PARADIZEPRIEST:
STOP IMPORTING NONSENSE INTO NIGERIA LIKE EXPENSIVE FOREIGN LIQIORS E.G
MOET
HENNESSEY
CHAMPAGNE ETC
FOREIGN CARS
FORIEGN FURNITURES ANF FITTINGS
FOREIGN KITCHEN UTECIKS
FOREIGN SUITS AND FABRICS
THESE ARE THE RUBNISH THST TAKE OUR DOLLARS OUT.

ALL THESE THINGS WE HAVE LOCAL PRIDUCERS ON GROUND, LEAVE FOREIGN GOODS ALONE,tell all the four people that contested for presidency and their chronies to stop wasting our dollars ,and stop globe tripping like obi. even when election gllast year.

obi should use his time to bring foreign investors instead of going about doing nothing useful making unpatriotic remarks.His just like a baby attention seeker now,he knows how buha damaged naija economy borriowing.if he love s his nation let him canvas for DFI.

Simple solution. Naira needs to be floated.

Or Nigeria should adopt bitcoin as a national currency.

It's amazing that anyone thinks any Nigerian government can be trusted to be judicious in printing money. They can literally CREATE naira out of nothing and tell you it's money.

Nigerian governments print the naira and they distribute it to their family, friends and cronies via government contracts and such.

The beneficiaries use the naira to buy dollars, pounds and euros. This is THE BIG SCAM going on in Nigeria.

Good Luck to Nigeria.

CHRISSANCHEZ:
1. Free and fair elections.
2. Government appointments should be merit and fair to every geopolitical zones.
3. Fight insecurities.
4. Open and sincere policies.
5. Sincere and credible ministers.
6. Many more........

By sincere here, this person means Non corrupt Officials. You have the greatest answer here to pull this country and the west african coast from the dark ages. Because firstly, the naira will continue to fall as long as corrupt politiciians continue to steal billions in naira and convert it to dollars. Secondly Politicians will continue to be corrupt as long as there is a lack of equity to each nigerian tribe and it appears everyone is fighting for their own.

Pass this information to your oga.

cjrane:
Just print more naira and buy all the dollars you can find with it.

If there is no more dollars left to buy, then the exchange rate will drop.

Initially, I wanted to ignore your response. But then I thought you might not really know.

What you proposed right there was a major contributor to the problem we're having currently. Buhari's regime reportedly printed a lot of money; the current regime might have also printed more.

I bet you, the bulk of the printed money ended up in the hands of politicians - without doing anything. Normally, money is to be made by producing and selling something.

The inflation you're witnessing in the country usually results when there is too much money in circulation, compared to available goods.

If you print more money (Naira in this case), it doesn't mean more dollar will be available. It would rather increase the dollar rate because more Naira will be "chasing" fewer dollars.

People who need dollar for necessary imports or contracts will not get it, causing supply of goods to drop and increasing prices.

CBN governor knows the answer

seunayantokun:
EACH STATE MUST RUN ITS PRISON SERVICES TOO.

^^^
Prisons (or Correctional Services or whatever name Akpabio wants to call them ) are no longer on the Exclusive List. However, as far as I am aware, not one state has built any prisons since the constitution was amended.

Fujiyama:


^^^
Prisons (or Correctional Services or whatever name Akpabio wants to call them ) are no longer on the Exclusive List. However, as far as I am aware, not one state has built any prisons since the constitution was amended.

Well, that sounds nice. But do states also have their own officers who must take charge? It has to be total. Police, prison or correctional services and the judiciary must be totally owned and run by the each state. Not a situation in which we have the judiciary which depends on the federal police to get criminals arrested, a prison department which depends on federal officers to lock up criminals, state executives who are at mercy of federal police commissioners, etc to protect lives and properties according to the oath of their office.

gnss:
I don't do Politics of Tribe ,Hatred ,Hypocrisy .

Yesterday I was having a discussion with an Elderly Man an APC Party Man who is a Staunch Supporter of Tinubu about the Economy Situations .

He Said ,Kama Ton Arawaje ,Ilu Osunwon Rara ooo.

Meaning ,Without Deceiving ourselves the Things in the Country is not Okay at all.

He is a Yoruba Man ,I am too .

I do not Belongs to the Class of People that Believes even if The President Policies is not Working Good Results then I must Keep Talking like a Zombie ,

Let's face the Reality .

Things are Getting More Worse .

If you say ,You are Okay ,Several Millions are Sufferings ..Go to the Streets and see .

Now Objectively ..

Concerning the Dollars ,Finance ,P2P , Crypto Etc have been Blammed ,Yet Dollars Keep Rising .

WHAT EXACTLY DO YOU THINK THE GOVERNMENT ,CBN GOVERNOR SHOULD DO PRACTICALLY TO STRENGTHEN THE NAIRA ?

Improve All The Necessary Agricultural Infrastructures in All 774 Local Government Areas in Nigeria To Propel Massive Production of Food For Cheaper Local onsumption And Exports.

This Will Cause The Cost of Food To Go Down.

seunayantokun:

Well, that sounds nice. But do states also have their own officers who must take charge? It has to be total. Police, prison or correctional services and the judiciary must be totally owned and run by the each state.

^^^
The state judiciary is an arm of government in every state in Nigeria - with the full powers that come with being an arm of government in a federal system. With the constitutional amendment carried out last year, prisons are now on the Concurrent List...this means state governments have full powers over the prison system in their states...as long as there is no conflict with the centre.

seunayantokun:
Not a situation in which we have the judiciary which depends on the federal police to get criminals arrested, a prison department which depends on federal officers to lock up criminals, state executives who are at mercy of federal police commissioners, etc to protect lives and properties according to the oath of their office.

^^^
Ok. Fair point. The creation of state police is overdue..and it is inevitable.

But why is there so much emphasis on the police?...We have had a test run on fiscal responsibility by the states with this constitutional amendment on prisons...and sadly, the states have been found wanting.

Buhari (with all his faults) actually passed laws granting full autonomy to the different arms of government at state level. However, to this day the states have footdragged on making this autonomy a reality: state judiciaries and state lawmakers (in practice) are still fighting for fiscal autonomy. Lets not even get started on what the states have done to prevent fiscal autonomy for local governments!

There is a reason why so many states are in favour of state police: some (if not all) state governors simply want to replace federal excess and over-reach with state excess and over-reach. State governments do not have to wait until state police is a reality before building prisons for their inmates...or passing laws to set up a state prison service with its own officers.

Nigerians are in for a rude shock when state police eventually becomes a reality. It will become clear then that for most state governors, state police was nothing but an elaborately dressed power grab.

To appreciate the naira, Nigeria can implement the following strategies:

1. Implement fiscal discipline: Reduce government spending and borrowing to decrease inflation and stabilize the currency.

2. Diversify the economy: Encourage non-oil exports and invest in industries like agriculture, manufacturing, and services to reduce dependence on oil revenues.

3. Increase foreign exchange earnings: Attract foreign investment, promote tourism, and encourage diaspora remittances to boost foreign exchange inflows.

4. Implement monetary policy measures: The Central Bank of Nigeria can adjust interest rates, reserve requirements, and foreign exchange regulations to manage inflation and stabilize the currency.

5. Promote economic growth: Invest in infrastructure, education, and innovation to stimulate economic growth and increase demand for the naira.

6. Manage foreign exchange reserves: Prudently manage foreign exchange reserves to maintain stability and confidence in the naira.

7. Encourage import substitution: Promote local production and reduce reliance on imported goods to conserve foreign exchange.

8. Implement policies to attract foreign investment: Create a business-friendly environment, simplify regulations, and offer incentives to attract foreign investors.

9. Develop the agricultural sector: Increase agricultural production and processing to reduce reliance on imported food and boost foreign exchange earnings.

10. Improve governance and reduce corruption: Strengthen institutions, reduce corruption, and increase transparency to boost investor confidence and attract foreign investment.

hothead:


How will consumer spending increase? Currently majority of the population earn less than $2.50/day. How can we increase the people's earnings to $10/day?
What resources/tech can be leveraged on?

I have ideas of several solutions leveraging on tech that can help increase earning of the people. That's another topic.

How will exports increase? What are the most exportable resources? Which ones have the highest return rates and the lowest creation cost? There are there in plain sight: we invest in them and make them 1st solve local gaps and then export across Africa and the world.

Can you shed more light

teemy:
Simple, for immediate effect, Complete the Yuan Swap Deal.

We import a lot from China. Why keep paying Chinese Sellers in dollars when there is an alternative? The lower the dollar demand, the lower the price.

Also, while using Nigeria as a clearing house for Africa, other African Countries that want to use the Yuan through us will first buy our Naira thereby giving our own currency more value.

For the long run, encourage massive exportation of goods and services.

True that.