Clone2020:
My father always tell me stories of how he used to travel to the U.S in the 80s and the Naira was stronger than the dollar. I used to think it was one of the fairy tales parents tell e.g like how they always came first in class but the one day they came 2nd, they almost committed suicide cuz their parents would've killed them. Anyway, he went on to say back then, Nigerians only traveled to US to do business, school or vacation. My father said the white man used to beg Nigerians to come to America cuz our currency was so powerful and they needed the tourism money. Nigerians never really liked travelling abroad, for what? Our economy was booming, our currency was very strong, the middle class was thriving. There was still that belief that children will grow up to surpass their parents in wealth and achievements. It's sad to see that once beautiful country with so much potential going down the drain fast while the rest of the world is excelling. $1 is now over N300. My Ghanaian friends sometimes tease me that it's cheaper to burn a pile of naira notes than buy firewood. Is this what we have become? A laughing stock? A country that produces nothing? I don't know about you but I miss the Nigeria of the 60s-80s and I certainly miss a stronger Naira.

What are you doing to help?

Wicked Buhari created this economic doldrums to enrich and empower his people against the majority of Nigerians. He's trying to deal with the igbo businesses with economic strangulation forgetting Nigeria will be worst for it.

The idea of not devaluing to make the forex competitive is a grandstanding of the APC government but God will destroy their plans.

Igbos business men cannot assess the dollars but the Aboki man who's into bureau de change can assess it for 198 to a dollar to sell for as high as 400. Dangote and the major hausa business players have assess to the CBN vault for dollars at normal rates but every other competitors can't but are told to go and manufacture. Manufacture with epileptic power supply? Or bad transportation system? This economic strangulation is to give the northern business men comparable advantage and allow them dictate the market force.

Clone2020:
My father always tell me stories of how he used to travel to the U.S in the 80s and the Naira was stronger than the dollar. I used to think it was one of the fairy tales parents tell e.g like how they always came first in class but the one day they came 2nd, they almost committed suicide cuz their parents would've killed them. Anyway, he went on to say back then, Nigerians only traveled to US to do business, school or vacation. My father said the white man used to beg Nigerians to come to America cuz our currency was so powerful and they needed the tourism money. Nigerians never really liked travelling abroad, for what? Our economy was booming, our currency was very strong, the middle class was thriving. There was still that belief that children will grow up to surpass their parents in wealth and achievements. It's sad to see that once beautiful country with so much potential going down the drain fast while the rest of the world is excelling. $1 is now over N300. My Ghanaian friends sometimes tease me that it's cheaper to burn a pile of naira notes than buy firewood. Is this what we have become? A laughing stock? A country that produces nothing? I don't know about you but I miss the Nigeria of the 60s-80s and I certainly miss a stronger Naira.

A stronger naira only favours imports and importers. The stronger the naira the cheaper the goods imported whether they are raw materials or finished goods. Devalue your currency and imported tomatoes will become expensive, people will return to the farm and in suffient numbers the price of local tomatoes will go down again.

What Buhari is saying by refusing devaluation is that he does not have hope that the average Nigerian will abandon costly imported goods for cheaper ones be it fuel, cars, chicken, fish or furniture. He doesn't trust our intellect, fortitude and capacity to be a productive people. That is why he has kicked the can down to another administration. The worst thing is that most Nigerians instead of saying, yes we can, are saying, Mr. President. We have no hope of doing things for ourselves. Infact we give up and wait for oil prices to rise again....slavery.

pendusky:
I started seeing different Osibanjo when he said GEJ and Yar'adua didn't build a single road!!!


Take it or leave it!


This country is in economy mess!


Its affecting Everyone...

heard Buhari form Its Economic Team and SAN is the head, I am wondering if its the same Federal Economic Council that is headed by VP then I must say we are joking!

I am watching ooh!

Bt I thought he is a pastor...Why shuld a pastor lie??

Nigeria eh....

Importguru:
For this Osinbajo not to accept the fact that they are not yet productive is a beginning of their total failure

You all need to check this list - #Sanusi
EXCULSIVE: 5 Nigerians Who RECENTLY Made History

They have no plans to be productive or put Nigerians to work. We better save ourselves.

I pray things workout for this administration.
Sometimes is hard to make good change, even if they meant well, people will always resist change. We should be patient, is barely a yr. Whatever this administration want to do, I believe is for the benefit of common 9ja people.

take it or leave it

Sanchase:
SAnusi, sanusi, sanusi. How many times did i call you?

You are no longer the CBN governor so get that into your brain dead skull.

Take your devaluation to Kano, ur village precisely.

Sanusi and his team of embezzlers have stacked up huge amount of foreign currency, they are now pushing the government to devalue Naira so

they can cash in, ur plan go no work boy.

Joseph Sanusi not Lamido Sanusi. Read carefully.

This Osinbajo of a man should learn how to talk. How can he say Jonathan did nothing on roads. What of d East West road from Eket to Warri. What of d 530km express way from Kano to Maiduguri, Ore to Benin axis of road that we use to spend hours before getting to Benin that Jonathan fixed. Lagos Ibadan express way on going. Now he is saying Jonathan spent 20billion importing food that is why d foreign reserves got deplicted. Aba! Help me tell this government to settle down and work on the economy. People are dying. We are not in jamboree.

Mayflowa:


What are you doing to help?

I now sell Shea Butter and cocoa butter on Amazon. I buy them in Nigeria, package it and sell on Amazon.. I'm also in the process of supplying yams to African Markets on New York. A cheaper naira actually favors me cuz I can buy agric produce cheap and sell high. It also favors me when I change dollars to naira to take care of expenses back home, but as a true Nigerian, I would rather see our economy grow and currency streghten.

Those people that are asking for Naira devaluation are the people behind the increcement in dolar, what would nigerians benefit in naira devaluation? They should tell us

It is very irritating to read so many idiotic comments on this thread! There's no magic in the world that will bring Nigeria to prosperity within one or 2 years irrespective of how good the government is.

Nigerian economy was already battered long before the new administration came in. We are in for many painful years whether we like it or not. There is no magic that will bring this economy back to normal within a short period, take it or leave it.

I am not a supporter of any particular party, but the fact is the present administration is going to be there for at least 4 years whether we like it or not. The best thing we can do is to support them to achieve something. There is no perfect government anywhere in the world, even in advanced countries like Britain and America, there are many cases of corruption. The only difference is that corruption is not so heavy as to destroy the country, as we have in Nigeria.

As far as I can see it, the present administration seem to be following the right path to get Nigeria out of the doldrums inflicted by one of the worst government any country could have had.
The last government really messed Nigeria up spectacularly, stealing money like there is no tomorrow. The level of stealing exhibited by the last administration is only possible from people with a psychiatric condition which prevent them from controlling their stealing – kleptomania. These kleptomaniacs are still around, and some of them are sponsored in these threads on nairaland. They make comments and you start wondering; are these people really human beings? How can someone make such stupid comments?

Adventures of the merely queen of england of a commissioner.

kITATITA:
Someone please educate me; is there any country in a monolith economy that got better after currency devaluation

Very very intelligent question. There is a new kind of colonial mentality going on. A young educated Nigerian reads Bloomberg, Reuters and New York Times and takes their suggestions as ultimate panaceas. The mis-informed press of the worlds greatest debtor becomes oracle. I laugh in kenery language. The mumu wey dey worry Igbos/IPODs/IPADs just comot for gym. You dey import fuel do every thing and you wan devalue

blazetitov:
Devaluation is not the answer. We should instead diversify the economy and consume more of locally produced goods.

Will you buy less quality Nigerian goods at a more expensive price that better but cheaper imported alternatives. Your truthful answer will be no. Even the VP and his government are not doing this. There has to be an incentive, a carrot to take hard decisions or a stick to force submission. Nigeria has no more carrots in the CBN or Treasury. The only way to change is to force it by devaluation. The best time to do it is now with a combination of low oil prices and a new and popular government. If you were a patriot you will do the right thing, not the expedient thing. There is no painless way to develop. We have been on palliatives since 1988 due to Babangida's half measures. He started, saw the bleeding body on the operating table and fearing popular uprising baulked and elected for drugs instead.

Nigeria needs focused, courageous leadership that Buhari is currently not offering. I warn again. The populism of his anti-corruption drive will wane and when there are no longer deviants to conquer, Napoleon will weep.

AkoEja:
It is very irritating to read so many idiotic comments on this thread! There's no magic in the world that will bring Nigeria to prosperity within one or 2 years irrespective of how good the government is.

Nigerian economy was already battered long before the new administration came in. We are in for many painful years whether we like it or not. There is no magic that will bring this economy back to normal within a short period, take it or leave it.

I am not a supporter of any particular party, but the fact is the present administration is going to be there for at least 4 years whether we like it or not. The best thing we can do is to support them to achieve something. There is no perfect government anywhere in the world, even in advanced countries like Britain and America, there are many cases of corruption. The only difference is that corruption is not so heavy as to destroy the country, as we have in Nigeria.

As far as I can see it, the present administration seem to be following the right path to get Nigeria out of the doldrums inflicted by one of the worst government any country could have had.
The last government really messed Nigeria up spectacularly, stealing money like there is no tomorrow. The level of stealing exhibited by the last administration is only possible from people with a psychiatric condition which prevent them from controlling their stealing – kleptomania. These kleptomaniacs are still around, and some of them are sponsored in these threads on nairaland. They make comments and you start wondering; are these people really human beings? How can someone make such stupid comments?

so nuseating and boring.
After preaching pls crawl back to ur hole..

Adminisher:


Very very intelligent question. There is a new kind of colonial mentality going on. A young educated Nigerian reads Bloomberg, Reuters and New York Times and takes their suggestions as ultimate panaceas. The mis-informed press of the worlds greatest debtor becomes oracle. I laugh in kenery language. The mumu wey dey worry Igbos/IPODs/IPADs just comot for gym. You dey import fuel do every thing and you wan devalue

everybody must comment.....even if u gat nathn' reasonable to say and blow da pennywhistle from da arsse,u must comment..

Sanchase:
SAnusi, sanusi, sanusi. How many times did i call you?

You are no longer the CBN governor so get that into your brain dead skull.

Take your devaluation to Kano, ur village precisely.

Sanusi and his team of embezzlers have stacked up huge amount of foreign currency, they are now pushing the government to devalue Naira so

they can cash in, ur plan go no work boy.

the man IS FROM ONDO STATE not KANO.....joseph sanusi,not sanusi lamido sanusi

fairheven:
We had parallel market system even when Sanusi was in central bank, so why is he now preaching against it?

He is not preaching against it. He is asking for a convergence of indicies so that the economy is on an even keel. No one can build effectively on uneven ground. Can you?

One out of many rexamples (reasoning examples). If I was to set up industry requires fx and I bought at 300. How will I compete with you who buys at 'government' rate if I'm not on the list, connected or corrupt. The uneven playing field is a big disinvestment. If the margin was 2, 10, 15% I may harzard it but the margin in 70% encounting. Which kind of profit will I make to hedge this risk.

yaki84:


diversify to wat nw?

Agriculture and solid minerals. That's the way to go.

yaki84:


diversify to wat nw?

Agriculture and solid minerals. That's the way to go.

yaki84:


diversify to wat nw?

Agriculture and solid minerals. That's the way to go.

asamaigho:



the man IS FROM ONDO STATE not KANO.....joseph sanusi,not sanusi lamido sanusi

2 time CBN Governor he was.

Very calm level headed man.

Simple life and simple words

When he speaks he making sence .

Bubu and Osinbajo need to listen oooooo

Diversification and Exportation of made in Nigeria goods won't happen overnight

Also enuff of Jonathan did this and that

I voted for Buhari but he's driving Nigeria with a rear view mirror

I've just about had enuff of blame games and excuses. You are in charge now

Investors have left the country in the midst of too many pictures, bilateral talks, photographs and prayer meetings before meetings all over the place

Had enuff

blazetitov:

Agriculture and solid minerals. That's the way to go.

how much is being budgetted to this ministries in d current bill?

I THOUGHT THAT WHEN BABA GO SLOW WAS COMING INTO POWER WITH HIS TEAM OF BOKO HARAM HE HAD ALL THE STRACTEGE NEEDED TO RUN A VIABLE ECONOMY? BT HERE WE ARE SINGING THE SAM OLD SONG NIGERIA HAS EXPIRED AND THERE IS NOTHING ANYBODY CAN DO ABOUT IT. DISINTIGRATION IS THE ONLY ANSWER TO THE OO PROBLEMS RIGHT NOW.

drss:
wetin una expect from mere commissioner d fact dat him dey head buari's economic team is a testament dat buari's govt is a huge joke.

Study the constitution a bit more thou young ****

yaki84:



how much is being budgetted to this ministries in d current bill?

Not a single Agriculture Direction, Incentives or even a 2 page Blueprint or RoadMap from the Agriculture Minister and we are making noise about diversification like its a 2 minute thing.

No plans No Direction?

Is this how Nations who diversified went about it? NO

Too much lip service is bn paid and too much noise as well

blkmum700:



You are right bro,if Japan or South Korean devalued their currency you will see strong opposition from Imf or US but they want us to devalued naira because its favor them more.

You must understand that the IMF (pro European) and the World Bank (pro American) will always act in favour of the West. When they deal with large Eastern economies such as China and Japan they do so in Western interests. China and Japan buys huge quantities of US and European goods and so devaluation of the Yuan or Yen will make Western goods uncompetetive. Nigeria is not in that ball park. We want to industrialize so we must make imports expensive by devaluation. They will say nothing because quite frankly we donot buy much as compared to the Asian Tigers.

Please try to reason along with me ooo. The Gari that was sold for #500 per bag as at 1998,Is Gari also Imported?. How come it has sky rocketed in price. Increase in exchange rate will only increase the price of local agricultural products. The standard of living will also increase because importation will not stop. I now see mr prexy as a coward and clueless. The only way out is to ban some Imported goods and stop putting the common man into suffering.

Clone2020:
My father always tell me stories of how he used to travel to the U.S in the 80s and the Naira was stronger than the dollar. I used to think it was one of the fairy tales parents tell e.g like how they always came first in class but the one day they came 2nd, they almost committed suicide cuz their parents would've killed them. Anyway, he went on to say back then, Nigerians only traveled to the US to do business, school or vacation. My father said the white man used to beg Nigerians to come to America cuz our currency was so powerful and they needed the tourism money. Nigerians never really liked travelling abroad, for what? Our economy was booming, our currency was very strong, the middle class was thriving. There was still that belief that children will grow up to surpass their parents in wealth and achievements. It's sad to see that once beautiful country with so much potential going down the drain fast while the rest of the world is excelling. $1 is now over N300. My Ghanaian friends sometimes tease me that it's cheaper to burn a pile of naira notes than buy firewood. Is this what we have become? A laughing stock? A country that produces nothing? I don't know about you but I miss the Nigeria of the 60s-80s and I certainly miss a stronger Naira.

Your father lied to you.

No matter what the constitution says Osinbajo , Buhari are not economists that is why they need to engage and hear people out more.

Osinbajo is a lawyer and has never had to make Economic decisions at a level like this before

If he likes he can carry his notepad and iPad all day long.

About time they engage people who will give suggestions and not be emotional on a Naira that really has no value anymore

They keep making noise about by Nigeria.

Which made in Nigeria car is in the Vice President or Presidents fleet?

The should show us the made in Nigeria food in ASO Kitchen as well before they start to pontificate as holy holy holy