Good morning everyone.

Please what can be done to have the naira strengthened against the dollar?

The current exchange rate has made the price of all imported items like vehicles, electronic gadgets etc skyrocketed.

It is really saddening currently.

It hasn't been favourable for most businesses to experience growth due to the exchange rate.

Short answer: NEVER
Only way is if Nigeria makes N500 the new N1.
We simply lack the fundamentals - and getting worse!

Well,the naira can be strengthened against the dollar by increasing our foreign reserves, which would make it less expensive for the Central Bank to purchase dollars in the foreign exchange market. This could be accomplished by increasing the amount of money that the government collects in taxes and by attracting foreign investment.

The government could also reduce its spending and borrowing, which would free up more money to be invested in foreign reserves, or better still adopt a more conservative monetary policy, which would help to control inflation and reduce the demand for dollars.

PoliteActivist:
Short answer: NEVER
Only way is if Nigeria makes N500 the new N1.
We simply lack the fundamentals - and getting worse!

This means currency devaluation right?

Wagwanbrethren:
Well,the naira can be strengthened against the dollar by increasing our foreign reserves, which would make it less expensive for the Central Bank to purchase dollars in the foreign exchange market. This could be accomplished by increasing the amount of money that the government collects in taxes and by attracting foreign investment.

The government could also reduce its spending and borrowing, which would free up more money to be invested in foreign reserves, or better still adopt a more conservative monetary policy, which would help to control inflation and reduce the demand for dollars.

Thank you very much for your detailed input.

Grit2943:
Thank you very much for your detailed input.

👍

It's very much possible but not Nigeria of today

Let us wait and see how tinubu will perform

Simply put imbalance trade is our major problem here

Our exports falls too short of imports and even the ones will import are still inflated to high heavens

So it's either we balance the trade or naira keep falling

Yes.