RiceProducers:


What manner of idiocy is this?. Did you go to school at all?

animal

An import dependent country that produces nothing and imports everything will be on its way to Zimbabwe if we further devalue. What we don't have is sound mind in APC government. They should understudy how PDP managed to hold the naira to official rate of #197 to a dollar until 2015. Again the Nigerian citizens are terrible people who prefer foreign currency to their own local currency. That is why half of young men and women in Nigeria have found job in selling dollars thereby driving up the value of dollar against the naira resulting in the hyperinflation of today. If dollar is given to only those who have need for it; for their foreign transactions our naira will have value. But what we have is a large number of unpatriotic citizens that would convert their naira to dollars and keep it in their savings. The increase in demand for dollar (by those who actually don't have any transaction requiring forex) results in the torpedoing collapse of naira

richmond500:
Wetin we wan devalue inside money weh no get value again?

Tell them abeg

TheRareGem1:
VP never call for Naira devaluation. He only called for an official rate reflective of market reality. The current dual exchange rates allows for arbitrage and blocks inflow/supply of dollars from investors.

That's what devaulation mwans

Mumi

TheRareGem1:
VP never call for Naira devaluation. He only called for an official rate reflective of market reality. The current dual exchange rates allows for arbitrage and blocks inflow/supply of dollars from investors.

That's what devaulation mwans

Mumi

TheRareGem1:
VP never call for Naira devaluation. He only called for an official rate reflective of market reality. The current dual exchange rates allows for arbitrage and blocks inflow/supply of dollars from investors.

you know what this will lead to, that's what the writer is trying to make you see.

Osibanjo did something with the Naira when Buhari was away, has that solved our problem? We're back here again.

rontolo:

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

It's unfortunate that you still don't reason in the right direction. I assume you are a Nigerian but you easily buy the position of our politicians as if you are a foreigner. Has naira not been devalued before and what became the resultant effect. Cbn should review the operation of domiciliary accounts in Nigeria because it's become a tool with which they use to hoard Fx in Nigeria. why should people be banking dollars , euro pounds in Nigeria. This will be my last reply to this. People should reason independently.

TheRareGem1:
VP never call for Naira devaluation. He only called for an official rate reflective of market reality. The current dual exchange rates allows for arbitrage and blocks inflow/supply of dollars from investors.

Lol. If you understand what devaluation means, then you would know that was what Osi meant.

This professor is MAD.

TheRareGem1:
VP never call for Naira devaluation. He only called for an official rate reflective of market reality. The current dual exchange rates allows for arbitrage and blocks inflow/supply of dollars from investors.

What's the difference between what VPs intention is and naira devaluation? Or alternatively put, how can we achieve that aim without devaluing the naira? Just an honest question.

TheRareGem1:
VP never call for Naira devaluation. He only called for an official rate reflective of market reality. The current dual exchange rates allows for arbitrage and blocks inflow/supply of dollars from investors.

Wots d difference? A revaluation of the Naira not due to market forces but manual adjustment. Thats wots devaluation

Don't mind osinbande. He's just playing to the gallery.
Imagine claiming that the CBN is doing intervention that he needs not to do as if he doesn't know that it's on the instructions of Bubu.
Emefiele was chosen by GEJ to replace the boisterous Sanusi because he's known to be good at being a Yes-boy who ruffles no feathers. It's why Buhari has retained him as well.
Osinbajo is just being a bully who is picking on the weakest dude in the room.
Why hasn't he called out the AGF who has made a mess of the law repeatedly. At least he can claim expertise in that regard.
Why hasn't he called out the obviously clueless minister of finance who is sitting there while CBN does her job for her.
Osinbande should gerrat!!

SmartPolician:
Please let's not devalue the naira because we run an import-dependent economy. If we devalue the naira, people will get poorer, crime rates will increase and prices of goods will rocket.

So we should continue to be import-dependent economy? Why can’t we be sincere with ourselves, from top to bottom, to limit our tastes to what we make ourselves, or can afford from the proceeds of what we sell to others?
Is that rocket science

What kind of vehicle are our president, VP, senate president, HoR Speaker etc using

Krismas:
Wots d difference? A revaluation of the Naira not due to market forces but manual adjustment. Thats wots devaluation

Warning!! You're quoting an osinbajo asslicker

seguno2:


So we should continue to be import-dependent economy? Why can’t we be sincere with ourselves, from top to bottom, to limit our tastes to what we make ourselves, or can afford from the proceeds of what we sell to others?
Is that rocket science

Patriotism is not an economic policy anywhere in the world. Not even in Communist China

TheRareGem1:
VP never call for Naira devaluation. He only called for an official rate reflective of market reality. The current dual exchange rates allows for arbitrage and blocks inflow/supply of dollars from investors.

Exactly.

Shooyie:
Prof Osinbajo was trying to call the attention of the CBN governor to those who buy at official rates and sell at the parallel market which allows them make huge profit at the expense of unsuspecting Nigerians.

Exactly! There are a lot of people making millions from that loophole.

Agboriotejoye:
Patriotism is not an economic policy anywhere in the world. Not even in Communist China

What does America First mean

kay29000:
Exactly! There are a lot of people making millions from that loophole.

Is Osinbajo’s boss concerned about that, or he is behind it for “Abacha” reasons

eldoradoxx:
An import dependent country that produces nothing and imports everything will be on its way to Zimbabwe if we further devalue. What we don't have is sound mind in APC government. They should understudy how PDP managed to hold the naira to official rate of #197 to a dollar until 2015. Again the Nigerian citizens are terrible people who prefer foreign currency to their own local currency. That is why half of young men and women in Nigeria have found job in selling dollars thereby driving up the value of dollar against the naira resulting in the hyperinflation of today. If dollar is given to only those who have need for it; for their foreign transactions our naira will have value. But what we have is a large number of unpatriotic citizens that would convert their naira to dollars and keep it in their savings. The increase in demand for dollar (by those who actually don't have any transaction requiring forex) results in the torpedoing collapse of naira

You're very correct jare

/
Suck talk is to prepare people psychologically for what’s cooking. I still expect $1:N1000 by the end of Buhari’s tenure in 2023.

/

seguno2:


What does America First mean

America first is a foreign policy not an economic policy. Obama and goons turned the US to father Christmas and Jesus all rolled into one. Remember when Trump became president, he told all NATO members they have to start paying their share of NATO bills instead of US shouldering it alone. It will surprise you that same Trump actually ran an expansionary economic policy instead of the frugal ones the GOPs are known for.

ezekins:


It's unfortunate that you still don't reason in the right direction. I assume you are a Nigerian but you easily buy the position of our politicians as if you are a foreigner. Has naira not been devalued before and what became the resultant effect. Cbn should review the operation of domiciliary accounts in Nigeria because it's become a tool with which they use to hoard Fx in Nigeria. why should people be banking dollars , euro pounds in Nigeria. This will be my last reply to this. People should reason independently.

U are daydreaming? DOM accounts are no hoards. The banks are trading with the FOREX in ur DOM. Its helping with liquidity of hard currency. Some of those currencies in DOM are from relatives abroad. Its augmenting FOREX for the nation. Wots causing the current parallel btw Dollar official and Dollar black market is scarcity of Dollar. The solution maybe to re-invite BDCs or force banks to provide FOREX beyond PTA and beyond $1000 to support imports.

The Vice President knows that Nigeria is an import dependent country since all the governments I knew since I became adult,has been preaching diversification, yet they do nothing. All they are after is oil money which is quick to get without any commensurate investment.
Today, I suspect that 50 percent of Nigeria forex earnings is used for fuel importation. Why should the naira not be under pressure.
I would advise the Vice President to look at the history of naira devaluation since 1975 and point to its impact on the economy.
However, my advice is that Government should be ready to denominate workers salaries in DOLLARS along the line of the devaluation since almost everything consumed in Nigeria is imported.
Economics is not Law, Mr VP.
Leave economy for economists.

seguno2:


So we should continue to be import-dependent economy? Why can’t we be sincere with ourselves, from top to bottom, to limit our tastes to what we make ourselves, or can afford from the proceeds of what we sell to others?
Is that rocket science

What kind of vehicle are our president, VP, senate president, HoR Speaker etc using

Huncle, why did you leave out the second paragraph? FYI, as far as this government is not ready to fix power, the cost of producing in Nigeria will always be higher than the cost of importation.

Just like Amanda Ngozi-Adichie asked German chancellor Angela Merkel, everyone should be asking what happened to the agreement this yeye government signed with Siemens to provide electricity.

SmartPolician:


Huncle, why did you leave out the second paragraph? FYI, as far as this government is not ready to fix power, the cost of producing in Nigeria will always be higher than the cost of importation.

Just like Amanda Ngozi-Adichie asked German chancellor Angela Merkel, everyone should be asking what happened to the agreement this yeye government signed with Siemens to provide electricity.

Get over it! Siemens was an official bribe

SmartPolician:
Please let's not devalue the naira because we run an import-dependent economy. If we devalue the naira, people will get poorer, crime rates will increase and prices of goods will rocket.

I don't know who advised Buhari but the worst decision he ever made was borrowing to invest in railways over epileptic electricity supply. We cannot experience industrial revolution with 3-5kmegawatts of electricity.

People won’t get poorer..

I think this means the highest currency should be reduced to probably a 100 or 200..

Soludo also said something like that during PDP rule, but they removed him..

dre11:


https://www.thecable.ng/heres-what-osinbajos-call-for-naira-devaluation-could-mean-for-the-future

Poor article based on total misconstruction of simple English. The VP said CBN should allow the Naira reflect market value. That simply means
CBN should no longer peg Naira value by any means whatsoever, but demand and supply in the currency market to prevail. All these analysis is off tangent coz the premises is wrong

Emu4life:
OSINBAJO should STFU already.
APC has failed............... Woefully.

It's only in a place like Nigeria you see;

Fish farmers advising the CBN,

Lawyers heading Ministry of Power, Work and Housing when we have Engineers,

Politicians heading Ministry of Science and Technology,

And professor of Law ordering the Central Bank.

Which kind Country be dz abeg

All is correct but not central bank the governor studied finance

Emu4life:
OSINBAJO should STFU already.
APC has failed............... Woefully.

It's only in a place like Nigeria you see;

Fish farmers advising the CBN,

Lawyers heading Ministry of Power, Work and Housing when we have Engineers,

Politicians heading Ministry of Science and Technology,

And professor of Law ordering the Central Bank.

Which kind Country be dz abeg

It has never in history for a non economic expert to govern cbn

safesurfer:
I'm having serious headache right now mehn.

They deducted almost 5k from my small salary due to numerous queries.

With each query comes a deduction of #500. .

The day I decide I'm done, I will beat up the stupid principal.

As for Nigeria's numerous problems, we were running in circles before Buhari. Moving forward today, backward tomorrow.

Now we are moving backward at break neck speed. It's hard to imagine we can ever recover as a nation again.

Nigeria is a failed state!

Are you teaching in a secondary school