The only reason these foreign finance "talking heads" want to devalue the Naira is so that they can continue making money at the expense of the everyday working Nigerian. All these currency speculators drive me NUTS, trying to pretend that they have the Nigerian people's interests at heart! There is NO reason for Nigeria to devalue it's currency when it is still in a state where the only thing it exports is oil, and it imports practically EVERYTHING else! Devaluing the Naira simply means that the buying power of the nation will be diminished!! Nigeria needs to process more of it's natural goods, and manufacture goods for it's consumer base, develop a surplus to sell to the world and THEN the currency can be free-floating! At the moment they are too many middlemen merchants in Nigeria. A merchant converts Naira to dollars, buys and ships a container of goods e.g tomato paste from China to Nigeria, distributes it and sells it with his profit margin, gets it in naira, rinse and repeat. In the end, the net is a constant drain on the Nigerian economy going to farmers and processors in China. The ability to freely convert Naira to dollars exacerbates this. Instead, the government has reduced the amount of dollars it will freely convert to naira. private companies should set up tomato paste processing factories using locally grown tomatoes. The middleman will buy the tomato paste from the factories and distribute it, the money goes to Nigerian tomato farmers and Nigerian factory workers - The country grows economically!!! Buhari should stay the cause, and work on improving infrastructure: roads, rail, water, electricity to help the ease of starting a business!
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Brian5 hours ago
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Buhari seems to be trying. The rampant corruption in every facet of Nigerian life has debilitated an otherwise beautiful country. This is the fault of her citizens and their low self esteem. Do not let this time pass to right the ship.
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OKEZIE DANIEL20 hours ago
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Devalue the currency? No thank you! You can take your investment else where.
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grumpf15 hours ago
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There is no need to de-value Nigeria's currency. The foreign exchange rate will set the true value. The market inside the country will reflect the true value in a short time. Currency manipulation is the realm of speculators and con men.
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Kency18 hours ago
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President Buhari has reiterated that devaluation will not benefit Nigeria. Why are foreign investors interested in Nigeria devaluing its currency? The country's interest must come first. Nigeria is an import-dependent country, any devaluation will only make its citizens suffer.
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chris10 hours ago
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it will emerge when it gets rid of the lying, cheating, thuggery, lawless, muslim culture that keeps the people in a primitive state. The country has no moral code.
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Chuck17 hours ago
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The currency is already devalued by the market. The official exchange rate is being propped up at an exorbitant cost by the government and that rate is available only to a very tiny sliver of the population. This anomaly invites favoritism and corruption. Everybody else is already paying market rates, even for locally produced merchandise. The horse has already left the barn.
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K17 hours ago
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Obviously Buhari is taking the right steps. NO Devaluation. Thank you....NOT.
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Mandigoblack17 hours ago
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Devalue why? Makes no economic sense other that absorb the printing on Dollars. Makes the Dollar not lose value even though it is being printed in billions Daily! There is enough Dollars to pay everyone on the planet one thousand Dollars each, even the babies born today. Which means the value of the Dollar should drop but I guess the smart economists on Wall Street decided to force the rest of the world to devalue instead...............smart move.
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w.6 hours ago
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who knows with dem NIGERianS???????
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phi11 hours ago
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I'm still waiting for my inheritance from the Nigerian prince....
There is NO reason for Nigeria to devalue it's currency when it is still in a state where the only thing it exports is oil, and it imports practically EVERYTHING else! Devaluing the Naira simply means that the buying power of the nation will be diminished!!
Nigeria needs to process more of it's natural goods, and manufacture goods for it's consumer base, develop a surplus to sell to the world and THEN the currency can be free-floating!
At the moment they are too many middlemen merchants in Nigeria. A merchant converts Naira to dollars, buys and ships a container of goods e.g tomato paste from China to Nigeria, distributes it and sells it with his profit margin, gets it in naira, rinse and repeat. In the end, the net is a constant drain on the Nigerian economy going to farmers and processors in China. The ability to freely convert Naira to dollars exacerbates this.
Instead, the government has reduced the amount of dollars it will freely convert to naira. private companies should set up tomato paste processing factories using locally grown tomatoes. The middleman will buy the tomato paste from the factories and distribute it, the money goes to Nigerian tomato farmers and Nigerian factory workers - The country grows economically!!!
Buhari should stay the cause, and work on improving infrastructure: roads, rail, water, electricity to help the ease of starting a business!
Do not let this time pass to right the ship.
You can take your investment else where.