Devalue Naira now, your forex policy short-changing Nigerians, Fayose tells Buhari

Ayo Fayose, Ekiti state governor.
Ayo Fayose, Ekiti state governor.

The Ekiti State Governor, Ayodele Fayose has called for the devaluation of the nation’s currency, the Naira, saying, “With the gap between the official rate of N199 and open market rate of over N400 to one dollar, Naira has already been devalued. Therefore, President Muhammadu Buhari must stop deceiving himself and short-changing Nigerians, especially States and Local Councils in the country with his Forex Policy.”

Governor Fayose, who said there was no time in the history of Nigeria that the gap between dollar official rate and open market rate was more than N200, pointed out that it made no economic sense for the Federal Government to be calculating the country’s revenue on the basis of the Central Bank of Nigeria (CBN) official rate of N199 to a dollar while States and Local Councils that are sharing the revenue with the Federal Government run their businesses at the open market rate of over N400 to one dollar, thereby causing business to be folding up by the day and prices of goods skyrocketing every day.

The Special Assistant on Public Communications and New Media to the governor, Lere Olayinka, in a statement issued in Ado-Ekiti on Sunday, quoted the governor as saying that apart from breeding corruption through round tripping or foreign exchange arbitrage, Nigerians are also being duped and middle class Nigerians, the main people that grows the country’s economy, are being decimated.

The governor said President Buhari was applying his 1984 failed economic policy in which prices of goods were fixed not minding the cost of supply, such that essential commodities like milk and sugar became scarce and Nigerians were made to line up in the sun to buy rationed commodities.

He urged the President to pay more attention to the ailing economy of the country instead of junketing around the world, wasting $1 million per foreign trip, saying; “President Buhari has travelled to 24 countries in eight months, and will be spending 16 out of the 29 days in February outside the country, with over $500,000 being spent on estacode while the Presidential Air Fleet, which includes fuelling of the planes and allowances for crew members is said to be in the range of $500,000.

“The President’s entourage obviously collect their travel allowances in dollars on official rate of N199 and come back to Nigeria to change it at the open market rate of N400. That must be the reason they encourage the President to be junketing abroad when life is becoming unbearable for Nigerians.”

The governor said, “The situation is such that Nigeria gets say $2 billion revenue in a month, calculates the $2 billion revenue on the basis of the official CBN rate of N199 and share the revenue among the three tiers of government.

“In elementary economics, the implication is that when revenue is calculated based on N199 to one dollar and the federal government will be declaring say revenue of N400 billion to be shared by the three tiers of government, the value of revenue that should have been shared will be over N800 billion at the open market rate of N400 to one dollar.

“Meanwhile, the three tiers of government pay salaries to workers on the basis of N199 per dollar while the workers pay for goods and services which prices are determined by the open market rate of N400 to one dollar.

“Also, Nigeria is now faced with a situation whereby funds are obtained from the official forex market (at lower rates) and diverted to other markets and sold at a higher rate by forex dealing banks and users, who make billions of naira profit just for doing almost nothing.

“Therefore, the reality that we must all accept is that we must allow the forces of demand and supply to determine the value of our currency, not administrative fiat. Most importantly, the government does not have the reserves to keep the naira-dollar rate at its official level.

“The Naira must therefore be devalued. Anything other than this will mean that we are deceiving ourselves with forced foreign exchange rates and it is my position that this regime of deceit must stop.”

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  • Hassan Lawal

    ……dumb noise maker,please face your work-governance of Ekiti state

    • The facts

      I know you dislike the truth. Why don’t you counter the facts as stated by Fayose?

      • Amir

        God punish your stinking mouth for mentioning ‘the truth’. Why couldn’t Jonathan take his eyes off off Nigeria’s foreign currency reserves in allocating our money to his PDP friends? Can you eat your cake and have it? Ewu. Have you not heard how the unfortunate wicked ex president was constantly withdrawing foreign currency from the Central Bank like a drunk?

        • Ayuze

          Well said Amir! They represent corruption fighting back.

        • The facts

          Every President has the right to withdraw his/her security votes as he/she deems fit. Therefore, President Jonathan has the right to ask for his security votes to be withdrawn from the CBN. Buhari has also been withdrawing his own and the fact that we don’t hear about it does not mean it is not happening. The money he is using to gallivant from country to country where do you think the money is coming from? Heaven?

          • Amir

            Ewu. And Jonathan’s security vote is in dollars?

  • Watch man

    Fayose (the bogus mouth), the truth is that you are living up to expectation in your tirades targeted at the person of PMB. After all, you wished PMB death during the campaign. Fayose, was it not you and your party that laid the foundation for the mess we have in the economy today? You are so shameless to be talking about devaluation . Give me one good but patriotic reason why Nigeria’s currency should be devalued if not to be junketing round the world embezzling the meager resources of the state. Noisemaker!

  • JasV

    Buffoon, Baboon, Ignoramus, Dunce, What a shame. Is this a governor or an intellectually, economically starved, malnourished being or animal?

  • Amir

    When fortunato Dumbo Dr corruption alias ineffectual buffoon was spending our dollar reserve recklessly on his PDP friends, and for election bribery including giving you Fayose $37 million to rig Ekiti election, did you not realise that will affect the economy and forex market as is happening now? May God punish these brand of wicked vampires on our commonwealth and their judiciary collaborators. What was Metuh, an ordinary PDP publicity secretary on monthly salary manufacturing that he was transacting business of $2 million dollars? Why was Dasuki constantly withdrawing dollar, pounds and euro reserves directly from the CBN (first for conversion at black market rate) and allocating to PDP acolytes? Did you PDP ‘ediots’ not realise these withdrawals would affect manufacturing and importation of goods?

  • Dr.Dan

    Buhari and CBN governor should resign for ruining the economy in just 9 months of office. If Buhari wants to continue with this “grandpa economics” he should share oil revenue made in $ in $ to state or compel the banks to charge official rate. It is fraudulent to sell forex to a selected few at Official rate.only for them to take it to parallel market and make 100% profit.

    • Ayuze

      Dan, are you a Native Doctor or a Bush Doctor? I think you are the later. You must stay off canabis because it’s not good for you.

  • Arabakpura

    Hai! This Fayose is a terribly selfish person! Instead of coming out to acknowledge his short -sightedness, he wants the Naira devalued so that he can have more money to pay that illiterate Lere Olayinka!

  • Shetty

    and when they devalue they compete better and manufacture and export more. But we are not competing and exporting but importing everything including toothpicks. So, why should we devalue our currency?”, the President said.
    The Moron just want to be seen criticizing the Government . If you devalue today and don’t supply the forex to the BDC , what you expect would happened to the Parallel market it would double whatever is the official value .

  • Faith That Conquers

    RE POSTED After 2 months and some weeks.

    Nigerians obey and find solution to your problems.

    There will remain confusion, disunity and immense hardship all through Buhari’s regime. Not my wish but what Nigerians will witness because Buhari has no good mission nor vision for the country.

    The only things that can change these things from continuing are: 1) Buhari must admit openly he has been manipulating the system instead of proffering solutions. This, he will never do. 2) After that, he must sincerely look for qualified Nigerians to assist his steering this ship of Nigeria instead of APC members who knew next to nothing about their ministries. 3) He must allow the judiciary and the national assembly stand each separately as independent arm of the government. 4) He must fight corruption not pretending he is not corrupt, but because they have all installed and benefited from corruption and God is not happy with any of them. The implication is there should be no sacred cows being protected directly or indirectly by him. 5) If Nigerians want God to intervene not minding Buhari, they must love and accept themselves as one people above ethnic or religious affiliations. 6) They must agree Buhari is no messiah to save Nigeria from its predicaments. Finally, the choice is either in the hands of Nigerians to do the two things advice or continue to suffer all through Buhari’s regime or for Buhari to comply with the outlined instructions so that God can lead Nigeria out of its sufferings.

    • Ayuze

      Who is this clown calling himself Prophet. Take that your fake prophesy and chuck it up your damn mf ass! You imbecile must think everyone is one of your dumbass church members you been fleecing off their money. God will punish you dickhead bum for calling his name in vain. I know you are either a treasury looter or sponsored by one to come here and say bollocks. The war on corruption will continue,and their is nothing you or your sponsors who are fugitive treasury looters can do about it. You low life tow rag should get a job and a life. Nigeria are smarter than you blockhead!

      • Faith That Conquers

        A prophecy is termed false only upon failure to come true.

        Those who resort to praising failure seem to be of very low-level of intelligence.

        I’m never a church founder neither has taken any offering from any man at any time. I’m a born again Christian a member of denominational Church paying my tithes and offerings bearing no grudge for so doing: a businessman, and a preacher of the gospel of my Lord Jesus Christ at my own very cost. I’m neither a politician nor do I have any relationship with any politician. I’m not a contractor I pay my tax regularly from my legitimate business proceed, at what time have I looted your treasury? Are you making a false prophecy or false allegations?

        Who has stopped your war against corruption? I’m only pleading with Nigerians to do the needful and save themselves from the ever-increasing sufferings they will continue to witness all through Buhari’s regime. The more you/them disbelief the more the sufferings will continue to escalate.

        Let the prayer warriors continue to pray without advising accordingly, but know for sure that the prophecy will never fail until the needful is fully complied with either by Buhari or Nigerians.

        Go ahead with your insults it diminished nothing from the prophecy. Simple Nigerians should obey and save themselves.

  • peaceometer

    Fayose can print his own naira and devalue.

    • abuasmau

      Easy. Let him tell Nigerians the open market rate for USD

  • Truthometer

    The clown of Ekiti, this is not stomachinfrastructureconomics. You and your party, PDP brought Nigerian’s economy to the disastrous level it is in today. Buhari is only on rescue mission and won’t need advice from fraudulent Fayose.

  • Godfrey Etokebe

    Buhari is a backward looking president while APC is economically a backward looking political party. If they like, let them listen to the voices of wisdom ”BEFORE IT IS TOO LATE”.

    • Amir

      This was the same ‘voice of wisdom’ that Jonathan listened to and became world renowned ineffectual buffoon consigned to Otuoke. Fayose should convert the $37 million he received from Dumbo at black market rate and use it to pay salaries. Clown of a governor that can’t even brush his teeth before commenting on national issues!

      • Godfrey Etokebe

        GEJ cleaned the country of FOREX RACKETEERING that Buhari has just RE-INTRODUCED.

        • Adaugo

          See your mouth!

        • Ayuze

          Yes GEJ cleaned it into his pockets. Biafraud people shared it.

  • abuasmau

    And Mr Governor sir, could you please tell us the open market rates for, USD, Pound Sterling, Euro and the Yen. Old habits.

  • Prophet

    Fayose, when your time comes (and it is very close) No Babalawo can save you!

    Magu, what are you waiting for? Did Fayose slap a member of the judiciary or not?
    Are there tapes implicating him in Ekitigate or not?
    Do not shame us!

  • Dr.Dan

    The truth is that naira had long devalued itself. The CBN governor and Buhari are just deceiving themselves. By the time they realize this folly the economy will be dead and maybe too late to redeem it. The simple solution is to remove the restrictions so that exporters and Nigerians in the diaspora will can repatriate the fund and sell in the open market this will increase supply and the price will come down. Nigerians in diaspora returned $21 billion in 2015. This should be enough to fund our import but due to CBN policy people are not using official route to send money home. Nobody uses banks western union and money gram to send money home anymore instead Nigerians are now using Azimo and other unregistered black market dealers to send money back home. The solution is to remove the restrictions so people can receive money through western union and banks and sell in the open market.

    • Action Group

      What economy are you talking about? Does exchange of money develop the economy? How many manufacturing industries are functional today?The likes of you and Fayose are just ranting for your selfish interests. Naira will not be devalued to serve few rich men who wants to import luxuries including toothpicks into Nigeria. You people should go and hug the transformers near your homes if not satisfied.

  • Isi Agwo

    If you have common sense, you have got all there is. Fayose has got it; illiterate, certificate forging, terrorist Bokohari, on the other hand, is simply criminal and daft. Worse still, he has millions of daft followers.

    Fayose’s argument:
    1. Nigeria gets $2 billion from oil exports. Bokohari shares to 3 arms of govt (in naira) $2 billions X 199 (naira official rate)
    2. In reality $2 billion should be shared as $2 billion X 400 (the real naira exchange rate)
    If not, who keeps the balance but the corrupt, brain dead, certificate forger who is taking Nigerians for a ride as he has been doing since 1962 when he started forging the figures and documents.

    • Prophet

      …and you call somebody illiterate.

  • Gugurus Ekpa

    Either Fayose is an illiterate or he is just down right stup!d. Buhari said to all Nigerians,

    “Those who have developed taste for foreign luxury goods should continue
    to pay for them rather pressure government to devalue the naira.”


    So, those selling items at N400 to one dollar are probably the ones buying imported goods. If you sell made in Nigeria goods, you wil probably be selling at N220 to one dollar.

    • Tufiakwa

      As daft as the Daura dullard, Bokohari

      • Gugurus Ekpa


        Do you want me to change your size 3 diapers?

    • Otile

      This is a moronic comment of a diaper sniffer. Musulimi apply common sense. Dan iska.

      • Gugurus Ekpa


        Have you had your cereal this morning? How wet are you diapers today?

    • dudu

      All those calling for the devaluation of the naira simply want to cover their looting spree and they are the ones responsible for the dollar scarcity having mopped up the dollars. Mr President should not listen to them.

  • Dr.Dan

    Bankers,APC politicians and those connected enough to get forex at official rate have become billionaires overnight.

    • Godfrey Etokebe

      Do not mind Buhari and his Mallam BLACK MARKET APC members. Fayose has made a good and valid point. Let Buhari converts the money accruing to the federal government in dollars at the AUTONOMOUS market rate before sharing same to the states and local governments.

      • excel

        You are confused just like fayose.

  • smart G

    Why can’t Buhari just peg the dollar at 1N official price.
    The argument not to devalue can also be extended to floatation.
    Let $1 =N1 even though it sells for N1000 at the market.
    When Buhari knows more the Bismark and Lagarde and Utomi combined then we are so “blessed ” with an economists from Daura.

  • excel

    Can this fayoshame keep quiet.

    • dele20

      i wonder oooo

  • ijelejames

    Fayose, onye ara!!!!!!!

  • Curseless

    Needless to say I did not know that Fayose is now paying in dollars whenever he attends his regular “Buka” for Lafun and abula in Ado Ekiti. I thought ata rodo, tomati, and ewedu still sell at Naira exchange, so where does he get his convoluted calculation from. If Fayose suddenly realizes that foreign reserve is no longer there, then I say courtesy of the $34 million he got for rigging Ekiti election. People like Fayose and his cohorts suffer from both anterograde and retrograde amnesia and it is pathetic.

  • ola

    If I am buhari the official exchange rate will be fixed at 1naira to 1 dollar. Whosoever want to buy the dollar outside the official rate in the open market can do so as he/she wishes. moreso, Wages are paid in naira in nigeria not dollar, fayoshit can therefore start exporting to america to earn his own dollar and sell at 400naira.

  • Kokoman

    If the naira is devalued, then what?

  • Otile

    Arewa will still be Arewa, as always the parasites will be backward, will be in need for ever. No
    amount of humanitarian

    aid will solve their problems. Nepotistic Buhari will give his tribesmen the dollar at 197Naira/$ but the thieves will come out to sell it to us at 400/$, yet Muslims do not cheat, they say. Nigeria needs to

    • Artful ºDodger

      Illiterate! That is what you are.

    • Prophet

      You know we are Arewa right?
      While we may change name every now and then, those that know us know when we speak!?
      We are Hausa, Igbo and Yoruba all rolled into one……… distinct as you can find in an individual, yet as similar as you have the time to investigate.

      From what we gathered, you want your own country, right?
      Who is stopping you?
      We should inform you that getting your own country has absolutely zero effect on Nigeria.
      In other words, you can go to any uninhabited region of the world and call it Biafra….and no one would do as much as bat an eyelid!
      Your own country is not really wht you want, is it?
      You think if you materialize Biafra, all the oil in the region will belong to you….right?

      Keep dreaming!

      • Julius

        Dont waste your precious time responding to Otile the homosexual internet troll. He is the dumbest biafraudian you would ever meet in your life. Its shameful that his kind is among the civilized people. He is a fake, a fraudulent loser . He doesnt want to have a new country or go anywhere else. Its a scam in which he is heavily involved.

  • Artful ºDodger

    When a moron becomes a governor Fayose is what you get. Perhaps you should tell Nigerians what they stand to gain from a devalued naira? If you do not have funds stashed away in dollars you wouldnt be calling for devaluation because for those with common sense, the average Nigerian who does not have dollars, devaluation can only add to his woes!

    • dudu


    • Julius

      Thank you !!!. Those that stashed money are scare stiff now. This tout is one of them.

  • dele20

    fayose is Mr.notice me