Buhari vs Oshiomhole: SEE What They Both Think About Devaluing The Naira

Naira-Dollar

As the the naira continues to plummet the call for its devaluation surges high among experts. They believe that devaluation is the only way out for Nigeria. Devaluation simply is the deliberate act by the CBN to reduce the value of the naira. To have a better understanding of the naira devaluation brouhaha, INFORMATION NIGERIA has put together in this piece the stance of President Buhari and Governor Oshiomhole’s on the issue….

President Muhammadu Buhari, while speaking in Kenya, said export-driven economies could devalue their currencies and not an import-dependent economy like Nigeria. Devaluation, he said, would result in further inflation and hardship for the poor and the middle class in Nigeria. He said he had no intention of bringing further hardship on the poor who, he believes, have suffered enough. Also in France last September, Buhari said: “I do not think it is healthy for us to get the naira devalued. The Central Bank is providing ample foreign exchange (forex) to essential services and industries.”

Gov Adams Oshiomhole speaking at the Cable Colloquium, a programme organised by THE CABLE on Channels TV to discuss whether or not the naira should be devalued on February 11 said the issue of devaluation of the naira would not have surfaced at all if oil prices have not fallen drastically, adding that investment bankers are the ones calling for its devaluation.

Oshiomhole explained that when naira is devalued, prices of foreign goods (which Nigerians mainly consume) will increase and the idea of naira devaluation is to force Nigerians to stop consuming foreign goods and focus on becoming a producing nation, because Nigerian made goods will be cheaper and more sorted after. The governor however noted that it has not worked in Nigeria as no matter how expensive foreign goods are in Nigeria, some will still go ahead and buy.

Oshiomhole also noted that the in 2014, when the naira was devalued, rather than have an increase in export, we had an increase in imports. On a final note he said, the true value of naira is what it can get you in the local market not otherwise.

What do you think???

8 Comments

  • Oshiomole doe not know the meaning of currency devaluation in an economy like Nigeria. How many industries do we have producing what we need and use in Nigeria? More than 50% of what use in Nigeria are imported. The importers will reap us more do few surviving companies in Nigeria. How many are in Edo state? Even the marketers of locally produced goods will take advantage as there will be obvious scarcity. PMB Pls don’t buy this idea at all as it will do us no good.

  • Talking about currency devaluation, most people looked at one side of it. Which is the exporting side, they don’t think of the importing side to a country lik Nig as buhari has already stated. If Naira is devalued, More of our goods will be purchased fine!! What will happen to us that imported almost all of our consumed goods?? We take more money than initial to buy same quautity of goods. That is a very big shit… thanks Mr president

  • A country dat has numerous graduate without industries wat and wat can d country produce. When money dat should b spent on development r been use for purchase of arms nd campaigns rally..ishiomole has has almost complete is 8yrs in office still no sign dat edo has a governor .no industries , spending. Billions on airport road expansion ,water fountain changing d roof of already built schs. Stoping The operation of d benden brewery … To me we have able bodies dat is ready to work, talk Less if d country has available. Facilities , d issue of the currency Devaluation wil be understood as relying on local manufactured product nt otherwise

  • Oshiomole is only assuming and not strategically looking at the statistics of import goods and export goods in Nigeria economy. Fine, the idea of devaluation is positive to some extent and I think if we are to enact this devaluation policy there should be make up plans and strategies that will make the policy bid successful. The government should make importation difficult internally and be sure of investments, industries that can produce exported goods and deliver them on time. If they are no extensive measures to influence development and growth in the Nigerian economy excluding dependency on importation… currency shud not be devalued plsss.. I know we have a master planner in the government V.P osinbajo a veteran who I blv to be a genius, emeritus to make right decisions with d change master. Pls help the less privileged and not destroying the destroyed economy with d mistake Babangida foolish made in his regime.

  • For goodness sake ,who are those calling for deevaluation of the naira when the naira is even worst and weak,it is those that have stolen and destroyed our economy that are saying the naira should be devalued cos they won’t be affected, but what about the average and middle Nigerians and most importantly the poor, the education system is dead before you get admission you have to give bribe even when you have all the qualifications,the middle class who have managed to send their wards to school. In neighbouring are still struggling to pay,just because the naira is. Falling everyday,and still yet the wicked people are still calling for devalution,if ordinary Nigerians are suffering@ this moment what will. Happen if the government devalue the Naira,am currently schooling in Ghana,am surprise the the cedis is even more higher than the naira in terms of. Rate,when they send you 20,000. Naira,you wuld be shock that you wuld withdraw. 300cedis or 350 cedis, the Nigerian banks here are not even helping matters,so pls nobody should devalue the naira, if not the banks will be the ones reaping where they did not sow,the banking system in africa is so corrupt,that I see the banks as the gathering of thieves,they are bunch of cheaters,pls the issue of devaluing should be trashed,ordinary Nigerians are already suffering the cbn nd the government should not add to it, and also let the Nigerian goverment do something about the ecowas issue,I don’t understand how can u be in Ghana and be paying your residence permit in dollars is that what they agreed on in their ecowas resolutions,pls let our ambassador here in Ghana be active,he is not active@all,they are all corrupt when they come they don’t fight for the interest of their citizens but for themselves only.Nigeria should change from the top pls,that why politicians can kill themselves becos of election cos they want to go and loot instead of taking care of things,so pls devalution is not accepted@all

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