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Nairaland Forum / Nairaland / General / Business / FG Mulls Redenomination Option To Stabilise Naira (43490 Views)
Central Bank Interventions Will Stabilise Naira – Pwc / FG Mulls Unified Naira Exchange Rate Regime / $48b Forex Inflows, $45b Reserves Stabilise Naira (2) (3) (4)
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Re: FG Mulls Redenomination Option To Stabilise Naira by ncoolsome(m): 7:07pm On Aug 20, 2023 |
AareGaa: The way u guys reason eeh...maggi is 3 for 10 naira when the real value for 1 shld be 2 naira...do u know the economical implication of that ?? 1 Like 1 Share |
Re: FG Mulls Redenomination Option To Stabilise Naira by oyeb15: 7:08pm On Aug 20, 2023 |
Tinubu caused the problem now he can't fix it. Hes woeful economically and a disgrace to Yorubaland. Removing subsidy Giving governors palliative billions No account on its use Showing concern with Niger when Nigeria is on fire.... He's not a wise man He's a disgrace and he should await karma when d uprising begins. 1 Like 1 Share |
Re: FG Mulls Redenomination Option To Stabilise Naira by oxiide22(m): 7:12pm On Aug 20, 2023 |
Chai I'm enjoying this thread i swear it sweet me 1 Like |
Re: FG Mulls Redenomination Option To Stabilise Naira by sonnie10: 7:13pm On Aug 20, 2023 |
linearity:I appreciate your informative response. It now makes sense |
Re: FG Mulls Redenomination Option To Stabilise Naira by TrumpDonald2: 7:14pm On Aug 20, 2023 |
Racoon:Buhari Jnr 😂😂😂😂😂 That man is naturally wicked. |
Re: FG Mulls Redenomination Option To Stabilise Naira by benardtotti(m): 7:18pm On Aug 20, 2023 |
dre11: A highly underrated man of God prophesied this will happen since last year . https://www.youtube.com/watch?v=V41MHlm98hs |
Re: FG Mulls Redenomination Option To Stabilise Naira by Vision101(m): 7:28pm On Aug 20, 2023 |
I just pity president tinubu. The mess in the Nigerian economy started towards the end of Jonathan's regime. This was principally because of corruption and the weakness of the president to control those he appointed. This led to the alarm bell rang by okonjo-iweala. They did not arrest the situation. Unfortunately buhari did nothing but compounded the situation. Tinubu inherited a messed up economy. He's not talking because he's protecting buhari and his party. He's battling against odds. The good thing is that he's sound and he has sound people around him. When a patient is in a critical condition the doctors will try several drugs and modes of treatment and watch the effect on the patient. Finally they will get the most responsive mode. In the process the patient will feel several pains. The doctor will be called names by the patient and his relations. I'm feeling the pains too. What will anybody honestly criticise a government that inherited the Nigerian mess, less than three months, ministers not yet sworn in and broad policies not yet in full implementation? FYI I'm an Ibo, professional, religious leader detribalised and apolitical. 2 Likes 1 Share |
Re: FG Mulls Redenomination Option To Stabilise Naira by sonnie10: 7:44pm On Aug 20, 2023 |
Vision101:They started on falsehood, no sincerity of purpose. When they commissioned Dangote refinery that was not in any where ready, just to deceive Nigerians that they have a plan for subsidy removal, it was all games. Actions have consequences. If they sincere, subsidy removal could have been in phases. Something like 25% at a time until we have functional refinery. Now this, when Nigeria is still struggling with all the recent failed policies. It is an act of desperation, and hasty decisions often end up wrong. Why can’t they wait for the first batch of locally refined product before attempting economic changes. 2 Likes |
Re: FG Mulls Redenomination Option To Stabilise Naira by NOwazobia: 7:48pm On Aug 20, 2023 |
A norminal solution to a real problem. How does Numbers change on the naira bill fixed national inflation? This solution is only psychological and political. Nonsense as always |
Re: FG Mulls Redenomination Option To Stabilise Naira by gzones(m): 7:48pm On Aug 20, 2023 |
Re: FG Mulls Redenomination Option To Stabilise Naira by bigiyaro(m): 7:52pm On Aug 20, 2023 |
Nawao, even tinubu sef just assemble clueless technocrats. What is the difference between maize and corn? Unless the blood sucking coruption, gross and blatant wastages couple with the overbloated wages of politicians is totally and completely eradicated, window dressing the naira will not save it. Even almajiries knows that, ramping up local production, minimal imports or most essential products import, eradicating oil thefts and 100% accounting for crude sold, will transform the country in less than 4 months. 1 Like 1 Share |
Re: FG Mulls Redenomination Option To Stabilise Naira by Musauzor(m): 7:53pm On Aug 20, 2023 |
I have been saying it that this Yoruba government will run the country aground. |
Re: FG Mulls Redenomination Option To Stabilise Naira by masterduba(m): 8:02pm On Aug 20, 2023 |
Re-denomination won't work. As a matter of fact, it's unnecessary because: 1. 1 Korean Won = 0.57 Naira. But this does not mean Nigeria is better than Korea economically. Korea is one of the World's neatest countries with virtually no thievery. Mind you, 1 dollar = 1,300 Korean Won. 2. Nigeria is not competitive in the global scheme of things and still needs work in terms of raising GDP, human capital development, infrastructure, health (life expectancy), FDI, and other socio-economic indices. 3. Ghana aside, Zimbabwe created gold coins to counteract their freakish zeros a few years ago. Still, that didn't work. 4. Until a country works on its socio-economic hard-wiring, every other thing is voodoo economics that will backfire. |
Re: FG Mulls Redenomination Option To Stabilise Naira by Naustine(m): 8:03pm On Aug 20, 2023 |
starstaz:It was a smart idea then, but this is 15years later...I doubt if it's still workable 1 Like 1 Share |
Re: FG Mulls Redenomination Option To Stabilise Naira by Vision101(m): 8:04pm On Aug 20, 2023 |
@sonnie10 They started on falsehood, no sincerity of purpose. When they commissioned Dangote refinery that was not in any where ready, just to deceive Nigerians that they have a plan for subsidy removal, it was all games. Actions have consequences. If they sincere, subsidy removal could have been in phases. Something like 25% at a time until we have functional refinery. Now this, when Nigeria is still struggling with all the recent failed policies. It is an act of desperation, and hasty decisions often end up wrong. Why can’t they wait for the first batch of locally refined product before attempting economic changes. @me The corruption around subsidy is huge and has been on for years. Any soft handling will not work. The refineries will not work so long as there is subsidy on imported petroleum products. The hand 👏 must be cut for the body to survive. That's the only way to treat cancer. Unfortunately the ordinary people are suffering the effect of the collective rape of our common wealth by the political class and elites. |
Re: FG Mulls Redenomination Option To Stabilise Naira by Raalsalghul: 8:07pm On Aug 20, 2023 |
BoldBrainz: |
Re: FG Mulls Redenomination Option To Stabilise Naira by Naustine(m): 8:11pm On Aug 20, 2023 |
AareGaa: Ghana haven't done it as at then |
Re: FG Mulls Redenomination Option To Stabilise Naira by obyno82: 8:20pm On Aug 20, 2023 |
okeysoninv: Did you really smoke weed when you said this? Do you know that the hyper inflation Ghana is suffering is the effect of that redenomination that has hit them. Sierra Leone did redenomination last year and their economy was worse off for it. The Solution is there. Sanitize the BDCs force everyone to use the I&E window rate and abolish the parallel market rate. Then face the economy squarely and move the country to production. |
Re: FG Mulls Redenomination Option To Stabilise Naira by sonnie10: 8:24pm On Aug 20, 2023 |
Vision101: You are wrong on how to treat cancer. Different options exist. Radiotherapy, chemotherapy and then surgery as the last option. Even with the least invasive option such as radiotherapy, care must be taken not to affect healthy surroundings cells. This is often the recommended first line of treatment. The radiation has to be guided by well calculated dosimetry parameters. The above illustration is what they missed. They went with the most drastic option,. Just for ego. Just to be seen as hitting the ground running! It has failed. People are hungry , angry and desperate. |
Re: FG Mulls Redenomination Option To Stabilise Naira by obyno82: 8:24pm On Aug 20, 2023 |
starstaz: My guy redenomination will only work in a growing economy devoid of hyper inflation. Using it as a solution to hyper inflation is a disaster waiting to happen. In Sierra Leone they tried it and instead of things getting better it became worse. Ghana economy is almost fully dollarised because of the hyper inflation as a result of the redenomination. With inflationary pressures the true value of money will always show. Soludo proposed to then because our economy was a growing economy at that time and inflation was not like this, so then it would have made sense, not now. 1 Like 1 Share |
Re: FG Mulls Redenomination Option To Stabilise Naira by IamAtikulate: 8:29pm On Aug 20, 2023 |
Oakenshield: You are wise |
Re: FG Mulls Redenomination Option To Stabilise Naira by obyno82: 8:35pm On Aug 20, 2023 |
tachia406: Guy are just fantastically dense to see that under this man's watch your emi lo kan crooner the country is sliding downward at an aggressive pace. |
Re: FG Mulls Redenomination Option To Stabilise Naira by waveman2: 8:52pm On Aug 20, 2023 |
This policy will work only if the amount of naira in circulation is reduced.So we don't have too much naira chasing few dollars like we still have now if not the naira will certainly become the worst performing currency in the world.we can do this but at the same time encourage production and export then reduce the naira in circulation. |
Re: FG Mulls Redenomination Option To Stabilise Naira by obyno82: 8:52pm On Aug 20, 2023 |
okeysoninv: See bros just keep silent abeg. Ghana's economy is so dollarized that most shoppers owners would rather accept dollars than the cedi. The inflation rate is at 45% and climbing. |
Re: FG Mulls Redenomination Option To Stabilise Naira by Vision101(m): 8:54pm On Aug 20, 2023 |
@sonnie10 Even with the least invasive option such as radiotherapy, care must be taken not to affect healthy surroundings cells. This is often the recommended first line of treatment. The radiation has to be guided by well calculated dosimetry parameters. The above illustration is what they missed. They went with most drastic option,. Just for ego. Just to be seen as hitting the ground running! @me You're right here. I think that his problem was that he came with so much expectations. As politicians always do he wanted to impress. I'm hopeful that when the regime settles down things will begin to ease out gradually. I must state that it's a long run. |
Re: FG Mulls Redenomination Option To Stabilise Naira by obyno82: 8:54pm On Aug 20, 2023 |
okeysoninv: You must be high on dried cow dung. Zimbabwe dollar better than naira. Are you kidding me? |
Re: FG Mulls Redenomination Option To Stabilise Naira by obyno82: 8:56pm On Aug 20, 2023 |
Peppysco: Dude why can't you just shut up? Can't you see the disaster that this administration want to plunge Nigeria into? |
Re: FG Mulls Redenomination Option To Stabilise Naira by obyno82: 9:00pm On Aug 20, 2023 |
jumper524: It is obvious you smoked something before typing this trash talk. You want them to be doing trial and error while people's livelihoods are being ruined and destroyed abi. You people ehnnn because of greed and tribalism you would rather turn a blind eye when it is clear that this guys is sliding Nigeria down at a rate faster than Buhari's 8 inglorious years. |
Re: FG Mulls Redenomination Option To Stabilise Naira by obyno82: 9:06pm On Aug 20, 2023 |
MRMRMR: Please keep quiet abeg |
Re: FG Mulls Redenomination Option To Stabilise Naira by jumper524(m): 9:11pm On Aug 20, 2023 |
obyno82:This forum is a Nigerian forum not a succesionist forum. If things are going wrong, we can only keep trying to correct the wrong and hope it betters. If that pains you, please avoid the forum, you can go to Facebook or twitter and continue cursing the govt in your own timeline or public group. |
Re: FG Mulls Redenomination Option To Stabilise Naira by obyno82: 9:14pm On Aug 20, 2023 |
Vision101: |
Re: FG Mulls Redenomination Option To Stabilise Naira by limitless777(m): 9:15pm On Aug 20, 2023 |
BoldBrainz: EPIC and succinct.👍 |
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