Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued - Politics (5)

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Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued - Politics (5) - Nairaland

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Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by 894oladotun: 4:48pm On Jan 30

It's funny how even till now, people see Buhari as a hero and GEJ as a villain. Nigerians as a whole gave me a reason not to take interest in anything politics.It's funny how even till now, people see Buhari as a hero and GEJ as a villain. Nigerians as a whole gave me a reason not to take interest in anything politics....

1 Like

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by Kay25(m): 4:54pm On Jan 30

Bobloco:

The current one isn't subsidizing, so where's the money? Stacked up in his personal bullion vans

Whatever u say ..but it's not business as usual with forex go and check out

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by Kay25(m): 4:55pm On Jan 30

Akwamkpuruamu:

Eight months gone, you are still rethinking your ways

Do u know the meaning of rethinking i said if u don't know ask biko ..

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by komzy589(m): 4:58pm On Jan 30

Tallesty1:
Lols.

If you sell your dollar at 1300 or 600, what difference does it make!
A bag of rice when we were selling at 600 was around 20k, now we are selling at 1300 and a bag of rice is 55k..

You will have more naira with lower purchasing power if you sell at 1300.
You will have fewer naira with higher purchasing power if you sell at 600.

Consequently, you are not getting richer, you’re just unaffected by its economical permutations and implications.

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Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by Tallesty1(m): 4:59pm On Jan 30

komzy589:

You will have more naira with lower purchasing power if you sell at 1300.
You will have fewer naira with higher purchasing power if you sell at 600.

Consequently, you are not richer, you’re just not affected by its economical implications.

Yes bro

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by VeeVeeMyLuv(m): 4:59pm On Jan 30

Kay25:

Whatever u say ..but it's not business as usual with forex go and check out

If it is not business as usual why is that huge gap still there?

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by tonyinfinity: 5:02pm On Jan 30

Yes he foresaw it.
But what did he and Emefiele do when faced with recession, COVID-19 and dwindling revenues?
They went and printed 25 trillion naira under the guise of quantitative easing with the bulk of the money ending up in the pockets of their cronies in government who in turn are now using same fiat paper naira to buy up foreign currencies thus causing the current forex volatility.
This is not to mention the financial crimes committed under the CBN "ways and means" policy, humongous year after year deficit budgeting and the massive foreign and domestic borrowings in foreign currencies and naira.
Consequently, by the end of Buhari's tenure, the FG was using 96% of its revenues to service debt (according to AfDB and DMO).
So, whatever he foresaw was of no impact at the end of the day.

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by jojothaiv(m): 5:34pm On Jan 30

seunlayi:
Are we to conclude that our current leaders are dumb?
I also read something about Emefiele warning against floating the ₦.

To most of us, yes they are.

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by baqirshuayb(m): 5:51pm On Jan 30

I still believe all this hardship is caused by Buhari. That w*cked man removed subsidy and allowed his family to embezzled public fund under his watch.
Buhari still remains the most w*cked president we ever had.

1 Like

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by GeneralBuhari: 6:07pm On Jan 30

"May we not have a Nigeria that we will sincerely miss Buhari" - Comic actor, Okon of Lagos

How I wish that right now, I am in a position where I could sit back and be laughing at the Agbadorians and telling them, "I told you so, didn't I?"

But it is not even funny to me at all in any way.
"May we not have a Nigeria that we will sincerely miss Buhari" - Comic actor, Okon of Lagos

How I wish that right now, I am in a position where I could sit back and be laughing at the Agbadorians and Rønu miscreants and be telling them, "I told you so, didn't I?"

But it is not even funny to me at all in any way.

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by uche393: 6:36pm On Jan 30

solmusdesigns:

My question is would you as a Dollar earning freelancer rather sell your had earned dollar for 1300 or for 600

Which favors you

As a Yahoo boy, will you rather trade your gift card for 1300 or 600

As a Nigerian in Diaspora, will you rather send your family building your house at 1300 or 600

Let's not decieve ourselves, Nigeria produces everything we use, only that it's fake and substandard

.

If selling your earnings at 1300 is the reason why you support devaluation of the Naira, then your brain no complete.

let's just make our official currency USD and turn ourselves to American slaves.

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by ZombidiotFools: 7:00pm On Jan 30

casualobserver:

Lagos Ibadan express
lagos ibadan rail
Murtala airport new terminal
apapa-oworonshoki express
Outer marina ring road

this is just the SW, these things were going nowhere and they were a source of pain and hardship before Buhari.

feel free to list what GEJ left behind for you, otherwise the only legacy he has for your children is stories from you about once upon a time the naira.

Your story and those talking with Nostalgia about Jonathan are like children berating their father for not buying them the latest clothes and toys as children Forgetting that your parent gave you the most valuable gift….education. It is that education that is the legacy of your parents not clothes or toys that spoil or become obsolete. Anyone talking about Jonathan has the mindset of a child who cannot see beyond their nose or the present. An adult sees beyond today into the future. These adults with a mind of a child are often the same people who think a Peter Obi that left nothing in 8 years as Anambra governor can rescue a more complex structure like Nigeria.......children!!

Stop shouting, i wasn't shouting.
Its children and women that shouts while talking, if you are a woman, my apologies.
You can shout as you want.

Well for you to think its only on Dollar stability that GEJ performed better than PMB shows you are extremely naive of his tenure, or that you are deliberately biased.

Who performed better in Economy? Do you even know the essence of economy in a country?

You are using the analogy of parents giving their kids education, instead of Christmas clothes.

Almajiri education program, who established it?

Who Established 14 new federal Universities across the country?
What do you know about legacy?

Between GEJ and PMB who performed better in Education Sector? GEJ.

On Security? GEJ performed better.
It was under the watch of Buhari that Yorubas for the first time went to Benin Republic as IDP.
Who knew about Bandits untill Buhari became president?

Buhari only borrowed more than what no president has ever borrowed.

How about the Nigerian airline he sipohned the money and brought a camouflage aircraft from Ethiopia?

You don't know politics, you are just biased.

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Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by medolab90(m): 7:03pm On Jan 30

rayopt:
This thing is difference of ideology, which is normal in politics all around the world.

Buhari is a conservative. He prefer slow growth in the form of defend the naira, while slowly encouraging local production and ending importation. The naira was stable but didn't we see the negative effects of this on importation?

Tinubu is a progressive. He prefers radical change for long-term benefits. He did not limit importation but allows naira to compete freely on international market. Local producers will gain but consumers of international products will continue to suffer. Unfortunately, most of us consume so much international products.

Any which way, it is a long ride and I hate to criticize anybody because I honestly don't have the answers to Nigeria problems. Most of yall don't. Una only sabi to complain. One thing I know is this: any smart person who earn some dollar, farm majority of his food, and reduce buying international products will live like a king right now.

I don’t understand the reduce buying international product aspect , how many items do we even produce locally??

Moreover Nigerians don’t care whether a product is produced locally or internationally , they only care which is cheaper.

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by Bobloco: 7:03pm On Jan 30

pafun:

It is you people who are spending Naira and thinking $ that will continue to feel the pain. Otherwise i don't see how this affects your income and what it can buy in food market. Is $ what you are spending in the market?

Your foolery is legendary

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by Mandate1: 7:05pm On Jan 30

Tallesty1:
Lols.

If you sell your dollar at 1300 or 600 makes not much difference.

A bag of rice when we were selling at 600 was around 20k, now we are selling at 1300 and a bag of rice is 55k..

You will have more naira with lower purchasing power if you sell at 1300.
You will have fewer naira with higher purchasing power if you sell at 600

the guy dey yàn dust.

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by dettolgel: 7:13pm On Jan 30

Inspirer1:

I wonder o,
Moreover if all those he mentioned earn in dollars, what's their percentage to other Nigerians who don't, would he rather enrich those few and make several others suffer like it is happening now?

The guy may have been under the influence of hunger or hard drugs when he typed that

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by aderadio1: 7:15pm On Jan 30

abhosts:
Here are the Naira Devaluation Rates at the Parallel Markets under different Presidents since 1999:

Olusegun Obasanjo
1999 ₦90 = $1
2007 ₦125 = $1
38 Percent Devaluation in 8 Years

Umaru Musa YarAdua
2007 ₦125 = $1
2010 ₦150 = $1
20 Percent Devaluation in 3 Years

Goodluck Jonathan
2010 ₦150 = $1
2015 ₦220 = $1
46 Percent Devaluation in 5 Years

Muhammadu Buhari
2015 ₦220 = $1
2023 ₦740 = $1
236 Percent Devaluation in 8 Years

Bola Tinubu
2023 ₦740 = $1
2024 ₦1,470 = $1
98 Percent Devaluation in 8 months

Buhari is no hero so stop trying to make him one.

Dollar was never 220/1 during GEJ.
Although I follow castigate him but know I know better.

Pounds was 245/250 all through his regime so dollar can't be 220. Naira then was around 150/180 per dollar.

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by abhosts(m): 7:27pm On Jan 30

aderadio1:
Dollar was never 220/1 during GEJ.
Although I follow castigate him but know I know better.

Pounds was 245/250 all through his regime so dollar can't be 220. Naira then was around 150/180 per dollar.

Yes it was 220. Here is a campaign poster critical of Jonathan when dollar hit 216 before the 2015 elections.

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by medolab90(m): 7:30pm On Jan 30

Teenaira:

I think we are rather just mixing up everything. Now the true position is that the value of your currency is effectively a measure of your country's productive capacity. What we have before now is a fake exchange rate where government continues to defend or support the currency. Devaluing your currency have its merit and demerit. When you devalue your currency, you will have inflation. However, inflation should ordinarily encourage increased local production. This is the real area where we are having problems. If the price of yams go up as a result of increased demand normally people should go into yam cultivation to cash out on the demand and high price. But let tell ourselves the truth, nobody wants to farm. Go to Europe that doesn't have land and see what is called agriculture. That is why food is cheap in the developed countries. Our people will go to Europe and they will be employed in farms but they can't farm while in Nigeria. I am not convinced that Nigeria should not be able to feed ourselves. We continue to import all manners of nonsense and we don't export anything and expect our currency to be strong. It is not a matter of PMB or GEJ or Tinubu. If we can produce even what we eat alone, Naira will appreciate.

“nobody wants to farm” . You are wrong pls

Not everyone one farms but the little who do have we been able to protect them ? And no one is willing to go to farm if they can’t be protected.

These are also reasons why food prices are high.

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by solmusdesigns: 7:38pm On Jan 30

[quote author=uche393 post=128205415] If selling your earnings at 1300 is the reason why you support devaluation of the Naira, then your brain no complete.

let's just make our official currency USD and turn ourselves to American slaves.

[/quote

Uche na your pale brain no work

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by Inspirer1: 7:39pm On Jan 30

rayopt:
This thing is difference of ideology, which is normal in politics all around the world.

Buhari is a conservative. He prefer slow growth in the form of defend the naira, while slowly encouraging local production and ending importation. The naira was stable but didn't we see the negative effects of this on importation?

Tinubu is a progressive. He prefers radical change for long-term benefits. He did not limit importation but allows naira to compete freely on international market. Local producers will gain but consumers of international products will continue to suffer. Unfortunately, most of us consume so much international products.

Any which way, it is a long ride and I hate to criticize anybody because I honestly don't have the answers to Nigeria problems. Most of yall don't. Una only sabi to complain. One thing I know is this: any smart person who earn some dollar, farm majority of his food, and reduce buying international products will live like a king right now.

This is the same line you guys use in deceiving people, making people to think its because they are "consuming or buying international products" hence why the Naira is falling flatly daily,

Please, without feeling insulted, list like 10 or 15 items that's being consumed by majority of Nigerians that could have such bad daily effect on the Naira.

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by BondRiv: 7:57pm On Jan 30

Wisdom. Unfortunately, he couldn't address most of the problems facing the country, during his tenure as president.

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by rayopt(m): 8:03pm On Jan 30

Inspirer1:

This is the same line you guys use in deceiving people, making people to think its because they are "consuming or buying international products" hence why the Naira is falling flatly daily,

Please, without feeling insulted, list like 10 or 15 items that's being consumed by majority of Nigerians that could have such bad daily effect on the Naira.

I really hate to reply people who don't have full grasp of issues but that part "without feeling insulted" made me laugh out loud. You are funny bro. Me I don't join toxic arguments and I can never feel insulted because of people's opinions. And I don't have the answer to your question.

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by ogolemati: 8:10pm On Jan 30

PassingShot:
A lot of Nigerians still believe that Buhari failed woefully while a few of us think differently.

Here is a portion of an interview where the former president refused to bow to IMF in their call for him to devalue the local currency alluding t what could be the consequences of such action. Despite all the challenges his government faced, he managed to leave the naira at around N600 to a dollar in May 2023.

Fast forward to seven months after his exit, our currency has plummeted against the dollar to around N1450 on the back of devaluation, recording new low on daily basis. As a result, inflation, insecurity and other vices are on the increase to the extent that no one can predict how the current vicious cycle would end.

Surely, the man Buhari is too patriotic for Nigerians. We most times do not know our true friends.

https://www.youtube.com/watch?v=KIJXtpILkFE?feature=shared

the ones that think buhari did well are plain idiots.buhari is like using second to last in a class of 20 students as the best

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by Faceonme1443: 8:53pm On Jan 30

Under Jonathan a barrel of crude oil was around 90 dollars at 2,300 barrels per day, under Buhari it was around 50 dollars per barrel at 1300 barrel per day,do the calculation yourself. So, you people should know that the more crude sold,the stronger the naira.

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by Safyqueen: 9:43pm On Jan 30

abhosts:
Here are the Naira Devaluation Rates at the Parallel Markets under different Presidents since 1999:

Olusegun Obasanjo
1999 ₦90 = $1
2007 ₦125 = $1
38 Percent Devaluation in 8 Years

Umaru Musa YarAdua
2007 ₦125 = $1
2010 ₦150 = $1
20 Percent Devaluation in 3 Years

Goodluck Jonathan
2010 ₦150 = $1
2015 ₦220 = $1
46 Percent Devaluation in 5 Years

Muhammadu Buhari
2015 ₦220 = $1
2023 ₦740 = $1
236 Percent Devaluation in 8 Years

Bola Tinubu
2023 ₦740 = $1
2024 ₦1,470 = $1
98 Percent Devaluation in 8 months

Buhari is no hero so stop trying to make him one.

Stop this hatred and be truthful sometimes.

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by Ayosuccess12: 10:12pm On Jan 30

Devaluation is bad for the economy

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by Teenaira: 10:27pm On Jan 30

medolab90:

“nobody wants to farm” . You are wrong pls

Not everyone one farms but the little who do have we been able to protect them ? And no one is willing to go to farm if they can’t be protected.

These are also reasons why food prices are high.

You are very right in the area of protection but bros, we have a very serious situation on our hand. Our younger ones are not just ready to work any longer. They just want to cash out even as young as 18.

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by medolab90(m): 11:54pm On Jan 30

Teenaira:

You are very right in the area of protection but bros, we have a very serious situation on our hand. Our younger ones are not just ready to work any longer. They just want to cash out even as young as 18.

It’s a lot of problem we are going through as a nation.

There’s no reward for hard work in our society anymore.

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by Karnice600: 12:31am On Jan 31

PassingShot:
A lot of Nigerians still believe that Buhari failed woefully while a few of us think differently.

Here is a portion of an interview where the former president refused to bow to IMF in their call for him to devalue the local currency alluding t what could be the consequences of such action. Despite all the challenges his government faced, he managed to leave the naira at around N600 to a dollar in May 2023.

Fast forward to seven months after his exit, our currency has plummeted against the dollar to around N1450 on the back of devaluation, recording new low on daily basis. As a result, inflation, insecurity and other vices are on the increase to the extent that no one can predict how the current vicious cycle would end.

Surely, the man Buhari is too patriotic for Nigerians. We most times do not know our true friends.

https://www.youtube.com/watch?v=KIJXtpILkFE?feature=shared

What’s the essence of this post?
So that we come out and swear for you or hurl curses at your unreasonable soul?
Why do you love curses than common sense?

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by Karnice600: 12:35am On Jan 31

GreatAchiever1:

It's funny how even till now, people see Buhari as a hero and GEJ as a villain. Nigerians as a whole gave me a reason not to take interest in anything politics.

I tell you.
Very sick people in this country.

Re: Buhari Foresaw What Would Happen To The Naira And The Economy If He Devalued by aderadio1: 1:10am On Jan 31

abhosts:

Yes it was 220. Here is a campaign poster critical of Jonathan when dollar hit 216 before the 2015 elections.

This was towards the end of his tenure when buhari and obj sabotaged him.

We should have known better

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