ednut1:
Impractical. You want the economy to be at a standstill/crash . Will only make smuggling more lucrative and lead to people keeping their dollars in crypto

People are speaking grammar sha.

When I first head the term de-dollarization, I discovered that the us dollar is 60% of global reserve. Add USA allies like Euro, CAD, pounds, AUD, Yen, won and it's over 85%.

Economy is a confidence game built on rule of law. That's what these countries have that others don't.

Like PO always says, rule of law is the intangible asset that drives Western economy. People don't understand this.

You can't have a system where people buy elections and expect miracles. Naira will continue to slide gradually

tommy589:


Is the major Forex earner (crude oil price) stable? An economy that's based on what you hope to earn and not factoring population growth.
We have a huge population to consume our basic needs if manufactured here. We survived COVID. If there is trade embargo,are we not going to find alternatives and live through it.
With every government comes policy changes and you expect stability. Wheat importation got banned and we lost our first business. Years after, Nigeria is getting better on home grown wheat farming.
You won't see me go near any business that is majorly dependent on importation due to my first experience. All shoes factories are dead. Are we not going to patronise neighbourhood cobblers if the imported shoes we buy comes under restricted lists? Let them continue another 37 years with this turenchi the result won't change.
By the way,are you aware tellers anticipate Naira from depositors before paying customers. Naira struggle is now on two fronts

Yes price of crude fluctuates but a country should not allow the value of their currency be fluctuating with the price of crude.

This why you have a Central Bank. It is their job to achieve relative stability of prices and exchange rate. You build up reserves when prices are high cause you know prices may not always be high

kingsways:

Yes price of crude fluctuates but a country should not allow the value of their currency be fluctuating with the price of crude.

This why you have a Central Bank. It is their job to achieve relative stability of prices and exchange rate. You build up reserves when prices are high cause you know prices may not always be high

How do you engage market forces in fluctuations, stability of prices,exchange rate and build up of reserves. Tell us in practical terms what you are going to do as Nigeria's President or CBN governor. Explain in a way that an average Joe would understand and get to experience some form of Naira stability in 36 months

tommy589:


How do you engage market forces in fluctuations, stability of prices,exchange rate and build up of reserves. Tell us in practical terms what you are going to do as Nigeria's President or CBN governor. Explain in a way that an average Joe would understand and get to experience some form of Naira stability in 36 months

Maybe you shld read the original post again. If a market is free enough, prices and exchange rate will be determined by market forces, i.e. forces of supply and demand....I clearly highlighted what needs to be done to improve FX supply and also moderate demand. Crude is a major but not Nigeria's only source of FX inflows. There's inflow from other exports and remittances

Where is that FreeStuffs guy?

I'm sure he will avoid threads like this like a leper.

Engage in intellectual discussion for just five minutes.

Nice thread by the way.

Unfortunately most of what you have written shows you don't understand the problem at all

SalamRushdie:
Unfortunately most of what you have written shows you don't understand the problem at all

Ok so you understand the problem. Help me out, what is the problem?

kingsways:


Ok so you understand the problem. Help me out, what is the problem?

.. GTFOH

kingsways:


Ok so you understand the problem. Help me out, what is the problem?

If you think I have your time then your are mad ni