We Didn't Ask Fg To Devalue The Naira - Imf - Politics - Nairaland
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US To Press Nigeria To Devalue Naira - Reuters / CBN Has No Option But To Devalue The Naira – S&P / Why I Refused To Devalue Naira, Remove Fuel Subsidy - Buhari (2) (3) (4)
| We Didn't Ask Fg To Devalue The Naira - Imf by elctroguru(m): 2:05pm On Mar 04, 2011 |
The International Monetary Fund, IMF, has denied advising the Federal Government to devalue the Naira in its 2010 Article IV Consultation Report. The IMF Senior Resident Representative and Country Chief, Mr. Scott Rogers, told journalists in Abuja, yesterday, that the fund only noted that the Naira was overvalued. According to him, what the Fund recommended was a flexible approach to exchange rate stability which did not necessarily mean devaluing the Naira. "We recommended that the CBN should be more flexible in the management of the exchange rate while working on price stability and efforts to bring inflation down. "To recommend devaluation is to ask for movement of value of a currency from one level to another. In recommending exchange rate flexibility is not to devalue the currency. What it means is that some times it could go up or go down", Mr. Rogers said. The Fund, therefore, urged that Nigeria's "monetary policy should focus on reducing inflation, while allowing for more flexibility in interest rates and the exchange rate." According to the organization, forth coming national elections were putting pressure on the government to spend, while monetary policy has focused on supporting the exchange rate and keeping interest rates low. The IMF's 2010 Article IV consultation which lasted between November 4-18 indicated that Nigeria's external balance deteriorated in 2010 despite a favorable external environment. It warned that the inflation risk hinges crucially on the 2011 budget as the National Assembly could pass a more expansionary budget for 2011 than was submitted, undermining the CBN's ability to deliver on inflation. The Fund added that speculation against the naira could even become intense should reserves continue to fall, forcing the hand of the CBN to react quickly, resulting in excessively high interest. http://allafrica.com/stories/201103040238.html |
| Re: We Didn't Ask Fg To Devalue The Naira - Imf by violent(m): 5:10pm On Mar 04, 2011 |
I wonder where the "devaluation" news started from, these media knocklheads that call themselves Journalists should be out of jobs already and better minds recruited. If you don't read the news in Nigeria, you are uniformed, if you read the news, you are misinformed. na wa o |
| Re: We Didn't Ask Fg To Devalue The Naira - Imf by Kobojunkie: 5:55pm On Mar 04, 2011 |
Interesting . . . . . violent: I usually try to verify any foreign claims made in Nigerian news before I believe it. I did remember not being able to find a foreign ref. for this particular news when we discussed it. So, if the news was incorrect, why were there reports of Sanusi rejecting the advice then? |
| Re: We Didn't Ask Fg To Devalue The Naira - Imf by Tunmi(f): 6:23pm On Mar 04, 2011 |
Reading is fundamental. Someone gives an analysis and another interprets it differently. People and their interpretation sha. |
| Re: We Didn't Ask Fg To Devalue The Naira - Imf by naijaking1: 7:56pm On Mar 04, 2011 |
| Re: We Didn't Ask Fg To Devalue The Naira - Imf by ikeyman00(m): 8:19pm On Mar 04, 2011 |
kolo I usually try to verify any foreign claims made in Nigerian news before I believe it. I did remember not being able to find a foreign ref. for this particular news when we discussed it. So, if the news was incorrect, why were there reports of Sanusi rejecting the advice then? i think we got a long memory u know i still remember how u were arguing around on devaluation of naira only for u to come out and do u-turn thats just goes to show u that u soemtimes u just need to shut up for good!!  hope u are still LOFMAS |
| Re: We Didn't Ask Fg To Devalue The Naira - Imf by ShangoThor(m): 8:47pm On Mar 04, 2011 |
Ummmmmmm, I’m dying to say I mentioned this on the thread (I TOLD YOU SO) , OMG, Nigerians (my people) are so gullible and fickle, welcome to the world of ‘PROPAGANDA’, you are all being played, WOW, nowadays it best to watch people run their mouths rather than contribute to topics, ELECTIONEERING has sent board members and the polity at large delirious. In the words of Public Enemy – “Don’t believe the HYPE”. |
| Re: We Didn't Ask Fg To Devalue The Naira - Imf by Kobojunkie: 9:26pm On Mar 04, 2011 |
^^^I can definitely remember reading your posts pointing out that the timing of the reports were fishy @Shangothor. I guess you may have been right after all. It may have been produced for hype but for whom? I mean it did seem more geared at making Sanusi seem in charge, more than it did Jonathan or even the Finance minister. However, I do see there is a repeat of the statements of the Naira being overvalued, which we discussed at length on one of the other threads as well. Is this more support for that part of the news then? |
| Re: We Didn't Ask Fg To Devalue The Naira - Imf by ShangoThor(m): 9:54pm On Mar 04, 2011 |
Kobojunkie: Honestly KoboJunkie, even though I despise the IMF with a vengeance, the salient point I picked up from it is that I think they are right to point out the effects of inflation in our economy. Nigerians pay 3 to 4 times more for goods than their Western counterparts, some people in Nigeria are seriously getting wealthy by exploiting the system and our citizens and it's not fair. It's amazing to find out what the price of a simple commodity like a bottle of Red Wine costs in Nigeria compared to the West. Nigerians are being skanked big time, the whole system is designed to rip off Nigerian masses and it is not fair. So not only are there problems of currency value distortion, less jobs, more poverty than there is in the West, Nigerian masses have to pay 3x - 4x more for goods. This has to be changed. |
| Re: We Didn't Ask Fg To Devalue The Naira - Imf by naijaking1: 10:37pm On Mar 04, 2011 |
ShangoThor: Thank you, every bad situation creats a new class of beneficiaries. No NEPA===> generator sellers/importers Bad goverment educational system==> private and parochial interests No good hospitals===> patent medicine dealers/quacks/magicians make a killing Insecurity=====> Rent to own policemen are able to pay their rents Water scarcity====> Have you enjoyed the 10 naira plastic water satchet lately? Long lines at the bank====>Look carefully, you can always identify someone to speed up your transaction for a few Nnamdi Azikiwes stuck between the pages of your pass book. Lack of foreign exchange or over-valued naira====>---you get the point |
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