godoluwa:
lmao, naira is already devalued. theres inflation in prices of every commodity including those that has nothing to do with forex e.g bread

Almost everything has something to do with forex my dear. Even bread.

KAANempire:

Almost everything has something to do with forex my dear. Even bread.

You are experienced

UrbanMystique:
lol.. Nigeria is the biggest flour producer in west Africa.

Though might not be enough for consumption in Nigeria alone, but we don't rely much on flour importation..

Besides, banning stuff like that would increase local production.

hw abt wheat n Buhari has banned wheat

Bobskylo:
is it nt best d naira is bin devalued n be stable dan dis every minutes degrading?




i kip on saying ...,.......


presidency under buhari is totaly vissionless, misionless, directionless, emotionless, motionless etc..........

ONLY GOD GO HELP US FOR DIS KIND WAHALA WE CARRY OURSELVES GO PUT FOR NAIJA!!!!!!!

Is it God that will come down and rule Nigeria ?
Instead of yu to God to direct the person in power...u ar callin God himself to come to Nigeria to rule.....u ar on a long thing

Make una leave that guy. Everybody de form economist now a days. If he is truly in d us and brings that cash into Nigerian, he would have to use the bank which means he will be changing it at 199naira CBN rate. Any attempt to carry it as hand language becomes money laundering and could be forfeited. Some people de make me laff. If he has that fund really he can make money now by helping people pay things like school fees in d us while parents pay into his naira account t in Nigeria at an exchange rate higher than CBN rate and slightly lower Dan market rate.

herbie27:
and wen u bring in ur plenty dollars 2 buys things in Nigeria, inflation which is taking place now will reduce ur money 2 nothing cos lots of money now buy fewer goods.

bro wiv all due respect to u and whoever paid ur fees cuz i see u sch went tru u..kudos ..but u mess up small wiv dis conclusion,na now u guys realise say morning break?dis is untold hardship let d socalled elites also bear d brunt naaaa...pls be sincere b4 u loose my pardon...in oda climes leaders make sacrifices even decline wages we still av d most expensive governance in d whole world..wake up and dont say only wat dey told u in sch..face reality..bro do u think u will solve algebra maths in interviewing ooni of ife?yet trying to become a mass com student u studied dat maths like kilode..dats fiction and reality..some times engage ur brain in reality debates u will be glad u did...d situation is chaotic and agonising now..all dis na paper talk without sacrifices ,transparency and honesty amongst d heads dis will only lead us to knw where but a total state of decay ,already rigor mortis has been spotted..

Aufbauh:
Ironically those clamoring for the devaluation are still the ones that have brought the naira to this sorry state.
When we had oil boom in the recent past, those short sighted and lazy criminals rally importation instead of investing in local productions.
The likes of Ben Bruce fail to discover his common sense then to patronize Innoson and Aba made probably because there was plenty in the land to throw around to Europe and America.
The fall of the naira will definitely herald the rise of Nigeria and Nigerians. We must look inward to grow the naira.
With the high rate of unemployment in the country we must discourage foreign dependent policies and practices. Local productions means gainful employment for the locals.
People needs to be engage and taken off the streets, in this way they will see themselves as stakeholders in the Nigerian project and will buster their patriotism.

At least you have taken a position so your credibility will be hinged on it when (not if) you eventually do. By the time oil prices begin to rise again in 2018 there won't be much of an economy left to exploit it. Venezuela is a 3rd world country, lightly industrialized and largely dependent on imports. They devalued two weeks ago when every commodity became essential and productivity ground to a halt. We are well on our way there.

We don't produce much and export little. You admit that but your task is to change the scenario NOT DEFEND THE STATUS QUO. Your body language proves you are an establishment figure running systems that have kept us in the same spot for decades.

Free market is the only way Nigeria can diversify her economy. The government is too small, too broke, too weak and certainly not enlightened enough to feed, clothe, educate, secure and develop this nation. Let the people determine what they will import, produce, export. Hands off the economy.

Devaluation is what the government have right over, but depriciation of Naira is left for market forces to decide I guess. The tough stand to me is comical.

RichYoungNigger:
Please.
Don't devalue the naira.
I want $1 to be 2,000 naira.
I've been busting my ass working in the USA just to be very rich in Nigeria.
Some people hate the fall of naira but that's what Nigerians living in the USA pray for.
When i come back to Nigeria with $25,000, do you know how much i will exchange it for ??


I will worship you forever if you don't devalue the naira.
Buhari is the only person i love in this world and i hope he rules Nigeria for 90 years

seriously,you are right. Devaluation or not,Nigerians abroad are the beneficiary.

B*tch you've done it already

Gosh!
This is both very sad and very funny.

What a piece of juvenile logic.

Can someone please inform Buhari that the Naira is already devalued by the market forces of demand and supply?

What Buhari is insisting is that his government will continue to SUBSIDIZE Forex purchases by banks, government agencies and few corporate Enterprises at the expense of everyone else in Nigeria.

This is a very very foolish and imprudent way to manage the supposedly scare foreign exchange.

This is what we get when we put an economic illiterate in charge.

First of all, someone should please educate Buhari that Nigeria still makes a few billion dollars from non-oil exports.

But ,most importantly, if Products and services are cheaper by virtue of exchange rate, then international buyers would come looking for our natural resource based goods as well as services.

Already, Nigerians of every economic class have started looking for items, agricultural or locally manufactured, to export.

Additionally, it is the only way to curb our appetite for imported products, and force us to look locally for our basic necessities.

Buhari is delusional. He doesn't understand economics.
The Naira cannot defy gravity indefinitely.

Daahhhh!!

RichYoungNigger:
Please.
Don't devalue the naira.
I want $1 to be 2,000 naira.
I've been busting my ass working in the USA just to be very rich in Nigeria.
Some people hate the fall of naira but that's what Nigerians living in the USA pray for.
When i come back to Nigeria with $25,000, do you know how much i will exchange it for ??


I will worship you forever if you don't devalue the naira.
Buhari is the only person i love in this world and i hope he rules Nigeria for 90 years

SMH! Horribly unpatriotic and Buhari can never rule forever.
Keep dreaming!

onatisi:

Thank you. Devaluation of the naira would have had positive impact on the economy if it was done early or middle if last year in addition to the several measures taken by the smart intelligent cbn gov,but what we had was a president who his party claimed was on political honeymoon and was busy globetrotting all over the world. Hr wasted 7 solid months before finally choosing an economic team by which the matter had gone out of control and hand ,now the devaluation of the currency is meaningless and senseless because the currency has been devalued already and the gap between the official rate and black market rate is too wide . Nigerians will suffer a lot for this but maybe in the next 5 years things will turn around or just like u said a miracle happens in the middle east. Lets pray Saudi,Iran,Iraq and Russia all go to war on the same day

The bolded got me laughing

ojesymsym:
Make una leave that guy. Everybody de form economist now a days. If he is truly in d us and brings that cash into Nigerian, he would have to use the bank which means he will be changing it at 199naira CBN rate. Any attempt to carry it as hand language becomes money laundering and could be forfeited. Some people de make me laff. If he has that fund really he can make money now by helping people pay things like school fees in d us while parents pay into his naira account t in Nigeria at an exchange rate higher than CBN rate and slightly lower Dan market rate.

So when he comes in with his dollars he should sell to you at 199. When he is going back he should buy from you at 380. See yourself. Can you see why those with dollars will not bring it in: individuals, companies, investors; and those who can get it at 380 will buy up as much dollars and take it out in anticipation of further falls in the naira.

We are getting to a point where 'currency trading' is becoming MORE PROFITABLE' than actual production. In 1984 Buhari did same thing. Along the line importers had to get special permits to get fx from the CBN. It led to the infamous scandals and cartels and the trading of permits became more profitable than the goods themselves similar to the fuel marketing cartels of the GEJ era.

Though I understand his argument, its not based on economics, like most of the comments on this forum. Doing what feels right is not alwys correct. The Nairas values has already been valued on the parellel market and just because you dont want to devalue it doesnt mean much.

Yes he is correct we are a net importing country so there would be an some adverse affect, but on the whole it would certainly ease tensions and render some positives. Does he also realise that he is indirectly subsidsing the difference. What he is speaking about we are a long way from getting there, because we never stimulated it and frankly there is no more funds to stimulate these activities especially now that thet government themselves are running short due to the collapse of oil. Also when this picks ups as he says, exporting, how will the rate help exporters? IT WONT. So they need to make a choice, you cant eat you cake and have it.

Does he realise that it will lead to back door transactions (any dollar distributed will find its way to the black market as they can gain on the difference).

Either you say NO dvaluation, restriction of dollars leaving and transactions, no exportation of goods that are needed in the country, stop of ALL products being imported for a period of say 2-3 years, now we are talking. Painful, but a chance to succeed. Thing is our entire economy is dependent on import, form fertilizer to the oil we export, we import refined back..............so good luck with that.

This is simply an delay of execution. The prisioner that has been sentenced to death will die, no mater how many times the delay it. The delay is what is most painful, just get the damn thing over with so ppl know what they are dealing with.

Buhari ...you won't devalue naira..

Can you proof to me now that the naira hasnt been devalued indirectly .

Sibrah:
Buhari is on the right track here. No devaluation is needed. Let the dollar account of all exporter fund the import needs of importers. What we have had is a case of govt giving out dollars from oil sales to importers who add no value to the system but help promote capital and employement flight. 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, not you going to govt for dollars. Buhari can't subsidize every toothpick, mascara, toothpaste, noodle, DSTV subscription with non-existent Dollar that isn't his fault. Importation of those things means a foreigner is employed for its production and the wealth generated in Nigeria has been transferred to the foreigners hand for the forseeable future. For even offering to give hard earned Dollar out at a low rate to importers of certain items is a plus from the Buhari govt. If you are productive and competitive on global standard, then earn your own dollar. What we are paying for today isn't really oil earning reduction but lack of productivity and global competitveness in time past.

production without light ? where and how

It's our fault, we don't value what we have, look at our infant industries, no improvement in production because of lack of buyers, look at the rate of un-emproyment.We import more than we export. We only depend on crud oil while we have so many resources in the state. Everybody we like to use foreign product.

ojesymsym:
How does one get this rice in bulk?

Call Mike on +234 8032615423, and quote: from Oilwell.


Thanks.

Buhari, THE JUNKETER IN CHIEF, ITS ALWAYS I,I,I & ME,ME,ME. THIS DUDE NEED TO GET PROPER ADVICE FROM PEOPLE WITH REAL CERTIFICATES SO AS NOT TO LOOK SO STUPIDDD.

i think my presido have a point because recently lots of importers had to buy from local manufacturers (i.e...logas, aba and kano state)...let's give this a try and see where it takes us

godoluwa:
lmao, naira is already devalued. theres inflation in prices of every commodity including those that has nothing to do with forex e.g bread

If there is already inflation in prices when there is no devaluation, just wait until they officially devalue and watch yourself buying fuel for N180.

It's funny how the minds of a lot of people now automatically interpret devaluation to mean "stronger naira" even though the dollar scarcity (caused by oil price crash) will still persist.

babyfaceafrica:
which creeks?..u dey for oshodi dey sell spare part dey make noise with your 10mb...abeg sweve

E pain am...


*jokes apart, I can feed you comfortably

chidekings:
truth is whether we devalue or not,we just pray for a miracle from the middle east

Wo, tell us the miracle you expect so that we can know the prayer point.

Is it that Saudi, Iran, Kuwait, Qatar, Algeria, Libya should run dry of oil & gas? Libya & Algeria become middle East when it suits.

obailala:
If there is already inflation in prices when there is no devaluation, just wait until they officially devalue and watch yourself buying fuel for N180.

It's funny how the minds of a lot of people now automatically interpret devaluation to mean "stronger naira" even though the dollar scarcity (caused by oil price crash) will still persist.

refusal to devalue it officially will do us more harm than good. the best thing that CBN can do is to place ban on importation of irrelevant items, reduce atm spending on international website to $500/month per each account holder(not per number of cards you hold, i hope you get what i mean)

Please pardon my ignorance . How do you devalue a currency? The Naira is already valued at #1= $400.
Is it not devalued. Economists please help me.

As a lay man, i have considered this:
Devaluation of naira: Genuine importers of raw materials will buy dollar at 350-400 naira, price of their finished good will increase. Purchasing power of everyone will drop. including the masses who dont deal with forex, BDC etc.
What is the proportion of Nigerians that is affected by 1 dollar = 350 naira today compared to when naira is devaluated??
With the current regime, Every demand for forex outside genuine importers of raw matertials buy at black market (including those of us who buy cloths from Aliexpress, ebay etc..), including those who enjoy luxurious Dubai travels. Does the current regime affect Mr Salako who eats Garri (ijebu), Tomatoe (Kano), Onion (Sokoto), and Beans (Adamawa) and palm oil (Ondo)Does it affect the cost of taking the average civil servant from his house to workDoes it affect the cost of buying 1 bag of Dangote cement to continue his 2 bedroom bungallow
Am sure tie and dye from Abeokuta or Aba made Jeans shoudnt be affected. So who are the real victims of this current regime of FX over-demand in the market?? My lay man perspective you may say........

Gombs:
Make sure you don't take the war to the creeks... If you do, I promise you, you'd devalue the naira faster than the speed of light.


Modified :

Some folks think the creeks is bar beach. They've never been to these creeks and see understand why taking the war there means doom for our oil based economy.

That is a war Mr president doesn't want to fight.

Meanwhile...

We are moving away from tour oil guy. You will start drinking the oil soon.

While you will not devalue the naira, Mr President what is your policy on the economy and reviving the naira.

walexy30:

We are moving away from tour oil guy. You will start drinking the oil soon.

Until then.... It's best you keep your war up North.

Thanks

sarris:
While you will not devalue the naira, Mr President what is your policy on the economy and reviving the naira.

The policy is simple:

Don't import what can be produced in nigeria!
Palm oil, cotton, wheat,egg, chicken,toothpick etc

greenpasture:


Not sure you followed PMB's argument. Devaluation only helps exporting countries because it makes their goods and services more competitive on international markets. So what are we devaluing for when we import socks? Are you saying that a mono product import focused economy can be retooled into an export focused country in 7 months? That's impossible. We are already seeing some green shoots; proforce won an export order to Libya for MRV's, a company in the east recently won a large export order for agricultural products while an ibadan based company won a $9mn order for corn starch export. These are the reported cases. My own small financial data company makes 15,000 pounds sterling in overseas sales. It will take a few years but we will get there, oil or no oil. We have the numbers and the acumen. What we have lacked is motivation and now we have it at 500+ to pound sterling

Ur logic is understood but I want to point out something to you, proforce has been exporting both is LAVS and BPC since 2013 so this has nothing to do with them