₦airaland Forum

Hmmn... But for how long can this be sustainable?

What CBN and FMF need to do are as follows:-

1. Create a CBN dollar card and mandate all dollar users to make use of this card for all dollar based transaction. Go cashless on dollars too.

2. Get a presidential order to outlaw the use of or sale of physical dollars in Nigeria. Dollar bills should be out of circulation in Nigeria. If you need dollars, apply for it through a bank or a bureau De change and once approved, your dollar card will be credited with electronic dollars backed by CBN real dollars.

These 2 measures will eliminate the parallel markets effectively. As for hoarders of dollars, this policy should be put in place:-

3. All electronic dollar monies approved and sold to end users must have an expiry date of 3 months. If you don't use it, you loose it! You can re-sell back to your source before the expiration of your e-dollars but after 3 months, it will vanish into oblivion.

This will effectively deal a great blow on speculators and hoarders of dollars who indeed are the enemies of Nigeria. 60% of our naira depreciation problem are caused by these people. The rest are caused by importers and Nigerians schooling, shopping and touring abroad frequently.

The solution to these is beyond CBN (Central Bank of Nigeria) and FMF (Federal Ministry of Finance), it is another topic for another day.

If my suggestions are adopted, the likes of Andrew Yakubu and even all those who have alot of dollars in their domiciliary accounts would all be forced to sell in exchange for a CBN dollar card and e-dollars which can now be pegged to #300 for now until we are able to start producing most of the things we are currently importing before further reduction should be done.

We should also step up on our quality control. If we have quality schools, quality products and a developed tourism, then people would not need to source for these abroad with scarce dollars. With less demand for dollars, over time dollar to naira can slowly but surely be 1 to 1 like the good old 80s before SAP.

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