You've said it all, if only the rate of export exceeds the rate of import ,Naira will not loose value.
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"is changing the Nigerian Naira to Dollar the Solution to Our Currency Problems"?
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Shedrack3
57 days ago"is Changing the Nigerian Naira to Dollar the Solution to Our Currency Problems?”
The naira keeps depreciating daily. Prices of goods are rising, salaries can’t keep up, and the dollar looks like the only stable option.
But here’s the big question: should Nigeria dump the naira for the US dollar? 🤔
Some argue that adopting the dollar could bring stability.
Inflation may reduce.
International investors may feel safer.
Imports and global transactions become easier.
On the flip side, dollarization comes with serious risks:
Nigeria would lose control over its monetary policy.
The Central Bank can’t “print” dollars.
Our economy becomes tied to decisions made in the US Federal Reserve.
Let’s not forget — countries like Zimbabwe and Ecuador once dollarized. Yes, it solved some problems, but it also created new struggles: unemployment, high dependence, and weak local industries.
So the real issue isn’t just the currency itself, but:
Weak production in Nigeria.
Over-dependence on imports.
Poor economic management.
Changing naira to dollar without fixing these may not solve much.
💡 My Take: Instead of fully switching, Nigeria should focus on strengthening its own currency by:
Boosting agriculture & local production.
Supporting export industries.
Reducing import dependence.
But let me throw it back to you 👇
👉 Do you think adopting the dollar will solve Nigeria’s economic mess?
Or should we stick to the naira and focus on fixing the root problems?
Drop your thoughts 💬