Sunnycliff:
Just analyzing this scenario critically.

As at February 2015, this was where we are
https://www.nairaland.com/2166884/nigeria-6th-fastest-growing-economy

But thanks to the Dullard for rewinding us to a point of worthlessness!
All hail the Zombies!

Jengem:
Buhari God punish you oooo

t2luv1:


Wrong !!! The official rate will be 290 but the parallel rate will be around 450 - 500. If Nigeria devalues their money they are going be truly F*vked. Only people shorten the money will make money, along with bond holders. The country has a sovereign fund why not peg the currency to the sovereign fund portfolio. This will drive off the short sellers, and at the same time allow the country to buy more time until the price of oil rebound. Brent is already at $50 from $30.

sapientia:
Words.. Words... Words..

That statement made in UK and accepted by Buhari is one of the problem.

Buhari killed Nigerians image himself and is expecting investors.

plaetton:


50 or so visionless people.

If I say join me now to rearrange the system, you will first ask what tribe I am.

Perhaps Nigerians deserve the type of leaders they get.

Immorttal:
Good write up there.Now what should we expect as the outcome. Don't you think the black market can still fix their own price higher than the interbank rate hence our bank cannot exchange physical cash to the public.

989900B:



It will depend on the CBN's policies:

are they going to adequately fund the 'inter-bank' window?

are they going to let people get their remittances from overseas in hard currency, and stop unilaterally paying out @N197/$?

If not, the situation you just described above, is as sure as daylight.

Too many parameters are missing to draw any concrete conclusion.

knowyaself3:

After the fall in crude price and Nigeria being almost 100% dependent on crude for forex, Foreign investors sold their investments and are waiting for us to devalue so they can reinvest at the market determined rates. If we dont devalue, they will continue to steer clear of our bonds and stocks for fear that a devaluation will take place after they have invested, messing up the worth of their investments.

psychologist:
who also noticed that the air in burger has tripled

YelloweWest:

If only you knew the consequences of your statement. Small scale business will just disappear

mrvitalis:
This choice is very hard,
so if I want to invest in agriculture, energy and infrastructure I will get dollar at 199 but if it's for travel 285 - 350
That's a way of forcing people to invest in this sectors, Well it's all good... But seeing the naira bleed is very painful,

BetaThings:

Did Nigeria become fantastically corrupt in one year?
When Oprah did a documentary on Nigerian corruption, who was president then?
When

The boy that cried wolf sacrificed his credibility upfront and when he was telling the truth nobody believed him
A lot of people abuse Buhari daily and nobody will listen on those occassions they might be right

Nigeria is fantastically corrupt country in opinions, facts and analyses
How can people praise Fayose daily because he abuses Buhari, yet Fayose has not paid salaries for months and is keeping LGs fund

Will Fayose allow FG to keep his state's money
Fayose can write, the people in Chinese Embassy will tell their country the truth

Fayose can lie that he went to China for investment
But foreign nations see the lie as evidence of corruption

deept:


i believe that was what the government intended but will that happen. if you get dollar at 199,will you invest in agriculture or take it to the parallel market for quick profit? Some of the government policies don't work because we don't allow it work

mrvitalis:

Lol... That's not even how it's done please, u identify what u are paying for, u deposit the naira equivalent the CBN pays for it in dollars
Don't mind PDP and there imagination ( well that's what they used to do sha)

mrvitalis:
This choice is very hard,
so if I want to invest in agriculture, energy and infrastructure I will get dollar at 199 but if it's for travel 285 - 350
That's a way of forcing people to invest in this sectors, Well it's all good... But seeing the naira bleed is very painful,

Israel5:
Father God, let me have my visa ths wk IJN. amen. #i promise to cme bck aftr 3 dec.. Just gve me first!

Goddex:
Even PUNCH, a very strong pro-APC newspaper could not spare this dullard in their rating.

I feel so ashamed as a Nigerian.

chigoizie7:
Things are worse already.

Let them peg d naira @ where it is already, we will wriggle out of the hardship somehow.

After all, we have been suffering and smilling.



Many people will quote me, but that is the simple truth, my only fear is the one they did last week, allowing the value of naira to dollar to be determined by the market forces.

I believe no one will want to contend with hyper inflation on goods alone, but that of services and wages remain as it is.

JaaizTech:
Most people do not even understand what they are reading, foreigners are asking you to devalue, for their own interest and not really Nigeria's interest. Quoting a part of the report " Foreign reserves dwindled as the central bank defended the peg, while foreign investors, fearing a devaluation, sold Nigerian stocks and bonds." This part I don't get, you thought we would devalue so you sold your Nigerian investment, and you are still asking us to devalue
The issue we should discuss is what happens when we devalue:
If today CBN devalues naira from 199 to 300 naira per dollar what will be the ripple effect and consequence Does who are against Buhari's currency policy should please shed light on this.

cosade:


I am with you. I agree that devaluation at this time, is not in the interest of Nigeria. For me, the government should continue to fund essential sectors from the first tier forex and others should go to the parallel market. Even, remittance of foreign school fee should be removed from the first tier. I have children schooling abroad, so I am not unmindful of the implications of this.

I don't see how devaluation will help us when there is nothing Nigeria is exporting to take advantage of the devaluation.

plaetton:


50 or so visionless people.

If I say join me now to rearrange the system, you will first ask what tribe I am.

Perhaps Nigerians deserve the type of leaders they get.

Standing5:
Oil money is varnishing but our governors are not ready to be independent of Abuja

2n2k:


At bolded, I thought the winter is more favourable to increase in oil prices because of extra demand

Pesuzok:


I think you forgot what NDA is doing to our production

otiigba1:
he have to get the visa first, besides if he let you come with him, you may also bring witchcraft with you from your village . Typical nigerians way of thinking. I guess

Israel5:
you can come after me.