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Nairaland Forum / Nairaland / General / Politics / What Osinbajo’s Call For Naira Devaluation Could Mean For The Future (22663 Views)
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Re: What Osinbajo’s Call For Naira Devaluation Could Mean For The Future by Nobody: 11:26am On Oct 12, 2021 |
I'm disappointed in the Government. Everything they touch turns to problems 1 Like 1 Share |
Re: What Osinbajo’s Call For Naira Devaluation Could Mean For The Future by kolnel: 11:26am On Oct 12, 2021 |
ok |
Re: What Osinbajo’s Call For Naira Devaluation Could Mean For The Future by HopeNeverDies: 11:27am On Oct 12, 2021 |
Whenever I looked into my dad’s eyes and remembered how he Joyfully voted for Buhari in 2015... I feel like disowning him... This dodo President and all these govt officials are bunch of waste... including the ex office holders... 1 Like |
Re: What Osinbajo’s Call For Naira Devaluation Could Mean For The Future by RiceProducers: 11:27am On Oct 12, 2021 |
madmohamed: What manner of idiocy is this?. Did you go to school at all? 1 Like |
Re: What Osinbajo’s Call For Naira Devaluation Could Mean For The Future by Nobody: 11:35am On Oct 12, 2021 |
If we follow the 2016 script to the letter, then the authorities would walk back on this call for devaluation starting from today. We would find many reasons why devaluation is bad for the economy. But the devaluation will eventually happen. Exactly But all this is lipstick on a pig. At the end of the day, we have to earn more and more forex. Which this government is not doing. Diversification is still a paper idea, and we are still oil reliant. 2 Likes |
Re: What Osinbajo’s Call For Naira Devaluation Could Mean For The Future by Nobody: 11:43am On Oct 12, 2021 |
There is only one lesson here: the economy of Nigeria is terribly bad. They were not in government without the details of the economy, but they ganged up against the previous govt. Osinbajo is sitting on the same seat Ngozi Iweala sat, and he is crying now. They all ganged up against Ngozi. Said many bad things against her. See eh. They said Jonathan's time we had surply via oil, but Buhari is having more money cos he bullies everyone's to huge borrowing style. Yet, things are getting worse seriously under this dullard. I used to say student way is the best to move abroad, but as it is, the rich will soon not be able to afford it except the main looters. International students pays average of $25,000 annually for tuition, books, and welfare. As at 2012, it was N2.85millon naira. At minimum wage, this is 95 months salary. Na wao... as at today, the same $25,000 is N10.375 million naira which is 345 months salary...this is 28 years salary for minimum wage. And then, if this is via CBN exchange rate oooo. But if we have to go by Osinbajo's words, it will be N14.85million. Which is 41 years salary for minimum wage. Hmmmmm! And based on this report, if we go by what happens to Naira the first time Osinbajo made this cry and CBN obliged, naira may run to N1,000 to a dollar in 6 months...that's N25million. Which is 69 years minimum wage. This is for 1 year only oooo. For 4 years undergraduate study, it will be 277.8 years minimum wage to send a child to study in the US for just 4 years. Hmmmm! I can just conclude that APC has concluded plans to lock up all the youths in Nigeria. How can parents afford this? Now some of those planning to move for higher degrees are in trouble. Maybe only few people who can get scholarship can do this. Hmmmm. This is not easy at all. This is too bad. I swear, boys will be desperate with marriage options now. Wow! This is the truth. I pity all those girls abroad looking for love in Nigeria. I pity them. Those that have taken the bold step before now, I congratulate them as their chances of getting a faithful person was high. But after now, hahahahha......they are in soup. If they are still stupid to think they can get good partners from Nigeria....hmmmmm. This is the bitter truth. I will always say the truth no matter what. If you like listen...if you like be stubborn. Stop looking for spouses in Nigeria again. 4 Likes |
Re: What Osinbajo’s Call For Naira Devaluation Could Mean For The Future by seyz91(m): 11:43am On Oct 12, 2021 |
richmond500: |
Re: What Osinbajo’s Call For Naira Devaluation Could Mean For The Future by Sibrah: 11:45am On Oct 12, 2021 |
Osinbajo is right but economics goes beyond few maneuvers. If allowed to devalue, it will settle somewhere between 410 and 570 but quickly jump back to towards and even beyond 570 all because the system is set up for destruction. |
Re: What Osinbajo’s Call For Naira Devaluation Could Mean For The Future by house10s: 11:46am On Oct 12, 2021 |
wat happen to the yen d old fool was choking us with |
Re: What Osinbajo’s Call For Naira Devaluation Could Mean For The Future by Takolee: 11:46am On Oct 12, 2021 |
As it stands, a lot of our set of leaders are bereft of meaningful, productive ideas! Nigeria is a very disorganised country! 1 Like |
Re: What Osinbajo’s Call For Naira Devaluation Could Mean For The Future by ezekins: 11:47am On Oct 12, 2021 |
BigDawsNet: Osibanjo has nothing to offer to Nigeria. for him to be pushing for the further devaluation the naira knowing fully well how valueless the naira is clearly shows his emptiness. The fact remains no good investors can invest in a country that lacks basic infrastructure such as electricity, good roads, etc. Government that consistently shows no respect for the rule of law. 1 Like |
Re: What Osinbajo’s Call For Naira Devaluation Could Mean For The Future by Jiokejohn: 11:48am On Oct 12, 2021 |
Everything scatter scatter - Eya! Poor man dey cry, Rich man de cry - Eya! Confusion everywhere - Eya! Someon just died - Eya! There is sorrows, tears, and blood - Their regular trademark! |
Re: What Osinbajo’s Call For Naira Devaluation Could Mean For The Future by rontolo(m): 11:49am On Oct 12, 2021 |
TheRareGem1:Another word for devaluation. Market realities, market forces determining the exchange rate will result in a spiralling naira devaluation in the short to medium term. What we have now is expensive, inefficient, unproductive, unsustainable and only delays the inevitable. Naira will sooner or later find it’s level whether the cbn likes it or not |
Re: What Osinbajo’s Call For Naira Devaluation Could Mean For The Future by pipnator00(m): 11:52am On Oct 12, 2021 |
How long/time are we gonna continue devaluing the naira? If we devalue today, in about 6-8 months, there will be another talk of Naira devaluation. Simple float the Naira and let the Naira find it's value at the open. That way, govt will have enough $$ to channel into other areas of the economy. The effect/pain of a worthless naira is something we will/must suffer whether we like it or not since we are a consumer nation coupled with the govt's increased borrowing. Rather than make us suffer the pain/effects of worthless naira in piecemeal, give us the suffering once and for all so we can move on. Like i wrote, whether we like it or not, we will suffer it, though we are already suffering piecemeal. But make i no lie, the suffering go hard die! Lots people will die/suicide, crime will increase, in fact e go rugged gan!! |
Re: What Osinbajo’s Call For Naira Devaluation Could Mean For The Future by rontolo(m): 11:53am On Oct 12, 2021 |
ezekins: Osibanjo earned my respect for this truth he espouses. What we have now amounts to a ‘subsidy’ on the naira. Nigeria cannot afford it. It is artificial and seriously damaging our long term economic health. What we have now is expensive, inefficient, unproductive, unsustainable and only delays the inevitable. Naira will sooner or later find it’s level whether the cbn likes it or not 1 Like |
Re: What Osinbajo’s Call For Naira Devaluation Could Mean For The Future by Alawode01(m): 11:53am On Oct 12, 2021 |
The vice President is try to fish some error out in our exchange system and monetarily polices of thet, that "our exchange rate is artificial low" this to say that what is authentic official rate,isn't been remitt to the commission, he said they can't call more dollars but be accountability to the available one,that the agencies concerns should work in collaboration on the exchange trade and for the external reserve to grow. |
Re: What Osinbajo’s Call For Naira Devaluation Could Mean For The Future by Miyachi: 11:54am On Oct 12, 2021 |
After the billions of USD they keep borrowing; when are we going to pay back? |
Re: What Osinbajo’s Call For Naira Devaluation Could Mean For The Future by Bizibi(m): 11:56am On Oct 12, 2021 |
Are these guys really serious Who is advising these people? |
Re: What Osinbajo’s Call For Naira Devaluation Could Mean For The Future by Zainabthegirl1(f): 11:56am On Oct 12, 2021 |
Omoooo this man is so dumb |
Re: What Osinbajo’s Call For Naira Devaluation Could Mean For The Future by PDinteriors(m): 12:01pm On Oct 12, 2021 |
Na wa oooo |
Re: What Osinbajo’s Call For Naira Devaluation Could Mean For The Future by A305: 12:02pm On Oct 12, 2021 |
This is so dangerous in the long run and might end up in two kind of eventuality: 1 - Either we swap our legal tender (Naira) for the US Dollar. Or 2 - Create a new currency and dumping the Naira altogether. And when 2 happens, Even Dangote will be reduced from a Billionaire to a Millionaire. 2 Likes |
Re: What Osinbajo’s Call For Naira Devaluation Could Mean For The Future by ezekins: 12:09pm On Oct 12, 2021 |
Since cbn has been devaluing naira what have we achieved? Osibanjo should just don't say anything if he has nothing better to say. Fx speculative activities are what is lowering the value of the naira. Cbn should review domiciliary account operation in Nigeria. Many Nigerians now bank in foreign currencies because domiciliary accounts. |
Re: What Osinbajo’s Call For Naira Devaluation Could Mean For The Future by Lugianostar(m): 12:13pm On Oct 12, 2021 |
Why will he do that to a dilapidated naira that is devalued already. I think he should make efforts by making sure all measures are exhausted to project naira to be appreciated with other global currency. |
Re: What Osinbajo’s Call For Naira Devaluation Could Mean For The Future by Lugianostar(m): 12:19pm On Oct 12, 2021 |
Wetin concern me?
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Re: What Osinbajo’s Call For Naira Devaluation Could Mean For The Future by Poanan: 12:24pm On Oct 12, 2021 |
TheRareGem1: lol, it is not 6 it is half a dozen. 1 Like |
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