LucemFerre:


Dollar na your currency? Abi na brick layer work you go do get dollar? Una go just forget una sense for inside fridge cone dey yap nonsense

RickyJesus:

If its been redenominated and price of things keep shooting up, how does the attribute of Portability still holds water?

Caaz:


How about you interprete this.
By the way,you haven't insulted Nigerian women for the past 4 days..just a subtle reminder.

Nvestor02:
Naira rise and fall base on the choice of people.... Tinubu has already taken that burden of baring responsibility of Naira on his head.

He has unificate Naira, the market and choice of the Nigerian citizen will determine the performance of Naira in the international market.

I would also advice the president and the senators to take down our denominations. There is no reason why we should have 1k in one note.

There is no country that have that amount in one note and their currency is doing well. Dollar last denominations in $100. Same as Pounds and euro.

Even there pounds end at £50. The highest Ghana denominations is 200 cedis.

Nigeria govt should take down our denominations too and make small dominations like 5N 10N and coins to be available.

US still dey spend coins. Why not us?

Tinubu is doing well in the cost of living, it's now the government that needs to step up to the new reality.

jeromestarks:

Can you interpret this inflation thing to a layman?

BOSSkesh:
Inflation caused by removal of subsidy

pocohantas:


I can see you revel in unnecessary arguments.

BOSSkesh:
Inflation caused by removal of subsidy

nairalanda1:


Won't work. Ghanaians can tell you that. Redenominating the cedi did not make it a strong currency

Thundafireseun:
Just earn in dollars

And all this won’t matter to you

nairalanda1:


Every country does the comparsion to dollars. Heck, even the Russians and chinese do it covertly.

The problem with Nigeria is we do not have a diversifed economy, and we do not have a productive economy that exports more than just oil. We also do not do manufacturing. That is why we have a weak naira.

Russia, china, usa, germany, japan, even the UK all have one thing in common...diversified manufacturing economies.

SaLongs1:
When what you bought for one hundred naira suddenly jumps to two hundred naira for no obvious reason.

Onewazobia:



It had been like that b4 remover of subsidy either past or present administration are same

BOSSkesh:
Inflation caused by removal of subsidy

PARADIZEPRIEST:
You ppl are not exporting oil as before to earn more dollars as most of naija crude oil money sadly had been stolen in last 8years waste of govt,with intense buha govtcomplicite oil theft,so stop importing nonsense into Nigeria and naira will be OK.
Stop importing nonsense e.g
STOP IMPORTING SHOE POLISH, NAIL POLISH, KITCHEN UTENCILS

STOP IMPORTING LUXURY CARS FOR GOVT PUBLIC SERVANTS,GO TO INNOSON LEASE BULLETPROOF SUVS ,

STOP BUYING STUPID FOREIGN BUILDING MATERIALS LIKE FOREIGN PAINTS AND POP

STOP IMPORTING USELESS FOREIGN FURNITURES

STOP IMPORTING NONSENSE ASHOEBE MATERIALS FROM DUBAI

STOP IMPORTING CRAZY THINGS LIKE HUMAN HAIR AND ASETHETICS
ETC
YOUR LONG THROAT FOR ALL THESE NONSENSE SHOULD STOP IMMEDIATELY TO STRENGTHEN THE NAIRA

CBN SHOULD CONTROL ALL FORM M FORTHWITH ,DONT TRUST ANY BANK WITJDOLLARS EVER AGAIN.
AND GIVE FOREX ONLY FOR NECESSITIES TO IMPORT MATERIALS AND MACHINERIES TO BOOST AGRIC FOOD PRODUCTION,FOOD STORAGE REFRIDGERATED TRUCKS,ESSENTIAL VEHICLES FOR HEALTH,LOGISTICS ,AND SECURITY VEHICLES ETC.ANY THING OUTSIDE THIS LIST IS ANTI PEOPLE WELLBEING AND ANTINAIRA.QED.

malali:
Do you know what you have to do to earn a 100 DOLLARS ?

Healthcare: Go to the hospital in the dollar country, ordinary headache they will charge you $350 after insurance deductions and co-pay. In Nigeria, there is no hospital that will charge you $10. Some hospital visits abroad can cost you $50000. (Giving birth with C/S, 1 or 2 days of ICU). In Nigeria you wont spend $500.

Education: Come and study in dollar economy let them give you loan with 7% percent compund interests, you will work and die without finish paying for such loans. In Nigeria people study for free and "japa" Thats essentially free human capital, No country in the world allows there manpower to JAPA free of charge.

Public Transportation: Compare the airfares and bus fares, $500 tickets is europe or america if you buy last minute, is a cheap ticket. In naija you can walk into Abuja airport and fly to Lagos last minute, with $100.

Utilities: Electricity, power and water, Have you paid water bill, heating bill $800 before ? You are comparing dollar to naira ?

Telecommunications: Even Internet costs are comparable, phones services, standalone phone servces can cost up to $120 plus taxes for a month. Do you pay that much to sub your phone in a month ?

Certain Agricultural Products: Agricultural produce are cheaper in Nigeria, than any dollar economy. A big Mango can be $3-4, Have you ever bought 1 mango for 5000naira ? Meat is cheaper in Nigeria, food stuff even with the cry is still cheaper than abroad.

Would you rather earn $5000 and have to spend $4995 for bills and living.
Or earn 100,000 naira and spend 50000 naira for bills and living ?

Nvestor02:
Naira rise and fall base on the choice of people.... Tinubu has already taken that burden of baring responsibility of Naira on his head.

He has unificate Naira, the market and choice of the Nigerian citizen will determine the performance of Naira in the international market.

I would also advice the president and the senators to take down our denominations. There is no reason why we should have 1k in one note.

There is no country that have that amount in one note and their currency is doing well. Dollar last denominations in $100. Same as Pounds and euro.

Even there pounds end at £50. The highest Ghana denominations is 200 cedis.

Nigeria govt should take down our denominations too and make small dominations like 5N 10N and coins to be available.

US still dey spend coins. Why not us?

Tinubu is doing well in the cost of living, it's now the government that needs to step up to the new reality.

Caaz:


How about you interprete this.
By the way,you haven't insulted Nigerian women for the past 4 days..just a subtle reminder.

VeeVeeMyLuv:

Inflation is fuel by currency devaluation

In Countries using CFA Francs price of goods and services have remain almost the same since as far back as 2004 because CFA Francs has been maintained in a stable manner between 500 & 700 since the year 2004

Draslo:

Nonsense. South Korea has 50k Won bills and is the world's 13th best economy

nairalanda1:


South Korea also exports manufactured goods and services, we don't.

South Korea has a valuable currency, the number of zeros don't matter.

Thundafireseun:
Just earn in dollars

And all this won’t matter to you

malali:
Do you know what you have to do to earn a 100 DOLLARS ?

Healthcare: Go to the hospital in the dollar country, ordinary headache they will charge you $350 after insurance deductions and co-pay. In Nigeria, there is no hospital that will charge you $10. Some hospital visits abroad can cost you $50000. (Giving birth with C/S, 1 or 2 days of ICU). In Nigeria you wont spend $500.

Education: Come and study in dollar economy let them give you loan with 7% percent compund interests, you will work and die without finish paying for such loans. In Nigeria people study for free and "japa" Thats essentially free human capital, No country in the world allows there manpower to JAPA free of charge.

Public Transportation: Compare the airfares and bus fares, $500 tickets is europe or america if you buy last minute, is a cheap ticket. In naija you can walk into Abuja airport and fly to Lagos last minute, with $100.

Utilities: Electricity, power and water, Have you paid water bill, heating bill $800 before ? You are comparing dollar to naira ?

Telecommunications: Even Internet costs are comparable, phones services, standalone phone servces can cost up to $120 plus taxes for a month. Do you pay that much to sub your phone in a month ?

Certain Agricultural Products: Agricultural produce are cheaper in Nigeria, than any dollar economy. A big Mango can be $3-4, Have you ever bought 1 mango for 5000naira ? Meat is cheaper in Nigeria, food stuff even with the cry is still cheaper than abroad.

Would you rather earn $5000 and have to spend $4995 for bills and living.
Or earn 100,000 naira and spend 50000 naira for bills and living ?

nairalanda1:
The USA exports a lot of manufactured goods and servicies, and also sells a lot of agric produce, and a lot of minerals, oil inclusive. It is the world's largest oil producer.

Nigeria does not do the above, and has never done the above, even under the leadership of many of the leaders you guys regard as good.
Instead, we export oil, whose prices are so volatile, that it does not yield enough.

The thing is, seriously, check out all the countries with strong currencies. They all have high income from diversifed economies, engage in serious manufacturing and exporting the produce of the manufacturing, and also very crucially have a high tax income, and allow the free market to run things. They don't pay subsidies for everything, least of all the power sector.

Nigeria could have been there...if we removed subsides on power and petrol, enforced tax collection on everyone, diversified, yes, diversified our economy, and as someone has suggested here, allowed the free market to thrive, and fought corruption well.

The problem is, this government , and all your past governments (yes, Tinubu, and GEJ are very alike in many ways, cry about it), are all the same. They do not want to do the above, especially removing subsides, because it means a hard period of suffering that may last years. So, we rely on oil, and use oil money to pay for illusions, and when that runs out because of low oil prices, and corruption, we then turn to borrwing to pay (yes, Buhari did that, but so did all our past leaders, and even this current one )...to maintain the illusion. In the name of the poor.

Here is the thing. We are not ready to make the hard decisions. DIversify, improve tax collection, really fight corruption, and looting, and bloated government(tell me why do senators and house of reps need 160m cars for?), remove subsides on power (Ghana and Ivory coast have 24 hour power, because they privatised the sector, and let them charge a lot of money...power in Ivory coast costs 6 times that in Nigeria. I checked)...and on petroleum (and don't tell me about how other countries subsidse, because they charge high taxes or have diversifed economies . We don't. And we are not Saudi with 40 million people and 10 million bpd production), increase manufacturing, because we all want to be importer..and sell imported stuff...forgetting how it damaged local industry.


A country where over 80% of its income comes from oil and where the oil price is too volatile over the years, and where the population is too huge can never have a strong currency. We have never had a strong currency. It is just now that we are at our lowest point, thanks to bad economics, especially from APC since 2015 (for those who think I am stupid enough to defend APC or any government)....that nyash don open and we are seeing the real value of our currency.

(Yes, CFA is strong, but that is because the French pay for it to be strong).

I don't know how we are going to solve our problems. This current government is not it, and people want goodies, not sane economics.