Close of trade today:

Official market: 1142 naira
BDC (Parallel market) : 1115 naira.

Hmm. All hail the naira. Not only are the rates now unified, street rate is even lower than Bank rate.

Excellent news.

Just30:
when will you ever be recent?

5.9 million household is as far back as 2008.

Ewu gambia.
That is a March 2024 documentary by joynews giving credence to what some of us know and have witnessed first—hand.
If in 2024 and 75 percent of the Ghanaian population don't have common toilet then it's a total shame.
Continue wasting borrowed money to engage in unproductive PR when you can't even provide the basic things for your people.

theenchanter:
Economic decision.

actually a political decision

gallivant:


Why was it so massively denominated to begin with? Was it a political decision?

it was dominated in the thousands to make less notes in circulation. It was exceptionally valuable and people walked home at the end of a months work with just a single note as their monthly salary which could do a lot for them.

POKUASI2:

Ewu gambia.
That is a March 2024 documentary by joynews giving credence to what some of us know and have witnessed first—hand.
If in 2024 and 75 percent of the Ghanaian population don't have common toilet then it's a total shame.
Continue wasting borrowed money to engage in unproductive PR when you can't even provide the basic things for your people.

And the report they are Using is 2008.

Did you even read the recent census ?

Just30:
yes....to make accounting easier as the economy was about to expand massively.
We had no business having our currency denominated in the thousands especially considering the fact that the currency was previously denominated in the tens before being changed to that by a political decision.

Then you have no business making fun of Kenya's or Nigeria's low exchange rate. If Kenya dropped 4 zeroes from the shilling, it would be the strongest currency in the world by exchange rate.

Charlee easy na

Honestly dropping the 4 zeroes made no sense if the economic fundamentals are still the same.

Just30:
yes....to make accounting easier as the economy was about to expand massively.
We had no business having our currency denominated in the thousands especially considering the fact that the currency was previously denominated in the tens before being changed to that by a political decision.

GeneralDae:
Close of trade today:

Official market: 1142 naira
BDC (Parallel market) : 1115 naira.

Hmm. All hail the naira. Not only are the rates now unified, street rate is even lower than Bank rate.

All thanks to money borrowed, even though, Nigeria will have to pay back with higher interest rate . It will help in slowering the fx rate for a little time . I must commend Nigeria apex bank for this . At least it is good for business ( short time plan ) . Buisness can easily regain confidence for the main time . And recoup their investment on time now .

Like I said here .

Only foreign borrowing can save naira unless the warehouse and factory in Nigeria are producing and exporting more than they are importing .



If you don't want to pay higher interest rate on borrowed loan, subscribe to imf ...

vaxx:
All thanks to money borrowed, even though, Nigeria will have to pay back with higher interest rate . It will help in slowering the fx rate for a little time . I must commend Nigeria apex bank for this . At least it is good for business ( short time plan ) . Buisness can easily regain confidence for the main time . And recoup their investment on time now .

Like I said here .

Only foreign borrowing can save naira unless the warehouse and factory in Nigeria are producing and exporting more than they are importing .



If you don't want to pay higher interest rate on borrowed loan, subscribe to imf ...

By foreign borrowings do you mean FPI’s? All countries get FPI’s. If you increase interest rates, you get more FPI’s. Ghana has high interest rates too at over 25% I believe. The only borrowing Nigeria has borrowed is the one they did from Afrexim Bank in December where we sold our oil into the future and got 2 Billion dollars then in December but I don’t think that was enough then.

chrisooblog:
Charlee easy na

Honestly dropping the 4 zeroes made no sense if the economic fundamentals are still the same.

it actually made the most sense

NairobiWalker:


Then you have no business making fun of Kenya's or Nigeria's low exchange rate. If Kenya dropped 4 zeroes from the shilling, it would be the strongest currency in the world by exchange rate.

if it was that easy, you would have done it a long time ago. You think redenomination makes a currency strong ?

Redenomination does not change the value of a currency

The Lake Turkana Wind Power Project (LTWP) is among the top 3 best constructable wind regimes worldwide. This wind farm alone contributes 11 % to Kenya's electricity grid.


https://www.youtube.com/watch?v=4HdW2yrPRio

Konza Technopolis. THE DREAM now is materializing. Easily the most TECHNOLOGICALLY ADVANCED city in Africa by 2030. This city will birth the Black Technology Empire. In June 2024 the city will officially launch its UAS corridor (unmanned aerial vehicle services flight path). Drones the size of the Hindenburg are already flying over the city


https://www.youtube.com/watch?v=PeYLTN1xHpY


https://www.youtube.com/watch?v=V4LyGCuEvXs


https://www.youtube.com/watch?v=u0n2kiHgTMs&t=52s&pp=ygUKa29uemEgY2l0eQ%3D%3D

Just30:
if it was that easy, you would have done it a long time ago. You think redenomination makes a currency strong ?

Redenomination does not change the value of a currency

To summarize it, the Cedi is a very weak currency.

Just30:
it actually made the most sense

Aesthetically, it did. But in actual sense I think it hasn't helped with inflation.

AkoniMoipei:
Konza Technopolis. THE DREAM now is materializing. Easily the most TECHNOLOGICALLY ADVANCED city in Africa by 2030. This city will birth the Black Technology Empire. In June 2024 the city will officially launch its UAS corridor (unmanned aerial vehicle services flight path). Drones the size of the Hindenburg are already flying over the city


https://www.youtube.com/watch?v=PeYLTN1xHpY


https://www.youtube.com/watch?v=V4LyGCuEvXs


https://www.youtube.com/watch?v=u0n2kiHgTMs&t=52s&pp=ygUKa29uemEgY2l0eQ%3D%3D

Honestly, for a semi arid country without oil and gold Kenya is not doing badly for an African country.

Obaaderemi2:
Aesthetically, it did. But in actual sense I think it hasn't helped with inflation.

Redenomination doesn't curb inflation, what it does is making money less weightful . Portability of currency .I can literally pocket 10 million Naira worth of cedis in my jacket .

[quote author=POKUASI2 post=129335173][/quote]

ProblemChild1:
I believe to see a sensible person in Ghana you must need connection.

you're just knowing now 😆

nelxxy:
you're just knowing now 😆

Nah, this is too low.

See this what some of us have urged

GeneralDae:
Close of trade today:

Official market: 1142 naira
BDC (Parallel market) : 1115 naira.

Hmm. All hail the naira. Not only are the rates now unified, street rate is even lower than Bank rate.

Just30:
if it was that easy, you would have done it a long time ago. You think redenomination makes a currency strong ?

Redenomination does not change the value of a currency

cedis is weak currency that went from 1 to 1 to dollar to 10. That is 1000% devaluation in decade n half

rvp2018:
See this what some of us have urged

Yeah, this Government devalued twice in one year. The second devaluation which occurred on Jan 31st this year was a tough one. From 900 to 1400.

Tinubu after 8yrs will transform Nigeria. He is brilliant. He previously turned around Lagos state. Tinubu need to free Nigeria economy from capture n provide reliable electricity to South n education & security to north.. Nigeria will fire all it cylinder n will grow at 10% for decades.

GeneralDae:

Yeah, this Government devalued twice in one year. The second devaluation which occurred on Jan 31st this year was a tough one. From 900 to 1400.

rvp2018:
Tinubu after 8yrs will transform Nigeria. He is brilliant. He previously turned around Lagos state. Tinubu need to free Nigeria economy from capture n provide reliable electricity to South n education & security to north.. Nigeria will fire all it cylinder n will grow at 10% for decades.

Yeah, that’s if Nigerians don’t get tired of his capitalism before then. He seems to be almost as capitalist as Obasanjo but he should remember times have changed and Obasanjo had other global factors working for him then.

[quote author=Just30 post=129408851] And the report they are Using is 2008.

Did you even read the recent census ?[/quote
Doesn't change anything.
Fact is... 75 percent of your population don't have access to any form of toilet facilities.

Hopefully half the population won't have starved to death.

Logically I understand why the reforms were necessary but the cost the average Nigerian is having to bear while thieving politicians ball makes it hard to justify such policy actions.

rvp2018:
Tinubu after 8yrs will transform Nigeria. He is brilliant. He previously turned around Lagos state. Tinubu need to free Nigeria economy from capture n provide reliable electricity to South n education & security to north.. Nigeria will fire all it cylinder n will grow at 10% for decades.

rvp2018:
Tinubu after 8yrs will transform Nigeria. He is brilliant. He previously turned around Lagos state. Tinubu need to free Nigeria economy from capture n provide reliable electricity to South n education & security to north.. Nigeria will fire all it cylinder n will grow at 10% for decades.

Yes , Tinubu name will be written in gold. Nigeria now has a leader who understands the core fundamentals of Nigeria economy.

vaxx:
Yes , Tinubu name will be written in gold. Nigeria now has a leader who understands the core fundamentals of Nigeria economy.

Hopefully so.

The naira hit an eight-month high of 1000 per US dollar at the black market on Tuesday, a remarkable turnaround for a currency that had looked destined to hit N2000/$ barely two months ago.