What role can the Govt play in improving the value of the naira?

[Majestic-milf]

  E get this mata wey don dey bother me and I say make I bring am here to get our different opinions. I don look and I never see such thread for here so I say make I drop am here.

The naira which is local fiat of Nigeria which was declared a legal tender on 1st January, 1973 began to experience the first form of devaluation when the naira jump from 89kobo /$1 to #4/$1 and it has gone down hill from there. At present, the dollar is trading at #765 at I&E.
Several factors dey responsible for the decline of the naira in present times;

* Declining Forex supply
* Net Forex inflow
* New Forex market measure
* Tinubu's promise
* Objectives of the new Forex measures
Detailed explanation about the above points dey here
Even heavy dependence on imported goods follow dey hinder the growth of the naira.
 E dey pain me say due to mismanagement and greed of we govt, the naira dey regarded as one the worst performing currencies in the world and is being ranked 21st after the Ukrainian Hryvnia.
list of worst performing currencies according to legit.ng

 Now, as govt no go gree relinquish the hold on fiat money and also no go allow the use Bitcoin to take support the naira as El Salvador dey use Bitcoin alongside the dollar, wetin the government of the day fit to do to at least give small value to the naira??

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[Charles-Tim]

Bad governance, corruption and money mismanagement (embezzlement) are one of the main cause of bad economy.

Even heavy dependence on imported goods follow dey hinder the growth of the naira.

This is also one of the main cause of our unstable economy and naira devaluation.

Now, as govt no go gree relinquish the hold on fiat money and also no go allow the use Bitcoin to take support the naira as El Salvador dey use Bitcoin alongside the dollar, wetin the government of the day fit to do to at least give small value to the naira??

Look for ways not to depend more on imports would be the good start.

All refineries need to be fully functional and we should not import refined oil again. It is better we even refine the oil and sell refined oil along.

We lag behind in technology and this may be a big problem in the future.

Common hot plates, blender, torches, lamps, matches and many more are not produced in Nigeria but we import them.

[Mate2237]

Smile!!! Op you tried for summarizing the whole. The devaluation started since the Gowon administration so I will want you to remove "Tinubu promise" from the factors of the demised about the naira. Tinubu is just a recent one which has not spent good 6 months in office. Really as you said there are many factors that are causing the downfall of the naira, and the administration that make the naira fall well was the Buhari administration. Buhari administration came to suffer Nigerians and was not for our good. He doesn't know how to manage a large economy so he missed managed the country economy to this extent.

Add it to what you have said, FEAR is one of the major factors that declining the naira, and dependency as you said. The third world countries are afraid that if they did not devalue their currencies what they want to achieve will not giving to them and the West is using this to threaten them, so they have to devalue they money against the dollar to get weti they want. And the dependency which is the core reason of this matter on ground. This is also known as *world market agreement". The third world countries to produce the fresh materials and the white people to reproduce di last production den dem go sell am higher price give us back, so we are not allow to produce anything on our own. So we only depend on the foreign products. Nigeria economy is tiered to the foreign economy so Nigerian economy is eurocentric.

What Nigerian government will do to improve on the economy is that, they have to cut the umbilical cord that is connecting Nigeria economy to the West and produce our own things. Have the mindset to reject world bank and IMF policies. Then invest on the educational sector massively. Then everything in Nigeria will change.

[Gozie51]

The solution for me is simple and no need to talk grammar too much. Na bad economy dey affect Naira. All the indices to take make economy function well dey for red. To fix the economy make dem just begin produce something and dey export them we go see say things take use there hand adjust to normal. Back then wey Naira and dollar dey at level in exchange rate, Nigeria dey export many things because electricity dey and companies dey here dey manufacture but where all that go now? Dem just put eyes for oil yet them no fit put refinery to work. When a government is run based on who you know, people won't do the right thing, na so dem go dey serve their families and put their friends for government.

[Okwara]

  E get this mata wey don dey bother me and I say make I bring am here to get our different opinions. I don look and I never see such thread for here so I say make I drop am here.

The naira which is local fiat of Nigeria which was declared a legal tender on 1st January, 1973 began to experience the first form of devaluation when the naira jump from 89kobo /$1 to #4/$1 and it has gone down hill from there. At present, the dollar is trading at #765 at I&E.
Several factors dey responsible for the decline of the naira in present times;

* Declining Forex supply
* Net Forex inflow
* New Forex market measure
* Tinubu's promise
* Objectives of the new Forex measures
Detailed explanation about the above points dey here
Even heavy dependence on imported goods follow dey hinder the growth of the naira.
 E dey pain me say due to mismanagement and greed of we govt, the naira dey regarded as one the worst performing currencies in the world and is being ranked 21st after the Ukrainian Hryvnia.
list of worst performing currencies according to legit.ng

 Now, as govt no go gree relinquish the hold on fiat money and also no go allow the use Bitcoin to take support the naira as El Salvador dey use Bitcoin alongside the dollar, wetin the government of the day fit to do to at least give small value to the naira??

Mr. Peter Obi, the Labour Party Presidential Aspirant of the just concluded general elections has a slogan which says " From Consumption To Production". This is one of the major steps to help naira regain some value.

The government has to create an enabling environment for businesses to thrive, especially those in the production sector. When we start to export more, our economy will definitely improve.

Let there be Steady Power Supply
Let there be Good And Accessible Roads
Let the Health Sector be improved in order to reduce medical tourism abroad and many more....

[Majestic-milf]

The solution for me is simple and no need to talk grammar too much. Na bad economy dey affect Naira. All the indices to take make economy function well dey for red. To fix the economy make dem just begin produce something and dey export them we go see say things take use there hand adjust to normal. Back then wey Naira and dollar dey at level in exchange rate, Nigeria dey export many things because electricity dey and companies dey here dey manufacture but where all that go now? Dem just put eyes for oil yet them no fit put refinery to work. When a government is run based on who you know, people won't do the right thing, na so dem go dey serve their families and put their friends for government.

You make valid point for here. I been wan tok say if we focus on our Tax Reforms policy, e fit also help but then I remember say we dey pay taxes yet not much has been done. Naija nah area wey God bless with so many natural resources but ignorance and the slave mentality for our leaders bodi nai dey cause the stagnation. I mean, who go dey comfortable to dey export something outside wey go come with im own excise duty cost, other pay and the rest if no be person wey get something to benefit from inside?

 Sometimes I dey tempted to conclude say no Govt wey go come from now on fit help the case of the country if them still harbor selfish intents but we still dey look and hope for beta tins.

[Gozie51]

The solution for me is simple and no need to talk grammar too much. Na bad economy dey affect Naira. All the indices to take make economy function well dey for red. To fix the economy make dem just begin produce something and dey export them we go see say things take use there hand adjust to normal. Back then wey Naira and dollar dey at level in exchange rate, Nigeria dey export many things because electricity dey and companies dey here dey manufacture but where all that go now? Dem just put eyes for oil yet them no fit put refinery to work. When a government is run based on who you know, people won't do the right thing, na so dem go dey serve their families and put their friends for government.

You make valid point for here. I been wan tok say if we focus on our Tax Reforms policy, e fit also help but then I remember say we dey pay taxes yet not much has been done. Naija nah area wey God bless with so many natural resources but ignorance and the slave mentality for our leaders bodi nai dey cause the stagnation. I mean, who go dey comfortable to dey export something outside wey go come with im own excise duty cost, other pay and the rest if no be person wey get something to benefit from inside?

 Sometimes I dey tempted to conclude say no Govt wey go come from now on fit help the case of the country if them still harbor selfish intents but we still dey look and hope for beta tins.

Tax no fit work for naija. Who and who go pay the tax self, even I hear say some West African countries still dey own naija some money base on light supply. Okay for naija we sabi say many big companies still dey own better money, see them no dey pay because no body trust where the money dey go and na so dem go dey carry small money bribe dey use the small light wey come. Tinubu dey want tax people when work no even dey and people wey get dey underpaid. My brother, persin no dey collect from where dem no put anything. The corruption for naija too much and na same people dey the government, see wike wey be minister for Jonathan time later become governor for 8 years and now him dey enter minister of FCT. Infrastructure and social Amenities go fix this country but dem no go want do am even when dem send the money out, one minister and governor go share am and that will end there. Now dem want share money wey dem say na for palliative on the fuel subsidy and dem want share am through manually, that is from governors to share the poor. How we think say that go happen? It will not because each table wey the money land go collect better cut. Ask yourself why government no dey use BVN share money if them dey sincere. Shebi dem get our numbers wey we take do NIN and BVN, at least dem still send us message through am if dem get wetin one agency want do, so why dem no fit share money through electronic means, na corruption.

[Sim_card]

The solution na say make government stop to borrow money and focus on production and export. Our refineries are not working and the cost of taking crude out for refining and back is a major funds which can be use to tackle another problem. Also make Nigeria no depend on crude alone because we get other natural resources wey if them focus on,more funds go dey come out from there. Lastly,make INEC put the people wey we dey vote for,for power and no be the ones wey use money buy election. The reason why I talk this last part be say na only good government go fit sit down think on wetin he go do to help this country economy make e good.