marshborn:

What if while carefully managing it the tire gets condemned before reaching the nearest vulcanizer?

sonnie10:


And also maintains bank accounts in the multiple countries.

martyns303:


Writing a long epistle to prove a point is like shouting during a conversation, if the other guy shouts louder do that make him right?

You made valid points though!!! And oh! Now we know ur a millionaire who lives in multiple countries

Coolcash1:
Its because of US comment to put pressure on PMB to devalue the currency is why this issue of devaluation is coming up again.

For every economic policy there are always people for and against. So I am not surprised some are agitating for devaluation whilst some school of thought say no.

The fact is, as it has been over flogged, devaluing the Naira will FURTHER impoverish Nigerians. I think what the government should focus on is, borrow more money to fund growth projects, increase investment, carry out targeted tax incentives for key sectors, increase tarrif on elastic goods and develop agriculture.

God bless Nigeria.

rhymaster:


Why are some people like you incapable of rational thought? Posters above, Nigerians who have lived and travelled all over the world and some who have worked and actually work in huge companies in leading positions with experience, leading very diverse teams of talent from all over the world are saying "do not devalue the currency" but you think you know something they do not? Please come off this base stoopid thinking that you know something when you are way out of your depths! The president, with his economic team, who have seen this same issue many times have given reasons why the Naira should not be devalued, have you read it or have a superior reason? Most likely, no! If you want to be out to the guillotine of poverty, why not relocate to a country with a devalued currency and economic situation like Nigeria and see if you survive?

Since som low thinkers like you keep shouting parallel market, bla, bla, again without thinking, just because you want cheap investors who are looking only to buy off the economy and put Nigerians and hopefully people like you to slavery, I will give you one example to dispel this smoke and mirrors of "the currency already devalued" because the parallel market is trading at a different rate than the official rate:

As a frequent traveller, I maintain accounts in a number of countries that I work. Usually, I do almost all transfers via the banks as it is easier, more convenient and safer, so no loss of money during my trips. However, during a recent trip to which I had a lot of time to plan, I took cash from the bank (USD), traveled to the destination country and went to exchange it in the "parallel" market. Why? Because it gives me hundreds of currency value more than using the bank and I knew it and I had the time to do it. So should the economy of the country (top 10 in the world) I travelled to be devalued because their currency is taking a beating from the dollar now? NO!! There is much more to a decision to devalue a currency than devaluing because "it is already devalued at the parallel market". If you are capable of thinking, think! Smart Nigerians will not destroy their lives and livelihood to grovel at the feet of your so called investors who will be happy to buy off huge parts of the economy for a few million dollars and repatriate their profits, strip all the natural resources of the country while people like you will be slaves in your country or worse! This is coming from someone whose salary is several millions when converted to Naira, can live and already lives in a number of countries but I do not want my own country or its people to suffer.

Th economic crunch is a reality that has led to sacking of workers in a number of countries including the US. Yesterday, I watched a documentary on Saudi Arabia where it is was reported that nearly 25% now live in poverty despite the government spending billions in social welfare! Go and think but if you insist you want to suffer because the 5% wailers want the country ruined because their IB lost an election, then it is okay to relocate to anywhere else, even if it means relocating off the earth. Be sure, you will not be missed!

pricelessngel:
God help Nigeria. This is my earnest cry.
Help Mr President to take and implement the right decisions because I did support him even tho I never had pvc to vote for him. I believed he had something to deliver and I pray that I thought right.
Amen.

Adeniyimi:
I command d god of thunder to fire USA.... they are d problem of d world. They want to rule abi, they want to did to is what they did to libya and india in d past abi. Yet china still remain number one producing country in d world yet they rank them as developinh country while all what they use in d US such as electronic, phones are made in China. Expect 10.1 earthquake in d whole USA next month

sonnie10:


Mr man, American has gone beyond cobbler shoe making economy. Most of those items you listed, the technology and patents are held by US companies. US is concentrating on research, something they have the edge over others, and not on cheap consumer goods like phones and TVS. Recently, a Chinese was arrested at a US airport for trying to illegally leave the country with improved variety, disease resistant grains of rice he stole from research institute. That is to show you how desperate other countries are to steal new ideas from God's own country. If he had succeeded, tomorrow someone like you will come here to give credit to common a intellectual theif.

imohchard:
The naira is already devalued in the market..
The official value is not being used in the market.. Why then should it not be devalued to reflect to realistic market value?
When you devalue it, you encourage investors.

imohchard:
The naira is already devalued in the market..
The official value is not being used in the market.. Why then should it not be devalued to reflect to realistic market value?
When you devalue it, you encourage investors.

sonnie10:
Is Shell a Nigerian Company?
Is Mobil a Nigerian Company?
Is Agip a Nigerian Company?
Is MTN a Nigerian Company
Is Unilever a Nigerian Company?
Is Julius Berger a Nigerian Company?
Is Chevron a Nigerian Company?
Is Shoprite a Nigerian Company?

All these companies have been repatriating their profits, so it is not a new thing and I don't see why it should be an issue now.

Somebody should tell us the difference between these existing ones and the prospective companies whom we are afraid that they would come and buy up Nigeria natural resources for cheap if Naira is devalued?

Are they not going to pay taxes on profit?

DropShot:

When it is devalued to current black market rate or anything close to it, the black market rate will again double the new official rate. The point is that as long as the FG/CBN cannot meet our dollar demands, the black market rate will always be far higher than the official rate.

The solution is earning more dollars, which we unfortunately don't have the means to earn enough since it's oil that gives us the bulk of the dollars we need; or looking inward by growing our local Industries by producing most of those products we need dollars for so that our need for dollars is greatly reduced.

I hope this explanation helps.

Adeniyimi:


Yepa u mean america is a God's own country? With d way they live their lives over there? Gay and other stuff

sonnie10:


Yes, America is God's Own country. Their laws are clear and fair, this is where you can find equity and justice if you are wronged.

Let me give you instances of what a God's Own Country is;

If you are disable in American, you are sure to get free housing, food, personal care aides and medical care.
If you work hard, your social mobility is certain.
In American, money is not a hindrance to education.
All people of difference religion live and work together without hate.
Security of life and property is efficient.

Now tell, what else is God's own country?

Adeniyimi:


U mean america quarantee security of life? Have u been to new york? Hope u know what happen over there daily

NaijaTalkTown:
The other day a US government official made it clear that her country will do all it can to force President Muhammadu Buhari into devaluing the naira. This is something to worry about. The destruction of Nigeria's economy and eventual partitioning of Nigeria is a stated US policy since 2008. This policy was formulated by the Brookings Institute and it was backed by the Pentagon and CIA. During Buhari's stay in the US, he will be pressurized (threatened with blackmails, economic sabotage and color revolutions) but what I fear is the future of Nigeria should Buhari succumb to them. Nigerians must come together and support the President for the sake of our future!

sonnie10:


The word efficient, is different from guarantee.

Yes, I have been to New York. One of my favorite Sates, I love the lively business oriented atmosphere. From Times Square to Port Authority to the boundaries of New Jersey and Connecticut. The beautiful theaters, water views to cheap eateries along the walk ways. Big brand name stores at 5th Avenue etc. I love NY.

Adeniyimi:


Anyway I have a question which u most answer. America is a God's own country right, who owns Nigeria or I should say who owns Africa? Satan

DropShot:
Sensible, patriotic and well-meaning Nigerians understand that PMB is doing his best to make the country remain above waters. Should Naira be devalued, Nigeria will crumble and will cry for help to be rescued. I guess this is what PDP and their wailing zombies want to happen to the country under PMB so that their wrong choice in the last election can be justified.

I do not need an advanced degree in Economics to know that devaluation is not good for our economy at this time. The president fully understands this too, hence his firm decision not to devalue.

To start with, is there anytime in the past that devaluation has helped the naira or the economy? If anything, it will provide temporary respite for few months, and we get worse thereafter. So, why must we continue to do that which has failed us time and time instead of enduring the pain now, look inward to grow our economy, and become better off in 3 to 5 years?

Anyone who doesn't reason this way and align with the president on his stance not to devalue is an enemy of this nation. It won't be too much to ask them to relocate to another country of their choice. Enough said.

Make dem relocate 'Sharp Sharp', Nonsense set of people

PBundles:
Actually good tips, with the exception of the below mentioned, I sincerely beg to differ! I have lived in the US in my younger years ( until 15) and go there regularly as all my younger ones are citizens by birth ( youngest is 30 eldest is 40)and live there. My mother is an American citizen ( via naturalization), but its not the greatest country in the world BY FAR. Dont get me wrong it has its advantages but greatest, please.... then you haven’t travelled. America is a place where if you have money you are someone, if you dont you will wallow in squalor. You do know that a lot of its infrastructure is either second rate or old ( California electricity grid from the 50s and 60s still; NY and NJ bridges very and some in other states have actually collapsed). The cars you mention are all leased and borrowed. Most cant offered them. Its all about keeping up with the Jones. Crime, give me a break. I lived in Newark where drive by shootings were a daily occurrence.

Have you been to Dubai or some arab states or Asia ie Singapore. What about Bermuda with the highest GDP per head around US100k!. Have you been to Australia? Have you been to Europe, if not ask people who live in Sweden, Norway, Denmark, the Netherlands, or Germany if they would trade places. The level of poverty in some urban cities is just like being in Nigeria. The US is just trying to get basic health insurance for their citizens something that most of these countries enjoy at a good price to say the least. Where the average American needs a second job, most Europeans dont have and want one. My daughter is in route to study medicine here and it will cost me no more than EUR 2000 MAX per year. The rest paid by government. Most deficits here max 3%. Have a look at the strength of the Euro even with the crisis. I work for an American company here and all my colleagues say the exact same thing when they come......we always thought the US was super UNTIL we travelled out. Less than 12% have a passport as many dont and cant travel. Have a look at the indexes produced each year that rate the level of life of the citizens, the US at times doesn’t even break the top 10.

So the tips are good and yes the US is a good place, but not great and I believe that this is the biggest and most important tip that they should understand. It will also remove the pressure back home when they know its not what its cut out to be instead of them thinking one is in heaven.

sonnie10:


Yes, America is God's Own country. Their laws are clear and fair, this is where you can find equity and justice if you are wronged.

Let me give you instances of what a God's Own Country is;

If you are disable in American, you are sure to get free housing, food, personal care aides and medical care.
If you work hard, your social mobility is certain.
In American, money is not a hindrance to education.
All people of difference religion live and work together without hate.
Security of life and property is efficient.

Now tell, what else is God's own country?

modath:

#word

Devaluation in the present time will be akin to standing by the roadside beside a car with leaking tire and begging other motorists driving by for help when the sane thing to do is to actually carefully manage it to the nearest vulcanizer's place to be fixed..

imohchard:
The naira is already devalued in the market..
The official value is not being used in the market.. Why then should it not be devalued to reflect to realistic market value?
When you devalue it, you encourage investors.

PBundles:
I decided to simply copy a post I did a while back. If thats your take on the US, then either you are not living the US I know or have an issue with maintaining reality, cuz thats certainly not the US I know andI was practically raised there............

Dude their veterans squalor in poverty.

engrchykae:
my dear this is no time for playing the ostrich rather we must eliminate all faultlines such as nepotism,born to rule attitude,etc from our polity
order to be truly one.
Only then can we with one voice resist the western oppressors.
If no.pmb can start by implementing the confab reports to the spirit and letter.
If not the partitioning of nigeria would be unstoppable because of the natural faultlines.
They planted boko haram in the north which is a natural habitat for such movement,ipob in the east which is also a natural habitat for such movement.
Therefore since our detractors are following our natural problems it is best for us to eliminate our natural problems in order to starve the west of opportunities to balkanize us.