As long as we don't pursue the right fiscal and monetary policies, we will continue to dance tound circle.

kaeforum:
why are riff raffs selling currency in the streets , what are the banks for.
Nigeria is the only country in the world where you get mint currency in the streets instead of the banks.
old currency is distributed by banks while mint is distributed by riff raffs.

Imagine if you want mint notes you have to go to the streets and pay extra for them instead of the banks.hmm

cbn should stop wasting its time pegging exchange rates the fact is as long as our net imports is greater than our exports the our foreign reserves will continue to deplete,its time we started producing real stuff and exporting to other countries.
Our manufacturers should be encouraged to produce, govt should stop rewarding importers with duty waivers and all that crap, thats what depletes our foreign reserves cos we have to pay the dollar equivalents of our imports.

Getting closer to $1 to N1

Ymodulus:

On oil price, i think that can be handled in a quick space of time and fast enough. But on the importation of raw materials or finished goods, we still have a long way to go in doing that.

asian tigers did it in one generation

Ymodulus:

I feel that we can raise the value of the Naira even with we been an import-dependent country. Take a look at United King don, Dubai and even Kuwait. what are these country producing? Nothing.

which school you go.

Ymodulus:

But what is the value of their currency?

1 Great Britain Pounds equals N308,
1 Kuwaiti Dinar equals N657.94 Nigerian Naira.

While from the above listed countries, you might say Kuwait is an oil producing country, i will agree. But what excuse do we have when it comes to Great Britain?

google is your friend

Manufacturing and Power needs to be fixed. That's it. Then let the Naira find its true value. We have cheap and plentiful Labour but too many infrastructural and corruption issues to make us a viable candidate to deploy the Chinese model right now.

Ohammadike:
Still waiting for N1=$1 as promised by TDD

tdd? What does dat mean?

We are not intelligent enough to put our country right, Period.

Intelligence no be brain power only o, it includes emotions, mentality, awareness, social education, ability to do the right things.

We dont have those qualities in Nigeria (and maybe Africa)

government need not allow the market forces determine for ex rate. it will destroy home manufacturing. and enrich importer. but if we can refine our crude and feed ourselves. the naira will be much more stronger than this.

ibedun:
We are not intelligent enough to put our country right, Period.

Intelligence no be brain power only o, it includes emotions, mentality, awareness, social education, ability to do the right things.

We dont have those qualities in Nigeria (and maybe Africa)

limit that to your family.

Omooba77:
My Aboki still dey sell am for me for 220-225 oh
On a serious note,please why do we allow our notes to be sold by every Dick and Harry rather than banks?
Serious contribution only
Cc Jarus, Barcanista

The drop hasn't changed anything yet, some banks even do the exchange higher than those -abokis-, when I took the pain to investigate fbn rates today I found out it was ridiculously higher. Don't know whether the extent of disconnection between cbn and commercial banks is too much for the cbn.

barcanista:
This is where most of you fail. China is export dependent country. A very strong Yuan will discourage exporters from trading with them. They don't need their Yuan to be too strong so as to attract buyers of their products. Why do you think Chinnese products are well patronised and relatively cheaper in the market? Don you know that this same policy have negative effect because it encourages cheap labour in China as much as it encourage enterpreneurship?

Nigeria is an import dependent country. We need a very strong naira otherwise we will get to a point where our naira will be glorified paper. We don't want the Zimbabwe situation. We must fix our economy and allow for real value of the naira.

In all of your postulations you haven't stated in an indept manner ways in which we can fix the economy and allow for the real value of the Naira to evolve other than to hands off the naira and allow for market forces to set in.

I used China as an example not focusing on whether they are a manufacturing super house that exports to the world, but to bring to your notice that they have a deliberate POLICY to control/tinker with the strength of their currency and not leaving it to market forces and not giving a damn to what others think about it.[color=#990000][/color]

The key ( Control your Legal Tender) put your currency under marshal law, disagree with devaluation advice from international institutions, Sanusi Lamido Sanusi never listened to such advices. we know what the exchange rate was under sanusi and we know what it is currently.

PMB needs to do the following

1 De Institutionalise corruption
2 Refine Crude Oil Locally to guide against capital flight ( Let our Refineries work)
3 Remove Subsidy ( plug all drain pipes)
4 Call BDC to order ( Revoke licenses of economic saboteurs)
5 Ignore doom days Economists be they local or international ( if their advices were good enough Greece and most EU countries will not be dangling on the economic abyss.
6 Control firmly the NAIRA! must not be allowed to oscillate to market forces, especially in the next four years.


I wish PMB can impliment the redinomination template of the east while CBN Governor charles Soludo that will eventually see the dollar exchanging $1 to N1.


I represent radical change.

He should have devalued it to 210 or something close to the black market rate to prevent round tripping.

Truth be told, he is not the right man for the job unless Buhari is told him to defend the currency at all cost.

You can't fight the market and win if the odds are strongly against you.

You have dwindling foreign reserves which means more Forex is leaving than is entering.

You have dwindling oil prices.

And non-oil exports are still a pittance compared to oil exports so cant make a dent.

CBN has no choice but to devalue.

Ideally , the spread between the official and parallel market should not be more than 3%. Its now a shocking 10%. Why won't there be round tripping!

goodtalk:

In all of your postulations you haven't stated in an indept manner ways in which we can fix the economy and allow for the real value of the Naira to evolve other than to hands off the naira and allow for market forces to set in.
I used China as an example not focusing on whether they are a manufacturing super house that exports to the world, but to bring to your notice that they have a deliberate POLICY to control/tinker with the strength of their currency and not leaving it to market forces and not giving a damn to what others think about it.[color=#990000][/color]
The key ( Control your Legal Tender) put your currency under marshal law, disagree with devaluation advice from international institutions, Sanusi Lamido Sanusi never listened to such advices. we know what the exchange rate was under sanusi and we know what it is currently.
PMB needs to do the following
1 De Institutionalise corruption
2 Refine Crude Oil Locally to guide against capital flight ( Let our Refineries work)
3 Remove Subsidy ( plug all drain pipes)
4 Call BDC to order ( Revoke licenses of economic saboteurs)
5 Ignore doom days Economists be they local or international ( if their advices were good enough Greece and most EU countries will not be dangling on the economic abyss.
6 Control firmly the NAIRA! must not be allowed to oscillate to market forces, especially in the next four years.
I wish PMB can impliment the redinomination template of the east while CBN Governor charles Soludo that will eventually see the dollar exchanging $1 to N1.
I represent radical change.

If you control the value of the Naira will you not trade with the outside world? The naira is not a convertible currency and as such its value will be dependent on things like our reserves and the perception of the international market as per our ability to meet our international obligations among others.

CeceezKollecti:
Still waiting till it gets to a better deserved price....
Meanwhile Thank God for adding another year to my age today. Am Grateful Lord... [b][/b]HAPPY BIRTHDAY TO ME!

I think it's subtraction and not addition. Your time on earth has just been minused by one year. Thank God for giving you the opportunity to exist and witness the earth, and also the freedom to choose who to worship and follow. Again, ask him to give you the grace and more time to reach the righteousness level.

..lol...I don't even know what I am talking about but it looks like I am making common sense. Well, I just want to make common sense (Ben bruse).