Bizibi:
do your research before commenting on any forum.

Carlyboi:
I already indicated and explained the international traders part in my post well they’re gonna be affected cos they would struggle for forex and demand will decrease thus affecting their profits!comprendre bro?

Carlyboi:
I already indicated and explained the international traders part in my post well they’re gonna be affected cos they would struggle for forex and demand will decrease thus affecting their profits!comprendre bro?

Mymynd4u:
I also predict that the said analysts Brain and sense will be devalued from 55% to 15.5


Let's see which one will come to pass??

Kez11:




In the case of Nigeria which we have seen over time, demand does not decrease, it can only decrease if that particular product has close substitute(s) that is/are cheap.

In Nigeria, wen dia is inflation, people will cry and cry but you will still see them buying those goods. They may cry for some months and everybody forgets it and continue to buy them.


Take rice for example, wen the price of foreign rice almost doubled, people still buy and stock them in bags in there various houses for consumption because even the closest substitute for foreign rice (local rice) isn't cheap at all

SanusiGworo:
Bunch of economy novices running a multi million dollar economy.

Check the facts below.
www.nairaland.com/attachments/11111944_screenshot20200226105918twitter_jpeg6c96ef82c164ae3aa22d75356c7b4bd4

GamalNasser:


Benefit people that earn in dollars outside the country not those that earn in the useless Naira

Yankiss:
Nigeria doesn't need further currency downturn. It will destroy a lot more. Buhari and his economic-illiterates should leave Nigeria alone. Our country deserves progress.

Reelnah:


There are Legit business out there that guyz will be jumping up if dollar rise to that about. E.g FX

anonymous1759:






We must be skeptical when criticizing. your comment is indicating the past administration has been perfect putting all the blames on Buhari. Let's be sincere for once without being partisan. If you squander all the money you're meant to use to Carter for your household eventually time will tell when the repercussion of your carelessness will come. How do you think the looting that has been going on since 1960 till date won't affect the Economy? Other countries with vision are switching or expanding her means of making profit while we relied on oil and still yet squandered the money for selfish use without investing it in something meaningful .


I'm in support of the border closure that's what made China what's it today building your local industries first before you open them for competition right now despite the closure we still find it difficult to consume local Rice. Talk less of when we open it.

What the APC government is doing on the issues of border closure is what Nigeria should have done in 30 years back the result would have been different today.
Read the thread very well the fall of the oil price is not controlled by Buhari or the APC it's a Global Market how can you blame him when the price fall? I'm not a lover of any political party but I must say the truth. Oil prices was booming during the PDP Government but the thieves in charge used the money to sponsor Election both in pdp And Apc. I blame Buhari for insecurity he's not doing enough but on this fall in oil price I can't blame him.

Whatever PMB is suffering today is what GEJ did in his time and the next president that will take over from PMB will also suffer all the things PMB did in his reign until we start electing president based on competence Nigeria will be on a decline train till Heaven comes keep on voting for political party and your ethnic group.

courage89:
Devaluation is not the answer, not now and never. When we devalue our currency; it leads to high inflation, high interest rate, low Naira purchasing power, reduced per capital income, economic instability, ... The results of these are;

1. The poor will get poorer based on reduced purchasing power of Nigerian earners and also due to inflationary repercussions.
2. Nigerians will continue to lose brick and mortar foreign direct investment, will only attract short term portfolios investment that's not in the best interest of our economy. Foreign companies will invest in countries with increasing per capital income.
3. Nigeria will pay more for dollar denominated debt. Currently, Nigeria spends more than 20% of the budget to service debt annually. Devaluation will increase this number northward of 30 - 40% of our budget overnight.
4. Devaluation will continue to de-industrialize Nigeria. Manufacturing economy will remain only a mirage. High cost of funding, high inflation and overall unpredictable economic environment threatens general viability of all long term investments.
5. Nigerians will pay more for general trade; overseas trip, medical tourism, international students,
6. Devaluation of naira will continue to weaken our voice on a global scale. African Countries with better currency, higher per capital income and better economic viability will always attract investments and other opportunities over Nigeria. Hence, they will continue to be the voice based on their economic advantages. Reason why South Africa is the voice of Africa and not Nigeria.

I know some people; countries, hedge funds, unscrupulous Nigerians, are hell bent on crippling Nigerian economy and devaluation has always been the go to script to achieve that. The same script keeps playing out over and over since 1986 when Babangida instituted Structural Adjustment Programs (SAP). It always start with "low tone" local media propaganda such as this: to gain support locally, to encourage people to circulate their propaganda, to force panic attack on naira. Followed by "loud" international media propaganda where IMF, World Bank, CNN, Bloomberg, Forbes and others push for this sinister coup to force the hand of our government to devalue.

While I am not absolving our government of complicity. The high spate of insecurity, profligacy, nepotism, political risks, and other factors contribute to our position. But, these same factors and problems exist in Britain currently due to "Brexit". Why is the "pound sterling" waxing stronger everyday?


Say no to naira devaluation. It is not good for our economy, not good for our citizens and it is not good for our upcoming generations.

SoNature:


Trump is unstoppable

GamalNasser:
Nigeria just lost not 8 years but 30 years worth of progress to the ineptitude of the very failed and hyper incompetent Buhari who has absolutely nothing offer than his state sponsored 3 prong Jihad war and the empowerment poverty .... Yesterday Dangote released it profit and loss reports which shows Dangotes profits down by 50 percent and exports down by 41 percent due to self harming Buhari border closure

DexterousOne:

Please do you have a copy of the Fin. Statements?

anonymous1759:



I'd advice you do the same. The counties you admire today once build herself internally before they open to free Trade. tstv is a very good example. Hope you remember unblocking your MTN sim with 11-15k several years ago if not for Glo do you think that Nonsense will ever stop?

GamalNasser:


Please keep quiet and stop making gullible statements ..if you don't know why the cost of sim cards where high in the begining ask please lets school you ..this is how just like your uninformed customs boss you said Border closure made China great ...oh boy you go drive old Camry taya oooo

anonymous1759:



You would have stated the course if you know it. Go and study countries you admire today how long it took them to build themselves internally before they opened up. You just come here and type rubbish.

dancok:
Is it advisable to open my domiciliary account now and start buying dollars now, to sell later? Guru what's ur take.

GamalNasser:



Keep quiet please even if you give Buhari 200 years he will not achieve anything !!! If you give him the Current swedish Economy he will destroy it in 6 months max , the man is a irredeemable Dullard and destroyer with the IQ of a retarded flea , he can't give what he doesn't have ..I hope you have heard Dangote is moving his cement export Business to Congo because of the border closure ...

djon78:



Dangote never had such result in the past 11years. No wonder the man talk that once his refinery sets in, he is moving his business control to New York.

It's been terrible

anonymous1759:





You're big goat I don't argue with people like you blinded by HATE. The cause of the rise in Naira stated in the Article was as a results of a possible fall in oil price, controlled by the world market you still open your gutter mouth to blame Buhari how are you different from the Zombies you insult? Nigeria Economy is not meant for Dangote alone ok. If what the Government is doing will benefit the masses on the long run so be it. Dangote is not the only one in Nigeria. When CBN gave him dollar at a cheaper rate it didn't complain. People like you are Anti Buhari and Apc that's why you reason anyhow. Today you'll blame The Government for given Dangote a favorable Trade amongst his competitor's like ibeto. tomorrow you'll still insult the Government for not given Dangote a favorable trade you guys are just confused. Better stop this hating before your sense of reasoning vanish.

GamalNasser:


Mynd44 Lalasticlala Seun rule two has clearly been breached please find insult highlighted in bold font ..Please I pray our able mods protect me by invoking rule 2

anonymous1759:



You're mad who started the insults? I don't report anyone. Insult me I insult you.

GamalNasser:


Mynd44 Lalasticlala Seun please observe serial breach of rule 2 by this moniker who thinks Nairaland rules are here as a joke , please apply rule 2 before he demoralizes me with insult

anonymous1759:





You're big goat I don't argue with people like you blinded by HATE. The cause of the rise in Naira stated in the Article was as a results of a possible fall in oil price, controlled by the world market you still open your gutter mouth to blame Buhari how are you different from the Zombies you insult? Nigeria Economy is not meant for Dangote alone ok. If what the Government is doing will benefit the masses on the long run so be it. Dangote is not the only one in Nigeria. When CBN gave him dollar at a cheaper rate it didn't complain. People like you are Anti Buhari and Apc that's why you reason anyhow. Today you'll blame The Government for given Dangote a favorable Trade amongst his competitor's like ibeto. tomorrow you'll still insult the Government for not given Dangote a favorable trade you guys are just confused. Better stop this hating before your sense of reasoning vanish.

Kez11:




In the case of Nigeria which we have seen over time, demand does not decrease, it can only decrease if that particular product has close substitute(s) that is/are cheap.

In Nigeria, wen dia is inflation, people will cry and cry but you will still see them buying those goods. They may cry for some months and everybody forgets it and continue to buy them.


Take rice for example, wen the price of foreign rice almost doubled, people still buy and stock them in bags in there various houses for consumption because even the closest substitute for foreign rice (local rice) isn't cheap at all.


It has been seen over time that Nigerians always adapt to any harsh economic condition they find themselves.

GamalNasser:


That's shortsighted , inflation will not eventually erode any imaginary gain

dallyemmy:
They promised to diversify the economy from crude oil

AdaoraNK:
Its not as if I'm wishing doom for the country but the rise to 450 naira will benefit some people.

Even if it goes down to 250 naira, the prices of goods never come down.