Sibrah:
the only thing 'stupider' than the buhari statement is this demonic analogy of yours. Guy did you use you soul for fixed deposit?

powersunny:
Why is everyone going Harvard and Cambridge on this statement. Vanguard seems to just be whipping sentiments here. The only statement quoted to Buhari in the report is “It is sad that the value of the naira has dropped to more than N230 to one dollar; this does not speak well for the nation’s economy,’’. Why can't they quote how he said Naira will be equal to the dollar.

ibietela2:


Na wa oooo, which kind joke be this?? So na #200 person go withdraw from atm?

PapaBrowne:


Are you serious Your speech just gave you off as someone who lacks complete understanding of Economics>



Illiteracy no be moi moi oh!! Ha! So if someone tells you he will equate the value to the dollar you would just swallow it hook line and sinker??
What were you doing when others were attending Economics class??

For the Naira to be equal to the dollar, you would need to see our dollar reserve rate go to something like a trillion dollars!! Even with 20 years of 20% economic growth rate, we would probably not be there!!


Now the bigger lesson for you is that a very strong Naira is not good for our country especially if you want to produce goods and export competitively..
Now let me explain that to you:
A bag of Dangote cement sells for 1500 Naira.
When the dollar was 160 Naira, that bag of cement was equal to $9.
At the new rate of 215 Naira, that same bag of cement is now equal to $7.
That means if Dangote wants to sell his cement in Albania, he has a better price point than he would have had 5 months ago.

Now imagine the Naira is exchanging at 5 Naira to a dollar.
That same bag of cement would now be equal to $300. Where on planet earth would he be able to sell his bag of cement at that price??

Any country that desires to produce and export to the rest of the globe, prays for a weaker currency to allow its goods better pricing amongst competitors. If Buhari understands economics, he will never pray for a very strong Naira except of course he wants us to keep importing everything!!

shadowgwalker:
I don talk am before say buhari dull, but nobody wan believe.
when we were in the military together, he was always failing our platoon assignment. he's not good in team work too.

Princecalm:
and that is a prove to tell you that population increase causes inflation.

onatisi:
his comment and post makes more valuable sense than yours. There is none in urs .

Sibrah:
u r an irredeemable blinded dude . . . Get lost please.

mimijj:
Dis the most controversial election ever...abeg don't mind GMB its election fever. Sebi they will give free launch to all primary school pupils. March28 wld be hot

Missy89:
I cannot find the statement in the said article. So where did vanguard get this quote from exactly?

PapaBrowne:


Are you serious Your speech just gave you off as someone who lacks complete understanding of Economics>



Illiteracy no be moi moi oh!! Ha! So if someone tells you he will equate the value to the dollar you would just swallow it hook line and sinker??
What were you doing when others were attending Economics class??

For the Naira to be equal to the dollar, you would need to see our dollar reserve rate go to something like a trillion dollars!! Even with 20 years of 20% economic growth rate, we would probably not be there!!


Now the bigger lesson for you is that a very strong Naira is not good for our country especially if you want to produce goods and export competitively..
Now let me explain that to you:
A bag of Dangote cement sells for 1500 Naira.
When the dollar was 160 Naira, that bag of cement was equal to $9.
At the new rate of 215 Naira, that same bag of cement is now equal to $7.
That means if Dangote wants to sell his cement in Albania, he has a better price point than he would have had 5 months ago.

Now imagine the Naira is exchanging at 5 Naira to a dollar.
That same bag of cement would now be equal to $300. Where on planet earth would he be able to sell his bag of cement at that price??

Any country that desires to produce and export to the rest of the globe, prays for a weaker currency to allow its goods better pricing amongst competitors. If Buhari understands economics, he will never pray for a very strong Naira except of course he wants us to keep importing everything!!

lastpage:


I would have loved to do a detailed analysis of your post but its late in the night for me, but l will summarize.

Dont know how old you are but l can tell you that l was old enough to handle a Dollar, when the Naira was EQUAL to the Dollar..... and our reserve was not anywhere a TRILLION, not even a Billion Dollars, back then.
Check the exchange rate in the early 70's and confirm my point.
Back then, Nigeria was exporting a lot of Cocoa, ground nut, Palm Oil, Rubber, e.t.c

It was done then, it can be done now... Period!

2.) To say a very strong naira is not good for Nigeria, to justify the worse-than-Zimbabwean "Naira' we are spending today, is not doing "full justice" to economics!
I wont go on a long analysis of Dangote or Ibekwe but let us just "invert" your statement and see how it pans out.

Can we say "A very strong Dollar is NOT GOOD for America"?.....
.....and despite at almost #240 => Dollar, has it stopped Nigerians from importing from America (most of our imported cars are from there, just to mention one item) or scrambling to buy the Dollar?
More importantly, has it STOPPED America from exporting its products all over the world, especially to Nigeria?
Answer is obviously NO!

Finally, as educated people, we must refrain from espousing what l will call "half knowledge", deliberately or otherwise, especially when doling out "economic precepts". Our analysis has to be "balanced" and reflected on all possibilities.

Let me make bold to say that what YOU THINK may be LOST from a "strong local currency" can be, .....and IS actually NEGATED by the following:

a.) Superior Products (which are always in demand, irrespective of higher prices)

b) Reputation (E.g, America has a "reputation" for "full options" vehicles thus, despite the additional cost, people will rather inport an "American Spec", than one from japan or Europe.

c.) Strong Local Market (Countries with Big population which has "HIGH PURCHASING POWER" can still take advantage of their strong currencies without much negative effect as MOST products from their Factories get consumed locally)

4.) Selective Production (This is similar to (a) above but here, emphasis is on producing goods that are either termed "luxury" or very 'high-tech" and or "uncommon" e.h high class armaments, expensive cars that gets Russians buying , e.t.c.

Bottom line: A Strong currency is NOT a disadvantage to a nation or its export (as you asserted) ...... if you have the right people managing the "MIX" of Economic policies!

I understand that such economic "management" is beyond a "I know Nothing" President or his thieving cohorts, more so in a Nigeria where the leaders stiLl dont recognize the fact that calling you "economic giant of Africa or ranking you #1 on some utopian index" MEANS NADDA, IF YOU CANT EVEN POWER YOUR HOMES OR FACTORIES FOR AT LEAST 12HRS IN A DAY!

We have been trying to do two things since the days of Shagari, without success!

1) Convince foreign INVESTORS that Nigeria is 'the country' to invest. Except for a few "crooked" investors who themselves are only here to scam our system, with the collusion of their local crooks, l have not seen any serious investors in Nigeria, for decades! Some are doing what is called "window-dressing", being around "on paper" .... just in-case something crops up

2.) Export Promotion by keeping a weak currency: This one is a no-brainer! What do we really produce in this country, that is "competitively" worth exporting, ..............using Generator and Diesel as the source of industrial power?

Please, our leaders should stop scamming the populace!
It will not happen, not with Buhari, certainly never with GEJ......unless power becomes at least 80% stable.

Lastpage!

Princecalm:
He has done it b4 and this will not be an exception.

CFCfan:


Buhari can be chairman of the Fed. He has such a brilliant economic brain

Filmewell:

i was seriously reading comments until urs that got me laughing.

manny4life:


You're funny... Did you say Soludo proposed this? Please, before I comment on Soludo (more like my mentor), please provide proof to back this up. I am not surprised SLS did... Anyway, like I asked someone, is this under a favorable or unfavorable condition. Please answer that..

Like I said, let's face real issues; nonetheless, a lower Naira is ALWAYS and will always be favorable under the right condition.

DECOtech:


Can you imagine such an illiterate. comment.

Its the illiterate ones that would believe that and vote for him

that's it right there.

fallout87:
That is one of the stupidest utterances in this election if it is true.

Does this Buhari not understand inflation? He obviously doesn't understand a thing about GDP or the economy...