mickey45:


while I agree with you that the OP was being mischievous with the topic and actually berate myself 4 not verifying the story. Blame me for expecting people to report issues impassionately and verbatim. However, the man sef didn't try by complaining of the 230NGN-$1. me thinks he shd rather tell us how he plans to exploit that to further improve our economic delelopment

mickey45:


while I agree with you that the OP was being mischievous with the topic and actually berate myself 4 not verifying the story. Blame me for expecting people to report issues impassionately and verbatim. However, the man sef didn't try by complaining of the 230NGN-$1. me thinks he shd rather tell us how he plans to exploit that to further improve our economic delelopment

Princecalm:
why should he tell u the way he will go about it in the first place, yours is to sit and watch how the economy turns around.

Demdem:


Refer to one of my post that has the above? Besides, Jonah-daft case is far more pathetic. Dont push me to derail from the core reason from this thread please.

OgologoDimkpa:
Don't tell me you're an illiterate like Buhari.
Read it again!

barcanista:
Oh, thanks a lot baby.. From pedigree we can move to the next level

supereagle:

Soludo wanted to revalue Naira,they stopped him. Ghana revalued cedis and it is stronger today.

ellechrystal:

Lol. I hear u ooo. I hear u

ellechrystal:

Lol. I hear u ooo. I hear u

Curvinus:


Currency redenomination in the real sense of the word is just a cosmetic approach that does not increase the real value of that currency. If anythinh, it is a deliberate policy carried out for the purpose of convenience or portability, so that a Zimbabwean for instance would not have to carry a briefcase full of money just to buy a loaf of bread.

The best way to address a weak currency is to discourage imports and encourage exports and local production.

Why should Nigeria for example be exporting crude oil only to import the finished product all over again, thereby paying foreing shipping companies for freight and other foreign countries for what we can do here locally?

Why should our household electronics, automobiles and other equipments be imported when we should be talking about local manufacture because at end of the day, these are the things that count against our ballance of payment and as long as you continue to have deficits, your currency will continue to fall faster than the speed of light.

As an aside, the latest news trending right now is that Nigerians are the highest spenders on luxury goods at Heathrow airport in London. Seriouly, why.

TheGoodJoe:


Prof. Soludo said among other thing that #20 will become the country's highest denomination against #1000 which is currently the highest. Doing this will put the naira at about #1.25 to American (U.S) dollar.

He was not only talking about Nigerian currency. Read the last statement of Prof Soludo in the quote.

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!!

JustCalMeDBoss:


Its not the act of it being imposible its the act of not only it being a misplace priority but also throwing away the advantage of a undervalued naira to the dollar. Let me give you an example. A poor man was given 100 million naira and he says his prioity is to buy a roll royce. Instead of first using that money to acqire more wealth then he can buy the rolls royce.

Ngwakwe:


Stop this obfuscation. You mean Nigeria would have been a wonderland if it was done?

Ghana was the worst economy by 2014 estimate, what value did redenomination add to the purchasing power and quality of life in their country? Zero.

Buhari is talking about value for wages which improves quality of life. He isn't conversant with economic principles hence the statement.

barcanista:
Just there at work with not so much to do. And you?

TheGoodJoe:


Devaluation of our currency does not favor an import dependent nation like Nigeria.

CHESSBOARD:

Pls u two can move to the romance section .... we are discussing national issue
....I mean How can a presidential candidate say this in 2015...BarcaNISTA leave woman and face the issue

CHESSBOARD:

Pls u two can move to the romance section .... we are discussing national issue
....I mean How can a presidential candidate say this in 2015...BarcaNISTA leave woman and face the issue

dmyke:
For those ALWAYS harping about the rise of the Dollar against the Naira, please take out time to educate yourself. The rise of the Dollar is a global phenomenon. Over the past few months, the Dollar has risen against virtually every currency in the world. Ever wondered why the Naira has not falling against other currencies such as the Euro?

In September 2014, 1 Euro = 211 Naira.
Today, 1 Euro = 217 Naira.

On the other hand:
In October 2014, 1 US Dollar = 105 Japanese Yen.
Today, 1 US Dollar = 120 Japanese Yen.

In September 2014, 1 Euro = 1.3 US Dollar.
Today, 1 Euro = 1.08 US Dollar.

There must be a lot of corrupt/clueless governments out there.

agabaI23:
The same grade as "I stabilize global oil price"

He allowed the naira to depreciate by 20% from 76k to 89k to $1 and it is now that he will make naira equal to a $1. Someone tells me he is sincere?
Jmain, Jmaine, Firefire, anonimi, sweet ellechrystal, Whynotthetruth, Kenai dein77, barcanista eeee make una come ooooo Buhai is at it again

Ngwakwe:


To twisting the GMB statement and intent, we are not children who read out of context.

Go back to the article, read again and try to comprehend.

If he was talking about redemonitation, there wouldn't be a cause to complain as it doesn't cost a dime to excute rather he was specifically referring to value of wages, cost of living in relation to labour.

I don't even blame him because it is not his field and paraventure he wins, he will still assemble competent economists to do the job but he goofed.

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!!

Jesusloveyou:
do u work,dis country don suffer,collect free money without work,and that is corruption.

mickey45:

Aren'tyou tired of our total import dependency, imagine if all fuels we import daily, the drugs imported 2 deal with Ebola, all the stationery we use, most if not all the clothes we put on, all the palm and groundnut oils we cook with, and a host of other God-knows-what we use on a daily basis. Just think of all the jobs we've been exporting to others.
The Bible tells that it makes more sense to give than to receive.
If we had played our cards right 4rm the start, Nigeria would've been to at least W.Africa,what China is to the most of the world's Countries.

ellechrystal:
Hahaha hahahahahahaahahahahahahhhhhahaa. This is national issue mehn