The market has waited nervously for the outcome of the review of the FX market Nigeria’s Central Bank says it is conducting.

After the January MPC meeting, the Central Bank said, “in the medium term within which monetary policy is cast, the need to allow policy to produce the desired outcomes becomes a key consideration in the policy mix. Consequently, the bank is fine-tuning the framework for foreign exchange management with a view to ensuring a more effective and liquid foreign exchange market. ”

After the March meeting of the MPC, the apex bank issued a statement in which it said, “however, the Committee (MPC) charged the bank (CBN) to speed up reforms of the foreign exchange market to improve certainty and eliminate noise and opportunities for arbitrage…”

One month after, there is no word on the said review despite the urgency in the MPC statement of March.

tiar:

The cycle of offering IMF aid and demanding devaluation when oil prices decline (especially to African countries) has to stop.

Mindfulness:
The Naira has long been depreciated so devaluation would be a logical consequence.
Its value is now held up artificially (in fact has been under different administrations) and defending the Naira costs money.

imhotep:

Don't buy into economic myths that bring suffering to millions.
Leave our naira alone.

Mindfulness:

Over hundred millions people are already suffering.

Mindfulness:

The Naira is worth nothing. You can upvalue it as much as you want artificially. It will only cost more money.
Good luck!

imhotep:

Fine. Do not introduce MORE suffering.

Throw away your economic myths and think creatively.
IMF will lead you into the gutter.

Mindfulness:

More suffering is inevitable whether you devalue or not. That's the reality.

Mindfulness:

Why don't you think CREATIVELY instead of repeating what people have been saying - who do not understand monetary politics and policies - like a parrot?

Mindfulness:

How will holding up the Naira ARTIFICIALLY help the economy? Are you aware that money is needed to defend a currency? Are you aware of the fact that the reserves are exhausted?

imhotep:

Then leave the Naira and deal with reducing the suffering.

Those so-called policies are neo-colonial conventions that fortunately have many alternatives.

"Economics is the naked Emperor of the Social Sciences"
Think out of the box and quit repeating suspicious, (failed) theories.

Mindfulness:

SOUND economic and monetary policies are URGENTLY needed to deal with the suffering.
BLA, BLA, BLA ............ Same old STEWPID story. Miserable victim mentality.

Mindfulness:

As if you are thinking out of the box when you keep repeating the gibberish people who don'T understand macroeconomics have been spewing.

Now answer the question after you had the audacity to confront someone who has expert knowledge:

How will the costly defending (not devaluation of the Naira that has LONG been depreciated) help the economy / people?

imhotep:

When you finish blabbing, leave Naira alone.

1. The IMF experts are economic fraudsters.
2. Macroeconomics needs to be studied by CRITICAL minds, not zombie-like dull@rds.

Mindfulness:


SOUND economic and monetary policies are URGENTLY needed to deal with the suffering.




BLA, BLA, BLA ............ Same old STEWPID story. Miserable victim mentality.




As if you are thinking out of the box when you keep repeating the gibberish people who don'T understand macroeconomics have been spewing.

Now answer the question after you had the audacity to confront someone who has expert knowledge:

How will the costly defending (not devaluation of the Naira that has LONG been depreciated) help the economy / people?

Mindfulness:

You are not in the position to tell me what to do.

Mindfulness:

Is this your answer to:
How will the costly defending of the Naira help the economy / the people?

Come creative genius, answer the question!

989900:


I think the question is: how will 'devaluation' help the economy/people?

989900:


I think the question is: how will 'devaluation' help the economy/people?

imhotep:

But I can tell you what NOT to do.



I have already answered you, but you are too brainwashed to understand what I am saying.
OK, let me repeat.
1. Study macroeconomic theory with a critical mind.
2. Realize that neo-classical economic theory has fundamental flaws.
3. The so-called IMF [b]experts have a dubious history of financially misleading so-called 'developing' countries.[/b]

You can buy this book and read, for starters (let me post the cover again) ==>

Mindfulness:


Devalution on its own is not the answer to all problems but it would have the following benefits:

- it would reflect the Naira's real "value"
- it would not further exhaust the reserves
- it would reassure investors that they can get out their profits at a realistic exchange rate --> more investment --> more employment
- it would increase exports

Mindfulness:


Devalution on its own is not the answer to all problems but it would have the following benefits:

- it would reflect the Naira's real "value"
- it would not further exhaust the reserves
- it would reassure investors that they can get out their profits at a realistic exchange rate --> more investment --> more employment
- it would increase exports

989900:


The Naira was N0.65 to $1 in 1985.

It was N155 to $1 in 2014.

199 to $1 in 2016.

That's some lot of devaluation over time, how come it has not fostered your proposed benefits?

Mindfulness:



So this is the answer to:

How will the costly defending of the Naira help the economy / the poor?

Very creative, indeed.

989900:


The Naira was N0.65 to $1 in 1985.

It was N155 to $1 in 2014.

199 to $1 in 2016.

That's some lot of devaluation over time, how come it has not fostered your proposed benefits?

imhotep:

^^ Correct my brother.
1. People are already suffering.

2. Devaluation will bring more suffering.

3. There is no plan to alleviate the extra suffering that devaluation will bring.

Mindfulness appears to be another mindless economist roaming around

Mindfulness:


People are already suffering AND the costly defending of the Naira has helped them, right?



The Naira has already been depreciated and more suffering is inevitable whether you devalue or not. The only difference is that devaluation would help in the short, medium and long run whereas the pegged exchange rate won't help at all.


Is there a plan to alleviate the extra suffering that the exhaustion of reserves to defend the Naira will bring?


Answer the questions genius.

989900:


The Naira was N0.65 to $1 in 1985.

It was N155 to $1 in 2014.

199 to $1 in 2016.

That's some lot of devaluation over time, how come it has not fostered your proposed benefits?

imhotep:

Answer this question ==>

Mindfulness:


In crude terms, devaluation must be combined with the RIGHT economic policies.

imhotep:

Non-brainwashed Chinese economists know better.

http://www.cato.org/publications/commentary/why-china-wont-revalue

989900:


I have written roughly 10 articles, and tens of comments on NL about this devaluation or not issue.

It would be plain regurgitation repeating the same things . . . kindly have a look at them.

Mindfulness:


Repeat it or leave it, I am not going to dig up your articles.

Mindfulness:


In crude terms, devaluation must be combined with the RIGHT economic policies.

imhotep:

And what are these right economic policies that you have been silent about?

989900:


The Naira was N0.65 to $1 in 1985.

It was N155 to $1 in 2014.

199 to $1 in 2016.

That's some lot of devaluation over time, how come it has not fostered your proposed benefits?

If 'devaluation is not the answer to the all problems', why are you pushing for taking paracetamol as a curative for cancer -- treating symptoms in lieu of 'causes'?