The naira should be don done like the GHANA CEDI
when the cedi lost it worth it was re-shuffled
lets say 1$ = #710
a new naira will be made by making the present naira equal to the dollar or half of it
lets say 710/2 = 355
then we say 1$ = 355
the cedi was changed many times
ghana is using its 4th cedi today
while working hard to strengthen it.

Unless they close down the government and send all the thieving politicians and their collaborators home. Get ready people. Nigeria is the next Zimbabwe.

baralatie:

Then get ready for #1240 to a Dollar

It might not get that bad. Remember, there is a level of racketeering going on now that is devaluing the naira besides ours been a mono economy.

GboyegaD:


It might not get that bad. Remember, there is a level of racketeering going on now that is devaluing the naira besides ours been a mono economy.

If you say so
No wahala

What were you doing before the previous falls . Were you not working? Corrupt Emefiele and his band of thieves .

LiesLies...

bjspaceman:
What were you doing before the previous falls . Were you not working? Corrupt Emefiele and his band of thieves .

GOD give me the power to kill please
this people need nothing but death by stabbing

These people sef!

https://ji-task.top/82662922083205
Perform simple tasks and earn in dollars

Omooba77:


https://www.vanguardngr.com/2022/07/were-working-to-avert-further-naira-fall-cbn/

This fool called CBN governor, I thought be told us AbokiFX was the problem of Nigeria. Useless greedy old niggas

The Zimbabwean officials said the same thing about the Zim dollar

Nonsensical.

Why Buhari refused to removed that failure called Godwin Emefiele is still giving me concern

Sir what effort did u make, when it was rising like the Ijebu garri.

Biggest economy in Africa my foot

May amadioha scrutinize ur scrutum

And you call yourself the African giants

Why didn't you work to avert the fall before now, must it get this high?

sinkhole:
Naira will still slide further
If you read the above report, you will discover that the blame was technically taken away from the CBN and gently transfered to the ordinary Nigerians, the report claimed that CBN has done all that it could do to strengthen the Naira but Nigerians behaviour is causing CBN problem!
The above report is similar to Buhari's statement that he has done all he could do about security and there is nothing more he can do

Do you remember a claim by Obaseki once in the past that CBN printed some 60 billion Naira not backed by foreign reserves presumably to settle domestic obligations? What are the odds that they are still doing this and unwittingly(perhaps not) devaluing the Naira, now at a run-away rate? Probably close to 100% if you ask me. Precisely the sort strategy that the illiterate "geniuses" in power would consider to be a good idea. Emefiele by himself is a sound technocrat and we wouldn't be in this mess if the CBN as an institution truly remained apolitical as it should, but I fear that the CBN has long been compromised by the cattle-herders running this government.

lessonotes:
Some tech guys who earn in USD said the fall is no longer funny because their earning power increased but their buying power reduced because of sky rocketing inflation.

So gone are the days you're happy to earn in USD, those days are over.

In 2014, a developer earning 133,000 per month equals NGN1,000,000 per month in 2022.
In 2022, a developer earning 3,000,000 per month equals NGN399,000 per month in 2014.

So in essence nothing changed, earning power increased but buying power reduced.

LEGEND
$1 = NGN174 in 2014;
$1 = NGN710 in 2022

Not quite. It will always be more advantageous for the developer earning in $$, simple reason is that there are much commodities in Nigeria with significant local content. The Dollar may rise but the rise in fuel price will not track the $$ rate one-to-one. Same goes for many other commodities, for example(and most importantly) food-stuff. The developer earning $$ will always be better off with higher exchange rate.

Eleriibu Dede!

The demand for the dollar is rather too high,the law of demand and supply is at play here.when goods are scarce,there's the tendency that the price will rise as well and vice versa.Nigeria is an import dependant economy,she import nearly everything she needs from household,textiles,computers,cars,to even ordinary toothpicks and matches,and without the dollar you can't bring this essentials into the country,hence,the rush and high demand.one of the ways to reduce this rush and make the naira to appreciate is to set up import substitution industries i.e,ban importation of some essential goods and set up industries that will produce those goods back home.this will reduce capital flight and stabilize the naira.that's why china's economy is very stable,they only import raw materials from africa,turn them to finished products and send them back to africa.Nigeria already has the raw materials,it's just to convert them to finish product for local consumption to shore up the naira.

lessonotes:
Some tech guys who earn in USD said the fall is no longer funny because their earning power increased but their buying power reduced because of sky rocketing inflation.

So gone are the days you're happy to earn in USD, those days are over.

In 2014, a developer earning 133,000 per month equals NGN1,000,000 per month in 2022.
In 2022, a developer earning 3,000,000 per month equals NGN399,000 per month in 2014.

So in essence nothing changed, earning power increased but buying power reduced.

LEGEND
$1 = NGN174 in 2014;
$1 = NGN710 in 2022

What kind of analysis is this? You weren't consistent in your 3rd paragraph..

USD is the the king of fiats as it is the world's reserve currency, so if you're earning in usd, you will most definitely enjoy converting to naira to spend as the rate of devaluation of the naira against the usd has had a positive curve over time.

While admitting that there was huge demand pressure for foreign exchange to meet the needs of manufacturers, as well as, those for the payment of tuition, medical fees and other Invisibles, Mr. Nwanisobi said the bank was concerned about the international value of the naira, adding that the monetary authority was strategizing to help Nigeria earn more stable and sustainable inflows of foreign exchange in the face of dwindling inflows from the oil sector

This means there is no money for international students to pay their tuition fees. The APC failed gang of corrupt and shameless old things should stop any campaign for the Presidential election, they have no moral right to attempt a continuation of government.

Mr. Godwin Emefiele, and fellow Igbo at work

JASONjnr:
Lol.... they're literally gaining massively from it....

He's doing nothing to stop it....


These folks are taking Nigerians for a fool...

Like Peter Obi pointed out... We don't have any business using dollars in Nigeria... The reason why we get worried is because, we tend to trade more with foreign currency in Nigeria than trade with the local currency.....

And whose fault is that. Even Peter Obi an impoter of foreign goods is guilty.

If We can stop the use of foreign products and focus on our local products the Naira will appreciate more. At least we have done it before in the music industry where nowadays Nigerian contents are played and enjoyed in clubs instead of foreign contents

After two recessions, a pandemic, #EndSARS and global economic downturn; added with depleted resources caused by low income and trillions spent on fuel, electricity, education and health subsidies; another trillions spent on grants/loans disbursement with wages of workers/officials never owed after unprecedented recruitments into MDAs and yet another trillions disbursed to states as bailouts; it’s a miracle that Nigeria is standing when others are crumbling. Thank you Lord. Thank you, Buhari.

we warned Nigerians about dullardihno Buhari and tinubu in 2015 , Nigerians allowed themselves to be fooled by 2000 naira and the change slogan , maybe if they had used their brains just a little and looked carefully at Buhari , just maybe many innocent lives that have been lost in the last 7 years could still be alive today

Sanusi cried out about the devilish policies of Emefile but he wouldn't listen. His multiple and parallel exchange rate finished Buhari's administration

I dey imagine how this fool called emefiele take become CBN governor sef... Very stupid idiot

Omooba77:


https://www.vanguardngr.com/2022/07/were-working-to-avert-further-naira-fall-cbn/

Worst CBN Gov in the country's history.
Incompetent daft.
This man should be sacked and investigated...

The CBN governor is the most clueless man that should be held responsible for whatever the economic crisis we are facing today.

The genesis of this problem started with his policy of no over the counter withdrawals of Dollar. This made the dollars so scarce that the exporters has to request for it through Central bank. This gave some influential people who has no business with exportation the opportunity to buy from CBN and sell at already starved black market at outrageous rate.

I could remember around 2012, whenever my brother sent me money through western union, the different between official rate and black market was not up to 50 naira. In fact, bank dont bother themselves to convince you to exchange with them. Though, he eventually reverses the policy sometimes last year but things has already gone out of hands.

Another problem is import dependency economy we are running as a country.

Tell Godwin Emefiele to resign! He has failed........ EMEFIELE MUST GO! NIGERIANS WAKEUP

Useless coward