The President, Omega Fire Ministries Worldwide Apostle Johnson Suleman
asked ??

If you were made the nigerian president for 1month,what would you do to make sure the American dollars is equivalent to nigerian naira?

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cc; lalasticlala

Some people making deep meaningful contributions. Others yapping thinking to change the country will happen if they were to wave their hands.

We need selfless leaders who are ready to keep wake at odd hours just to see they make meaningful changes to the economy.

People need to see the world for what it is. Reality is different from what's in some people's head. Some don't realise you cannot please everyone,do everything by ur self,be loved by everyone and neither can they afford to be hated by all.

I will stop assuming, nonsense..

Turn the millions of churches in Nigeria to factories. That’s the simplest way.
We had our independence in the 60’s like most of the Asian countries. Today, India, China, Japan, South Korea, Malaysia, Vietnam, Indonesia and other Asian countries export over 40% of the products the entire world consume. They own the world fastest growing markets, and their GDP is some of the strongest. Despite this, their currency isn’t equal to the USD. $1 = 110 Japanese Yen. Evidently, a stronger currency isn’t even the solution just as myopic and fake economics like the bald philandering pastor Sulaiman believes.
And I strongly think if we can transform half of the fake churches where people are zombified and their destinies destroyed to factories Nigeria would become great. My take

It is almost impossible but it is possible.

First re-denominate. That means removing 2 zeros from the currency like Soludo wanted to do. That is what Ghana, Brazil, Argentina and many countries did

So, instead of $1 = 360, it will be $1 = N3.60. Note, all prices will also have 2 zeros removed from it. So, if a car cost N8,000,000, it will now cost N80,000.

So, the exchange rate will be N3.60 to $1.

How then can the currency get to $1 = N1? The only way possible is for the Naira to be increasing in value little by little overmany years. It might be up to thirty years. The country's budget must be balanced, and must have current account surpluses and inflation must stay below 2%. Also, the populace must be well educated and corporate tax rates low so that investment will flow in despite a strong currency and high wages.

However,, the country does not need $1 = N1. What the country needs is a currency that has a competitive value and not make Nigerian produced goods expensive. Also, inflation must be low, preferably below 5% for a country like Nigeria. The budget must either balance or must be very low.

The Japanese yen is about 100 Yen to $1. The South Korean Won is over 1,000 to $1. This did not stop these countries from becoming rich.

Relocate to United State
With Nigeria airforce one to gather more knowledge

The only meaningful one is actually the one that will order CBN to write 1₦ = $1, though the one's about exporting stand a chance if we can find a country that will take Nigerian people, though that might involve bringing back slave trade!

Increase your productivity rate at home so we actually produce what we consume is the way to go. Once we have enough to consume we can export the rest and our exchange rate will improve, but it will take us more that four years to do it.

Just check out China's 14^th 5 year Development Plan and you might have an idea. And note that 14 times 5 = 70 years. As in one plan every five years over the past 70 years, and we now know how far they have come!

I will invite buhari

sweetonugbu:
I will invite buhari

For lunch

Authortee:
Turn the millions of churches in Nigeria to factories. That’s the simplest way.
We had our independence in the 60’s like most of the Asian countries. Today, India, China, Japan, South Korea, Malaysia, Vietnam, Indonesia and other Asian countries export over 40% of the products the entire world consume. They own the world fastest growing markets, and their GDP is some of the strongest. Despite this, their currency isn’t equal to the USD. $1 = 110 Japanese Yen. Evidently, a stronger currency isn’t even the solution just as myopic and fake economics like the bald philandering pastor Sulaiman believes.
And I strongly think if we can transform half of the fake churches where people are zombified and their destinies destroyed to factories Nigeria would become great. My take

and also close every mosque in Nigeria and turn them into schools.

Those providing their so-called vague solutions are the future buhari's.They are even better sef.Buhari no get plan.

Get rid of all the illiterates that dont contribute to Nigeria's economy. In the middle east, almost all countries have huge oil deposits apart from Israel. In Israel. their treasure is in their brain. They are smart, educated people and have by far the best economy in that region. If Nigeria gets rid of the North, with southern oil and southern education, we can be a legitimate superpower in 20 years.

Ok

The hard and only way is to restructure. Why are people afraid?

Simple! Employ Sule and Co to pray.

Hmmmm ...... everything sounds easy until you experiment

grandstar:
It is almost impossible but it is possible.

First re-denominate. That means removing 2 zeros from the currency like Soludo wanted to do. That is what Ghana, Brazil, Argentina and many countries did

So, instead of $1 = 360, it will be $1 = N3.60. Note, all prices will also have 2 zeros removed from it. So, if a car cost N8,000,000, it will now cost N80,000.

So, the exchange rate will be N3.60 to $1.

How then can the currency get to $1 = N1? The only way possible is for the Naira to be increasing in value little by little overmany years. It might be up to thirty years. The country's budget must be balanced, and must have current account surpluses and inflation must stay below 2%. Also, the populace must be well educated and corporate tax rates low so that investment will flow in despite a strong currency and high wages.

However,, the country does not need $1 = N1. What the country needs is a currency that has a competitive value and not make Nigerian produced goods expensive. Also, inflation must be low, preferably below 5% for a country like Nigeria. The budget must either balance or must be very low.

The Japanese yen is about 100 Yen to $1. The South Korean Won is over 1,000 to $1. This did not stop these countries from becoming rich.

How does a budget have an effect on exchange rate ?

grandstar:
It is almost impossible but it is possible.

First re-denominate. That means removing 2 zeros from the currency like Soludo wanted to do. That is what Ghana, Brazil, Argentina and many countries did

So, instead of $1 = 360, it will be $1 = N3.60. Note, all prices will also have 2 zeros removed from it. So, if a car cost N8,000,000, it will now cost N80,000.

So, the exchange rate will be N3.60 to $1.

How then can the currency get to $1 = N1? The only way possible is for the Naira to be increasing in value little by little overmany years. It might be up to thirty years. The country's budget must be balanced, and must have current account surpluses and inflation must stay below 2%. Also, the populace must be well educated and corporate tax rates low so that investment will flow in despite a strong currency and high wages.

However,, the country does not need $1 = N1. What the country needs is a currency that has a competitive value and not make Nigerian produced goods expensive. Also, inflation must be low, preferably below 5% for a country like Nigeria. The budget must either balance or must be very low.

The Japanese yen is about 100 Yen to $1. The South Korean Won is over 1,000 to $1. This did not stop these countries from becoming rich.

Your good with economics...but small tin is missing from ur analysis...

Very impresive!

grandstar:
It is almost impossible but it is possible.

First re-denominate. That means removing 2 zeros from the currency like Soludo wanted to do. That is what Ghana, Brazil, Argentina and many countries did

So, instead of $1 = 360, it will be $1 = N3.60. Note, all prices will also have 2 zeros removed from it. So, if a car cost N8,000,000, it will now cost N80,000.

So, the exchange rate will be N3.60 to $1.

How then can the currency get to $1 = N1? The only way possible is for the Naira to be increasing in value little by little overmany years. It might be up to thirty years. The country's budget must be balanced, and must have current account surpluses and inflation must stay below 2%. Also, the populace must be well educated and corporate tax rates low so that investment will flow in despite a strong currency and high wages.

However,, the country does not need $1 = N1. What the country needs is a currency that has a competitive value and not make Nigerian produced goods expensive. Also, inflation must be low, preferably below 5% for a country like Nigeria. The budget must either balance or must be very low.

The Japanese yen is about 100 Yen to $1. The South Korean Won is over 1,000 to $1. This did not stop these countries from becoming rich.

Wen u answer that question thrown at u, " how does the budget affect exchange rate, then u become complete...in ur analysis