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

can I come with you?

All

YelloweWest:

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

What does it means to devalue naira

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.

Trial and error method

proeast:
Every policy is Nigeria designed to favour the elite. People like Dangote & others with conection will continue to buy dollar at 197 naira. Its indeed a crime to be poor in Nigeria, no wonder many of our youth have decided to either make it or die trying.

Mexico earn $82B dollars from remittance per year, that is Mexicans working in US and send sending money home to their people. The people gets their money in dollar when they go and collect. The collected money gets circulated into their economy at the black market rate, This make dollars available for people that do not have access to Forex. Nigeria earn $58B dollars in remittance per year, but instead of making this money available for the parallel market. what do we do, we made the bank pays the receiver at the banks pre-defined exchange rate. The banks then turn around and sell the dollar at a higher rate to the Parrallel BDE market. That scarcity of no dollar in circulation is what is causing the exchange rate to be very high. The Central Bank President is a Banker (Zenith Bank) so this arrangement favors the banks at the detriment of the Country economy. Removing this directive will lower the exchange by N50 using a conservative estimate.

VIPERVENOM:
The naira is falling. Why not just devalue the thing already

Is it the brouhaha of nomenclature that's making you not to see that the Naira is already devalued

Jengem:
Buhari God punish you oooo

I change naira on gtb card today 325# to $1

when will it end

Stop hating unnecessarily.

The over sabi people that wrote this article proffered a devaluation solution.

If Buhari should go with that, you will still buy your dollar at about #290.

What difference is there. Really?

DMeanMan:


Stop hating unnecessarily.

The over sabi people that wrote this article proffered a devaluation solution.

If Buhari should go with that, you will still buy your dollar at about #290.

What difference is there. Really?

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.

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.

Achorise:
can I come with you?

you can come after me.

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.

/
Lazy Nigerians are suffering in the midst of plenty.

A tropical country like Nigeria cannot feed herself so disgraceful that even toothpicks are imported. Everyone wants to sit in an airconditioned office and complain about the cost of food stuff.

I want inflation to run higher. Perhaps that's God's way of rewarding peasant farmers.

I know where this is going. Like in Zimbabwe, Nigerians are waiting for oyibo to come and take over farming to feed Nigerians while they roam around chasing the latest upgrade of electronic gadgets.

CBN...harken to my voice and devalue the naira. And Buhari...I don't think the noose is tight enough. You know what to do. I am so indifferent to the plight of lazy Nigerians.
\

Sasuwa:
Kai bahari

na man you want bt how abt a gentleman. I'm hooked if not... But God! You're so natural!

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.

I'm sure you have never travel out of Nigeria before... The whole world knows how corrupt Nigeria is so Buhari reply to UK as nothing to do with our image, our image as been damage over 20 years ago so no be today ...

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.

Devaluation helps only foreign bond holders. The made their bet that the value of oil will keep going up but the bet went south when oil prices crashed now they went Nigeria to bail them out by devaluing the currency. 99% of stocks on Nigeria Stock Exchange are owned by Nigerians so exposure to foreigner selling is non existence. The drum beat you are hearing for devaluation is because some people are holding certificate of bonds that are ready to mature and will be worthless panic set in. Once summer get here most analyst expects the price of oil to hit $60 - $70 that will help with the budget and gives the CBN more flexibility. Need to get rid of the remittance policy to free more dollar into the parallel market.

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,

In a coven of vampires? I doubt.

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!

You didn't critically analyse the scenario.
What you referred to was a forecast (not actual) for 2015 wrongly based on the premise of what happened in previous years.

By January 2015, nigerian economy was already taking the hit from the fall in oil price and by Iweala's admission, we were already borrowing to pay salaries.

t2luv1:


Devaluation helps only foreign bond holders. The made their bet that the value of oil will keep going up but the bet went south when oil prices crashed now they went Nigeria to bail them out by devaluing the currency. 99% of stocks on Nigeria Stock Exchange are owned by Nigerians so exposure to foreigner selling is non existence. The drum beat you are hearing for devaluation is because some people are holding certificate of bonds that are ready to mature and will be worthless panic set in. Once summer get here most analyst expects the price of oil to hit $60 - $70 that will help with the budget and gives the CBN more flexibility. Need to get rid of the remittance policy to free more dollar into the parallel market.

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

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.

On point

t2luv1:


Devaluation helps only foreign bond holders. The made their bet that the value of oil will keep going up but the bet went south when oil prices crashed now they went Nigeria to bail them out by devaluing the currency. 99% of stocks on Nigeria Stock Exchange are owned by Nigerians so exposure to foreigner selling is non existence. The drum beat you are hearing for devaluation is because some people are holding certificate of bonds that are ready to mature and will be worthless panic set in. Once summer get here most analyst expects the price of oil to hit $60 - $70 that will help with the budget and gives the CBN more flexibility. Need to get rid of the remittance policy to free more dollar into the parallel market.

Thanks for the insight. Pls. Can you explain what this foreign bond thing is about and how the naira to dollar exchange rate affects it? I just hear about bond sales but I really don't understand how it works

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,

You don't need to travel. Take your vacations at Obudu ranch or any other resort in Nigeria. The only way we can save the Naira is to curtail frivolous foreign currency demands.

sokera:
I'm sure you have never travel out of Nigeria before... The whole world knows how corrupt Nigeria is so Buhari reply to UK as nothing to do with our image, our image as been damage over 20 years ago so no be today ...

Ifa priest that knows the travel experience of everyone.. Nigeria is not the most corrupt country in this world but you dont have their government officials openly saying that. I doubt if you read the article cos i lifted it from there. I dont normally respond to mentions but it seems you need help.

t2luv1:


Devaluation helps only foreign bond holders. The made their bet that the value of oil will keep going up but the bet went south when oil prices crashed now they went Nigeria to bail them out by devaluing the currency. 99% of stocks on Nigeria Stock Exchange are owned by Nigerians so exposure to foreigner selling is non existence. The drum beat you are hearing for devaluation is because some people are holding certificate of bonds that are ready to mature and will be worthless panic set in. Once summer get here most analyst expects the price of oil to hit $60 - $70 that will help with the budget and gives the CBN more flexibility. Need to get rid of the remittance policy to free more dollar into the parallel market.

I think you forgot what NDA is doing to our production

palsenator:
I swear you are from the Igbo tribe; I can easily perceive your reasoning. It is peculiar to your kinds.

and so what

Pesuzok:


I think you forgot what NDA is doing to our production

Yeah those guys are really crippling the economy. I don't think it has anything to do with better life for Niger Deltans, the big players in this country that are being squeezed by Buhari are just fighting back. I forsee the negotiations with NDA failing.

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." [/b] 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[b]
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.

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.

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

I feel so ashamed as a Nigerian.

agric fair? How much is a bag of rice, tomatoes....?
Security fair? Guy I will like to pay for your holiday trip to any hotspot in the north, make your choice.....just that you must camp at sambisa forest for at least ONE night! Ever heard of a cow rearing group moving about with AK pere rather than sticks all in the name of answering herdsmen from.....you know now!!!
Maritime fair..... MTCHEW!!!

Achorise:
can I come with you?

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

t2luv1:


Mexico earn $82B dollars from remittance per year, that is Mexicans working in US and send sending money home to their people. The people gets their money in dollar when they go and collect. The collected money gets circulated into their economy at the black market rate, This make dollars available for people that do not have access to Forex. Nigeria earn $58B dollars in remittance per year, but instead of making this money available for the parallel market. what do we do, we made the bank pays the receiver at the banks pre-defined exchange rate. The banks then turn around and sell the dollar at a higher rate to the Parrallel BDE market. That scarcity of no dollar in circulation is what is causing the exchange rate to be very high. The Central Bank President is a Banker (Zenith Bank) so this arrangement favors the banks at the detriment of the Country economy. Removing this directive will lower the exchange by N50 using a conservative estimate.

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.

Jengem:
Buhari God punish you oooo

I like this very much
God will punish him if he (Buhari) deserves it
And will not punish him if he does not deserve it
Afterall God knows the truth and is not blinded by propaganda from both sides