CBN alone cant help at this time! First we need to correct our foundation and solidify it with the Truth! Thats first!

Everyone will now wake up and be productive
Lets produce more and import less our economy will balance

Luckily we have enough workforce and blessed with raw resources! Lets work n stand on the truth!

The most terrible one is some creatures compounding the already hopeless situation by using the looted embezzled billions of naira to buy the scarce dollars in cash!

Nothing can be done to save naira against the dollar as long as we are living on importation, nothing can be done.

The current fall of the naira against the united States dollar, can never be over emphasis, when import does not match with your export, and the forces of demand and supply doesn't correlate, this gives room to naira depreciating.

So my fiverr earnings that i save in my domiciliary account way i go use comot this useless den of idiots and never to return na him u wan come de tax 1% to move ur den of fools forward. No let thunder strike u dead this night oo

I countered and punctured holes in this your analogy on the other thread and you still saw the need to spread it further by turning it into a thread ?!

Some of you have a really hard time gaining new knowledge. Anybody who reads this nonsense you wrote here, and has the capacity to reason, will size you up for an uninformed teenager. Just so you know.

Donwilson88:
CBN alone cant help at this time! First we need to correct our foundation and solidify it with the Truth! Thats first!

Everyone will now wake up and be productive
Lets produce more and import less our economy will balance

Luckily we have enough workforce and blessed with raw resources! Lets work n stand on the truth!

Saying we should produce more and import less is a myth that has no basis is modern economics. The world's biggest manufacturer, China imported goods and services worth $2.7 trillion in 2022 alone. That is far more than the whole Africa spent on importation. The more a country produces, it would need to import more, so more production does not necessarily translate to less imports.

If the producers start producing enough and exporting, they will earn dollars or forex and flood the market to force those perceived hoarders into selling their dollars. That's two forces of market driving down dollar to naira rate. Better than taxing people for not spending money.

When you start taxing them for having money, they move it to safer banks(online transfers) and the naira suffers even more because there is fewer dollar in sight.

The OP thinks like Buhari and we all know how Buhari ended up.

abhosts:


Saying we should produce more and import less is a myth that has no basis is modern economics. The world's biggest manufacturer, China imported goods and services worth $2.7 trillion in 2022 alone. That is far more than the whole Africa spent on importation. The more a country produces, it would need to import more, so more production does not necessarily translate to less imports.

You suck at economics bro. Try something else like cocoa yam farming.

When you produces excess at lower rate and export, you earn forex that will eneble you go to other countries to buy what you do not have. When you import more than what your sold excess production can handle, you put pressure on your local currency and arrive at the current Nigerian dilemma.

abhosts:


Saying we should produce more and import less is a myth that has no basis is modern economics. The world's biggest manufacturer, China imported goods and services worth $2.7 trillion in 2022 alone. That is far more than the whole Africa spent on importation. The more a country produces, it would need to import more, so more production does not necessarily translate to less imports.

how much did China produce.?

CodeTemplar:
You suck at economics bro. Try something else like cocoa yam farming.

When you produces excess at lower rate and export, you earn forex that will eneble you go to other countries to buy what you do not have. When you import more than what your sold excess production can handle, you put pressure on your local currency and arrive at the current Nigerian dilemma.

Is it only Nigeria that imports?

What of Kuwait, Saudi UAE? Even food and drinks these guys import due to their desert like land

Very stupid policy. So because I keep my funds in my account and instead of the bank to pay me interest you are now asking me to pay 1%.
Why should I spend my money? Is it your money?

Okay, assuming your policy is accepted by the "incoherent Tinubu's government", what stops me from moving my account balance from GTB to Zenith, to First Bank and to UBA monthly. Then repeat the same again so that in a year, I will only have the fund in the same bank in three quarters.
Worst still, what stops me from putting my fund in a safe in my secured village home?

VeeVeeMyLuv:

Is it only Nigeria that imports?

What of Kuwait, Saudi UAE? Even food and drinks these guys import due to their desert like land

importation is not bad. Too much of it is. You produce 100 USD of forex over X time but want to import 2X amount of good within same period. That's bad.

abhosts:
Ironically, those in power do not seem to have any sense of urgency to fix Nigeria's Economy. Na Niger matter them carry for head 24/7.

I think it is time for the CBN to introduce some capital controls to save the Naira. Most of the strain on the Naira is due to dollar hoarding and speculative buying. The CBN should tax all foreign currency bank accounts accumulating dollars but not spending it within a specific time frame. So if you deposit $10k within a calendar month but spend less than 60 percent of it, you should be taxed 1 percent of your unspent deposit. This would stem the tide against speculation and hoarding.

Usually people who have no biz and no idea how things are brought into the country, come up with the craziest ideas… Do you understand that dom is required to make wire transfer outside the country?
Truth is, no govt in Naija has floated Naira except this one.

abhosts:
Ironically, those in power do not seem to have any sense of urgency to fix Nigeria's Economy. Na Niger matter them carry for head 24/7.

I think it is time for the CBN to introduce some capital controls to save the Naira. Most of the strain on the Naira is due to dollar hoarding and speculative buying. The CBN should tax all foreign currency bank accounts accumulating dollars but not spending it within a specific time frame. So if you deposit $10k within a calendar month but spend less than 60 percent of it, you should be taxed 1 percent of your unspent deposit. This would stem the tide against speculation and hoarding.

I would just withdraw it and pay it back na simple

WildChild00:
The current fall of the naira against the united States dollar, can never be over emphasis, when import does not match with your export, and the forces of demand and supply doesn't correlate, this gives room to naira depreciating.

Oga apc team is not qualified
Has their been a time we exported more than we import?

We haven't had it this bad since 1999

APC can't even met OPEC quarters that's how bad they are

This is what you get when every position is seen as reward for vote gotten

WildChild00:
The current fall of the naira against the united States dollar, can never be over emphasis, when import does not match with your export, and the forces of demand and supply doesn't correlate, this gives room to naira depreciating.

What does a scammer knows?