Bluffly:

Except we take charge of our lives through local production of items we will keep cosmecting the economy expecting the exchange rate to determine our future. When we have high exportation and less of imports exchange rate will drop as we will have dollar chasing our currency. Not this syringe injection that cannot last.

Here are more determining factors that are not far-fetched
Inflation Rates. Changes in market inflation cause changes in currency exchange rates. ...
Interest Rates. Changes in interest rate affect currency value and dollar exchange rate. ...
Country's Current Account / Balance of Payments. ...
Government Debt. ...
Terms of Trade. ...
Political Stability & Performance. ...
Speculation

Let us build a working economy and not a cosmetic one like we have since time immemorial

As much as I support local production, I love to admit that it is impossible in a short time, and will probably remain low even in the the long run. This is because the use of foreign products in Nigeria is not because there are no Nigerian counterparts, it's just an inferior mentality that foreign are better.
The government itself has not been helping matters. It's about making policies only, it's by leading by example. We have Innoson motors, how many top government officials has purchased one of them? We have local rice in some states, I can bet some of their governors have never tasted them. All these will not encourage local production.

On the exchange rate issue, if we're to produce locally now, we'll either have to import some of the necessary inputs or process some of the outside the shores of the country. Due to the high exchange rate, at the end of production the prices of the products are almost equal with ones imported. I can bet even you will purchase the imported ones in this case. I met a guy last week who was advertising bow ties he made to me for N700. The imported one of the same quality costs about N1,300 with cufflings, and this small suit napkin. Which do you think I'll go for?

In a nutshell, you have spoken the truth, but the exchange rate matters a lot to a developing country.

debolayinka:

As much as I support local production, I love to admit that it is impossible in a short time, and will probably remain low even in the the long run. This is because the use of foreign products in Nigeria is not because there are no Nigerian counterparts, it's just an inferior mentality that foreign are better.
The government itself has not been helping matters. It's about making policies only, it's by leading by example. We have Innoson motors, how many top government officials has purchased one of them? We have local rice in some states, I can bet some of their governors have never tasted them. All these will not encourage local production.

On the exchange rate issue, if we're to produce locally now, we'll either have to import some of the necessary inputs or process some of the outside the shores of the country. Due to the high exchange rate, at the end of production the prices of the products are almost equal with ones imported. I can bet even you will purchase the imported ones in this case. I met a guy last week who was advertising bow ties he made to me for N700. The imported one of the same quality costs about N1,300 with cufflings, and this small suit napkin. Which do you think I'll go for?

In a nutshell, you have spoken the truth, but the exchange rate matters a lot to a developing country.

Our perception and refusal to be world class through works is a major challenge as well. Nigerians sill have issues with some foreign products because they are not sure of the quality.
I want to believe that if it works for the foreign countries it will for us too, if we take absolutely safety measures in what we do. I'm sure that innoson motors has no Research & development and even if they have its just an office. Without showcasing of works and testing no one we believe a product and their will be no faith

tetralogyfallot:
Misplaced priorities. Subsidizing the dollar is never a sustainable way of improving the economy. Hike in dollar price is simply as a result of high importation of refined oil. Am still wondering why this government sees building of new and effective refinery as a rocket science. We are good in tackling the symptoms and not curing the disease.

It is not the responsibility of the government to build refineries, running a refinery is a buisness, while we have state owned businesses,it should be in the hands of administrators.

efesodje:



These are only temporary measures. It is not sustainable. They are just pumping in money so the value of the naira goes up. For how long will we continue this?

The best thing for the nation right now is for us to be exporting and not importing most of our goods. We are not exporting; rather, we continue importing, thereby putting pressure on our foreign reserves which are in dollars. It is making the demand for dollars outweigh supply.

In a situation where there is nothing to increase the demand for the local currency, the naira will continue to perform poorly against the dollar. There is no way that the CBN will continue to pump money into the market and think that it can sustain it.

bro is it possible 4 naira 2 b peg wit let say singapore or uae dt their currency is strong 2 a dollar or euro.so dt nigeria can start cheap import dt we can re export 2 w.africa

Ji Masun��‍�

MAYOLAD TECH LTD IS HERE
� We trade Bitcoin (Buy and Sell bulk and small quantity) at a very best and cool rate

�Paste your single or those bulk gift cards.
� ITunes
� Amazon
� Steam
� Etc
Rates are dope.. Direct loader right here y'all �

Bring your rates, I swear I go beat am..
Come collect my naira in exchange for your gift cards asap.

Stop sleeping.. DM asap..
WhatsApp or call 08077797583
Website http://mayoladstore.com/

Huobi is the top digital asset platform which allows any crypto lover to be able to have more flexible options when trading
if you want to buy/sell Bitcoin its a safe place for you [url]otc.hbg.com[/url]

also, you can trade over 200+ pair of cryptocurrencies
[url]www.hbg.com [/url]

with all the injection of currency where is the transparency of it all

It's not a good one

charlyjike hello

ok very Good, Earn Free Cash Online
Make Extra Money With YSense
answer surveys, try new products
https://www.ysense.com/?rb=59401770

I hope this will contribute in the growth of the economy

Naijapara crypto exchange�

We buy Bitcoin & All kinds of Gift Cards.���

Benefit of trading with us
1: Awesome rate in Units and Bulks�
2: Fast Payment��
3: 24hrs Service ��

We also run an entertainment blog for young artist, visit naijapara.com for your entertainment news, latest music download, and Trending Gist.

Naijapara cryto exchange..
Buy bitcoin and all kind of gift cards at the best market rate.
Contact me on the whatsapp below.

https:///2349073390003