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Nairaland Forum / Nairaland / General / Agriculture / Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain (25048 Views)
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Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by osothermal(m): 4:17pm On Dec 30, 2023 |
Iceberg3:hahaha. Which Jos, I've made way since o |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by Iceberg3: 4:33pm On Dec 30, 2023 |
osothermal:Abeg show us way nahhh |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by GeneralDae: 5:52pm On Dec 30, 2023 |
mfm04622:Yes but they convert their dollars at the black market which is out of the CBN's control and not regulated. |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by mfm04622: 6:32pm On Dec 30, 2023 |
GeneralDae: It doesn't matter. What we need is the volume. |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by ThebestPromise: 6:36pm On Dec 30, 2023 |
In one breath you said nigeria as a country produces nothing but only consumes and now you are blaming the government for a policy that will self motivate the farmers. Let me break it down so that many will understand it better: 1. The purpose of dealuation of currency is to stimulate production for exportation. 2. More monies to the farmers will literally mean increase of investment in Agro allied businesses. 3. More production and more players in the industry will drop the price in the long run and increase employment rates in the country. 4. If implementated, the commodity produce system promised by the PBAT will protect the commodity market in Nigeria. 5. Unlike the previous years, despite the abnormal last minutedemands for local rice, the market did not shake because there is more than enough to sell. Kudos should be given to GEJ that started it, PMB that modified it and took it to another level and PBAT that continued with the policy. It is just a matter of time before things will start getting to shapes if we don't relent as a country. Presently, no country in the world is having it easy. 1 Like 1 Share |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by Bluntemperor: 6:43pm On Dec 30, 2023 |
KEVIND: Who says? Only if you don't know how to use your size( Population) to get what you want! Do you know that Nigeria - Population of 250 Millions is why many Organisations will remain in Nigeria for life, unlike Ghana 32Millions- just a little higher than Lagos State Population! But ,if you don't know how to harness the big Population,then, you are on your own! Chinese and India of 1.4 Billion Populations each,are using it to their Advantage and Achievements ! - Both China and India- have gone to the Space, and in fact- India perform the feat this year( 2023) to join the league of Space Explorers! Only Nigeria that is not even up to America Population(350-Million) - that is just doing rasmoboge with her own Population - where Terrorists, Kidnappings,Gun-running,Drug dealers and Criminalities - accross our borders are having a field day because they have Local supports! You cannot try it in USA - America - for Foreigners to come to your Country without traces and repacusions! |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by Yankee101: 6:51pm On Dec 30, 2023 |
Same problem with fuel subsidy will begin again The buying by neigbhours will create scarcity and drive the prices up and Nigerians will become more hungrier |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by GeneralDae: 6:56pm On Dec 30, 2023 |
mfm04622:The gap between the two markets distorts the market equilibrium hence the BDC's have the dollars but their trade with it is not regulated as it should be. The CBN and Banks needs more of those dollars. 1 Like |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by BALLOSKI: 7:14pm On Dec 30, 2023 |
They don't need to come with hard currency, CFA is strong enough against the Naira to help them buy our grains cheaply. |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by mfm04622: 7:24pm On Dec 30, 2023 |
GeneralDae: It is a demand and supply issue. If we have more dollars than we need, rates will come down. So we need to up our productivity to earn more dollars, you will see rates decline. 1 Like 1 Share |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by erico2k2(m): 7:26pm On Dec 30, 2023 |
Ikaeniyan0:Thats what they dont know.aint this shyte China does as well?purposly devaluing thier currencies. |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by erico2k2(m): 7:27pm On Dec 30, 2023 |
Yankee101:Nah we just farm more. |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by erico2k2(m): 7:28pm On Dec 30, 2023 |
GeneralDae:NAIRA and CFA xchange up north. |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by Seun(m): 7:29pm On Dec 30, 2023 |
I thought they said inflation in Nigeria was caused by expensive food? Now they are saying our food is cheap? Both cannot be true, can they? 4 Likes |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by Realtruth2023: 7:37pm On Dec 30, 2023 |
omohayek: What are you smoking really? We cannot even meet local consumption because of inflation. Our currency is weak that is why these guys are buying up our produce. They are winners in the and we are the losers. The FX ends up in the parallel market and not in the official market. |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by Yankee101: 7:42pm On Dec 30, 2023 |
erico2k2: Maybe you don’t know that nigeria increased it’s importation and it didn’t stop the cross border sales until after subsidy removal Increasing you production will give them even cheaper grains Market protection is the way forward |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by DeOTR: 8:04pm On Dec 30, 2023 |
tctrills:You're the one who's not making sense, or rather, you're getting the whole point wrong. This thread is about people outside the country buying our produce because of the value of our currency. The reason you're cursing the government is what I do not understand. You're only worried about the value of our currency as compared to that of our neighbors which is not a big deal if we're self sufficient. We should only be worried that almost all our farmers are on the subsistence level. Things are hard and getting harder in the country because we depend mostly on countries to meet our basic needs |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by erico2k2(m): 8:08pm On Dec 30, 2023 |
Yankee101:I meant plugging shortage. If people produce e further south they will now be forced to get forex cos CFA don't trade down south.this is fact |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by Jobman222: 8:12pm On Dec 30, 2023 |
Calitoscassius: You can't prove beyond any reasonable doubt that I voted these candidates to office, yet you confidently accuse a total stranger. Since you can't help, why can't you look on as others did ? |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by oluebube8q: 8:52pm On Dec 30, 2023 |
Japa if you can...I repeat, Japa if you canJapa if you can...I repeat, Japa if you can... |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by tctrills: 9:13pm On Dec 30, 2023 |
DeOTR: Oga, you have a falling currency and a food shortage. We should be worried about everything. There is a growing inflation because the supply of food can't meet the demand. Now you say you don't understand why I am blaming your government right? Let me explain to you. The only reason your currency keeps falling is because of very bad decisions made by your government. We have the 3rd worse performing currency of 2023 and this is leading to inflation. |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by ayo2008: 10:28pm On Dec 30, 2023 |
Nauttyprof: Who do we blame? We practice Federalism system of government so the blame goes to him |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by Yankee101: 10:29pm On Dec 30, 2023 |
erico2k2: Read the article They don’t use CFA but dollars which they change to naira |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by 01Deji: 11:40pm On Dec 30, 2023 |
That's the law of Business 1 Like |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by Okoroawusa: 11:41pm On Dec 30, 2023 |
I don't see any bad news here... |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by CodeTemplar: 8:28am On Dec 31, 2023 |
Seun:Cheap to others with stable currencies that has strengthened against the naira by as high as factor of two. One naira of 2019 is like N2.50 today. |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by CodeTemplar: 8:32am On Dec 31, 2023 |
aspabay:Embracing higher production no longer crosses the mind of Nigerians(majority). They prefer witchcraft economics of chasing money with little production/output. The foreigners are rushing in because the naira is weaker compared to their local currencies. |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by DeOTR: 8:51am On Dec 31, 2023 |
tctrills:Our currency is falling because we have a largely unproductive human capital. We should be deliberately devaluing our currency to gain competitive advantage if things were right. We spend naira, but everytime the value falls, the price of everything goes up. You don't need an expert to tell you our economy is over dependent on importation. We have food shortage, yes, but how's the strength of our currency suppose to help on that if you're not thinking about importing it? A nation that can not feed herself, and you want a strong currency? Dey play. |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by CodeTemplar: 8:56am On Dec 31, 2023 |
omohayek:It all depends on what is causing the Naira devaluation. I put that down to excess money in circulation. The journalist is right to interpret it negatively even though it has some advantages. There is no guaranty govt will not print and circulate more money while leaving Nigerians workers pay stagnant. That will drive Naira value down and further strengthen foreign buyers against local buyers of food. It is a matter of cause and effect cycle being properly separated and put into context |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by CodeTemplar: 9:01am On Dec 31, 2023 |
DeOTR:I disagree. It is a combination of factors. Low productivity is one but printing and circulating excess money "carelessly" is another major factor. |
Re: Naira Devaluation: Neighbouring Countries, Others Feast On Nigeria’s Cheap Grain by GeneralDae: 9:16am On Dec 31, 2023 |
Realtruth2023:It's not even hard currency they are paying. It's CFA which makes this worse than I initially thought. |
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