Topic: Could this be the Cause of increase in dollar rate in Nigeria? (Read 56 times)

Op what you read from the tweet one don't need prophet to know that situation of such can course national currency to depreciate mostly the area of buying items within a nation with another currency such as mentioned house rent and consumables it's very wrong and such can course such national currency to go extinction.that apart but one major course is not just tide to the use if dollars but how the economy and policy made by government and leaders are structure and enforce because good policy and good enforcement can change any fall in any economic system.

The productive of Nation matters most because for any economy to override a fall they must be able to stand the world system of give and take such as you produced  you sell and get new things but here we don't produce but always seeking that's why we are called consuming Nation and it's the major reason if falling of naira not Dollar usage.

I feel like the government does know the right way forward chief. It is just that they are also heavily engrossed in the misnomer and are not ready to address the issue because it will also affect their personal interests and the benefits that comes with it. Look at the incident of Gov Yahaya Bello of Kogi State who moved an estimated 720,000 dollars to an American school account based in Nigeria to pay for the school fees of his children  school fees in advance and when you convert this amount of money to our currency, it gives you an approximately 1 billion naira of our own currency and this is just the school fees for his wards.

First and foremost, in a country and a state that's bedeviled with abject poverty and a seemingly fluctuating economy and falling currency in the international market, pumping a whole sum of 1 billion naira to a private school for his children's school fees while serving as a governor is absolutely indicting.

Secondly, if he had converted the same amount to naira and try to make such transactions for the sake of paying school fees, it would have raised more eyebrows in the financial institutions especially if they are prudent enough to alert the economic and financial crimes institutions to investigate the matter.

This is just one state governor in one of the 36 states of Nigeria who was discovered of this scandalous transactions. How about many of our leaders out there and top government officials moving foreign funds in large quantity into institutions in Nigeria as a means of refraining from being detected over money laundering and so on. Imagine if we require them to stop the use of dollar within the domestic market, how are they able to cover these sheddy deals for cry out loud?

yeah it's one of the ways, naira lose value to dollar,  bit that has no reason for government to act so much on it, the major reason is lack of productivity,  Nigeria as a county lack low productivity in international trade, we only depend on only oil ,which is bad for country such natural resources,  the government should focus more on production, until then naira will keep Losing value to dollar.

That is true. You can see some companies, few international schools, embassies and many other organizations accepting dollar which is not right. But during Jonathan time, there was no problem and all these were existing at the time. The truth is the the government do not know the right way forward.

I saw a tweet that says the cause of increase in naira to dollar is caused by the dollarization of the country that the government are allowing transaction to be made in Nigeria with dollars and this caused the naira to loose value over the dollar it was said that the only legal tender in Nigeria is suppose to be naira and all the transaction should be made in naira why government con dey allow dollar to be use to pay house rent pay for pilgrims and many more why they con they allow am the economic constitution in Nigeria didn’t state that the market force will be the cause of increase in naira to dollar buh the use of naira in Nigeria and it is well known by the government and the government keep allowing the use of dollar in nigeria why.