I don't know who came up with this $1 = ₦1 because this is laughable in Economics. I am sure it is NOT Buhari or APC. But for sure I know whoever came up with this wasn't thinking.

Balance Of Trade can makes this happen for Nigeria but it's a journey that takes decades - even half a century. We are a Consuming and Developing Country and simply when you import everything your currency is powerless.

Since I was born, Nigeria as a country has always been run on Trade deficit.

Even China has not been able to achieve this, they have devalued their currency twice recently.

I think Economists need to educate Nigerians....

We are still waiting for someone to claim the over 2 million naira bounty for the video showing Buhari make this promise

What is laughable in revaluation of currency in Economics. Did Ghana not do this some years agos.Or didn't Chukwuma Soludo suggest same some years ago.

yes u are right, i agree with you, they are not thinking

profosa:
What is laughable in revaluation of currency in Economics. Did Ghana not do this some years agos.Or didn't Chukwuma Soludo suggest same some years ago.

profosa:
What is laughable in revaluation of currency in Economics. Did Ghana not do this some years agos.Or didn't Chukwuma Soludo suggest same some years ago.

My Dear,

Currency revaluation has little impart on Economy, it's not the main thing to check/boost the Economy. So, if you devalue and it doesn't increase your Export, that mean devaluation had no impact.

What Devualation does is simply to boost EXPORT.

profosa:
What is laughable in revaluation of currency in Economics. Did Ghana not do this some years agos.Or didn't Chukwuma Soludo suggest same some years ago.

Yes it is possible to just FIX exchange rate. Trying to sustain it in an economy like ours is not only laughable but stupendous. Its just like fetching water with a very BIG basket and returning home with absolutely nothing. Just like as somebody above said, we are a consuming nation the gains made by revaluation (if any I doubt ) will be lost to trade imbalance(deficit) hence the pressure on the naira which will likely depreciate it back if not worst than before thus countering the gains of revaluation or pegging of currency.

You said Soludo wanted to introduce it just thank God yaradua axed it. Talk about Ghana, their economic environment favours it unlike ours.


$1=#1? I laugh in economics. Whoever believes such can easily believe that government can print more Nair as to pay her bills .

Allergic:
I don't know who came up with this $1 = ₦1 because this is laughable in Economics. I am sure it is NOT Buhari or APC. But for sure I know whoever came up with this wasn't thinking.

Balance Of Trade can makes this happen for Nigeria but it's a journey that takes decades - even half a century. We are a Consuming (Developing) Country and simple when you import everything your currency is powerless.

Since I was born, Nigeria as a country has always been run on Trade deficit.

Even China has not been able to achieve this, they have devalued their currency twice recently.

I think Economists need to educate Nigerians....

I don't know when you were born
but since the era of oil windfall......Nigeria has never had a trade deficit
get your facts right
and pls......go and look for an economist and educate yourself.
you have no of idea of what global economics is all about.

SIRTee15:


I don't know when you were born
but since the era of oil windfall......Nigeria has never had a trade deficit
get your facts right
and pls......go and look for an economist and educate yourself.
you have no of idea of what global economics is all about.

Maybe, you're the one that really need an EDUCATION.

Last time I checked: A trade deficit, which is also referred to as net exports, is an economic condition that occurs when a country is importing more goods than it is exporting. An economic measure of a negative balance of trade in which a country's imports exceeds its exports. A trade deficit represents an outflow of domestic currency to foreign markets.

The deficit equals the value of goods being imported minus the value of goods being exported, and it is given in the currency of the country in question.

Nig Export[10%] - Nig Import[90%] = Trade Deficit [-90%]

The above description fits Nigeria since I was born - 1987.

Nigeria’s import and export ratio has remained at 90 percent import to 10 percent export; on the average.