Topic: How to strengthen our own Naira against other currencies (Read 380 times)

It seems you need to recheck the Value of naira against dollar one more time, and then make edits to you post because the last time I saw that rate was like a month ago. Currently dollar is been traded to naira for N1254 per dollar and with this rate we can say the naira has gained value over the dollar compare the exchange you mentioned. However its obvious our government are serious with manipulating the exchange rate to their favour, but I don't think this will hold for long, until the main issues behind the devalue of our currency is solved, we are just bitting around the bush to get temporary solutions.

There is no other way we can strengthen our own naira against other currencies without bring down the denomination of our naira. Look at Dollar, we still have 1dollar, which is equal to 1,700 of our naira. Omo, the gap dey too much na. We should know that the more we are increasing the denomination of our naira the more it will lose it value in the international market. And once it lose it value in international market it can not been use as a medium of exchange in the international level. So I think one of the way we can strengthen our own naira against other currencies, is to first have  reduction of the denomination of our naira to gain Values in the international market.

It is a tough subject, but I believe that if the correct policies and organizations are implemented, the advantages will exceed the obstacles. For example, a regional currency might enhance commerce, investment, and economic growth throughout West Africa, perhaps raising people's living standards. It might also assist to diminish West African countries' reliance on foreign currency reserves, which are frequently stored in countries such as the United States and China. This would assist to mitigate the danger of a foreign exchange crisis. It might also assist to enhance trade and investment, resulting in more stable pricing and more price competitiveness.

Op all these stated is truly a means of strengthening naira, no doubt but if all is put in place it can dramatically allivate the strength of naira.

My major opinion which can also be of greater help, is utilization of the nation man power through job creation, that may include small scale and medium enterprises and use of the man power greater percentage, on essential commodity such as food production, cement and other building materials as the primary thing or concerns of human want focus on food and shelter.

Engagement of majority of the nation citizens by utilizing the man power can increase the value of our currency as it's tax will go directly to the government as their employer not just employer, it very easy for tax payment for an individual who is engaged can easily pay task, and this will reduce the level of loan taken outside the nation there by increasing our currency value

The government have alot to play as role in achieving on this, improving the economy demands using a specific strategy as approach to see that thing works as expected for the developments and growth of the economy, government have to take some strategic decisions on how they could increase productivity of that particular country, encourage for the use of locally made products and also help the situation faced by all those involved in this local productions, make available several opportunities for the people to participate in the community development initiative, help provide enough resources needed in providing jobs for the people, reduce hunger and poverty rate, have budget on every citizens and deal with corrupt practices.

Significant impediment to the growth of the economy and development. When elected officials and other prominent people utilize their positions for personal benefit, it can result in waste, incompetence, and mismanagement of public resources. Fighting corruption should be the Nigerian government's the utmost importance. This would assist to level the playing field for organizations and individuals, as well as encourage more local and foreign investment.

Overall, you are correct: Nigeria has the possibility to become a more rich and industrialized country. However, accomplishing this aim would need a mixture of policies that promote diversification of the economy, building investment, and efforts to combat corruption.

Until we start giving values to what we have as a country, our currency will not be valued. We should learn how to patronize locally made products as in things we produce around our locality. Irrespective of the fact that some things we produce in the country are inferior or of less quality but we can still find a way make it better when we give full attention to it.

For our naira to gain relevancy or valued we need to pay attention to our factories and industries like put them in good working conditions, and also increase the quality of our locally manufactured products and send more of our goods and commodities to foreigners rather than we bring to our country and it can only be achieved if we manufacture what foreigners don't have and send it to them in higher quality so as soon as the demand of our locally made products increases then our currency will be valued.

The masses are not the government, the problem mostly comes from the government with their bad policies. The problem is beyond what that could be solved within Weeks.

When I went to north, all that I was thinking is that Nigerians are trying in crop production and animal farming, although we can do better but the problem in crop production is the fight between herdsmen cattle (which are the part of the main problem), destroying farmers crops and eating the crops, also the fight that herdsmen are killing farmers is another thing. They are the main cause and they are not sponsored by the world power, but likely by rich people from the North. Also that Fulanis have just been like this by nature.

The government and CBN are the ones that are controlling naira price, dollar is not what that determines this directly. But I understood you and you are not wrong, you mean as they devalue naira because of decreasing foreign reserves, that the price of goods and services will also increase. But dollar is not only what that makes up the foreign reserve. Euro, pounds sterling and maybe some other foreign currencies are also among.

I too wanted to point to this, all countries are collecting loan, but it should be used for a better reason and it should be used appropriately. All developed nations are also getting loan. But mismanagement is the problem.

The price can not be maintained if the foreign reserves are reducing, naira has to be devalued and this will lead to persistence rise in the price of goods and services as naira declined.

This is a solid one, I think  if the price could be maintained for local produce most things should fall in place locally. For instance how can someone say the rise in dollar also cause rose in the price of yam it's funny but let's be Frank  people just do anyhow in price determination since there's no CONTROL PRICE SYSTEM.

Fine, there's also some increase in cost of transportation but if we should put in on scale there's always a huge difference compared to the price we ought to have determine the cost of a produce.

The problem we have can be handled within a week if really the masses work together to achieve it but I'm the mist of difficulty and hardship some are still benefiting from it very well while others suffered for it. So it is very difficult to fight such battle. The ones are benefiting are few but they still use the ones that are suffering to fight themselves by giving them peanut to eat just to have strength to fight. The currency problem in Nigeria is caused by the president because he obey the external forces to devalue the naira and thinking things will be okay in the country but opposite is the result always. One country can not do alone but a joint force by all the Africans countries can fight and stop this. And that is not possible because some countries are dancing the music from the colonial masters and Nigeria is the number one country. Mass Revolution is the answer to the problem in e and Africa.

But we cannot do anything to stop the ill-treated country of Nigeria. Even the bountiful resources we have are indirectly control from the outside through the Northern Oligarchs. So the National Resources are not meant for the owners but the foreigns. And Foreigners within the foreign land.

There is nothing we can do to revive the currency because we are not among or in the parliament of policy making. If you try to improve the living quality of the people and increase the value of the naira, you won't love to tell the story. As you can see bitcoin came to edify Nigeria economy but the policy makers rejected it and jail it.

This is the most difficult part of the economic development in Africa. And no African president can stop that. 2023 General Election in Nigeria was sponsored heavily by foreign countries. Obi was sponsored by and Asia country so that after the election and if Obi won they would take Nigeria as the dumping ground of their products. Atiku was sponsored by a European countries with the same ambition and Tinubu was sponsored Heavily by four world powers so stop importation is not possible unless a determine Government to develop the country.

Nigeria can never produce a very large quantities of food items in the country. Oya listen carefully. Benue was producing enough foods in Nigeria and Nigerian could not finished the product in the country so they make some export to supply other African countries and when the world powers discovered that Nigeria is about to do well in the continent, they sponsored bandits and herdsmen to invade farmers to destroy the farm products to reduce the production of food items so that we will buy things from foreign countries.


Dollar is the determiner of food prices in Nigeria so they also want the naira to be devalued at all time. So if you are selling fish from the river, you have to sell it high to meet up the demands of the material things from foreign countries. And such as phone, foam, electronics clothes etc.

That is a business from the world bank and IMF so you can't stop that. Whether your country Government like it or not, he must collect loan from those institutions.


There are even happy in the way Nigerian education system is. The WEST does not want the African countries to develop so they are not interested to sell things that will make the educational system function well. Look at NEPA in Nigeria. They are still using the old way of collating Data and connecting electricity and collecting money. It is very much ashamed of them. Look at solar system, they can off it from their office if you didn't not pay that week and you will not have light I'm your house. That is innovation. I have plenty things to tok bt make I stop am here.

As a public policy and administrator, I feel like to strengthen our own Naira against other currencies, there are a few factors to consider. One important factor is the country's economic stability and growth.

For instance, the implementation of sound economic policies, the encouragement of foreign investments, and promoting local industries can help boost the value of the Naira. President Tinubu is working towards that though the fuel subsidy removal and the unification of our foreign exchange rate.

Additionally, maintaining a favorable balance of trade by promoting exports and reducing imports especially non-oil products can also contribute to strengthening the Naira currency. Although, it is a complex process but through hard decisions we can strength the Naira. Last last, Nigeria go change when we ready.

This na very nice topics and thank you for bringing this for deliberation nothin wey Naira never see for this politicians hands and dem no care because dem no dey hold Naira self. Their wealth and investment dem all dey for other country so dem no care if naira dey fall and only come to care when the thing dun too fall. Dem go come do one or two policy just to make d Naira bounce back without any real improvement to sustain the growth. Wetin me I think the government need to do more na to create scarcity for the Naira. Make dem commot most of the Naira in circulation and make we go digital small. The availability of Naira dey bring plenty disrespect for d currency but obviously dem no go stop there as dem go do the other things wey you dun talk to continue straightening the Naira.
.

Make I talk small for this side as this loan thing dey very bad, when you take loans for spending and not investing, you're killing the nation because na just debit wey you dey create and others dat cum after you go get debits wey dem no even know the reason for. Assuming this loans are been used for building things that'll payback the loans without having to dig into the finances of the country to cover up, e for dey understandable but this loans dem self is not been used for anything tangible and that's how the country keep going backwards. Why we no fit dey generate the money wey we go need to use do things for the country from the country instead of going to borrow and the worst part na say na foreign currency wey we dey borrow in and our naira keeps getting the hit, e no just make sense.

You clearly don't understand how petroleum is been sold and the reason why.

First, you should understand that there is no country that want to see the economy collapse, they care and that's why you see they have been reforming and reshaping policy but the problems with this policy are clearly temporary measurements and clearly, we don't want that. What we need is the main solution to the problem. You saw the other day when NPCC took another loan when we don't have a means of repayment, we could have but it's not the best because it's will become more debts to the country and our foreign reserve is low.

When NNPC sell crude oil, they receive dollars because crude oil is old in dollar/barrel as you in indicated and if the payment are settled, the money is not converted to naira, they use part of it to fund the Forex, the I and E windows, that's why if you notice, when we sell more crude oil, the naira appreciate because the government have more money to inject to forex and I & E window, that's high supply of dollars will suspend the too much demand of dollar. I hope you understand now.

The dollar market only favours individual and not the government, there is nothing government will gain when the naira depreciate against, the people and the government will suffer for it. Only the rich men that have there investment outside the country enjoy this dollar rise and that's if they want to enjoy the money here in Nigeria.



You should go through my OP, na we dey do ourselves. Borders were closed down to encourage local production of basic goods but instead of this flourish, instead people increase their price to compete with the foreign products, ridiculous price that were unbearable for common man to enjoy.

Another problem with our locally produce goods is quality, Nigerians produce but lack quality to meet the standard value and yet expect people to buy them at high price. Local rice are either feel with stone or chaffs, there are some that are actually free stone but local farmers don't have the means to process their product in high quality but expect it to be sold at high price.

About dollar been used to settle payment, I will say it again, we are our own problems. This problem has been address many times in the senate to pass a bill that will prosecute any culprit but all of them do that. We all saw how dollars were share among delegates during primary elections, this are the people that are supposed to act like on but doing worse.

I do not think Antotena stated that the value of naira should increase, he only mentioned how it can be strengthened, in a way naira value will not continue to depreciate significantly as it is now.

People may want the value to decrease further, but they will also be satisfied if the value remain less volatile in a way the price of local goods and services are maintained.

To increase GDP and standard of living, we have to depend on local production and export more than import.

This can help beyond Nigeria, but not a problem if we do not depend more on importation. I remember when West Africa wanted to adopt a single currency, it did not become a reality.

Antotena nice work you did here,  but come to think of it,  do you think aside from the reduction of importation and increase in domestic productions will help strengthen the value of the naira?

The war against national currencies in African sub-region is more of an International war and for West African countries to salvage themselves out of the hold of this currency devaluation is to come under a unified umbrella to create a regional currency which will be used for trade in the global exchange market and let the regional currency be pegged to 1:1 of all members countries currencies.

For the naira to be strengthened local production should be encouraged, Nigeria solely depends on other countries' goods for survival and it's not good for us, note any countries you import anything from, you must exchange your currency to theirs, in turn, it weakens your currency, do you also know that, some hotels in Nigeria receive their payment in Dollars, so where do we start, can you do this anywhere in the world, the answer is no, the government has to identify their lapses and improve on them, some so called expatriate is been paid in Dollar or any other currency here, so how do we solve this problem, I think Nigerian government should make strict policy regarding this, then changes will come, we have so many raw materials here that we can use to produce different things, but no encouragement, I think we should not depend on crude oil only, let's explore more and encourage local investors I believe we will get there, China was not great before, the started little,but today both in tech and normal production capacity, you cant say anything without mentioning China, I believe Nigeria can do it if they are ready to get rid of corruption.

Bro make I no lie u eh, the country itself nor want the value of the naira to increase, because we dey benefit from am, all the guys wey I know wey dey into investment and trading dey pray make the currency devalue more and more, same wey wen I believe say even the federal level self want am to dey like this, because currently now one barrel of crude oil na $91 and Nigeria dey produce upto  1.9 million barrel per day, and we know how the naira to dollar conversion dey increase.

So brother, make we nor suffer ourself or disturb ourself for this matter, reason I say so, for the federal government to dey calm make you know say e dey benefit dem and us as citizens in numerous ways, the only side I see say e dey affect us badly naim be for our import market.

It is no longer new to everyone about the situation in this country Naija, everyone here knows what I'm talking about. The cost of living is no longer funny because there has been increase in a high rate of inflation, the basic things are difficult to have due to many factors that have made our own currency to be valueless and not worthy of standing against other currencies, the new policies are not favourable to every man that lives in a country called Nigeria.

This country na our own, we don't have any other than this and it is our responsibility to make it greater and better for everyone to live without thinking of relocation, we have abundant resources but it is not working and this is because of the measurement Nigeria government has chosen, they are not just a measurement but temporal ones that wouldn't last long and as a result, the hardship continue every time we have a new government.

Naira is the only currency we have and we must defend it in order for it to be suitable for the people who respect and value it, instead of using temporal measurements that do not work or work but later fail in the future, we need to focus more on the basic permanent solutions to fix the Naira which is:

1. Increase in Exportation and Reduce Importation: Any country that depends more on importation with low exportation will suffer and that is exactly what is happening with the Naira currency. The people need the US dollar to settle for goods as it's a general currency accepted worldwide but the situation of Nigeria is different because we have few available forex(foreign exchange) and the demand is high with low supply which is limited. Since they can get dollars, they go for the parallel market known as the black market to get dollars at high prices making our currency useless, this is the effect of high dependency on importation. Our exportation is low, we don't have many industries that produce goods for exportation and with this, there is low forex that is coming to Nigeria with low revenue for the government.

2. Increase Farming: Despite how other countries are rich with other mineral resources, they never abandoned farming instead they mechanized it, and improved their seeds and animals to high breeds, and that is how their life became easier, they depend on other countries for food, instead countries depend on them and this makes their currency stronger because need their currency to buy their goods.

3. Maintain a standard price for local produce goods: In this country, we are the enemy of each other; there was a time when the past president Buhari banned 32 items that are mostly imported to Nigeria which he felt we could produce in this country like Rice, Chicken, cocoa butter, Noodles and many more because we can do produce this locally to standard level and all boarders were closed in other to reduced importation and increase exportation. However, instead of local food products to be cheap, they increased the price to meet the price of foreign rice that are been imported to Nigeria and other places, this is because the regulation doesn't work and Nigerians like to take advantage of a small opportunity, this affected the value of Naira, the value depreciates with such fraud.

4. Reduce asking for loans: If there is anything the Nigerian government loves, is always asking for loans. The Nigeria government have a shortage of forex and when they take a loan, they are been paid in dollars to finance projects in Nigeria, some are been done while many are pocketed by corrupt politicians, and when it is time to pay back this loan, it becomes a big problem because they don't have forex to pay back the loan and the lenders would never accept Naira because it's not strong and not recognized for international trades.

5. Improve the standard of living and provide good education: Japa syndrome is a new word, literally every youth you see today want to leave the country and go search for greener pasture on the other side of the world because the economy hardship is unbearable, they want to live and when they have the means to live, they sell every property they have to have access to USD, and this is killing the Naira while appreciating the USD against our currency because they need dollar and other currency to travel out.

Good education is another factor that makes people leave the country, students don't want to study in Nigeria because of the difficulty in having early education, yearly strike, poor educational facility, and poor research and development. These are the reasons why student travels abroad to have a good life for their education and this affect the forex market of Nigeria due to the low dollars that we have in Nigeria.

These are the basic things that the Nigerian government need to fix, if they work on this, other factors will adjust to normal because these are the basics which have been poor in the country. If we need our currency to improve against other currencies, we need to fix these problems.