great664:
I feel you Sir, Nigerian stupidness just tire me , and the problem is there is no WAY to survive it cuz the policy makers are the most consumer of foreign product so any policy in banning them will be shooting themselves so it won't work, do You expect the President, senators, Reps even LG chairman to withdraw their children abroad to school in Nigeria? No way so they will surely frown in such policies..

The only way we can survive it a little is if the Govt can Totally close the Ports and ban everything we import, it will be a hard decision but trust me Nigerians will surely survive the hardship for months and withing months alternatives will be put in place , u trust naija for that..

Government should Ban everything m

Bookiemart01:


Source:


http://thenakedconvos.com/plunging-naira-before-you-blame-emefiele-look-at-yourself/

cana882:
I believe it was great before independence. Nigeria is like a boy serving his master and all of a sudden, feels that he has known it all. He leaves, starts his own shop, but at the end his business collapsed. Only few people were matured enough for independence but those few can't run the entire country for years...

Littlebrowser:
Lol..goodnews to bloggers and folks that earn in dollars smiling to the bank things.

RichYoungNigger:
The exchange rate is now $1 to 307 naira.

I wish it will get to $1 to 2000 naira before December

PBundles:
This article is more a patriotic call to arms then it is about economics. Yes some points are valid, ..................but these are not the main reasons why we are seeing the Naira fall. All these things she mentioned, were they not taking place, last year, the year before etc etc. I concur, your knowledge on economics is lacking, but there are valid PATRIOTIC points, not ECONOMIC.

great664:
I feel you Sir, Nigerian stupidness just tire me , and the problem is there is no WAY to survive it cuz the policy makers are the most consumer of foreign product so any policy in banning them will be shooting themselves so it won't work, do You expect the President, senators, Reps even LG chairman to withdraw their children abroad to school in Nigeria? No way so they will surely frown in such policies..

The only way we can survive it a little is if the Govt can Totally close the Ports and ban everything we import, it will be a hard decision but trust me Nigerians will surely survive the hardship for months and withing months alternatives will be put in place , u trust naija for that..

Government should Ban everything m

banmee:


It is all about exposure. Nigerians are not exposed to how things are done. The sooner they are the better.

bookface:


Hmm...

Let's see how this works out.

Ban everything - then everything becomes incredibly more expensive! Think about that for a second. The current Ban is pushing inflation to crazy levels already. How would you feel if you need to buy a used laptop at 1 million naira?


There are no easy solutions. But the current approach is worse!

Emefiele should take the following steps.

First, allow a modest devalution of the naira. ---- This should allow the foreign portfolio flows that we urgently need. It would bolster the government coffers and put an end to depletion of the foreign reserve

Second, given that the step above will surely lead to an increase in inflation, he should immediately accompany it with an increase in interest rates

Third, fiscal consolidation is required in non productive sectors - cutting down salaries, laying of non productive workers etc - and simultaneously boost spending in productive sectors - like infrastructure, and agriculture.


The current approach of banning imports and drawing down on foreign reserve seems to rely on hope - hope that one day oil prices may recover. This may well be the case, but who knows? What if it is not? Then what? we draw down on the last bit of foreign reserves and we start borrowing money at incredibly high interest rates.

bezimo:
I was wondering. Now that oil prices are so low at $30 per barrel, the value of the Naira has depreciated to almost N300 to the dollar for the first time ever.

But When oil was been sold at an oil time high price of $140 per barrel.Why didnt the Naira appreciate to at least N100 or lesser to the dollar?

No one should tell me about the market forces of demand, supply and export.

When export value of the oil was so high why didnt the Naira gain so much.
I guess some forces didnt want naira to appreciate.

Bookiemart01:


Source:


http://thenakedconvos.com/plunging-naira-before-you-blame-emefiele-look-at-yourself/

Booty4me:
One crazy nairalander will come and quote all τ̲̅ђe article

grandstar:
The naira will touch a 1000 if Buhari is allowed to continue with his preprosterous economic policies.

Ther naira has already lost 30% of its value in 8 months, the fastest decline since democracy started. The naira will touch 400 by year end if his policies are not scrapped.

By next year, 600.

Both Soludo and Sanusi have condemned these statist policies

tomyka81:


Ban foreign goods and the local goods will prosper. Foreign jobs do not mass produce jobs like a locally manufactured job will. I had a great idea for local Nigerian good but my fiance wouldn't hear ofbit because it wasn't the import from China, sell to Nigerians that he was used to. It was export to usa, made in Nigeria