Currency swap Deal: What's stopping Nigeria from it?

[Davidvictorson]

About three weeks ago, Egypt signed a currency swap deal worth $1.4 Billion with the UAE. UAE swapped 5 billion dirhams for 42 billion Egyptian pounds. Currency swap deals is usually carried out by a country with economic crises with another country with strong economy so as to boost the economy of the former.

The Egyptian situation is similar to the Nigerian situation. Both countries are passing through inflation. Within the past year, both countries have devalued their currency more than once and has seen it loose almost half their value against the dollar.

My question now is what is stopping Nigeria from signing a currency swap deal with a country that has a stronger economy and currency?

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[Richbased]

About three weeks ago, Egypt signed a currency swap deal worth $1.4 Billion with the UAE. UAE swapped 5 billion dirhams for 42 billion Egyptian pounds. Currency swap deals is usually carried out by a country with economic crises with another country with strong economy so as to boost the economy of the former.

The Egyptian situation is similar to the Nigerian situation. Both countries are passing through inflation. Within the past year, both countries have devalued their currency more than once and has seen it loose almost half their value against the dollar.

My question now is what is stopping Nigeria from signing a currency swap deal with a country that has a stronger economy and currency?

Nigeria go gree swap deal when it be say some of our government officials are even happy with the economic condition of the country because one way or the other they are benefiting from the economic crisis.

Until we keep our personal and individual interest aside and put the interest of others into consideration it might be difficult for us as a country to take solid decisions.

[Charles-Tim]

I remember Buhari government did something like that in 2018:

CBN replies Falana, says Nigeria’s currency swap deal with China still valid

But what as been happening? Naira continued to depreciate, even as CBN tried to control naira price in ways that did not favour the foreign investors.

[Forever101]

See, if you know how much one person dey hold for in account, you go no say na we be our own problem. The thing be say wetin dey result to this continuous inflation wey Dem no fit correct. All those people wey read economic and those one wey dey government house wey call themselves economist no fit provide solution to this inflation crisis. I no understand why some of this guys Sabi make mouth for television house but to actualize this things na drama

[Chilwell]

About three weeks ago, Egypt signed a currency swap deal worth $1.4 Billion with the UAE. UAE swapped 5 billion dirhams for 42 billion Egyptian pounds. Currency swap deals is usually carried out by a country with economic crises with another country with strong economy so as to boost the economy of the former.

The Egyptian situation is similar to the Nigerian situation. Both countries are passing through inflation. Within the past year, both countries have devalued their currency more than once and has seen it loose almost half their value against the dollar.

My question now is what is stopping Nigeria from signing a currency swap deal with a country that has a stronger economy and currency?

This naija no be the way we dey see am ooo, naija dey popular for the world, I no think say naija fit do the swap deal because we no come hear anything about China I no think say this white people go allow naija do any of such thing, we no get freedom at all because the way wey other africa country are fighting for freedom naija is left behind we have been cage. White still decide for us in time of electing a leader, if we can noticed almost all our presidential candidate of all popular party due visit them and they ask them their plans if been elected. We are just celebrating our lndependent but still we are been control by white people.

[Charles-Tim]

we no get freedom at all because the way wey other africa country are fighting for freedom naija is left behind we have been cage.

Can you explain the reason you posted that we do not have freedom?

You vote for president, house of representatives, the governor, house of assembly, senators, chairmen and chancellors. You people are voting for them. It is Nigeria that I know that literates have month and use social  media but the illiterates are the ones voting more.

With what I noticed about Nigeria, we are not caged, but people are frustrated because of bad economy and poor standard of living.

White still decide for us in time of electing a leader

How? White decided for you on whom to vote for?

White still decide for us in time of electing a leader, if we can noticed almost all our presidential candidate of all popular party due visit them and they ask them their plans if been elected. We are just celebrating our lndependent but still we are been control by white people.

Our leaders and other leaders in Africa are proving to be incompetent in leadership but I do not see how the whites are controlling us. It is just that we are not getting things right in Nigeria. If you are right in what you meant, explain better with evidences.

[Chilwell]

Can you explain the reason you posted that we do not have freedom?

You vote for president, house of representatives, the governor, house of assembly, senators, chairmen and chancellors. You people are voting for them. It is Nigeria that I know that literates have month and use social  media but the illiterates are the ones voting more.

I don't the freedom as an individual but the entire country that we are been control by white.

With what I noticed about Nigeria, we are not caged, but people are frustrated because of bad economy and poor standard of living.

I don't mean that the citizens are caged but the entire country due to IMF involvement in economy issue.

How? White decided for you on whom to vote for?

No they don't decide for us for whom to vote for, but they call the attention of all strong political parties that they know one of this parties will emerge as president, here the only play smart that the president will come out of these parties.

Our leaders and other leaders in Africa are proving to be incompetent in leadership but I do not see how the whites are controlling us. It is just that we are not getting things right in Nigeria. If you are right in what you meant, explain better with evidences.

Take a look at south African, Kenya Zambia, and many more that everyday they always discuss on how to set a Africa as a continent free from white,

[EluguHcman]

Talking about national economy booster is not capitalized on currency swap and that is not the basic problem of our country Nigeria.

The national economic team and its leaders has failed to put effort and concerntration on the super factors that had the potentials to evaluate and proffers itself economic growth such as
* Failure of human capital: The country has ignored to invest on infrastructures with the aids of proper educational systems, negligence to install hospitalities with international standards, no improvement to impactment or encouragement of talented masses in skills and creativities.

* Adamant to Labor force: The government plays ignorantic role on the masses failing to pave opportunities on how the masses who are fit and qualified to bring its potential abilities to work leaving majority of the masses jobless where there are means and vacancies on job creations where the jobs resultants is termed to bring about economic values and development to the societies.

* Ignorance on capital increase: The federal government is not focused to provide relieved provisions and creating of accesses to support production such as the Agricultures, the creativities and the entrepreneurs sectors with an aim of achieving proficient expected outcomes of its fields and also as the ability to fit produce materials for a finishing that is determined to assorted produces.
This is liable to attract international traders and basically give reliance to the societies.

Apparently our government fails to understand that bringing about amenities to job entitlements in the country with a system of taxation is an increase to economic value.
The government fails to build and or create infrastructures supposed to attracted foreigners into the country such as educations, hospitals, technologies and the agricultural  instead they ignores and underrates its own while patronizing with other international countries without undermining how improductive they are to other embracing countries.

I am personally going to say a monopoly system of the government is strongly affecting our economic system of today's in the nation and the country is just seemed as carrier/talent hinderer where they fails fails to breed and encouraging who is of Worth providing a national to international needs.

So I can say that it is not about the currency that is devaluing but the economic system itself and the swapping currency is just not a solution to the system.
Even if you swap the country to USA and USA to Nigeria today with the same running governing systems of today, the Nigeria government will still remain the same .