What are the main disadvantages of floating the Naira?

labamo07:
I want to earnestly hope this is not just a paper forecast?.......................

Bro I hop nd pray ooooh

Dottore:
We are watching. I'm tired of all these pocket economic theories. Though the source of this particular article is a reputable one but the truth remains that the complexity in Nigeria's economic realities have timelessly contradicted all conventional academic economic tales hence the CBN Governor and his crew have resorted to trial and error economics.

Interesting...let's hear YOUR theory sir...since you are so quick to dismiss that of another probably well versed in these matters than you are

DealMogul:



Interesting...let's hear YOUR theory sir...since you are so quick to dismiss that of another probably well versed in these matters than you are

The economic team and Nairaland pocket economists have been unveiling "Well versed" economic theories that never worked. So what's the need of reading more instead of watching events unfold
Also if your sound knowledge of economic matters hasn't made you a billionaire and contributing to the well being of others then there's no need boring people with bogus terminologies.

neocortex:


I hope that doesn't happen because it will spell disaster for foreign investment for a long time,
unstable forex policy is the greatest fear of investors.

Nope. Policy withdrawal or reversal is a common thing. Nigeria is not the only country in this mess. Many Oil dependent countries are facing similar issues.

Russia, Angola, Venzuela, Saudi Arabia etc. Venzuela is even finding it more difficult. They have a mad president.

eleojo23:
Nobody should write any more article on this Forex stuff until we see the new exchange rate biko

exchange rate from US money transfer portal I use has dropped from N319/$ to N279/$ as at this afternoon. The thing fear me small, good one for naija sha if it can be replicated on other fronts.

Dexema:
exchange rate from US money transfer portal I use has dropped from N319/$ to N279/$ as at this afternoon. The thing fear me small, good one for naija sha if it can be replicated on other fronts.

Why you fear na?
Was it an online transaction?

eleojo23:


Why you fear na?
Was it an online transaction?

Yep, why I nogo fear na! Though I love naija and would want the Naira to recover, I didn't just expect this lucozade boost jump in record time.

Dexema:

Yep, why I nogo fear na! Though I love naija and would want the Naira to recover, I didn't just expect this lucozade boost jump in record time.

Pardon my many questions. Please which Bank's card did you use?

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eleojo23:

Pardon my many questions. Please which Bank's card did you use?

I was receiving money, and it got paid directly into my account.

Dexema:
I was receiving money, and it got paid directly into my account.

OK. Thanks.

eleojo23:

OK. Thanks.

you are welcome, feel free to ask me any other questions via WhatsApp this is dexter.

Before the theories above will work ..dollar price wil lgo up ..what we saw last week after announcement was panic reaction since the floating has started today you will agree with me thatso many people that needed forex and ddidnt see before will flood the market with demand that will push the price north ..you can quote me on this naira will reach around N500 per dollar before it will starta steep journeey south but at the long run we will enjoy it

Atmmachine:
Please, I need answers to these questions
Goodluck Jonathan was accused of stealing billions of dollars, he saved no money for the incoming government.

When Buhari got into power, the price of oil went down, the economy went bad, there's no source of income for the government.

Where are all the money this present government spends come from ??

Very stew peed comment, to think that 15 more highly stew peed fellow liked your comment. SMH for your generation.

mineANDurs:


Nigeria has a population of over 170million therefore if importation is to be totally banned, it will not take us more than one month to consume all food items in the market and not more than six months to consume non food items.
Nigeria is barely industrialised and cannot produce enough goods we need to survive, so if that should happen Nigerian's will die of hunger and the surviving ones will be wearing rags by the time industries will be set up to take care of our needs.
No country is self sufficient,even the worlds most developed countries imports one thing or the other. The idea is to bring down the imports to only inevitable commodities.

All countries are inter-dependent.
What Nigeria needs to do is to provide basic ammenities and make good policies that will encourage local production thereby making imported items more expensive and less attractive.
It is a long term thing and can never be done in a short while as PMB is trying to do, hence the agony and hunger in d land.

Japan, Mexico, Pakistan, United State, India, etc are all over 100 million in population but yet importation are banned on certain goods. India for example will never import wheat, they provide it for their population of over a billion and this wheat is poduce in a city not a big as any of Nigerian state. So why should importation not be banned of certain goods?

Without banning importation of what we can produce, how feasible is the industrialization you mentioned?