I call upon experts in the house ,to please proffer lasting solution(s) to the persistent fall in our naira.

This naira belongs to we all,let's protect it in our own little way.

Your comments could be instrumental in saving the dying naira.
Thanks

Yes I'm interested too.

We've heard about diversification but you'll have to agree with me that diversifying the economy is a long term thing. I'm interested in a stop gap measure to halt the sliding of the naira.

Cancel 500 and 1000 naira. then Enforce the Use of Those Coins.

Whr ar 'em experts ind hse

Vote out Jonathan come 2015 and the naira will be saved from a clueless leader.

You question should be "any solution to fall in Crude prices"


Solve the above and see the Naira bounce back to glory.

Next, stop importation and don't forget to buy farm implements and at least start with subsistence farming (horticulture, animal husbandry or both)

it's really disheartening the rate at which the naira depreciates. this is no time for saving

Ngwakwe:
You question should be "any solution to fall in Crude prices"
Solve the above and see the Naira bounce back to glory.
Next, stop importation and don't forget to buy farm implements and at least start with subsistence farming (horticulture, animal husbandry or both)

Exactly.

These hopeless orang-utans (the people and their leaders) are so addicted to imported top-end goods, I see them going cap in hand to the IMF / World bank in the nearest short term. Just go to the ports and see how much these losers are throwing away importing top-end vehicles that we have no roads to drive them on.

Logic tells me we are born slaves.

signz:
Yes I'm interested too.

We've heard about diversification but you'll have to agree with me that diversifying the economy is a long term thing. I'm interested in a stop gap measure to halt the sliding of the naira.

I agree with you that diversification is a long time thing but the truth is that any short time measure without diversifying the economy,will not last or might just keep the naira at a fixed point (and already,I think its on a red line).
an aspect of concern to me is when people(especially our politicians ) make their transactions within Nigeria in dollars.
this has much negative effects on our naira.
can't this act be made criminal?

acenazt:
Cancel 500 and 1000 naira. then Enforce the Use of Those Coins.

I have heard people talk about this, but can you explain its "pathogenesis"?
people really argue this back and forth,some even suggest introducing an higher denomination.
how does it result in stability of the currency?

drlaykay:

I have heard people talk about this, but can you explain its "pathogenesis"?
people really argue this back and forth,some even suggest introducing an higher denomination.
how does it result in stability of the currency?

the World Powers have 100 as the highest Denominations. but to really stabilize our Currency,the amount of money in circulation should be withdrawn and a new currency should be introduced.

Read Tinubu's piece on this topic in today's vanguard(online edition.)A very interesting and thought provoking write up.

dat9jaguy:
Read Tinubu's piece on this topic in today's vanguard(online edition.)A very interesting and thought provoking write up.

can you please share here so all can benefit.

The best way to boost the value of the naira is through economic diversification. Nigeria need to develop the agricultural sector, the service and the manufacturing sector. The more we produce, and and create value for our manufactured products, the more the value of the naira increases. High demand for our goods will push up the value of the naira as we consolidate our area of specialization in the manufacturing sector.

I think we need to stop non essential importation
like used cloth and petty product
we should stop the repatriation of 100% profit
made by foreigners. and should encourage re
investment
all companies operating in Nigeria must operate
with Nigeria banks for settlement of all
transactions.
government should encourage importation of
capital goods. and encourage export of processed
export.
government payment of oil revenues should be
paid directly to Nigeria Banks.
government expenditure should not increase more
than 10% for the next 24 month.
government should open up more land for food
production in a way it will crash it price and free
manpower to manufacturing for a rebound of the
economy.
government should come up with a project to
supply gas to all Industrial estate so as to reduce
production costs by 60%
let me stop here.

gnykelly:
I think we need to stop non essential importation
like used cloth and petty product
we should stop the repatriation of 100% profit
made by foreigners. and should encourage re
investment
all companies operating in Nigeria must operate
with Nigeria banks for settlement of all
transactions.
government should encourage importation of
capital goods. and encourage export of processed
export.
government payment of oil revenues should be
paid directly to Nigeria Banks.
government expenditure should not increase more
than 10% for the next 24 month.
government should open up more land for food
production in a way it will crash it price and free
manpower to manufacturing for a rebound of the
economy.
government should come up with a project to
supply gas to all Industrial estate so as to reduce
production costs by 60%
let me stop here.

you raised good points.the next question that comes to mind is "what stops government from carrying out these measures?"

https://www.youtube.com/watch?v=hRtlhKc87tM

[size=15pt]Nigeria's Naira Dwindling Fortune[/size]

gnykelly:
I think we need to stop non essential importation
like used cloth and petty product
we should stop the repatriation of 100% profit
made by foreigners. and should encourage re
investment
all companies operating in Nigeria must operate
with Nigeria banks for settlement of all
transactions.
government should encourage importation of
capital goods. and encourage export of processed
export.
government payment of oil revenues should be
paid directly to Nigeria Banks.
government expenditure should not increase more
than 10% for the next 24 month.
government should open up more land for food
production in a way it will crash it price and free
manpower to manufacturing for a rebound of the
economy.
government should come up with a project to
supply gas to all Industrial estate so as to reduce
production costs by 60%
let me stop here.

How much does Nigeria spend in importing used clothes?
Infinitesimal?
Nothing?

You post smacks of red herring.

Ok what is wrong with this one pic seun when did you turn this site into linda Ikeja ?

drlaykay:
you raised good points.the next question that comes to mind is "what stops government from carrying out these measures?"

lol.. some bad belle people won't allow it to happen. It will make looting very difficult.

.

What about the proposed system by former CBN Governor Charles Soludo in 2007 to move the Naira by double zero digit backward Something like that, Can't remember very well.

gnykelly:
I think we need to stop non essential importation
like used cloth and petty product
we should stop the repatriation of 100% profit
made by foreigners. and should encourage re
investment
all companies operating in Nigeria must operate
with Nigeria banks for settlement of all
transactions.
government should encourage importation of
capital goods. and encourage export of processed
export.
government payment of oil revenues should be
paid directly to Nigeria Banks.
government expenditure should not increase more
than 10% for the next 24 month.
government should open up more land for food
production in a way it will crash it price and free
manpower to manufacturing for a rebound of the
economy.
government should come up with a project to
supply gas to all Industrial estate so as to reduce
production costs by 60%
let me stop here.

Your suggestions sound like sweet rhythm to the ear, but they are theoretically hypothetical and practically complicated. This is mostly because you focused on one side of the coin.

For example, have you considered the consequences of stopping investors from repatriating 100% of their profit? And the implications of government stemming the increase in expenditure while an economic crisis is weighing in?

tit:


How much does Nigeria spend in importing used clothes?
Infinitesimal?
Nothing?

You post smacks of red herring.

petty cloth maybe infinitesimal, but have you heard that drops of water makes mighty ocean. if Aba can produce new polo shirt for 500 naira. I think I will buy one every other month.
70% of what we import we don't need them.

Justcash:


Your suggestions sound like sweet rhythm to the ear, but they are theoretically hypothetical and practically complicated. This is mostly because you focused on one side of the coin.

For example, have you considered the consequences of stopping investors from repatriating 100% of their profit? And the implications of government stemming the increase in expenditure while an economic crisis is weighing in?

how is it complicated and focus on one side. the foreigners can repatriate but not 100%.
it is like a drain pipes since labour is very cheap in Nigeria. the amount of money left in the economy will be meagre there by leaving little saving in the long run no investment. while on the side of the foreigners they gain more to sustain there home country economy.


the whole thing is just like draught board game

drlaykay:
you raised good points.the next question that comes to mind is "what stops government from carrying out these measures?"

madam ngozi maybe aware or not. the point I raised up there are essentially costless. the idea of withdrawing from that excess crude account can only help save the naira for about some month ( let me guess till Jan 10) even running to the IMF cap in hand will not help in the long run because our economy is dependent on crude oil and it price is volatile.

hopefully if we do really want to develop and have stable economy. I would suggest that the next coming administration should ensure that industry of the economy should contribute more than 10% to ensure stability even in recession.

We should do what Robert Mugabe did.

Ditch our currency and adopt the US Dollar or even the chinese Yaun.

This was a master stroke by Mugabe.

This is the very first step.

Get a government that is able to do what needs to be done. Clearly all PDP govts have been unable or unwilling to implement the necessay policies

focus7:
Vote out Jonathan come 2015 and the naira will be saved from a clueless leader.

Stop the importation of goods and increase your local production.

lonelydora:
Stop the importation of goods and increase your local production.

Tinubu will choke on cassava bread.
his palate is now used to the bread from Old Horse station near Trafalgar square.

Let us face facts. The fall of the Naira is good for the economy. A devalued currency helps local producers. That is why Japan's economy always sinks when the Yen gets too strong. The only problem is the way that the Naira is going down. The fall should be controlled by CBN not dictated my the larger markets lack of faith in Nigeria's economy due to world crude prices.


If you notice, price of imported fish and chicken will increase, making local alternatives more attractive and helping the local producers make profit and therefore expand leading to greater employment. Price of imported cars will increase, making locally produced ones more attractive. If Nigeria wants to provide jobs fr Nigerians, imported goods must be made less attractive by either devaluing the currency or placing tariffs on imported goods.