Marvin67:
The economist doesnt need to write all these grammer, even the old woman selling pepper down the road can explain that things aren't working and times are hard. Companies are releasing employees, cost of the day to day good has increased, there's no fuel to run around, everything is tight , simply because one baba would not listen.
If only this president would listen, if only he'd seek advice from those who know.
Anyway, we re waiting for him around the corner in 2019. His party says "no vacancy in aso rock" we'd show them that with our votes we decide who stays in aso rock and who leaves aso rock.

Let's even start now, click like if you want Buhari out of aso rock , for a better Nigeria. Click share if you believe Buhari should remain in aso rock to fix Nigeria

cardoctor:
Patience is a virtue.

SURU LERE

vingeophysicist:
oga the problem is that he implement policy and he don't create necessary environment to promote it. my guy before you think of improvement in local production their must be power.But Buhari is not following the right direction, people will just suffer.

adanny01:


Dont you find it strange that Nigeria depends on import for food and without forex, we have food shortage? Is it not a disgrace.

You think a president like Mogabe ia all bad, because he let them suffer instead of openning the borders for every Tom, Jack and Harry to dump anything he wants and the people would just accept.

Nigrians have devrloped too much of a tase for foreign products that we killed local production making us entirely dependent in forex. If you think you know economics, you show know that its better to produce at home. Since we dont want to do it ourselves, the president took a stand. Fix ourselves or die.

ideylaff:


What really do we want.

If you had keep your home tidy and financially stable with no capital flight of our money will the West we keep blaming/the economist
have a controlling or overbearing say in our situation ?

We blame the West, We don't want their ideas or suggestions yet Buhari has spent all his foreign travel begging and literally asking the west for help. Does that not sound foolish . It's more like a Christian asking for an Imams daughter in marriage and you now want to reject the brides father requesting you marry his daughter in a mosque.

[b]What do we want , some of the west or all of the west?

Even if they mean bad, do we ourselves mean well for ourselves when we steal our own money, oppress our own people and now move the money outside . Are we not the bigger fools?

Charity begins at home, practice what you preach, have EmefIOLE of CBN, The VP and President Buhari started to wear made in Nigeria shoes before they start to pontificate all over using toothpick and cons an excuse while their cronies who sponsored their election to power are busy taking advantage of the FOREX situation to round trip dollars made available to them at the expense of starving others

We know what is going on and we are not fools. Their conscience will forever prick them on what they are using to punish the people while they smile for pictures daily in Aso Rock and their silly round table meetings that have no agenda or game plan

Yes i voted for them but I admit they have let me down

They now have an attitude and have the nerves to tell us "i am not a magician , I cannot make oil queues dissappesr over night"

While they give allocation to import to cronies and swap oil like water for us [/b]

ellechrystal:
And some zombies who know nothing about Economics will come here n type trash, God help us o. This kind president , his policies r killing his citizens,
N he is so non challant about it.
I blame the people who were chanting "CHAINS"
It's not about being victorious after the elections, the real thing is how to maintain the victory
JONATHAN, I no go lie, we miss u
I guess even in defeat, Jonathan is the victor here

Dahveydson:
Listen to the economists at your own peril.

PMB refuses to devalue, if you like write a whole bible on it. A policy that is still in motion have been concluded not working already.

Sigh

We've had countless threads from intelligent Nigerians on here, and the conclusion have been devaluation is a no no.

Wailers and their likes said naira will go up to N500 to $1 if we don't devalue, we haven't devalued, and it's still N320 on the black market.

We will continue to hold the forte..

I SAY NO TO DEVALUATION

Melkizedek:

Is that the true story? That the local manufacturers closed shop because Nigerians "developed too much taste for foreign products".... When the government couldn't give them power for over 40 years, when the price of petrol kept soaring up...and you turned around to blame the victim? Who do you think you are deceiving? Only the two gullibles that gave you a 'like'

tuale4u:
devaluation will only make import easy for importers. d current system will promote local production in d long run. All d people asking for official devaluation is to make import of luxury and import of products we want to make locally cheaper. This will kill local production. We are currently importing luxury and other non essential product at 320 naira to a dollar. If we devalue to say 250 and free forex, we start importing them at 250 naira to a dollar. This will kill d motivation 4 local production.

we must bear dis initial difficulties to achieve local production.

i support PMB rigidity on this. Any attempt tp go flexible we will return to where we have been and Nigeria wont progress.

tuale4u:
devaluation will only make import easy for importers. d current system will promote local production in d long run. All d people asking for official devaluation is to make import of luxury and import of products we want to make locally cheaper. This will kill local production. We are currently importing luxury and other non essential product at 320 naira to a dollar. If we devalue to say 250 and free forex, we start importing them at 250 naira to a dollar. This will kill d motivation 4 local production.

we must bear dis initial difficulties to achieve local production.

i support PMB rigidity on this. Any attempt tp go flexible we will return to where we have been and Nigeria wont progress.

Tiskified:
DISCLAIMER: This post is a my reflection on a currency devaluation. It is not meant to be a defense of or a rejection of a decision to devalue. Note also that this post is not political in nature. Just my thoughts.

Where a country operates a fixed exchange rate syatem like we do in Nigeria, devaluation as a monetary policy would involve reducing the value of the Naira with respect to those goods, services or other monetary units with which the naira can be exchanged. When we devalue our currency, we officially lower its value versus other currencies in a fixed exchange rate system that is the monetary authority (the CBN) formally sets a new fixed rate with respect to a foreign reference currency (in this case the dollar)

A devaluation means that the value of the Naira falls. Nigerians will find imports and foreign travel more expensive. However domestic exports will benefit from their exports becoming cheaper.

Herein lies the crux of the matter.

A weakened currency is only valuable if we EXPORT!

Advantages of devaluation

1. Exports become cheaper and more competitive to foreign buyers. This provides a boost for domestic demand and could lead to job creation in the export sector.
2. Higher level of exports should in theory lead to an improvement in the current account deficit. This is important if the country has a large current account deficit due to a lack of competitiveness.

3. Higher exports and aggregate demand (AD) can lead to higher rates of economic growth.

Disadvantages of devaluation

1. Is likely to cause inflation because:

Imports more expensive (any imported good or raw material will increase in price)

Aggregate Demand increases causing demand pull inflation.

Firms / exporters have less incentive to cut costs because they can rely on the devaluation to improve competitiveness. The concern is in the long-term devaluation may lead to lower productivity because of the decline in incentives.

2. Reduces the purchasing power of citizens abroad. e.g. more expensive to go on holiday abroad.

3. A large and rapid devaluation may scare off international investors. It makes investors less willing to hold government debt because it is effectively reducing the value of their holdings.

4. If consumers have debts, e.g. mortgages in foreign currency – after a devaluation they will see a sharp rise in the cost of their debt repayments. This occurred in Hungary when many had taken out a mortgage in foreign currency.

In summary devaluation of a currency is not a task to be taken lightly. If we stimulate exports properly then it MAY be beneficial in the long run. But just devaluing for the sake of having the dollar more readily available is a reckless economic endeavour.

millionaireman:
According to Economist: In Buhsri's Nigeria, Milk getting scarce, Rice more expensive, Sugar scarce, I add, biscuits getting out of reach for children.

What do these suggest?

Are Nigerians going back to queue for Essential Commodities as was during Buhari the military dictator?

parisbookaddict:
As much as I disagree wiTh buhari on several of his actions eg silence on condemning the killings in the east(IPOB), in benue, the shias, etc and false claims on defeating BH, the growing fulani cattle herder problem, poor choice of ministerial nominees, ignoring court order to release kalu and the shia leader, the growing election malpractices and violence etc all problems growing under his watch...very disturbing precedences as well as some old problems.

However, he makes sense by refusing to devalue the naira. I agree with him on that. Venezuela has been devaluing theirs but it hasn't stopped the near collapse of their economy. He must stand firm against western interest that don't benefit us. Yes Nigeria is poorer by far now as a result of the years of ignoring other sources of export revenue, comatose manufacturing sector, corruption by past governments but he needs to send a clear massage that will not continue. What can he do to help the naira and economy pick up again. ??

1. Urge the senate to pass bills that will expedite seizing assets of corrupt individuals
2. Stop the alleged corruption in the CBN with regards to Forex sales
3. Dedicate huge FOREX to the 3 most important needs for nigerians , a.Manufacturers in Nigeria who need Forex for raw material ,
b. Students abroad c. Medical needs
4. Reform the courts
5. Hire investigators to determine how much of our public funds were taken abroad by the filthy political class
6.Focus on Ben Bruce's brilliant call to grow naira by buying nigerian products. This includes encouraging nigerian business and the federal government to first consider local sellers before foreign ones eg in procuring cars we have IVM, kia Nigeria, peugout etc,

He can do so much more than he is doing now, also he needs to spend more time in Nigeria and focus on putting his country in order.

anonimi:


Yes. He is confused now as he was in 1984.
He has learnt NOTHING since then and CANNOT be called a wise old man.
NOTHING.


www.nairaland.com/attachments/3487934_facebook20160217203110_png9d101a62a7f85ccae216ad246dbde300


Seriously ...
He is even worse than before

www.nairaland.com/attachments/3515036_image_jpeg9f360c5ab7736510df54c882e9dbf188



www.nairaland.com/attachments/2095210_worst_jpeg588f192a23aa02a7b350a8bbe5d18306

engrsoma:
Someone must be somewhere giving him a bad advice, Even I an undergraduate don't know much about financial economics talk less of a man without certificate.

One thing I remember for economics in secondary school is comparative advantage, and then we had examples using groundnut etc, but Nigeria is a monoeconomy naa.

ojuolu:
And you think the Economist with this TRASH is right? If we devalue our naira, what do we have to export apart from oil to justify this devaluation? Dear, don't be fooled by every nonsense these self serving neo colonists vomit out. A weaker naira with nothing to export apart from oil with falling price means we gonna import inflation into the country. IMF, World Bank, etc are agents of the imperial neo colonists.

monopoly3072:

my guy don't mislead pple wit ur analysis...consult ur elementary economics wella before putting up a write-up

Dahveydson:
Listen to the economists at your own peril.

PMB refuses to devalue, if you like write a whole bible on it. A policy that is still in motion have been concluded not working already.

Sigh

We've had countless threads from intelligent Nigerians on here, and the conclusion have been devaluation is a no no.

Wailers and their likes said naira will go up to N500 to $1 if we don't devalue, we haven't devalued, and it's still N320 on the black market.

We will continue to hold the forte..

I SAY NO TO DEVALUATION

stevecantrell:


Right !
Devaluation is simply telling the world and the investors of the world "Nigeria is Officially fuckd and ready to be fuckd some more."
Buhari has been in this game before and he is simply refusing to give these globalists and neo-cons the satisfaction.

ellechrystal:

Am not in support of devaluing d naira man.
Like I rightly stated, his policies r killing the economy, thank yoi