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Nairaland Forum / Nairaland / General / Business / Naira Needs Devaluation - Segun Agbaje, GTBank CEO (21251 Views)
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Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by iziboi(m): 10:24am On Aug 28, 2015 |
Vicotex: It may be fact,but its a Myopic one..,just saying. |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by haibe(m): 10:27am On Aug 28, 2015 |
Seun: was just wondering why you decided to use "shiit" knowing fully well it won't appear that way.. lol 1 Like |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by 989900: 10:31am On Aug 28, 2015 |
KoloOyinbo: Oh Nigeria is a tourist destination now? Have those countries had their currencies devalued by roughly a 100% in the last7 years, or by roughly 1000% in the last 30 years? Do we have a multi trillion dollar export economy like China or Japan? Hell, we don't even have stable power supply, access to loans, infrastructure, anything resembling an enabling environment -- we can't even refine our own fuel -- we spend trillion of Naira importing refined products and you think devaluing like those countries will work for Nigeria? 1 Like |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by 989900: 10:31am On Aug 28, 2015 |
KoloOyinbo: Oh Nigeria is a tourist destination now? Have those countries had their currencies devalued by roughly a 100% in the last7 years, or by roughly 1000% in the last 30 years? Do we have a multi trillion dollar export economy like China or Japan? Hell, we don't even have stable power supply, access to loans, infrastructure, anything resembling an enabling environment -- we can't even refine our own fuel -- we spend trillions of Naira importing refined products and you think devaluing like those countries will work for Nigeria? |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by Mattex001(m): 10:37am On Aug 28, 2015 |
Just because GTB share Index Price fell during the week the next thing you think is the devaluation of the Naira Without taking into consideration of the overall negative implications on the nations Economy Selfish fellow Mtcheeewwww wondering how long are we going to continue to devalue the Naira! At this point Nigeria should channel its resources to diversification in other sectors, instead of relying on the Oil prices... 1 Like |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by dallyemmy: 10:55am On Aug 28, 2015 |
IS HE SAYING NIGERIA DON'T EXPORT OTHER COMMODITIES APART FROM CRUDE OIL? THE BENCHMARK SHOULD BE BASED ON THE REVENUE GENERATED OVER A PERIOD OF TIME AND NOT ON THE FLUCTUATION OF THE PRICE OF CRUDE IN THE MARKET |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by BigBen10: 11:11am On Aug 28, 2015 |
Activa: My brother because most of them are daft and don't believe things can be produced in Nigeria. very lazy senior generation of people. Things were rosy in their time so they are used to importing things. Just look at all our governora which of them is thinking of building industries? None. They all are building roads, roads that can't sustain themselves, roads that will spoil after 1.5years then become liabilities to the government in trying to maintain it thereby increasing their recurrent expenditure. None of them is thinking how to develop the agro allied industries,textile, minning, even the oil gan they aren't think how to develop it further. Very daft generation of egbons we have. 2 Likes |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by BigBen10: 11:15am On Aug 28, 2015 |
Vock: don't mind them. They keep listening to foreign investors who want to get the cheapest deals with Nigeria. 1 Like |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by bid4rich(m): 11:23am On Aug 28, 2015 |
Vicotex: People like you need surgery of the brain. Nigeria can never move forward with people like you being tribalistic. Haba! Cant you say something else or shut up if you have nothing to say? |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by litetias(m): 11:44am On Aug 28, 2015 |
Poor naira. Very affordable 3 bedroom, 2 bedroom and self-contain apartments in conducive environs in Warri is available for rent. Just 1 yr upfront payment (Instead of the 2 years most landlords collect). Contact me via my signature |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by 19naia(m): 12:05pm On Aug 28, 2015 |
Nigeria is overpriced. And that is why the Naira is not able to keep a good value. The whole world of impressive countries from US to Europe and oil rich Arab states, have a quality, standard and stability of living, all with a cost of living that to rival Nigeria when you factor "Quality of life to Cost of living". The very act of Falling oil prices is a blessing to the world in terms of their "cost of Living", That is why oil prices are being brought down. Cost of living is an important issue to developed nations. Nigeria needs to focus on its quality and cost ratio, and that includes focusing on at home production and raised self sufficiency along side improving social infrastructure and competency. The Issue of focusing on "the money" and its value is also the root of coruption where people just focus on raking in money by any means without concern for its effect on the nation and the economy as a whole. The focus on money and increasing the value while neglecting the real qualities that will give money value and stability, is the problem with the economic culture of Nigeria. Nothing is more important than the productivity and quality of life in Nigeria. Money is just a cheap commodity with no real value. Think of it this way: If every river dried up and every well and every farm dried up along with every forest cut down to dust and all that was left was desert sand with the biggest heap of cash on earth, What will you drink, eat and live by? You can eat or drink cash. The answer is exactly why money is the cheapest most expendable commodity on earth. Life will go on without money, but life will fail without the things we use money to buy. Let the money go and focus on a good farm, a good water production, good roads, good power production, good education supply and on and on. Stability of currency will come when the things that back/empower the currency are reinforced and grown. 4 Likes |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by sen8or(m): 12:09pm On Aug 28, 2015 |
Vicotex:Seconded |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by erico2k2(m): 12:26pm On Aug 28, 2015 |
gists:The ur myopic view again we are in same situation as b4.so what's ur pont? These are situations no one in 5 his country can Con trop. It's global.however PMB lack of policies is not helping matters as investors are pulling out of Nigeria because of uncertainty. Did yoy notice that bit as well.?? |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by Flairoqy(m): 12:50pm On Aug 28, 2015 |
lekjons:I see Unity in you rage! #KillEnemiesOfPeace. |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by lekjons(m): 1:28pm On Aug 28, 2015 |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by ohenhen1: 1:29pm On Aug 28, 2015 |
No need to devalue. The Forex is increasing. Efforts are been made to increase supply and curb demand. 1 Like |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by ttmacoy: 1:44pm On Aug 28, 2015 |
You really took the time to type up such a detailed sensible response? Such people are a lost cause and will never change so don't waste your time abeg. Orikinla: |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by Nobody: 2:33pm On Aug 28, 2015 |
BigBen10: Over-reliance on oil revenue, which caused the groundnut pyramids, cocoa plantations and textile factories to disappear, has also made their brains to disappear. With our resources and huge market, we are not supposed to have unemployment in Nigeria. 1 Like |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by Kingspin(m): 4:04pm On Aug 28, 2015 |
Activa:Who will do it? The government that is after free oil money or is it the lazy state governors? Eat where you work would be a good system, restructuring the entire process to define Nigeria dream and development. |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by Reference(m): 4:22pm On Aug 28, 2015 |
Seun: It is only painful to consumers, producers remain on the moon. |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by IBBG(m): 4:44pm On Aug 28, 2015 |
KoloOyinbo:we also import petroleum products as well. don't you tink we will be shooting ourselves on the foot if we sell our petroleum cheap n import a by-product of petroleum (kerosene, petrol diesel) very expensive due to devaluation. you know that will lead to inflation in the economy which will further devalue our currency. Devaluation without self sufficiency is just total waste of resources especially in an economy like ours. 1 Like 1 Share |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by Ximenes45(m): 4:53pm On Aug 28, 2015 |
Ymodulus:Pardon me..Is this Young Modulus from NNSS? |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by Housing(m): 5:08pm On Aug 28, 2015 |
magicminister:Don't be selfish devaluation only for industrialised economy not import depended economy. If it is oil economy experts will advise government to allow demand and supply to determine the price, but when comes to forex these same experts will advise against allowing demand and supply to determine the price, as most of their assets are in US Dollar value. China devalue it's currency so as to shake off export competition with US with the US can not compete favourably with them at the export market due to cheaper products as a result of the devaluation of Chinese Yuan. |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by onoja12: 5:58pm On Aug 28, 2015 |
RUBBISH,this man is a big thief,it is no secret that the banks have a lot of dollar in holding meaning that a devaluation would make them richer rather than poorer with the rate the economy is going.buhari is on the right track in fact he should find way to strengthen the naira.and be very watchful of people like this # ShowYourCertificate: |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by lekankolade(m): 6:44pm On Aug 28, 2015 |
Like this ba?
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Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by KoloOyinbo(m): 12:18am On Aug 29, 2015 |
IBBG: ANYTHING without self sufficiency (such as it exists today) is a waste. Yes Naija MUST stop exporting non refined and them importing refined but the push on refineries at the moment should address that (and not before time). I just don't like it when people see devaluation as something negative or for Naija to be ashamed of. It is a well known economic tool that is successful if used correctly and at the appropriate time. |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by KoloOyinbo(m): 12:23am On Aug 29, 2015 |
989900: Did you read the word EXAMPLE to illustrate the point! Sigh! Devaluation is a wll known economic tool and certainly nothing to be ashamed of. It can successfully be used to stimulate an economy. The other problems you list need to be addressed also but an overvalued currency will certainly not do anything to assist them. And yes, devaluing can well stimulate infrastructure etc. It is nothing to be ashamed of nor can it be used to criticise any particular political party as some fools here try. As I keep repeating. It is simply a useful and well known economic tool that can be very successful if uded correctly. |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by 989900: 6:36am On Aug 29, 2015 |
KoloOyinbo: Read my submission again. Everything you've just typed again, in practials, in real-time experience, is NOT TRUE. You are free to believe what you want to . . . it won't still make it right. While our currency have depreciated from N22 to N220 to a dollar (with 'nada' to show for it), off the top of my head, I can give you over 50 countries who's currency have marginally remained same over the past 15 years -- while witnessing from steady, to tremendous growth. |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by KoloOyinbo(m): 10:16am On Aug 29, 2015 |
989900: Well you are free not to be believe in devaluation! But is has worked in the past, does work now and will in the future. And that for MANY differing and diverse countries. #Sure it is a tool that some countries have preferred not to use and can (like any tool) sometimes be used wrongly but that goes for most monetary policies. And the 50 countries you mention are all different to Naija as to each other. Not sure which bit of what I have said you feel is untrue unless you want to argue individual points (a waste of both our times) but the issue is simply does or indeed can devaluation work. Please don't argue that one with me - economists across the world use it in the appropriate circumstances so we know the answer to that. Or perhaps you feel that is NOT TRUE also! |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by 989900: 11:29am On Aug 29, 2015 |
KoloOyinbo: It could work for a China, Japan, Brazil, India, U.S., Thailand, and e.t.c. -- tourism and/or export driven economies. BTW, from N117/$ in 2008 to N222 (average interbank rate) in 2015 is already insane devaluation we have nothing to show for. |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by jpphilips(m): 7:54am On Aug 30, 2015 |
Activa: Those measures are long term they are focusing on short term gains for now |
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by jpphilips(m): 8:00am On Aug 30, 2015 |
erico2k2: Jonathan declared Austerity measures a month after crude prices fell in August last year, having enjoyed a price surplus of over $115/bbl over the years. That is a clear indication of mismanagement and a govt's inability to save. I don't really expect you to think especially when you have a peculiar dull brain. The blame on Jonathan was well deserved. 1 Like |
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