₦airaland Forum

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Emmeritus:
Due to devaluation of currency in Zimbabwe, 50 American cent is equal to 400 million Zimbabwean dollars.

What happened/ is happening in Zimbabwe is not as a result of currency devaluation, but it was caused by currency deprecation owing to bad economic management, which led to hyper inflation.

NOETHNICITY:
I think import substitution also includes placing bans on importation of goods that are locally manufactured! Hope am right?

Yea, that is used to encourage infant industries since they are not ripe for harsh competition.

kachola:
So who is on the right path now those in support or those against devaluation

Naturally, devaluation is a good economic policy but it only works perfectly when the country has some products and services to export. However, like I stated earlier, Nigeria is an import dependent economy so the issue of devaluation should not be entertained at the moment until we pursue sound import substitution strategy and export promotion strategy of industrialization. This will make it possible for us to export more goods and services and ultimately reap the benefits of devaluation.

Psalmwhyte:
Mehn!.... Dis explaination is quite lucid 2 'we' as laymen but wia u dey OP b4 PMB chose dat ''Mrs. Kemi Adeosun'' as d finance minister wia we hav sure calibre of economists hia on Nairaland... Well,as 4 d devaluation of d naira hw will a commoner hav a feel of it?
Will it reduce d price of comodities in d market?
Will it make landlords reduce dia house & shop rents?
Will it in any way mak d current govt reduce d amount of fees paid in our various institutions of learning?
Questions dat are begging 4 answers.
#team#1=$1#

Like I stated earlier, any country that is import dependent cannot reap the benefits of devaluation. Therefore, if Nigeria decides to go ahead and devalue her currency, our importers will keep importing at a very high price since they cannot source the products locally. The implication of this is that, the price of their products will rise in Nigerian markets (as we are witnessing today) and the burden will be borne by the final consumers (me and you). So the effect will be negative on the common man. Even the importers may not feel the negative impact because they will definitely increase the price of their products to a level that will enable them maximize profit. So succinctly put, the burden (high price) will be borne by the common man who uses their products. Thank you

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Psalmwhyte:
Mehn!.... Dis explaination is quite lucid 2 'we' as laymen but wia u dey OP b4 PMB chose dat ''Mrs. Kemi Adeosun'' as d finance minister wia we hav sure calibre of economists hia on Nairaland... Well,as 4 d devaluation of d naira hw will a commoner hav a feel of it?
Will it reduce d price of comodities in d market?
Will it make landlords reduce dia house & shop rents?
Will it in any way mak d current govt reduce d amount of fees paid in our various institutions of learning?
Questions dat are begging 4 answers.
#team#1=$1#

Lol, thank you dear. God will locate us soon.

urchmanx:
I guess you didn't know the history of Zimbawa and what happened to them. They never devalued their currency, what happened to them was depraciation and not devaluation as a result of the president decision to take over land owned by foreigners. That made international community to put an embargo on their export. This resulted to hyper inflation. Someone just explained this in a simple language guess you never cared to read. I am just putting your comment straight because this is an educative trend. Devaluation and depraciation are two different issues. Thanks

My dear it appears you didn't read the first thing I posted. Maybe you should go to the first page and read it in-between lines. At least I started clearly that devaluation and depreciation are two different things and equally gave conditions necessary for any of the two to arise. Please read before commenting.. Mind you, the OP never asked any question on depreciation. I only brought in the concept of depreciation to elucidate the point I was making. thank you.

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StOla:
The lie/perjury would be proved with evidence contrary to what was tendered during the tribunal and court trials.

Once these evidences are proven to be factual, Aluko will be condemned with it for perjury, while Fayose will begin to warm up to have same facts condemn him too for the actual electoral crime in a different case of electoral fraud.

Aluko will supply the required evidences for both convictions.

Thank you. It is only if the said Aluko can supply a convincing evidence that the election was marred by irregularities. However, the said evidence can only be entertained, if it is found to be a criminal case, else the matter will be null and void and of no effect because the Supreme Court, which is the final arbiter on election matters has ruled on the election and no other court can entertain such a case.

doctokwus:
The foolish,mentally challenged gov doesn't know he is playing into a well planned game by Aluko.
Aluko was expecting to even be arrested and charged for perjury and hoping for a conviction which will then annul his court testimonies and pave the way for Fayose to be arrested by the same court process,when his immunity expires,in just about 2yrs time.
It's only a foolish man like Fayose that wud rush into arranging something like this without knowing what the end game is.
If this perjury thing succeeds,as I know Aluko is prepared for, then Fayose has been trapped where his adversaries want.

My dear that is not how it works in law. The said Aluko testified before the Judges at the apex court that the process that led to the election and the election itself were free, fair and credible - that was an oath he swore. In another statement, this same Aluko told the whole world that the election was marred by irregularities.
Fayose on the other hand has never made any statement contrary to the one he made at the apex court. The issue of perjury is not about whether the election was rigged or not, it is about making a contrary statement to the one made before a court of competent jurisdiction. In the eye of the law, it is punishable.

Maybe it is a GST class.

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chkpoint:
I am very much interested in this ride. If the money am expecting hit my account before the end of this month I will sure come for it, i dont want to borrow, but 270K is my offer. pls reply.

only if it will be available till then.

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donem:
Extra 10k untop pls?

The price I quoted is the selling price. The car is worth more than that. Thanks for your interest.

Emmeritus:
@d one who explained devaluation:Do u knw what happened to Zimbabwe after their currency was devalued?

It happened to Zibabwe because their economy is not ripe for devaluation. Any country that has little or no products and services for export has no business devaluing her currency.

Ama80:
it sounds positive but why is d president hesitant?

The President is hesitant because our economy may not actually reap the benefits of devaluation for now because we are import dependent economy - we have little or nothing to export to other countries. Therefore, even if our currency is devalued and import is discouraged as it is always the case, can our importers source the products locally? This will worsen the situation. What we need to do now is to diversify our economy, make the business/macroeconomic environment conducive, and ultimately, pursue import substitution strategy of industrialization. Import substitution strategy is a situation whereby goods and services that are hitherto imported from foreign countries are manufactured locally.

donem:
Boss 230k I want to gift it, deal?

No, thanks.

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emerged01:
Help her if you have the resources but don't be hopeful you will marry her. Don't do it for her,do it for God. Just don't expect anything good from her in return to prevent heart attack.

This is the best advice. I am a victim of this right now. She and her mum even said we didn't discuss the issue of marriage when I started helping her. I have decided to move on.

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Devaluation is a DELIBERATE reduction in the value of a country's currency in relation to the currencies of other countries. Devaluation is different from depreciation. Whereas devaluation is deliberate, depreciation of currency is caused by some macroeconomic factors.

However, Devaluation is used to discourage import and encourage export of goods and services across borders.

How do we achieve this? When a country's currency is devalued, foreign goods (imports) become so expensive because the value of the country's currency has been reduced making the value of the currency of her trading partner to go up. In this case, the foreign country will be enticed to import from Nigeria (for instance) and our hitherto importers will equally buy Nigerian made products because of high cost of foreign goods. This makes our balance of payment to become favourable.

In the long run (in future), the high rate of export from Nigeria and low import of foreign products by Alaba guys (lol) will increase the value of our naira.

The Honourable Minister of Tourism and Petroleum. Safe trip to WESTERN Britain

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