₦airaland Forum

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CHANCEMAN:
How are they better off? Has their economy improved? The Yuan that you are hailing how much i it does the Chinese keep as reserves compared to dollars?

You cannot keep your own currency as your reserve and be able to engage in international trade. Your local currency has nothing to do with imports, it is your hard currency which is kept as reserve.

divineappo:
I like your post, but if buhari attempts to do this, the western powers will unseat him from power. Thats just the truth. I support ur idea, but america may assassinate him covertly without any1 knowing its americas doing.

We are not going to do away with dollar completely but as a 3rd world country with her citizens having low purchasing power, Asia is our best bet to pitch our exchange tent with. Most of the goods brought into this country are mainly from China and India and these people also have a huge presence here so why cant we think smart.

Would they ever listen?

Why cant we have NAIRA - YUAN exchange so as to diffuse the current pressure on NAIRA - DOLLAR. We can even have a third, NAIRA - RUPEE.

Since most of our imports are done in China and India and not in U.S.A, will it not make economic sense to try out this option? We have a lot of Chinese and Indians in Nigeria , why not let them bring in their currencies directly and be able to exchange it into naira directly. America is no longer buying our crude so why should we be holding all of our external reserve in DOLLARS! we should have some in YUAN and Rupee to backup imports from these two countries. Why should our importers have to convert nairas to scarce dollars each time they want to bring in things from countries other than U.S.A? are we bewitched by America? to hell with currency triangulation with almighty dollar as the major beneficiary! we need to save our economy fast.

When NITEL was the only telecom provider, telecom services were very expensive but when MTN , ECONET etc came on board, NITEL's stronghold on nigerians died a natural death. Let us do the same with the Dollar.

Because of the triangulation system imposed on the world by IMF, what ever happens to your currency with respect to the dollar will automatically be felt with other currencies. However, China and India are our major trade partners for now (import wise) and so, if we can forge a bilateral agreement to establish currency exchanges with each of them directly, then the demand for dollar will reduce.

Let us assume that $3 billion is the amount needed monthly to foot our import demands and CBN can only provide $1.5 billion? CBN can only do what they are doing right now (dollar rationing and restrictions). The parallel and backyard markets will then have to provide the rest on their terms (higher rates) and this is the main reason for this currency crisis.

But my point is, if most of these dollars sourced for import purposes are spent in China and India and not in America to bring in electronics, drugs etc, why cant we have some break off the U.S dollar? if we use Yuan and Rupee too for our international trade, the demand pressure on dollar will reduce. This will in turn bring down the value of dollar to naira (law of demand and supply)

While industrializing the country is the long term solution, in the short term, we can play smart and diffuse the situation with this initiative.

By means of loan, bond floating and divesting of some of our dollar reserve to create reserves in Yuan and Rupee and allowing direct exchange to take place between us and these duo, the naira will gain more respect from the almighty dollar. If we want to import from America and Europe, we can use the dollar but if we want to import from Asia, let us make use of Yuan or Rupee. Let us spread the demand pressure across these three so that we wont be at the mercy of any of them.

Where are the economic gurus in the land? are we going to allow this nose diving nature of our currency to continue? before a general uproar or civil unrest breakout , President Buhari, please do the needful.

Why cant we have NAIRA - YUAN exchange so as to diffuse the current pressure on NAIRA - DOLLAR. We can even have a third, NAIRA - RUPEE.

Since most of our imports are done in China and India and not in U.S.A, will it not make economic sense to try out this option? We have a lot of Chinese and Indians in Nigeria , why not let them bring in their currencies directly and be able to exchange it into naira directly. America is no longer buying our crude so why should we be holding all of our external reserve in DOLLARS! we should have some in YUAN and Rupee to backup imports from these two countries. Why should our importers have to convert nairas to scarce dollars each time they want to bring in things from countries other than U.S.A? are we bewitched by America? to hell with currency triangulation with almighty dollar as the major beneficiary! we need to save our economy fast.

When NITEL was the only telecom provider, telecom services were very expensive but when MTN , ECONET etc came on board, NITEL's stronghold on nigerians died a natural death. Let us do the same with the Dollar.

Where are the economic gurus in the land? are we going to allow this nose diving nature of our currency to continue? before a general uproar or civil unrest breakout , President Buhari, please do the needful.

We need Henry Boyo to head CBN . He is a man to watch.

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You need inverter as backup. Call 07081516945 on how to get this fueless and noiseless power gen.

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shinel:
Oba of Benin spokeman is a confused man...

'oni of Ife is a son of Oba of Benin' And we are not Yoruba race. What a confusing statement! We need clarity pls...

If Jacob is the founder of Isreal does it mean Isaac his father or Abraham his grand father are both citizens of a later kingdom (Isreal) founded by their offspring?
the spokesman is not confused but all the same, all these tupsy turvy are not called for. We should live in the present and support our President to conquer corruption in our dear country.

To resolve this imbroglio anyways, let them make use of technology (carbon dating) on the artifacts in both kingdoms to determine which one preceeds the other. They can also make use of an independent oracle / clairvoyant consultant to look into the akashic records of kingdoms to determine the same thing. If both findings give the same result, then this matter should be rested. Talks is not the answer.

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