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Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians - Politics - Nairaland

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"Nigerians Did Not Elect You As A Friday President" - Fayose To Buhari / Zenith Bank's Management Visits Fayose To Allegedly Beg Him / I Won’t Devalue Naira, Buhari Insists (2) (3) (4)

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Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by emamos: 4:55pm On Feb 21, 2016
Governor Ayodele Fayose of Ekiti State has called for the devaluation of the nation’s currency, the Naira, saying, “With the gap between the official rate of N199 and open market rate of over N400 to one dollar, Naira has already been devalued. Therefore, President Muhammadu Buhari must stop deceiving himself and short-changing Nigerians, especially States and Local Councils in the country with his Forex Policy.”


Governor Fayose, who said there was no time in the history of Nigeria that the gap between dollar official rate and open market rate was more than N200, pointed out that it made no economic sense for the Federal Government to be calculating the country’s revenue on the basis of the Central Bank of Nigeria (CBN) official rate of N199 to a dollar while States and Local Councils that are sharing the revenue with the Federal Government run their businesses at the open market rate of over N400 to one dollar, thereby causing business to be folding up by the day and prices of goods skyrocketing everyday.

Special Assistant on Public Communications and New Media to the governor, Lere Olayinka, in a statement issued in Ado-Ekiti on Sunday, quoted the governor as saying that apart from breeding corruption through round tripping or foreign exchange arbitrage, Nigerians are also being duped and middle class Nigerians, the main people that grows the country’s economy are being decimated.

The governor said President Buhari was applying his 1984 failed economic policy in which prices of goods were fixed not minding the cost of supply, such that essential commodities like milk and sugar became scarce and Nigerians were made to line up under the sun to buy rationed commodities.

He urged the President to pay more attention to the ailing economy of the country instead of junketing around the world, wasting $1 million per foreign trip, saying; “President Buhari has travelled to 24 countries in eight months, and will be spending 16 out of the 29 days in February outside the country, with over $500,000 being spent on estacode while the Presidential Air Fleet, which includes fueling of the planes and allowances for crew members is said to be in the range of $500,000.

“The President’s entourage obviously collect their travel allowances in dollars on official rate of N199 and come back to Nigeria to change it at the open market rate of N400. That must be the reason they encourage the President to be junketing abroad when life is becoming unbearable for Nigerians.”

The governor said; “The situation is such that Nigeria gets say $2 billion revenue in a month, calculates the $2 billion revenue on the basis of the official CBN rate of N199 and share the revenue among the three tiers of government.

“In elementary economics, the implication is that when revenue is calculated based on N199 to one dollar and the federal government will be declaring say revenue of N400 billion to be shared by the three tiers of government, the value of revenue that should have been shared will be over N800 billion at the open market rate of N400 to one dollar.

“Meanwhile, the three tiers of government pay salaries to workers on the basis of N199 per dollar while the workers pay for goods and services which prices are determined by the open market rate of N400 to one dollar.

http://www.vanguardngr.com/2016/02/fayose-to-buhari-devalue-naira-now-forex-policy-short-changing-nigerians/

45 Likes 5 Shares

Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by emenas(m): 4:57pm On Feb 21, 2016
i stand against naira devaluation.

136 Likes 4 Shares

Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by highpriest4: 5:00pm On Feb 21, 2016
Everybody saying the same thing

3 Likes 1 Share

Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by highpriest4: 5:00pm On Feb 21, 2016
Ilu ea to baje to
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by oduastates: 5:06pm On Feb 21, 2016
Why have they not treated this man issues yet?
$199 for these
Blue band magarine ,Coca-cola, dangote Cement , Dudu, soap , innoson, aba shoes , tractors etc

The rest can enjoy devaluation with fayose.

17 Likes 1 Share

Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by yungpowers(m): 5:12pm On Feb 21, 2016
Kunu sipping brukutu

6 Likes

Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by onitaja(m): 5:13pm On Feb 21, 2016
He is fighting for his pocket thru state allocation.
Do you think of the common man atall.

31 Likes 4 Shares

Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by yongnoble(m): 5:20pm On Feb 21, 2016
[quote ]Governor Fayose, who said there was no time in the history of Nigeria that the gap between dollar official rate and open market rate was more than N200, pointed out that it made no economic sense for the Federal Government to be calculating the country’s revenue on the basis of the Central Bank of Nigeria (CBN) official rate of N199 to a dollar while States and Local Councils that are sharing the revenue with the Federal Government run their businesses at the open market rate of over N400 to one dollar, thereby causing business to be folding up by the day and prices of goods skyrocketing everyday. [/quote]

Before you insult Fayose or defend Buhari, Kindly think about this statement within your innermost mind and tell me if its true or not.
Thank you.

24 Likes 2 Shares

Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by GudluckIBB(m): 5:27pm On Feb 21, 2016
What does Fayose a fake HND holder knows?

Ali Mordu Sheriff's Emergence is bringing down PDP and he's asking Buhari who doesn't even knows he exist to devalue Naira!

Its a pity!

53 Likes 2 Shares

Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by dunkem21(m): 5:37pm On Feb 21, 2016
OK, let me ask my people ..

If you stand with Buhari and don't want the Naira devalued, click *Like ..


If you share Fayose's view that Naira should be devalued, *$hare ..

291 Likes 32 Shares

Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by dunkem21(m): 5:37pm On Feb 21, 2016
Lalasticlala
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by Nobody: 6:13pm On Feb 21, 2016
Buhari need to devalue naira to N350=$1 to close up with black market rate of 400 or 500 in the future,this will help the prices of goods to stabilize as Nigeria is heavily dependent on imported goods,made in Nigeria goods is not enough to service already foreign dependent goods.

5 Likes 1 Share

Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by doctokwus: 6:27pm On Feb 21, 2016
oduastates:
Why have they not treated this man issues yet?
$199 for these
Blue band magarine ,Coca-cola, dangote Cement , Dudu, soap , innoson, aba shoes , tractors etc

The rest can enjoy devaluation with fayose.


I think his being ignored is actually the best.
U don't glorify a stupid fellow with a response,less u are deemed mad.
Instead of half baked govs like Fayose to see the golden opportunity that this offers for the ekiti state govt to fully invest in agriculture like that of Anambra and some states in the north are trying to do, earning foreign exchange directly in the process,he is moving from one ponmo shop to another iya sikira canteen waiting for handouts.
He shud continue leading ekiti to ruin while other govs are using valuable time strategizing on a future without oil handouts.

61 Likes 4 Shares

Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by otitokoroleti: 6:49pm On Feb 21, 2016
without sentiments, Fayose really made sense with his explanation about the devaluation. to be honest with ourselves, Buhari led CBN policies is doing us more harm than good. you earn at the rate of 199/$1 but buys at the rate of 391/$1. People who transact in dollars will understand better e.g young guys doing domain flipping business, a situation where bank charge them 391/$1 while buying the domain but paid at the rate of 198/$1 after selling the domain. the prices of almost everything is on the high side e.g rice, beans, transistor radio, battery, mobile phone, motorcycle, motor vehicle, locally made furniture, locally made foam, etc

41 Likes 4 Shares

Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by Nobody: 7:32pm On Feb 21, 2016
undecided
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by mccoy47(m): 7:32pm On Feb 21, 2016
Some times I wonder if this man is for or against Nigeria!

Pay salaries===== money is not enough
Generate IGR===== No! Stomach infrastructure is better
Adopt TSA to reduce looting of treasury=====No TSA is a scam and failed project.
Bring of ideas to help generate revenue=====No Buhari is a witch hunter
Oya brings ideas on how to save the Naira======No ooooo. Buhari devalue (kill) Naira!!!
angry

Tueh! Them send you? angry angry angry

102 Likes 9 Shares

Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by Bevista: 7:32pm On Feb 21, 2016
Benefits of Devaluation:
(1) More revenue for all tiers of government.
(2) Convergence of official and parallel market rates.
(3) From 2 above, reduced roundtripping of dollars by rent-seeking economic agents.
(4) Attraction of foreign portfolio investors.

Disadvantages of Devaluation:
(1) Increase in pump price of Petroleum products or increase in subsidy.
(2) Rise in cost of importing critical raw materials and agricultural machinery/equipment
(3) From 1 & 2 above, rise in headline inflation, leading to reduced purchasing power and increased poverty.
(4) From 3 above, industrial action by organized labour demanding wage increase to counterbalance the effect of devaluation & inflation
(5) From 1 & 2 above, Nigeria continues to depend on imports as high cost of doing business makes us less competitive with imports. Job losses!
(6) The Market Cap & ASI of the Nigerian Stock Exchange gets devalued in dollar terms - scaring away foreign portfolio investors.
(7) High interest payments on foreign loans.
(8.) Devaluation or not, CBN is not likely to re-enlist the 41 delisted items. So how does devaluation benefit importers?
(9) Devaluation will not increase the amount of dollars in circulation or in the Reserves, hence Naira is still likely to continue depreciating even after devaluation.
---
Fayose is, obviously, speaking from a position of self interest, since devaluation will increase his allocation by over 50%. However, the FG and CBN have larger macroeconomic issues to worry about than just higher revenue to states.

I have been a proponent of devaluation in the past, primarily because I thought the high exchange rate will rein in our demand for foreign goods and incentivize local manufacturing/production. However, events of the last few months where Nigerians continue to demand for dollars at over N350 has now convinced me to change my views on the subject. Now, #IStandWithBuhari on the issue. The disadvantages of devaluation far outweigh its benefits.

We need to curb our appetite (demand) for foreign goods, that is the first patriotic duty of every Nigerian to save the Naira!

118 Likes 21 Shares

Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by Nobody: 7:32pm On Feb 21, 2016
He never said anything about devaluing the naira to make it equivalent to the dollar o.

This is not what he promised us.

1 Like

Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by massinola(m): 7:33pm On Feb 21, 2016
If with corruption $1 was equal to #216 and now without corruption $1 is equal to #400, wouldn't it have been better we stood with corruption?

29 Likes 4 Shares

Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by Nobody: 7:33pm On Feb 21, 2016
Out of 36 governors why is this man the only one bullying Buhari everytime? Why cant Buhari deal with this thug with the numerous evidences of the Ekiti gate scandal? I hope they declare a state of emergency in ekiti and put this ponmo cutter in kuje prison beside his newly adopted tribesman called Nnamdi Kanu

17 Likes 3 Shares

Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by macino1(m): 7:34pm On Feb 21, 2016
Wonders will never end. Are you done making good policies and solving the problems in your small state? I see you seeking for salary bailout soon. . .Kettle calling pot black.

9 Likes 1 Share

Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by berrystunn(m): 7:35pm On Feb 21, 2016
[size=18pt]am waiting 1 to 1 with dollars ....
buhari if we hear[/size]

7 Likes

Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by Adesiji77: 7:35pm On Feb 21, 2016
Everybody is now an economist... undecided

8 Likes

Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by OrlandoOwoh(m): 7:35pm On Feb 21, 2016
Our Governor Has Gone Mad Again.

20 Likes 4 Shares

Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by jane0000(f): 7:36pm On Feb 21, 2016
Fayose d mad man.

8 Likes 1 Share

Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by erico2k2(m): 7:36pm On Feb 21, 2016
emenas:
i stand against naira devaluation.
if you do what do you call the value we have now?

5 Likes

Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by Nobody: 7:36pm On Feb 21, 2016
Only those of us who deal in dollars will understand.

#DevalueNairaNow

6 Likes

Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by pendusky(m): 7:36pm On Feb 21, 2016
I don't have anything to say!


but I saw this and I likey


A man without budget is a man without plans

A man without plan is a man without goal

A man without goal is a man without brains


A man without brains is a dead man

Quote of the year!

grin grin cheesy

#Copied

3 Likes

Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by LesbianBoy(m): 7:37pm On Feb 21, 2016
Fayose ma nigga undecided

3 Likes

Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by Nobody: 7:37pm On Feb 21, 2016
Well.......not yet

Devaluing the naira would

1.Lead to an increase in the cost of imported goods.....fueling inflation.

2.Lead to an increase in the cost of locally manufactured goods ......because most of them rely on imported raw materials.....fueling inflation.

For now....we should concentrate on increasing spending on power and rail...things that would help us get away from reliance on oil.

2 Likes

Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by Nobody: 7:37pm On Feb 21, 2016
jane0000:
Fayose d mad man.
he needs to enroll back to sch

4 Likes

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