Egypt's central bank devalued the pound to 8.85 per U.S. dollar from a previous 7.73 on Monday.

Aegon:
Ninety percent of forex operations in Nigeria are run through the parallel market. Any sane Government will without delay restore confidence and accountability by devaluing. But not in Nigeria, this is where reason is turned upon its head. See the reasons the Egyptians gave. The expired junketeer in chief only worries about his children's school fees abroad. Every other person can go to hell.

banki:


What do you produce that will earn you foreign exchange...
You guys act like you know it all what do you know about devaluation...
That you have access to to the Internet makes you think you can insult the president at any given time

989900:


This one na 'mere' fluctuation; not devaluation.

989900:


This one na 'mere' fluctuation; not devaluation.

banki:


What do you produce that will earn you foreign exchange...
You guys act like you know it all what do you know about devaluation...
That you have access to to the Internet makes you think you can insult the president at any given time

grandstar:
Sanusi, Soludo and Utomi have all condemned Buhari's policies!

grandstar:
Sanusi, Soludo and Utomi have all condemned Buhari's policies!

lincolnj88:
using d way naira fell from 200 to 387 .... one can say this Egypt type of devaluation is a mere fluctuation...

Aegon:
Ninety percent of forex operations in Nigeria are run through the parallel market. Any sane Government will without delay restore confidence and accountability by devaluing. But not in Nigeria, this is where reason is turned upon its head. See the reasons the Egyptians gave. The expired junketeer in chief only worries about his children's school fees abroad. Every other person can go to hell.

Chairman of Zinox Group, Nigeria’s foremost integrated Information and Communication Technology (ICT) conglomerate, Leo Stan Ekeh has lent his voice to the on-going debate over the calls for the devaluation of the local currency, noting that prevailing circumstances in the nation’s fiscal and monetary framework aligned to developments in the global oil market makes devaluation a needless venture at this material time.

Ekeh, who claimed that his company is one of the casualties of the current forex scarcity with increasing difficulty to meet overseas business obligations, believes Nigerians and Nigerian corporates have reasonably adjusted to the realities of the hard times with pains as most people are now prioritizing critical needs which should be the case most times. In his view, the dire situation has most importantly impacted common sense which is not too common in many Nigerians.

“It’s too late to devalue the naira at this point in time. I can see reason behind the refusal of the President to consider devaluation as it is a move that will certainly erode the buying power of the middle class and push millions of Nigeria already living below the poverty line into abject penury,” surmised Ekeh, who is also a renowned Third World Economist.

Aegon:
Insults to the president didn't start with this president so don't pretend a patriotism that started with buhari.

And about what we produce, we produce shoes, it's on record that Aba produces one million pairs per annum, but the shoemaking industry is dying because of inability to import raw materials.

Small businesses are the worst hit because of inability to access goods from abroad.

Must you lick Buharis anus to realise that the health care industry is suffering because medical equipment, drugs and co cannot be brought in for immediate use.
Must we wait until we develop cancer drugs before our patients can receive care?

Parents cannot pay for their wards abroad not because they cannot afford it but because a certain expired brain is making decisions, decisions he couldn't even defend on Al-Jazeera.

Aegon:
Insults to the president didn't start with this president so don't pretend a patriotism that started with buhari.

And about what we produce, we produce shoes, it's on record that Aba produces one million pairs per annum, but the shoemaking industry is dying because of inability to import raw materials.

Small businesses are the worst hit because of inability to access goods from abroad.

Must you lick Buharis anus to realise that the health care industry is suffering because medical equipment, drugs and co cannot be brought in for immediate use.
Must we wait until we develop cancer drugs before our patients can receive care?

Parents cannot pay for their wards abroad not because they cannot afford it but because a certain expired brain is making decisions, decisions he couldn't even defend on Al-Jazeera.

Aegon:
Ninety percent of forex operations in Nigeria are run through the parallel market. Any sane Government will without delay restore confidence and accountability by devaluing. But not in Nigeria, this is where reason is turned upon its head. See the reasons the Egyptians gave. The expired junketeer in chief only worries about his children's school fees abroad. Every other person can go to hell.

OlujobaSamuel:

some prominent economists too also opposes devaluation.
Economics is not like any other discipline that you might have just a line of thought where you only need a specific rule, there are a million and one school of thoughts in economics, so because someone supported or opposed doesn't make it right or wrong.
If you can't convince the mandate holder to tow your line of thought, the best is to wait to see his rise or fall as a result of his economic prejudice. Am not so sure you can impeach in democratic settings for economic view, that's why we have the opportunity to either vote out or re-elect after a specified period of time.

989900:


Both Sanusi and Soludo defended the Naira with billions as CBN governors, it's easier for people to mouth-off when not in the 'hot-seat'.

The trio of Soludo, Sanusi, and Prof. Utomi have not offered anything better than what other professors and economic gurus have proposed, nor have their tenures been bliss, rather, riddled with ridiculous policies and failures.

The bottom line is, in our own case (Nigeria), devaluation is treating symptoms in-llieu of underlying causes; how long will we continue on that path? Didn't we have roughly 30% devaluation from N155 to N197 just about a year ago -- has that cured us?

Aegon:
Insults to the president didn't start with this president so don't pretend a patriotism that started with buhari.

And about what we produce, we produce shoes, it's on record that Aba produces one million pairs per annum, but the shoemaking industry is dying because of inability to import raw materials.

Small businesses are the worst hit because of inability to access goods from abroad.

Must you lick Buharis anus to realise that the health care industry is suffering because medical equipment, drugs and co cannot be brought in for immediate use.
Must we wait until we develop cancer drugs before our patients can receive care?

Parents cannot pay for their wards abroad not because they cannot afford it but because a certain expired brain is making decisions, decisions he couldn't even defend on Al-Jazeera.

grandstar:


Currency depreciations do not occur because you like or you hate it. They happen because of many reasons. They are usually the symptom of a problem and not the problem itself.

First and foremost, you speak as though it is economists that determine the value of a currency.Actually,it is the market.

For instance,when the pound was in the ERM in the early 90's, it was obvious that it left the British pound overvalued and it was making British industry uncompetitive and if left unchanged would plunge the country into a recession.

Speculators such as George Soros could see this and he alone made $1billion betting against the pound.

You state the government should not devalue yet the naira has nosedived to 320 at the black market. What do you call that? Are you living in denial? Or playing ostrich?

The naira true value based on market forces is between 230 -250. Anything less,will simply breed dollar shortages which is causing mayhemin the economy.