Business Nigeria: LIST of Things That'll Bring a Drastic Reduction in Demand for Dollars

[LequteMan]

For decades, the Nigerian naira has been depreciating against the dollar.

This is due to the country's over-dependence on imports. Apart from the fact that Nigerians love imported goods (Italian shoes, Brazilian hair, Dubai shopping, etc), most locally consumed goods are made with imported materials. As a result, the Naira keeps getting weaker against the dollar- despite several currency devaluations by the CBN.

This trend will continue as long as things remain the same. Nigeria's recent currency swap with China won't save the situation, it'll only buy some time. Here are 7 things that'll bring about a drastic reduction in demand for dollars in Nigeria-

• Basic infrastructures (power, transportation, proper healthcare and a restructured education sector) should be put in place
• Locally produced products be made cheaper to purchase- if the infrastructures are there
• High import duties,
• high standards should be placed on the quality of local produce
• a proper re-orientation of the Nigerian people

This will also cause the value of the Naira to soar against the dollar.