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Serious countries of the world float their currencies. It's madness and an abnormally that Nigeria is defending the Naira with US dollars in the first instance. Defending naira with scarce forex reserve is senseless and we have been doing that for decades. It's living a fake economic lifestyle.

South Africa, US, Australia, Canada, and many major economies of the world float their currencies.

There is no magic wand to immediately fix the naira. Government policy have both long term and short term effect.

Fix: Nigeria should gear towards an export based economy and move away from importing human hair, toothpick, ponmo and all sort of rubbish foreign product.

Indonesia and Nigeria started around the same time, in the 1970s, Indonesia floated its currency. Now it's an export based economy with almost 150 billion dollar in it's reserve. Indonesia is aslo a developed country and is one of the Asian Tigers.

Indonesia is the 16th largest economy in the world by nominal GDP and the 7th largest in terms of GDP (PPP).

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To move to exporting other commodities aside oil e.g. agriculture in a bid to become a truly based economy, government needs to fix insecurity as well.

People should forget about this export issue, the truth is nigeria can't export much until we fix infrastructure. How can you export when there no light to manufacture or polish raw materials?

Omihanifa:
People should forget about this export issue, the truth is nigeria can't export much until we fix infrastructure. How can you export when there no light to manufacture or polish raw materials?

I agree, but infrastructure needs money. I would rather the government spend the almost $20 billion a year in defending the naira on infrastructure like power. That would go a long way and we can even export technology as a result.

Agbados have been ordered to go online and prepare your pliable minds for the free fall of the naira.

The dollar will be N10,000 before the end of the year.

Good deal for people like me earning forex from outside the country.

As a Medical Scientist practising in Australia, I welcome the free fall of the naira. E favour me and my family.

Agbados should not be allowed to leave the country. They must enjoy the economic dividend of emilokan.

Sctests:
Agbados have been ordered to go online and prepare your minds for the free fall of the naira.

The dollar will be N10,000 before the end of the year.

Good deal for people like earning forex from outside the country.

As a Medical Scientist practising in Australia, I welcome the free fall of the naira. E favour me and my family.

Agbados should not be allowed to leave the country. They must enjoy the economic dividend of emilokan.

I also live abroad and practice as a professional, it favours me as well, but I don't gloat and laugh at those in Nigeria. What's wrong with you?

The government needs to tax the hell out of unnecessary product people import to Nigeria. Only necessities should be allowed. This would help reduce the addiction.

So many forms used in subsidizing the dollar e.t.c form A, form Q, this form, that form. We are so addicted to US dollars that even my retired mum in Nigeria prefers that I send her dollars into her domiciliary account over the naira.

opamoses1:

I also live abroad, it favours me as well but I don't gloat and laugh at those in Nigeria. What's wrong with you?

We earn dollars here too And it makes more sense than being abroad. To God be the glory.

All the same, I am not happy with the Naira's woes

Whataboutism at best

Dotherightthing:


We earn dollars here too And it makes more sense than being abroad. To God be the glory.

All the same, I am not happy with the Naira's woes

Okay bro. Its a serious matter ooo.

opamoses1:

I also live abroad and practice as a professional, it favours me as well, but I don't gloat and laugh at those in Nigeria. What's wrong with you?

All I know is it wil never be well with the households of those who curse Jona but support this Apc disaster We have at hand.

Apc is the most effective death trap to small scale businesses in Nija.

Normal normal e no suppose better for anybody wey dey support this Apc disaster .

Tochi360:


All I know is it wil never be well with the households of those who curse Jona but support this Apc disaster We have at hand.

Apc is the most effective death trap to small scale businesses in Nija.

Normal normal e no suppose better for anybody wey dey support this Apc disaster .

I know people that made away with money like bandits during GEJ era.

Politicians in power are one and the same. There is no difference between APC, PDP, Labour or NNPP. Nigerian politicians have no ideology. Hence they move around the parties like prostitutes. Alot of those politician exposed people as well like aishat yesufu were busy promoting Buhari back then.

Did you see the labour party senators and house of representatives members reject the SUVs bought for them with scarce dollars?

Very soon Bulaberians will soon compare our naira to Zimbabwe's dollar

chopnaira:
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But they have regular Power supply, wonderful infrastructures, though they are as corrupt as Nigeria 😂

Oghene86:


But they have regular Power supply, wonderful infrastructures, though they are as corrupt as Nigeria 😂

I did not even know they are corrupt too. I thought they had tough criminal laws for thieving politicians.

chopnaira:
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Like Peter Obi said oga exchange rate is never the problem... Stability of the exchange rate is the main issue

The economy is not suffering because naira is 1500 to a dollar... It's suffering because the exchange rate is unstable

How is this difficult to understand

I no wan talk

COMRADES, we don't have leaders in Nigeria, what we have are bunch of motherfvckers, blind leaders, all of them. Nothing else

All these exports comments are excuses of a defeated people. What do Bahrain and Oman export that makes their currencies stronger than most countries?
When we had a relatively better exchange rate what were we exporting?
Those truth is that Tinubu has bastardized the economy beyond his grasp.

Nigeria is broke due to mismanagement. We don't have dollars to defend the naira anymore. The party is over.

Melagros:
COMRADES, we don't have leaders in Nigeria, what we have are bunch of motherfvckers, blind leaders, all of them. Nothing else

You are right.

chrisxxx:
All these exports comments are excuses of a defeated people. What do Bahrain and Oman export that makes their currencies stronger than most countries?
When we had a relatively better exchange rate what were we exporting?
Those truth is that Tinubu has bastardized the economy beyond his grasp.

Bahrain produces approx 65000 barrels per day for 1.4 million people.Oman produces 1.1 million barrels a day for a population of 4.5 million people.

NIgeria produces 1.7 million barrels, and the revenue has to be shared among 220 million people.

That is why they can afford to defend their currency better than nigeria. Better per capita income.

Nigeria's problem, and why Tinubu is a bad leader, is that we don't diversify our economy. The oil we see is not enough to satisfy our population of 200 million people. That is why if we had done like China and SOuth Korea and Japan had done and become an exporter of manufactured goods and services..we would have been earning far more money than we have now.

Some of you would come and say I am a tinubu supporter. I am not. Tinubu is doing nothing to earn us more currency, which is why we are in the position we are.

opamoses1:

I also live abroad and practice as a professional, it favours me as well, but I don't gloat and laugh at those in Nigeria. What's wrong with you?

If those in Nigeria won't have sense, please laugh. That laughter will, in fact, provoke them to demand what is rightfully theirs.

The same people that defended gazelle gagaraga are defending this poor performance of naira, comparing it to Indonesia 🇮🇩

What is the minimum wages in those countries you quoted to have floated their currencies compared to Nigeria, what do they produce and export, etc compared to Nigeria

You just received your monthly agbado 30k stipend and you bought data of N500 to come and defend nonsense

chopnaira:
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under 8 years of APC can you tell us how many companies that have close in nigeria

Its not just the dollars l. I dont know why you people so much focus in the dollars.

Naira is performing poorly to all currency in the world. Something is wrong somewhere. Even the cefa overtake the naira.

nairalanda1:


Bahrain produces approx 65000 barrels per day for 1.4 million people.Oman produces 1.1 million barrels a day for a population of 4.5 million people.

NIgeria produces 1.7 million barrels, and the revenue has to be shared among 220 million people.

That is why they can afford to defend their currency better than nigeria. Better per capita income.

Nigeria's problem, and why Tinubu is a bad leader, is that we don't diversify our economy. The oil we see is not enough to satisfy our population of 200 million people. That is why if we had done like China and SOuth Korea and Japan had done and become an exporter of manufactured goods and services..we would have been earning far more money than we have now.

Some of you would come and say I am a tinubu supporter. I am not. Tinubu is doing nothing to earn us more currency, which is why we are in the position we are.

Thanks for this explanation however population is not always all about demerits.

Indonesia is a highly industrialized nation that may not need as much technology transfer as Nigerians.

Still, Indonesia is more developed than Nigeria with all-rounder basic amenities and infrastructures. Walahi, there are self induced slavery in Nigeria