₦airaland Forum

kokoA:
In Nigeria locally produced items are more expensive than imported ones.

malali:
Cheaper Exports: When the Naira is devalued, it becomes less valuable compared to other currencies. This makes Nigerian products cheaper for people in other countries. Think of it like selling your cool toy cars to friends abroad at a lower price. More exports mean more money flowing into Nigeria!

Expensive Imports: On the flip side, devaluation makes foreign toys (imports) more expensive for you. Imagine your favorite video games suddenly costing more because they’re imported. This encourages people to buy local toys instead.

Boosting Local Industries: When local toys (goods and services) become cheaper for foreigners, it helps Nigerian businesses grow. They can sell more, hire more people, and contribute to the economy.

Tourism Advantage: Devaluation makes Nigeria an attractive travel destination. Foreign tourists find it cheaper to visit, explore, and spend money here. Imagine more tourists enjoying Nigerian culture, food, and music!

Investment Inflow: Investors like to put their money where it grows. Devaluation encourages foreign investors to set up factories, offices, and businesses in Nigeria. This creates jobs and stimulates economic growth.

Balance of Payments: Devaluation can improve Nigeria’s balance of payments. It’s like keeping track of how much money comes in (exports, investments) versus how much goes out (imports, debt payments). A positive balance is good!

Inflation: Devaluation can lead to higher prices for everyday items (inflation). Imagine your pocket money buying fewer candies because prices went up. But controlled inflation can be healthy for the economy.

Reducing Debt Burden: Nigeria owes money to other countries (national debt). Devaluation makes it easier to repay those loans because the Naira is worth less. It’s like paying back a smaller amount.

Competitiveness: Devaluation makes Nigerian businesses compete better globally. Just like you try to win in video game tournaments, our economy competes with other countries. A cheaper Naira gives us an edge!

Learning Opportunity: Finally, understanding devaluation teaches us about economics. It’s like leveling up in your favorite game. By knowing how money works, we can make smarter decisions for Nigeria’s future!

Chevrolet076:
That's really cheap o

TechCapon:
how long does it last

cezarman:
Okay thank you!

But which network na... Izit econet, visa, Nitel or land line?

Smartguyboy:
Which network?

spiSeyi:
You just lied even virgins are moved, abstinence from s*x is all about determination to zip up even at the face of temptation.

shoodboi2:
Israel is gearing its propaganda as it wants to begin bombing Rafah. Rafah is the last of the so-called "safe areas" Israel would tell Palestinians to go.

Once the Palestinians go there, Israel will claim to have discovered a Hamas tunnel there or rescued a hostage there, and use that as an excuse to begin bombing the Palestinians.

The same Israel continues to bomb hospitals and family houses in Gaza and West Bank, calling them power targets.


Every baby in the images below was killed when israel bombed their family house or hospital. The last baby is even still holding onto the bread he was eating when Israel bombed his house.

Jnas:
Death is an enemy

MemphitzDgreat1:
Who go come inherit all im assets now as his wife and son were in the ill-fated crash as well?

Raiders:
do you know we have had this policy before and it didn’t help the Naira. The CBN is just clueless. There is also dormicillary account all over the world because US dollar is the international currency for trade. A Chinese supplier will not accept their currency or even our Naira for international trade and they have dormicillary accounts in dollars in china. The solution to help our currency is to reduce demand for dollars by manufacturing our own products and reducing importation to the minimum. We currently import everything and so there will be high demand for dollars which will increase the value of dollars against the naira

ValarDoharis:
Its a thoughtless policy. You actually need dollars coming in as thats one of the ways diaspora community helps with foreign currency.

What should be discouraged is diaspora paying themselves abroad and transferring naira equivalent back home

Throwback:
Very good!

We don't spend dollars in Nigeria. Collect the naira equivalent and spend.

Why government will tolerate that rubbish is quite puzzling.

Nigeria is about the only foolish country that tolerate that nonsense. No sense of economic security.

Next is to ensure domiciliary accounts only get credited with foreign currencies from international transfer to cater for those who work rotations abroad or those who work remotely, and once the account is credited, any amount beyond a certain threshold should be converted to Naira, while whatever is left should be taxed at a monthly rate that ensures that the money is reduced to half of what was left as a foreign currency in the domiciliary account. That will help discourage any plan to retain forex as a means to store wealth in the domiciliary account

This double blow will ensure that those stockpiling forex cash do not have anywhere to offload it within the Nigerian economy.

All forex trading outside of the banking system should carry life imprisonment for economic treason.

I can vouch that 50% of all the forex trading going on in the past 6months, is not serving any economic purpose besides storing wealth.