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FG Rejects IMF’s Call For Further Devaluation Of Naira - Business (2) - Nairaland

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Relationship Between Inflation And The Unending Devaluation Of The Naira / Naira devaluation: BDCs get dollars at ₦393, sell for N494 / Analysts Predict Naira Devaluation To N400/$ (2) (3) (4)

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Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by SmartPolician: 5:25am On Feb 09
IMF is mad!

1 Like

Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by adioolayi(m): 5:25am On Feb 09
IMF hell bent on finishing us as a county....Why not sell us all Nonsense
Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by IdJack(m): 5:25am On Feb 09
Na wa oooo.

We want good news in this country.

I stand with CBN on this. No need to devalue the Naira for now.
Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by AlphaAlex(m): 5:26am On Feb 09
And I hope you all are seeing that all these international bodies don’t care about Africa they only care about the gains they would make from our beautiful paradise. Why haven’t they asked Nigeria to seriously deal with corruption before sending loans have any of you educated degree holding twats asked this question? . No instead you praise them with their big Grammar. Rubbis white people dont Care .

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Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by LikeAking: 5:27am On Feb 09
First time FG has made me proud.

Bleep IMF.

1 Like

Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by ehisdan(m): 5:27am On Feb 09
We know FG will agree. They are just saying this to deceive us, so that we won't say they did nothing about it. FG is indebted to IMF, they can't disagree for real.
Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by Doyou2019: 5:28am On Feb 09
ynotsadeek:
FG just dey disguise...They will still devalue it. All the signs are there. They deny initially, but still do it anyway and give it a different name, say no be devaluation.

You so know the antics of these wereys in Govt.
Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by globalresource: 5:28am On Feb 09
Penguin2:
I stand with the govt on this one.

I don't trust the IMF one bit.

Na nonsense advise wey dem give IBB in 1980s, na dia our degeneration take start.

They don't mean well!

They never do.

But we keep running to them begging them for more loan.

Just wait and watch if the government won't do it. CBN governor said it last year december. They are not getting this country right. Eventually the we devalue it last last. What a shame. Na common man go suffer a past
Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by Yankee101: 5:30am On Feb 09
These international banks don't like us one bit
Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by LikeAking: 5:32am On Feb 09
As if devaluation go solve our problem.

Their is no rule book when it comes to managing an economy.

If the Chinese where playing by the rules they would have still been slaves to the whites.

We must take our destiny in our hands.

The whites should never tell us how to run our race.

We no dey put mouth for their mata.

IMF Bleep u.

8 Likes

Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by hotseat: 5:37am On Feb 09
This is the result of depending mainly on imports rather than exports.


Even crude oil that is the mainstay of the Nigerian economy is more of a curse than blessing.

We produce crude oil for export only to be imported as refined products.


The collosal sum spent importing refined products would be eliminated if we refine domestically. Less pressure is put on the Naira.

Those piloting the affairs of this country know what to do but chose the present system because of the various loopholes for looting.

1 Like

Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by memuna9219: 5:41am On Feb 09
As long as you keep on borrowing, you must devalue Naira.
Maybe when Dangote refinery starts to operate, that would help prop up the Naira a bit. But right now, it's a free fall. Making people poorer everyday with inflation.

Agricultural produce that people used to export to bring forex into the country, Fulani bandits don't let farmers go to farm anymore, and the presidency encourages and defends the practice of cattle eating and destroying people's farms.

3 Likes

Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by Godson4live: 5:47am On Feb 09
Las Las, this government will still go ahead and devalue, na so dem first talk before they later took the exchange rate to above 300 naira from below 200 naira that Jonathan left it.
Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by Giantfarmer(m): 5:47am On Feb 09
Jonah507:


The 1980's wasn't advice but a condition before the requested loan could be approved. That was actually the beginning of Nigeria's economic problem. It was quite pathetic.
and here again imf has given condition for their loan like remove subsidy, increasing electricity tariff and devalue the naira, all this Nigeria has been doing all for the loan.and the funny thing is that the economy is growing worse day by day
I think the IMF need to understand this is not West and the fundermentals on which this policies could work is not there in Nigeria..... instead it's devastate the the whole thing

2 Likes

Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by fineboynl(m): 5:54am On Feb 09
they only advice to reflect the actual value of the dollar as it's in the perellal market. not outright devaluation so get your fact right.

the perellal is 480 while official is 380.
Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by iamJ(m): 5:54am On Feb 09
They are trying to help


If you devalue the currency it will discourage importation as things will get too expensive and people will look for local alternatives, una want nigeria to grow but una wan give another country una money cheesy

Mumu citizens
Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by Miles300: 5:58am On Feb 09
I don't understand why u guys are causing out the IMF, this are bodies of economic experts who works with economic, technical and fundamental analysis to make forcaste and recommendations.. Since the beginning of the recession, what economic road recovery plan has the government embarked on? A time like this the cost of governance ought to be reduced or least I forget aren't there economic implication for reckless borrowing the government has been doing over the years and running to the same IMF for loans?
Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by iamJ(m): 6:03am On Feb 09
hotseat:
This is the result of depending mainly on imports rather than exports.


Even crude oil that is the mainstay of the Nigerian economy is more of a curse than blessing.

We produce crude oil for export only to be imported as refined products.


The collosal sum spent importing refined products would be eliminated if we refine domestically. Less pressure is put on the Naira.

Those piloting the affairs of this country know what to do but chose the present system because of the various loopholes for looting.
it's tiring honestly, they refused to build refineries for decades, refused to remove subsidy that discouraged foreign companies from making such investments, they want to eat their cake and also have it
Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by pegix(m): 6:09am On Feb 09
Imf dey ment
D one wey dey accept wey kill.many plp business
Well for a country with poor HDI, Gini,and too bad infrastructural dev
It's expected embarassed
Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by IAMPEDRO: 6:13am On Feb 09
Alejobs:
grin


All i wanna say is that they DON'T really care about us in Michael Jackson voice! Get a rechargeable lithium battery for your fan, Tv, Laptop and light points....better soup na money kill am....you dont have to sleep on the corridor because of heat!
Your cellphone number please.
Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by four44: 6:17am On Feb 09
Simple advise to average Nigerians that are not in politics or related to major politicians, please do not store Chunks of ur saving in naira because this fo.ols we called leaders will still codedly devalued this naira, convert chunks of ur saving to dollars or crypto coin or to landed properties

1 Like

Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by austinvsb: 6:18am On Feb 09
Miles300:
I don't understand why u guys are causing out the IMF, this are bodies of economic experts who works with economic, technical and fundamental analysis to make forcaste and recommendations.. Since the beginning of the recession, what economic road recovery plan has the government embarked on? A time like this the cost of governance ought to be reduced or least I forget aren't there economic implication for reckless borrowing the government has been doing over the years and running to the same IMF for loans?

Tell me a policy advices from IMF that has worked well for Nigeria?
Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by Alejobs: 6:22am On Feb 09
IAMPEDRO:
Your cellphone number please.

+2.348065,316307

1 Like

Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by juniorstar(m): 6:36am On Feb 09
18 percent overvalued ke. DAT means if we tow the line of IMF your 200k would be worth 164k. SAVERS ARE ACTUALLY LOSERS!

1 Like

Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by cosade(m): 6:37am On Feb 09
Penguin2:
I stand with the govt on this one.

I don't trust the IMF one bit.

Na nonsense advise wey dem give IBB in 1980s, na dia our degeneration take start.

They don't mean well!

They never do.

Unfortunately, Nigeria can’t afford to continue defending the Naira. We don’t need IMF to tell us to do the right thing, FGN should face the reality and let Naira finds it’s level.

1 Like

Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by arantess(m): 6:38am On Feb 09
Our currency is over valued like this?
Haba IMF
Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by arantess(m): 6:40am On Feb 09
LikeAking:
As if devaluation go solve our problem.

Their is no rule book when it comes to managing an economy.

If the Chinese where playing by the rules they would have still been slaves to the whites.

We must take our destiny in our hands.

The whites should never tell us how to run our race.

We no dey put mouth for their mata.

IMF Bleep u.
We dey collect their loans and grants unfortunately, so they will have input
Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by dotun365: 6:44am On Feb 09
cheesy cheesy abeg we don'tdevaluein Nigeria, we only adjust the currency when it is too late
ynotsadeek:
FG just dey disguise...They will still devalue it. All the signs are there. They deny initially, but still do it anyway and give it a different name, say no be devaluation.

1 Like

Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by daneni1(m): 6:44am On Feb 09
Penguin2:
I stand with the govt on this one.

I don't trust the IMF one bit.

Na nonsense advise wey dem give IBB in 1980s, na dia our degeneration take start.

They don't mean well!

They never do.


If you did check, the IMF only have one advise for all economic woes and which is devaluation of the currency.
Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by cosade(m): 6:45am On Feb 09
adioolayi:
IMF hell bent on finishing us as a county....Why not sell us all Nonsense

Nigeria is “finishing” herself, not IMF. For as long as we are not producing for exports, Naira will keep losing value. It’s ridiculous that we even importing finished products from crude oil that is drilled in our backyard.

Sound economic policies are not based on sentiments!
Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by dotun365: 6:47am On Feb 09
If you devalue, you suffer (maybe), if you don't devalue you suffer more because manufacturers struggle to get FX at this overvalued rate and foreign investors cannot come in when the currency is overvalued. It increases their risk of having to leave with a devalued currency.
jaxxy:
The naira is overvalued obviously with our shity economy and policies bt we can't devalue it either sorry. It will be counter productive for our unimpressive and non performing economy.

The economy has to be going In the right and confident direction to devalue yet again.

1 Like

Re: FG Rejects IMF’s Call For Further Devaluation Of Naira by cosade(m): 6:50am On Feb 09
arantess:
Our currency is over valued like this?
Haba IMF

It is!

For as long as ordinary Nigerians are willing to pay 474 Naira for one USD in the parallel market (as of 08/02/2021), and FGN is selling at 380 Naira to VIPs in the official market.

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