linearity:


So, can you tell us the advantages of PMB non-devaluation policy? Because, as it seem despite, his stance non-devaluation, the naira is devaluing itself on a daily basis and there nothing anyone can do.

We are going to hit rock bottom regardless, devaluation would speed up things and help spring growth more quickly...being stubborn regarding devaluations drags this for an extended period of time so is the pain and it will keep affecting Nigeria exports for an extending period of time.

Even the almighty US devalued it's currency and set interest rate at zero after the decline in 2008. At a point the $1.6 was exchanging for 1 Euro and people start saying that, the 'euro will soon replace dollars as major foreign reserve currency', well, recently the fed for the first in about 8yrs increased interest rate to a range of 0.25% to 0.5% and the euro took a nose dive and is projected to start trading below the dollar by at most dec.

emperorchedda:
You didn't vote for change yet you suddenly start expecting change.

Madam yes the naira is highly losing its value but with patience and strong will we will get their

You don't expect a sharp and quick change in less than one year of a fresh government. Is it only a devaluing naira that makes a whole administration a failure??

lordizak:
The rate of illiteracy in Nigeria is going high by the day. The rise in dollar is affecting many economies in the world, it's not restricted to naira alone. Many countries however, have devalued their currencies. PMB does not want to do same. He has concrete reasons, you can check the effects of currency devaluation. I just have more reasons to love pmb for his resilience. Wailers wake up everyday wanting to hear bad news, and they just keep getting heartache. God bless Nigeria.

Acidosis:


Kindly suggest a better comment for Yemi Alade, as it's now wrong to complain.

Mind you, we're only holding onto APC's promises. Look at the banner below and give me 1 reason why you think you're smarter than Yemi Alade, Soyinka, Sanusi, Soludo & The Economist.

When we had N216 = $1, APC said "it's time to speak out", why are you silencing Yemi Alade now that $1 = N370?

lordizak:
The rate of illiteracy in Nigeria is going high by the day. The rise in dollar is affecting many economies in the world, it's not restricted to naira alone. Many countries however, have devalued their currencies. PMB does not want to do same. He has concrete reasons, you can check the effects of currency devaluation. I just have more reasons to love pmb for his resilience. Wailers wake up everyday wanting to hear bad news, and they just keep getting heartache. God bless Nigeria.

lordizak:

How much did the previous administration spend on feeding?. Na u sabi pass, I know many bloggers under the payroll of politicians. all this attempt to discredit PMB won't work, He has committed no offense by being my president. we are facing hard times as Nigerians not because of PMB, if he devalues the naira, he will be killing it. He's best bet is to wait, dollar will still fall. Go Google and type the rise in dollar and widen your knowledge. no come claim sense when u no get for NL.

lordizak:

Oh! you no know?, By we I mean those who heard change, believed change, voted change, won election, still preach change, and presently defend and support change. Or those whose vote counted and those who keeps slaying the wailers. #Wailersneedpanadolextra.

Jennydoris:
It's too early to complain because more changes are yet to come.

masterpower:
Madam you people rejected goodluck for badluck buhari, so live with it and suffer for their sins.

geccibede:


My friend shut your crap. You think one day u will wake up and see the niara appreciate in value, its something that takes a gradual process and what those u claim r wailing r saying is that by now we need to be seeing steps that are being taken to achieve that. From where we stand almost 1year now d gradual process has not even started.
Don't be a Zombie when things are going wrong admit it without bias.
#CommonSense

lordizak:
The rate of illiteracy in Nigeria is going high by the day. The rise in dollar is affecting many economies in the world, it's not restricted to naira alone. Many countries however, have devalued their currencies. PMB does not want to do same. He has concrete reasons, you can check the effects of currency devaluation. I just have more reasons to love pmb for his resilience. Wailers wake up everyday wanting to hear bad news, and they just keep getting heartache. God bless Nigeria.

lordizak:
The rate of illiteracy in Nigeria is going high by the day. The rise in dollar is affecting many economies in the world, it's not restricted to naira alone. Many countries however, have devalued their currencies. PMB does not want to do same. He has concrete reasons, you can check the effects of currency devaluation. I just have more reasons to love pmb for his resilience. Wailers wake up everyday wanting to hear bad news, and they just keep getting heartache. God bless Nigeria.

Angelovic96:

am telling u sis! we never see chom chim

LEGALAide:

excuses upon excuses.
Now it's okay because world economy is crumbling as well.
Smh for some silly peeps.
I feel like dealing 'em some serious slaps! :(

Eluwilussit:

First, list the currencies that are being devalued.
Second, why isn't the American Dollar falling?

tintingz:
See her talking crap, later they will travel all over to Dubai to do silly wedding. How won't naira be disvalue. Yeyebrities.

proxillin:
Yemi Slade...u r an illiterate. No wonder we are black African. Buhari is building our future. But Africans are just slave.

lordizak:
The rate of illiteracy in Nigeria is going high by the day. The rise in dollar is affecting many economies in the world, it's not restricted to naira alone. Many countries however, have devalued their currencies. PMB does not want to do same. He has concrete reasons, you can check the effects of currency devaluation. I just have more reasons to love pmb for his resilience. Wailers wake up everyday wanting to hear bad news, and they just keep getting heartache. God bless Nigeria.

lordizak:

This is an opportunity for our private sectors to boom. i still buy water for same amount. Transport should be cheaper now, but it's not, is that because of the rise in dollar? for once I am buying cement @ the cheapest rate. I remember that about 2008-2010 USA was hit by economic crisis and that was making the rounds. What amazed me was citizens response; some of them held conferences and others wrote books, and for once they didn't despair.

lordizak:

If you by any means pass Ur weac, and pass through secondary school, did you offer economics and principle of economics?. You are a Shame to the institution that certified you. Go and blow up.

cruzita:
everybody was shouting change!!!change!!!.they didn't ask if its negative or positive change.

lordizak:

For the uinitiated and those who don't read beyond
the Sensational Headlines of our Local Newspaper,
today I Bring to you, the prevalent economic
situations of other monolithic Economies (those who
depend on only oil as their source of generating
Foreign Exchange) so that you can compare and
understand, there is no Magic wand to address the
present situation, unless the price of crude Oil
appreciates in the intentional market..
Devaluation is the word of the day in oil exporting
countries. Whether it is the Nigerian naira, the
Venezuelan bolívar, or the Russian rouble, low oil
prices are wreaking havoc in oil exporting economies
and on their national currencies.
In most cases the scenario is similar: over the past
decade, oil exporting countries used excessive
revenues from oil to expand public services, or simply
pursue populist policy in order to buy political
stability. Once oil prices started to fall, the budgets
did not shrink accordingly, which created a wide gap
between the oil revenues and swelling fiscal demands.
In order to stem the rapid outflow of foreign
reserves, the governments were forced to devaluate
their national currencies. An unwanted consequence
is almost always the rise in inflation and household
prices, along with a decline in living standards and
stalled economic growth.
GRI presents five countries most affected by this
devaluation trend.
Azerbaijan
The former Soviet republic is the first country to
request a $4 billion emergency loan from the IMF
and the World Bank in order to cover losses caused
by low oil prices. Although the Azerbaijani
government officially denied the need for a bailout,
the country is in dire straits: income from oil and
gas makes up around 75% of the country’s
revenues, and the recent devaluation of the national
currency manat by more than 30% incited public
protests that might easily disrupt the political
stability of the authoritarian regime of president
Ilham Aliyev.
Venezuela
Venezuela has gone through an equally depressing
scenario since July 2014. Although the country’s
economy wasn’t sustainable even with triple digit oil
prices, a prolonged period of low oil prices brought
the economy close to a breaking point. Over the
past two years, the national currency, the bolívar,
lost more than 90% of its value. According to the
IMF’s forecast, inflation will reach 720% in 2016.
Venezuela’s domestic woes are further aggravated
by the government’s efforts to limit imports in
order to raise enough cash to stave off default.
There is, however, an increasing danger that with a
further slump in oil revenues, and with sovereign
bonds yielding at around 30%, Caracas might default
on its debts at some point in 2016. The real
question is, how long will the Maduro regime be able
to suppress the growing social discontent and
increased pressures from the opposition-controlled
parliament?
Nigeria
Africa’s largest economy was hard hit by the falling
oil prices. The national currency, the naira, dropped
against the dollar by 25% over the past year. On
January 30, the Nigerian government requested a
$3.5 billion loan from the IMF and the African
Development Bank to plug its $15 billion budget
gap.
The country’s oil revenues are expected to fall by
70% in 2016, while the hard currency reserves
almost halved from $50 to $28 billion, and the
state’s emergency fund went from $22 billion in
2009 to $2.3 billion currently.
Angola
Angola earned around $500 billion from oil exports
between 2000 and 2014. But today the country’s
economy is among the hardest hit in Africa.
Inflation is at 14% and the national currency, the
kwanza, devaluated by more than 50% since January
2015.
The country earns 75% of its fiscal revenues from
oil exports, which make up around 95% of total
exports. As a consequence, Jose Eduardo dos
Santos’ regime is starting to feel the pressure
from well-organised public protests that might turn
into more widespread unrest if the economic
situation continues to worsen.
Russia
Russia is going through some tough economic times,
as the toxic combination of Western sanctions and
low oil prices is devastating the country’s economy
and living standards. Since June 2014, the rouble
devaluated by more than 100% against the dollar.
GDP is expected to shrink by 3.7% in 2016 alone.
How do these numbers affect the everyday lives of
average Russians? Real wages fell by almost 10% in
2015, and the percentage of households that cannot
afford sufficient food or clothing has increased
from 22% to 39% over the previous year.
Although Russia is not an average developing, oil-
exporting country, the severity of Russia’s
economic and potential political troubles, which might
come along with the low oil prices, puts the country
well inside this infamous club.
These five countries are already feeling the effects
of low oil prices and devaluation. And there are
more candidates: Brazil, Ecuador, and even the rich
Gulf countries are starting to feel the pinch, and it
seems that the end to depressed oil prices is
nowhere near.

lordizak:
The rate of illiteracy in Nigeria is going high by the day. The rise in dollar is affecting many economies in the world, it's not restricted to naira alone. Many countries however, have devalued their currencies. PMB does not want to do same. He has concrete reasons, you can check the effects of currency devaluation. I just have more reasons to love pmb for his resilience. Wailers wake up everyday wanting to hear bad news, and they just keep getting heartache. God bless Nigeria.