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Nairaland Forum / Nairaland / General / Politics / Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians (30464 Views)
"Nigerians Did Not Elect You As A Friday President" - Fayose To Buhari / I Won’t Devalue Naira, Buhari Insists (2) (3) (4)
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Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by ibietela2(m): 1:34am On Feb 22, 2016 |
Bevista: I think Buhari should bring back Zahra to school here with us, same with Gej, Yaradua, OBJ, IBB and the rest of the thieves. Don't you think so? 1 Like |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by erico2k2(m): 3:06am On Feb 22, 2016 |
Pesuzok:Ok as it is, Nigerians are paid salary with the value of teh greenback @ $199, and we are buying stuff imported at rate of $400, wont it be nice to devalue the naira to $300 so its close to the rate in the parallel mkt?As thing stand the Naira is nose diving making it worthless. Devaluing History -Britain, which recovered strongly from its early 90s doldrums after it devalued the pound against the mark in 1992. (At the time, some wags suggested putting a statue of George Soros in Trafalgar Square.) – Sweden, which recovered from its early 90s banking crisis with an export boom, driven by a devalued kronor. – South Korea, which roared back from the 1997-1998 crisis with an export boom, driven by a depreciated won. – Argentina, which roared back from its 2002 crisis with an export boom, driven by a depreciated peso. And more. The truth is that every recovery from financial crisis I know of since World War II was driven by currency depreciation. In fact, that’s the biggest reason for pessimism now: because of the global scope of this crisis, the usual exit is blocked. Now, I’m sure that the goldbugs will come up with ways to explain away all of these events. But at that point we’re not learning from history; on the face of it, history seems to suggest many cases of countries prospering through devaluation. So what’s going on with Nigeria? First, it’s a good bet Nigerians don’t actually know much about monetary history. Beyond that, though, what you often see among hard-money types is a sort of Lives of the Saints approach to history: they’ve got their iconic examples (Weimar Germany! Zimbabwe!) which they pull out on every occasion, while remaining utterly ignorant of all the examples that go the other way. And no, it’s not symmetric: people like me have heard about hyperinflation, while people like Ryan apparently have never heard about post-crisis Korea or Argentina. |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by Adminisher: 3:10am On Feb 22, 2016 |
yongnoble: Please. You judge things yourself . This man is empty. He has an HND from a backwater polytechnic but because he is Governor and his party is in disarray , he has turned into economic expert. The PDP is a bad party but even you would agree that a party of NOI, Ekwueme, Akinjide, Donald Duke and others is in negative regression when Fayose becomes its mouthpiece. Buhari should not devalue yet . The Nigerian economy would not be restructure able if we devalue now. We need to nurture strategic national sectors like oil and gas, small scale manufacturing, textiles, leather and most importantly infrastructure elements like power and railways That is a lot if dollars required in the next few years. The Ibo man who just set up a factory producing tomatoes puree in Lagos cannot be competing with the Playboy who spends millions in a night club for the same dollars in the same market . One is value adding and productive and the other is just fun. Dangote's project in Lagos is a strategic national resource, Mambila dam is a strategic national resource, the textile cluster in the North is a strategic resource. Aba SMEs need to be supported if they can form cooperatives to apply for forex sectorally. Those are the serious things Buhari should concentrate hard earned foreign currency to support. Fayose is a governor if a poor state. Actually a very poor state. How will his people cope with devaluation and its effects?. The price of fuel alone might double if you devalue suddenly. Real incomes will fall. This ex taxi driver should be given a wide berth. Let him open his mouth and vomit but as always silence is ever golden |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by Mayflowa(m): 3:53am On Feb 22, 2016 |
[quote author=Rayhut post=43128209]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.[/lquote] Assuming he devalue to the amount u stated and blackmarket price rise to 600 naira, what will u do? Economics doesn't work in Nigeria o. People at the parallel market is playing a fast game. There shud be stringent monitoring. 1 Like |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by francistolorun(m): 5:12am On Feb 22, 2016 |
massinola:because corruption has taken you over |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by Atlantian: 6:28am On Feb 22, 2016 |
How do you de-value something that doesnt really have value. For all those keeping quiet or supporting this Airborne President, I hope soon you will have to use wheelbarrow to carry the cash you need to buy a condom. 1 Like |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by amaechi1: 6:41am On Feb 22, 2016 |
Rayhut: 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. |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by eseoghene144: 6:58am On Feb 22, 2016 |
Fayose is looking for more revenue for his state |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by Abagworo(m): 6:58am On Feb 22, 2016 |
amaechi1: Fayose stylishly looking for ways to deceive civil servants. Unknown to many if Naira is devalued all States will have surplus funds to pay workers but the money will be worthless compared with today. |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by ojeota(f): 7:40am On Feb 22, 2016 |
erico2k2: Bubu is the best person to answer the question. Either way both is bad for the economy and for Nigeria at large. A more better approach should be taken. |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by tomakint: 7:45am On Feb 22, 2016 |
emenas:It has two faces and the worst thing about it is that the negative part far outweighs its positive side because of Nigeria's economic stratagem. |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by Tokt: 7:55am On Feb 22, 2016 |
IzonOwei: 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. 1 Like |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by stauncheezy: 8:14am On Feb 22, 2016 |
My question is.... does this man called Fayose have anything good to contribute to the situation on than jus ranting up n down.... I even doubt if he had any plans in place for Ekiti people..... #mindurbisneswidemouth |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by pappilo(m): 8:15am On Feb 22, 2016 |
Why is Fayose's government buying dollar at black market rates or better still why are they buying dollars at all? If his state govt have a genuine reason to buy dollars I am sure there are mechanisms in olace for CBN to sell to them. |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by stauncheezy: 8:16am On Feb 22, 2016 |
My question is.... does this man called Fayose have anything good to contribute to the situation on ground than jus ranting up n down.... I even doubt if he had any plans in place for Ekiti people..... #mindurbisneswidemouth 1 Like |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by TheAlchemist: 8:26am On Feb 22, 2016 |
erico2k2: 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! 1 Like |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by Nobody: 8:29am On Feb 22, 2016 |
Tokt: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 1 Like |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by billyG(m): 8:30am On Feb 22, 2016 |
Does this fuulish Guv,know what devaluation means. |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by Tokt: 8:34am On Feb 22, 2016 |
IzonOwei: 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. 1 Like |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by Fongido(m): 9:23am On Feb 22, 2016 |
oduastates:when they're done with your father they'll treat his issue. fool |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by Immaculate2000: 9:24am On Feb 22, 2016 |
Fayose the Economist....... You have not explain how you want to solve the economic problem in Ekiti state. Bring out your ideas and dont rely on Buhari. We are waiting. |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by Nobody: 9:43am On Feb 22, 2016 |
Tokt:.......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?... 1 Like |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by lastpage: 10:08am On Feb 22, 2016 |
IzonOwei: 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! |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by Tokt: 10:09am On Feb 22, 2016 |
IzonOwei: 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. |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by charlsecy(m): 10:24am On Feb 22, 2016 |
Rayhut:With the gap narrowed following a devaluation, what stops it from widening again with low oil prices and poor export base? |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by IVORY2009(m): 10:35am On Feb 22, 2016 |
Tokt: Question, is dat wat u do? Demdem! 1 Like |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by Nobody: 10:40am On Feb 22, 2016 |
Tokt:...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.,... |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by Nobody: 10:42am On Feb 22, 2016 |
lastpage:shuuu...na quarrel....i am only buttressing the fact that we face realities with our dying currency and diversify our damn economy....shey na bad thing i talk... |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by erico2k2(m): 11:01am On Feb 22, 2016 |
TheAlchemist:Nop it doesn't work like that, google the history of devaluation and see how they all played o ut |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by Tokt: 11:04am On Feb 22, 2016 |
IzonOwei: Yes, because I can afford it and not complaining about the price. Besides, I don't have to. It's not a must that it must be used. |
Re: Fayose To Buhari: Devalue Naira Now, Forex Policy Short-changing Nigerians by 3rdlegxxx(m): 11:29am On Feb 22, 2016 |
eleko1: guy i tire for them, they are all over Facebook, Twitter and even Nairaland, all they do is rant and blame, ask them to give you 5 give solutions to the problems on ground, for where, ask them how Oil prices falling and our past adminstration fault for not saving and diversifying the economy instead they kept looting and looting, these blank minds won't understand that one but if it is to blame, they start without really thinking and trying to understand the entire problem and it's cause. 1 Like |
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