₦airaland Forum

Should the Naira cease to be Nigeria's currency?
should Nigeria's CBN create a brand new currency or use the US Dollars as our new currency?

What are your thoughts or suggestions?

Even the new currency will still lose it's purchasing power. And should we go for dollar, the dollar will start losing its purchasing power in Nigeria too as we don't produce much, so more money chasing fewer goods.

America that has the dollars still back their economy with production, America as a nation has over 60 refineries and counting, produce weapons, leading in tech and Agric exports, educational tourism, etc.

So it's not about the currency, it is about the economy in general.

SUPERPACK:
Even the new currency will still lose it's purchasing power. And should we go for dollar, the dollar will start losing its purchasing power in Nigeria too as we don't produce much, so more money chasing fewer goods.

America that has the dollars still back their economy with production, America as a nation has over 60 refineries and counting, produce weapons, leading in tech and Agric exports, educational tourism, etc.

So it's not about the currency, it is about the economy in general.

But maybe the switch in currency can stop the spike of the inflation rate?

constancefriday:
But maybe the switch in currency can stop the spike of the inflation rate?

It will if and only the people accept it. A good example is when Ghana redenominated their currency by removing 2 zero to cub inflation and high digits. To a Ghananian nothing has changed as the inflation is still there.

It will work but it has to be backed by industrial revolution and production or else the new currency will fail too.

Naira remains our currency, our unique identity.. We ain't slaves to America so dollars can't be our currency.

See, see O!

Importers of junk and exporters of nothing.

Their pseudo economists experts will soon explain why.

It has nothing to do with the currency which is just printed paper. It is the productivity behind the paper that matters. No productivity increase no value increase

Yankee101:
It has nothing to do with the currency which is just printed paper. It is the productivity behind the paper that matters. No productivity increase no value increase

We hope that the policies of the present administration can revv up productivity and revv up the currency

SUPERPACK:
Even the new currency will still lose it's purchasing power. And should we go for dollar, the dollar will start losing its purchasing power in Nigeria too as we don't produce much, so more money chasing fewer goods.

America that has the dollars still back their economy with production, America as a nation has over 60 refineries and counting, produce weapons, leading in tech and Agric exports, educational tourism, etc.

So it's not about the currency, it is about the economy in general.

Forgetting to add that while virtually ALL d export $ of a 220M nation with little local production is from 1.4mbpd of crude, America with population of 330M is producing 12mbpd of crude in addition to the many other things u have mentioned.

@constancefriday, d problem is not the naira or usd or yuan or cowries, d problem is the amount of local production & export vs import demand!!

being:
Forgetting to add that while virtually ALL d export $ of a 220M nation with little local production is from 1.4mbpd of crude, America with population of 330M is producing 12mbpd of crude in addition to the many other things u have mentioned.

@constancefriday, d problem is not the naira or usd or yuan or cowries, d problem is the amount of local production & export vs import demand!!

Well said,
I hope the President and Ministers of Economy plus other significant stakeholders can see this post.
If anyone connected to them can forward this to them, awesome.
Let's solve Nigeria's currency problems with the right medications.