Truth234:


The bolded was the reason Singapore, Rwanda, Israel and other natural resources limited nations thrive. Nigeria is yet to have such leaders, she is indebted to IMF and still begging World Bank for $1.5 billion loan. These multilateral financial institutions dictate our policies. Happy Sunday boss!

Thanks for your insight. So grateful. Continue to do exploits.
Same to you sir.

Inflation bro.. Inflation.

Claudiusdeux:
1.Printing money involves us using scarce foreign reserves to do the job (because most of our currency is printed abroad).

2.Out of the same scarce reserves, we also pay our debts and pay for the running of the country.

3.Also, printing more money=inflation, and eventually a fall in the value of the Naira.

4.Naira can only become more strong if we are more productive.

5.Our creditors want their cash in dollars, not in Naira.

(NOT AN EXPERT....someone can do better than me!)

wow u are really good with economics. Would like to connect with you please dm

jumper524:
this na the English part of the who illegalities going on in the foreign exchange and financial policy.

truth is there are many illegalities behind all the English economics taught us.

I studied finance and won't want to go into details but truth is foreign exchange policy and world bank are all scammers.

the US is stronger than kuwait in terms of production but kuwait currency is stronger, china is stronger than UK in terms of production yet euros is stronger than yen.

guy forgot watin economics teach you jare.

iran currency won't be exchanging for over 50k to dollar if economics were to be fair.

Just scrolling through all the comments but wont let this pass.
This is extremely sensible.
If you read someone else's textbook and do not innovate, you can't know more than your teachers.
When zero interest rate was introduced in some European countries it was not in any econometric or economics textbook. We must innovate as it may seem all our Harvard experts will probably think alongside many have said of inflation.
I believe all domestic debts can be settled through printing naira and nothing like inflation now that money is even scarce. We can support many SME's through that, support farmers and pay contractors. This will ensure we factor the money into productivity and stuffs that can stimulate growth.

jumper524:
sad to know that many people haven't realised that economics has scammed them.

dollar is surplus in the us, infact getting 100dollar can take an unskilled labourer just 2 days of odd jobs to get (min wage of 11dollar per hour) yet the currency is very much strong and has value.

here in naija and unskilled labourer with connection can at most get 7k in two days yet the naira is useless.

there's a reason why nigeria is trading much with china cos the us ain't making life easy atall with their lies and scam exchange rate.

in 2015 I was told increase in local production would strengthen the naira and increase in export would also do well to the naira.

2015 came, oil price dropped, local production increased. naira crashed(why)

2017 oil price stabilized (increased to about $65 per barrel) to a certain extent, local production has started yielding results yet the naira refused to appreciate.

covid came again, the demand for dollar locally reduced as people were no longer traveling abroad, yet the naira crashed again?

take it or leave it, if something drastic is not done about it, we would never be able to grow as a nation..

at this point, I encourage artificial control by printing more money so people can use those money and invest.

if Nigeria print 20 billion naira cash, my brother no inflation go happen.

the devaluation is not helping matters at all

It is looking like some government people are actively working with external forces to ensure that our currency continue to be devalued.

Claudiusdeux:


The simple reason why is because for decades we were subsidizing petrol, diesel (till 2012/13) and kerosene.....meaning that such things were being sold below the production price , and a subsidy was paid to make up the difference between the production price and sales price.

At the end of the day, because NNPC was not making a profit refining fuel at home....the refienreis went to the cleaners....which in turn affected diesel and so on. Private investors, until Dangote came along, refused to refine fuel in Nigeria.Who wants to refine fuel here at N180 and above...and sell at below N150 ? Without making a profit?

We could be an exporter of fuel , diesel and so on IF we allow the person refining the fuel to sell fuel to everyone at his price. Or her price. The problem is, this means fuel prices of N200 and above...which means political revolt.

Niger that we are buying fuel from, sells fuel from their refinery at N350 per liter. Thus they have enough profit to fund their refinery, and keep it working well. And Niger is poorer than we are.

How does modular refineries the ones we call illegal refinery florish if refining in Nigeria runs at a loss, ...

Cyberterror:



This is what I wanted to type now. Good to know you are thinking straight not like the other clowns in this thread. This is what countries like America, UK and Canada have been secretly doing for ages but they will tell Africans and Latin Americans not to do same using mumbo jumbo economic fear mongering and clowns will buy hook, line and sinker.

They are not not clowns. The have only expressed their ideas, just as you expressed yours.
Now, for your idea here, such policy may not work. Minting naira, and changing same to dollars, to pay creditors may lead to a serious forex (foreign exchange value) crisis which can be worse than the problem (debt) it aims to solve. Currently, there is an existing volume ratio of the naira and dollars in circulation, which is the major determinant of the naira-dollar value. Altering this ratio by minting more nairas would drastically devalue the naira. Zimbabwe tried something similar to this some years back and up till now they are still battling with currency/forex crisis. The only way to pay creditors in dollars without leading to forex crisis is by earning the dollar by productive means and not by means of unearned dollars-minting naira and converting samemto dollars.
Take note, I respect your idea only that it leaves out the issue of forex effect.

Sammy07:


Sir, did you do econometrics?
How can you use printed money to settle debts?
Do you know the rationale behind printing money?
Naira will be devalued, people will be poorer.

Don't you know that money is being regulated?

Lol, so you think they'll just print money and ask China for their account number and Nigeria will just send am Gbam?

Hahahaha

Rhapsodia:



So what if, after printing the Naira, we use it to buy dollars from central bank and send it to China bank account??

Every money generated has a record. When U take that money to CBN and exchange it for Dollars, the money in naira will be a lot hovering around and when the statistics comes out, they will find out that there's a lot of naira notes which can now cause inflation. Some people are asking, how would they know if the money paid were been printed or how would they know if a huge amount of naira is circulating, well I don't know how to explain that