jpphilips:


You just spoke like a petty Alaba trader.
You think cement export alone can tilt the balance of trade in a $500b economy? kindly ask for a refund from the cesspit that graduated you.
Several people have schooled you enough on why a weak naira is not in our overall best interest at least for now, mumu is a choice, most of you come here to shoot blanks because they are local champions in their various microcosms, I know better not to engage semi educated -quarter past illiterates who hardly apply logic and common sense or capitulate to superior arguments.
In 5 years time (however long it took you to get proper education) you will be so embarrassed typing those BS

Ah, because Naija is so well educated and experienced to know better than Japan? Japan made efforts to devalue it's currency while being among the top richest economies on earth..
Because Naija is well educated and more experienced to know better than China? China made efforts to devalue it's currency while being among the top richest economies on earth..
$500 billion is small by those rich country standards, which is why Dangote's worth of more than just a few billion dollars is actually plenty and in fact his worth and products make up a valuable part of the value of naija economy and GDP while contributing to much development for people all over africa.
He is investing in agriculture, refinery of crude oil and more. He is also not the only product making investor in Nigeria. There is Innoson with export potential, agriculture with export potential, plastics with more expoert potential to tap, electricity is exported and potential for more production is certainlty there including for domestic use .

There is quite a bit of production and export potential if you stop and really think about, but your mind seems more pressed with agressive pander in rhetoric of petty person to person squabbles like an area boy level of education and what an area boy's self application would conjure.

Meanwhile Another corupt politician's huge store of money has been found hiding where it was *exported* under cover. Seems naija has no problems exporting the product of coruption, why would there be a problem exporting the fruits of real productivity?
There is room for the naira to devalue "realistically" as was said by people with economics experience and a number 1 world economy to back up their story. And yes there is room for naija productivity to grow as well.

Come to USA and hang out and maybe try some education at several universities and also getting influence in casual atmospheres by a diversity of enlightened minds. And not to forget that nigeria's economy is expanded by people in USA, Europe and beyond who remit tens of billions of dollars a year to people in Nigeria, and i am one of those in USA who contributed to Nigerias economy last year.
I have been to 23 different countries and paid attention to their economies, productivity and currency status next to the dollar. Real experience doesnt happen in the classroom of any of the three different universities i attended in USA here, and not any university. It all happens in real world exposure and by those who will put their hands and money towards productivity and exploration in the heart of societies around the world where productivity, export and import potential lay.

Here is a photo insert below, of how far education in schools has gotten some of the most productive and wealthy people on earth. lets see if you can conjure some intelligent story rather than area boy/agbero approach of petty squabble rhetoric. Makes sense and not maliscious talk of boast of superior judgment with no actual enlightening details to contribute in place of low minded verbal abuse.
When it comes down to it, the very computers or smart devices we use to blog here ,are genius products of people who never completed school because school could not teach them how to acheive their goals. Now schools and businesses all over earth are reliant on their products.

Of course, things can be negotiated if a real relationship is to be maintained. Maybe we can agree on a suitable house girl or even several house girls for me while she is away doing her thing. She can rest assured the house will be kept in very good order as long as she is the one paying their salaries.

I beg, she is the one paying and he is her driver just waiting to drive her home from a day out at the market in the car she also bought. Her real man is out at work or hanging with the other wives.

jpphilips:


What is your export capacity as a country?

I am not a country myself -but in West Africa alone, Nigeria has significant export capacity. I travelled by road from Nigeria through west Africa all the way to Ivory coast. I saw long lines of Dangote cement trucks lined up at the borders and dangote has been able to consistently lower the price of a bag of cement despite ongoing inflation and drop of naira value, because it helps his over all sales and exports whch enhances his profit and product exposure for future growth. Thats a sure sign that Nigeria made cement is getting to other countries in Africa.

I was wandering streets buying products in Benin republic and saw products that were made in Nigeria or were imported to Nigeria where they were then sold to Benin republic. I noticed the Nigerian sourced products there were mostly higher priced than the average things people there buy. They have a lower cost of living there than in Nigeria and also lower income on average. Their currency value is nearly 600cfa to $1.
Imagine if the naira were devalued, many of the products exported to Benin would become more affordable to benin people if their own currency doesnt devalue along side the naira.
Benin is just one simple example, there are many other countries in Africa. I really think there is more money to be made exporting to other african Nations from Nigeria rather than many Nigerian's pathological affinity to ignore africa and imagine equity with and compare to the countries commanding the £,€ and $.
Equity in Africa is where Nigeria should begin. Compare the Naira to fellow African Nations and there is something to be proud of. 600cfa to $1 is what they have in Benin, togo, and Ivory coast. Ghana cedi is artificial redenomination of a currency that was being handled in the milllions for average transactions, so thats why it rates less than 4 cedi to $1 today.
Nigeria Economy compares well in Africa and there is a lot more Nigeria can do to fill Africa's needs and that will grow Nigerias Economy beyond the already giant status.
Even export of simple produce and common things that simple people use. The eagerness to ignore Africa and try to rank the Naira along side USA $ is a pathological issue related to what makes people spend all their money in USA and UK.

"Realistic" is the word and the reality is that Nigeria is in Africa and has an average standard of living and productivity among African nations. But Nigeria is the economic Giant for now. Oil expansion is happening in Ghana and other parts of west Africa and pipelines are going in across Ivory coast and those link to Ghana and the oil drilling going on offshore near the border of the two nations.
Nigeria struggles with electricity and piped potable water while these are not such a struggle in Ivory coast, ghana, togo and benin republic.
Nigeria cant even keep the most basic ammenities supplied to a standard similar to a meager country like Benin republic but it wants a currency to rank equitably with the US$ ?? The US is legally bound to supply water and electricity to all citizens at a reasonable price and failure to supply after contract and payment is grounds for law suits that will award payments of damages for food spoiled in the fridge, pain and suffering from no air conditioning, lost wages from no lights or computer or Wifi signal e.c.t. Even the roads, i met a woman among those who collected sum total of $138 million from the city of New york for damages and injuries caused by potholes and other aspects of bad roads there. All these things are factored into the ranking of a Nation's value which backs the value of its currency.
Raise the value of nigerias productivity and functionality as a good investment atmosphere and the currency value will follow. Even a low value currency can benefit by making nigeria products more affordable to neighbour African countries. Japan ranks in the top 5 economies in the world but its currency doesnt even rank as equal to the dollar as Honduras which is poorer than Nigeria.

Honduras lempira is 22.6 to $1 today and it is poorer than Nigeria.
Japanese Yen is 112 to $1 and it is likely number 4 richest nation on earth with a higher standard of living than the number 2 richest nation on earth and possibly higher standard of living than the number 1 richest nation USA.
Japan may in fact be number 3 richest if i am mistaken about Germany ranking number 3.

Japan keeps their currency value low to make it easier to sell exports around the world and it helps them rank veryhigh in economy and wealth. China does the same but Japan balances the devaluation by keeping salaries and domestic prices equitable to other well developed nations. In fact, Japan prices are very high compared to the aberage in USA.
I live comfortable in USA but will be un able to cope at a basic level with the same income in Japan.

Nigeria has production and room to expand it to allow export. A currency devaluation will only add to Nigeiras export growth. The strain will be in Nigeria's import heavy sector and it is pain that must be endured sooner or later. The Later option will only lead to the further devaluation of the Naira any way and strain the i pot sector any way. Its better to approach it realistically, endure the pain and adjust for the right path of productivity increase and export expansion within Africa.

Oil refinery products are coming soon and i am sure will follow the path of Dangote cement across the borders into west african nations and elsewhere in Africa.

Nigeria will benefit in terms of selling more exports if its currency is weak. The focus on production is alive and should be pushed further and the currency should be allowed to settle to a realistc rate relative to the state of the economy. Eventually, local production finding it's way to export will strengthen the economy and that will in turn bring the Naira back to strength. Dont forget where a weakness in one area can be a strength in another area.

Its easy for a girl who wants things to simply accept things even if it comes with someone's deep feelings and expectations attached.
If she is in it for the things, the attached feelings and expectations will be disregarded and the things will be emphasized. The other guy is another opportunity for her and probably just another symbol of "things" to be gained rather than a real person to person love relationship.

I beg, marriage would be a long term sentence to this hard labor of usury. Your pain will pay dividends in true love elsewhere with another person because: the kind of problem she has ,does not cure over night nor after a year or two of marriage.

Her lacking is in an area you do not know lackng in. Move on and stay true. Embrace the pain and lesson because its all part of a real life being lived. Your own love & wisdom is on a better track than hers.
She is that metaphoric girl in class convincing everybody she is the school icon while you are well on your way to graduating with honors where she will have tattered papers to show and an ultimatum to stay behind and repeat the class or else drop out and try for success at subservience to people she does not care for.
Your life is well and don't doubt it. Some people are yet to pay the debts they owe and they are still spending other people's substance with nothing of their own to show.

Awesome01:
So if that was the case, you think he would have the gut to present this evidence in public? And in if that is so, you dont think NFF would have debunked his claims by presenting the credit advice used in paying the 20m into whichever of his accounts?

All of that seems possible and likely, just as much as the progress of fraud/coruption seems possible and likely in Nigeria. The Average person in Nigeria that benefits inversely from prolific coruption/fraud would be more inclined to think which of the two possbilities? Democratic consensus would be that fraud is afoot and still prevails.

Awesome01:
Sorry bros, I also have a question for you Genius. So, if you are taking up a contract or job and you are asked to submit the account you want to be paid in; you will submit 2 just because you have 2?

No i wouldnt, but everytime i did get paid, i transfered some money from the pay-to account to my other account. Also i got paid from two different sources and they each paid into different accounts in different banks from two different states.
Its very simple, the payment can always be arranged to go to any account of choice and even foriegn accounts. Also a person can chose to show any bank statement even if it is the one that does not reflect where the money was actually deposited.

That is just one bank statement. In this modern age where people cannot even manage with one sim on their phone, while carrying two phones.
Modern age where people have their house and the other in the village and plans to build another. They drive one car while the other is parked with plans to buy a third one.

And in this modern age of multiples of everything of value, we are to believe that the most prized thing ,where the money stores to buy multiple phones, multiple houses, multiple cars, multiple children and multiples of many other things, is just one single bank account?

How many of you have a total net worth of less than a sack of garri , yet have two, three or more bank accounts spread across various banks and countries?
Ehen, no need to answer or reveal your net worth, this is just to make us wonder how the question of bank deposits are answered with a single account activity statement?

Chai! All in a days work of road traffic warfare. And so it is, Big mercedes benz lays waste to itself and all else in the surroundings.

Ah. When fuel scarcity gives the vehicle and driver no work to do for survival, they must find another calling of tare.
And the future of Nigeria is very much tied to agriculture. This is prime example of the road and load to take.

A lot of currencies are lowering vakue while the dollar holds strength.
Naira isn't the only currency facing devaluation. But Naira may be one of the few running currency value manipulation schemes.
Venezuela has a complex system of exchange rates that vary with wide gaps from the black market to banks and government controlled sources. People with close ties to Government officials can get the Government exchange rate of cheap dollars and then go and sell them on the black market for a very high price.
Venezuela has a very troubled economy with a serious plague of scarity and social tensions.
It may be there is a relationship between bad economic structure and running of currency schemes that bring about various conflicting exchange rates. It allows certain people in high positions to buy at one exchange rate and then go sell at the other rate for huge profits and keep going until it permeates the greater economy and ruins the value of the currency further.

emerged01:


Oh sorry! I meant to say abounce. Lol! You are too funny. Not everybody on nairaland is a kid! If I was born at the year you mentioned how did I know him to be a rap artist? I'm very sure abounce is my age mate.

I'm a fan of his mum and one of his fans. I also know him to be an artist. I have seen in some series.

Good on you mate. You probably have seen more of his and his mums performances than myself. I know him and his family since way back but was exposed to nothing about their Nollywood side.
Maybe it has to do with myself coming from a household in Naija with no TV or Radio, and when we did have one, it was only reception of rural area programming. Also as school mates, school wasnt a place where we watched TV for a chance to see his mum at work.
I havent lived in Naija since 1990 and thats also another factor.

emerged01:

Na the middle guy o! Oga I just dey ask o! No vex o

Ok my friend. The real stage name is not Abass. Its Abounce and hes had that nick name since 1988 or 1989. Were you born by that time?
Any way, he still raps and was rapping well well the day we took that photo. Maybe hes not making albums or concerts now, but he still sticks to the art.
His mum, is his main focus these because of her age and delicate condition. Hes a good guy taking care of a good woman, his mum.

Heres another picture for you to take and do us a favor and round up fans to support him in making a living at his art so he can better take care of his mum. Maybe show the photo around to some ladies, the guy is getting grey hairs and still in need of a wife. Judgeing by his care for his mum, he will make good care for a wife as well. cheers and thanks in advance.

emerged01:

Is that not abass? Ex rapper

Why do you ask? Does he owe you money or has he offended you?
Who is Abass?

Good for her. I finally got to meet her late last year. She is frail but lucky to have her son taking care of her as she took and takes care of him. He is also now in the acting business and sacrifices a lot of himself to see his mom cared for.
I Never really knew much about her acting career, i just have a long history since secondary school days with her son. I hope he does great work for Nigeria's Nollywood in true mummy's boy fashion.
Picture when we went to hang out at her house with her son. Three old mates since way back in secondary school days. Hanging out at Bukky Ajayi's house around 4 months ago. She was very kind to me and has never offended me. I did my best to not offend her and bought her Grapes because i heard she likes them..

Follow your common sense and instinct and it will prove worth more than time and money when value is measured in life to live.
Good on you there man

Thats the kind of woman a man needs. One who is certain without a doubt or hesitation for what she wants and what she doesnt want.
A no nonsense and no wasting time kind of girl. She has thought much on the topic in her own time and is sure about her decision in the matter.

Remember that rail accidents are still common and very deadly in countries like USA where rail line is well developed and full of safety measures and monitoring.
When Nigerians were lauding their recent development and expansion of rail systems, i knew it was like celebrating the coming of the funeral undertaker, while i watch frequent news broadcast of deadly and disastrous train wrecks in USA, Canada and Europe. I still wouldn't ride rail in Nigeria because people are still mentally disconnected from the reality of the vulnerable nature of rail systems.
Its not like a road that allows the vehicle to drive around pot holes. And its not like a road vehicle that can stop on short notice and react more readily to surprise situations. Sure trains are isolated to their own throughway, but the through way is not entirley isolated from interference by roadways and other activities.

The trains that go buy in my area. They often service a local Ford auto manufacturing plant.

I worked on my own home made fuel system design and i noticed in my search on various materials and systems, that they refered to non sparking metals in certain parts that would come in contact with aerated fuel vapors. Also plastics or composites were used in as many areas as possible to prevent spark. Plastic fuel kegs are more popular in modern times than metal ones because of spark risk even though metal fuel kegs are tougher with stronger containment abaility.
Many Metals carry charges very well and can discharge those sparks from one peice to another and cross a gap that is filled with aearated fuel vapors. Thats bad. So clanking together several peices of metal in a container of gasoline open to the air, is basically the same recipe used when intending to start a fire.
The risk is reduced by the wet soak of gasoline on the metal parts, because the wet part of gasoline does not catch fire and drowns out sparks, only the surface vapors catch fire if a spark can find a way from the metal through the wet gasoline. Its possible.

In my own fuel system design, i installed my own rubber sealing gaskets and found out that many degarded in the very first day because of exposure to gasoline or gasoline fumes. Some rubber and plastics resist gasolines solvent quality while others degrade in a matter of minutes or hours. Even some special designed rubber fuel hoses can only last around a year carrying fuel before degrading.
So when parts come from an area not designed to handle gasoline, they may have rubber, plastic or synthetic composite parts involved that can degrade in contact with gasoline.
Some metal parts may have a special anti corrosion synthetic film or laquer glazed over the metal and it wont appear to be there because it is a clear coating. The risk of gasoline disolving that and leaving the metal exposed to natural corrosion is there.

Just the risk of spark alone is enough to caution. Metal clanging against metal is not good. Even electrostatic charge between the body and the metal parts is enough to spark. Petrol station modern fuel dispensers use spark preventing metal or static electricity diverters to reduce the risk of spark as the metal fuel nozzle touches the metal rim of the fueling port for the vehicle. And still sometimes sparks happen and sometimes those sparks start fires. Petrol fire is no joke.
Also petrol is medically not safe for the skin to be in contact with, The risk is there with the fumes and skin contact.

Common sense reform. If coruption cant be dealt with here, it wont be dealt with in any other sector of the government.

I spend less than half. If i spend up to half, then i worry i have made a mistake. My business investment goals must reach ,and my life is comfortable enough to not need to spend up to half.
But savings is not the end result. The purpose of savings is spending eventually. Although the longer i wait to spend, the wiser the spedning.
Also unwise spenders abound in my life who find ways to get money from me while they carry 40k naira phone next to my 4k nokia phone. Children who need school fees assistance in the same amount they were able to aquire on their own to be driving a car fine pass my own while their school fees went unpaid. Ehen, cough cough, i never mention names though. E better graduate well well inside him fine car or else i will personally sing and dance for him to "see mumu rise and fall".
This year took the biggest bite out of my savings and my spending was the most i have ever seen. But not spending on myself other than projects i took on to learn ,and with possible business/market potential. But i cant put eggs in that basket other than the expense sacrifice i was willing to make with hope in mind.
Not to worry, I am still doing well enough to have growth and progress in sight ahead for my ongoing business and future goals.
Savings for me is not so much how much i put in monthly, because that is the easy part. The hard part is how much i can have remaining untouched by the end of year. Thats the part that will make the difference between being able to invest in earning more money, or not.
There is still hope for me for sure.

Let your house have only made in Nigeria products and it will look like this and also make front page easily.

Its an impressive list of all the things that could go wrong with a devaluation. But there is a list of equally detrimental things playing out as a result of the Current CBN schemes to resist the real value of the Naira. Those things did add up to a slow of growth in Nigeria and CBN enforced dollar scarcity may be to protect it's own shortage but it made it harder for general flow of dollars among non oil dollar generating business in Nigeria. Speculation driven currency devaluation on the black market was not the only issue, but investors speculated about the risks of investing in an economy that is admistered to punish the dollar for the Nairas coruption and overvaluation. That slowed investment growth.
The issue that the Naira is overpriced has an equal and opposite effect pressuring to play out. Capping it in one area only brings it out in another. The concerns about what will go wrong should the naira go into devaluation, have equal concerns faced in the situation that the naira is prevented from going into natural devaluation. The ghana Cedi was allowed to go into extreme devaluation and was eventually redenominated to avert domestic crisis such as life savings, pensions and foriegn currency loan payments from becoming bottomless pits. Inflation is still an issue in Ghana just as it is in Nigeria. Benin republic benefits much from a low currency value.

Domestic product growth is the key. Dont forget that an overly plentiful supply of naira is making the naira very cheap next to the dollar, and in the same way, an overly plentiful supply of domestic products will make the price very cheap. So, if the Naira devalues, productivity can also devalue the price of goods and balance out the effects of a naira devaluation. And it can eventually make the devaluation a blessing for domestic product by attracting customers abroad due to the low price. That will grow the economy until the economy griws the naira value.
Keeping the naira value inflated will do no good and even with increased domestic production, it will work against foriegn export sales. Remember, China keeps it's currency value low to help keep it's massive stock of products at a low price for foriegn customers.
It may be the sad truth that when Nigerians are allowed to feel the real value of their naira, they will be forced into increased domestic productivity to compensate. The same is happening with the CBN dollar and foriegn spending restrictions, but not in a realistic manner at the grass roots of the country among the majority of people never deal in the dollar or international banking.

Remember that Dangote cement has dropoed in price again and again all along the way of inflation and the devaluation of the Naira since it was listing at 150 to a $. Dangote is very much expanding export of cement and increasing the production at home and abroad. The lines of dangote cement trucks exiting Nigeria's western borders is continuous to the point now that a dedicated railway would be cheaper (that catapulted industry and growth in USA, Europe and China) . The key is that Dangote product is getting cheaper and growing despite the fall of the naira and rise of inflation at home. His industry infact bolsters nigerias GDP.
How is it that the most successful business man is thriving in all these so called problems and bringing down prices at the same time?
He is not decieving himself nor playing games. He is attuned to the concept of real international equity and real valuation. That is the integrity that makes dangote a viable economic factor in Nigeria. Nigerias economic model and market culture needs to take a lesson and evolve.

If cement were a living, Dangote proves that cost of living can go down despite rise in value of naira and inflation all around.
The truth is that oil production has gone up and thus oil prices have gone down. So, petrol at the pump prices should go down. Why are they not down? I know gasoline is mostly imported but the foriegn sellers are selling cheaper now too. Somewhere in Nigeria is a corupt black hole sucking the life and value away.
Cement prices are down, oil prices are down, and all other sectors rely on these staples to survive. Oil fuels transport which delivers electricity, carries goods along roads. Cement builds infrastructure to house all that we value.
In fact, everything should be seeing a bit of a price drop.
None productive black holes, parasitic entities are surely to blame. People with no grasp on the importance of true equity and international equity in a global market.

I bet dangote would thrive as well as china did, if the Naira were allowed to naturally devalue with minimal controls. Dangote would sell more exports just like china, and just like china, that boosted their economy to the top of the world until the almighty dollar itself was knocking on their door, begging them to raise the value of their currency to be equal to the dollar (International equity). China refused to increase the value of their currency.

Only someone invested in a black hole of non productivity will struggle to keep a currency skewed against international equity so as not to bear the brunt of its own consumption of what it has not earned. Nigerias favorite coruption practice, to chop what it has not earned and to chop it again and again and again. Its not surprising that CBN and many other sectors of Nigeria work to keep the naira in false value.

Dangote is a glaring case and point for a viable solution, but most Nigerians are all about the flare of show of themselves and what they have aquired with ease despite no productivity to show for it, no eqitability. Same thing with all the surplus naira, lots of Naira with no equitability to show for it. It then becomes cheap, devalued, everyone has more of it than there is product to spend it on, so they are forced to buy imports.

Meanwhile, Dangote is lined up to make oil refinery happen reliably in Nigeria. There is so much that can be done to grow Nigerias productivity and the least of it has to do with worrying about the superficial currency. Oil with refineries will be a huge boom industry to supply into west Africa and beyond. Cement to build strudy riads and buildings, agriculture, auto (innoson and others) industry, steel and raw materials, electricity supply to power such growth and industry. China will be cheap and challenge even the economic growth of USA.

It would have been better for Nigeria to place steep tariffs on strategically select imports rather than a broad sweeping restriction on the entire market via currency restrictions. Steep tarrifs on select impirts would firce domestic production up.

I guess the insidious corruption is once again the poison in the water that drove the National currency restriction policies. It may have been contrived out of desperation to get a handle on embezzeled Naira being converted to dollars and then funnelled out to foreign bank accounts. Its always sad to see the victims punished to weed out a theif or the victim imprisoned to keep him safe from theives.

Yes, the outrageous drop in Naira value to nearly 400 to a $, was caused by speculators trying to capitalize on the scarcity of dollars. But the scarcity of dollars immediately started the trend of the dollar being priced even higher than before against the naira. That was caused by CBN measures, The speculators were just a reactionary follow up, and driving it beyond 350 to a $ was purely their greed in action.
Still, the CBN valuation of the naira at around 199 to a $ is not natural market forces any more than the speculated 400naira to a $ was.
Its clear that many experienced voices in Nigeria such as Emir Sanusi, think the natural state of the Naira at present is best reflected by allowing a devaluation. Certainly not at the rate speculators would drive, but something reasonably higher than 200 to a $ and less than 305 to a $.

" pressure on supply has deployed over $11.7 billion to support the agricultural sector, SMEs, manufacturers, and others. This has reduced the patronage of black market by end-users and has forced rent seekers to dump the greenback, thereby creating a dollar-glut in the black-market."

If the CBN wants real impact on the naira value, the above quote is along those line. Deploy significant support to local manufacturing and products.
The CBN's policies led to the speculator's panic amd caused the naira to come under unnatural downward pressure. Sure they had a long range plan, but the methods not only incited currency market panic but also put pressure on investor confidence. Investment and growth have fallen and i do believe the forex binds influenced that a lot.
The long term goal of local production expansion is still in play and an inevitable requirement for Nigerias stability in growth, but it is being coaxed along in a rough way that leaves significant market wreckage along the way. I guess some people feel it better to demolish parts of the house to make room for better sections or additions.
It can only all make sense when we factor in that it is a house fractured along every seam, fractured by insidious coruption. CBN itself was driven in a panic just like the speculators and CBN is not free of speculation in its own reasonings. CBN was set into a panic of it's own by the drastic drop in oil prices and you never hear Nigeria crying when the price of oil goes too high, but they cry when the price of the dollar goes too high. Nigeria with CBN's blessing would gladly sell oil at $200 a barrel if no one was there to control against it, and they would rake in the cash regardless of how artificcially inflated the price may be or the damage it creates to valueaboe customers around the world.
China rose to the world economic giant by selling cheap, keeping a relativeley low value currency and being extremely productive (even though i beleieve they are very environmentally destructive).
It is only fair that Nigeria have some devaluation in the Naira when the major product of it's economy has greatly dropped in value, Crude oil.
Price gouging and corruption are still a significant issue in Nigeria where thrives overpricing or claim to value that isnt really there. Especially with great increase in local production, overpricing will do no good. I hope for an extremely productive Nigerians with so much available that it causes sellers to significantly drop prices in order to sell. And i hope the diehard hoarders will be so overwhelmed by an excess of product that it would be more costly to hoard it all than to sell at reduced prices that reflect international equity.
Nigerians Talk about international equity in terms of wanting $1 to equal one Naira, but most Nigerians carry the traits of people who would have a naira equal to a dollar yet would sell a substandard product for 5naira when the same product of higher quality and made in USA would sell for only $3.
International equity begins with equity in the real value of people, goods and services. The currency is just superficial paper noted as a legal contract to tender goods and services. Goods and services are the true real value among people.
One of the most expensive places in the world to live, had the worst currency value on earth and still has major issues with corruption and substandard living for average citizens. They have many empty developments unoccupied because not enough people can afford to oay for them. There is no real equity in the overpriced place. It all averages out to being overpriced while human beings are devalued.

The devaluation is due. Nigeria is so bent on keeping it's currency according to comparisons with foriegn currency. The dollar in particular. The dollar is the premier international standard by virtue of its abundance. The US dollar circulates more widely than any other around the world. There is more dollar wealth than there is in any other currency.
So, going by international standards, it is wise for Nigeria to not keep it's head stuck only in the dollar which is from a land so far away and of a standard of lving and productivity so far beyond Nigeria on average.
Even the dollar in USA is considered in terms of international economy.

My point is that Nigeria needs to consider what other currencies in the world are doing. Nigeria best start by looking within west africa. The CFA has been progressively devaluing next to the dollar and it is used in Benin, Togo and Ivory coast.
The dollar is strengthening right now and it shows as the Nicaraguan cordoba, Peruvian sole and many currencies of developing countries around the world are being devalued. Its only natural within the prevailing global economic system.
Nigeria is fighting against itself by concerning itself with the value of the dollar.
Cost of living is still cheaper than Nigeria, in republc of Benin, where the CFA has devalued to 600 to a $. It was around 495 less than 6 months ago. It means benin made goods are cheaper for buyers outside of benin and possibly no difference noted among native residents. Nigerians flock to buy from Benin and benin benefits greatly from it despite 600cfa to $1 exchange rate there. It is because they are very productive and even channel their imports into exports that go to Nigeria and beyondl Togo is very similar.

Only those with a chronic taste for foriegn imports will suffer. That is Nigerias problem, and the money to buy imports must come from somewhere and it can only come from local Nigerian Product. Its called trade for a reason. Not simply to trade cash for goods- but that the cash represents one good traded for another. Cash is just a medium for real value. If you are blowing cash that comes without sufficient productivity on the end that earned it, it will fall short eventually on the end that spends it. Thats the reason why printing money just to have it without any producivity or real value to represent it, will always render the money into devaluation. It can reach so out of hand that a roll of toilet paper will have more value than a sack full of the abused currency. But all is not lost if inflation is controlled and productivity boosted.

Nigeria has a lot going for itself in terms of earning among west african nations. Dangote cement floods west out of Nigeria into west africa. Many other products can do so also and it can be a huge source of income for Nigeria. Africa is huge and a lot can be earned by producing in Nigeria and exporting within Africa. It already happens, but it needs to expand and is the real key to dealing with the value of Nigerias currency.
Start by comparing it to what west african currency values are doing and then start being more productive in terms of what can benefit west africa and expand even more from there to the whole world.
Nigerias currency cannot hold up in an atmosphere that imports more than it produces, especially in a relatively underdeveloped state.
Let me remind Nigerians that republic of Benin is no economic giant but it exports so much to Nigeria and is able to supply *daily* electricity and treated tap water to it's own cities.
Stop concerning about currency value and start being more productive, greater productivity will actually make a devalued currency quite beneficial to growth. China thrives in it's export heavy economy by doing all it can to keep it's currency low next to the dollar. China attracts more customers to buy low priced goods. Thats how China rose to Number two wealthiest nation in the world and very nearly surpasses the US dollar economy. And still China refuses to allow it's currency value to rise close to or equal to the dollar. It wants to be affordable so as to attract the most customers around the world. Same is true in Benin republic selling much to Nigeria with it's CFA vakued at 600 to $1.

Nigeria is overpriced in many ways and that is the key to inflation. And see Nigeria now trying to over price it's currency when the very habit of overpricing everything adds to the causes of currency devaluation. There are so many countries better developed than Nigeria and they are cheaper and safer to live in and invest in than Nigeria.
The simple fact that every corner in Nigeria has another person shaking someone down for money, bribe or dash, raises the cost of livng and investing in Nigeria, then the lack of power, water, good roads and hygenic environment raise the cost of living and investment. And then factor in safety in Nigeria. Not just terrorism, kidnap and such, but the high risk road traffic and health care sector. Its all very costly to *live* in Nigeria and still no matter how much one can afford to spend, people still are more likely to die unnaturally. If you doubt this, consider why a billionaire in nigeria who donates to build a world class hospital in Nigeria wont dare to stay in Nigeria for imporant medical care.
Its the real test for the real value in Nigeria and it translates in the long run to the relative value of the paper people call Naira. Nigeria can be medically productive, technically more productive and more. Corruption is a huge load, it is the anti-productivity, the roadblock to progress, the nail in the foot that steps forward, the fire consuming the house and the drought that dries up any water that would extinguish any fire. Insidious.
Forget the Naira, it is just paper just like the dollar. The real value is in the real things that make a society and any nation function and be valuable to people of the nation and people the world over. Value people and the effort they put towards what benefits others well. That is all that matters.

Chai! Is this another act Baba Pastor made "in Jesus name" ?

Nigeria, the investment capital of the world. Everybody running to sell and invest in something in Nigeria while Nigerians buy into it all without really understanding the low lifes out there waiting to cash in on deceptively selling people refuse as food. All for profit over Nigerian people they have conceit for anyway.

Coming to America while steeped in old fashioned Nigerian culture normalcies can easily find Nigerians in serious criminal and civil trouble. Civil and human rights are not an after thought in America like it is in Nigeria. Stern and harsh punishments in Nigeria lead to very submissive subordinate groups who then become very easy prey to unjust coercion by people who would be abusive.
Nigerians are so used to this and so fearful of harsh retribution that they tend to accept abuse and usury as best they can so as to avoid further complications from their abusers. It is to the point that an average nigerian does not recognize average senarios of abuse, usury or coruption in general.
Many Nigerians will claim that it is their national standard and heritage that sets apart from other nations in their approach to the world charter of human rights and fair practices. Yet despite the claim by Nigerians to a Nigerian national standard set apart, you will see those same Nigerians very unsatisfied and disturbed by the effects of that very standard. All the hallmarks of blatant denial and refusal to commit to more humane ways. Its a simple human thing irrespective of nationality and cultural heritage.
It is so pervasive that there isn't a good chance for anyone with a good moral concsience to thrive in Nigeria. Nigeria will bend people with suffering by corruption into corruption.
Average acceptable practices in the common Nigerian Hustle do appear quite dodgy or shady when played out in America or UK or countries with a better commitment to fair practices. Nigerians can be quite convinced that they are doing nothing wrong while appearing absolutley inhumane and corupt in America. Because in these countries, it is quite clear to them the problems that ensue from those practices which coincidentaly are the same problems Nigeria is plagued with while in denial of the corelations between the practices and the ensuing problems.

Concern for your fellow human beings even if you can do nothing for them, it is just as important what you dont do to them.

Chai, it is one low point to die under a fallen trailer, but another even lower point for the trailer to be full of rubbish.

I Beg, this OP is proper accountability for Nigeria's currency value. It doesn't matter what measures govt. takes to control currency flow and value, if they are not inflating the value of Nigeria's productivity, then there is nothing to back the currency or soend the currency on except on imports. Amd as far as imports go, very few countries want to sell their wares in exchange for naira. The faith in the Naira on the international market will only go as far as faith in Nigerias coruption and stability as a nation.
Sure Nigeria is a giant economy in africa, but to have Naira currency rank internationally, Nigeria has to provide more produce and good faith as opposed to coruption reputation.

When they finish, they will look like pigs, smell like gutter and be infected with cholera, hepatitis, dysentry and all that on top of the gonorrhea they had before covering themselves in sewage.
What man will want them after this? No man will want them and they will be forced to become gay lovers to each other in the end.