madjune:



Ukraine is known to supply 70% of the world's wheat and other food commodities;

michlins:
Forget,

Sermwell:

Who are the hired tugs who go to disrupt the election process?? Who are hired protesters in favour of the thieving politicians?? Who are those who come online and offline to defend the government??
You're still living in denial but your eyes go soon clear

SmartyPants:


He was talking theory. In reality who will buy your naira denominated oil? No one!

tunjijones:
No short cuts at all. Provided we keep going the lazy way by importing every commodity even as little as toothpick.Then the naira will keep going down.

federalgodey:
But there's short in marrying my sister

TouchNfollow:

https://www.vanguardngr.com/2024/04/no-short-cut-to-naira-appreciation-says-ned-nwoko/

bcomputer101:


You should find something meaningful to do with your life. This is not funny at all.

TouchNfollow:

https://www.vanguardngr.com/2024/04/no-short-cut-to-naira-appreciation-says-ned-nwoko/

SouthSouth1914:
Says someone who spends and save in dollars! Some people are more equal than others- Animal Farm!

Arabk25:
He made some valued point here but unfortunately Nigeria is in the hands of hoodlums and criminals thereby making it difficult for the technocrat to come in.
Nigeria is in the hands of those hooligans who sat at the back or on the window during lecture time. Unfortunate situation

TouchNfollow:

https://www.vanguardngr.com/2024/04/no-short-cut-to-naira-appreciation-says-ned-nwoko/

michlins:
Forget, Ned is very intelligent. He said some very important points which if not just Nigeria but Africa can implement will take off some of the burden of trade

TouchNfollow:


Sen. Ned Nwoko, has advised the Federal Government and the Central Bank of Nigeria (CBN) against any measures that capable if artificially forcing the Naira to gain value against other currencies.

Nwoko, who represents Delta North, advised in a statement he signed and made available to the News Agency of Nigeria (NAN), in Abuja on Saturday.


He advised them to concentrate on tackling the main issues responsible for the Naira depreciation, saying there was no short-cut to success.

He said the quest for economic freedom and the strength of the nation’s currency was an ongoing journey.

Nwoko also said the continuous revisit to previously implemented policies and considerations of new ones were imperative.
He also said the value of a sovereign nation’s currency was the cornerstone of respect and collaboration among nations, while reiterating that Nigeria must stimulate Naira demand.

According to him, as a nation that exports crude oil and other commodities globally, it is imperative that all transaction on these items be conducted exclusively in Naira.

“This will incentivise buyers to seek out Naira, thereby driving its appreciation due to increased demand and scarcity.
“Moreover, the foreign reserve policy warrants reassessment. The practice of maintaining reserves in foreign jurisdictions, termed “foreign reserves,” is not only objectionable but also counterproductive to Nigeria’s economic sovereignty.

“Unlike other nations like the United States, Britain, France, and Japan, which hold their reserves domestically, Nigeria’s adherence to this practice raises questions about its colonial legacy.


“If our early indigenous leaders acquiesced to this approach due to colonial influence, why should we perpetuate it? The primary rationale often cited to justify foreign reserves is trade balance maintenance“, Nwoko said.

According to him, this argument lacks merit when considering the limited number of traders involved in importing goods into Nigeria, which constitutes a negligible fraction of the nation’s population.

“Therefore, the notion that foreign reserves are indispensable for trade balance equilibrium falls short upon scrutiny”, he said.

The lawmaker who is a Solicitor, Supreme Court of England and Wales, there was the need to acknowledge that the recent appreciation of the Naira was not solely attributable to the CBN’s new measures.

“Rather, it can be attributed to the decline in refined oil imports following the production and distribution of refined petroleum from the local refinery – the Dangote refinery.

“Now envisage if other heavily consumed products were locally produced instead of imported. The success would be monumental and conspicuous,” he added.

In January, in a statement, he had preferred crucial measures to be adopted by the federal government CBN to combat dollarisation and stabilise the Naira.

Nwoko said that since the dissemination of that statement, various measures have been implemented to bolster the value of the Naira.


“However, the efficacy of these measures is yet to manifest fully, as the root cause of Naira devaluation remains unaddressed.

“Until we confront the underlying issues head-on, our efforts against dollarisation will be in vain,” he said.

https://www.vanguardngr.com/2024/04/no-short-cut-to-naira-appreciation-says-ned-nwoko/

udomonday:
what is wrong with saving and spending in dollars as an individual?Nigeria is a country and should not allow itself to be tossed about by the whims and caprices of foreign economy,if we produced the bulk of the items we source for dollars to import,the local currency would not be so vulnerable.

Ghostagain:


You need to be smart enough to distinguish war propaganda from actual facts. Russia has more grain than Ukraine, so how can Ukraine be supplying 70% of the world's wheat ?
Make it make sense. When reading, use your brain to analyse what you read before just believing it.
Nigerians used to be better at analysing information, but your current generation of Nigerians
is just like a bunch of brain-dead zombies.

Macdeey:

Wetin concern you with my response to his opinion ?
You that have something doing with your life , Come show us naaa

Ghostagain:

If you are smart, then it's best you sit at the back or else you would have all eyes on you 🤣
You should have kept "sat at the window" and removed "sat at the back". It is a rookie mistake to sit at the front when you are going to interject in the lecture a lot.