re: The Danger That Come With Naira Devaluation by Fourwinds: 7:45pm On Feb 28, 2015 |
alotofgrace:we have terrible managers in government. I said dis sometimes ago. we should have felt d impact of dat oil price wen it rose high. d naira should have appreciated. can u imagine I wanted to buy stablizer d price is something else now. y did our government not drop fuel price to #50 per litre. I think we have only certificate carrying economist in government 2 Likes |
Re: The Danger That Come With Naira Devaluation by shinaf: 7:58pm On Feb 28, 2015 |
THISDAY learnt that most foreign investors like Chinese and lots have chosen to remain on the sidelines because of election-related uncertainties. The naira has fallen by 17% over the past 4months. From view The CBN, last November, devalued the naira from N155/$1 to N168/$1 ,though when paying online most banks were not following this rate . In a bid to defend the naira and reduce pressure on the country’s external reserves, the CBN has also employed a number of monetary policy tools and in which case, banks’ foreign exchange trading position has been tweaked at least three times, Presently, the net foreign position is 0.5 per cent. It was earlier reduced to zero per cent, but after some days was raised to 0.1 per cent before it was increased again to its current position which is out of hand . Despite the various tweaks, Nigeria’s external reserves have declined by $950 million this year, shrinking from $34.469 billion as at December 31, 2014, to $33.519 billion by Monday, just as the naira continues to lose value against the greenback. Nigeria has one of the lowest external reserves among major oil producing countries ,you can check this out ..... “ Cbn governor =We are telling people that we would continue to meet our responsibility as a central bank. We are in the market to make sure that we calm the situation . Till when ? We need to look else where , irrespective of devaluation . Ymodulus: 1 Like |
Re: The Danger That Come With Naira Devaluation by Fourwinds: 7:58pm On Feb 28, 2015 |
adetwin:so if GEJ could not do it y must u stick to him. y can't u try other means. check my personal signature. I don't care whose as.s is gore. once it is not working I switch to another. y do u think America society is working.? dey are never sentimental about deir feelings. today is democrat tomorrow it is republican. is America not working.??r 5 Likes 1 Share |
Re: The Danger That Come With Naira Devaluation by shinaf: 8:00pm On Feb 28, 2015 |
Getting late dou...but kudos to GEJ shaaa [https://www.nairaland.com/2172344/china-russia-send-sophisticated-warquote author=Ymodulus post=31177541] It's falling. And Jonathan does not want to accept this, he believes he has a super economist goddess called Ngozi Okonjo Iweala, without knowing she is a failure and disgrace. She kept telling us the economy is doing fine even when we saw with our own eyes it wasn't. That's the fact. There is a difference between theoretical Economics / Analysis from practical One. [/quote] |
Re: The Danger That Come With Naira Devaluation by Naigerian(m): 8:01pm On Feb 28, 2015 |
Do not be deceived, we surely have it better than those dark days they made you believe was better. |
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