Na so. Make I chop breakfast Jare.

aluk:
Nothing good comes easy. The new FOREX regime will do more than good in the long run. We just have to be sincere and patient.

Meanwhile, I will be driving down to the Eastern part of the country tomorrow, the 28th, precisely Owerri, and will need a travel companion/partner. The person must be a male-not more than 30 years. He must be intelligent, open-minded, cool-headed, educated, savvy and above all, able to hold meaningful conversations. Knowledge of the roads/short routes to the East would be a plus. The import of this is to make the journey lively. I hate boredom. The take-off point is Ikorodu at exactly 7 am.

So if you happen to be travelling at the aforementioned date and you wish we journey together, drop your number here so I may call you.

male-not more than 30 years.

Your kindness view is quite ok but it look more specious quoting Male only, while your profile shows M and also went as far mentioning the age group

In as much as I respect Mr Boyo's view i dare to differ but he has not tell us the solution, this is not devaluation but deregulation of fx system. If you devalue you are still regulating and not floating, If Mr Boyo can see this post, i love him and am a great admirer of his views, but we need to know his alternative solution to the floating of the naira

He should go and sit down abeg, nonsense economists. I passed a few factories on my way to Abuja yesterday and hitherto quiet were busy with filled trucks at the loading bays. What is important is the real economy, the industries and other job employing, productive concerns in getting them working again. Their products may be more expensive now but things will change because I repeat again, inflation associated with ensuring productivty is far better than inflation resulting from too much currency chasing few or no goods.And you simply cannot discount job losses.

With low foreign reserves I wonder the magic we expect from this government

aw

kishimi8:
I tire for this people.. Baba refuse to float naira citing no benefits to the country with that action. Them insult am say him no sabi.
Now he has allowed the naira to float according to market forces some aholes now say it's 419. .

A hater gonna hate regardless the policies this government makes.

dont mind dem. Wen naira was 197 to the dollar official rate how much was the market exchange rate then? Were we not all here wen the prices of all commodities including sachet water sky rocketted and the common phrase was that "dollar don increase?" all the so called intellectuals all clamoured for a flexible exchange rate policy now una don release another single.

Same old shit, criticise and highligh the shortfalls but offer no solution going forward.

Very myopic write up. Where are the solutions proffered, everyone is quick to identify problems but not solution. They were all agitating for a free naira and now they got it ,they began to sing another tune. Give us solutions not unnecessary blues

AleAirHub:


male-not more than 30 years.

[color=#990000][/color]

While it is not necessary to respond to your observation, I think it is necessary to disabuse your mind of myopia and irrelevance, typical of an average Nigerian that you are.

On the age thing, there's a limit to what you can discuss with a full grown adult without sounding insultive or condescending or disrespectful, especially those who are far older than you are, hence, the age restriction.

On the choice of sex, most women are too shy and 'classy' when meeting strangers. Besides, I don't wish to babysit anyone, a category most ladies usually fall into. And in case of any eventuality, it would be foolhardy to expect a lady to be as pysically helpful as a man would.
And by the way, it is my choice to make, and not yours, cos I am the one in the driver's seat. So chill, bro.

aluk:



While it is not necessary to respond to your observation, I think it is necessary to disabuse your mind of myopia and irrelevance, typical of an average Nigerian that you are.

On the age thing, there's a limit to what you can discuss with a full grown adult without sounding insultive or condescending or disrespectful, especially those who are far older than you are, hence, the age restriction.

On the choice of sex, most women are too shy and 'classy' when meeting strangers. Besides, I don't wish to babysit anyone, a category most ladies usually fall into. And in case of any eventuality, it would be foolhardy to expect a lady to be as pysically helpful as a man would.
And by the way, it is my choice to make, and not yours, cos I am the one in the driver's seat. So chill, bro.

Justified Gay-ism Write Up.....
Clap For Yourself

Mumu

This man never has solutions,only doomsday predictions

AleAirHub:

Justified Gay-ism Write Up.....
Clap For Yourself

Such imbecility

this man always thrill me with his writeups

The damage from not devalueing was worse, where even the airlines to the land of $ were ready to pack up and go. Remember the massive losses of Nigerias Economy during that time.

The real difference in this devaluation period versus the period when it was pegged at 199, is that now with devaluation there is still inflow of higher valued dollar income to the government via oil sale. That dollar income now translates to increased Naira income when it is exchanged for Naira as disbursed from CBN through the interbank. The greatest portion of revenue comes in as dollars, it is favorable to have a stronger dollar which will then be traded for even greater amounts of Naira. Very simple.

So actually this devaluation has increased the amount of Naira available to Government if they want it. That does more to offset economic damage than the time of 199-$1 when lost investors and losses to the stock market would have ultimately crashed the economy. There is more Naira income available to the government now and that is better than before devaluation.

Another thing is the return of foriegn investors and the stablization of the stock market. Growth is set to continue. Also the CBN has the discretion to sell dollars at 199 to whatever sector or companies it chooses based on the importance to the economy and growth as a whole. Dangote's refinery project is set to grow Nigeria's economic potential in huge ways and to offset any fuel crisis issues while opening a new export market in Nigeria for selling refined fuel to outside of Nigeria. So those fuel crisis issues are being dealt with in the best possible way. The only way out is local production.

10bn loss in value of pension fund is something that will see effect in the long term, the same long term that will be affected by Nigeria entering a new economic era of expanded revenues via refined fuel. No more need to import fuel and a very good chance for fuel prices at the pump to drop and pension funds to recover in the same way the stock market is recovering. The Pension fund can even be subsidized if needed in the future. All of this is still better than the economic crash that was looming just before the devaluation.

Nigeria had set itself up for serious damage by its own way of living. Relying heavily on crude oil sales in a way that did not even profit the country after having to import refined fuel among other things. Economic damage was always bound to happen no matter what.
With or without devaluation, the economy and losses were inevitable when the crude oil of nigeria lost value on the international market. The world increased production and thats how prices came down. Its odd how fuel prices went up in Nigeria when the rest of the world saw decrease of in price. Its Nigerias backward economy that is at fault. The only hope is to be like the rest of the functional world and increase domestic production of what is needed in Nigeria.

Its truly a new improved era of economy being sculpted in Nigeria now. Domestic Refined fuel in Nigeria at rates enough to export is not to be underestimated. There will be all kinds of revenues coming in for government and private. Investors are coming back in now and that is increasing revenues and markets. The current crude oil revenues can be exchanged for more Naira now and make Nigerias coffers swell with more Naira than before while offsetting some of the losses created by the devaluation. There was no stable way of offsetting the losses during the pegging of Naira at 199.

These problems faced now under devaluation are nothing compared to the benefits of devaluation so far. Also the short and long term growth and stability is very well enhanced by the devaluation. Add the longterm growth with ongoing serious measures to boost domestic productivity and exports, and greater benefits will be there waiting in the future to offset these problems caused by devaluation today.

Even USA, the top economy on earth at present goes through ups and downs, losses and gains. The whole world does. The issue is not that Nigeria is having these issues. The issue is in how Nigeria is structing itself around the issues for the best possible outcome.
There is no better way than to take your losses like a man and in a way that holds a future of overcoming rather than economic collapse.
Every country on earth including USA is always riding on the same road of potential crashing. Its like any roadway, the chance for something to cause an accident and derail progress is always there, and when it happens it will be painful with losses. But the roadway is cleared and restored for continued progress and improvement. And like any roadway, an economy is only as safe and stable as those who operate on it. Are they operating in ways that ensure a future of progress that is free devastation?

No need for all the Banter over the problems now. It was worse before without a future in sight other than devaluation and common sense growth of domestic productivity. That is the path chosen now and no amount of citing problems and issues is going to make N199-$1 work for Nigeria. The government would become Naira poor and dollar would become scarce again if sood of cheaply, then restrictions placed to control the scarcity. Foreign investors would pack up due to foreign exchange restrictions and the market would begin to collapse with a lot worse consequences.
Going back is not progress. The current course is set to see an economic era in Nigeria that will make people wonder why it was not implemeted in 1983. Refining fuel in Nigeria for all Nigeria fuel needs and export market needs. That alone is a serious boost to Nigerias economic standing and it is only a few years away from beginning to flow.
Venezuela is having serious issues and they have less population, more crude production than Nigeria, they own petrol stations all over the world and USA where major sales and revenue are made. Their pump fuel is still cheap for them to buy in Venezuela despite their economic problems.
Nigeria is not experienceing the type of critical shortages of food and basic neccessities that are experienced in Venezuela. Venezuela is seriously deficient in domestic productivity of its basic survival needs.

I beg, Nigeria is doing well considering what is going on in Venezuela of lower population and greater crude oil and refined fuel revenues. But, Nigeria must learn from this when you consider there are so many countries poorer than Nigeria and those countries are better places to live than Nigeria. Countries that dont produce much oil but they see no fuel scarcity and they dont have as rampant inflation as Nigeria as well as their more reasonable cost of living.
No matter what, devaluation or not, Nigeria was always destined to suffer these hard time caused by reckless chop chop coruption and disregarding a need for continually diversifying revenue streams. And to think locally refined fuel was ingnored or taken lightly for so long, what a wasted opportunity. The story of Nigeria, wasted opportunity, but not so much any more. Coruption culture is the only problem to be really concerned for. The level of coruption in Nigeria is such that if Nigeria was handed over to America and america was handed over to Nigeria, -Nigeria would chop America finish and crash it and come begging for Nigeria to be returned from the americans who would have made nigeria a real gem by then.
No amount of economy or greatness can satisfy long throat chop chop coruption culture, especially in a country that has the productivity level of low quality bicycles but is riding around as if it manufactures Jumbo jets. Coruption culture as fantastic as Nigeria's will erode any gains no matter how big an economy it is. Just chop chop and chop and never produce enough to match, that is the equation for accute deficit.

Devaluation is like entering a one chance bus. U will never alight with your valuables.

niceprof:
I still wonder why technocrats like Henry ,were not incorporated into this regime.
All we have as economic managers are beauty queens and pageant organisers.
Buhari is patiently waiting for Emefiele's tenure to elapse so he can install another northerner who will help him fight ' kwaraption' in CBN,IMF &WORLD BANK.

I just pray somebody doesn't come after him for "commenting"

I tire for these wailing wailers.The government refused to adopt a floating exchange rate despite pressure from all over,they groaned.Now,it has been done,they are still wailing.They have sworn to be unreasonable no matter what the government does to better things just to spite this administration over the loss of their IB.Quote me at your own peril, na my opinion.

HAH:
I don't know what Buhari will do to satisfy this people, this same people were busy shouting devaluation or opening the naira to be priced by demand and supply, now that their calls has been heeded by floating the naira, they are complaining.

All I know is that wailers must wail no matter what is done. Mr president just focus on your work and forget adversaries

Which work he dey do way u dey tell am to focus,abi this country never tire u? Be sincere

HAH:
I don't know what Buhari will do to satisfy this people, this same people were busy shouting devaluation or opening the naira to be priced by demand and supply, now that their calls has been heeded by floating the naira, they are complaining.

All I know is that wailers must wail no matter what is done. Mr president just focus on your work and forget adversaries

Which work he dey do wey u dey tell am to focus,abi this country never tire u? Be sincere