Naira Loses N2 As Buhari Rejects Devaluation - Business (3)

Naira Loses N2 As Buhari Rejects Devaluation - Business (3) - Nairaland

Nairaland Forum › Nairaland General › Business › Naira Loses N2 As Buhari Rejects Devaluation (26347 Views)

Re: Naira Loses N2 As Buhari Rejects Devaluation by Cvesta(m): 6:15pm On Sep 17, 2015

2rutalk1:
Why are you contradicting yourself? If it is silly for us to import toothpick as you said, why then are you saying devaluation makes no sense since export will be cheaper than imports. The essence of devaluation is to discourage import in order to protect domestic industries against unhealthy competition. Haven't you heard of import substitution strategy before and its impact on industrialization?

It an Evil Apple being stretched by the WEST now simply to enslave us more..a friendly stab...they know us like their palms and knows we will keep importing no what it cost because we do not have the industries and infrastructures nor the Willpower to bring them to life

Re: Naira Loses N2 As Buhari Rejects Devaluation by Rawani: 6:18pm On Sep 17, 2015*

2rutalk1:
Why are you contradicting yourself? If it is silly for us to import toothpick as you said, why then are you saying devaluation makes no sense since export will be cheaper than imports. The essence of devaluation is to discourage import in order to protect domestic industries against unhealthy competition. Haven't you heard of import substitution strategy before and its impact on industrialization?

What is the essence of devaluation without production capacity? We do not need to devalue the Naira in order to encourage toothpick production, what we need are supporting infrastructure and enabling policies.

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Re: Naira Loses N2 As Buhari Rejects Devaluation by erico2k2(m): 6:32pm On Sep 17, 2015

makzeze:
I think Buhari need not interfere in the exchange rate policy. It should be purely determine by CBN.

Him nor gree Oo0

Re: Naira Loses N2 As Buhari Rejects Devaluation by haji56(m): 6:59pm On Sep 17, 2015

LastSurvivor:
I tink the body language abi odour is begging to stink badly, anyway we voted for who failed Economics and mathematics. In Sarkode's voice "what else"

Wailers shame on you we can't get a baby untill a woman born him exactly na you born the problems we began nursing it then you blame us who sow the problems? Or you think Nigerians are Dullards as you are?

Re: Naira Loses N2 As Buhari Rejects Devaluation by jeff1607(m): 7:03pm On Sep 17, 2015

is it only the dollar we struggle with,lets try other currencies haba!#just saying

Re: Naira Loses N2 As Buhari Rejects Devaluation by Nobody: 7:07pm On Sep 17, 2015

BabyDaddy20:
Thank you lord.
Please, lord.
One more think.
I want $1 to be 600 naira, so that when i send $300 down to Nigeria, my relatives will value the money.

Hahaha... you are very wicked!

Re: Naira Loses N2 As Buhari Rejects Devaluation by repogirl(f): 7:23pm On Sep 17, 2015

Hmmmmmm, Buhari, I doubt this strategy of using the reserve to sustain the naira is sustainable ooooo. Crude prices have decreased and it is the major source of the country's income.... If our sales have dropped, its only normal that the value of naira will drop also.

Hmmmmmm, central banks measures will not hold it forever....no how, sooner or later the naira will be devalued! Buhari is just prolonging the inevitable.

Re: Naira Loses N2 As Buhari Rejects Devaluation by galadima77(m): 7:26pm On Sep 17, 2015

BabyDaddy20:
Thank you lord.
Please, lord.
One more think.
I want $1 to be 600 naira, so that when i send $300 down to Nigeria, my relatives will value the money.

I pray they cut down ur pay over there

Re: Naira Loses N2 As Buhari Rejects Devaluation by ViktorMartins(m): 7:28pm On Sep 17, 2015

persius555:
And the govt back the monetary policy with a comprehensive and effective fiscal policy which would help revive our local manufacturing industry.

And help to showcase our locally made products to the world through the use of trade fairs and exhibitions

Re: Naira Loses N2 As Buhari Rejects Devaluation by basilo101: 7:44pm On Sep 17, 2015

bushdoc9919:
It isn't just PDP.....it is the whole problem we have had since independence.

We have gotten so used to exporting raw materials....and sharing the revenue, which we use to import....that we forget that manufacturing is the key to a nation's strength.

The problem is...if we went industrial....we would initially have a hard time....before things get better. When Japan and South Korea started exporting industrial products....their initial efforts were bad.....but they improved. They went through hard times...before things got better. Nigerians do not want to work. They just want to sit down and share the money.

dats y i laff at some ppl. they say SE doesnt produce anything yet statistics show increasing export of Aba leather and textile works. raw materials cant compare manufactured goods, human resources if far more important than natural resource

Re: Naira Loses N2 As Buhari Rejects Devaluation by IbokUtoroh(m): 7:46pm On Sep 17, 2015

Rawani:
If our foreign reserves were not depleted, and our chance to diversify the economy during the oil price boom was not wasted by the last administration due to incompetence and greed, we would have a buffer for these hard times.

.

if only sanusi lamido sanusi was competent enough to create policies instead of spending n depleting our reserves to defend our naira.
I dont knw how someone who studied islamic religion rose to become our cbn governor.

Re: Naira Loses N2 As Buhari Rejects Devaluation by geraob1: 8:13pm On Sep 17, 2015

Ur write up shows u lack the basic economic sense to know what is going on. I suggest u n ur other fellows do a research n c y certain steps need to be taken. Instead of being partisan (that's if u know what that means).

biafranqueen:
We warned you!

Re: Naira Loses N2 As Buhari Rejects Devaluation by tradepunter: 8:25pm On Sep 17, 2015

its surely going to gain value due to several reasons of which one is due to low interest rate the fed decided to maintain. The value of the dollar is falling every where since traders and global markets expected a hike. Also commodities should experience some push upwards, in which oil could be a major beneficiary. So in the medium term we should see some relief with the naira, till after the market have absorb fully the non increase in US interest rates.

Re: Naira Loses N2 As Buhari Rejects Devaluation by tradepunter: 8:33pm On Sep 17, 2015

this hold is also part of the strategy, since in some cases we should let global economic trend play into our hands, so not devaluing the naira is a good move for the medium term. Because dollar is most likely going to be cheap, which would hopefully erode some value from speculators attacking the naira.

Re: Naira Loses N2 As Buhari Rejects Devaluation by Reference(m): 9:12pm On Sep 17, 2015

Rawani:
Devaluation in an import-based economy does not make much sense, imports cost more while exports bring in less (not that we are exporting much).

If our foreign reserves were not depleted, and our chance to diversify the economy during the oil price boom was not wasted by the last administration due to incompetence and greed, we would have a buffer for these hard times.

It is silly to import toothpicks in the first place, not to talk of making the process cost more.

Na government dey import toothpick. Na government go build toothpick factory for Nigeria. Na government go diversify economy. Na the government of the country wey the toothpick from dey come dey make am....

Okay make we wait Dangote to make toothpick, abi.

Nigerians. The only people on earth who complain tirelessly in front of the mirror.

1 Like

Re: Naira Loses N2 As Buhari Rejects Devaluation by grandstar(m): 9:39pm On Sep 17, 2015

This man's poor understanding of economics will bring economic ruin.

There is nothing wrong with a devaluation. Its the best way to arrest this dreadful situation.

Import bans are bad for commerce which is a wealth generator.

The problem is never imports. Its when you don't export that there is a problem. Imports like illegal workers are always a convenient scapegoat

Re: Naira Loses N2 As Buhari Rejects Devaluation by grandstar(m): 9:45pm On Sep 17, 2015

adedayourt:
Its a strategy it ll regain value in nearest future.

Wailers what do you have to say to this?

The policy will bring economic ruin. Buhari is not God

Re: Naira Loses N2 As Buhari Rejects Devaluation by kbbanj10(m): 9:51pm On Sep 17, 2015

dayo23:
See what PDP 16yrs of failure has cost us...

We shall arise again! Sai PMB

well said thank God but wait o if not for baba we for don enter serious economic wahala now. Sai Baba!

Re: Naira Loses N2 As Buhari Rejects Devaluation by 989900: 9:52pm On Sep 17, 2015

repogirl:
Hmmmmmm, Buhari, I doubt this strategy of using the reserve to sustain the naira is sustainable ooooo. [s]Crude prices have decreased and it is the major source of the country's income.... If our sales have dropped, its only normal that the value of naira will drop also.[/s]

Hmmmmmm, central banks measures will not hold it forever....no how, sooner or later the naira will be devalued! Buhari is just prolonging the inevitable.

How come we were able to maintain a better exchange rate @ $9/barrel, or more recently during OBJ @ $30/barrel?

Or, how come @ $147/barrel the Naira did not appreciate proportionally?

There is more to these things than oil prices.

https://www.nairaland.com/2573929/poison-further-devaluation-naira

Re: Naira Loses N2 As Buhari Rejects Devaluation by Abdulhakeem7(m): 9:56pm On Sep 17, 2015

Neduzze5:
That's really bad. The dullard doesn't understand the mechanisms by which the economy runs and that is why this is happening to our naira.

We just pray for better days!!

so ur clueless understood d mechanisms by which d economy runs that's why naira got to #242 to a dollar during his tenure. U like u no like ooo PMB is ur president except u're nt a nigerian.

1 Like

Re: Naira Loses N2 As Buhari Rejects Devaluation by Neduzze5(m): 10:00pm On Sep 17, 2015

Abdulhakeem7:
so ur clueless understood d mechanisms by which d economy runs that's why naira got to #242 to a dollar during his tenure. U like u no like ooo PMB is ur president except u're nt a nigerian.

Who said I am a Nigerian kwanu? undecided

You have not heard of the Federal Republic of Biafra, the land of the rising sun before? undecided

Re: Naira Loses N2 As Buhari Rejects Devaluation by 989900: 10:06pm On Sep 17, 2015*

BabyDaddy20:
Thank you lord.
Please, lord.
One more think.
I want $1 to be 600 naira, so that when i send $300 down to Nigeria, my relatives will value the money.

Myopic reasoning.

Google 'hyperinflation', and see how that eats up whatever you send home in triple time.

Don't curse when that N2m land you intend buying is now sold for N6.5-N7m, then factor in you'll now have to pay higher transaction charges.

Are you and the few others who liked your ignorance happier now?

Re: Naira Loses N2 As Buhari Rejects Devaluation by Nobody: 11:11pm On Sep 17, 2015

i hope it would not get to N300 per $1 by the end of the year.

Re: Naira Loses N2 As Buhari Rejects Devaluation by slap1(m): 2:41am On Sep 18, 2015

Has Buhari distributed one bag of fertilizer since becoming the president? What has he done to (begin to) diversify our economy and boost agricultural production?

Re: Naira Loses N2 As Buhari Rejects Devaluation by Kangol99(m): 3:06am On Sep 18, 2015

$4000= N1,000,000 for now!
Naira is crying, dollar is laughing..... Buhari is lamenting.

Re: Naira Loses N2 As Buhari Rejects Devaluation by Kangol99(m): 3:07am On Sep 18, 2015

$4000= N1,000,000 for now!
Naira is crying, dollar is laughing..... Buhari is lamenting.

Re: Naira Loses N2 As Buhari Rejects Devaluation by menxer: 6:32am On Sep 18, 2015

People will always wail, I keep asking who does our naira devaluation benefit since as a nation we import more than we export?

1 Like

Re: Naira Loses N2 As Buhari Rejects Devaluation by nawebco(m): 9:38am On Sep 18, 2015

Tonnniey:
I dont even understand this write up. I ain't no art student. Tell me the implication and lemme know what to do. Thanks

Check my signature for weight reduction natural supplement.

Ok, for the sake of those that need tobe further education.

If naira is further devalued it means cost of sourcing raw materials from other countries will be more, hence high production cost and high inflation rate (high cost of goods and services). The implication is that nigerians will be more impoverished.
If the naira is 'guided' (subsidised) as it is and good fiscal and financial policies are followed alongside reduction in waste and corruption as well as increase in power assessibility, this will lead to to:
1. moderate inflation rate
2. growing of agricultural and other natural resouces production (since raw matrials will now be sourced more internally instead of exporting)
3. more job creation (as a result of number 2 above)
4. Increase in production will reduce importation, reduce exportation
5. Naira value will be gradually stable and appreciates (on the long run)

If this approach is used, the short term effect is national reserve will continue to reduce (as this is being used to maintain the value of naira) but nigerians will NOT be imediately impoverished more

Let those that do not know, be aware!

Click like if you understand and agree with the explanation, click share if you disagree

Re: Naira Loses N2 As Buhari Rejects Devaluation by Ovipop: 12:02pm On Sep 18, 2015

BabyDaddy20:
Thank you lord.
Please, lord.
One more think.
I want $1 to be 600 naira, so that when i send $300 down to Nigeria, my relatives will value the money.

[font=Lucida Sans Unicode][/font]you are a complete idiot and not fit to be called a Nigerian.

Re: Naira Loses N2 As Buhari Rejects Devaluation by edigwe2011(m): 4:31pm On Sep 18, 2015

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