What Do You Think Should Be Done To Appreciate Naira ? - Business - Nairaland
Nairaland Forum / Nairaland / General / Business / What Do You Think Should Be Done To Appreciate Naira ? (16667 Views)
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| What Do You Think Should Be Done To Appreciate Naira ? by gnss(m): 9:04am On May 09 |
I don't do Politics of Tribe ,Hatred ,Hypocrisy . Yesterday I was having a discussion with an Elderly Man an APC Party Man who is a Staunch Supporter of Tinubu about the Economy Situations . He Said ,Kama Ton Arawaje ,Ilu Osunwon Rara ooo. Meaning ,Without Deceiving ourselves the Things in the Country is not Okay at all. He is a Yoruba Man ,I am too . I do not Belongs to the Class of People that Believes even if The President Policies is not Working Good Results then I must Keep Talking like a Zombie , Let's face the Reality . Things are Getting More Worse . If you say ,You are Okay ,Several Millions are Sufferings ..Go to the Streets and see . Now Objectively .. Concerning the Dollars ,Finance ,P2P , Crypto Etc have been Blammed ,Yet Dollars Keep Rising . WHAT EXACTLY DO YOU THINK THE GOVERNMENT ,CBN GOVERNOR SHOULD DO PRACTICALLY TO STRENGTHEN THE NAIRA ? 31 Likes 4 Shares
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| Re: What Do You Think Should Be Done To Appreciate Naira ? by cenaman(m): 9:07am On May 09 |
Impeach the BATeria in aso rock, know this and know peace. 226 Likes 12 Shares |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by gnss(m): 9:09am On May 09 |
cenaman:. Suggest What the Present Leader Can do to Strengthens the Naira Against the Dollar .. 31 Likes 5 Shares |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by CHRISSANCHEZ(m): 9:17am On May 09 |
1. Free and fair elections. 2. Government appointments should be merit and fair to every geopolitical zones. 3. Fight insecurities. 4. Open and sincere policies. 5. Sincere and credible ministers. 6. Many more........ 185 Likes 6 Shares |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by Franklyspeakin: 9:19am On May 09 |
impeach the president and vice, 144 Likes 5 Shares |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by helinues: 9:21am On May 09 |
Strict the policies guiding foreign exchange 47 Likes 3 Shares |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by BabbanBura(m): 9:26am On May 09 |
But PO has being telling you guys the solutions nah, why asking you here? 1. Production production production. You gat to produce for home and export. So Bulabu needs to mobilise the country to production be it farming, be it industries (manufacturing), be it human labour (capital). The above will reduce imports and therefore fx demands. Excess will improve fx supply. To achieve this, he needs to fix the security and roads 2. Improve exports - be it out solid minerals, oil and gas, agro and allied products, electricity, human capital (manpower, skills etc) 3. Prosecute the past and current thieves, recover funds stashed abroad and home, make them face jail term. 4. Continue to deal with speculators, bank chiefs that aid the politicians to launder funds, the BDCs that move money around for terrorism and other vices These are arranged in order of impacts and priority. Buy Bulabu is only tackling number 4 and you all are clapping for him. Now that the effect if 4 has worn out, naira is slumping again 196 Likes 10 Shares |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by libertyfather(m): 9:32am On May 09 |
nothing, let them share us to different countries and use this place as a farm to support the countries they share us to 39 Likes 1 Share |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by CosmeticChemist(m): 9:35am On May 09 |
We should invest in production of more crude oil. This will cut importation by Dangote and other refineries in the country, which in turn could help keep the dollar at home.. If we produces more crude, we can sell at cheaper prices to local refineries compared to what is obtained at international market, we can then dictate price. Cheap energy means many company will go into manufacturing, and more job opportunity for the teeming population. The government should invest in mechanized agriculture of wheat, sorghum, barley, cotton, sugar cane, palm , and soya. These are cash crops used by many industries for production of fast moving goods.. Wheat alone cost Nigeria about 1.5 billion doallars annually. Cheap wheat means cheap noodles, pastas, bread etc.. Revive indigenous companies by creating enabling environment and providing funding instead of going round the globe looking for investors , who will later repatriate hard currency from Nigeria. 42 Likes 2 Shares |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by Ola9ja23: 9:36am On May 09 |
Ok |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by Ola9ja23: 9:38am On May 09 |
cenaman: IPOBidients day dreaming We know the reason why you people jubilate when Naira depreciate is bcs you think that would make your Bitter Obituary to win through back door Even if Naira depreciate to 50000 against dollar, Asiwaju remains our president till 2031 Nothing your bitter Obituary or his IPOBidients followers can do to defeat Asiwaju 11 Likes 1 Share |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by gnss(m): 10:08am On May 09 |
BabbanBura: 9 Likes |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by stevnwigw1: 10:14am On May 09 |
Ola9ja23:Time will answer this. 37 Likes 1 Share |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by richiemcgold: 10:15am On May 09 |
Nigeria should embrace that agelong idea of ECOWAS single currency. Let's do away with Naira and team up with other West Africa countries to have a single currency. 24 Likes 1 Share |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by gnss(m): 10:16am On May 09 |
Ola9ja23: Make Valid Points ,Speak Maturedly,This is too Childish. What do you think Asiwaju Should do to Strengthens the Naira . Several Millions are Suffering ,Don't you think about the Masses ,Why would you only care about Politicians Occupying a Position only when the people he Governs are Dying . Oya Make Reasonable Suggestions and Leave whatever anyone says that Annoys you . 83 Likes 3 Shares |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by lionshare: 10:23am On May 09 |
BabbanBura: You people will be parroting long term solutions to a problems needs immediate solution—-think for yourself what exactly is the problem? 2 Likes 2 Shares |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by hothead(m): 10:26am On May 09 |
Two metrics are very important. If they can be balanced; Demand-Pull: GDP growth, consumer spending, export volume. Supply-Cost: Inflation rate, interest rates, business operating costs. Gdp growth will mean consumer spending has increased and export volumes up. How will consumer spending increase? Currently majority of the population earn less than $2.50/day. How can we increase the people's earnings to $10/day? What resources/tech can be leveraged on? I have ideas of several solutions leveraging on tech that can help increase earning of the people. That's another topic. How will exports increase? What are the most exportable resources? Which ones have the highest return rates and the lowest creation cost? There are there in plain sight: we invest in them and make them 1st solve local gaps and then export across Africa and the world. All of this is solving for demand pull. Them supply cost - Inflation rate must be controlled using data, interest rates must be balanced with the Ecosystem to business operating costs low enough to keep sustainable operations. Some actions can have elements of both demand and supply-side effects like address speculations which is necessary. After blocking all leakages from new technologies in the digital economy, create regulations like SEC is doing with the VASP license and then reopen the digital space up. Show transparency and communicate about economic policies with citizens for input to build trust and confidence, potentially leading to increased consumer and investor spending. Then obviously, Manage foreign exchange reserves effectively. 6 Likes |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by lionshare: 10:26am On May 09 |
We need to attract more FPI by increasing rates and then creating a back-door for local business to borrow at single-digit. Liquidity seems to have dropped in the Nafem market; increasing the rate will encourage more FPIs and I think Egypt is gearing up to do same. I think we need daily fix volume to be not less than $200m to keep rate at $/1000 or 990. These are short term monetary tools that can be executed in days. 4 Likes |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by BabbanBura(m): 10:28am On May 09 |
lionshare: So because of short term fixes we should abandon planning and efforts towards the longterm solution abi? How is Agriculture even a long-term solution? Does it take more than one rainy season to produce enough food to feed the country for one year? Or does the government needs years to truly fix the security issues for people to be able to farm? 14 Likes |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by BabbanBura(m): 10:31am On May 09 |
lionshare: And the only way you are thinking of for closing the gaps is borrowing? This tells how narrow minded you and the government you are supporting are. You bunch don't mean well for Nigeria. Go and find out how countries like Singapore and India turned around the fortunes of their countries. 13 Likes |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by MEEVEET: 10:45am On May 09 |
gnss:First thing first listen to Peter obi interviews on moving from consumption to productions Read and understand theory of comparative advantage Then try and familiarize yourself with how developmental economics works Now Your revenue to debt servicing is already 110% This means that you need to borrow 10% of what you earn to pay interests for the loan we have already borrowed Recurrent expenditure is about 200% revenue that's the money needed to run government, pay workers, buy diesel for army, police and others Does it make sense now to borrow money and do a very beautiful fine sweet costal road that would increase debt servicing/ recurrent expenditure and not increase revenue? Does it not make sense to invest the loan into something that would increase revenue and at least pay back it's own loan? Is that not the logical thing to do? How do you do this you would ask... By investing in your people like Peter obi said... How? Let's take example a village in Benue... That village have 300 farming families and have 10,000 hectares... But can only farm 1000 hectares yearly due to manual labor Now imagine CBN sends people to talk to this people... Why not put all your farms together and form a cooperative, each person shares being the percentage of farm they bring Then as a cooperative you approach a bank nearest to you, they give you loan interest loans given to the bank by CBN With this loan thy buy improved seeds, mechanize their farms Not only would their yeild per hectares increase based on improved input they now farm more lands in far less time... So cost of production drops They can still approach banks for more loan to process their products, for rice rice mill for cassava you can have ethnol , fruity juice for fruit farmers ,Feed mill for corn and soya bean farmers These reduced the cost of production, make the price of foods to reduce and farmers richer You don't do this by providing 75 billion to SMEs You do this by providing minimum of 5 trillion years to banks at an interest rate of say 2% banks search for this cooperative, educate them, guid them and give them loan at say 7% interest rate Must not be farms can he garments factory, leather works, ICT companies, etc Now that's how you kick start economic growth 27 Likes 1 Share |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by lionshare: 10:48am On May 09 |
BabbanBura: Can you pls for Gods sake suggest a better solution if you care about the country? Any idea? 1 Like |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by lionshare: 10:49am On May 09 |
BabbanBura:Can you see the results of agriculture in 2-weeks? |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by ambale(m): 10:58am On May 09 |
Transparency and accountability are the only magic wand we need at this time The moment political office holders declare their take home and people can see that their lifestyle is according to what they say they earn You will need that people are patriotic Conspirators will even go 7 Likes |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by Tianamen1: 11:14am On May 09 |
BabbanBura:Your solutions are long term and can not be achieved in less than 10 to 20 years 1 Like 2 Shares |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by Treadway: 11:14am On May 09 |
gnss:keep trusting the person you and the elderly man voted for. He tamed the Atlantic Ocean, and parted the red sea. Have a little bit more faith in those his abilities that made you say 'he is the man'. Do you employ a sales manager, pay him a salary, give him a car, and then still do his job for him? Kamari! 11 Likes 1 Share |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by Tianamen1: 11:51am On May 09 |
It is impossible to find solutions to Nigeria’s problems in a textbook because our problems are cultural, based on our mindset, and not logical. If Nigeria were not an energy rich country, there would have been absolutely no way to get out of this mess giving our huge population and diversity. THE PROBLEM resource rich countries need to save for the rainy day. They do this by creating a sovereign wealth fund (an excess crude account). A sovereign wealth fund supports sustainable growth in two ways: 1. Funds to stabilize income when prices of commodities fall globally. 2. By saving excess funds when commodity prices are high, governments reduce sharp rises in economic growth which invariably lead to sharper falls when commodity prices eventually fall. An illustration is a person eating too much food because he/she has access to food. The more food the person eats, the more food is required to satisfy the person. If suddenly the amount of food is reduced, the person will feel like dying. The real issue however is that the person was eating too much in the first place. THE GLOBAL SOLUTION TO NIGERIA’s CURRENCY PROBLEM Nigeria has high inequality and a low HDI score. 1. Raise taxes on imports and on rich people. This should reduce importation, thus leading to a stronger currency. 2. Increase spending on public education or other forms of government spending to increase the disposable incomes of poorer people who would likely spend their extra income on food. Good crops are locally produced so this would boost GDP GROWTH. NIGERIAN PECULIARITIES Nigerian culture naturally promotes poor leadership. In Nigeria, both the leaders and citizens think in the exact same way. It’s all men for themselves. Survival of the fittest. In other countries, the governments ensure the citizens think like individuals and that the citizens know their rights as citizens. The governments also uphold and respect the rights of their citizens, BUT THE GOVERNMENTS MAKE DECISIONS FOR THE BENEFIT OF PUBLIC GOOD. This creates conflicts as citizens do not always see how the general public good benefit them as individuals. In Nigeria, everything is upside down. The government suppresses the rights of citizens to be individuals. The government makes decisions to benefit the individual as opposed to public good. This is why nothing works. Look at the new cyber security tax. It is highly stupid and doesn’t benefit the public. The only people who benefit are the government officials who have access to the funds. This is where the problem lies. 5 Likes |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by cjrane: 12:02pm On May 09 |
Just print more naira and buy all the dollars you can find with it. If there is no more dollars left to buy, then the exchange rate will drop. |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by theredaddy: 12:15pm On May 09 |
BabbanBura: Ideally Local Production is the solution but it can't happen over a short time and it takes long to take effect and yield changes 2. We have to achieve production before we can talk of export, these things don't happen over a short period of time 3. Fighting corruption is another long thing especially with our lagging judiciary system Govt chasing speculators, monitoring and ensuring market forces are not manipulated sounds good, however for how long before corruption override The immediate options we have that will reflect changes in time, Open land borders, intra trade with neighbouring countries reduces dollar demand Reinstate the yuan currency deal, these will further reduce the demand for the dollar if importers can transact naira to yuan Lastly ensuring the refinery works asap will further lessen the demand for dollar .. infact the effect is spontaneous. 2 Likes |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by AcadaWriter: 12:15pm On May 09 |
Impeach the BATeria in aso rock. ... Ah, need help with your academic papers? Contact us. 4 Likes |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by Usmanovic95(m): 12:18pm On May 09 |
Capital punishment should be meted out to corrupt public office holder. Nature has blessed us as a nation with abundant human capital and natural resources to take this nation to greater height but corruption keep stifling the growth.No economic growth or development model can work until we kill off corruption. 6 Likes |
| Re: What Do You Think Should Be Done To Appreciate Naira ? by SaiOba: 12:19pm On May 09 |
People wey no get plans naim you sey respond to.. They wanna weaponise Nigerians the more with mental poverty so that they can control people the more.. they will keep on taxing us till they take every naira that we've got.. Most average Nigerians now see them as mentors and that is the more reason you see them shamelessly glorify their unlawfulness and corrupt practices. CosmeticChemist: 2 Likes |
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