Bevista:
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) Devaluation or not, CBN is not likely to re-enlist the 41 delisted items. So how does devaluation benefit importers?
(8.) 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.
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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!

Pesuzok:


So how would the value of the salary increase when you have devalued the currency. Please answer in A level, I know I am lazy but not all nairalanders

yongnoble:


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.

massinola:
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?

Rayhut:
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.

amaechi1:

The devaluing is not the issue, where iss forex to support the deman from the parallel market. We are mono economy country and our main source of forex is not doing well. We should not join forces with those that have plunge this nation to poverty to murder the naira.

erico2k2:

How is that now possible when they the FG lift the ban on rice importation

emenas:
i stand against naira devaluation.

IzonOwei:
I recently bought provisions I usually buy for double the price...so I think I might be in support of fayose at this point...We are just deceiving our selves...its time we come to terms with reality and diversify our economy....Buhari should devalue the naira and work hard to encourage in house manufacturing and production to support the naira...We can't go on like this...

erico2k2:

you think? is the dollar not already N400? so wahts wrong in telling the banks to buy @ 300 instead of N190??

Tokt:


if its local provisions like Milo, peak, Nasco cornflakes etc the prices remain the same so i wonder where u got ur provisions from. That store seems to be exploiting u. However if its foreign provisions like foreign beverages and keloggs cornflakes, yes the price would have risen. Buy local provisions and save the naira.

IzonOwei:
i should have mentioned deodorants like sure body spray....spray starch for clothes...shoe spray...all double the amount....are there such locally made consumables

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.

Tokt:


Yes we have local starch, patronise them. We also have locally produced shoe Polish, use that. Forget spray. The bottom line is if what you are buying is imported, ready to pay more. Simple. Is not that they are even a must or necessity. If u don't buy foreign deodorant, will u start snelling? All these are categorised as luxuries.

IzonOwei:
I recently bought provisions I usually buy for double the price...so I think I might be in support of fayose at this point...We are just deceiving our selves...its time we come to terms with reality and diversify our economy....Buhari should devalue the naira and work hard to encourage in house manufacturing and production to support the naira...We can't go on like this...

IzonOwei:
.......this boy wants me to start smelling ooo... ....it is true we need to patronize locally made products..but how do i cope without my sure spray?...

Put kanfo in ur pants pockets, breast pockets and underneath ur scrotum inside ur boxers. Seriously if u bath regularly u really don't need those chemicals.

Rayhut:
Buhari need to devalue naira to N350=$1 to close up with black market rate of 400 or 500 in the future,..

Tokt:


Put kanfo in ur pants pockets, breast pockets and underneath ur scrotum inside ur boxers. Seriously if u bath regularly u really don't need those chemicals.

Tokt:


Put kanfo in ur pants pockets, breast pockets and underneath ur scrotum inside ur boxers. Seriously if u bath regularly u really don't need those chemicals.

lastpage:


You be Mumu, raised to the power of Seven!

Ask yourself:

*Was it Buhari that double the Electronics in that particular Shop.... or the Greedy hop owner of your ilk?
*Has devaluing the Naira, (which has been done over twenty times in the previous years) ever reduced the amount owners sell their wares?
*Does devaluing the Naira, make more Dollars available..... to the point of affecting the exchange rate.... or does it just make Nigerians poorer?
*Earning more Dollars (by way of more export oriented policies) Vs. Devaluing the Naira, which one do you think will reduce the exchange rate?

Whatever your answers to the above question, l am sure you will still survive, without appearing silly.



Lastpage!

TheAlchemist:


If you tell the banks to buy at n300 then at the parallel market it will move from N400 to maybe N700. You can't beat the cheating bankers a their game!

IzonOwei:
...kanfo no be for cockkk roaches.... ....if i come check you now i know say na one better smart deodorant or 212 you dey use.,...

eleko1:
U have time for dis type of mumuni?Go school,dem nor gree.They'll rather gamble/watch dogs race than watch TVC news.