Bevista:
This is a difficult decision for the president and monetary authorities. There are benefits/challenges on either side of the divide, but the decision of policy makers is based on what they consider the priority of the economy.
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I believe the priority right now is to promote local manufacturing & production, especially in critical sectors of the economy. This will cause some temporary hardship but will lead to longterm benefits like job creation, improved Balance of Trade, self-sufficiency, etc.

Stolen:


Commenting is not by force if u have nothing valuable to contribute. It is better to be silence dan 4 people to know ur empty upstairs.

Until Nigerians exterminate imbeciles, we will continue to suffer. U are a hopeless liability to ur nation.

Makweembo:

SOURCE: http://www.reuters.com/article/us-usa-nigeria-currency-idUSKCN0WU1M4




My comment - I am not surprised. This is EXACTLY what TB Joshua said in his 2016 prophecy: "The president will do everything to reject revaluation of the naira - which is a good idea from a good leader. But there will be overwhelming pressure which he will not be able to resist. Nigerians, support and pray for your leader. The future is crying for help."

egalitarian78:
I just hope devine wisdom is called into play cos with d logic for and against this devaluation no one actually knows which side is saying d truth. My only support for d President stand is cos TB Joshua had earlier posited it to be a good idea.

modath:


Pseudo economist, there is a level US can fight ISIS to & then have no choice but to throw in the towel.

The projection of sub 25$ crude price is no longer happening...

Do small research about shale production & the impact of low oil prices & my other points then let's have a robust argument...




Tempted kwa? It's a FACT...

If we are self sufficient, we will no longer be available to boost their economy...

All the jagbajantis we keep importing, all the travel taxes, the medical tourism etc

new2020:
This one nah cake walk for US...Obama go tell Buhari, choose one: devalue Naira or We will openly push for Biiafra Independence and support with military option if need be. Want to end up like Gaddafi? Before him finish, Buhari go say...consider it done!

I assure you between God and man...Buhari will come back and devalue Naira.

Stolen:


Commenting is not by force if u have nothing valuable to contribute. It is better to be silence dan 4 people to know ur empty upstairs.

Until Nigerians exterminate imbeciles, we will continue to suffer. U are a hopeless liability to ur nation.

Femich18:
Make dem dey press dey go. we dey dey look where all the pressing go lead to

Eluala:


Correct opinion. They are already losing a lot of money due to reduced importation, cut down in Nigerian visitors, students, investors etc. To show you an example, one of the popular car auction firms witnessed so much decline in imports from Nigeria that they decided to extend the service to allow Nigerian buyers pay in Naira. They are feeling the heat too. Forget we are the ones that underrate ourselves. I don't trust these imperialists completely.

new2020:


****.they never start yet with Buhari, you are here calling him strong strong man. All they need to do is to threaten him with Biiafra, he will devalue it to 300 naira. You don't understand how the world works. Let him proof stubborn...Gaddafi and Gbagbo treatment will await him.

Personally I think Naira should be devalued to 220 officially. This will bring parralel market rate to 230. This will help ordinary Nigerians. As it's right now only the elite are enjoying the astounding difference in official and parralel market rates.

new2020:
This one nah cake walk for US...Obama go tell Buhari, choose one: devalue Naira or We will openly push for Biiafra Independence and support with military option if need be. Want to end up like Gaddafi? Before him finish, Buhari go say...consider it done!

I assure you between God and man...Buhari will come back and devalue Naira.

DEIFIED:
Shey nah dem born us, or dem adopt ni, yeye people.

Well today is my birthday, so i am in a good mood.

daretodiffer:



1) Companies are now being forced to patronise local goods.
2) Importers can no longer import foreign goods that are produced locally.

Atlantian:
The naira is already devalued in reality, but on paper its not. The CBN has an exchange rate, then the street has her exchange rate. Guess where most of the trading is done in private sector. You guessed right, at the BDC, so our naira is equal to the value at the black market, just that Presidency wants to save their face by pegging the CBN rate as official rate. There is nothing going on at official rate than the corruption of giving his wife 22m dollars from CBN to change to naira and keep the profit. That is the deal that is going on now.

new2020:
This one nah cake walk for US...Obama go tell Buhari, choose one: devalue Naira or We will openly push for Biiafra Independence and support with military option if need be. Want to end up like Gaddafi? Before him finish, Buhari go say...consider it done!

I assure you between God and man...Buhari will come back and devalue Naira.

musicwriter:


Of course, there're two devils to choose.

1. Devalue = problem.
2. Don't devalue = problem.

But, the lesser devil would be not to devalue. And that's what the president have done.

huntax:

It's sad that most Nigerians are giving PMB the exact opposite... The hatred for the man by these so called wailers is preposterous. We all need to move forward as one, no sabotage, no wailing. PDP ain't making it easy either. This isn't the time for them to be opposing the government, election isn't for another 3years.

Atlantian:


At whose expense. Our thought process should be 360 degrees, not so ?

Give me local alternatives to buy a sewing needle. Can you ? All needles are imported.

I need to buy a phone, so do me a favor, which phone is produced locally ? Oh I see, all phones are imported.

You see, you cant produce in the absence of electricity. You strangulate your economic by not providing local alternatives to consumables. Cos you enforce smuggling through the borders while losing on the taxations by the ban.

The government has lost track of what is going on and how to arrest the situation. If you listen to the Information Minister and the President's media team guy on TV, you will be so afraid that they have no clue what is going on. When you tell Nigerians to go and fight vandals, it means the government has lost battle of securing the pipeline. And if a government can not protect a pipeline network. What can they protect ? The value of the naira ? For how long ?

Maisuya1:
My question is simple. If we devalue our currency and exhaust our less than $30b in foreign reserves on imports (by subsidizing import and not replenishing the reserves as oil is at an all time low)- then what?

daretodiffer:


I agree that electricity is one the hindrance to our economic growth however it is not enough reason to encourage importation. The government is trying its best to improve it and I trust Fashola to deliver.

If we cannot manufacture sewing needles, we should not import them either . However we companies that import them, they need to start production.