franciskaine:
you wey sabi oya explain to us. I bet you don't even know the meaning of inflation.

simplemach:
must a party's name be mentioned?

Keneking:
Jonathan has finished us ...he must just go next year

deenee:
I am tempted to coment but I will refrain because there are a lot of people that are still in the dark, have tunnel understanding of how and why such decisions are taken and still base their arguements along political, tribal and religous sentiments.

I read some of the comments herein and still wonder where we have got it wrong. Is it with the educational system or the fact that we tend to value short term benefit over long term gratification.

If this decision was taken in the US under similar circumstances we will all applaud it but because its Nigeria, there is outrage.

May God open our eyes of understanding esp that of the youth our future leaders and God bless Nigeria.

Wetin dis one dey talk. Rubish

deenee:
I am tempted to coment but I will refrain because there are a lot of people that are still in the dark, have tunnel understanding of how and why such decisions are taken and still base their arguements along political, tribal and religous sentiments.

I read some of the comments herein and still wonder where we have got it wrong. Is it with the educational system or the fact that we tend to value short term benefit over long term gratification.

If this decision was taken in the US under similar circumstances we will all applaud it but because its Nigeria, there is outrage.

May God open our eyes of understanding esp that of the youth our future leaders and God bless Nigeria.

atlwireles:


Where do you curtain this looting, in Abuja or your state capital/LGA?

Delafruita:
do you always have to be mischievious all in a bid to defend jonathan?can't you have a mind of your own?Just 2weeks ago,I did an exchange from naira to the beninnoise CFA at the rate of 324,today I am amazed that the rate is 345.for those who think the devaluation of the naira is just economic hullaballo that won't affect them,its already affecting every sphere of the economy.imported goods will now cost more,exported goods will now fetch less.this is jonanomics at its peak.jonanomics is the art of pushing the burden for the failure of government unto the masses.

Nosyke:
Great thread. I like the way most posters on this thread have been very detailed in their explanations and for most part , objective.

Now as a layman, I just have a few questions:

Assuming I have this agricultural product that I normally buy at 10 naira per quantity lets say in Feb/Mar and sell at 30 nair per quantity by Oct/Nov, with all these hapenings in the economy, is it still advisable to go ahead with such business next year?

I am about making some business decision that will cost me so heavy funds but I am not sure whether to go ahead or not.....

Thanks

atlwireles:


Educate yourself before posting gibberish.

citizenisb:
http://www.zerohedge.com/news/2014-11-25/nigeria-raises-rates-devalues-defend-collapsing-currency-oil-price-blowback-spreads

Having exposed the demise of various oil-producing nations' currencies previously, it is noteworthy that Nigeria folded today and devalued the Naira peg to the USDollar by over 8% from 155 to 168 and widened its 'intervention' bands from 3% to 5% (the upper band is where the market is trading).

Furthermore, the central bank raised rates from 12% to 13%.

All oil-producing nations are seeing dramatic pressure on their currencies since oil topped...

The adjusted peg appears to 'try' to cap the collapse of the currency at current levels after the old peg-band was crushed a few weeks ago... and Nigeria is rapidly running out of reserves to defend its currency.

BarryX:
So they have succeeded in impoverishing us

Or what does that mean to a Nigerian on the street hustling for his daily bread?


Apparently, The opposition will have a field day castigating the government citing how "clueless" and whatnot. I don't know what they would have done differently if saddled with the responsibility.

Note the biggest problem mentioned is the passage of the PIB - which some lazy bones from the other side of the divide don't want want to see or pass.

The problem with Nigeria rest squarely on some mofos up there.

Boss13:


A funny approach to the topic. However, on an honest note, we are heading for economic disaster. The naira, presently, is shooting up to N180 on the street. Now that official rate is N168, black market price will shoot further to N190. This will further give rise to increase in the importation of goods into this country and a further price hike in goods and services. I predict a double digit inflation rate as a result of this because we are a huge consumption economy. The government need to tighten its fiscal and monetary policies immediately and begin a spiral economy boost by enabling all sectors of the economy to thrive. I will not be surprise if more people begin to hold and transact with dollars.

Oil dependency has gotten us into this mess. The price for oil will not go up again. This news brings tears and pains because we should have seen the writing on the wall. Obama swore to bring an end to increase Oil price and immediately they started their research on Shale Oil. Our government, especially our honourable Finance Minister, who is also expected to assess the risk, decided to relax and told us that if US don't buy our oil, other countries will but she has also forgotten that if US sells Shale Oil at a cheaper rate, the market dynamics will change and loyal Nigerian customers will change their buying preference.

barcanista:
Now this is someone talking. We have the resources, A serious government would have fixed all our existing Refineries and add one or two new ones. With that done, we will not be exporting our crude abroad to be refined only to import the refined product back, spending and wasting trillions on Imports, Exports and Subsidy. We will also be in position of exporting refined Product which will increase our revenue. Millions of Jobs will be created, support industry will spring up, it makes it easier to develop the manufacturing, Tourism, Agric sectors and infrastructure. Bros, a serious government only need 3 Years to put Nigeria back to the pedastal. Corruption, greed, Over-bloated cost of government, lack of vision and political will is what is killing us....Not forgeting illiteracy

jpphilips:


Funny enough, The PIB is as clueless as the people who drafted it, hiding behind a s! lly document to justify failure is preposterous

Actually, the "preposterousness" of the whole situation lies in your statement.

Why lampoon a document you haven't had the privilege of reading

You used four insultive words in just two sentences you manage to string. Haba ma na

sonssyo:
what is he doing

deenee:
I am tempted to coment but I will refrain because there are a lot of people that are still in the dark, have tunnel understanding of how and why such decisions are taken and still base their arguements along political, tribal and religous sentiments.

I read some of the comments herein and still wonder where we have got it wrong. Is it with the educational system or the fact that we tend to value short term benefit over long term gratification.

If this decision was taken in the US under similar circumstances we will all applaud it but because its Nigeria, there is outrage.

May God open our eyes of understanding esp that of the youth our future leaders and God bless Nigeria.

buJu234:
Please nigeria problem is not oil but mismanagement due to corruption. .

When oil prices were high every went up

Now that oil prices are low everything is still going up...

Can u see its not oil prices. ..?

Qatar UAE Norway etc didn't devalue their currency nor re they facing economic problems why...

Cos they all have good leadership that nigeria lacks. Weather PDP nor APC