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sofa-dj (m)
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Someone please tell me about JV brokering.
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mrtunde (m)
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I do not know how this became an "insightful essay"!!!
full of rubbish and pedestrian logic!!!
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erdanaline
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boy when men discuss national issue, don't call it rubbish. ain't we commentators. or is it because it is not women issue.
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en_cubed (m)
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Just d handiwork of some mischeivous politicians nd bureau de change guys
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slimnike (m)
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What do you expect.
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twixstars (m)
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In my own opinion, i don’t support the decision of the central bank. Come to think of it? We all know that the money will be "re-denominated" right but will that change people's behavior towards the change? Think please, A cab man cannot collect N3 from you when he is used to collection N300 from people for similar service. The man will have to think about the person he has to pay to fuel his car, not to talk of the money he will pay for his car's maintenance. Is Charles telling me that the cab man won’t have problems settling those people he got fuel and car maintenance from? Come on people’s behavior don’t just change overnight. There has to be an incentive.
I think the process requires a lot of public enlightment and education to make people understand the pros and cons of the "change". All these are part of Economic incentives. Economic incentive if high enough can have effect on behavior. But are there such incentives available?
I think the decision should be reconsidered by the central bank and consider the disadvantages not the honor it will bring to the country. They want people to say “Oh!” N1 = $1, so what? Or probably Charles wants other countries to treat NAIRA the way other countries in the world treat Dollar. We all know Dollar and every other powerful currency did not just gain their stance overnight. To me, the whole process is not worth risking.
I am just a high school graduate who does not know much about economic actions. But I still believe no one Including Charles is perfect, so I seriously think the Issue should be reconsidered and properly examined before implementing it.
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Kobojunkie
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I don't see the point to re-denomination myself. I would rather we improve the value of the Naira rather. What stops us from getting where we are today even after re-denomination?? Does it even solve the main problem at all? Why not solve the problem AND THEN consider Re-domination if it is still needed
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Mustay (m)
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SOludo's step was a departure from the BREETONWOOD@S SCHOOL OF THOUGHTS. THE PRESIDENT SHOULD RE_CONSIDER WITH THE F.E.C as the re-denomination will hep our currency. Despite the fact that US and UK were founding 'fathers' of IMF and WORD bank, has anyone thought why the VBRITISH POUNDS forever remains stronger than the Dollar   or y UK has resisted changing to the EUROs  |
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seun001 (m)
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I don't see the point to re-denomination myself. I would rather we improve the value of the Naira rather. What stops us from getting where we are today even after re-denomination?? Does it even solve the main problem at all? Why not solve the problem AND THEN consider Re-domination if it is still needed
improvement of the naira starts with us eradicating the importation of refined petroleum products.i can assure u the first week that happens,the strenght of the naira will climb astronomically. have i said this before,i should think so@Mustay, thats not the point,we are in nigeria and not britain or the US.we should look for solutions tailored to our problems not copying other countries which has always been our problem all along. |
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Mustay (m)
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u don't get me.
US and UK know what they do. Foolish nations still adhere to the IMF and WB's instructions.
THose institutions are there for us to keep on coming to them!
It's like a recycling process.
We need the re-denomination!
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seun001 (m)
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@Mustay,
we do not need the redomination.inflation will just spiral out of control.remember,inflation will go 100 fold for just a one naira increase in prices.
am also not in support of woteva the WB and IMF says.and didnt u see they both approved the redomination,which means we are doing the wrong thing.
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Mustay (m)
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IMF and WB support DEVALUATION  u get it? |
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Kobojunkie
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IMF and WB support DEVALUATION u get it? Just making claims does not make points @Mustay, Think about this and the Nigerian mentality towards money. Do you really think that changing the denomination will change minds??? This problem is not about redenomination. You have to consider the fact that not so long ago, the Naira was selling for 22 to 1 dollar, and in less than 2 decades, it has jumped to where it is today, not cause we did not do the re denomimation on time but cause of OTHER PROBLEMS, these OTHER PROBLEMS still exist and will readily push the value back where it is today if we go ahead and do this without actually FIXING THE OTHER PROBLEMS. We are no where near where the Dollars and the Pounds have been and remain, please let us STOP trying to copy them in places that do not make sense and focus on that which we can BITE and will not KILL US. |
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twixstars (m)
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Just making claims does not make points @Mustay, Think about this and the Nigerian mentality towards money. Do you really think that changing the denomination will change minds??? This problem is not about redenomination.
I can't Agree more. we have to understand basic concept of human behavior and our Human mind works (esspecially Ngerians). the re-denomination of Naira can only change the denomination but does not have the power to change our minds. there has to be strong incentives (through education, enlightnment and variouse public displays and awerness if that will even work makiing people understand the pros and cons) before that can happen. moreover, re-denomination is not the only solution to the problem, there are other ways we can appreciate the value of naira instead of looking for shortcuts. because i think the CBN is looking for a shortcut not being courageous enough to follow the long and the presumed "right" process. they want to use few months to solve a promblem that has been existing for decades. think please, things don't "often" work that way in reality |
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seun001 (m)
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well,i have been looking for stats relating to our imports vis-a-vis the percentage of oil imports with other imports.can't seem to find the last one therefore will wait till the next data comes from CBN.
lets say imports=100%
oil imports=over 90%
other imports=10%
exports is almost nil.
and they are paid for in dollars.every week CBN doles out 200000 dollars twice a week to bdc's to finance their operations.demand has never fallen ,it keeps increasing.that the reason y i insist on stopping all oil and its substitutes being imported,instead we should export.
now this is simple economics because i really can't find data to back me up,i coulda given u an economist point of view which is more complicated than this.
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Kobojunkie
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We need to grow as a nation and as a people and learn how this decision making process needs to be handled in a democratic situation better.
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