The president condemned “the ruthless devaluation of naira,’’ saying that he was yet to be convinced about the economic benefits of the exercise.

“How much benefits have we derived from naira devaluation in the past?

“I don’t like the returns I get from the CBN because that coupled with the demand that let us devalue the naira. In August 1985, the naira was N1.3k to a dollar, now you need N300 or N350 to a dollar.

“What do we derive from that, how much benefit can we derive from this ruthless devaluation of the naira?

“I’m not an economist neither a businessman, I fail to appreciate the economic explanation.

ideynl1:
This is getting interesting. the fulanis are begining to attack.

So it is no longer a joint team work, it is now an individual thing between Buhari and Osibanjo.

MKO4ever:
I heard naira is N425/$ now. Please I need to buy like $10,000.00 anyone in the FX business here?

MasterofNL:
@FriendChoice, this is Buhari's government so he takes the glory/blame for everything that happens under him.

Simple.

FriendChoice:



OK will you praise him for what Osinbanjo is doing now? As the Naira is getting momentum ?

Wassce:


I think this question is for Yorubas to answer
The person u quoted is neutral

FriendChoice:


Who can defend the truth with lies and hypocrisy? its not possible, they rather keep quiet.

ideynl1:


Who are "they"? The Yorubas?

FriendChoice:


They are present in all tribes: Some are Hausa's (example Shiites of the north), some are Igbos and some are Afonjas.

ideynl1:


Why did you have to select a particular section of the north but you lumped all Igbos and Afonja?

You no label the yorubas as afonja? Unbelievable!

FriendChoice:


No sir I said " some" in each tribe, read again. The "some" in Igbos are the ipob and PDP members. Yes Afonja is another name for Yoruba on Nairaland likewise Ab0ki 4 all Hausas and Igbo for all igbos.

ideynl1:


I take an exception for you to refer Ajonja as another name for Yoruba. Even if IPod yoots call Yorubas not your a fulani, our own ally

This is unacceptable

"The Central Bank of Nigeria (CBN) Wednesday announced what it termed the “automatic adjustment mechanism of the exchange rate” in a flexible foreign exchange regime aimed at reducing the pressure on the Naira.

CBN has been under immense pressure to devalue the Naira for a while, which has been resisted by both the monetary and fiscal authorities, claiming that past devaluations did not benefit the economy- which is import dependent.

Mr. Emefiele said, “The Central Bank of Nigeria has always maintained that it would continue to monitor situations on the ground and ensure that the Bank’s policies reflect these facts and developments rather than the sentiments of any groups or sectors.

“It is in light of this principle that we now believe that the time is right to restore the automatic adjustment mechanism of the exchange rate with the re-introduction of a flexible inter-bank exchange rate market.
“The workings of this market will be consistent with the Bank’s objectives of enhancing efficiency and facilitating a liquid and transparent Foreign Exchange Market."

FriendChoice:


But Ab0ki, Almajiri are all acceptable. Only half of the Yoruba population take the north as ally. The remaining half don't.

ideynl1:


Aboki means my friend, and it isn't a bad nomenclature. I wonder why you now see that half of the Yorubas are ally to the north when they gave it all for Buhari's presidency. Buhari wouldn't have been president without the assistance of the West: both media and financial support.

It is quite unfair that sophisticated politics is making you change your stance.

Remember politics is a game, the Yorubas have played it well, and the consitution must take hold.

boostdom:
Below is an excerpt from the Vanguard link you posted (note the bolded):



My questions are:
When Buhari echoes the sentiment against the devaluation of the naira which is in constrast to the suggestions from local and international economists, why then is the CBN solely blamed for the exchange rate failures when they (CBN) are being hampered by the executive?

When the CBN proceeds to restore the flexible exchange rate market as explained above, why then is the President (Osinbajo in this case) solely blamed for the "devaluation" when it's the fiscal and executive authorities working in tandem with the monetary authorities? Do you even realise that exchange rates are maintained by an independent Central Bank?

You blame the CBN when they are being hampered by executive interference from Buhari but you blame Osinbajo when the executive allows the CBN the power to exert their statutory independence of administrating the exchange rate.

Your bias has robbed you of any sort of critical thought.

FriendChoice:


Pressure by who exactly: Pressure by IMF, and people like Sunusi. If CBN is independent why do you praise Osinbanjo when the Naira is getting momentum and blame Buhari when the reverse is the case.

Wassce:
Watching this fight on the sideline

FriendChoice:


Who can defend the truth with lies and hypocrisy? its not possible, they rather keep quiet.

ificatchmodeh:


I told thosa sophisticated humans.. this is 2017.. say almajiris now know wetin dey sup..

E go soon be.. just dey pains me say na ibos go collect.. while the hide behind.. to abuse d same ibos..

Trying hard to rubbish bubu..after packaging him.. now na to package Osibanjo.. but na here the fail..

Op goodmorning oh!