Atlantian:


Ofcourse, no one feels happy about losing your currency, its sad, but when the system of government is 100% typical of models that the economy must recess, then you can only hold it for so long. It will eventually collapse.

We are treating symptoms and the cause here getting worse. The cause of the fall of naira is mono-economy; depending on a single export as primary source of capital gains. The solution is electricity provision, tax waiver for importation of machinery for manufacturing and increase local production of goods, which actually cant be done with diesel generators without driving the cost of production and products up, then inflation sets in.

Now, since our President has totally messed up the energy sector, what drastic measure should we take ?

Simple: Radical approach is the answer; Stop giving States Allocation. Yes, stop giving also means stop taking from states. States should exploit their resources and manage their infrastructures and build their power plants, while paying 40% taxes on oil/gas, solid minerals to Federal Government. States should establish their police and clinics and schools.

Federal Government is supposed to be a supervisor of States, not the God of States.

Except we change the governing structure, we must go down, real down.

We are treating symptoms and the cause here getting worse. The cause of the fall of naira is mono-economy; depending on a single export as primary source of capital gains. The solution is electricity provision, tax waiver for importation of machinery for manufacturing and increase local production of goods, which actually cant be done with diesel generators without driving the cost of production and
products up, then inflation sets

Stolen:
hahahahaha!


Who don't know all the sudden Economic crisis Nigerians are experiencing are manipulation from Buhari APC led government to cripple the naira and pay their debt to the US/UK that brought them to power.

UK/US are trying to buy up resources and invest in critical sectors of the economy for next to nothing once the Naira is crippled. Its no longer the southwest and th north that brought him to power any more its now UK and us. U make it too easy to spot a dumb ass u


Now Americans have come out to say it to the daft Nigerians. Can dey read in between the line? Can they? hisssss!

manny4life:


When GEJ was in power, it was called opposition and now that Buhari has taken over it's called hatred. This is not hatred, this is simply opposition and nothing more. Oh btw, I do not support devaluation of the Naira at this time..

musicwriter:


.

Yes, totally agree with the above quote. But, even at that, we're better off not devaluing the Naira. As you acknowledged, we operate a mono-economy, therefore, we have nothing else to sell to the world except crude oil. Countries that devalue are countries that have solved the economic problems you pointed out, and who have a lot of products to sell to the world. You have to understand whether we devalue or not, both have its disadvantages. What we're talking about here is choosing the least evil among two evils.

Bevista:
This is a difficult decision for the president and monetary authorities. There are benefits/challenges on either side of the divide, but the decision of policy makers is based on what they consider the priority of the economy.
---
I believe the priority right now is to promote local manufacturing & production, especially in critical sectors of the economy. This will cause some temporary hardship but will lead to longterm benefits like job creation, improved Balance of Trade, self-sufficiency, etc.

molotov1:
So ladies and gentlemen, why are the US and other western allies so concerned about the value of our Naira ?

Is this not a conspiracy ?

Atlantian:


Ofcourse, no one feels happy about losing your currency, its sad, but when the system of government is 100% typical of models that the economy must recess, then you can only hold it for so long. It will eventually collapse.

We are treating symptoms and the cause here getting worse. The cause of the fall of naira is mono-economy; depending on a single export as primary source of capital gains. The solution is electricity provision, tax waiver for importation of machinery for manufacturing and increase local production of goods, which actually cant be done with diesel generators without driving the cost of production and products up, then inflation sets in.

Now, since our President has totally messed up the energy sector, what drastic measure should we take ?

Simple: Radical approach is the answer; Stop giving States Allocation. Yes, stop giving also means stop taking from states. States should exploit their resources and manage their infrastructures and build their power plants, while paying 40% taxes on oil/gas, solid minerals to Federal Government. States should establish their police and clinics and schools.

Federal Government is supposed to be a supervisor of States, not the God of States.

Except we change the governing structure, we must go down, real down.

Atlantian:


I do not support devaluation of Naira, but I support allowing the value of the Naira to be defined by the Economics laws; The Law of Demand and Supply. So we can predict the economy better. Without prediction, we cant really have foreign direct investments. No one invests in a country that the government can chose to fix value of currency and mar your profits. Fixing the price rate of your currency means we are holding on a false value of the Naira, even when the black market has already dictated the tune for local consumers. The false value of naira fixed by CBN is hurting imports and driving prices high due to unavailability of local alternatives to our everyday consumables.

Nigeria has a choice, but we are not taking charge of the situation, we still put Property lawyer as Minister of Power, Works and Housing and we still have an illiterate without knowledge of hydrocarbon market, drilling and mining as Minister of Petroleum and the same fellow is President. Its so sad.

jpphilips:



How is FG abdicating its responsibilities solve the problem? If FG can not afford to exploit alternative avenues for forex earning, what makes you think the states can?
If we go by your advise, in the first month, all Nigerian states will collapse.

new2020:
This one nah cake walk for US...Obama go tell Buhari, choose one: devalue Naira or We will openly push for Biiafra Independence and support with military option if need be. Want to end up like Gaddafi? Before him finish, Buhari go say...consider it done!

I assure you between God and man...Buhari will come back and devalue Naira.

jpphilips:



Your currency has no strong backing, it can not compete with the demand and supply elements, you have a $500b import economy, with currency backing of less than $55.2m daily, there is a tilt in the balance of trade already and you are asking Naira to be determined by demand and supply? Do the maths bro, if you try that, Naira will disappear as a currency

SUPERPACK:
Manage ur econgomy first b4 looking for Nigeria

molotov1:
So ladies and gentlemen, why are the US and other western allies so concerned about the value of our Naira ?

Is this not a conspiracy ?

Atlantian:
No they will not collapse. Give them 6 months to prepare and utilize their allocations for business for profits. That is how American 52 States are managed. Federal Government has no business dashing you money every month.

Atlantian:


My opening line stated that I do not support devaluation, but I prefer if the CBN will allow Naira to assume its natural value based on laws of demand and supply of forex.

We must face the fact, if the economy has collapsed, it has collapsed and we must all face the effects so we can make the decision to fashion out best solution. At the moment we are less than a third world country, so why are we afraid of facing our reality so we can learn new strategies in governance ? The 36 States dependence on Abuja for allocation is what is killing the country, we either solve it now, or it will dissolve us all.

jpphilips:



How is FG abdicating its responsibilities solve the problem? If FG can not afford to exploit alternative avenues for forex earning, what makes you think the states can?
If we go by your advise, in the first month, all Nigerian states will collapse.

jpphilips:


There is no fact to face , you are speaking from both compases of your mouth, you do not support devaluation, so do I, but you want naira to float on demand and supply forces? don't you realize that your proposal is worse than devaluation, what class are you self? make I no discuss economics with Dbanj or Raskimono.

Depending on Abuja is not the issue here, If Abuja has enough, it will go round.

macaranta:
On this issue,I will stand with buhari...devaluation of the naira isn't really an option..it's not like we have products lined up at our ports waiting to be exported.

If America wants to help ,they should discontinue shale oil advancements and allow oil prices to be normal,instead of dragging OPEC into their Russia --USA cold(economic) war

Atlantian:
First off, you actually dont sound like someone who will be good in business, so do not ask me about my class, I am not a student, I am a successful business man. Business works in transparency. You can not fix the price of goods and not be mindful of competition as well as the twin pillars of demand and supply. It sounds great to say value of dollar in Nigeria is 199 naira, but the question is, what determines that value you place of dollar in your currency, is it determined by the standard economic yardstick ? That is what Kachikwu meant when he said he is not a miracle worker. He can only work with fact and figures.

While I do not support devaluation of Naira is simple. I do not want the lazy Presidency fixing the value of naira lower than the natural value. Allow the basic economic parameters of demand and supply and inflation to determine your fx rates so the entire world can see your transparency and rate you accordingly. Are we too afraid to face the collapse ? Yes, we have failed and we are a failed nation, we must accept that fact and then fashion out best strategy to crawl out of the valley. We cant hide it for ever, as it was in Greece and Brazil, needless to mention Zimbabwe, so it is here, but we must be transparent, we must accept criticism and we must allow States not Federal Government to be the Economic Centers. Federal Government is a parasite, a bully and a big failure.

First off, you actually dont sound like someone who will be good in business, so do not ask me about my class, I am not a student, I am a successful business man. Business works in transparency. You can not fix the price of goods and not be mindful of competition as well as the twin pillars of demand and supply. It sounds great to say value of dollar in Nigeria is 199 naira, but the question is, what determines that value you place of dollar in your currency, is it determined by the standard economic yardstick ? That is what Kachikwu meant when he said he is not a miracle worker. He can only work with fact and figures.

While I do not support devaluation of Naira is simple. I do not want the lazy Presidency fixing the value of naira lower than the natural value. Allow the basic economic parameters of demand and supply and inflation to determine your fx rates so the entire world can see your transparency and rate you accordingly. Are we too afraid to face the collapse ? Yes, we have failed and we are a failed nation, we must accept that fact and then fashion out best strategy to crawl out of the valley. We cant hide it for ever, as it was in Greece and Brazil, needless to mention Zimbabwe, so it is here, but we must be transparent, we must accept criticism and we must allow States not Federal Government to be the Economic Centers. Federal Government is a parasite, a bully and a big failure.

jpphilips:
Atlantian post=44223622]

Kachikwu does not discuss monetary policies, if he said that, he must have spoken in a different context, you claimed to be a businessman yet we discuss Naira and the best example that comes to your mind is "goods", Naira is way beyond "goods",though traded, Naira is not a commodity, apple and oranges not mix, the best I can give you is a Trader not a businessman, You are definitely far from being one.




Let me be sure i am not wasting my time, what are the two types of currencies and why did Nigeria choose to fix the naira?
The answers will determine if you are worth my 17:59

Atlantian:


I do not support devaluation of Naira, but I support allowing the value of the Naira to be defined by the Economics laws; The Law of Demand and Supply. So we can predict the economy better. Without prediction, we cant really have foreign direct investments. No one invests in a country that the government can chose to fix value of currency and mar your profits. Fixing the price rate of your currency means we are holding on a false value of the Naira, even when the black market has already dictated the tune for local consumers. The false value of naira fixed by CBN is hurting imports and driving prices high due to unavailability of local alternatives to our everyday consumables.

Nigeria has a choice, but we are not taking charge of the situation, we still put Property lawyer as Minister of Power, Works and Housing and we still have an illiterate without knowledge of hydrocarbon market, drilling and mining as Minister of Petroleum and the same fellow is President. Its so sad.

Nigeria has a choice, but we are not taking charge of the situation, we still put Property lawyer as Minister of Power, Works and Housing and we still have an illiterate without knowledge of hydrocarbon market, drilling and mining as Minister of Petroleum and the same fellow is President. Its so sad

musicwriter:


.

Generally, Nigeria is not ready for development. I for one know how to spur development than anybody in the government. For example; I have more solution for our electricity problem than the power minister. But, that's not the issue for now.

When analysing all these, don't forget to look back to history, cause economic theories isn't enough. Winston Churchill said "the farther backward you look at history, the farther forward you are likely to see''. We once devalued the Naira under IBB's regime in the 80's. It didn't end well. It gave us structural adjustment program- SAP which brought hunger in the land, literally. Thereafter, the world bank lured Nigeria to more loans, until we depended on more loans to survive. Our economy was then owned and directed by western powers to our detriment- something Obasanjo worked hard to have them "cancel the debts". Many countries like Argentina, Indonesia, Ghana, Bangladesh, e.t.c have toed that line and it didn't end well for any country.

If the president can work seriously on electricity to boost power supply, work on our refineries, encourage buy Nigerian made, e.t.c you'll see after a while the dollar will start falling naturally to its place. Both IMF and US know this that's they're putting enormous pressure and our elites to pressure the president into submission.

dunkem21:
Anything to ease the sufferings, haba

Aksonman:
I'll vote GEJ because I have very high self-esteem and i do not hold him responsible for my personal problems...unlike Buhari fans.

GEJ is doing a great job. Crude oil prices slumped, Naira has been devalued for months now, yet inflation has not reached the roof unlike what's happening to Russia now.
In Nigeria, the things you bought at N100 when Naira was N160 to $, still cost N100 (or even less) now that it's N200 to $.

Someone is managing our economy very well.