PBundles:
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.

Sibrah:
There is already true federalism in existence, though partially. Osun state and Abia state for example have all the proceeds of state owned business accruing to them.

alt3r3g0:


The light that a Phd holder and minister of finance with plenty foreign experience did not see in six years of plenty?

HiddenShadow:

Yorubas and lies are birds of the same feather Which True Federalism is in existence. Do you know what True Federalism means.?

Sibrah:
Your ignorance is legendary.

HiddenShadow:


Define True federalism and ask yourself if the oil producing states have control over their oil.
What of solid minerals states? Show me in the constitution where they are backed by the law to retain a reasonable amount of their wealth.

naijaking1:
This is what happens when the president doesn't have WAEC.
Basic economics would have shown him the light a long time ago.

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...

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.

naijaking1:


[b]She saw the light and used to for our benefit, that was why 1$ was about 200 naira [/b]then, what is it today

bewla:
Good one but how does that affect the bread saller in agege

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

Reference:


Exactly in sorts. Buhari says we export nothing and import everything. Then he adopts and hugs a policy that favours importers and punishes exporters. This is baffling. Adopts a policy that promotes corruption in currency round tripping. Adopts a policy that de-industrializes. Adopts a policy that discourages influx of investment. Just so that he won't look bad to the people he governs. With all the goodwill and great political capital gained at election it is so disappointing that we cannot bite the bullet and get it right once and for all.

PBundles:
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.

alt3r3g0:


Throughout Obj's 8 year tenure. Crude oil was an average of 40 dollars. Debt was cancelled and foreign reserve was build to about 40 billion dollars. Dollar was about 120 naira. Your role models...average crude oil over 100 dollars, and they left the dollar worse off @ 200 naira according to you.

If thats your definition of success, i have nothing more to say to you

DonBobes:
Let dem keep wailing, we will not devalue the Naira!
Gbam!!!

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

UrbanMystique:
Exactly..


Dumb wailers want our naira devalued, so when we start buying toothpick that costs 10 naira at the rate of 100 naira, then come back and tell us that voted change I TOLD YOU SO.

They want to turn us to Zimbabwe where a loaf of bread costs 1 billion.

Why would any right thinking person think devaluing naira is what we need right now is beyond me. A mono economy like nigeria.

China or USA can decide to devalue naira and benefit immensely from it. Afterall, They are major exporting nations. A single sector can buy some countries in Africa.

Google or apple alone is far richer than some countries in Africa. Not to talk of Disney land, Hollywood or other sectors.
Unlike Nigeria where everything is oyel, and the oyel is even becoming valueless.

kennyman2000:
ohh boy. But, its been devalued already naaaw

Iroh88:
Abi oo!! They are just trying to force Baba to pull the trigger while the barrell of the gun is pointed at his head, feigning genuine patriotism.

I think this should settle it. If no one likes this position Baba has taken, they should approach the supreme court- at least they have judges sympathetic to them there.

Baba says his three major objectives are:

1. Securing the country.

2. Reviving the economy.

3. Stamping out corruption.

I love this man!

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

plaetton:
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!!

Reference:


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.

kYjelly2:


Dropping jewels of wisdom

which investor in their right senses would come into Nigeria then with dollar at N199 and then when it's time to leave, they would have to pay N400. That's just bad business before even conducting any business.

Can we see how Bubu chased potential investors away

kYjelly2:


onatisi predictions better than T.B. Joshua

an argument can be made

DonBobes:
Let dem keep wailing, we will not devalue the Naira!
Gbam!!!