Datedoboy:
I said it on this forum last year On Sep 26, 2023

I had mentioned it in my previous post that it will get to NGN1,000 per Usd if drastic measures are not taken.

Again, I am saying it here that it will get to 2,000 before 2025 if we don't take these drastic measures.

These measures will make the Naira appreciate to at most NGN500 to a dollar in the short term and in the long term, NGN100

What are these measures? I will explain further but note that this is not about Exports.
Even if we export more than China today, the NGN will still decline further. How do i know this?

If you do your research, you will discover that Nigeria as at 2023, exported and earned more FX more than several countries and yet the currencies of these countries are stronger than the Naira.

So don't let anyone sell the idea that our economy is import dependent that is why our currency is falling. Even if we ban all imports and continue with (or increase) our current export, the Naira won't appreciate

A simple question you can answer is, when we banned rice importation, did our currency stop falling? No !!! So sit back as we take a dive to 4 policies which WILL make the Naira appreciate.

1. All domiciliary accounts must be closed.
Can a Canadian or US bank open Naira account for you? No! So why do we open Dom. Accounts for our citizens ? Now you may say what of imports? How do we pay for our goods in foreign currencies?

The answer is simple. Credit your account in Naira while your bank pays the USD or GBP equivalent on your behalf at official rate determined by CBN

2. Ban deposits and withdrawals in foreign currencies and convert all inflows including export proceeds in foreign currencies to Naira (again at official rate determined by CBN).

You don't need to stop people who sell at black market or hoard the USD. Let those who hoard the dollar keep it but once they know that after a said date, you can't deposit or hold your physical dollar, they will be forced to go to the bank to deposit it. Anyone found with physical hard currencies after the deadline, must be arrested

This policy alone will make the NGN appreciate to maximum of NGN600 after first two weeks of implementation and will mop up hidden/excess dollar in the system.

This policy will also discourage buying usd from the black market because there won't be any physical dollar to buy.

3. Increase interest rate for fixed Naira deposits to a minimum of 10%. This will encourage saving in Nigeria. Let a Naira 4 Naira scheme, replace the previous Naira 4 dollar scheme.

4. Reduce interest rates on fixed foreign currency deposits to 1% of principal amount if option 1 is not possible and convert all inflows to NGN without the option of collecting foreign currencies at the counter. You can't spend USD or GBP in Nigeria so why do you want to collect your inflows in foreign currencies? Then you increase Naira fixed deposit rate to 15%
This policy indirectly stops the black market arbitrage.

As the Government has floated the Naira, if these measures are not put in place, NGN2,000 to a dollar won't be surprising to me.

I am just a concerned Nigerian and i am open to constructive criticism.

Sijo01:
Tinubu will handle the economy 😁 🤣 🤣 🤣

JessicaRabbit:
Oh boy, the naira's doing the limbo again!

The CBN's efforts are like pouring water on a sieve. They pumped in billions, implemented fancy policies, and whispered sweet nothings about "undervaluation," but the naira keeps sinking faster than a bad reality show contestant.

Angelfrost:


You shouldn't be in a haste to label me a Tinubu supporter or a critic of the masses.

I merely stated an observable fact: some Nigerians earnestly desire to see Tinubu fail!

This was also Tinubu and Buhari's desire all the while Jonathan was in Aso Rock till they claimed power, and totally destroyed what was left of the nation.

oliverwrites:
I really don't understand you people that wish the country bad. What makes it worse is that 90% of you people earn in Nigeria. I earn in dollar, when there is inflation, my dollar gives me an edge or at worse cancels things out for me ( my buying power doesn't diminish ) but most of you people wishing hell on Nigeria earn in naira. Almost like putting fire to your one and only house with no escape route.

Quiet senseless if you ask me.

Oscarchims:
Anyone earning dollar in this economy is surplus and opor

Datedoboy:
I said it on this forum last year On Sep 26, 2023

I had mentioned it in my previous post that it will get to NGN1,000 per Usd if drastic measures are not taken.

Again, I am saying it here that it will get to 2,000 before 2025 if we don't take these drastic measures.

These measures will make the Naira appreciate to at most NGN500 to a dollar in the short term and in the long term, NGN100

What are these measures? I will explain further but note that this is not about Exports.
Even if we export more than China today, the NGN will still decline further. How do i know this?

If you do your research, you will discover that Nigeria as at 2023, exported and earned more FX more than several countries and yet the currencies of these countries are stronger than the Naira.

So don't let anyone sell the idea that our economy is import dependent that is why our currency is falling. Even if we ban all imports and continue with (or increase) our current export, the Naira won't appreciate

A simple question you can answer is, when we banned rice importation, did our currency stop falling? No !!! So sit back as we take a dive to 4 policies which WILL make the Naira appreciate.

1. All domiciliary accounts must be closed.
Can a Canadian or US bank open Naira account for you? No! So why do we open Dom. Accounts for our citizens ? Now you may say what of imports? How do we pay for our goods in foreign currencies?

The answer is simple. Credit your account in Naira while your bank pays the USD or GBP equivalent on your behalf at official rate determined by CBN

2. Ban deposits and withdrawals in foreign currencies and convert all inflows including export proceeds in foreign currencies to Naira (again at official rate determined by CBN).

You don't need to stop people who sell at black market or hoard the USD. Let those who hoard the dollar keep it but once they know that after a said date, you can't deposit or hold your physical dollar, they will be forced to go to the bank to deposit it. Anyone found with physical hard currencies after the deadline, must be arrested

This policy alone will make the NGN appreciate to maximum of NGN600 after first two weeks of implementation and will mop up hidden/excess dollar in the system.

This policy will also discourage buying usd from the black market because there won't be any physical dollar to buy.

3. Increase interest rate for fixed Naira deposits to a minimum of 10%. This will encourage saving in Nigeria. Let a Naira 4 Naira scheme, replace the previous Naira 4 dollar scheme.

4. Reduce interest rates on fixed foreign currency deposits to 1% of principal amount if option 1 is not possible and convert all inflows to NGN without the option of collecting foreign currencies at the counter. You can't spend USD or GBP in Nigeria so why do you want to collect your inflows in foreign currencies? Then you increase Naira fixed deposit rate to 15%
This policy indirectly stops the black market arbitrage.

As the Government has floated the Naira, if these measures are not put in place, NGN2,000 to a dollar won't be surprising to me.

I am just a concerned Nigerian and i am open to constructive criticism.

seguno2:


Unfortunately all your suggestions fail to address the FUNDAMENTAL issue of us eating/importing more than we produce, and will make matters worse if implemented as dollars will become more scarce and the exchange rate worsen, with an even greater gap between official and UNDERGROUND parallel market.

Do you know of any prosperous country that is doing communist clampdown of free enterprise and private sector investment, which is essentially what you are suggesting? North Korea, Cuba, Venezuela

LEARNPYTHON:

What do you think the problems really are ? And what solutions would you proffer?

ValCon888:
The Buhari government destroyed the economy, and the Tinubu administration will bury it in a coffin.

APC is a party of evil people who wanted power at all cost without a roadmap of what to do with it.

The judiciary is bought, the national assembly is rubber-stamp, and thats why the common man is living in bondage.

Righthussle:
Daddy G O , when your prayer go work ? Since 2016 when 1 dollar was 210 naira you made this decree naira no rise again.

oliverwrites:
I really don't understand you people that wish the country bad. What makes it worse is that 90% of you people earn in Nigeria. I earn in dollar, when there is inflation, my dollar gives me an edge or at worse cancels things out for me ( my buying power doesn't diminish ) but most of you people wishing hell on Nigeria earn in naira. Almost like putting fire to your one and only house with no escape route.

Quiet senseless if you ask me.

gentlesmithugo:
It has never being this bad.the country is gone

zed7:
We have resigned to fate. The CBN governor, Taiwo Oyedele and all the people the president has assembled are all clueless. Brace yourselves, we have a very bumpy ride ahead.

Since Nigerians have refused to be wise, we will suffer together. My people perish because of lack of knowledge.

seguno2:


Unfortunately all your suggestions fail to address the FUNDAMENTAL issue of us eating/importing more than we produce, and will make matters worse if implemented as dollars will become more scarce and the exchange rate worsen, with an even greater gap between official and UNDERGROUND parallel market.

Do you know of any prosperous country that is doing communist clampdown of free enterprise and private sector investment, which is essentially what you are suggesting? North Korea, Cuba, Venezuela

Bostin:
it's won't achieve nothing in inflation

oliverwrites:
I really don't understand you people that wish the country bad. What makes it worse is that 90% of you people earn in Nigeria. I earn in dollar, when there is inflation, my dollar gives me an edge or at worse cancels things out for me ( my buying power doesn't diminish ) but most of you people wishing hell on Nigeria earn in naira. Almost like putting fire to your one and only house with no escape route.

Quite senseless if you ask me.

JessicaRabbit:


Well since you asked, I think the CBN's struggle with the naira's descent is akin to playing whack-a-mole in a monsoon – commendable effort, but ultimately ineffective. The problems, as Dr. Ebeke aptly points out, are multifaceted: (1) Excess Naira (because printing too much naira creates an imbalance, chasing too few dollars), (2) A rigid, multiple exchange rate system, (3) Shallow, uncertain market (the new forex market is finding its feet, and growing pains are inevitable) etc.

As for the solutions, I don't think we should expect a magic bullet. It's a complex puzzle requiring a multi-pronged approach.

Fiscal discipline should be considered top priority. The government must tighten its belt, reduce unproductive spending, and plug revenue leaks. Diversifying revenue sources beyond oil is essential. They also need to cautiously raise interest rates to curb inflation and attract foreign capital. Balancing this with economic growth is a delicate dance.

Streamlining the forex market, promoting export competitiveness, and removing bureaucratic hurdles are also critical for long-term growth.

Most importantly though, the CBN need to maintain clear and consistent communication to build trust and manage market expectations.

Oscarchims:
Anyone earning dollar in this economy is surplus and opor

Angelfrost:


Nah... Certain Nigerians earnestly desire to see Tinubu's administration fail woefully.

For such people, it validates their conviction and belief that he is unworthy of that position, and they are ready to lose everything of value to them just to be proved right.

Then again, if you look at it, it feels like Karma! Tinubu, at one point in the past, never wanted his President to succeed in anything.

oliverwrites:
I really don't understand you people that wish the country bad. What makes it worse is that 90% of you people earn in Nigeria. I earn in dollar, when there is inflation, my dollar gives me an edge or at worse cancels things out for me ( my buying power doesn't diminish ) but most of you people wishing hell on Nigeria earn in naira. Almost like putting fire to your one and only house with no escape route.

Quiet senseless if you ask me.

Treadway:
Sukkot

The naira died when the so called 'expert' came in and foolishly followed the exact footsteps of the cow herder, but even worse cos he did both at the same time, and now has failed on both ventures.

Removal of subsidy and devaluation of the naira at the same time! Today, subsidy remains, and the naira is toilet paper. Grandstar hope you also remember our convo last year. You HOPED a seasoned expert in the person of the CBN gov would arrest the inflation and downward spiral of the naira. Hope we can now see that it isn't even top on their list, if at all there is a list.

Buhari did same in 2015/2016 and everyone including Dangote lost money. Ain't it madness to think that y'all would expect smart people to lose money again thru the exact same misadventures a second time?

Who with his head screwed on right would keep their money in naira since the decisions of June 2023? Patriotism be say make I allow govt ruin me and make me poorer ba? Esp a govt that I'm convinced is doing this on purpose to ensure Nigeria remains the poverty capital of the world, so they can have their way with the poor easily.

Lol. Virtually everyone who has even a little means is holding the dollar cos we don't want to get burnt. The naira is dead and gone. Only a miracle can reverse it, the miracle being that we suddenly become a booming exporter earning a lot of Forex, but how many years/decades do you reckon that will take?

ogawisdom:


Dollar care about you because the spaghetti you bought 800 will soon become 1100 and so about everything imported with dollar that you use.

Angelfrost:


Nah... Certain Nigerians earnestly desire to see Tinubu's administration fail woefully.

For such people, it validates their conviction and belief that he is unworthy of that position, and they are ready to lose everything of value to them just to be proved right.

Then again, if you look at it, it feels like Karma! Tinubu, at one point in the past, never wanted his President to succeed in anything.

ObalendeCMS:
Would any other person as president, especially the peter obi that the disobedient are parading as their lord & saviour, have done anything different to reduce this naira - dollar xchange rate?

Yeboze & disobedients keep sabotaging the economy.