₦airaland Forum

zico530:
Na today?

bokohalal:
Our foreign exchange rate is determined by market forces. It is actually madness for anyone to advocate the expending of our scarce finances and energy in shoring up the naira. All those that are currently hoarding dollars corruptly gotten during the last administration should return them and we will have a stable dollar

diasporaman:
i don't understand

DDeliverer:
I'm not an economist and I'm here to learn as we learn everyday...

How can this free fall of the naira lead to the rise of Nigeria?

I'm confused...

Somebody educate us...

diasporaman:
We in diaspora we are praying for dollar to continue falling to enable us have more when we change it to naira

DDeliverer:
I'm not an economist and I'm here to learn as we learn everyday...
How can this free fall of the naira lead to the rise of Nigeria?
I'm confused...
Somebody educate us...

bokohalal:
Our foreign exchange rate is determined by market forces. It is actually madness for anyone to advocate the expending of our scarce finances and energy in shoring up the naira. All those that are currently hoarding dollars corruptly gotten during the last administration should return them and we will have a stable dollar

osesology:
I think u are digressing. What the op wants to know is: how does the fall of the Naira against the dollar in the Nigerian market benefits us as Nigerians economically? Because as far as I know, things have gotten worse since the continuous fall of the naira, even down to the lowest item in the market.

DDeliverer:
I couldn't have said it any better..

Elosky20:
j
Let me explain as briefly as possible.
The product that fuels our economy is petroleum. bt it is quite unfortunate that this product has lost its international value. Leading to dollar scarcity in CBN. nw for nigeria to manage this situation. the Cbn stopped allocating money to the bereau the change operators and pegging the official price at 199=1 dollar. dis is to discourage the importation of products that can be produced in nigeria, forcing marketer to buy made in naija product, this will force other countries to import frm nigeria, and also come and establish their company in nigeria.

DDeliverer:
I think I understand..
The long n short of the matter is for Nigeria to start producing..

Elosky20:
yes. the aim is for us to start producing and stop importation. after this is achieved nigeria can nw trade with other countries via TRADE BY BATTER. we give USA $1bilion dollars worth of agricultural product, they give us electronics and weapon worth of $1bilion dollars, nw with this type of trade naira will nt fall again because we are nt trading with it again.
hope i helped.

DDeliverer:
yeah, even a baby can understand this....great..

but before we can deal with other countries say America, on a trade by barter level, that will take 10...20... or even 50years..
it can't be achieved in 4years ba?
and is agricultural product the only thing we can produce?

Elosky20:
it can be achieved in 4 years if the government pump enough money as we can get into the initiative. it must nt be agriculture. we can start with production of
.
Car - via innoson nigeria limited and expand production because nigeria spend more money on cars, atleast we can supply to other third world countries.
.
POULTRY- investing enough money in poultry will yield interest within a year.
.
TELECOMMUNICATION- we will need to invest in GLO which a nigeria company to boast production so we can service other african countries and if possible out grow MTN.
.
we can also go into:
phone production
Building and construction in africa and stop loosing our money to JULIUS BERGER
.
this are a few sectors that can yield quick return in a short period, atleast to satisfy our national needs.
.
That is why seun said "Let Naira Fall So That Nigeria May Rise" we must suffer to enjoy.

DDeliverer:
if it is this easy....why is the government not doing it?

Elosky20:
it can be achieved in 4 years if the government pump enough money as we can get into the initiative. it must nt be agriculture. we can start with production of
.
Car - via innoson nigeria limited and expand production because nigeria spend more money on cars, atleast we can supply to other third world countries.
.
POULTRY- investing enough money in poultry will yield interest within a year.
.
TELECOMMUNICATION- we will need to invest in GLO which a nigeria company to boast production so we can service other african countries and if possible out grow MTN.
.
we can also go into:
phone production
Building and construction in africa and stop loosing our money to JULIUS BERGER
.
this are a few sectors that can yield quick return in a short period, atleast to satisfy our national needs.
.
That is why seun said "Let Naira Fall So That Nigeria May Rise" we must suffer to enjoy.

DDeliverer:
I'm not an economist and I'm here to learn as we learn everyday...

How can this free fall of the naira lead to the rise of Nigeria?

I'm confused...

Somebody educate us...

godoluwa:
hw many vehicles has innoson produced? hw many Nigerians can afford innoson cars?

godoluwa:
bottomline is that devaluation will brings inflation bt manageable while refusal to devalue it will destroy Nigeria economy. the best thing that CBN can do is to make forex available to manufacturing companies, importer of electronic gadgets & automobiles through LC so that the money will not be diverted elsewhere. we can never achieve producing all our needs locally in 100yrs to come. importation of toothpick is pure propaganda, we need to face the reality & stop defending thrash. we need to first have 24hrs stable electricity before we talked about production. a poster talked about buying innoson cars, my question is how many cars does innoson manufactures in a year? how many Nigerians can afford the price?

diasporaman:
We in diaspora we are praying for dollar to continue falling to enable us have more when we change it to naira

Elosky20:
that is what am saying.
1. their production rate is low because we are nt buying frm them we prefer to buy mercedes, toyota, Honda and others.
2. They are nt affordable because it is managed on little fund, and they produce little quantity. u knw u the bigger the quatity and machinery the cheaper the comodity
.
but if the FG pump enough money into their company they will boost production and also make the car affordable by subsidizing it, just like MTN mobile network rate came down after the introduction of GLO

Elosky20:
j
Let me explain as briefly as possible.
The product that fuels our economy is petroleum. bt it is quite unfortunate that this product has lost its international value. Leading to dollar scarcity in CBN. nw for nigeria to manage this situation.
the Cbn stopped allocating money to the bereau the change operators and pegging the official price at 199=1 dollar. dis is to discourage the importation of products that can be produced in nigeria, e.g toothpick, biscuit, cars and petroleum. forcing marketer to buy made in naija product, this will force other countries to import frm nigeria, and also come and establish their company in nigeria because it will be cheaper to invest in nigeria. nw if this is done nigeria will nw fuel their economy via exportation of agricultural and local products. there by reducing the stress of competing with bigger economies like usa and Uk for foreign product like phone, cars and fuel. which is making our naira to fall.
The bottom line is that nigeria wants to go into INDUSTRALIZATION which is nw helping CHINA.

Elosky20:
j
Let me explain as briefly as possible.
The product that fuels our economy is petroleum. bt it is quite unfortunate that this product has lost its international value. Leading to dollar scarcity in CBN. nw for nigeria to manage this situation.
the Cbn stopped allocating money to the bereau the change operators and pegging the official price at 199=1 dollar. dis is to discourage the importation of products that can be produced in nigeria, e.g toothpick, biscuit, cars and petroleum. forcing marketer to buy made in naija product, this will force other countries to import frm nigeria, and also come and establish their company in nigeria because it will be cheaper to invest in nigeria. nw if this is done nigeria will nw fuel their economy via exportation of agricultural and local products. there by reducing the stress of competing with bigger economies like usa and Uk for foreign product like phone, cars and fuel. which is making our naira to fall.
The bottom line is that nigeria wants to go into INDUSTRALIZATION which is nw helping CHINA.

blazer234:
Do you realize that this country is not producing those things needed for commercial agriculture and industrialization? We need to buy those things from abroad and we will have to buy expensively. At the end of the day, those things we produce will still sell expensively.

And it is bureau de change, not bureau the....