President Nicolas Maduro of Venezuela finally announced the devaluation of his country’s currency, bolivar by 59 percent, raising petrol prices by 6000 percent – meaning paying about 60 times more.

Making Venezuela’s biggest economic announcement on Tuesday, Maduro said the time has come for placing a fair price on hydrocarbons.

“This is a necessary action, for which I take responsibility,” Maduro said in a nationwide address

“The time has come to establish a system that guarantees access to hydrocarbons at a fair price but that also guarantees the funding of investment in producing that gasoline.”

Before the address, a litre of petrol in the oil rich country went for 1.5 US cents (N3), but would now go for 95 US cents (N190) per litre.

This is the country’s first increase in fuel price in 20 years.

The official exchange rate used for food and medicine imports will weaken to 10 bolivars per dollar from 6.3, as of Thursday, while a second rate will be allowed to float – affirming the country’s dual exchange rate system.

According to the World Economic Forum (WEF), Venezuela has long lived in denial keeping its official currency at a point, while the parallel market rate plunges – just like in Nigeria.

The country’s currency has fallen by 93 percent between 2014 and 2016, with WEF saying “Venezuela’s government has tried to deny economic reality with price and currency controls. The idea was that it could stop inflation”.

Inflation was however not curbed as the country recorded a 140 percent rise in inflation rates in 2015 alone.

In his announcement, Maduro however increased the country’s minimum wage by 20 percent, adding that he hoped the new policies “will be understood by the people on the streets”, calling against looming protests.

The policies have already been rejected by the opposition, with Henrique Capriles, two-time opposition presidential candidate, saying it is time for a possible referendum on recalling Maduro.

“The constitutional time has come … let’s go for recall,” he said in a tweet after Maduros’ speech.
https://www.thecable.ng/oil-rich-venezuela-devalues-by-59-to-pay-60-times-more-for-petrol

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6000% is just too much. Why the pressure on buhari to devalue the Naira. It's not a good advice.

So wat??

Like Venezuela like Nigeria

But that some serious sh.itty jump for a litre of petrol from 1.5 US cents (N3), to for 95 US cents (N190).

Buhari need to stop junketing and sit his ass down, get experienced hands that'll manage our economy for quick turnaround asap.

6000% though

Sometimes I keep wondering what will happen in Nigeria is we finally succumb and devalue, petrol prices will suddenly skyrocket to about N140/litre and it's either a massive protest starts again across the nation or the FG will be forced to resume payment of subsidies. Obviously the price of all imported commodities from rice to tomato paste will also double. God help us!

This is something else.
I don't support this devaluation of a thing at all.

Note: he increased the minimum wage by 20%. No more free food in Freetown. Sustaining extreme socialist policies avoidably drains govt's coffers.
The government should make sure its workers are well-paid. When you earn reasonably in a society, you'd be able to take care of your personal welfarism, and not overstretch that of the government.

making another crazy step..venezeula is a strong country and could back selling its oil in gold reserve instead of this washinton hegemonic economic policy... Only a country like Libya and Nigeria get scared like hell to to change such moves..

The smartest move would be start selling your major export in gold reserves while you continue to dedolarize.. oil reserve that is highly volatile should not be backing your economy.oil is the only econmic tool the hegemon has against you.

the moment you change that, you have changed the lives of your people..