Anyaoku backs Buhari stance on naira devaluation
Published on March 29, 2016 by   ·   No Comments

Chief Emeka Anyaoku, a former Commonwealth Secretary-General on Tuesday in Ibadan endorsed President Muhammadu Buhari’s stand against the devaluation of the naira.
Anyaoku spoke at the presentation of Amb. Olusola Sanu’s memoirs “Audacity on the Bound: A Diplomatic Odyssey.”

He called on Buhari to maintain his stance and also assemble a team of economic experts on the issue.
Anyaoku, however, stressed the need to take the nation out of its present economic crisis.

He bemoaned the present exploitation of the Nigeria Presidential system by the new generation politicians, whom he blamed for the nation’s woes.

“I have worked closely with the old political leaders, who during their time were hardworking, brilliant and known for high level of integrity.

“The new generation has exploited the presidential system. The president, governors and local government chairmen now parades over 3,000 special advisers.

“Some of the state governors that cannot boast of strong revenue also have up to 30 advisers.
” A local government chairman now operates presidential system at council level,” he said.
Anyaoku who quoted copiously from the work, described the book as an instructive material for the future generations in Nigeria and for institutional development.

He said that Sanu was one of the brightest administrators in Nigeria, who lived a life of hard work and integrity

Similarly, retired Gen. Yakubu Gowon, a former Head of State commended Sanu for displaying exemplary performances in all the positions he occupied.
Gowon said that the book would help to boost the capacity of young career diplomats.

“I am sure that Sanu will never forget his exploits as an ambassador to Ethiopia,” he said.
The News Agency of Nigeria (NAN) reports that the book has 514 pages, divided into 21 chapters.

http://www.pmnewsnigeria.com/2016/03/29/anyaoku-backs-buhari-stance-on-naira-devaluation/

Sensible, patriotic and well-meaning Nigerians understand that PMB is doing his best to make the country remain above waters. Should Naira be devalued, Nigeria will crumble and will cry for help to be rescued. I guess this is what PDP and their wailing zombies want to happen to the country under PMB so that their wrong choice in the last election can be justified.

I do not need an advanced degree in Economics to know that devaluation is not good for our economy at this time. The president fully understands this too, hence his firm decision not to devalue.

To start with, is there anytime in the past that devaluation has helped the naira or the economy? If anything, it will provide temporary respite for few months, and we get worse thereafter. So, why must we continue to do that which has failed us time and time instead of enduring the pain now, look inward to grow our economy, and become better off in 3 to 5 years?

Anyone who doesn't reason this way and align with the president on his stance not to devalue is an enemy of this nation. It won't be too much to ask them to relocate to another country of their choice. Enough said.

#word

Devaluation in the present time will be akin to standing by the roadside beside a car with leaking tire and begging other motorists driving by for help when the sane thing to do is to actually carefully manage it to the nearest vulcanizer's place to be fixed..

The naira is already devalued in the market..
The official value is not being used in the market.. Why then should it not be devalued to reflect to realistic market value?
When you devalue it, you encourage investors.

imohchard:
The naira is already devalued in the market..
The official value is not being used in the market.. Why then should it not be devalued to reflect to realistic market value?
When you devalue it, you encourage investors.

Why are some people like you incapable of rational thought? Posters above, Nigerians who have lived and travelled all over the world and some who have worked and actually work in huge companies in leading positions with experience, leading very diverse teams of talent from all over the world are saying "do not devalue the currency" but you think you know something they do not? Please come off this base stoopid thinking that you know something when you are way out of your depths! The president, with his economic team, who have seen this same issue many times have given reasons why the Naira should not be devalued, have you read it or have a superior reason? Most likely, no! If you want to be out to the guillotine of poverty, why not relocate to a country with a devalued currency and economic situation like Nigeria and see if you survive?

Since som low thinkers like you keep shouting parallel market, bla, bla, again without thinking, just because you want cheap investors who are looking only to buy off the economy and put Nigerians and hopefully people like you to slavery, I will give you one example to dispel this smoke and mirrors of "the currency already devalued" because the parallel market is trading at a different rate than the official rate:

As a frequent traveller, I maintain accounts in a number of countries that I work. Usually, I do almost all transfers via the banks as it is easier, more convenient and safer, so no loss of money during my trips. However, during a recent trip to which I had a lot of time to plan, I took cash from the bank (USD), traveled to the destination country and went to exchange it in the "parallel" market. Why? Because it gives me hundreds of currency value more than using the bank and I knew it and I had the time to do it. So should the economy of the country (top 10 in the world) I travelled to be devalued because their currency is taking a beating from the dollar now? NO!! There is much more to a decision to devalue a currency than devaluing because "it is already devalued at the parallel market". If you are capable of thinking, think! Smart Nigerians will not destroy their lives and livelihood to grovel at the feet of your so called investors who will be happy to buy off huge parts of the economy for a few million dollars and repatriate their profits, strip all the natural resources of the country while people like you will be slaves in your country or worse! This is coming from someone whose salary is several millions when converted to Naira, can live and already lives in a number of countries but I do not want my own country or its people to suffer.

Th economic crunch is a reality that has led to sacking of workers in a number of countries including the US. Yesterday, I watched a documentary on Saudi Arabia where it is was reported that nearly 25% now live in poverty despite the government spending billions in social welfare! Go and think but if you insist you want to suffer because the 5% wailers want the country ruined because their IB lost an election, then it is okay to relocate to anywhere else, even if it means relocating off the earth. Be sure, you will not be missed!

Great

“I have worked closely with the old political leaders, who during their time were hardworking, brilliant and known for high level of integrity".
Jonathan lacked these essential elements - hardwork, brillance and integrity - of the old order.
Jonathan sef

Chief Emeka ...well spoken!

God help Nigeria. This is my earnest cry.
Help Mr President to take and implement the right decisions because I did support him even tho I never had pvc to vote for him. I believed he had something to deliver and I pray that I thought right.
Amen.

Me too..


I dont even know what they are talking about o!!

But If President Buhari says its alright.. Then its alright..

Anybody wey no like am, make e vex and park ehn load go Zimbabwe..

ok 9ice

Big blow to IPOB

Good

That awkward moment you have nothing to comment on a post

I support President Buhari on this one 200%

The Naira must NOT be devalued.

AGIP, Who takes him serious? After all his experiences as Commonwealth Secretary General, what prevented him all the years from getting elected Nigeria's president?

Some people elected to live in Animal Farm till end of time.

Some people are screaming devaluation and they don't even know the meaning.


People will suffer and the inflation will go up

rhymaster:

Why are some people like you incapable of rational thought? Posters above, Nigerians who have lived and travelled all over the world and some who have worked and actually work in huge companies in leading positions with experience, leading very diverse teams of talent from all over the world are saying "do not devalue the currency" but you think you know something they do not? Please come off this base stoopid thinking that you know something when you are way out of your depths! The president, with his economic team, who have seen this same issue many times have given reasons why the Naira should not be devalued, have you read it or have a superior reason? Most likely, no! If you want to be out to the guillotine of poverty, why not relocate to a country with a devalued currency and economic situation like Nigeria and see if you survive?
Since som low thinkers like you keep shouting parallel market, bla, bla, again without thinking, just because you want cheap investors who are looking only to buy off the economy and put Nigerians and hopefully people like you to slavery, I will give you one example to dispel this smoke and mirrors of "the currency already devalued" because the parallel market is trading at a different rate than the official rate:
As a frequent traveller, I maintain accounts in a number of countries that I work. Usually, I do almost all transfers via the banks as it is easier, more convenient and safer, so no loss of money during my trips. However, during a recent trip to which I had a lot of time to plan, I took cash from the bank (USD), traveled to the destination country and went to exchange it in the "parallel" market. Why? Because it gives me hundreds of currency value more than using the bank and I knew it and I had the time to do it. So should the economy of the country (top 10 in the world) I travelled to be devalued because their currency is taking a beating from the dollar now? NO!! There is much more to a decision to devalue a currency than devaluing because "it is already devalued at the parallel market". If you are capable of thinking, think! Smart Nigerians will not destroy their lives and livelihood to grovel at the feet of your so called investors who will be happy to buy off huge parts of the economy for a few million dollars and repatriate their profits, strip all the natural resources of the country while people like you will be slaves in your country or worse! This is coming from someone whose salary is several millions when converted to Naira, can live and already lives in a number of countries but I do not want my own country or its people to suffer.
Th economic crunch is a reality that has led to sacking of workers in a number of countries including the US. Yesterday, I watched a documentary on Saudi Arabia where it is was reported that nearly 25% now live in poverty despite the government spending billions in social welfare! Go and think but if you insist you want to suffer because the 5% wailers want the country ruined because their IB lost an election, then it is okay to relocate to anywhere else, even if it means relocating off the earth. Be sure, you will not be missed!

Writing a long epistle to prove a point is like shouting during a conversation, if the other guy shouts louder do that make him right?

You made valid points though!!! And oh! Now we know ur a millionaire who lives in multiple countries

rhymaster:


Why are some people like you incapable of rational thought? Posters above, Nigerians who have lived and travelled all over the world and some who have worked and actually work in huge companies in leading positions with experience, leading very diverse teams of talent from all over the world are saying "do not devalue the currency" but you think you know something they do not? Please come off this base stoopid thinking that you know something when you are way out of your depths! The president, with his economic team, who have seen this same issue many times have given reasons why the Naira should not be devalued, have you read it or have a superior reason? Most likely, no! If you want to be out to the guillotine of poverty, why not relocate to a country with a devalued currency and economic situation like Nigeria and see if you survive?

Since som low thinkers like you keep shouting parallel market, bla, bla, again without thinking, just because you want cheap investors who are looking only to buy off the economy and put Nigerians and hopefully people like you to slavery, I will give you one example to dispel this smoke and mirrors of "the currency already devalued" because the parallel market is trading at a different rate than the official rate:

As a frequent traveller, I maintain accounts in a number of countries that I work. Usually, I do almost all transfers via the banks as it is easier, more convenient and safer, so no loss of money during my trips. However, during a recent trip to which I had a lot of time to plan, I took cash from the bank (USD), traveled to the destination country and went to exchange it in the "parallel" market. Why? Because it gives me hundreds of currency value more than using the bank and I knew it and I had the time to do it. So should the economy of the country (top 10 in the world) I travelled to be devalued because their currency is taking a beating from the dollar now? NO!! There is much more to a decision to devalue a currency than devaluing because "it is already devalued at the parallel market". If you are capable of thinking, think! Smart Nigerians will not destroy their lives and livelihood to grovel at the feet of your so called investors who will be happy to buy off huge parts of the economy for a few million dollars and repatriate their profits, strip all the natural resources of the country while people like you will be slaves in your country or worse! This is coming from someone whose salary is several millions when converted to Naira, can live and already lives in a number of countries but I do not want my own country or its people to suffer.

Th economic crunch is a reality that has led to sacking of workers in a number of countries including the US. Yesterday, I watched a documentary on Saudi Arabia where it is was reported that nearly 25% now live in poverty despite the government spending billions in social welfare! Go and think but if you insist you want to suffer because the 5% wailers want the country ruined because their IB lost an election, then it is okay to relocate to anywhere else, even if it means relocating off the earth. Be sure, you will not be missed!

I need a 'Love' button. Kudos

Ko

Great man, each I read comments on this forum from this punk head dudes, I weep for Nigeria, many of these youths have nothing in their brain than scam for money, women and flamboyant lifestyle. One of them told me that "they said Obj said Gej left Pmb billions of dollars ,yet they can see what Pmb is doing with the money" are you kidding me?

modath:

#word

Devaluation in the present time will be akin to standing by the roadside beside a car with leaking tire and begging other motorists driving by for help when the sane thing to do is to actually carefully manage it to the nearest vulcanizer's place to be fixed..

What if while carefully managing it the tire gets condemned before reaching the nearest vulcanizer?

The other day a US government official made it clear that her country will do all it can to force President Muhammadu Buhari into devaluing the naira. This is something to worry about. The destruction of Nigeria's economy and eventual partitioning of Nigeria is a stated US policy since 2008. This policy was formulated by the Brookings Institute and it was backed by the Pentagon and CIA. During Buhari's stay in the US, he will be pressurized (threatened with blackmails, economic sabotage and color revolutions) but what I fear is the future of Nigeria should Buhari succumb to them. Nigerians must come together and support the President for the sake of our future!

Why not leave wailers,5% and other unnecessary tags out of the discus.Explain if you understand.thank you

rhymaster:


Why are some people like you incapable of rational thought? Posters above, Nigerians who have lived and travelled all over the world and some who have worked and actually work in huge companies in leading positions with experience, leading very diverse teams of talent from all over the world are saying "do not devalue the currency" but you think you know something they do not? Please come off this base stoopid thinking that you know something when you are way out of your depths! The president, with his economic team, who have seen this same issue many times have given reasons why the Naira should not be devalued, have you read it or have a superior reason? Most likely, no! If you want to be out to the guillotine of poverty, why not relocate to a country with a devalued currency and economic situation like Nigeria and see if you survive?

Since som low thinkers like you keep shouting parallel market, bla, bla, again without thinking, just because you want cheap investors who are looking only to buy off the economy and put Nigerians and hopefully people like you to slavery, I will give you one example to dispel this smoke and mirrors of "the currency already devalued" because the parallel market is trading at a different rate than the official rate:

As a frequent traveller, I maintain accounts in a number of countries that I work. Usually, I do almost all transfers via the banks as it is easier, more convenient and safer, so no loss of money during my trips. However, during a recent trip to which I had a lot of time to plan, I took cash from the bank (USD), traveled to the destination country and went to exchange it in the "parallel" market. Why? Because it gives me hundreds of currency value more than using the bank and I knew it and I had the time to do it. So should the economy of the country (top 10 in the world) I travelled to be devalued because their currency is taking a beating from the dollar now? NO!! There is much more to a decision to devalue a currency than devaluing because "it is already devalued at the parallel market". If you are capable of thinking, think! Smart Nigerians will not destroy their lives and livelihood to grovel at the feet of your so called investors who will be happy to buy off huge parts of the economy for a few million dollars and repatriate their profits, strip all the natural resources of the country while people like you will be slaves in your country or worse! This is coming from someone whose salary is several millions when converted to Naira, can live and already lives in a number of countries but I do not want my own country or its people to suffer.

Th economic crunch is a reality that has led to sacking of workers in a number of countries including the US. Yesterday, I watched a documentary on Saudi Arabia where it is was reported that nearly 25% now live in poverty despite the government spending billions in social welfare! Go and think but if you insist you want to suffer because the 5% wailers want the country ruined because their IB lost an election, then it is okay to relocate to anywhere else, even if it means relocating off the earth. Be sure, you will not be missed!

martyns303:


Writing a long epistle to prove a point is like shouting during a conversation, if the other guy shouts louder do that make him right?

You made valid points though!!! And oh! Now we know ur a millionaire who lives in multiple countries

And also maintains bank accounts in the multiple countries.

coldsummer:
Some people are screaming devaluation and they don't even know the meaning.


People will suffer and the inflation will go up

There wouldn't be a damaging(I mean mild) inflation because there's not enough money going round as there are not many jobs around. Importers will have to cough out more NAIRA in order to get foreign currency; they are not going to enjoy the ride @all.

Goods & services are gonna be more costly so more money is gonna be taken from the service user bearing in mind that income is not rising in line with inflation rise. Yea, people are going to feel the heat as movie goes on. As the measure is meant to fix the economy, I can only hope it's juicy enough to attract investment/foreign investors.

This is bad economics as far as the masses is concerned.

May God help my people.

Is Nigeria gradually becoming Zimbabwe 2.0?

because the Speaker Emeka Anyaouku is from South East, IPOB tauts have not flock this post.

imohchard:
The naira is already devalued in the market..
The official value is not being used in the market.. Why then should it not be devalued to reflect to realistic market value?
When you devalue it, you encourage investors.

a simple question for you; when Jonathan devalued the naira from 150 to whatever, did the naira sell at the same value at the official and parallel market? another question is did the parallel market disappeared?

Its because of US comment to put pressure on PMB to devalue the currency is why this issue of devaluation is coming up again.

For every economic policy there are always people for and against. So I am not surprised some are agitating for devaluation whilst some school of thought say no.

The fact is, as it has been over flogged, devaluing the Naira will FURTHER impoverish Nigerians. I think what the government should focus on is, borrow more money to fund growth projects, increase investment, carry out targeted tax incentives for key sectors, increase tarrif on elastic goods and develop agriculture.

God bless Nigeria.

See name "ANYAOKU".... smh