To stem the steady fall of the naira against the dollar, the Federal Government has been advised to as a matter of urgency put an end to the festering crude oil theft, boost oil production and put in place necessary measures to boost local production and exportation of other goods.

Some economists told our correspondent in an interview on Saturday that these were needed to boost the country’s foreign exchange earnings and bridge the supply deficit.

The Association of Chambers of Commerce, Industry, Mines and Agriculture however warned that if nothing was done urgently, the naira might fall to about N700 to a dollar.

Manufacturers, business owners and many Nigerians have expressed deep worries over the value of the naira, which exchanged for as high as N590 in the parallel market a few days ago. While the official rate stood at N416.23, findings from different sources on Saturday evening showed that the naira had fallen to an unprecedented N600 to a dollar.

Coupled with the 15.7 per cent inflation rate, the lingering forex crisis has led to a considerable increase in the prices of goods in the country.

The MD/CEO, Cowry Asset Management, Mr Johnson Chukwu, said naira had continued to suffer a free fall because of weak foreign exchange earnings, due partly to the low crude oil production, crude oil theft and low export of goods.

He said, “It’s all about how much you spend on importation compared to how much you earn from exportation. We are not producing enough so we don’t have enough resources to support the naira.


“The immediate solution is to stop crude oil theft so we can make more revenue, and the long term solution would be to diversify our economy so that we can produce more exportable commodities or produce more of what we consume to limit our importation.”

He said the Central Bank of Nigeria’s interventions, like the closure of Abokifx and ban on the sale of forex to Bureau De Change, could not bring down the price because the current price was a product of demand and supply.

Also, the President, National Association of Chambers of Commerce, Industry, Mines and Agriculture, Ide Udeagbala, said critical infrastructure like power should be fixed to boost local production of goods, both for local consumption and export.

He said, “The exchange rate could get to between N600 and N700 to a dollar with the way it’s going, as long as we are not exporting and we import almost everything. However, how do we talk about production when there is no electricity? The national grid collapsed twice two weeks ago and people had to buy diesel at N700.

“So, the solution is that we must produce enough for export to earn forex. Crude oil theft is also an issue. If we are expected to produce two million barrels per day and today we are at 1.3 million bpd, is it difficult to know why we are here?

Also, the Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said apart from addressing crude oil theft and boosting production, government should consider a flexible exchange rate policy regime, different from devaluation.

He stated, “This model would enhance liquidity in the foreign exchange market, reduce uncertainty in the forex market and enhance investors’ confidence. Also, it is a more transparent mechanism for forex allocation, it minimises discretion in the allocation of forex and reduces opportunities for round-tripping and other sharp practices.”

Source: https://punchng.com/Naira-may-fall-to-N700-per-dollar-over-oil-theft-low-export-NACCIMA-economists

When the whole world is experiencing oil shortage due to the conflict in Russia, Nigeria cannot capitalize on this and sell as much as possible.

This country can never be fixed. The leaders know that the citizens cannot protest, they citizens are more interested in the religious and tribal backgrounds of the politician and are easily swayed with cups of rice to sell their birth right.
Come 2023, the same people crying on this forum will be clamoring for another half dead ass hole who has nothing to offer this country.
Give them 1 year into the new administration, they will start crying again and the cycle continues.
So Nigeria is fuccked, it is just a question of if it is with a capital letter F or a small one

Techsupport:
When the whole world is experiencing oil shortage due to the conflict in Russia, Nigeria cannot capitalize on this and sell as much as possible.

This country can never be fixed. The leaders know that the citizens cannot protest, they citizens are more interested in the religious and tribal backgrounds of the politician and are easily swayed with cups of rice to sell their birth right.
Come 2023, the same people crying on this forum will be clamoring for another half dead ass hole who has nothing to offer this country.
Give them 1 year into the new administration, they will start crying again and the cycle continues.
So Nigeria is fuccked, it is just a question of if it is with a capital letter F or a small one

I that live in Germany ain't worried about una problem with una leaders in Nigeria anymore

Naija jaga jaga, everything scatter scatter poor man de suffer suffer gbosa gbosa gun shot ina the air

Now, this is called CHANGE.

Kudos to everyone earning in $$$$

We need smart and thinking people in power, that can reason out best solutions to economic problems like these. Imagine dollar not double or triple our currency, buy times 600 of our currency.

But, what we have in Nigeria is useless youth, that all they know is fighting for someone from their tribe or from a party, northerners will keep voting northerners, no matter the suffering, South easterns want a president from their side, just to fill their ego and pride, doesn't care about the future, yoruba will vote for their person, even if they know that the person that can make Nigeria great is not yoruba. No one cares.

When a country have a lifeless man as leader, backwardness is certain

Noted

There will be heavy looting in the final days of Buhari's presidency. Oil price will keep going up as Europe keeps searching for alternatives.

Abubakar Malami wants to pick up the APC ticket for presidency.

Has anyone seen his campaigns on Instagram and Twitter

This is the Worst President, worst Senate President, worst Speaker, worst Education Minister, worst AGF, worst CBN governor, worst and extremely stupid citizenry..... Infact ,worst of everything ever in Nigeria's history came from the APC in this administration.
Tueh!!!!

Don't criticize Nigeria if you don't spend at least 5minutes everyday praying for the economy. Don't criticize the ruling party if you didn't vote in the last election.

Those who don't vote are worse than those who voted but voted wrongly because they were deceived.

I challenge you to spend 5minutes praying for our country everyday, pray for God to bless us with a good leader and on the day of election, go and cast your vote.

Only then do you have the right to talk, otherwise, you're party to whatever is going on in the country.
Peace.

And those mentioning me, if you think praying is useless, why not lead a protest? No you don't want bullet to touch you, oya hide in your house but pray, you're still complaining...

Make we all suffer am together! Since Nigerians nor get sense.

Yahoo boys go flex tight!

This naira to dollar has put me out of business got the past 7years now. Thought it will get batter soonest

Wen N1000/$?

YourFavEvangeli:
Don't criticize Nigeria if you don't spend at least 5minutes everyday praying for the economy. Don't criticize the ruling party if you didn't vote in the last election.

Those who don't vote are worse than those who voted but voted wrongly because they were deceived.

I challenge you to spend 5minutes praying for our country everyday, pray for God to bless us with a good leader and on the day of election, go and cast your vote.

Only then do you have the right to talk, otherwise, you're party to whatever is going on in the country.

Peace.

God has left Nigeria a long time ago

This country is finished

It will soon be $1 to 1000 naira.
Nigeria is a consuming nation

KangaIye:
This country is finished

Long time and BAT will soon be president

This is what happens when you keep electing out of touch grandfathers as Nigerian Presidents.

What happened ;to one dollar to one naira

lol
Naija cant definitely avoid total collapse.
The thieving ruling politicians will never stop.
That's why people like Tinubu are dying to be the president.
They know the deal.

Buhari will handle security, Osibanjo will handle Economy lol.....
The failure of baba Buhari is unprecedented, congratulations to Nigeria and level of hardship has been unlocked.




If you come to my mention with PDP 16years whatever, ogun wee kee u.

Yikes

Who else in this world prays more than Nigerians?
Please say something else

YourFavEvangeli:
Don't criticize Nigeria if you don't spend at least 5minutes everyday praying for the economy. Don't criticize the ruling party if you didn't vote in the last election.

Those who don't vote are worse than those who voted but voted wrongly because they were deceived.

I challenge you to spend 5minutes praying for our country everyday, pray for God to bless us with a good leader and on the day of election, go and cast your vote.

Only then do you have the right to talk, otherwise, you're party to whatever is going on in the country.

Peace.

The economy is dying ... And this government instead of declaring state of emergency in the oil sector they are behaving as if nothing is happening. Nigerian people are not tired of suffering when we are we will rise up forgetting which tribe we all are and attack these useless politicians

Looks a bit alarmist.

This ship

TallPck1:
Kudos to everyone earning in $$$$

If APC wins in 2023, we should be expecting 1k/$.

God! Look at the beautiful country you gave us with all the resources in it, for our good and for the good of our children. Is it that I have been judge to hell without my conscience? Because the whole thing happening in this country I'm not really understanding. While the silence in all of these injustice and gross mismanagement from our leaders and nobody is saying or doing anything. God put the burning light in the hands of us the youths and the good Nigerians that still love this country to realize that the destiny of this country is in our hands

cococandy:
Who else in this world prays more than Nigerians?
Please say something else

The prayers of millions of Nigerians doesn't go above the roofs of their Church buildings or house.
When it comes to GOD, heaven and True christian living. NIGERIANS are the world highest hypocrites and GOD don't deal with hypocrites.
You see men and women praying In their numbers in churches, even fasting and speaking in tongues and yet their children are internet scammers.
Most if not all of them even stay in the new building built by the proceeds of scams.
A Church pastor collecting tithes and offerings from young boys and known internet scammers.
So many things have gone wrong with the Nigeria society it has gone spiritual.
So my dear forget about the Many prayers and Churches you see, GOD do not know them.

Man can't deceive GOD.

Who still remembers how much a dollar was to Naira early 2015?

Techsupport:
When the whole world is experiencing oil shortage due to the conflict in Russia, Nigeria cannot capitalize on this and sell as much as possible.

This country can never be fixed. The leaders know that the citizens cannot protest, they citizens are more interested in the religious and tribal backgrounds of the politician and are easily swayed with cups of rice to sell their birth right.
Come 2023, the same people crying on this forum will be clamoring for another half dead ass hole who has nothing to offer this country.
Give them 1 year into the new administration, they will start crying again and the cycle continues.
So Nigeria is fuccked, it is just a question of if it is with a capital letter F or a small one

what support did you give the IPOB agitation or even the endsars protests...........una mumu never do? Nigerians need at least 10 more years b4 una sense reset properly!