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Nairaland Forum / Nairaland / General / What Does It Take To Make One Naira Equal One Dollar? (6291 Views)
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What Does It Take To Make One Naira Equal One Dollar? by luvly101: 2:40pm On Oct 06, 2015 |
Experts in the house, can you please shed light on what it would take to make $1 (One Dollar) equal ₦1 (One Naira). What sacrifices are necessary to be made? What areas would be affected?, e.t.c. Let's hear your view. 1 Like 1 Share |
Re: What Does It Take To Make One Naira Equal One Dollar? by yomi007k(m): 2:44pm On Oct 06, 2015 |
I like this here..... Wana learn too 1 Like |
Re: What Does It Take To Make One Naira Equal One Dollar? by Nobody: 2:51pm On Oct 06, 2015 |
luvly101:the process will take next 55 years to complete or destroying Nigeria to create new one 1 Like |
Re: What Does It Take To Make One Naira Equal One Dollar? by NobleAky(m): 3:16pm On Oct 06, 2015 |
G |
Re: What Does It Take To Make One Naira Equal One Dollar? by luvly101: 3:50pm On Oct 06, 2015 |
shivaclub: Wow!, that's scary . But, what process(es) could be involved in the complete transformation? 1 Like |
Re: What Does It Take To Make One Naira Equal One Dollar? by Tallesty1(m): 4:22pm On Oct 06, 2015 |
I wish I know Buhari's Nairaland Moniker. I 4 just quote am. 2 Likes |
Re: What Does It Take To Make One Naira Equal One Dollar? by kennyman2000(m): 8:46pm On Oct 06, 2015 |
Hmmmm |
Re: What Does It Take To Make One Naira Equal One Dollar? by Nobody: 11:03pm On Oct 06, 2015 |
Currency appreciation is not a good thing for an exports based economy, which is why the Chinese always devalue their currency.
4 Likes 1 Share |
Re: What Does It Take To Make One Naira Equal One Dollar? by Nobody: 11:07pm On Oct 06, 2015 |
When a currency appreciates or strengthens (a higher exchange rate) there are many effects on you and the economy. Some good, some not so good. Let's discuss a few of those now. **Imports cheaper: When a currency appreciates or strengthens in relation to other currencies, imports get cheaper. This means your dollar will buy more of another foreign currency so that you can purchase foreign goods. For example, if you were traveling and shopping in Europe and the exchange rate of the dollar vs. euro went from (0.75 to 1) to (0.95 to 1) your dollars would now buy more Euros. So, if a can of soda cost two Euros it would have originally cost you $2.66 ($2/0.75 exchange rate). Now it costs you essentially $2.11 ($2/0.95 exchange rate). This is also great news for American companies who import a lot of components and raw materials to manufacture goods. Lower costs often lead to higher profit margins. **Lower inflation: When the exchange rate for a currency strengthens it makes imports cheaper. This means you and I spend less money on foreign goods. This in turn puts pressure on American firms to keep their prices low, so they can remain competitive. All of this leads to lower prices and ultimately more money in your pocket and a higher standard of living. **Balance of trade deficit: One of the biggest disadvantages of higher exchange rates or a strong dollar may be that it leads to trade deficits. Because strong currencies lead to cheaper imports, a country tends to import more than they export. This causes a trade deficit, which can exert a contractionary effect on the economy. What does that mean? It simply means that because our currency is strong, our own goods we look to export appear expensive to other countries; so they buy fewer American goods. This lowers demand for American goods and as a result lowers GDP. Over time, this can make it more difficult for American firms to compete and can also damage profit potential. You can read more of this on Investopedia 3 Likes |
Re: What Does It Take To Make One Naira Equal One Dollar? by luvly101: 11:41pm On Oct 06, 2015 |
Karmanaut: Thanks for your inputs Karmanaut. If you're to make $1 equal ₦1, how would you go about it? 1 Like |
Re: What Does It Take To Make One Naira Equal One Dollar? by Nobody: 12:21am On Oct 07, 2015 |
luvly101:I wouldn't. It doesn't favour exports. Lord knows Nigeria needs to be an export-based economy, or at least manufacturing most of what it needs then importing the rest. So doing that won't favour Nigeria. 1 Like |
Re: What Does It Take To Make One Naira Equal One Dollar? by Nobody: 7:57am On Oct 07, 2015 |
Karmanaut:tell the oga on top 1 Like |
Re: What Does It Take To Make One Naira Equal One Dollar? by luvly101: 9:52pm On Oct 11, 2015 |
Karmanaut: I see. I now understand clearly why it won't be possible...the people benefiting from the Exports are more, and won't want things turn around the other way. Thanks for your time. |
Re: What Does It Take To Make One Naira Equal One Dollar? by kayodeisaac: 8:26am On Jun 29, 2016 |
Just a try and i go thus: We are trying to be independent to naira that's why we leave pound, but we are still enslave to dollar, so far our surest economy means lies on crude oil and because of international game play crudeoil sells in dollars which devalue our Exchange rate value of naira not until we wise up to freedom of trading our crude oil in naira (actually low benefit rate for a while if endure). Other suggestion i have is short term increase in interest rate, govt should look beyond fiscal and monetary policy but some Exchange policy on our export, strictly on naira demand, borrow from World bank in naira pay back in naira lets feel d independence of our currency. My bottom line is; if we are not ready to suffer short term deflation how can we promote naira demand which is the sole key to value our naira. 1 Like |
Re: What Does It Take To Make One Naira Equal One Dollar? by luvly101: 12:04pm On Jul 29, 2016 |
kayodeisaac: True... No pain, No gain. |
Re: What Does It Take To Make One Naira Equal One Dollar? by StAnu: 12:57pm On Jan 11, 2019 |
I know What Nigeria can do, it will take 5years to get it done by 2023 and Nigerians have to also cooperate together to get it done. Nigeria will be the Giant of Africa and even the World. 1 Like |
Re: What Does It Take To Make One Naira Equal One Dollar? by Bitnet(m): 11:01am On Jun 18, 2019 |
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