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Nairaland Forum / Nairaland / General / Politics / I Won’t Devalue Naira, Buhari Insists (31318 Views)
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Re: I Won’t Devalue Naira, Buhari Insists by Nobody: 10:07am On Feb 21, 2016 |
godoluwa:Almost everything has something to do with forex my dear. Even bread. |
Re: I Won’t Devalue Naira, Buhari Insists by godoluwa(m): 10:09am On Feb 21, 2016 |
KAANempire:You are experienced |
Re: I Won’t Devalue Naira, Buhari Insists by TedBaker(m): 10:09am On Feb 21, 2016 |
UrbanMystique:hw abt wheat n Buhari has banned wheat |
Re: I Won’t Devalue Naira, Buhari Insists by horpilow(m): 10:10am On Feb 21, 2016 |
Bobskylo:Is it God that will come down and rule Nigeria ? Instead of yu to God to direct the person in power...u ar callin God himself to come to Nigeria to rule.....u ar on a long thing 3 Likes |
Re: I Won’t Devalue Naira, Buhari Insists by ojesymsym: 10:10am On Feb 21, 2016 |
Make una leave that guy. Everybody de form economist now a days. If he is truly in d us and brings that cash into Nigerian, he would have to use the bank which means he will be changing it at 199naira CBN rate. Any attempt to carry it as hand language becomes money laundering and could be forfeited. Some people de make me laff. If he has that fund really he can make money now by helping people pay things like school fees in d us while parents pay into his naira account t in Nigeria at an exchange rate higher than CBN rate and slightly lower Dan market rate. herbie27: 3 Likes |
Re: I Won’t Devalue Naira, Buhari Insists by 6digitscomrade: 10:15am On Feb 21, 2016 |
bro wiv all due respect to u and whoever paid ur fees cuz i see u sch went tru u..kudos ..but u mess up small wiv dis conclusion,na now u guys realise say morning break?dis is untold hardship let d socalled elites also bear d brunt naaaa...pls be sincere b4 u loose my pardon...in oda climes leaders make sacrifices even decline wages we still av d most expensive governance in d whole world..wake up and dont say only wat dey told u in sch..face reality..bro do u think u will solve algebra maths in interviewing ooni of ife?yet trying to become a mass com student u studied dat maths like kilode..dats fiction and reality..some times engage ur brain in reality debates u will be glad u did...d situation is chaotic and agonising now..all dis na paper talk without sacrifices ,transparency and honesty amongst d heads dis will only lead us to knw where but a total state of decay ,already rigor mortis has been spotted.. Aufbauh: |
Re: I Won’t Devalue Naira, Buhari Insists by Reference(m): 10:16am On Feb 21, 2016 |
At least you have taken a position so your credibility will be hinged on it when (not if) you eventually do. By the time oil prices begin to rise again in 2018 there won't be much of an economy left to exploit it. Venezuela is a 3rd world country, lightly industrialized and largely dependent on imports. They devalued two weeks ago when every commodity became essential and productivity ground to a halt. We are well on our way there. We don't produce much and export little. You admit that but your task is to change the scenario NOT DEFEND THE STATUS QUO. Your body language proves you are an establishment figure running systems that have kept us in the same spot for decades. Free market is the only way Nigeria can diversify her economy. The government is too small, too broke, too weak and certainly not enlightened enough to feed, clothe, educate, secure and develop this nation. Let the people determine what they will import, produce, export. Hands off the economy. 3 Likes |
Re: I Won’t Devalue Naira, Buhari Insists by Azeebi(m): 10:20am On Feb 21, 2016 |
Devaluation is what the government have right over, but depriciation of Naira is left for market forces to decide I guess. The tough stand to me is comical. |
Re: I Won’t Devalue Naira, Buhari Insists by gannod(m): 10:22am On Feb 21, 2016 |
RichYoungNigger: seriously,you are right. Devaluation or not,Nigerians abroad are the beneficiary. 1 Like |
Re: I Won’t Devalue Naira, Buhari Insists by cdaboss: 10:23am On Feb 21, 2016 |
B*tch you've done it already |
Re: I Won’t Devalue Naira, Buhari Insists by plaetton: 10:25am On Feb 21, 2016 |
Gosh! This is both very sad and very funny. What a piece of juvenile logic. Can someone please inform Buhari that the Naira is already devalued by the market forces of demand and supply? What Buhari is insisting is that his government will continue to SUBSIDIZE Forex purchases by banks, government agencies and few corporate Enterprises at the expense of everyone else in Nigeria. This is a very very foolish and imprudent way to manage the supposedly scare foreign exchange. This is what we get when we put an economic illiterate in charge. First of all, someone should please educate Buhari that Nigeria still makes a few billion dollars from non-oil exports. But ,most importantly, if Products and services are cheaper by virtue of exchange rate, then international buyers would come looking for our natural resource based goods as well as services. Already, Nigerians of every economic class have started looking for items, agricultural or locally manufactured, to export. Additionally, it is the only way to curb our appetite for imported products, and force us to look locally for our basic necessities. Buhari is delusional. He doesn't understand economics. The Naira cannot defy gravity indefinitely. Daahhhh!! 8 Likes |
Re: I Won’t Devalue Naira, Buhari Insists by Nobody: 10:26am On Feb 21, 2016 |
RichYoungNigger: SMH! Horribly unpatriotic and Buhari can never rule forever. Keep dreaming! |
Re: I Won’t Devalue Naira, Buhari Insists by eightsin(m): 10:26am On Feb 21, 2016 |
onatisi: The bolded got me laughing |
Re: I Won’t Devalue Naira, Buhari Insists by Reference(m): 10:31am On Feb 21, 2016 |
ojesymsym: So when he comes in with his dollars he should sell to you at 199. When he is going back he should buy from you at 380. See yourself. Can you see why those with dollars will not bring it in: individuals, companies, investors; and those who can get it at 380 will buy up as much dollars and take it out in anticipation of further falls in the naira. We are getting to a point where 'currency trading' is becoming MORE PROFITABLE' than actual production. In 1984 Buhari did same thing. Along the line importers had to get special permits to get fx from the CBN. It led to the infamous scandals and cartels and the trading of permits became more profitable than the goods themselves similar to the fuel marketing cartels of the GEJ era. 3 Likes |
Re: I Won’t Devalue Naira, Buhari Insists by PBundles(m): 10:32am On Feb 21, 2016 |
Though I understand his argument, its not based on economics, like most of the comments on this forum. Doing what feels right is not alwys correct. The Nairas values has already been valued on the parellel market and just because you dont want to devalue it doesnt mean much. Yes he is correct we are a net importing country so there would be an some adverse affect, but on the whole it would certainly ease tensions and render some positives. Does he also realise that he is indirectly subsidsing the difference. What he is speaking about we are a long way from getting there, because we never stimulated it and frankly there is no more funds to stimulate these activities especially now that thet government themselves are running short due to the collapse of oil. Also when this picks ups as he says, exporting, how will the rate help exporters? IT WONT. So they need to make a choice, you cant eat you cake and have it. Does he realise that it will lead to back door transactions (any dollar distributed will find its way to the black market as they can gain on the difference). Either you say NO dvaluation, restriction of dollars leaving and transactions, no exportation of goods that are needed in the country, stop of ALL products being imported for a period of say 2-3 years, now we are talking. Painful, but a chance to succeed. Thing is our entire economy is dependent on import, form fertilizer to the oil we export, we import refined back..............so good luck with that. This is simply an delay of execution. The prisioner that has been sentenced to death will die, no mater how many times the delay it. The delay is what is most painful, just get the damn thing over with so ppl know what they are dealing with. 2 Likes |
Re: I Won’t Devalue Naira, Buhari Insists by tityboi: 10:36am On Feb 21, 2016 |
Buhari ...you won't devalue naira.. Can you proof to me now that the naira hasnt been devalued indirectly . |
Re: I Won’t Devalue Naira, Buhari Insists by berrystunn(m): 10:37am On Feb 21, 2016 |
Sibrah: production without light ? where and how |
Re: I Won’t Devalue Naira, Buhari Insists by Affable200(m): 10:37am On Feb 21, 2016 |
It's our fault, we don't value what we have, look at our infant industries, no improvement in production because of lack of buyers, look at the rate of un-emproyment.We import more than we export. We only depend on crud oil while we have so many resources in the state. Everybody we like to use foreign product. 1 Like |
Re: I Won’t Devalue Naira, Buhari Insists by Btruth: 10:41am On Feb 21, 2016 |
ojesymsym:Call Mike on +234 8032615423, and quote: from Oilwell. Thanks. |
Re: I Won’t Devalue Naira, Buhari Insists by tiredface: 10:44am On Feb 21, 2016 |
Buhari, THE JUNKETER IN CHIEF, ITS ALWAYS I,I,I & ME,ME,ME. THIS DUDE NEED TO GET PROPER ADVICE FROM PEOPLE WITH REAL CERTIFICATES SO AS NOT TO LOOK SO STUPIDDD. |
Re: I Won’t Devalue Naira, Buhari Insists by mrphate(m): 10:45am On Feb 21, 2016 |
i think my presido have a point because recently lots of importers had to buy from local manufacturers (i.e...logas, aba and kano state)...let's give this a try and see where it takes us 1 Like 1 Share |
Re: I Won’t Devalue Naira, Buhari Insists by obailala(m): 10:52am On Feb 21, 2016 |
godoluwa:If there is already inflation in prices when there is no devaluation, just wait until they officially devalue and watch yourself buying fuel for N180. It's funny how the minds of a lot of people now automatically interpret devaluation to mean "stronger naira" even though the dollar scarcity (caused by oil price crash) will still persist. 6 Likes 1 Share |
Re: I Won’t Devalue Naira, Buhari Insists by Gombs(m): 11:00am On Feb 21, 2016 |
babyfaceafrica: E pain am... *jokes apart, I can feed you comfortably |
Re: I Won’t Devalue Naira, Buhari Insists by AreaFada2: 11:00am On Feb 21, 2016 |
chidekings: Wo, tell us the miracle you expect so that we can know the prayer point. Is it that Saudi, Iran, Kuwait, Qatar, Algeria, Libya should run dry of oil & gas? Libya & Algeria become middle East when it suits. |
Re: I Won’t Devalue Naira, Buhari Insists by godoluwa(m): 11:04am On Feb 21, 2016 |
obailala:refusal to devalue it officially will do us more harm than good. the best thing that CBN can do is to place ban on importation of irrelevant items, reduce atm spending on international website to $500/month per each account holder(not per number of cards you hold, i hope you get what i mean) |
Re: I Won’t Devalue Naira, Buhari Insists by WOCKHARDI(m): 11:06am On Feb 21, 2016 |
Please pardon my ignorance . How do you devalue a currency? The Naira is already valued at #1= $400. Is it not devalued. Economists please help me. |
Re: I Won’t Devalue Naira, Buhari Insists by obiak4(m): 11:06am On Feb 21, 2016 |
As a lay man, i have considered this: Devaluation of naira: Genuine importers of raw materials will buy dollar at 350-400 naira, price of their finished good will increase. Purchasing power of everyone will drop. including the masses who dont deal with forex, BDC etc. What is the proportion of Nigerians that is affected by 1 dollar = 350 naira today compared to when naira is devaluated?? With the current regime, Every demand for forex outside genuine importers of raw matertials buy at black market (including those of us who buy cloths from Aliexpress, ebay etc..), including those who enjoy luxurious Dubai travels. Does the current regime affect Mr Salako who eats Garri (ijebu), Tomatoe (Kano), Onion (Sokoto), and Beans (Adamawa) and palm oil (Ondo)Does it affect the cost of taking the average civil servant from his house to workDoes it affect the cost of buying 1 bag of Dangote cement to continue his 2 bedroom bungallow Am sure tie and dye from Abeokuta or Aba made Jeans shoudnt be affected. So who are the real victims of this current regime of FX over-demand in the market?? My lay man perspective you may say........ 4 Likes |
Re: I Won’t Devalue Naira, Buhari Insists by Nobody: 11:12am On Feb 21, 2016 |
Gombs:We are moving away from tour oil guy. You will start drinking the oil soon. 1 Like |
Re: I Won’t Devalue Naira, Buhari Insists by sarris(m): 11:20am On Feb 21, 2016 |
While you will not devalue the naira, Mr President what is your policy on the economy and reviving the naira. |
Re: I Won’t Devalue Naira, Buhari Insists by Gombs(m): 11:23am On Feb 21, 2016 |
walexy30: Until then.... It's best you keep your war up North. Thanks |
Re: I Won’t Devalue Naira, Buhari Insists by banki(m): 11:26am On Feb 21, 2016 |
sarris: The policy is simple: Don't import what can be produced in nigeria! Palm oil, cotton, wheat,egg, chicken,toothpick etc 2 Likes |
Re: I Won’t Devalue Naira, Buhari Insists by Cannonleo(m): 11:28am On Feb 21, 2016 |
greenpasture:Ur logic is understood but I want to point out something to you, proforce has been exporting both is LAVS and BPC since 2013 so this has nothing to do with them |
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