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.

kossyablaze:
people like me... I don fund my naira account tire😎

cucumbar:
How come some of you fail to understand that your believe/unbelive/wishes don’t have an effect on the outcome of governance?

If the people in power do the right thing the country will progress, if they don’t , the country will fail.

You should hold the government accountable instead of gaslighting people based on what they believe don’t believe.

socialmediaman:
This was my analysis 3 months ago:



@ Originalsly

Zeebuy:

The naira will eventually settle between 1600 to 1700 on the parallel market.
It's a pity people are supporting a man who doesn't know the importance of statistics

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



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:

Hmm
The multifacetedness of the problem as well as the complexity of the possible solutions (as you have highlighted) makes me fear if we will ever get it right.
I also fear that even if we do our possible best to increase the value of the naira, the US government will do likewise to their dollar. And since the US has far greater power to influence the international market/economy than we do, then it seems hopeless that the naira will ever gain significantly against the dollar 😢

Datedoboy:

Check Wikipedia list of countries with by net Exports. You will be surprised nigeria had positive values in 2022 when other countries had negative values(meaning that we got more fx from exports than imports) yet those countries with negative values still have stronger currencies than us and our Naira was still falling.

This madness of making Nigerians believe we import more, has to stop. The current CBN governor even said Naira is undervalued. Something I've known since. The man knows what he meant but sadly the rate will keep dropping

esutstar:
[Some of our African neighbors don't really produce 30% of their usables, they solely depend in importation just like Nigeria yet their economy is very stable and strong..eg (zambia,gambia,ghana)

Validated:
This is the result of:
- the disastrous change that Tinubu and Buhari brought to Nigeria.
- monumental next level of failure that Osinbajo and Buhari incubated
- and the tribulation of renewed hopelessness from Tinubu
.. allwell, next time gullibility and tribalism will no longer becloud our judgment. When a man said #emilokan, we will ask,"lokan to where exactly?"

Let them loud the hunger with hyperinflation, na them go still suffer-am. Soon, many will start eating 0-0-1 per day.

Validated:
This is the result of:
- the disastrous change that Tinubu and Buhari brought to Nigeria.
- monumental next level of failure that Osinbajo and Buhari incubated
- and the tribulation of renewed hopelessness from Tinubu
.. allwell, next time gullibility and tribalism will no longer becloud our judgment. When a man said #emilokan, we will ask,"lokan to where exactly?"

Let them loud the hunger with hyperinflation, na them go still suffer-am. Soon, many will start eating 0-0-1 per day.

crossfm:
Hehehe.

The master strategist has done it again. The one who built Dubai, south Korea and Lagos has done it.

As I write ,he has gone to France to bring in the magic. Once he is back 1 naira will be equal to 1 dollar .

How people can trust someone who said he will continue in Buhari's footsteps is what baffles me. Like seriously, taking after Buhari,that should have been the number one red flag .

His first move was to start shouting, subsidy is gone, subsidy is gone without any measure to cushion the effect of such action.

As if that wasn't bad enough,he went ahead to float the naira,like seriously,who carry out decisions of this magnitude in quick succession.

Mandem2:

I think what people are saying is that the government policies so far has no benefit to the common people and this is what most of them expected. I don't think anyone is praying for the government to fail. If the government fails then Nigeria fails and I believe nobody in Nigeria wants that to be the case.

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.

cucumbar:
Zombie. Why didn’t you vote Peter obi and see if he would have done things differently?

You don’t have anything sensible to say now your lord and savior has destroyed the country.

Call out the person you voted for that is now the president to repair what he damaged, you poverty stricken bastard.

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.

ObalendeCMS:


I didn't vote anyone because I know that all politicians are crooks, including your lord & personal savior peter obi.

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.

oliverwrites:
WOW, I am impressed. My first instinct was to argue with you, fortunately, I held back and read my own sentence again and you were spot on.

Thanks man.

P:S: If you need a route job as a proofreader/editor with as much as 200k per month and flexible work hours, please contact me.

oliverwrites:
And if we check it well now, you earn in naira. You are praying hard that your earning power should diminish all because you hate the person who is president.

It is senseless, to be honest.

seguno2:


If there is any truth to your claim, why don’t you just share the data and the Wikipedia link?

PrettyIfy7:


You have said it all.
I wish I can give 1k likes to this comment.
Our problem is not importation rather, stashing of foreign currencies by politicians and some other Nigerians.
That's the effect of corruption.
If the govt can implement what you listed, the value of naira will increase.
But the corrupt politicians and leaders will never implement such policies.

And some brainless and hopeless people who support the evil govt will continue to blame we the obidients, claiming that we don't wish the country good.
Why will I wish my country bad when I'm still in the same country?
As a level 13 federal worker I can't even save much not to talk of buying a new car.
To buy ordinary Corolla will take 2-3 years of saving my salary without taking a dime out of it.
People will open their eyes to support terrible politicians and then turn back to blame the opposition. Very stupid of them.

I wish Tinubu will have the got to divide this country since he once said he didn't believe in one Nigeria.
Let every region govern themselves and develop at their pace.
God help this country.

adenigga:


Source: https://punchng.com/Naira-drops-at-parallel-market-closes-900/$-official-window