Foreign Exchange A Means To Reduce Unemployment And Poverty In Nigeria. How Feasible Is This?

Foreign exchange is a profitable financial business which is backed by the Central Bank of Nigeria, and as such it is safe to say that it is a lucrative business.

There are also questions that we need to answer; For this financial business to be profitable and properly carried out, Is the government ready to protect we (investors') money by regulating the business with its policies, thereby attaining financial stability? Or is it going to be fluctuating and thereby leading to a loss in the future?

Now back to the big question; "Will this initiative help to reduce the unemployment situation in Nigeria?

Until these questions have been answered, then can we say that this would reduce unemployment in Nigeria.

Your thoughts?

Comments Reply
  • i don't see how possible that is, its just a hoax by the government😄😁

    - Abijah Johnnie - 2019-08-14 17:12:06 Quote

  • Yes this situation will reduce unemployment.

    - Ozowara Samuel - 2019-08-14 17:12:44 Quote

  • Yes it's a great wag to reduce it many people now participated oo so it good my thought

    - Ayomide Feranmi - 2019-08-14 17:13:36 Quote

  • Organisation of parastatas handling investment on foreign exchange 

    - Victor Aliu - 2019-08-14 17:23:12 Quote

  • Actually my own view is Capital yes and maybe in the future government can help those that engage in it in one way or the other.

    - AYOBAMI ABIODUN - 2019-08-14 17:43:21 Quote

  • Our biggest problem in this country, we have the best plans but poor implementation and enforcement...

    - Ndubuisi Geoffrey - 2019-08-14 17:53:43 Quote

  • Yes, foreign exchange will bring more income 

    - Moronfolu Ayotunde - 2019-08-14 18:08:03 Quote

  • The possibility is the issue but let watch and see. 

    - Emmanuel John - 2019-08-14 18:25:46 Quote

  • That won't create job but industrialization is the only option

    - Obaji ifeanyichukwu - 2019-08-14 18:43:47 Quote

  • Yes it will surely reduce unemployment but Nigeria need serious prayer

    - Gbenga David - 2019-08-14 18:45:49 Quote

  • Well we'll let's remain positive, but my concern still down to the security of the investors, that I know this nation is poor at. 

    Let's remain positive. 

    Reducing unemployment rate?

    I don't have to struggle to give an huge NO to that.. Unemployment rate in Nigeria is a monster that will need more than this. 

    - Daniel Adeyemi - 2019-08-14 18:49:41 Quote

  • Employment generation alleviates poverty and increases the level of economic activities translating into economic growth. The rate of unemployment in Nigeria is not only alarming but a national embarrassment needing meaningful and tangible action. The contribution of the informal sector to reducing unemployment and growth of the Nigerian economy is quite significant. It is better placed to absorb unutilised resources which the public sector and the organised private sector are unwilling or unable to use and contributes significantly to national economy in terms of output and employment. The challenge is how to support and regulate the informal sector to promote employment, productivity, and income. 

    - Zachariah Zachary - 2019-08-14 18:51:21 Quote

  • It might only reduce unemployment to the bear minimum of 5% What should be able to reduce unemployment is creating more industries.

    - Ekemini Innocent - 2019-08-14 18:56:04 Quote

  • I think it's a good one if the government take a look at it from the positive angle to ensure creation of sustainable employment for the youths.

    - Thomas Philip - 2019-08-14 19:02:16 Quote

  • To me the government do not really care thats my thoughts

    - omorogbe lucky - 2019-08-14 19:15:01 Quote

  • To me, is not a means to reduce poverty, rather to increase the rate of poverty in Nigeria

    - Cyprian P. Ekere - 2019-08-14 20:07:15 Quote

  • It won't work as far there is no infrastructures, no employment 

    - Dumebi Caleb - 2019-08-14 20:16:29 Quote

  • Foreign exchange also known as forex will go along way to reduce. I have a friend who make $1000 per week. I am also learning how to trade.

    - Mba Samuel Onyekachi - 2019-08-14 20:17:24 Quote

  • Government should encourage youth rather than what they are doing with the funds

    - Jackson Charlie - 2019-08-14 20:45:54 Quote

  • It may help to an extent. But we need more feasible plan.

    - Mfon-Abasi Idio - 2019-08-14 21:23:54 Quote

  • It will work when corruption has gone

    - John Asuzu - 2019-08-14 22:30:18 Quote

  • I don't think it is because not all Nigeria really knows about foreign importation

    - Lakesyde Themy - 2019-08-15 00:15:34 Quote

  • Yes it will reduce unemployment thereby reducing crime rate

    - Ayomide Feranmi - 2019-08-15 06:27:33 Quote

  • To an extend this will greatly reduce the level of unemployment by keeping a great quota of the Nigeria populace busy with something doing in order to earn a leaving. This can only be achieved if its been backed with good government policies that will protect Nigerians investing into it. Its a bold step taken by the government here.

    - Iorpine Loya - 2019-08-15 06:40:24 Quote

  • I think The government is trying to run away from their responsibility

    - Golden Okechukwu - 2019-08-15 07:00:30 Quote

  • To me, it does not make any changes. 

    There's higher possibility of making things worst. 

    - Okoye John - 2019-08-15 07:11:41 Quote

  • I won't work as far there is no employment 

    - Ibrahim Nura - 2019-08-15 08:40:22 Quote

  • Nice if it fetches infrastructural development to our country 

    - Chigbo Joshua - 2019-08-15 10:13:38 Quote

  • Nice if it fetches infrastructural development to our country

    - Justice Mike - 2019-08-15 12:11:49 Quote

  • If there is no infrastructure then it wont work. We should try something else 

    - Precious Ogiemwonyi - 2019-08-15 12:40:39 Quote

  • I think it's very feasible because we are in the digital age. I believe Jobs are now online 

    - Nnaemeka kingsley - 2019-08-15 12:47:45 Quote

  • I guess it will reduce the situation of unemployment in Nigeria and also reduce the rate of criminal offense

    - DAUDA ABDULMUMUNI - 2019-08-15 16:04:44 Quote

  • Assuming the way our present government plan can be established, it would've been better

    - Samuel Okon - 2019-08-16 07:32:53 Quote

  • It can reduce unemployment if they will allow the unemploy people to get employed

    - lizzy Michael - 2019-08-21 10:39:53 Quote

  • It can never reduces unemployment and poverty, cause the only way to stop is, is firstly have Infrastructural commodities 

    - Akong Paul - 2019-08-22 13:43:15 Quote

  • Hmm, am trying to figure out how possible will this reduce unemplyment if there is no infrastructure in the country, it will reduce if the put thing in the right place.

    - Emmanuel Friday Eluwa - 2019-08-22 20:12:07 Quote

  • This is a great idea but it requires finances to invest in the foreign exchange market which is not always available

    - Solarin Emmanuel - 2019-08-24 17:15:43 Quote

  • We should know That negative impact of foreign exchange to economic growth has several implications. The increase in foreign exchange can distorts domestic saving, increase domestic consumptions and discourages tax revenue in these countries. Furthermore, foreign aid is given according to the political needs and not economic needs.

    - Kingsley Ochimba - 2019-08-27 14:15:37 Quote

  • Its a good step, we need more sources of income to bust our economy, I think he should take a further step by exchanging our resources for technology not money.

    - Lucas Lucas - 2019-08-27 15:38:51 Quote

  • Yes i think it woukd help reduce unemployment if it were to be implemented,but in this country u can not guarantee the safety of the investors with the current government and the corruption everywhere because of this it has put alot of foubts in nigerians and they now think any online business proposal to make money or profit is a scam...God will help us in this country

    - Ogbonnia Onyesoh - 2019-08-31 21:41:46 Quote

  • Most countries measure unemployment as a percentage of the active population. A 6% unemployment rate means that 6 out of 100 people in working age (usually between 15 to 64 years old) don't have a job.

    The currency exchange rate has an indirect impact on unemployment because it affects the competitiveness of local firms and the costs of imported goods and raw materials. 

    - Joseph Okwukaogu - 2019-09-09 00:10:01 Quote

  • I dont think foreign exchange by government would reduce rate of unemploymerather building of oil refinaries, diverting to other raw materials for exportationwill decrease the high rate of unemployment

    - Nwigwe Joy - 2019-09-11 08:32:48 Quote

  • This is totally wrong. the problem is, a country should know it's strenght, it's capability, and it's weakness, Nigeria is known to be lazy because we rely too much on other countries for our welfare, which is wrong, we should face our fears so as to uphold honour and glory. I believe nigerians can do things, even if its not as a good as other countries, "WE CAN MAKE IT RIGHT" we are one great nation.

    This wouldn't reduce unemployment and poverty in Nigeria it only damages its economy.(which is what we are facing today). Can we really do without importing cars importing clothes, importing  gadgets and many more? 'No we can't' we started off the wrong foot..

    - Erinfolami Olamilekan - 2019-09-12 23:35:14 Quote

  • Unemployment in Nigeria has been a big problem which has not been sovled today,where thousands of graduate, graduate every year with no job .if they go in foreign exchange I think it will help reduce unemployment in Nigeria though it not easy but with hardwork you will sure be successful

    - Adetula Emmanuel Oluwatobi - 2019-09-13 17:51:18 Quote

  • Yes its going to reduce unemployment but not as effective as expected because not every unemployed person is educated or is even a graduate but nevertheless, it will make ends meet for those who go into it so yes, its going do something to the reduction of unemployment in the country..

    - Starlin Chiemerie Ifeabunike - 2019-09-14 17:06:20 Quote

  • Nigeria is not only alarming but a national embarrassment needing meaningful and tangible action. The contribution of the informal sector to reducing unemployment and growth of the Nigerian economy is quite significant. It is better placed to absorb unutilised resources which the public sector and the organised private sector are unwilling or unable to use and contributes significantly to national economy in terms of output and employment. The challenge is how to support and regulate the informal sector to promote employment, productivity, and income. 

    - James Emmanuel - 2019-09-16 21:29:32 Quote

  • Yes on normal grounds foreign exchange is supposed to reduce unemployment due to continuous increase in production an increase in exportation from production. but the Nigerian government does not encourage establishment of new industries from the startup level

    - NDU-ELUWA CHIMELA - 2019-09-16 22:31:24 Quote

  • only alarming but a national embarrassment needing meaningful and tangible action. The contribution of the informal sector to reducing unemployment and growth of the Nigerian economy is quite significant. It is better placed to absorb unutilised resources which the public sector and the organised private sector are unwilling or unable to use and contributes significantly to national economy in terms of output and employment. The challenge is how to support and regulate the informal sector to promote employment, productivity, and income. 

    - James Emmanuel - 2019-09-18 13:44:01 Quote

  • It helps cos I have seen a man that that stock exchange and saved alot. Now that man brought all those money back to Nigeria to create job opputunities to peaopl and giving a large amount of loan so that people can do something that they have always wanted to do and by that they create job opputunity 

    - Ojonimi Mohamed - 2019-09-18 21:37:12 Quote

  • I don't think it will, to begin with, the unemployed has to finances to be exchanged, it is still the rich that will benefit from this initiative, the best thing is to build more industries so that people can gain employment 

    - Bello Joy - 2019-09-18 22:23:30 Quote

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