PapaBrowne:


Are you serious Your speech just gave you off as someone who lacks complete understanding of Economics>



Illiteracy no be moi moi oh!! Ha! So if someone tells you he will equate the value to the dollar you would just swallow it hook line and sinker??
What were you doing when others were attending Economics class??

For the Naira to be equal to the dollar, you would need to see our dollar reserve rate go to something like a trillion dollars!! Even with 20 years of 20% economic growth rate, we would probably not be there!!


Now the bigger lesson for you is that a very strong Naira is not good for our country especially if you want to produce goods and export competitively..
Now let me explain that to you:
A bag of Dangote cement sells for 1500 Naira.
When the dollar was 160 Naira, that bag of cement was equal to $9.
At the new rate of 215 Naira, that same bag of cement is now equal to $7.
That means if Dangote wants to sell his cement in Albania, he has a better price point than he would have had 5 months ago.

Now imagine the Naira is exchanging at 5 Naira to a dollar.
That same bag of cement would now be equal to $300. Where on planet earth would he be able to sell his bag of cement at that price??

Any country that desires to produce and export to the rest of the globe, prays for a weaker currency to allow its goods better pricing amongst competitors. If Buhari understands economics, he will never pray for a very strong Naira except of course he wants us to keep importing everything!!

am a little bit confused...!

Truckpusher:
Peppyluv, come and see o.

Are you seeing what ayam seeing ?

Your boyfriend Buhari is at it again.

Chai!

You won't see any of them here..... berem, demdem, egift

PapaBrowne:

For the Naira to be equal to the dollar, you would need to see our dollar reserve rate go to something like a trillion dollars!! Even with 20 years of 20% economic growth rate, we would probably not be there!!


Now the bigger lesson for you is that a very strong Naira is not good for our country especially if you want to produce goods and export competitively..
Now let me explain that to you:
A bag of Dangote cement sells for 1500 Naira.
When the dollar was 160 Naira, that bag of cement was equal to $9.
At the new rate of 215 Naira, that same bag of cement is now equal to $7.
That means if Dangote wants to sell his cement in Albania, he has a better price point than he would have had 5 months ago.

Now imagine the Naira is exchanging at 5 Naira to a dollar.
That same bag of cement would now be equal to $300. Where on planet earth would he be able to sell his bag of cement at that price??

Any country that desires to produce and export to the rest of the globe, prays for a weaker currency to allow its goods better pricing amongst competitors. If Buhari understands economics, he will never pray for a very strong Naira except of course he wants us to keep importing everything!!

I would have loved to do a detailed analysis of your post but its late in the night for me, but l will summarize.

Dont know how old you are but l can tell you that l was old enough to handle a Dollar, when the Naira was EQUAL to the Dollar..... and our reserve was not anywhere a TRILLION, not even a Billion Dollars, back then.
Check the exchange rate in the early 70's and confirm my point.
Back then, Nigeria was exporting a lot of Cocoa, ground nut, Palm Oil, Rubber, e.t.c

It was done then, it can be done now... Period!

2.) To say a very strong naira is not good for Nigeria, to justify the worse-than-Zimbabwean "Naira' we are spending today, is not doing "full justice" to economics!
I wont go on a long analysis of Dangote or Ibekwe but let us just "invert" your statement and see how it pans out.

Can we say "A very strong Dollar is NOT GOOD for America"?.....
.....and despite at almost #240 => Dollar, has it stopped Nigerians from importing from America (most of our imported cars are from there, just to mention one item) or scrambling to buy the Dollar?
More importantly, has it STOPPED America from exporting its products all over the world, especially to Nigeria?
Answer is obviously NO!

Finally, as educated people, we must refrain from espousing what l will call "half knowledge", deliberately or otherwise, especially when doling out "economic precepts". Our analysis has to be "balanced" and reflected on all possibilities.

Let me make bold to say that what YOU THINK may be LOST from a "strong local currency" can be, .....and IS actually NEGATED by the following:

a.) Superior Products (which are always in demand, irrespective of higher prices)

b) Reputation (E.g, America has a "reputation" for "full options" vehicles thus, despite the additional cost, people will rather inport an "American Spec", than one from japan or Europe.

c.) Strong Local Market (Countries with Big population which has "HIGH PURCHASING POWER" can still take advantage of their strong currencies without much negative effect as MOST products from their Factories get consumed locally)

4.) Selective Production (This is similar to (a) above but here, emphasis is on producing goods that are either termed "luxury" or very 'high-tech" and or "uncommon" e.h high class armaments, expensive cars that gets Russians buying , e.t.c.

Bottom line: A Strong currency is NOT a disadvantage to a nation or its export (as you asserted) ...... if you have the right people managing the "MIX" of Economic policies!

I understand that such economic "management" is beyond a "I know Nothing" President or his thieving cohorts, more so in a Nigeria where the leaders stiLl dont recognize the fact that calling you "economic giant of Africa or ranking you #1 on some utopian index" MEANS NADDA, IF YOU CANT EVEN POWER YOUR HOMES OR FACTORIES FOR AT LEAST 12HRS IN A DAY!

We have been trying to do two things since the days of Shagari, without success!

1) Convince foreign INVESTORS that Nigeria is 'the country' to invest. Except for a few "crooked" investors who themselves are only here to scam our system, with the collusion of their local crooks, l have not seen any serious investors in Nigeria, for decades! Some are doing what is called "window-dressing", being around "on paper" .... just in-case something crops up

2.) Export Promotion by keeping a weak currency: This one is a no-brainer! What do we really produce in this country, that is "competitively" worth exporting, ..............using Generator and Diesel as the source of industrial power?

Please, our leaders should stop scamming the populace!
It will not happen, not with Buhari, certainly never with GEJ......unless power becomes at least 80% stable.

Lastpage!

retsonbiz:
Unfortunately you sound like a child struggling to understand monetary economics.....If you are old enough, I dare ask you, how did Ghana do it?

This is possible within months, governmental policies and structural economic realignment is necessary.

Read and learn here http://m.modernghana.com/news/518347/1/the-ghana-cedi-bleedingwho-will-save-it.html

PapaBrowne:


Are you serious Your speech just gave you off as someone who lacks complete understanding of Economics>



Illiteracy no be moi moi oh!! Ha! So if someone tells you he will equate the value to the dollar you would just swallow it hook line and sinker??
What were you doing when others were attending Economics class??

For the Naira to be equal to the dollar, you would need to see our dollar reserve rate go to something like a trillion dollars!! Even with 20 years of 20% economic growth rate, we would probably not be there!!


Now the bigger lesson for you is that a very strong Naira is not good for our country especially if you want to produce goods and export competitively..
Now let me explain that to you:
A bag of Dangote cement sells for 1500 Naira.
When the dollar was 160 Naira, that bag of cement was equal to $9.
At the new rate of 215 Naira, that same bag of cement is now equal to $7.
That means if Dangote wants to sell his cement in Albania, he has a better price point than he would have had 5 months ago.

Now imagine the Naira is exchanging at 5 Naira to a dollar.
That same bag of cement would now be equal to $300. Where on planet earth would he be able to sell his bag of cement at that price??

Any country that desires to produce and export to the rest of the globe, prays for a weaker currency to allow its goods better pricing amongst competitors. If Buhari understands economics, he will never pray for a very strong Naira except of course he wants us to keep importing everything!!

so are u in oda words sayin tat d higher d dollar to naira d beta fo our economy?

bondingman:

Don't mind him
Like buhari like follower

Yeah na, like buhari like supporter , like badluck like supporters#group of fools and clueless pple... Wise up fools

Omooba77:
Owerri – The All Progressives Congress (APC) presidential candidate, Gen. Muhammadu Buhari, on Monday said he would ensure that the Naira was equal to the dollar in value, if voted into office.
Buhari stated this during the South-East presidential rally of the party at Dan Anyima Stadium, Owerri.

“It is sad that the value of the naira has dropped to more than N230 to one dollar; this does not speak well for the nation’s economy,’’ he said.
He urged the people to vote for APC, noting that he would ensure that corruption was tackled headlong if elected.

Earlier, Gov Rochas Okorocha had urged APC supporters to vote for the party’s candidates at all levels, noting that a vote for Buhari without support to others at the state would amount to nothing.
Okorocha said Buhari would address the problem of electricity, bring back the kidnapped Chibok girls and promote industrial growth.

He said that Buhari was loved by the people in the region and urged them to elect him and other APC candidates during the March 28 and April 11 general elections.

Former governor of Anambra, Mr Chinwoke Mbadinuju and former Minister of Education, Chinwe Obaji, were formally welcomed to the APC at the rally.

The rally was attended by APC supporters from Abia, Ebonyi, Anambra, Enugu and Imo. (NAN)


http://www.vanguardngr.com/2015/03/ill-make-naira-equal-in-value-to-dollar-says-buhari/#sthash.eALwzZ4V.dpuf

General, this is hogwash and pre election BS but I'll still vote for you.

No way in hell the Naira will ever ever be equal to the Dollar in 100 years.

We can start by ensuring 100% availability of electricity and water, education, security and then foreign companies will come and set up industries.

But carry go Sir, adults knows that politicians over promise and under deliver

CFCfan:



But in order to further promote the "cashless" society initiative, eliminating the N1000 and N500 notes may be an option.

Na wa oooo, which kind joke be this?? So na #200 person go withdraw from atm?

Ha! GMB! What did you say? Don't give yourself away o! Naira to be equal to dollar?please ask the economists..,I rest my case.

Princecalm:
This is someone that understands the economy speaking and not the clueless one who keeps Naira unstable.

Bro, no offense meant. but you goofed like Buhari. You need to quietly avoid this thread. The more comment you make, the more stupid you appear. Buhari has goofed on this once again.

By the way, I'm beginning to think APC is using juju on their supporters. God dey sha

Buhari. Is the father of cluelessness chaii

Why is everyone going Harvard and Cambridge on this statement. Vanguard seems to just be whipping sentiments here. The only statement quoted to Buhari in the report is “It is sad that the value of the naira has dropped to more than N230 to one dollar; this does not speak well for the nation’s economy,’’. Why can't they quote how he said Naira will be equal to the dollar.

I cannot find the statement in the said article. So where did vanguard get this quote from exactly?

One thing is certain. Those supporting GEJ are actually speaking in detail using education and common sense.

Those who support Buhari are just like him. They don't even know what they are talking about.

I am amazed at the ignorance of majority of people on this nairaland
What an illiterate breed this country is turning into.

Soludo, have proposed this same thing during the time of Yaradua and it is called Naira denomination.
Government will simply change the naira notes and make 200 of the old naira notes to change for 1 new Naira note to be introduced, pronto 1$ will then be equals to 1Naira.

Also, Sanusi proposed the same thing but each time the economists proposed this solution which has been used by many countries including Turkey, the politicians always kick against it for the simple purpose of their alter ego. Since majority of them calls themselves millionaire, they dont want to turn thuosandnaire overnight!

manny4life:


Like I said, the thought of a presidential candidate making such promise beats my imagination. Also, it's next to impossible even with all of Nigeria's economic prowess. Suffice to say even if we worked towards it, Buhari will NEVER be able to achieve such given the constant on ground. Furthermore, a currency equated to the $$$ isn't good for the economy, as in competitive (local consumption and export), ask China and Ghana... opposite sides of the spectrum. Therefore, let's be serious and face real issues... Naira will regain it's value when things become right.

powersunny:
Why is everyone going Harvard and Cambridge on this statement. Vanguard seems to just be whipping sentiments here. The only statement quoted to Buhari in the report is “It is sad that the value of the naira has dropped to more than N230 to one dollar; this does not speak well for the nation’s economy,’’. Why can't they quote how he said Naira will be equal to the dollar.

I was wondering the same thing

PapaBrowne:


Are you serious Your speech just gave you off as someone who lacks complete understanding of Economics>



Illiteracy no be moi moi oh!! Ha! So if someone tells you he will equate the value to the dollar you would just swallow it hook line and sinker??
What were you doing when others were attending Economics class??

For the Naira to be equal to the dollar, you would need to see our dollar reserve rate go to something like a trillion dollars!! Even with 20 years of 20% economic growth rate, we would probably not be there!!


Now the bigger lesson for you is that a very strong Naira is not good for our country especially if you want to produce goods and export competitively..
Now let me explain that to you:
A bag of Dangote cement sells for 1500 Naira.
When the dollar was 160 Naira, that bag of cement was equal to $9.
At the new rate of 215 Naira, that same bag of cement is now equal to $7.
That means if Dangote wants to sell his cement in Albania, he has a better price point than he would have had 5 months ago.

Now imagine the Naira is exchanging at 5 Naira to a dollar.
That same bag of cement would now be equal to $300. Where on planet earth would he be able to sell his bag of cement at that price??

Any country that desires to produce and export to the rest of the globe, prays for a weaker currency to allow its goods better pricing amongst competitors. If Buhari understands economics, he will never pray for a very strong Naira except of course he wants us to keep importing everything!!

the only thing 'stupider' than the buhari statement is this demonic analogy of yours. Guy did you use you soul for fixed deposit?

fallout87:
That is one of the stupidest utterances in this election if it is true.

Does this Buhari not understand inflation? He obviously doesn't understand a thing about GDP or the economy...

go back to the post to find a quote of that statement. At this point you should simply wait for saturday to vote your choice candidate. you ought to b tired of the politics of falsehood being practiced by both parties. The post didnt quote buhari as saying that its just a smear campaign.

Omooba77:
Gen. Muhammadu. Buhari, on Monday said he would ensure that the Naira was equal to the dollar in value, if voted into office.

Can you imagine such an illiterate. comment.

Its the illiterate ones that would believe that and vote for him

Timoleon:

go back to the post to find a quote of that statement.

that's it right there.

ibietela2:


Na wa oooo, which kind joke be this?? So na #200 person go withdraw from atm?

If you want cashless policy, you have to make sure the denomination looks unfavorably to the citizens.

Example: If you went to the bank to withdraw N100k, at N1000/strap, that's 100k right there. However, if it's at N50, that's N5000/strap and you will need 20 straps just for 100k. What does that tell you? If you don't want to keep your money at home, simply go cashless and conduct your banking transactions. When retailers realize that you get more N20 and N50, they will implement POS systems rather. The denomination has to be less attractive for it to be productive.

nduchucks:


Oga, if only 10% of the stolen and looted funds (conservatively $105billion/yr) by the usual thieves, remains in Nigeria, the economy will be just fine.

The economy isn't fine? Every report has shown the economy is the best in Africa... so what are you referring to?

If you want a magic trick where decades of mis-rule are erased overnight, Oga I and no one else can help you.

kendrick9:
Just like he said the will reduce world oil price.. is the man dreaming?
Someone who doesn't have a certificate,lol
Gej till 2019

Die-Hard political criminals/ followers will surely believe this greatest deception from GMB.
Am happy bc many wise APC supporters (some are my friends) have got their eyes opened since. Finally they've got to understand that this GMB guy is just a loud and brave illiterate lunatic going about making empty unrealistic promises. This clearly shows he has got nothing tangible to offer!
But alas, I weep for young innocent Nigerians who are being deceived to embrace falsehood.
GEJ may not be the altimate leader, but we can't sacrifice him for this deranged lunatic suffering from the course of innocent bloods he spilled thru his foot soldiers.
God is watching!!!

I now see the reason why he has been absent in all presidential debates, cos he has to explain how he plans to stabilize oil price n make naira a par with dollar?

kai wahala dey ohhh

FitnessNigeria:


Bro, no offense meant. but you goofed like Buhari. You need to quietly avoid this thread. The more comment you make, the more stupid you appear. Buhari has goofed on this once again.

By the way, I'm beginning to think APC is using juju on their supporters. God dey sha

You are actually right!

Trust me, the "juju" arose out of the ineptitude and cluelessness of this present PRESIDENT and his administration!

For a crook like OBJ to declare ANYTHING but JONATHAN...... speaks Volumes!

If even YOU should contest against Jonathan is a "free and fair" election tomorrow, YOU WILL BEAT HIM HANDS DOWN!

Just listen to the dude in this Facebook video!

[url]https://www.facebook.com/video.php?v=10152658511117805%22%3EPost[/url]

Mehn, Jonathan fall hand no be small now ......otherwise, who be Buhari?

Lastpage!

expressglory:


@Poster...are you saying Naira must necessarily be weak? Even if you are a small boy,I'm sure you read that at a time naira and dollar has equal strenght! Go to Ghana and see what has happened to their currency. Look,where there is a will,there is a way.Its just that our corrupt leaders are afraid.They are afraid that their 1million dollar may soon become 1million Naira!!!

abeg stop all these bullshit about ghana ,it is oobvious you have never been to ghana and all u do is read about ghana . Ghana economy is in tatters ,their currency was to strong for their economy and now they are even worse than many african countries . if u don't know about something just learn from economists . I am not an economists but it is simple common sense theory that what buhari said is blatant rubbish and for sure tinubu and amaechi will ask him not to talk again till after elections. It is really annoying when ppl keep shouting ghana ghana as if ghana economy is booming

Buhari can say anything to win election.

Princecalm:
has GED given you the breakdown of how he has struggled with the economy?

My guy, you daft wella. Haven't you heard? You can't defend the indefensible. And what dafuq is GED?

Omooba77:


Even Japan,China can not achieve this

Mr know it all,Japan and China cannot do this cuz it favors their economy,as a country that exports a lot,the weaker their currency the richer their citizens but in Nigeria's case that imports virtually everything,the weaker our currency the poorer the citizens.
BUHARI is on point,tackle corruption,money laundering and stop importation of petroleum products by building more refineries,then peg our Naira at one naira to a dollar and watch it remain there for life.why do you think libya's currency remained steady at 1 LYD to 1 USD under Gadaffi,even today the 23rd of march 2015 its 1 USD to 1.3 LYD in Libya.
Even here in Nigeria,Prof soludo during his time stabilized our Naira against the Dollar for good three months,then corruption,money laundering and petroleum importation that weakens our currency was still going on under president Obasanjo,and he(soludo) told us then that he can revert the dollar to equivalent one naira and that he will sustain it.the national assembly then kicked against it.
once again,Alobam GMB is on point.

Change is here.BUHARI is the change.

Sai Baba,
Sai BUHARI

Laid2001:
I am amazed at the ignorance of majority of people on this nairaland
What an illiterate breed this country is turning into.

Soludo, have proposed this same thing during the time of Yaradua and it is called Naira denomination.
Government will simply change the naira notes and make 200 of the old naira notes to change for 1 new Naira note to be introduced, pronto 1$ will then be equals to 1Naira.

Also, Sanusi proposed the same thing but each time the economists proposed this solution which has been used by many countries including Turkey, the politicians always kick against it for the simple purpose of their alter ego. Since majority of them calls themselves millionaire, they dont want to turn thuosandnaire overnight!

You're funny... Did you say Soludo proposed this? Please, before I comment on Soludo (more like my mentor), please provide proof to back this up. I am not surprised SLS did... Anyway, like I asked someone, is this under a favorable or unfavorable condition. Please answer that..

Like I said, let's face real issues; nonetheless, a lower Naira is ALWAYS and will always be favorable under the right condition.

babyosisi:
The most annoying part is that he said this nonsense in Imo state
N'ala ndi ma ihe
Does he think he was talking to cattle rearers?

Ndo, nne

At least you have shown that we still have some sensible nairalanders with some good knowledge of economics. Buhari should ask the chinese why they have constantly made sure that their currency is weak. Americans now buy even memory cards from china. Some people that are into importation in Nigeria are seriously considering starting local production since importation is becoming very difficult due to the exchange rate. Some companies that always have interest in employing experterates are reconsidering employing Nigerians cos of the exchange rate (remember these people are paid in dollars), its now more economical to train and pay Nigerians instead of employing foreigners. BUHARI IS A BIG JOKER!!!!, COMPLETELY BEREFT OF SIMPLE ECONOMIC CALCULATIONS.

PapaBrowne:


Are you serious Your speech just gave you off as someone who lacks complete understanding of Economics>



Illiteracy no be moi moi oh!! Ha! So if someone tells you he will equate the value to the dollar you would just swallow it hook line and sinker??
What were you doing when others were attending Economics class??

For the Naira to be equal to the dollar, you would need to see our dollar reserve rate go to something like a trillion dollars!! Even with 20 years of 20% economic growth rate, we would probably not be there!!


Now the bigger lesson for you is that a very strong Naira is not good for our country especially if you want to produce goods and export competitively..
Now let me explain that to you:
A bag of Dangote cement sells for 1500 Naira.
When the dollar was 160 Naira, that bag of cement was equal to $9.
At the new rate of 215 Naira, that same bag of cement is now equal to $7.
That means if Dangote wants to sell his cement in Albania, he has a better price point than he would have had 5 months ago.

Now imagine the Naira is exchanging at 5 Naira to a dollar.
That same bag of cement would now be equal to $300. Where on planet earth would he be able to sell his bag of cement at that price??

Any country that desires to produce and export to the rest of the globe, prays for a weaker currency to allow its goods better pricing amongst competitors. If Buhari understands economics, he will never pray for a very strong Naira except of course he wants us to keep importing everything!!