Why is the Nigeria currency,the naira that was higher than the dollar in the 70s now exchanging at #963naira to a dollar.

This has brought untold hardship on Nigerians,as the country is import dependent for it's essential goods and services

It seems the government is confused about proferring solution to it.

What is really the cause of the continuous slide of the naira.

No solution from us, so your Asiwaju didnt have solution when he grab power by force and force himself on nigerians. Nonsense

Very soon this thread will die a natural death because people blaming any that is not Igbo in government are just filled with indignation, anguish, bitterness, hatred and bereaved, nothing more, they are just mentally deprived and unstable

Too many reasons my brother.
Our leaders have their wealth stock in dollars the more the naira falls the better value for their dollars. So they careless.
Importing what we can produce like gasoline is another reason. Any time the refineries start to work there will be less demand of dollars to import gasoline and others.
Government ineptitude. When the appointed people have got nothing to do with economics the resultant effect is a decay of every government facilities including legal renders

coputa:
Why is the Nigeria currency,the naira that was higher than the dollar in the 70s now exchanging at #963naira to a dollar.

This has brought untold hardship on Nigerians,as the country is import dependent for it's essential goods and services

It seems the government is confused about proferring solution to it.

What is really the cause of the continuous slide of the naira.

Simple produce something

When we have leaders who lack sense why won't it fall?

Greetings y'all.

Whalis:
Too many reasons my brother.
Our leaders have their wealth stock in dollars the more the naira falls the better value for their dollars. So they careless.
Importing what we can produce like gasoline is another reason. Any time the refineries start to work there will be less demand of dollars to import gasoline and others.
Government ineptitude. When the appointed people have got nothing to do with economics the resultant effect is a decay of every government facilities including legal renders

This is weighing down the economy as essential goods and services are beyond the reach of of the average citizens, can't the government take proactive action on this, although some believe that with the removal of the fuel subsidy
and working of the refineries will help.

The naira will subsequently regain value because the rush for dollar to import petroleum products will be reduced

This seems like a two pronged approach by the present administration to reverse the tide.

coputa:
This is weighing down the economy as essential goods and services are beyond the reach of of the average citizens, can't the government take proactive action on this, although some believe that with the removal of the fuel subsidy
and working of the refineries will help.

The naira will subsequently regain value because the rush for dollar to import petroleum products will be reduced

This seems like a two pronged approach by the present administration to reverse the tide.

Like I said Nigerian leaders do not like Nigeria. They hate it the same IMF hates Africa. And this is why they do not waste time in implementing all the anti-people policies of IMF. Britain still subsidizes a lot of services for her citizens. But the only thing Nigerian government subsidizes for her citizens IMF advised our leaders to remove it. This is three months fuel subsidy was removed there has been no improvement anywhere rather it's moved from bad to rotten.
Float naira now naira is falling like floating winter leaves.

A Pound is 1,195ngr as at yesterday

The reason is that those people that can't do without china china china. importing nonsense thing should be banned from importation. Ordinary nylon raincoat some set of people will import it from china.
Adire/ kampala that is locally produced in Abeokuta these set of people have laid their hand on it, you can't see locally produced Adire/Kampala cloth again but china made.
Go to Idumota and see what they are bringing to this country.
They are also contributing to the fall of naira.

The depreciation of the Nigerian naira against the US dollar over the years can be attributed to various factors, including:

1. Inflation: High inflation erodes the purchasing power of a currency, making it worth less compared to a more stable currency like the US dollar.

2. Economic Instability: Nigeria has faced economic challenges, including fluctuations in oil prices (since Nigeria is a major oil exporter) and political instability, which can affect investor confidence and the exchange rate.

3. Exchange Rate Policies: The Central Bank of Nigeria may influence the exchange rate through its policies, such as pegging the naira to a specific value or implementing capital controls. These policies can impact the currency's value.

4. Foreign Exchange Reserves: The availability of foreign exchange reserves, which can be used to stabilize the currency, can also affect exchange rates.

5. Trade Imbalances: If Nigeria consistently imports more than it exports, it can put pressure on the exchange rate, as there's a higher demand for foreign currency.

6. External Factors: Global economic conditions, interest rates, and the strength of the US dollar can also influence exchange rates.

It's important to note that exchange rates are complex and influenced by a combination of domestic and international factors. The specific reasons for the depreciation of the naira can vary over time and depend on the prevailing economic conditions and policies.

coputa:
Why is the Nigeria currency,the naira that was higher than the dollar in the 70s now exchanging at #963naira to a dollar.

This has brought untold hardship on Nigerians,as the country is import dependent for it's essential goods and services

It seems the government is confused about proferring solution to it.

What is really the cause of the continuous slide of the naira.

Incompetence and ineptitude in the economic team, both the president and economic team have no business being in office

People just want to import what they are capable of producing
And the weirdos among Nigerians are those that collect loans from fg to start a company…but ends up wasting the money on fancying themselves only…🤷🏾‍♂️

proff010:
The reason is that those people that can't do without china china china. importing nonsense thing should be banned from importation. Ordinary nylon raincoat some set of people will import it from china.
Adire/ kampala that is locally produced in Abeokuta these set of people have laid their hand on it, you can't see locally produced Adire/Kampala cloth again but china made.
Go to Idumota and see what they are bringing to this country.
They are also contributing to the fall of naira.

This people did not break the machines in that you admire factory in Abeokuta. Germans produce bmw, vw and others yet they import toyota, kia and others. Because you produce adire doesn't mean adire users shouldn't have a choice.

What you should do is to make your adire to be cheaper and better than the imported ones to knock them out of market.

Am sure you are wearing imported adire as you type with your imported China phone with China cover and screen guard.

Sucking and complaining doesn't help matters.

Compete simple.

One of them spotted.
What is the benefit of what you said to the fall of naira.

a4cube:
This people did not break the machines in that you admire factory in Abeokuta. Germans produce bmw, vw and others yet they import toyota, kia and others. Because you produce adire doesn't mean adire users shouldn't have a choice.

What you should do is to make your adire to be cheaper and better than the imported ones to knock them out of market.

Am sure you are wearing imported adire as you type with your imported China phone with China cover and screen guard.

Sucking and complaining doesn't help matters.

Compete simple.

Tinubu was and is overrated
The Man is just empty upstairs

moderators please to move this topic to front page for wider reach because this is a topic of national growth and development.

Cc: Mynd44
OAM4

But your Tinubu graduated with a first class in Accounting. Other candidates made themselves available during debates. But your Tinubu was busy shouting out loud "Na Statistics We Go Chop?"

GOD BLESS OP FOR SHOWING CONCERN

Enemies of Nigeria would start rejoicing instead

coputa:
Why is the Nigeria currency,the naira that was higher than the dollar in the 70s now exchanging at #963naira to a dollar.

This has brought untold hardship on Nigerians,as the country is import dependent for it's essential goods and services

It seems the government is confused about proferring solution to it.

What is really the cause of the continuous slide of the naira.

Start producing and patronize made in Nigeria goods/services. Talk is cheap

From one dullard to one drug lord and u expect a different thing. Same old shit
When EMI lokan was invited for debate and he was busy dodging it, u guys were hailing him. Dis is d effect

proff010:
One of them spotted.
What is the benefit of what you said to the fall of naira.

Yes I import and am living large with it. Join us if you can be able to source your on FX. Its not a game for the weak.

Nobody is stopping your adire production. Continue with it is you have a strong will to carry on. Business isn't for the weak.

If I decide to start adire production in Nigeria I will run you out of business in no distant time. Business is for the strong minded.

Nobody unless the poor want the dollar to fall. Ask your politicians where they save their loot. So they will do everything to see naira fall even more.

Use your brain bro. Nigeria is for the elite, its poor people like you do tribe and religion.

Shalom.

Illegitimate mandate. Restore the rightful winner or else!

coputa:
Why is the Nigeria currency,the naira that was higher than the dollar in the 70s now exchanging at #963naira to a dollar.

This has brought untold hardship on Nigerians,as the country is import dependent for it's essential goods and services

It seems the government is confused about proferring solution to it.

What is really the cause of the continuous slide of the naira.

Low productivity level.

ValarDoharis:
Illegitimate mandate. Restore the rightful winner or else!

This is not about legitimacy, what did those that were elected legitimately did to improve the economy, remember that you have roles to play also.

coputa:
Why is the Nigeria currency,the naira that was higher than the dollar in the 70s now exchanging at #963naira to a dollar.

This has brought untold hardship on Nigerians,as the country is import dependent for it's essential goods and services

It seems the government is confused about proferring solution to it.

What is really the cause of the continuous slide of the naira.

We should simply add cocain as foreign exchange earning business to our major business just like Colombia since we already have those connected to the business on ground and see if it can help...!!

Guys, now that dollar is getting high, what can ordinary individuals export so that they can also benefit from the rising dollar.

Imagine you are able to export something and the supplier pays you $2000m that is already more than 1.8 million naira before tax. Assuming you are able to do that every month or every other month, you will also be able to benefit from the windfall.

As long as we rely on imports without any tangible things to offer the world in return except oil no solution. Government has to fix power, modernize agriculture and stimulate industrialization. Even a blind man knows this.

https://punchng.com/90-containers-leave-nigeria-empty-npa/?amp
Imagine 90% ships bringing in goods leave Nigeria empty handed.

Too much imports, too much reliance on foreign made goods.

The only solution is to abandon official rate let everyone buy street value... The I&E window should be abolished, that will force down the artificial demand.

First, we should be able to refine crude oil for both exports and local consumption. The government should increase oil production by at least 100%. Europe is in dire need of oil& gas supplies .Industrialize the agric sector to produce for exports. Then merge the two exchange rates together both the black market and official rates. Entice foreign investors with tax breaks and economic zones. Map out an infrastructure plan /model and enhance both domestic and international tourism. It's that simple.

The problem is demand is greater than supply.. so u want to either reduce demand or increase supply. U increase supply by increasing crude production, encouraging mining exports & agric exports.. u reduce demand by encouraging local production with power, right policies, rule of law, & security and sometimes increasing import levies on goods already being produced locally. In all of these, the govt must take the lead in putting up right policies and motivating the necessary investment for the above to happen.