President Muhammadu Buhari has again rejected the idea
of devaluing the West African nation's currency,
despite a hammering of the naira on the
secondary market last week.
The central bank has resisted depreciation by
imposing hard currency curbs, which has hit
Nigerian firms trying to import raw materials and
spare parts. Africa's top oil producer is in an
economic crisis caused by a slump in oil
revenues.
Buhari said on Saturday Nigeria could not afford
a currency devaluation as it had few exports
apart from oil and depended on imports whose
cost would rise with such a move.
"Reiterating his opposition to the devaluation of
the naira President Buhari said Nigeria cannot
compete with developed countries which produce
to compete among themselves and can afford to
devalue their local currencies," the presidency
said in a statement.
"So, why should we devalue our currency?"
Buhari said.
Buhari said the priority of his government, which
came to power last year, was to boost food
production.
The naira fell versus the dollar to 360 this week.
The official naira rate versus the dollar stands
unchanged at 197

What are your views

http://www.globalnaijablog.com/2016/02/20/president-buhari-again-rejects-the-idea-of-naira-devaluation/

This old man is not serious

Den oya wetin dem go do...bcus na 5h per dollar e dey go so

He is right. Let the dollar account of every importer fund their import needs. Nigerians have been net consumers for too long, if you are truely productive and reasonably competitive, sell your products and services to the dollar market and buy what you need with the dollar earned. Buhari can't subsidize every toothpick, mascara, toothpaste, noodle, DSTV subscription with non-existent Dollar that isn't his fault.

Pmb is clueless

Coz locally produced goods are also in the rise simultaneously with imported goods,,,
so wats the essence of suffering the masses when u cant even boost the agricultural u claim u want to improve..
..

@op. Devaluation and depreciation are not the same.

Devaluation is a deliberate lowering of the value of currency by the government in respect of goods and services with which the currency can b exchanged.(imports)
Depreciation on the other hand is a fall in value of currency as a result of increase in goods and services.
Thank u!

Buhari said in clear terms that his objective is to boost food production and feed Nigerians fat.istandwithbuhari.

From all i read yesterday, the government is on track with the naira. Simply beyond their control. Devaluation won't solve anything.

Achuwa1:
Coz locally produced goods are also in the rise simultaneously with imported goods,,,
so wats the essence of suffering the masses when u cant even boost the agricultural u claim u want to improve..
..

and you think say if he devalue the currency ,the price of garri will come down!

Na by force to devalue .
The black market is already devalued . Enjoy devaluation there.
I have no time for a lawyer/ civil servant economy.

Tissue paper making machine $85, 000
Toothpick making machine(1000 cartons/month) $3000
Roofing tile making machine $14000

That's a good quality of a leader take a stance and stand by it.

Obama did the same with his "socialist" health care reforms in his first term

I think this is an opportunity from our so called industrialised from the east to catch on an show they are not just mere traders of imported products.
If I can't afford to buy 10000 naira Italian shoe, wunt I buy 1200 a a made shoe? or if tokunbo car goes for 5m, wunt I be forced to buy innoson for 2m!

Obiagelli:
From all i read yesterday, the government is on track with the naira. Simply beyond their control. Devaluation won't solve anything.

What did you read? Can you post the link?

Nigerians are clowns. Fashola proposed a modest increase in power tariff and they are protesting. These are the same clowns telling Buhari to devalue. Do you guys understand that refined petrol is imported? Are the masses ready to pay N200 per liter if Buhari devalues? Or do you guys want us to go back to the subsidy regime with all its inherent corruption?

Genius100:


What did you read? Can you post the link?

Nigerians are clowns. Fashola proposed a modest increase in power tariff and they are protesting. These are the same clowns telling Buhari to devalue. Do you guys understand that refined petrol is imported? Are the masses ready to pay N200 per liter if Buhari devalues? Or do you guys want us to go back to the subsidy regime with all its inherent corruption?

Mass insanity reign supreme in the country .
Many of the stuffs on the import prohibition list are rotting away on the farms .
The rest , you can manufacture with machines that cost less than a beat up Tokunbo car ( less than $20,000).
Yet the mumus are shouting free market all over the place .

GlobalNaijaBlog:
President Muhammadu Buhari has again rejected the idea
of devaluing the West African nation's currency,
despite a hammering of the naira on the
secondary market last week.
The central bank has resisted depreciation by
imposing hard currency curbs, which has hit
Nigerian firms trying to import raw materials and
spare parts. Africa's top oil producer is in an
economic crisis caused by a slump in oil
revenues.
Buhari said on Saturday Nigeria could not afford
a currency devaluation as it had few exports
apart from oil and depended on imports whose
cost would rise with such a move.
"Reiterating his opposition to the devaluation of
the naira President Buhari said Nigeria cannot
compete with developed countries which produce
to compete among themselves and can afford to
devalue their local currencies," the presidency
said in a statement.
"So, why should we devalue our currency?"
Buhari said.
Buhari said the priority of his government, which
came to power last year, was to boost food
production.
The naira fell versus the dollar to 360 this week.
The official naira rate versus the dollar stands
unchanged at 197

What are your views

http://www.globalnaijablog.com/2016/02/20/president-buhari-again-rejects-the-idea-of-naira-devaluation/

[b] 1. ....there are very many commentary on depreciation of ₦ nowadays expecially in parallel market, although parallel or black market can be manipulated by the traders, they either do it on their self interest, so those who doesn't beleive in the prosperity of nigeria can harbour $ as they can on imported goods hereby cause hike!
But in my own point of view the depreciation of ₦ is a great success to this nation if well manage to nigeria situation today. the looted fund is in $ and it must be refunded back in $, so if $1 is ₦198 when the money is looted, then if the money is refund today at $1 to ₦350 the nation has gained ₦152!
imagine if $1=₦1000, the gain is ₦902!
So in conclusion if the government managed to refund the $trillion looted and the refunded money, change it in parallel market, this will reduce the pressure on ₦ and the scarcity of $ in parallel market so the ₦=$.

(take note all the money took out of CBN during jonathan regime were changed in parallel market before ditributed)

you have other opinion?

2. ...2017 budget will beat record... ₦1 quadrillion!, all the social sectors will be substantially finance to trillions ₦, poverty will be completely eradicated and by the end of year 2018 Nigeria will be declared a developed state and classify one of the first three country in the index of human .
I know you will argue on how this can happen with the economics situation of today, low foreign reserve, low oil price, with depreciation of ₦.
yes oil price is down, foreign reserve is dry but we still have foreign looted fund reserve at hand! when recovered and well managed, it won't be problem to have money for this budget!
we can only pray that a $ hit ₦1000 and all $1 trillion looted recovered!
I know for sure that with the determination of this government and the support of foreign nation to help recovered all $ trillion looted it will happen.....$1 trillion recovered and change to ₦ will give us ₦1 quadrillion needed to financ that budget!
year 2017 bye bye to poverty!

3. ....OIL AND LFR
THE TWO MAIN MEANS OF INCOME FOR NIGERIA ECONOMY
.....with the determination of Nigeria president Buhari and the trust of of world leaders toward nigeria, from America, Eroupe, Asia and gulf nation the down price of oil and the rise in $ is not a corse to nigeria but a blessing.
Among the oil producing countries, and OPEC only nigeria have what other didn't, we have oil in common but nigeria have the looters as well, this opportunity raise nigeria above other oil nation and when all this country are frustrated with oil down price, nigeria have turn to her looted fund reserved to keep her economy running.
Nigeria is bless with oil and (LFR) looted fund reserve, when the oil price is down, the rise-up of dollar $ hike the value of our LFR, if government inject the LFR recovered on the economy, it will boot our economy!
at rate of $ to ₦ today if government managed to recovered $1 trillion LFR it will give us:

$1=₦400, $1trillion=₦400trillion!
I hereby challenge the Nigeria economists who insist that rising $ and downwards of oil price is a broke to nigeria economy to come-up for debate!
Note (LFR is looted fund reserve)
[/b]

Genius100:


What did you read? Can you post the link?

Nigerians are clowns. Fashola proposed a modest increase in power tariff and they are protesting. These are the same clowns telling Buhari to devalue. Do you guys understand that refined petrol is imported? Are the masses ready to pay N200 per liter if Buhari devalues? Or do you guys want us to go back to the subsidy regime with all its inherent corruption?

Our sophisticated ignorance is second to none. With level of subsidy being enjoyed at fed unis and the protest that goes with any increase in fees, I am not surprised at all.

Buhari is obviously a nationalist till death. more Nigerian than all the wailers that want to consume imported toothpick at the detriment of the naira...lets see whether its not Nigeria that will emerge stronger from this policy.

Only in Nigeria we have home and away currency in the world i.e #100 notes and dts devastating. Who tell you that the Naira hasn't been long devalued? All this talk na scamming and for the media.

Achuwa1:
Pmb is clueless

The man with NEPA bill as certificate