ok

Hahahaha...I laugh in Chinese .....

BALLOSKI:
counter the article with facts to make the writer 'un-silly'.

No mind am, they have no message yet they abuse abuse messengers

Ghana's style

All I can see here is soludonomics where the naira is redenominated to be at par with the dollar on paper but without a vibrant manufacturing sector which will make nigerians to ask for refugee s at us granted to it with the level of poverty it will experienced

megamank:
with the present condition and with what we have on ground this can only happen by a divine miracle.....there is nothing God cannot do but certainly not buhari

If God, according to the bible, uses the "dullards" of this world to confound the wisdom of the wise, why do you think PMB's case would be different?

No way! This is Nigeria not American!

BALLOSKI:
counter the article with facts to make the writer 'un-silly'.

First and foremost, the president has NEVER promised to make N1 = $1. I dare you to give me a valid reference where he was quoted. I do not mean article headlines or writer's conjectures.
---
Secondly, the CBN has very little control over the value of the Naira. The Naira value depends largely on FX receipts from oil sales and the country's NET Export position. As long as oil prices stay low and we continue to have a negative balance of payments, the CBN's effort to prop up the value of the Naira will be vain and futile. If they insist, then there will be dire unintended consequences.
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Thirdly, a strong Naira is not even desirable. If the Naira becomes too strong, it will make imports cheaper than locally manufactured/produced goods which will simply kill local industries and export jobs.
---
Fourthly, re-denominating the Naira by dropping two zeros will only increase the FACE value of the Naira without increasing its REAL value (purchasing power). All income and revenue will be re-denominated implying a zero effect. The cost of issuing new currency notes also needs to be considered.

I pray may God hlp buhari to achieve it.

coldsummer:
You are being deliberately silly

gud example of the average Nigerian selfish youth... always living in a mirage..

no facts yet u insulted the OP

When Soludo was CBN governor, he tried to do this but the plan was rejected. People at the time thought removing two zeroes will reduce the value of their money. They failed to realize that all it meant was what they used to buy at 100 naira would cost 1 naira. This doesn't imply that goods have become cheaper though. The value of money is not in the number of zeros... it is in what it buys. Zimbabweans can attest to this.

This makes sense and It's possible with God.

Their is noting impossible in the eyes of believer,cos their is noting God can not do.

issorite

Exactly my thoughts too. Soludo wanted to do same back then but his explanations to the Senators bamboozed them into thinking they would be poorer after the process. Ghana did the same and were a bit better for it if not for low forex inflows later on.

The main reason why people use forex for local transactions was becos the ease with which you can pocket millions without garnering looks around you. It may have saved us this moment if managed correctly.

As its going now, when the dollar finally hits N500, the redecimalization would take place with the New N5 naira note being the equivalent of the dollar. It would also mean all goods sold for N5 naira currently would become worth the new 50kobo. Needs a lot of enlightenment though to accomplish but that seem to be the only way out. I see it coming 2016.

BALLOSKI:


http://www.theheraldng.com/how-buhari-can-achieve-n1-to-1/?utm_source=&utm_medium=twitter

People who have been making fun at Buhari's statement of making the naira equal to the dollare are simply ignorant.

Hitherto, our government has attempted to maintain stable exchange rates by either buying or selling the naira on the open market. This is one reason why we maintain reserves of foreign currencies, the dollar to be precise. If the exchange rate drifts too far below the desired rate, the government buys its own currency in the market using its reserves. This places greater demand on the market and pushes up the price of the currency. If the exchange rate drifts too far above the desired rate, the government does the opposite.

The problem is, the thieving thieves have drained our reserves and the government is quite frankly, no longer able to provide the stability we've enjoyed in years past.

It may be time to actually peg the naira to the dollar; I believe this is what Buhari has in mind. If this policy is adopted, the peg rate would be 1.0 with the dollar being the Peg currency. This will render the naira stable, alleviating currency worries since FX volatility is near zero. On the other hand, the naira will be susceptible to large one-off moves and de-peg risk. If this is done, the redenomination mentioned by the OP will have to be implemented.

This idea of pegging is not new, many countries including, UAE, Chad, 'Hong Kong', Namibia, Saudi Arabia, Qatar, Cuba, Panama, and many others peg their currencies to the dollar using various peg rates. Namibia, Lesotho, Panama, Cuba, are examples of countries where the Peg rate = 1.

The time may have come for pegging in Nigeria. Soludo attempted to introduce this through the backdoor under the guise of redenomination of the naira, but he was quickly shouted down by the usual suspects.

Olusharp:
read Nairaland review rules https://www.nairaland.com/2830943/twenty-two-laws-nairaland

how is that connected to this thread?

cruzita:
stop dreaming .it won't happen and if it will not under this toddler on that seat.

Hahahahahah...

He's no more too old to rule , he's now a toddler?


Where's omenka and miss ngeneukwenu?

Op they have since denied it like so many other promises they made curtsey of Lai Mohammed.

World best liar 2015.

coldsummer:
You are being deliberately silly

Did you even understood what the writer said?

BALLOSKI:
counter the article with facts to make the writer 'un-silly'.

LOBATAN

Dumb posts are always prevalent on nairaland..people will just abuse you without any form of insightful contributions.

Lol. But serzly if d naira is re decimalized e nogo funny o.
Imagin where u are paid 4,000 evry month instead of #400,000
Those wey come dey collect 4,000 nkor? #40 Naira evry month.
How much dos children wey u dey give 50naira every morning go come understand say
Money don change wen u give them 5kobo.

Only in nollywood movie captioned "dreams come true"

megamank:
with the present condition and with what we have on ground this can only happen by a divine miracle.....there is nothing God cannot do but certainly not buhari

do u listen to ur self God this God that other clans whose economy has being revitalised like china,na God come down and do it for them. Contiuninon like mama peace.

BALLOSKI:


http://www.theheraldng.com/how-buhari-can-achieve-n1-to-1/?utm_source=&utm_medium=twitter

This does not make any sense. There are only four ways to stabilize the Naira;

1. Stop the over dependence on oil as the main source of revenue.

2. Gather a credible database of it's citizens and begin to tax them equitably and using those funds judiciously. This is what other normal successful countries do.

3. Empower domestic production. Of what use is pegging the highest denomination to 50N when you cannot find goods to buy. You'll still be spending the same amount you are spending now. I didn't make this up. The rules of supply and demand did.

4. Change your mentality as a nation. All this points won't work if you insist on keeping the mentality that got you all in this mess you are in.

We are looking for 1 kobo to the dollar I beg

Sweetguy25:
Isn't that Henry Boyo?

How come nobody listens or atleat understands that guy

Zimbabweans can attest to this---= yes by looking for a new foreign currency for their legal tender so thereby they are now being re colonized by the Chinese while Mugabe and his cohorts have all their money in dollars abroad.

Stylz69:
When Soludo was CBN governor, he tried to do this but the plan was rejected. People at the time thought removing two zeroes will reduce the value of their money. They failed to realize that all it meant was what they used to buy at 100 naira would cost 1 naira. This doesn't imply that goods have become cheaper though. The value of money is not in the number of zeros... it is in what it buys. Zimbabweans can attest to this.