Debate: Proposed Naira redomination policy, solution to Nigeria's skyrocketing inflation

Are you for or against? State your reasons.

Let them scrap domiciliary account and enforce Automated Clearing House (ACH), such that one can receive any international currency directly into their Naira account and be able to send Naira to international accounts directly from your Nigerian Naira account, just as the US, UK, China, Russia, (other big countries with floated currency), etc. have no domiciliary account but instead allow the use of such currency only via international third parties, then promote the use of their own currency only.

Here in Nigeria, our politicians pay in foreign currencies just to hide their crime but assuming such windows were squeezed to the Naira, it would have exposed a lot of them.

Also, it would strengthen our currency and make it very dominant especially now that Naira is floated.

Wrong! Free floating the naira was one of the most disastrous policy embarked upon by the Tinubu’s govt
just like the reactionary but fraudulent fuel subsidy removal

It's foolhardy and won't solve a thing .

The only way out is to mop up excess liquidity printed from thin air by Emefile.

#55 Trillion is floating in the system and the only way to solve inflation is to reduce the money in circulation and increase productivity.

The excess funds realised from FX and fuel subsidy removal must be mopped out of the system.

Tighter spending limits by government. This is no time for frivolous budget expenditures .

If the CBN in conjunction with the ministry of finance can ease out a Trillion every three months without printing any more fiat currency, then the naira will stabilize within a year to around 500-600 to a dollar. Continue this for the next four years , and I expect the naira to go below #500.

It's going to be painful but that's the easy part.

The hardest thing to do now is to boost local production especially agriculture output. But with the madness going on in both the NW and NE this will not happen until the terrorists are dislodged.

Finally, granting Biafra is also a very viable option. The 5 SE states are a dead weight and strain on our polity. The only thing that we will lose is FX remittance from Ibos back home. But we can claw it back through food exports and energy to Biafra. Nigerians should see this as a wide downsizing operation. Get rid of the dead weight yeast.

adebayo987:
Let them scrap domiciliary account and enforce Automated Clearing House (ACH), such that one can receive any international currency directly into their Naira account and be able to send Naira to international accounts directly from your Nigerian Naira account, just as the US, UK, China, Russia, (other big countries with floated currency), etc. have no domiciliary account but instead allow the use of such currency only via international third parties, then promote the use of their own currency only.

Here in Nigeria, our politicians pay in foreign currencies just to hide their crime but assuming such windows were squeezed to the Naira, it would have exposed a lot of them.

Also, it would strengthen our currency and make it very dominant especially now that Naira is floated.

U think if we had enough reserve they won't do that?

Lmao😂😆😁

NIGERIA no fit.

Completely against , Ghana that did it , their re-denominated currency had lost over 90% of its value ,
I have an idea , but federal government will have to pay me to spill .😏

adebayo987:
Let them scrap domiciliary account and enforce Automated Clearing House (ACH), such that one can receive any international currency directly into their Naira account and be able to send Naira to international accounts directly from your Nigerian Naira account, just as the US, UK, China, Russia, (other big countries with floated currency), etc. have no domiciliary account but instead allow the use of such currency only via international third parties, then promote the use of their own currency only.

Here in Nigeria, our politicians pay in foreign currencies just to hide their crime but assuming such windows were squeezed to the Naira, it would have exposed a lot of them.

Also, it would strengthen our currency and make it very dominant especially now that Naira is floated.

I was just discussing same this week with a Brazilian who confirmed their banking system does not allow use of such accounts.

CBN need to get rid of Nigerians ability to keep foreign currency and total stop all usage of foreign currency outside of hotels that welcome foreigners.

Kill the usage of Dollars, before it kills our Naira.

Redenomination does not work.

Ghana redenominated their currency, and all of a sudden everyone was saying that it was 'a brand new revolutionary idea'., etc etc. Now Ghana is about to be bailed out by the IMF, and their currency is weak. Removing zeros did not change their situation.

The problem with Nigeria is that we are not earning enough dollars, because the source of our income is majorly oil...and oil fluctuates, which leads to revenues fluctuating, which leads to us never having enough money, and taking more loans.

Better we diversify our economy, and crucially become an industrial naiton, and stop all this subsides , which would allow investment and dollars to flow in to our oil and power sector , as well as other sectors....and let us become dependent on exporting manufactured goods and servicies.

Redenomination is just lipstick on a pig. It doesn't make the pig a beautiful female Homo Sapiens, it is still a pig ....with lipstick on.

Racoon:
Wrong! Free floating the naira was one of the most disastrous policy embarked upon by the Tinubu’s govt
just like the reactionary but fraudulent fuel subsidy removal

Sitting behind ur keyboard, everything is wrong.
U should run for presidency and set them right.

nairalanda1:
Redenomination does not work.

Ghana redenominated their currency, and all of a sudden everyone was saying that it was 'a brand new revolutionary idea'., etc etc. Now Ghana is about to be bailed out by the IMF, and their currency is weak. Removing zeros did not change their situation.

The problem with Nigeria is that we are not earning enough dollars, because the source of our income is majorly oil...and oil fluctuates, which leads to revenues fluctuating, which leads to us never having enough money, and taking more loans.

Better we diversify our economy, and crucially become an industrial naiton, and stop all this subsides , which would allow investment and dollars to flow in to our oil and power sector , as well as other sectors....and let us become dependent on exporting manufactured goods and servicies.

Redenomination is just lipstick on a pig. It doesn't make the pig a beautiful female Homo Sapiens, it is still a pig ....with lipstick on.

Dollar should be excommunicated unless where necessary not flowing more dollars in our economy.

nairalanda1:
Redenomination does not work.

Ghana redenominated their currency, and all of a sudden everyone was saying that it was 'a brand new revolutionary idea'., etc etc. Now Ghana is about to be bailed out by the IMF, and their currency is weak. Removing zeros did not change their situation.

The problem with Nigeria is that we are not earning enough dollars, because the source of our income is majorly oil...and oil fluctuates, which leads to revenues fluctuating, which leads to us never having enough money, and taking more loans.

Better we diversify our economy, and crucially become an industrial naiton, and stop all this subsides , which would allow investment and dollars to flow in to our oil and power sector , as well as other sectors....and let us become dependent on exporting manufactured goods and servicies.

Redenomination is just lipstick on a pig. It doesn't make the pig a beautiful female Homo Sapiens, it is still a pig ....with lipstick on.

Exactly...

The current situation in Ghana should tell anyone that it's totally stoopid to do that.

I feel the government and those in it know all these already but are too lazy to care and put in the effort it'll take to make it all work.

They're just focused on the furtherance of their political career.

IT IS THE RESPONSIBILITY OF A GOOD GOVERNMENT TO REGULATE THE ECONOMY.
THEREFORE, THE GOVERNMENT SHOULD REGULATE ALL PRICES.