if oil prices continue to plunge further I don't see how this will be sustained

The dollar is headed back up again. Now at N398. The Naira can't seem to shake the cobwebs off.

I knew this idea of pumping dollars was not sustainable.

The Naira is further weakening and dollar steadily rising back up.

As we speak the exchange rate for today is 398/$1.

I am very sure that it will be N400/$1 by tomorrow.

kingviny:
Hmmn... But for how long can this be sustainable?



3. All electronic dollar monies approved and sold to end users must have an expiry date of 3 months. If you don't use it, you loose it! You can re-sell back to your source before the expiration of your e-dollars but after 3 months, it will vanish into oblivion.

This will effectively deal a great blow on speculators and hoarders of dollars who indeed are the enemies of Nigeria. 60% of our naira depreciation problem are caused by these people. The rest are caused by importers and Nigerians schooling, shopping and touring abroad frequently.

Only in Nigeria, I have dollar make my dollar disappear because I have no need for it. Where has that been done in this world?

amanikondo:



Only in Nigeria, I have dollar make my dollar disappear because I have no need for it. Where has that been done in this world?

Sell it when you don't need it and buy it when you need it for the greater good of Nigeria. When you and thousands of other privileged Nigerians all decides to keep dollars as a store of asset just imagine would happen in this economy?

Do you have any idea of how difficult things are out there? prices of almost everything have doubled, people are committing suicides/crimes and you are here ridicling a good idea.

Dangerous times require desperate measures.

Shoro niyen


quote author=kingviny post=55275822]Hmmn... But for how long can this be sustainable?

What CBN and FMF need to do are as follows:-

1. Create a CBN dollar card and mandate all dollar users to make use of this card for all dollar based transaction. Go cashless on dollars too.

2. Get a presidential order to outlaw the use of or sale of physical dollars in Nigeria. Dollar bills should be out of circulation in Nigeria. If you need dollars, apply for it through a bank or a bureau De change and once approved, your dollar card will be credited with electronic dollars backed by CBN real dollars.

These 2 measures will eliminate the parallel markets effectively. As for hoarders of dollars, this policy should be put in place:-

3. All electronic dollar monies approved and sold to end users must have an expiry date of 3 months. If you don't use it, you loose it! You can re-sell back to your source before the expiration of your e-dollars but after 3 months, it will vanish into oblivion.

This will effectively deal a great blow on speculators and hoarders of dollars who indeed are the enemies of Nigeria. 60% of our naira depreciation problem are caused by these people. The rest are caused by importers and Nigerians schooling, shopping and touring abroad frequently.

The solution to these is beyond CBN (Central Bank of Nigeria) and FMF (Federal Ministry of Finance), it is another topic for another day.

If my suggestions are adopted, the likes of Andrew Yakubu and even all those who have alot of dollars in their domiciliary accounts would all be forced to sell in exchange for a CBN dollar card and e-dollars which can now be pegged to #300 for now until we are able to start producing most of the things we are currently importing before further reduction should be done.

We should also step up on our quality control. If we have quality schools, quality products and a developed tourism, then people would not need to source for these abroad with scarce dollars. With less demand for dollars, over time dollar to naira can slowly but surely be 1 to 1 like the good old 80s before SAP.

[/quote]

I respect your contribution , your experience and your maturity , however , I have never and will never support spending from reserves , by the time reserves is depleted , some set of people would start shouting up and down and the exchange rate would get worse and my brother , you trade forex on a personal scale , if you have traded for a company , firm or a state you would understand the complexity of making decisions , one pip could spell doom for a nation ! Trust me i know ,


It's better late than never and i believe in Nigeria / Buhari's Administration, 1 USD may not equal 1 NGN , but in the end, it'll be better

Have yourself a pleasant week

JustinSlayer69:


I agree "they" opposed all these...but let me ask you, did we have 0$ in foreign reserves then?

Yes, it was smart to wait till reserves were 30 billion $. But what you don't see is that, most Nigerians now know the "benefits" of keeping dollars and betting against their own currency.

I have been following forex markets on a weekly basis for 6 years now. Believe me, then Naira would depreciate by 20# and bounce back the following day. Few made money that way. But a dangerous habit has been introduced. 1 whole year the decline has continued so people would be willing to risk betting against the Naira.

That habit is what I said CBN should have fought it's growth.

Which Naira?

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