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Re: Top Ten Strongest Currencies In Africa At The Moment by femi4: 5:55am On Nov 10, 2021 |
Tunisia..here I come |
Re: Top Ten Strongest Currencies In Africa At The Moment by Bankyshinani(m): 6:31am On Nov 10, 2021 |
Cyoung4real:If that's how the thing runs, why haven't Nigeria do the same thing 2 Likes |
Re: Top Ten Strongest Currencies In Africa At The Moment by rigarmortis: 6:48am On Nov 10, 2021 |
Ghana has a weak currency. One of the weakest in Africa, redominated their money by knocking off zeros behind it, which any country can do. And at the end of the day the value has inflated to 100 and something from 1 cedi to one dollar in a space of few years. That means that the value is even.worse that the naira 2 Likes |
Re: Top Ten Strongest Currencies In Africa At The Moment by Cyoung4real(m): 7:12am On Nov 10, 2021 |
Bankyshinani: It all depends on the government and also our currency is still kinda strong. Around 2007 in Ghana, you will have to carry a bag full of money just to buy bread and that was why they redenominated their currency so it doesn’t become so useless and Zimbabwe own too was useless that you have to carry a narrow full of money just to buy food |
Re: Top Ten Strongest Currencies In Africa At The Moment by moscobabs(m): 8:08am On Nov 10, 2021 |
Nothingserious: That's fact, I don't know why people only talk about currency but never put the purchasing power into consideration 2 Likes |
Re: Top Ten Strongest Currencies In Africa At The Moment by Bankyshinani(m): 8:19am On Nov 10, 2021 |
Cyoung4real:I think redenomination is not the real solution...what determines high currency values is much and examples are stability of the economy, foreign exchange,import and export,inflation rate and the rest.... I believe Nigeria imports more than she export and also she import expensive products... Nigeria government source of income is only crude oil unlike before where our economy is diversified where cocoa is there,palm kernel, rubber as well as timber... All this earns Nigeria alot of foreign exchange back den buh now only one source and you can what is happening in the crude oil market... No be only Nigeria get crude oil so remember.... Alot of things Nigeria produced now is mainly for local consumption and it couldn't earn her forex |
Re: Top Ten Strongest Currencies In Africa At The Moment by Bankyshinani(m): 8:22am On Nov 10, 2021 |
rigarmortis:What is the exchange rate of 1gh cedis to 1naira? Redenomination is not only the answer, my brother...Are you aware that some investors prefer to invest in Ghana to Nigeria as it is now? |
Re: Top Ten Strongest Currencies In Africa At The Moment by Alusiizizi(m): 8:40am On Nov 10, 2021 |
This is not how to determine "strongest currency" whatever that means. The description itself is hopelessly ambiguous. Re-denominate(i.e. 1000 Naira => 1 Naira) like Ghana has been doing for years and all of a sudden 50 kobo = $1. Would that then mean that the Naira is stronger than $$$? |
Re: Top Ten Strongest Currencies In Africa At The Moment by Nobody: 8:45am On Nov 10, 2021 |
Cyoung4real:what you failed to tell them is that a bag of pure water in Nigeria is 20sachets, in Ghana it is 30 sachets. Take it also that the naira is neither strong nor has purchasing power. It’s true #1k can just afford 4 plantain. |
Re: Top Ten Strongest Currencies In Africa At The Moment by udede(m): 9:06am On Nov 10, 2021 |
Danzysb:LOL but you know its not true. 1000 naira is actually less than $2 Too bad |
Re: Top Ten Strongest Currencies In Africa At The Moment by chiefobdk2: 9:07am On Nov 10, 2021 |
JAMO84: I am certain u don't know wat u re talking about... China and India should have the worst currency in the world.. USA should also have one of the worst currency due to thr huge population... Instead of you to shut up and learn.. U want to form woke.. Now u Don disgrace your self 2 Likes |
Re: Top Ten Strongest Currencies In Africa At The Moment by chiefobdk2: 9:09am On Nov 10, 2021 |
saintgp:Don't mind the guy. He is trying to form woke.. |
Re: Top Ten Strongest Currencies In Africa At The Moment by saintgp(m): 9:31am On Nov 10, 2021 |
JAMO84:There is basis for the comparison,if am to go by ur earlier assertion that population is the reason behind the poor dollar to naira exchange rate. Sir the issue isn't about high population,dats exactly what I want you to understand, rather it is about the work-function of ur population.and for the record there was a time china's economy was in mess,so it's not about the age, for if it was about age, ethiopia that is way older than china would have been better of. Again like I said it's not about population but about the work-function of the people that makes of the country. 2 Likes |
Re: Top Ten Strongest Currencies In Africa At The Moment by saintgp(m): 9:38am On Nov 10, 2021 |
oyatz:Meaning the issue isn't about having higher or lower population but about what you do with your population. |
Re: Top Ten Strongest Currencies In Africa At The Moment by JAMO84: 9:39am On Nov 10, 2021 |
saintgp:We are basically saying the same thing. If Nigeria can be industrialized, our population will work for us. It is the people that will drive industrial revolution. 2 Likes |
Re: Top Ten Strongest Currencies In Africa At The Moment by JAMO84: 9:44am On Nov 10, 2021 |
chiefobdk2:A working population that produce what it needs and the one that import are not the same. As long as those countries are self dependent and even export, they will be doing well despite their population. But you see Nigeria, ordinary Refinary to produce petroleum products, we don't have, so where are the basis for comparison? 2 Likes |
Re: Top Ten Strongest Currencies In Africa At The Moment by somehow: 10:38am On Nov 10, 2021 |
Cyoung4real: Sensible person. |
Re: Top Ten Strongest Currencies In Africa At The Moment by somehow: 10:38am On Nov 10, 2021 |
Nothingserious: Ride on |
Re: Top Ten Strongest Currencies In Africa At The Moment by somehow: 10:40am On Nov 10, 2021 |
Cyoung4real: Oil dey your head. |
Re: Top Ten Strongest Currencies In Africa At The Moment by VaselineCrew: 10:56am On Nov 10, 2021 |
Nothingserious: Lol, so in a sense, you are actually advocating for a further slide in our currency? Cause why stop at N580, using your analysis up there? Why don’t we crank the dollar up to about N2,000. So for 266USD, you’d have N532,000 abi? Don’t gorget though, that you produce almost nothing, so that phone you used to buy for 30k, is now 120k, out of your N532,000. Now what about minimum wages and currency value? A minimum wage here is N30,000. Thirty whole thousand a month? I should be so rich, but I forgot that the currency was in naira, sigh. Meanwhile, a cleaner might make 6 dollars/hour abroad, talk less of people with specialized skills. Soon, cleaners from abroad will come back to buy all of you, lol, because maybe when dollar becomes N2k, they will just bring like 1k dollars back home which will be like 2 million naira, then you guys will be prostrating on the floor shouting “Oga Sir”. 2 Likes |
Re: Top Ten Strongest Currencies In Africa At The Moment by Nothingserious: 11:07am On Nov 10, 2021 |
VaselineCrew: Lol! I simply stuck to the issue of purchasing power. That’s all. You are touching so many other areas. That’s an issue for another day. 2 Likes |
Re: Top Ten Strongest Currencies In Africa At The Moment by rigarmortis: 12:13pm On Nov 10, 2021 |
Bankyshinani: you are right on your second point, but thats another story totally bro. The thing is, if your currency is not backed by your economy and production, then knocking off all the zeros in the world wont stop it from inflating. and in the case of ghana, the cedi has worsened even more than the Naira. if the cedi has gone from 1 cedi to 1 dollar after redomination to over 100cedi to 1$, that means it is now worse than it was before redomination. |
Re: Top Ten Strongest Currencies In Africa At The Moment by Bankyshinani(m): 12:20pm On Nov 10, 2021 |
rigarmortis:Okay... Are you an Economist? |
Re: Top Ten Strongest Currencies In Africa At The Moment by VERDA: 12:37pm On Nov 10, 2021 |
chiefobdk2: He explained why their currency is strong despite their population which is as a result of a very productive economy as opposed to Nigeria that runs a consumption economy, instead of giving a counter argument you decided to insult him, it is you who does not understand how the economy works, go and read and stop insulting people for stating the correct thing . 5 Likes 1 Share |
Re: Top Ten Strongest Currencies In Africa At The Moment by rigarmortis: 12:40pm On Nov 10, 2021 |
Bankyshinani: i am not originally an economist, i graduated as an engineer, but all my job experience and professional qualifications are in finance and risk management. 2 Likes |
Re: Top Ten Strongest Currencies In Africa At The Moment by Sniper04(m): 12:43pm On Nov 10, 2021 |
princeeze1:Na 100# I dey use purchase as 4 plantains here in oau |
Re: Top Ten Strongest Currencies In Africa At The Moment by MiaBeer(m): 1:12pm On Nov 10, 2021 |
rigarmortis:Rubbish. Keep deceiving yourself and misleading Nairalanders as a graduate as if we don’t know you. A shoe shiner and bricklayer with dubious claims. Which university did you graduate from and when. Everyone is bragging and impersonating on Nairaland. Loser! |
Re: Top Ten Strongest Currencies In Africa At The Moment by mdntiri(m): 1:19pm On Nov 10, 2021 |
[quote author=YoungRay007 Op you're wrong with this ranking. The list of the strong African currency rankings are wrong, they're too simplistic, they only look at face value of the currencies, not their RATE OF DEPRECIATION/APPRECIATION AGAINST THE DOLLAR YEAR-ON-YEAR So Ghana's "small" 6 cedi giving you a dollar is not better than Nigeria's 410 naira giving you a dollar. 410 naira is the same as 6 cedi. Ghana's 6 cedi is actually 60,000 old cedi |
Re: Top Ten Strongest Currencies In Africa At The Moment by mdntiri(m): 1:21pm On Nov 10, 2021 |
rigarmortis: 6 cedi equals 1dollar not 100 cedi. |
Re: Top Ten Strongest Currencies In Africa At The Moment by mdntiri(m): 2:19pm On Nov 10, 2021 |
[quote author=YoungRay007 Op check myjoyonline.com for a proper ranking of Africa's strongest currencies. They looked at the various currencies' rate of depreciation or appreciation against the dollar year-on-year to arrive at that conclusion. Not whether a currency that exchanges at 2 whatever to a dollar is better than one which exchanges at 6 whatever to a dollar. The Zambian kwacha is the strongest on the continent, appreciating by about 27 percent against the dollar. The Ghanaian cedi is 9th in Africa, not 3rd. I'd look for the full list and post it here. 2 Likes |
Re: Top Ten Strongest Currencies In Africa At The Moment by meccuno: 2:28pm On Nov 10, 2021 |
saintgp:
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Re: Top Ten Strongest Currencies In Africa At The Moment by YoungRay007: 3:06pm On Nov 10, 2021 |
mdntiri: Am not wrong, this list was compiled from an American website BUSINESS INSIDERS. |
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