fayose should prepare for 100% salary increase too or else workers would starve if same amount will be paid to them.

otitokoroleti:
without sentiments, Fayose really made sense with his explanation about the devaluation. to be honest with ourselves, Buhari led CBN policies is doing us more harm than good. you earn at the rate of 199/$1 but buys at the rate of 391/$1. People who transact in dollars will understand better e.g young guys doing domain flipping business, a situation where bank charge them 391/$1 while buying the domain but paid at the rate of 198/$1 after selling the domain. the prices of almost everything is on the high side e.g rice, beans, transistor radio, battery, mobile phone, motorcycle, motor vehicle, locally made furniture, locally made foam, etc

Exactly, If any brains where at the CBN they would have done stage by stage devaluation, instead of shortchanging Nigerians, the banks and CBN with this policies are milking Nigerians, it takes the third eye to see waht they are really up to,This is the new scam.Like you said, if you do not do biz with forex, you will never know.

This was the same way they were shouting on Iweala to withdraw fund meant for a rainy season like this.

udeagbalaC:
he needs to enroll back to sch

you think? is the dollar not already N400? so wahts wrong in telling the banks to buy @ 300 instead of N190??

doctokwus:

I think his being ignored is actually the best.
U don't glorify a stupid fellow with a response,less u are deemed mad.
Instead of half baked govs like Fayose to see the golden opportunity that this offers for the ekiti state govt to fully invest in agriculture like that of Anambra and some states in the north are trying to do, earning foreign exchange directly in the process,he is moving from one ponmo shop to another iya sikira canteen waiting for handouts.
He shud continue leading ekiti to ruin while other govs are using valuable time strategizing on a future without oil handouts.

what are you talking about? the so called farmers in Anambra should just wait until their starch of Fertilizers and farming accessories finishes then they will face the harsh reality to buy new stock

emerged01:
This was the same way they were shouting on Iweala to withdraw fund meant for a rainy season like this.

And did they not? or you forgot Amaechi and co took teh FG to court and won then they shared the galla and the booze

talk talk anyhow

Mr David Ahmed Okoro started the day early, having set his alarm clock (MADE IN FINLAND) for 6am. While his teapot (MADE IN CHINA) was perking, he shaved with his clipper (MADE IN HONG KONG). He put on his shirt (MADE IN THE UK), and designer jeans (MADE IN ITALY) and shoes (MADE IN THE USA).

After cooking his breakfast in his new electric cooker (MADE IN INDIA) he sat down with his calculator (MADE IN MEXICO) to see how much he could spend today. After setting his wristwatch (MADE IN TAIWAN) to his radio (MADE IN VIETNAM) he got in his car (MADE IN GERMANY) filled with petrol imported from (SAUDI ARABIA) and continued his search for a good paying NIGERIAN job...

At the end of yet another discouraging and fruitless day checking his computer (MADE IN MALAYSIA), Mr David Ahmed Okoro decided to relax for a while. He put on his slippers (MADE IN BRAZIL) poured himself a glass of wine (MADE IN SOUTH AFRICA), while fiddling with his mobile phone (MADE IN SOUTH KOREA), and then wondered why he cant find a good paying job in... NIGERIA.

He felt achy and sore in his left kneel, he decided to take one tablet of his TRAMADOL TABLETS (MADE IN BANGLADESH) to relieve the pain. Lying down on his bed and wondering why NIGERIAN External Foreign Reserve has depleted to under $ 28billion which has translated to free fall depreciation of Nigerian NAIRA to US DOLLAR at PARALLEL MARKET.......

Fellow Nigerians, let's us start producing, let us start buying made in NIGERIA goods If our economy is to grow and create better jobs.

How can a country like Nigeria be importing toothpick, cutting bud, cotton wool, matches, rubber band e.t.c? And we complain at d same time that there is no jobs for our teeming youths?

The situation is even pathetic now when you see Nigerians ( in Lagos) prefer Cotonou garri to that of Ijebu, buy cotonou pineapple and they say it is better than that of Nigeria. That is why frozen foods will be exported to Cotonou from farms like that of obasanjo repacked and imported back to Nigeria because they know Nigerians always prefer made in outside Nigeria goods .
That is why you will see an expatriate renumeration will be juicy than that of his Nigeria counterpart even if that Nigerian is more certificated than d expatriate ( This also happen in government parastatals).

Any nation that import majorly foreign made goods/ services rather than producing their own are hurting its people....

When we keep importing foreign made products into Nigeria, we keep importing poverty into our country and exporting jobs abroad...

Let's go back to the land to grow and patronise MADE IN NIGERIA products...

PLEASE SHARE FREELY TO ENLIGHTEN ALL NIGERIANS.

erico2k2:

And did they not? or you forgot Amaechi and co took teh FG to court and won then they shared the galla and the booze

what did fgn do with her own 52% share

Fayose said nothing but the truth.

Only the cursed zombies won't agree with him as a result of aisha's jellof rice.

Dude is just trying to whip up sentiment against Buhari admin.
Buhari is on the right track here. No devaluation is needed. Let the dollar account of all exporter fund the import needs of importers. What we have had is a case of govt giving out dollars from oil sales to importers who add no value to the system but help promote capital and employement flight. Nigerians have been net consumers for too long, if you are truely productive and reasonably competitive, sell your products and services to the dollar market and buy what you need with the dollar earned, not you going to govt for dollars. Buhari can't subsidize every toothpick, mascara, toothpaste, noodle, DSTV subscription with non-existent Dollar that isn't his fault. Importation of those things means a foreigner is employed for its production and the wealth generated in Nigeria has been transferred to the foreigners hand for the forseeable future. For even offering to give hard earned Dollar out at a low rate to importers of certain items is a plus

rubbish.what does he knows about the economy?

Fayose SHUT UP and SIT DOWN if you don't have anything meaningful to say.

Devaluation is not a solution for the Nigerian economy, it will only enrich the greedy Nigerians who are hoarding foreign currency and cause more hardship for an average Nigerian.

Devaluation of your currency is not good economics, the reason for the gap in currency is due to activities of black marketers. You don't allow black marketers determine the way you run a government , devaluation is giving more power to black marketers.

The solution is for the government to diversify into other aspects of trade and encourage foreign investors to bring money to Nigeria. This will help generate Foreign exchange to meet domestic supply.

Also, there need to be strict control and sanctions in place for Banks who violate the terms of forex sold to them on weekly basis, this aspect is weaker than a 100 year old peenis.At least 10 Banks currently get forex from CBN but only one Bank comply with the laid out practices by CBN. The remaining 9 Banks are not sanctioned and rather they are allowed to fuel the black marketers with forex causing more problems for the economy.

I love Pmb for one thing... I will not devalue the naira... Make fayose like e go hug transformer... Naira will not be devalued... Instead of thinking of ways of diversification of the economy... This one dey say make them devalue naira... #teamsaynotodevaluation

“The President’s entourage obviously collect their travel allowances in dollars on official rate of N199 and come back to Nigeria to change it at the open market rate of N400. That must be the reason they encourage the President to be junketing abroad when life is becoming unbearable for Nigerians.”

See reasoning?

So because of the estacodes of a few people, PMB is junketing?

A better hate missile to hit PMB is needed.

GudluckIBB:
What does Fayose a fake HND holder knows?

Ali Mordu Sheriff's Emergence is bringing down PDP and he's asking Buhari who doesn't even knows he exist to devalue Naira!

Its a pity!

What does an educated illiterate know?

Buhari claims dollar is 199 abi 197 but not even 1% of Nigerians can access dollar at the rate.

You must have very long leg to get dollar at the so called official rate.

The naira has been unofficially devalued, we are just deceiving ourselves if we claim that naira is selling @ the so called official rate.

Finally, buhari knows what he is doing, enriching his brothers at the detriment of other Nigerians.

adipemcanis1:
Well.......not yet

Devaluing the naira would

1.Lead to an increase in the cost of imported goods.....fueling inflation.

2.Lead to an increase in the cost of locally manufactured goods ......because most of them rely on imported raw materials.....fueling inflation.

For now....we should concentrate on increasing spending on power and rail...things that would help us get away from reliance on oil.

Ok makes sense but lets check #2.the increase would be seen by locals, however foreigners would see it cheap, its when the cost of your goods are cheaper than the foreign ones that you can increase export dont forget.
As at now, the cost of locally made goods is going irrespective cos of importation of raw materials due to no forex and supporting policies
if the FG says ok all manufacturing coy should pay only %50 of their total tax and get subsidized over heads would that not be a welcome development? is this not waht free trade zone is all about?Look at Dubai, most of the Big biz there pay no tax, that's how they draw biz to their country.

GudluckIBB:
What does Fayose a fake HND holder knows?

Ali Mordu Sheriff's Emergence is bringing down PDP and he's asking Buhari who doesn't even knows he exist to devalue Naira!

Its a pity!

What about your certificateless president that doesn't have idea to how the economy run

gboss4sure:


What does an educated illiterate know?

Buhari claims dollar is 199 abi 197 but not even 1% of Nigerians can access dollar at the rate.

You must have very long leg to get dollar at the so called official rate.

The naira has been unofficially devalued, we are just deceiving ourselves if we claim that naira is selling @ the so called official rate.

Finally, buhari knows what he is doing, enriching his brothers at the detriment of other Nigerians.

Nop it has not, it has been technically devalued

emamos:

http://www.vanguardngr.com/2016/02/fayose-to-buhari-devalue-naira-now-forex-policy-short-changing-nigerians/

3. ....OIL AND LFR
THE TWO MAIN MEANS OF INCOME FOR NIGERIA ECONOMY
.....with the determination of Nigeria president Buhari and the trust of of world leaders toward nigeria, from America, Eroupe, Asia and gulf nation the down price of oil and the rise in $ is not a corse to nigeria but a blessing.
Among the oil producing countries, and OPEC only nigeria have what other didn't, we have oil in common but nigeria have the looters as well, this opportunity raise nigeria above other oil nation and when all this country are frustrated with oil down price, nigeria have turn to her looted fund reserved to keep her economy running.
Nigeria is bless with oil and (LFR) looted fund reserve, when the oil price is down, the rise-up of dollar $ hike the value of our LFR, if government inject the LFR recovered on the economy, it will boot our economy!
at rate of $ to ₦ today if government managed to recovered $1 trillion LFR it will give us:

$1=₦400, $1trillion=₦400trillion!
I hereby challenge the Nigeria economists who insist that rising $ and downwards of oil price is a broke to nigeria economy to come-up for debate!
Note (LFR is looted fund reserve)

Fayose the illiterate Governor of the state with the highest number of Professors in Nigeria, if you have stolen dollars hidden in soakaway you want to change to Naira, too bad. Naira will NOT be devalued. Keep wailing.

CBN governor should just resign as he seem to have no clue on what to do or exercise absolute control of the country's monetary policy. He should save the last dignity in him before he's fired and EFCC let loose on him

An Open Letter To The President Of Federal Republic Of Nigeria: From Osun State Indigene https://www.nairaland.com/2948132/open-letter-president-federal-republic

Sanchase:
Fayose SHUT UP and SIT DOWN if you don't have anything meaningful to say.

Devaluation is not a solution for the Nigerian economy, it will only enrich the greedy Nigerians who are hoarding foreign currency and cause more hardship for an average Nigerian.

Devaluation of your currency is not good economics, the reason for the gap in currency is due to activities of black marketers. You don't allow black marketers determine the way you run a government , devaluation is giving more power to black marketers.

The solution is for the government to diversify into other aspects of trade and encourage foreign investors to bring money to Nigeria. This will help generate Foreign exchange to meet domestic supply.

Also, there need to be strict control and sanctions in place for Banks who violate the terms of forex sold to them on weekly basis, this aspect is weaker than a 100 year old peenis.At least 10 Banks currently get forex from CBN but only one Bank comply with the laid out practices by CBN. The remaining 9 Banks are not sanctioned and rather they are allowed to fuel the black marketers with forex causing more problems for the economy.

Guy sorry your Economic reasoning is way out in teh BUSH.On your second paragraph you seriously want me to bring my hard earned $ to Nigeria where there would be no value? realy
If I bring in I box of samsung galaxy Note @ 600 pounds each, how much will I sell it? £600 x 500 = N300. How Many of the so called gadgeters can afford it at that cost price let alone me adding profit? and the sales would be mega slow plus tie down my capital.
Investors pulled out of Nigeria long ago,.SOme guy on another forum called it CAPITAL FLIGHT due to lack of policies and budget.

Most people here on nairaland don't even know what devaluation is but because Fayose has said it, they believe that's what Nigeria needs now. ...it's simple economics, you can only devalue your currency when your are not operating an import based economy.. .if Nigeria devalues now, it will lead to inflation

OYIBN:
Fayose the illiterate Governor of the state with the highest number of Professors in Nigeria, if you have stolen dollars hidden in soakaway you want to change to Naira, too bad. Naira will NOT be devalued. Keep wailing.

Oga listen to yourself, if they devalue the Dollar it will be in the region of N300, and even you the common man will not see see it at that rate.

massinola:
If with corruption $1 was equal to #216 and now without corruption $1 is equal to #400, wouldn't it have been better we stood with corruption?

No offence but this is by far the dumbest and most silly comment i have read all day, what is wrong with the Nigerian youth? the oil price falling is a global issue not President Buhari or corruption, read newspapers they won't, watch TVC or Channels TV news on global oil crises and it's EFFECT ON OIL DEPENDENT ECONOMIES LIKE NIGERIA THEY WON'T but if it is to blame the President they would gladly do.

oduastates:
Why have they not treated this man issues yet?
$199 for these
Blue band magarine ,Coca-cola, dangote Cement , Dudu, soap , innoson, aba shoes , tractors etc

The rest can enjoy devaluation with fayose.

Use your head to reason Mr. And stop being blinded by political affiliation. It is the soul of Nigeria we are talking about here. The wide difference between official rate and black market rate does not spare people of certain political party; everyone is affected.

Fayose said something that every Nigerian with useful brain will think deeply about.: workers are paid at the rate of 199 per dollar, but they have to pay for goods at the rate of 400 per dollar.

Is that too complex for you to understand?

Fayose may have his faults, but every Nigerian with sense will agree he is making a good point this time.

If the naira is devalued the petrol will go up and then the suffering doubles

oyinkinola:

3. ....OIL AND LFR
THE TWO MAIN MEANS OF INCOME FOR NIGERIA ECONOMY
.....with the determination of Nigeria president Buhari and the trust of of world leaders toward nigeria, from America, Eroupe, Asia and gulf nation the down price of oil and the rise in $ is not a corse to nigeria but a blessing.
Among the oil producing countries, and OPEC only nigeria have what other didn't, we have oil in common but nigeria have the looters as well, this opportunity raise nigeria above other oil nation and when all this country are frustrated with oil down price, nigeria have turn to her looted fund reserved to keep her economy running.
Nigeria is bless with oil and (LFR) looted fund reserve, when the oil price is down, the rise-up of dollar $ hike the value of our LFR, if government inject the LFR recovered on the economy, it will boot our economy!
at rate of $ to ₦ today if government managed to recovered $1 trillion LFR it will give us:

$1=₦400, $1trillion=₦400trillion!
I hereby challenge the Nigeria economists who insist that rising $ and downwards of oil price is a broke to nigeria economy to come-up for debate!
Note (LFR is looted fund reserve)

So you seriously believe we have LFR somewhere? Seriously

blazer234:


Use your head to reason Mr. And stop being blinded by political affiliation. It is the soul of Nigeria we are talking about here. The wide difference between official rate and black market rate does not spare people of certain political party; everyone is affected.

Fayose said something that every Nigerian with useful brain will think deeply about.: workers are paid at the rate of 199 per dollar, but they have to pay for goods at the rate of 400 per dollar.

Is that too complex for you to understand?

Fayose may have his faults, but every Nigerian with sense will agree he is making a good point this time.

nah they wont understand, they are too lazy to reason and hear the voice of freedom.
That there my friend was a classic example, pay civil servant @ N199 and they civil servant buy at n400, the Sums it up for all of us, if this simple analogy those not clarify everyone's doubt, then we as Nigerians are doomed.

joborskill:
Out of 36 governors why is this man the only one bullying Buhari everytime? Why cant Buhari deal with this thug with the numerous evidences of the Ekiti gate scandal? I hope they declare a state of emergency in ekiti and put this ponmo cutter in kuje prison beside his newly adopted tribesman called Nnamdi Kanu

Why?