Dear nairalanders, if a government policy equates N1 to $1, what are the likely economic/general implication on Nigeria.

Economists in the house..

Introvert how much u don get as u de be first to kwoment??

Effect on our economy is that Nigerians would stop killing themselves to travel abroad

since we Nigerians rely mostly on import, then the cost of buying these goods needed for production will reduce hence the price of goods will also reduce. All these phones we are buying at exorbitant prices does not cost more than $300 over there, imagine a phone being sold at #66,000 will now cost just #300 (using $1 to #220). Just look at everything u think we import cars, phones, laptops, electronics etc. Will become cheap.

I believe the situation can also be likened to an Ibrahim Badamosi Babangida who decides to offer his 2 years old grandson admission into his university.
You and I know what the end of the hypothetical situation above would be.

Instead, the government can fix our refineries, build more, halt the importation of petroleum products, encourage the petrochemical industries through the formulation of viable policies and the provision of tax breaks to companies that employ more people, improved infrastructures and power.
The above will provide employment, grow GDP and encourage FDI. Also, importation of Tokunbo vehicles, agro products grown in Nigeria, textile products etc. should be out rightly banned. These are stringent measures which will attract grave criticisms both within and outside the country; but then, it will pay off with time.

Furthermore, Piracy and corruption in every form should be regarded as a felony. Policies backed with strong commitment from the LG,SG and FG should be formulated in the Entertainment, Culture and Tourism, Agriculture, Manufacturing, Transportation, Science and Tech etc. These are just a few things our country can do.
In conclusion, a strong currency doesn't necessarily imply a thriving economy; A stable currency does. Productivity should drive the economy not forceful declarations from some group of people