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How Best Can a Stronger Naira Boost the Economy? – Thisday

HomeNewsHow Best Can a Stronger Naira Boost the Economy? – Thisday
06
Apr
How Best Can a Stronger Naira Boost the Economy? – Thisday
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    Alex Ikechukwu
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Apart from the patriotic pride of seeing an increase in the value of the naira against the dollar, some analysts believe the Central Bank of Nigeria (CBN)’s move to shore up the naira may have a counter-productive impact on the overall economy, and that a stronger naira will not check influx of goods’ imports or help the ailing manufacturing sector of the economy as much as a weaker currency would.

In your own view, in what ways can Nigeria take advantage of the stronger naira to boost the local economy?

ABIMBOLA AKOSILE

* The best way a stronger naira can boost the economy is when craze for loving everything foreign by the well-to-do citizens is reduced and they start showing interest in Made-in-Nigeria products. The foreign exchange interest would be drastically reduced as we have now understood that our products are far better than the ones we were dying for. We thank God for the Governor of the Central Bank. With the steps he is taking we shall soon see an exchange of N75 to a dollar by God’s grace.

Hon. Babale Maiungwa, U/Romi, Kaduna

* That can only be feasible if the commercial banks and the Bureau de Change operators desist from sabotaging the efforts aimed at making life easier for foreign exchange end users and the general public, with cooperation not to accept to buy forex from any bank or bureau de change above the prescribed rate. With fixed rate, people can plan, and it is a way of controlling the exchange rate not differentials. My belief is fair and appreciative in order to support the naira and boost the economy.

Mr. Dogo Stephen, Kaduna

* I think a strong naira is what we need considering our economy is for the most part import-oriented. If the naira yo-yos until it arrives at a thousand naira to a dollar for instance, it will be doom for this economy all round. Prof. Osinbajo understood this as head of the economic team. The government in response should do all in its power to get our manufacturing sector back on track and get serious about industrialising. If this happens, then a weak naira will boost our exports abroad.

Mr. E. Iheanyi Chukwudi, Brainchild Academic Resources, Trademore Estate, Apo, Abuja

* For a stronger naira economy, the Central Bank of Nigeria (CBN) must continue to shore up the naira aggressively to increase its desired value against the dollar. Banned items being smuggled into Nigeria implies subverted border laws causing dumping and poverty. Electricity, agriculture and manufacturing are inter-related and must get priority attention through regionalised alternative sources of power, streamlined agriculture to certain crops and animals of comparative advantage. Illegal minting houses must be identified and checked. Avarice, greed, bigotry, forex activities and glut in the agricultural sector must be checked to promote food security also.

Miss Apeji Patience Eneyeme, Badagry, Lagos State

* As the naira is getting stronger every day, it means our economy is bouncing back gradually to put smile on the faces of Nigerians. To sustain this naira growth, we must engage in locally made production and patronise the products. Very soon, the issue of recession will end as the government focuses on agriculture and mineral resources to boost our economy. Our problem is that we have no patience that the economy will bounce back for the better.

Mr. Gordon Chika Nnorom, Public Commentator, Umukabia, Abia State

* To me, a stronger naira both increases our purchasing power and can allow manufacturers bring in more inputs to revitalise the industry. The usual complaint has always been that our naira is worthless outside the shores of this country. But a stronger naira will help us import necessary components at a cheaper cost to help kick-start some vital sector of the overall economy. Conversely, a weaker naira will only benefit looters, or those multi-nationals who are repatriating their profits to their parent organisations. A stronger naira will also discourage smuggling because the local currency will be useful in buying locally-made products at competitive prices.

Mr. Olumuyiwa Olorunsomo, Lagos State

* A stronger naira can only be achieved if they the politicians buy made-in-Nigeria, spend naira, stop medical tourism, ensure their children school here and stop spreading falsehood as it is the case today. However, they should do what they preach. Until they do that, naira will continue to go down in a free fall.

Mr. Mark Ushie, Transcorp Hilton, Abuja

* I believe government needs to intervene and prevail on our importers, traders and business people to lower the prices of their goods to be commensurate with the strengthening naira. The oil industry has PPPRA to regulate and control the prices of petroleum products; such an agency to ensure that Nigerians are not unduly exploited by selfish traders and business people. When the dollar gains value, some traders or importers will just sit in Lagos and decide this is the new price of a particular item; regardless of whether the price drops back the very next day. That same day, those in the other states will call their suppliers in Lagos and adjust their prices to reflect the sudden change. Should an increase in the price of goods not only take effect after the importer has bought forex, gone overseas, have the goods shipped to Nigeria before the new price reflect even before the importer buys the dollar? Is this not a form of economic sabotage? Unless something is done about this ugly trend, even if the naira stands at par with the dollar, the prices of goods and services are not likely to come down in any significant way.

Mr. Buga Dunj, Jos, Plateau State

* There have been calls from different quarters to strengthen the naira. Reports have shown that our country is an import economy which if the naira is strong our manufacturers and importers will purchase their raw materials and goods at a favourable rate which will make our goods affordable and affect our local economy positively.

Comrade Frederick Ekekwe, CEO Seasoniss Eve Nig. Ltd, Trans Ekulu, Enugu, Enugu State

* A strong naira base will of course boost our ailing economy. The Central Bank of Nigeria (CBN)’s move to shore up the naira is a perfect economic reasoning for the moment. We must also consider tax repositioning, agricultural transformation and food security, macro-economy stabilisation, energy sufficiency, increased private investment, customs leakages, budget reforms, industrialisation, transport and security issues e.t.c. We need a true political will to deliver all these than mere wishes. The Presidency must insist on patriotic consistency to get there. God bless Nigeria.

Mr. Apeji Onesi, Lagos State


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