We need to understand economics and not just jump into social media trend. Last week Switzerland attempted to make their currency weaker via reducing intrest rates, it backfired....their currency became stronger, which is BAD for their export economy. Japanese leaders have the problem of the strong Yen. Even the US accuses China of artificially manipulation of the Yuan to keep the currency low in relation to the Dollar. A weak currency is not just preferred for an export dependant nation, its economically beneficial. How does a strong currency aid a Cocoa or Cassava framer? Will a weak Naira not mean farmers get more income for exported produce? Nigeria exports more than she imports. Note even our non oil exports have been rising year by year. We have a current account surplus but a budget deficit hence we need a weak Naira to increase the current account surplus and close the budget deficit. A weaker naira also encourages Remittances and Foreign Direct Investment as $1 can buy more Nigerian assets. Pls understand the issues before commenting
Posted on: Sun, 25 Jan 2015 10:06:32 +0000
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