So the IMF recently recommended that the naija government should devalue the naira some more, and make the economy more open in order to save the country. That's the only way we would be able to meet our fiscal budget without depleting our foreign reserves. I personally think that's the worst advise ever! devalue what naira? The naira that currently is at 150/$1? That naira? God forbid! how dare they? They are advising the government - our government - to send our generation and generation of our children and children's children into future slavery? We should be revaluing the naira not devaluing it some more. Screw foreign reserves. I know that a country without foreign reserves is in big trouble because it won't be able to buy factors of production from other countries without selling its own factors for credit and so on. But hey that applies only to countries engaging in international trade. Now I suggest that Nigeria closes its borders to all international trade and rebuild our nation. Yea I know it would be hard considering that we import a lot of things, and we owe foreign countries lots of money but hey there is always a way. We can gradually start cutting down on trade by actually encouraging and working towards the growth of our local industries. Its not hidden knowledge that Nigerians are extremely talented. yea it would take a while but at least we would be working towards something positive. Shaa, It's just my suggestion. So what do y'al think? devalue the naira or deplete foreign reserves?
PS: This is just my suggestion, am not saying its the best suggestion but I figured this is the lesser evil compared to devaluing the naira. Would love to have some interesting opinions from you guys :)
oh yea, this is an old post, i just never published it till now lol
PS: This is just my suggestion, am not saying its the best suggestion but I figured this is the lesser evil compared to devaluing the naira. Would love to have some interesting opinions from you guys :)
oh yea, this is an old post, i just never published it till now lol
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