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Nairaland Forum / Fayomim's Profile / Fayomim's Posts
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Family / Re: I Want To Divorce And Live Alone by fayomim: 4:32pm On Sep 12, 2023 |
With the qualities you mentioned about your wife, don't divorce her, you will regret it ... There is nothing outside ... no perfect woman. Every human being has stubborn spirit so that is not an excuse. Don't divorce her.....sex is overated |
Politics / Re: Why I Am SCARED Of An Igbo Presidency by fayomim: 4:53pm On Sep 11, 2023 |
Solsix: Not true.....those places I mentioned to you is really an eye saw, I have been there recently. I spent like two weeks before leaving. I entered ever corners and route while I was there .. Truth is that, no tribe or race or location is superior over others, everyone has its own area of specialties |
Politics / Re: Why I Am SCARED Of An Igbo Presidency by fayomim: 4:47pm On Sep 11, 2023 |
Solsix: Lolzzz go to ideator north/south and see if you guys have development there...expecially Akokwa in IMO state. Young man, every state get undeveloped areas 3 Likes |
Politics / Re: Why I Am SCARED Of An Igbo Presidency by fayomim: 4:43pm On Sep 11, 2023 |
Bendeco2020: Na fight you come this world con do? Instead of you to preach good deeds, Na fight you dey preach. 2 Likes |
Politics / Naira Redomination (any Negative Implication) by fayomim: 2:44pm On Sep 11, 2023 |
*BREAKING NEWS*๐๐๐๐๐๐๐ ๐๐ซ๐๐๐ค๐ข๐ง๐ ๐๐๐ฐ๐ฌ: ๐๐๐ง๐ญ๐ซ๐๐ฅ ๐๐๐ง๐ค ๐จ๐ ๐๐ข๐ ๐๐ซ๐ข๐ ๐ข๐ฌ ๐๐๐จ๐ฎ๐ญ ๐ญ๐จ ๐ข๐ง๐ญ๐ซ๐จ๐๐ฎ๐๐ ๐ ๐ง๐๐ฐ ๐๐๐ข๐ซ๐ ๐ฉ๐จ๐ฅ๐ข๐๐ฒ ๐๐ฒ ๐๐จ๐ฏ๐๐ฆ๐๐๐ซ ๐๐๐๐ ๐ญ๐ก๐๐ญ ๐ฐ๐จ๐ฎ๐ฅ๐ ๐ฆ๐๐ค๐ $๐ ๐๐๐ ๐๐ฑ๐๐ก๐๐ง๐ ๐ = ๐๐.๐๐ The new โStrategic Agenda for the Nairaโ was announced by the Central Bank of Nigeria, generating a healthy national debate. Before we undertake a nationwide enlightenment program (beginning November 2) to educate the public on the new policy, it is important to clarify some of the issues/questions that are emerging. Needless to emphasize that to appreciate the full impact of the new policy on the Naira/national economy, we need to take the 4-point agenda as a package. As a package, the new agenda will: better anchor inflation expectations, strengthen public confidence in the Naira, make for easier conversion to other major currencies, reverse tendency for currency substitution, eliminate higher denomination notes with lower purchasing power, reduce the cost of production, distribution, and processing of currency, promote the usage of coins and thus a more efficient pricing and payments system, promote the availability of cleaner notes, deepen the Forex market, ensure more effective liquidity management and monetary policy, convertibility of the Naira and hence greater confidence in the national economy and lead to greater inflow of foreign investment position the Naira to become the โReference currencyโ in Africa. However, most of the questions so far pertain to only one aspect of the agenda, i.e., currency Re-denomination. We have monitored the reactions so far, and note that the concerns/questions raised so far are similar to the ones raised in all the countries that have undertaken re-denomination, including Ghana that is still implementing it now. We clarify some of the concerns as follows: ๐๐ก๐๐ญ ๐ข๐ฌ ๐๐ฎ๐ซ๐ซ๐๐ง๐๐ฒ ๐ซ๐๐๐๐ง๐จ๐ฆ๐ข๐ง๐๐ญ๐ข๐จ๐ง? Currency redenomination is the process where a new unit of money replaces the old unit with a certain ratio. It is achieved by removing zeros from a currency or moving some decimal points to the left, with the aim of correcting perceived misalignment in the currency and pricing structure, and enhancing the credibility of the local currency. ๐๐จ๐ฐ ๐ฐ๐ข๐ฅ๐ฅ ๐ญ๐ก๐ ๐๐๐ข๐ซ๐ ๐๐ ๐ซ๐๐๐๐ง๐จ๐ฆ๐ข๐ง๐๐ญ๐๐? It is by dropping two zeros from the currency or moving two decimal places to the left. The name of the national currency will still be the Naira. However, during the transition period, the existing Naira will be referred to as the โOld Nairaโ, and the new one to be called the โNew Nairaโ. After the transition period, the word โNewโ may be dropped. For example, the following equivalents will obtain as we re-denominate: ๐๐ฅ๐ ๐๐๐ข๐ซ๐ (๐ข.๐, ๐๐ฑ๐ข๐ฌ๐ญ๐ข๐ง๐ ๐๐๐ข๐ซ๐ ๐๐ฌ ๐๐ญ ๐ญ๐จ๐๐๐ฒ) ๐๐๐ฐ ๐๐๐ข๐ซ๐ (๐๐ฌ ๐๐ซ๐จ๐ฆ ,๐๐๐ง๐ฎ๐๐ซ๐ฒ ๐๐๐๐ ๐ฉ๐จ๐ฅ๐ข๐๐ฒ ๐ฐ๐จ๐ฎ๐ฅ๐ ๐๐ ๐๐ฎ๐ฅ๐ฅ๐ฒ ๐ข๐ฆ๐ฉ๐ฅ๐๐ฆ๐๐ง๐ญ๐๐ ๐๐ฒ ๐๐๐ง ) 50 kobo Half kobo** N 1 = 1 kobo coin N 2 = 2 kobo coin N 5 = 5 kobo coin N 10 = 10 kobo coin N 20 = 20 kobo coin N 50 = 50 kobo coin or note*** N 100 = N 1 note N 200 N 2 note** N 500 = N 5 note N 1000 = N 10 note N 2000* = N 20 note ๐๐จ๐ฐ ๐ฐ๐ข๐ฅ๐ฅ ๐ข๐ญ ๐ฐ๐จ๐ซ๐ค? The โnew Nairaโ coins and notes will be different from the existing ones i.e. in design, appearance, security features, etc. All Naira assets and liabilities (including bank deposits), prices, fees, rents, and contracts (including salaries and wages) will be re-denominated by dropping two zeroes or moving two decimal points to the left. During the โtransition periodโ prices will be quoted in both the โnew Nairaโ and the โOld Nairaโ and everyone will choose whether to pay in the new or old Naira. These five months will be allowed so that everyone will get familiar with the conversion, and it will become self-evident to everyone why he/she would prefer to transact in the โnew Nairaโ rather than the โold Nairaโ. For example, if a bag of garri sells for N2,000 (old Naira), the price in โnew Nairaโ will automatically be N20. The customer will choose to pay either N2000 in old Naira or N20 in the โnew Nairaโ. In the supermarkets and formal markets, prices will be displayed in both โoldโ and โnewโ Naira. In the informal markets where prices are negotiated, the negotiation could be done in the โold Nairaโ as usual and converted into the โnew Nairaโ if the customer wishes to pay with the โnew Nairaโ. This will ensure that prices do not rise due to rounding-up. The five months are also needed for everyone (formal and informal sectors) to become fully familiar with the conversion. It will become obvious to everyone that N50,000 of the โold Nairaโ has the same purchasing power as N500 of the โnew Nairaโ. The question then would be: why carry N50,000 of old Naira when N500 of the new Naira will buy you the same thing? Consequently, if you have N50,000 in your bank account, it will automatically become N500 in the โnew Nairaโ i.e. if you want to withdraw in the โnew Nairaโ or you can still withdraw N50,000 in โold Nairaโ during the transition period (January 2024). Similarly, someone whose monthly salary is N50,000 can choose (during the transition period) whether to withdraw and spend the N50,000 in โold Nairaโ or N500 in the โnew Nairaโ. Both would buy him/her the same value of goods and services. Examples of price equivalents in the new and old Naira could be: ๐๐๐ซ๐ ๐๐ซ๐ ๐ญ๐ก๐ ๐๐ก๐๐ง๐ ๐๐ฌ ๐ญ๐ก๐๐ญ ๐ฐ๐จ๐ฎ๐ฅ๐ ๐ญ๐๐ค๐ ๐๐๐๐๐๐ญ ๐๐ฒ ๐๐๐ง๐ฎ๐๐ซ๐ฒ ๐๐๐๐ ๐๐ฌ ๐ฉ๐ฅ๐๐ง๐ง๐๐ ๐๐ฒ ๐ญ๐ก๐ ๐๐๐ฆ๐ข๐ง๐ข๐ฌ๐ญ๐ซ๐๐ญ๐ข๐จ๐ง ๐จ๐ ๐๐จ๐ฅ๐ ๐๐ก๐ฆ๐๐ ๐๐ข๐ง๐ฎ๐๐ฎ. House rent (e.g. a flat in some parts of Nigeria) N5000 per month N50 per month Stock price of a company Assume it is, say: N20 or N80 20 kobo or 80 kobo Airline ticket for domestic flight N12,500 = N125 Fuel Price N500 = N5 Exchange rate: N to US$ Assume it is say: N125 Or N130 Or N100 to US$1. N1.25 = US$1 Or N1.30 = US$1 Or N1 = US$1 This decision has been taken by the cbn by the directive of President Bola Ahmed Tinubu to reduce the surfering of Nigerians and also slow down inflation. If you have the old Naira start getting ready to switch to the new Naira, this message is meant to prepare Nigeria for the changes ahead. It needs to be shared to ensure everyone is well prepared for the new Naira notes. Nigerians Renowned hope is coming. *Please share it to most platform* *Share by Tomorrow Focus group (TOFG) PLATFORM* |
Travel / University Of Manitoba by fayomim: 7:41am On Sep 11, 2023 |
Good morning great people Please i have someone who wants to apply to university of manitoba(undergraduate) with his WAEC certificate, please, is there any other thing he needs to do while using his WAEC certificate. please any guidelines |
Sports / Re: Nigeria Vs Sao Tome And Principe AFCON Qualifier (6 - 0) On 10th September2023 by fayomim: 6:57pm On Sep 10, 2023 |
damoobaba: 1 Like |
Politics / Re: Nigeria Rising - Welcome To Lagos Rail (Video) by fayomim: 8:57pm On Sep 07, 2023 |
EmirofAfonjaz: IS THAT ONE PROPAGANDA AGAIN? YOU ARE OUTDATED COMPLETELY... 1 Like |
Politics / Re: Nigeria Rising - Welcome To Lagos Rail (Video) by fayomim: 8:39pm On Sep 07, 2023 |
EmirofAfonjaz: YOU DONT LIKE GOOD THINGS 2 Likes |
Politics / Re: Is An Igbo Presidency Still Possible In Nigeria? by fayomim: 3:44pm On Sep 07, 2023 |
e go reach everyone las las 1 Like 2 Shares |
Politics / Re: Peter Obi And LP's Case Dismissed At PEPT by fayomim: 7:46pm On Sep 06, 2023 |
We won the election and we will prove it |
Politics / Re: Strike Flops In Lagos As Workers, Banks Shun NLC by fayomim: 9:57am On Sep 06, 2023 |
Betanaija42moro: People wey get mind go work, you dey call them coward. Na you be the coward gan gan 1 Like |
Politics / Re: LP Rejects Edo LG Elections by fayomim: 10:17am On Sep 04, 2023 |
Addme: |
Travel / Re: My Crazy Story In A Tanzania Prison by fayomim: 4:11pm On Aug 31, 2023 |
Anitatunde: Thank God you are safe. You will be back to your feet once the courage is there. In your write up, I can see courage 1 Like |
Foreign Affairs / Re: What Are The Direct Implications Of Coup In Africa To The Rest Of Africa? by fayomim: 2:46pm On Aug 30, 2023 |
Ozommadu: Your heart is filled with hate. May God have mercy on you. |
Politics / Re: How Tinubu Defeated His Opponents Despite Losing Lagos, Kano And FCT by fayomim: 3:29am On Aug 29, 2023 |
Thread filled with hate. Make hate no consume una 5 Likes |
Politics / Re: : Nigerian Student, John Amechi Eze, 23, To Be Hanged In Malaysia For Drug Traff by fayomim: 3:55pm On Aug 28, 2023 |
Instead of you guys to go back home and lesson up or teach your people to stop drug trafficking, na blame game una dey do .. Na Igbo brothers or na Yoruba brothers I laugh at you all. Those countries only see them as Nigerians and not any tribe |
Politics / Re: Nine Nigerian States May Be Flooded As Cameroon Opens Lagdo Dam by fayomim: 3:35pm On Aug 28, 2023 |
Lokoja is in trouble |
Sports / Re: This Stadium Is Not In Europe but Nigeria (photo) by fayomim: 8:26pm On Aug 27, 2023 |
BigYash: Dey no dey reason well. Everything na tribal war 1 Like |
Fashion / Re: Pictures Of Beautiful Igbo Women Living In Nigeria by fayomim: 5:25pm On Aug 27, 2023 |
udede: You are a strong man 1 Like |
Fashion / Re: Pictures Of Beautiful Igbo Women Living In Nigeria by fayomim: 2:59pm On Aug 25, 2023 |
Igbo girls are beautiful, that is why I decided to marry one ... 2 Likes 1 Share |
Politics / Re: Massey: Update On The Largest Sub-Saharan Children's Hospital by fayomim: 4:06am On Aug 25, 2023 |
Wow 2 Likes |
Politics / Re: Olumide Akpata Steps Aside From Law Firm To Pursue Political Ambition by fayomim: 3:54am On Aug 25, 2023 |
SpartaOfLagos: You don't know politics... You are still a baby Many years ago, peter obi condemned PDP saying he will die for APGA, now it is Labour Party saying another different thing.... All politicians are the same.... The moment you venture into politics in Nigeria, the truth in you disappears. |
Politics / Re: Breaking News: Appeal Court Affirms Abure As LP Authentic Chairman by fayomim: 8:38pm On Aug 24, 2023 |
Lawly: The law!!!!!! 1 Like |
Politics / Re: President Bola Tinubu Graduated From Our University - CSU To Atiku by fayomim: 7:56pm On Aug 24, 2023 |
KanwuliaExtra: You are bad boy..... |
Politics / Re: President Bola Tinubu Graduated From Our University - CSU To Atiku by fayomim: 7:47pm On Aug 24, 2023 |
KanwuliaExtra: Stop feeding yourself with fake news and besides politicians will always be politicians whether obi or Atiku or Tinubu...they are all the same.... Stop creating enemies because of them ..... Those people already made it.... |
Politics / Re: President Bola Tinubu Graduated From Our University - CSU To Atiku by fayomim: 7:44pm On Aug 24, 2023 |
jerk: Are you suppose to be asking this? You are so dull.. The university replied that the president of Nigeria bla bla bla and you still dey ask male or female.. Do you think white people are so daft? Face reality |
Politics / Re: President Bola Tinubu Graduated From Our University - CSU To Atiku by fayomim: 7:33pm On Aug 24, 2023 |
KanwuliaExtra: Did you even read the contents? |
Politics / Re: โBuildings Will Go Downโ โ Wike Assumes Office, Vows More Demolitions by fayomim: 3:04pm On Aug 21, 2023 |
Don't suffocate Abuja people |
Politics / Re: Igbos Why, Why, Why... by fayomim: 11:27am On Aug 19, 2023 |
Cooly100: Stop creating fulish thread, get busy |
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