Topic: Is having N1 = $1 a Meaningful Economic Goal? (Read 94 times)

Having N1 to $1 no be reason wey we go get viable economy. D tin be say even as the exchange rate dey like dis ba, government fit provide remedy to all dis tinz by increasing d minimum wage. And d buttom line of it na him be say make we no dey use dollar as our international currency to exchange goods and services. That tin dey really affect our naira and na we wey dey inside dey feel am pass dan our rich ones wey dey do the transactions for d top.

Make we know decieve ourself ooo, that analysis wey up there so dey far from the truth. The rise of dollar to naira is one of the things that make the country hard. Shae una know say, no he only politicians dey do export and import trade. If you spend plenty money buy goods from another country, if fit sell am cheap and run to loss?. If 1naira equal 1 doss, e mean say, the product wey dey enter naija go cheap and that one go also make internal product dey very less, and the pressure to sell products out because if exchange rate go reduce. When dollar no rise like this life no too dey difficult.
Insecurity don dey for ground since Jonathan time, and things no hard like this.

It is easy said than done..Our Naija president wey nothing dey them head na them won make Naira=Dollar,how them won do am. All these their talk na confuse talk because what ever them do na only for the short term. If them win really make dollar and naira no get big difference, make them start to produce more products than them dey import. This go create avenue for new jobs and go help sustain the citizens for the country. Them need to also work on the refinery and need to dey export products to other countries. If US see say them get important product wey na Naija dey supply them i.e without Naija them go lack such commodity,you go see say na from their negotiations on the dollar to naira price go come up.

Shebi una sabi say the reason why things dey increase for the country nor be because of the say N1=$900 now? Make I give una some example
1. Most of the food wey we dey chop are produced mainly in the northern part of Nigeria. And as e be now since the last decade or more wetin wey dey experience for that region na rising insecurity. Farmers nor fit dey go their farms again go cultivate these crops because if them go there, terrorist fit kill or kidnap them. Now, dem still dey farm but na closer to their house and na for small farmland wey nor dey enough. Therefore when the small one dem harvest reach other parts of the country, the price don triple. Law of economy -high demand, low supply equal high price.

2. Cost of operations. Naija nor get competition for the petroleum industry. If you look am well na like only FG dey import fuel. E nor suppose be like so. If government fit open fuel importation up to other companies like dem do with telecommunications, you go see say the competition go drive the price of fuel go down. And then even the prices of things for market go come down because truly wetin make things cost na the transport nor be really the commoditiy.

 Yes, I see am as meaningful economic goal because e go mean say we don dey add value to the naira and wetin go bring about this nah when we focus more on exporting our local goods rather than importing, when we decide to utilose the many resources we dey blessed with. Like Op point out, the only peeps e go worry nah "those Satoshi earners" and while e go look like say we dey concerned for the growth of the naira, secretly we dey pray make e go up so we fit gain am well.
Any Govt wey achieve that feat go be really government wey understand the need for growth and wey no dey selfish. Although areas dey wey dem need to fix, but I feel say adding more value to the naira dey more important before d mata go worse like the Zimbabwean dollar or the Argentine peso.

Let me tok am from the topic to di conclusion. Me I go sae yes na good economic development be dat. And if really #1=$1 everywhere go marama for we naija and day e no go Happened again, the recent passed president promised is to equalize the naira with the us dollar but at di end, im come devalue di naira to di way wey di naira e no go fit come down. Di weakness of di naira na our presidents nai caused am, dem won make our economy strong by devalueing di naira but dem dey kill am. And di Oyibo people dey deceive dem sae if dem devalue am we go get plenty development but all na lies

For those countries wey you mentioned in the quoted test, all their money e big pass Nigeria. Ordinary, na di country economy nai go develop a country so if di economy strong then development go take place and if u look at all those countries u mentioned, they are all well developed. Every country has their exchange rate so dat amount you see in South Korean im still big pass naija own. And all Nigerians dream is to have #1=$1 one day. Even we can't realize it now.

I no no about others so me I go only fit speak for my self, doz countries way their local currency low well well like that, u don try check their minimum wages if them convert am to dollar how much of their million way dem they earn. and how much dem them spend too to cover up their own cost of living. Most of this people entirely they dependent on watin them their self they produce and them no need import too much of foreign things way go warrant them reason the difference.

But for this our country, most of our daily survive stuffs nah import them they import am, and as them they import am them they use the dollar as excuse to carry high the price of things up, and even when the dollar drop small we no go still see the price of things they drop with the dollar value.

Since the government no wan increase minimum wages so that eh fit they fit in the value and things way man need to survive for the contri eh for better say them try make the local currency way them dy greedy to released equal to the dollar, so that person go know say any small amount way dem pay u, one nah one and eh go serve you.

No be when dem they pay you 80,000 as salary when dollar been they 450 and u they manage they survive, now dollar don climb reach 800+-900 them still they pay u the same amount (80,000) that amount no go even fit buy half of watin in they buy before, if u complain for market them go tell u say dollar value high. So eh for no better day them try normalize or equalize this dollar to our local currency since everything way we wan they do for this country their price they sabi they controlled on watin our currency they exchange with dollar.

My pipo today una well done. Abeg I wan ask, wetin be our obsession with N1 = $1? Since I was born up till now, there is always panic whenever Naira to Dollar rate dey increase(with the exception being the Satoshi boys wey dey here).  Is having N1 = $1 a meaningful economic goal?

Please read this analysis by David¹ and share your thoughts at the end. Lets discuss it.

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1 https://twitter.com/DavidHundeyin/status/1693553641251082422