I am not here to discuss the economic hardship that our failing naira is putting on the citizens of the country, I am sure the matter is already discussed in some other threads. I am here to discuss the projections for our naira against the dollar.
In our wildest imaginations, we never would have imagined a time where One dollar will be the equivalent of N1,600 of our naira.
N1,500 was almost seen as the height it will get to, but now we are approaching N2,000 a dollar, and I also do not think that it will be the stop, In maybe the second quarter of the year, I predict one dollar to be almost the equivalent of N2,500 because our government seems to be clueless on what to do. It was not even this bad under the PMB administration.
What are your predictions?
What economic policy do you think can be utilized by the government to stop this trend?
First we need to understand that government must prioritize productivity, local production will help to boost our economy because you will consume what you produce. One of the strongest problems we are facing with our naira is the fact that most of the things we consume in Nigeria are all imported, hence you are heavily dependent on other countries for your own livelihood, it then means your currency will lose value on the international market. Government and citizens have a good role to play for us to reach a sustainable economic system, government must declared a state of emergency on productivity with the political will to make sure it comes into fruition. government should make sure they encourage local SMEs and also encourage farmers too. Hence we begin to produce what we eat and as well import some of the products we have, then over time we will begin to see a level at which the naira will begin to appreciate against the dollar. So if we are really serious to fight inflation and other economic crisis that we are facing, we need to go into serious industrialization and productivity.