See I'm loving all these sufferings that we are suffering because Nigerians don't ever learn. The government is a reflection of the people. Serves us right. Shebi the next thing is to run away. Keep running away. Shey if the citizens of other countries too decided to run away from their country, would we see where to run to?

blowjohn:


Honestly I don't know. Some will just buy th space and put flower vases

Five months ago, the council increased IELTS fees from between N80,000 and N90,000 to N107,500. This examination must be taken by most Nigerians travelling to the UK because it proves their proficiency in the English language.

I still do not understand why Nigerians wishing to emigrate to the UK need to write this exam considering that English is our official language in this country

How can we help this get to CBN desk? It is brilliant.

emkz:
Why do we even trade dollars in the streets like we trade beans?

Foreign exchange is a security document and the flow must be controlled to avoid it being used to launder money.

In Nigeria, the poor spends naira and rich men spend dollars. Politicians mostly spend dollars. By the dollars going high, it affects all of us because we are an import-based nation.

How do we stem the tide?

Every importer who wants to import should approach the banks who'd give them letters of credit, collect naira and pay the seller in forex through their correspondent bank. The practice of putting dollars in the hands of people who claim to want to import must stop.

If anyone is travelling, he must approach a bank to get BTA and he must be receipted. At the airport, he must present the receipt to customs and evidence of the cash. If he doesn't have the cash, he must be arrested, tried and jailed. Wicked people use travellers to buy BTA at government rates and resell to the black market. If this practice is not functional, give them pre-loaded debit cards by going into partnership with companies like Travelex and Transferwise or Revolut or Remitly and pay them directly so that beneficiaries can collect their cash when they get to the countries of destination.

Also the practice of CBN chiefs selling dollars directly to Nigerians to resell at exorbitant rates must stop. If you are within Nigeria, you have no business handling dollars.

Then all banks must stop the practice of opening domiciliary accounts for Nigerians in Nigeria. They can sell debit cards in naira and charge the prevailing exchange rate for international transactions like e-commerce. This used to be the practice. I wonder who stopped it.

Then the government must look into the mining sector from exploration to extraction, refining and export of minerals like lithium, gold, tin, steel, coal, phosphate and gas. The Chinese must be prevented from mining practices of our minerals and Rosewood trees. Minerals are security assets and must be protected the way we protect our private parts. Foreigners must not be allowed in for now, especially with the way oil exploration has failed our people when handled by foreign companies. You can employ foreigners to train your own people but do not allow them bring their expertise and funds to extract a security asset. They'd never use it to your advantage.

I support the hike in dollar rate. I also applaud the scarcity of dollars. It should be scarce. Only government should have it and those who absolutely need it for business outside the country. If you are within the country, USE NAIRA.

So far one of your policy has been implemented.

https://www.nairaland.com/7995213/cant-send-dollars-nigeria-more

emkz:
Why do we even trade dollars in the streets like we trade beans?

Foreign exchange is a security document and the flow must be controlled to avoid it being used to launder money.

In Nigeria, the poor spends naira and rich men spend dollars. Politicians mostly spend dollars. By the dollars going high, it affects all of us because we are an import-based nation.

How do we stem the tide?

Every importer who wants to import should approach the banks who'd give them letters of credit, collect naira and pay the seller in forex through their correspondent bank. The practice of putting dollars in the hands of people who claim to want to import must stop.

If anyone is travelling, he must approach a bank to get BTA and he must be receipted. At the airport, he must present the receipt to customs and evidence of the cash. If he doesn't have the cash, he must be arrested, tried and jailed. Wicked people use travellers to buy BTA at government rates and resell to the black market. If this practice is not functional, give them pre-loaded debit cards by going into partnership with companies like Travelex and Transferwise or Revolut or Remitly and pay them directly so that beneficiaries can collect their cash when they get to the countries of destination.

Also the practice of CBN chiefs selling dollars directly to Nigerians to resell at exorbitant rates must stop. If you are within Nigeria, you have no business handling dollars.

Then all banks must stop the practice of opening domiciliary accounts for Nigerians in Nigeria. They can sell debit cards in naira and charge the prevailing exchange rate for international transactions like e-commerce. This used to be the practice. I wonder who stopped it.

Then the government must look into the mining sector from exploration to extraction, refining and export of minerals like lithium, gold, tin, steel, coal, phosphate and gas. The Chinese must be prevented from mining practices of our minerals and Rosewood trees. Minerals are security assets and must be protected the way we protect our private parts. Foreigners must not be allowed in for now, especially with the way oil exploration has failed our people when handled by foreign companies. You can employ foreigners to train your own people but do not allow them bring their expertise and funds to extract a security asset. They'd never use it to your advantage.

I support the hike in dollar rate. I also applaud the scarcity of dollars. It should be scarce. Only government should have it and those who absolutely need it for business outside the country. If you are within the country, USE NAIRA.

Many of your recommendations have so far been applied by CBN, so what do you think is the next way forward?

emkz:
Why do we even trade dollars in the streets like we trade beans?

Foreign exchange is a security document and the flow must be controlled to avoid it being used to launder money.

In Nigeria, the poor spends naira and rich men spend dollars. Politicians mostly spend dollars. By the dollars going high, it affects all of us because we are an import-based nation.

How do we stem the tide?

Every importer who wants to import should approach the banks who'd give them letters of credit, collect naira and pay the seller in forex through their correspondent bank. The practice of putting dollars in the hands of people who claim to want to import must stop.

If anyone is travelling, he must approach a bank to get BTA and he must be receipted. At the airport, he must present the receipt to customs and evidence of the cash. If he doesn't have the cash, he must be arrested, tried and jailed. Wicked people use travellers to buy BTA at government rates and resell to the black market. If this practice is not functional, give them pre-loaded debit cards by going into partnership with companies like Travelex and Transferwise or Revolut or Remitly and pay them directly so that beneficiaries can collect their cash when they get to the countries of destination.

Also the practice of CBN chiefs selling dollars directly to Nigerians to resell at exorbitant rates must stop. If you are within Nigeria, you have no business handling dollars.

Then all banks must stop the practice of opening domiciliary accounts for Nigerians in Nigeria. They can sell debit cards in naira and charge the prevailing exchange rate for international transactions like e-commerce. This used to be the practice. I wonder who stopped it.

Then the government must look into the mining sector from exploration to extraction, refining and export of minerals like lithium, gold, tin, steel, coal, phosphate and gas. The Chinese must be prevented from mining practices of our minerals and Rosewood trees. Minerals are security assets and must be protected the way we protect our private parts. Foreigners must not be allowed in for now, especially with the way oil exploration has failed our people when handled by foreign companies. You can employ foreigners to train your own people but do not allow them bring their expertise and funds to extract a security asset. They'd never use it to your advantage.

I support the hike in dollar rate. I also applaud the scarcity of dollars. It should be scarce. Only government should have it and those who absolutely need it for business outside the country. If you are within the country, USE NAIRA.

9jatriot:
Many of your recommendations have so far been applied by CBN, so what do you think is the next way forward?

Let them continue to follow the steps and let us observe the way the people/market would react.

My expectation is that there'd be resistance from the elites which would necessitate the CBN to come harder with implementing these policies.

They must not relent. It is a job they must do to rescue out nation from the locusts.

So far, I am impressed.

emkz:


Let them continue to follow the steps and let us observe the way the people/market would react.

My expectation is that there'd be resistance from the elites which would necessitate the CBN to come harder with implementing these policies.

They must not relent. It is a job they must do to rescue out nation from the locusts.

So far, I am impressed.

My brother the only solution is for Nigeria to be a productive country. Any other solution is cosmetic at best and wouldn't yield the result in the long run.
If we earn more forex then the naira will rise, simple demand and supply. Unfortunately our capacity to earn forex is dwindling and our imports are increasing over the years.
Weak currency favors production and exporting economies that's why most industrialized countries deliberately devalue their currency to make their exports cheaper since the world is now globalized.

Unfortunately we can't even take advantage of our weak currency. Our fundamentals are very weak. Farmers can't farm properly cos of insecurity, no electricity for production making goods produced in Nigeria even more expensive than imported goods etc. To crown it all, you have corrupt and greedy political,economic, religious and everyday people class who care about only themselves.

Due to the trial and error policies that have been happening in Nigeria over the years, we now suffer an investor sentiment decline. Investors are wary of putting money where there is uncertainty. No one right now can attempt to give a long term projection for the economy as policies are not well thought before implementing.
Most of what you proposed are good but will not make much difference if the fundamentals are weak