LikeAking:


There are smaller nations in Africa in a similar situation like the Arabs, yet their currency is messed up.

You may think your claims are correct, but in reality they are rong.

Every nation as the right to fix the value of her currency at any value. African nations are using it to dia disadvantage.

Nigeria has about 200 million people depending on forex mostly from no more than 2 million barrels of crude oil & remittances from abroad with loads of importation

These claims are wrong. They are not calculating the money made by banks and co, etc. Lots of money from the diaspora and investors and etc. This is just a one sided calculation on crude.

Ask your sef, is Nigeria actually poor as they claim?

Check the amount spent on imports in Nigeria, its too small for our population. Majority of the funds was spent importing petrol.

Nigeria is actually not importing too much as they claim, although its still bad to import at this rate.

Forex is not our problem, the CBN is just withholding the forex.

African leaders/economies are slaves to the law.

You can fix the Naira at $1 to 1 naira, but can the CBN provide a dollar for every Naira in circulation? Obviously a big NO. That's commonsense economics. CBN is 'withholding' some forex obviously because it's only commonsense to keep enough forex for some months worth of import just in case of emergency. There's a reason everyone keeps some emergency funds.
Yes, we get forex from other sources other than crude oil export, and that's obviously why I mentioned remittances. But we don't have excess forex to defend our currency at the rate we're consuming.
Maybe it we can get rid of petroleum imports then there'd be a lot more dollars to spare for other things

Why can't the Chinese yuan for major exchange rate.....
So as to ease pressure on customers looking for dollars

wirinet:


Are you alright? How can you compare Nigeria to Saudi Arabia?
Saudi Arabia exports over 7 million barrels of crude oil everyday for a population of about 35million (including 13 million expatriate workers), while Nigeria barely exports 1 million barrels of crude per day for a population of over 200 million. And I have not added revenue from tourism (pilgrimage) and various investments around the world.

Well said!