Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,201,281 members, 7,977,873 topics. Date: Thursday, 17 October 2024 at 02:41 PM |
Nairaland Forum / Nairaland / General / Politics / Re-denominate The Naira Just Like Ghana Did??? (893 Views)
Ghana Did Not Invade Burkina Faso When There Was A Coup There??? / Why Can't Nigeria Be Like Ghana? / Nigerians Are Leaving South Africa Like Ghana-must-go (photos) (2) (3) (4)
Re-denominate The Naira Just Like Ghana Did??? by KnowAll(m): 1:18pm On Aug 16, 2023 |
If we redominate the Naira back to one to one and develued by 15 we would be where Ghana is today. But if we leave as it is and it devalues by 15 times that would push it to 15,000 to 1. So redomination is better then devalue afterwards. 1 Like |
Re: Re-denominate The Naira Just Like Ghana Did??? by KnowAll(m): 1:23pm On Aug 16, 2023 |
Or we just love sound of having one billion Naira that is not more than 1 million dollars. |
Re: Re-denominate The Naira Just Like Ghana Did??? by Ikaeniyan0: 1:25pm On Aug 16, 2023 |
KnowAll:Redenominating the naira won't make it stronger. Is just going to be a waste of money printing new naira notes. The naira is okay with the way it is now. What we need to do is find a way to strengthen it and tinubu administration is working on strengthening the naira. In the 80s and 90s, Nigerians were spending paper kobos, but as the naira started losing value, kobos became useless in the 90s. #5 is going the kobo route and #10 and 20# are following it behind. If nothing is done about the horrible economy, by 2030, there will be no more #5,#10 and #20 in Nigeria. When our economy and currency start becoming better, which I know it will on the long run, prices will fall. 1 Like |
Re: Re-denominate The Naira Just Like Ghana Did??? by Ofunaofu: 1:40pm On Aug 16, 2023 |
Ikaeniyan0: 6 Likes |
Re: Re-denominate The Naira Just Like Ghana Did??? by kokoA(m): 1:47pm On Aug 16, 2023 |
There's no shortcut to success. It's a very simple thing to make our currency stronger, the only problem we have is clueless and wicked leadership in all sectors. |
Re: Re-denominate The Naira Just Like Ghana Did??? by 9jatriot(m): 1:49pm On Aug 16, 2023 |
Very cosmetic solution to a very very serious issue. The time spent in thinking up this solution and the useless amount to be spent on it should be better spent on creating items for export. Be an export country like China, India or Japan and see if it is not the US that will themselves try to bring that our exchange rate so that they would have to spent more to get our products. 1 Like |
Re: Re-denominate The Naira Just Like Ghana Did??? by KnowAll(m): 1:49pm On Aug 16, 2023 |
Ikaeniyan0: Even if it devalues from 1 to 1 to the dollar to 1 to 15 it is better than devaluing from 1000 to 1 to 15,000 to 1 |
Re: Re-denominate The Naira Just Like Ghana Did??? by NOwazobia: 2:23pm On Aug 16, 2023 |
Will that increase standard of living, or you are just concerned about the face value? 1 Like |
Re: Re-denominate The Naira Just Like Ghana Did??? by SalamRushdie: 2:26pm On Aug 16, 2023 |
Re-denomination is just beautiful nonsense and only fit for accounting convenience to avoid too many zeros , it doesn't in any way strengthen the currency ..if we redominate by one zero it's means your salary of 30k will now be paid as 3k , it doesn't mean your employer will still give U 30k oo 2 Likes |
Re: Re-denominate The Naira Just Like Ghana Did??? by KnowAll(m): 3:23pm On Aug 16, 2023 |
SalamRushdie: That is a lie, why does d Ghanaian currency seems stronger than d Naira. I love such beautiful nonsense. |
Re: Re-denominate The Naira Just Like Ghana Did??? by courage89(m): 3:56pm On Aug 16, 2023 |
KnowAll: Can you please highlight the economic benefits of redenomination of naira? Agreed, the zeroes will go away. But this idea will only give false sense of Naira strength. Overall, the idea will create higher inflation rate, devaluation, more economic pain. The best way to solve this problem is to review and improve all the factors that affect economic production including; power, road infrastructure, taxes, monetary policies (interest rates), fiscal policies and others. This is to encourage production economy and general brick & mortar investments. Harnessing this fundamental change is the only way to save the Naira. 1 Like |
Re: Re-denominate The Naira Just Like Ghana Did??? by KnowAll(m): 4:09pm On Aug 16, 2023 |
courage89: What is the benefit of this 1000 to 1 we have at moment. |
Re: Re-denominate The Naira Just Like Ghana Did??? by KnowAll(m): 4:11pm On Aug 16, 2023 |
To be sincere d benefit would be any devaluations would move from 1 to 1 to probably 20 to 1 and not 1 to 20,000 |
Re: Re-denominate The Naira Just Like Ghana Did??? by otokx(m): 4:14pm On Aug 16, 2023 |
We have not yet recovered from the last confusion of Emefiele "sip and paint", please, please. |
Re: Re-denominate The Naira Just Like Ghana Did??? by DomPerignon: 4:22pm On Aug 16, 2023 |
KnowAll: Redomination leads to higher inflation. Argentina has been doing it since the 70's and it only worsened inflation. They have done about four redomination so far since the late 70s and it has only made Argentina an IMF customer Take for example a product that goes for 120 naira . And assume you knock off two zeros like Ghana did, that means that product will be sold for 1.20. But knowing Nigerians they will round it up to #2. Hence the product will appreciate in value by an extra #80 or 80k. Knowing Nigerians will never return to coinage, this will see most goods being rounded up to the nearest whole value. Ghana suffered this and now their currency is even far worse than it was before redomination. It's a silly and senseless policy as Argentina and Ghana can attest. Solodu was ridiculed for even suggesting this as CBN governor. The only solution is to mop up the excess 23 Trillion printed by Emefile , increase production and cut import dependence. There is no other way round this but the hard way All those opposing the fuel subsidy removal and floating of the naira are selfish bastards who want to shift the debt to future unborn generation. Cut debt , reduce govt spending ,mop up excess liquidity , ensure all our refineries are functioning and increase both agricultural and industrial production to meet both our needs and to provide employment 1 Like |
Re: Re-denominate The Naira Just Like Ghana Did??? by Enugupikin: 4:22pm On Aug 16, 2023 |
KnowAll:It will be worse hehehehehe |
Re: Re-denominate The Naira Just Like Ghana Did??? by Enugupikin: 4:23pm On Aug 16, 2023 |
Ikaeniyan0:You made sense till your last sentence smh |
Re: Re-denominate The Naira Just Like Ghana Did??? by KnowAll(m): 4:24pm On Aug 16, 2023 |
DomPerignon: See your mouth 23 trillion. We just love to hear that word trillion in Nigeria. Never heard d word trillion when it comes to budgeting in d UK. 1 Like |
Re: Re-denominate The Naira Just Like Ghana Did??? by KnowAll(m): 4:28pm On Aug 16, 2023 |
And again the Ghanaian economy grew from 40 billion dollars to 80 billion dollars after recombination while ours is on standstill. |
Re: Re-denominate The Naira Just Like Ghana Did??? by DomPerignon: 4:31pm On Aug 16, 2023 |
KnowAll: Ohu , that's how much fiat money Emefile printed in 8ys . His currency swap and cashless policy was a covet move to mop up all that paper money he printed. |
Re: Re-denominate The Naira Just Like Ghana Did??? by Ikaeniyan0: 4:34pm On Aug 16, 2023 |
KnowAll:Salamrushdie is right and you're wrong. If 1 zero is remove from the naira like Salamrushdie claim, if you're earning 100k as salary, your salary will become 10k. If you're earning 20k in a month, your salary will become 2k in a month. |
Re: Re-denominate The Naira Just Like Ghana Did??? by KnowAll(m): 4:39pm On Aug 16, 2023 |
Ikaeniyan0: What is wrong with that, it simply means re-adjusting every single item, a bank claiming to have made 60 billion Naira last would = £60.00 million pounds which in d grand scheme of things is not a great deal of money for credible financial institutions. 1 Like |
Re: Re-denominate The Naira Just Like Ghana Did??? by KnowAll(m): 3:26pm On Sep 15, 2023 |
Thank God they I thinking of doing it. |
Re: Re-denominate The Naira Just Like Ghana Did??? by KnowAll(m): 8:55am On Sep 21, 2023 |
$1 = 990.00 black market yesterday. Once it hits 1000 time to remove 3 000’s making it 1 = 1 |
(1) (Reply)
FG Issues Fresh Flood Alert To Nigerians, Says 48 Towns In 13 States(full List) / Simon Ekpa SHOULD NOT Add Edo State To Biafra / Lagos White Cap Chiefs; Benin And Awori Ancestry
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 41 |