Youth Economic Development will bring Dollar rate to ₦200 per $1. See How from the Model of the Tillonaires Show.

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Necessity will always provoke pragmatic thoughts and actions to solve a critical issue. Attempts to approach common sense on some theories to bring about the desired result had been aborted by greed and wicked. 

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According to the Punch newspaper, 9th September, 2021, "NAIRA EXTENDS FREEFALL as DOLLAR HITS N535". They further highlight that, "The Nigerian currency extended its slide against the dollar on Wednesday, dropping to a new all-time low at the parallel market in Lagos. The naira has been falling steadily since the start of this month amid the lingering scarcity of foreign exchange in the country, despite the rise in forex reserves. 

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The value of the naira fell against the US currency at both the parallel market and the Investors’ and Exporters’ forex window on Wednesday. The local currency, which stood at 526/$1 at the end of last month, fell to 535/$1 at the parallel market on Wednesday from 532/$1 on Tuesday. It has lost 5.73 per cent of its value since August 4, when it closed at 506/$1".

One had to accept that progress is yet to be made despite the hug resources and efforts invested.

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Let us borrow the law of Balance of Payments from the accountant point of the view, it states that "Balance Of Payment (BOP) is a statement which records all the monetary transactions made between residents of a country and the rest of the world during any given period. This statement includes all the transactions made by/to individuals, corporates and the government and helps in monitoring the flow of funds to develop the economy. When all the elements are correctly included in the BOP, it should sum up to zero in a perfect scenario. 

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This means the inflows and outflows of funds should balance out. However, this does not ideally happen in most cases". In the case of Nigeria with the rest of the world we transact with, the reverse is the case. Assuming the BOP sums 10 index against Nigeria, it will be better but our index is at the red mark and that why Naira is at the mercy end.

Solving this problem is simple, empower the youths to go into aggressive productions of at least, 50% of the goods and services we import and the balance of payment, we shall have enough dollar reserve come down from red index.

It suffice to recommend that the youths should wade in to salvage the imbalance of payment against Nigeria economy.

To be continued... 

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Author Kelvin Alisi, Executive Producer, The Tillonaire Show, Researcher and Community Development expert by YOMA, Show Presenter, and creative solutionist. 

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