Bevista:
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.
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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.
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Fourthly, re-denominating the Naira by dropping two zeros will only increase the FACE value of the Naira without increasing its REAL value. 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'm a blind supporter of BUHARI in all measurements. I have never believed BUHARI actually said and , until for the first time I saw the writer of this article coming with this reference below.

I quite agree on most points you raised though.

In March 2015, the News Agency of Nigeria(NAN) published a report, which was also syndicated in several Newspapers, that the All Progressives Congress Presidential candidate, Gen. Muhammed Buhari had promised “to ensure that the Naira was equal to the dollar in value, if voted into office”.

Buhari made this statement during the South East Presidential campaign rally of his party at the Dan Anyiam stadium in Owerri on Monday, 23rd March 2015. The APC candidate apparently lamented that “it is sad that the value of the Naira has dropped to more than N230 to $1” and he therefore cautioned that “this does not speak well for the Nation’s economy”

engrshakespeare:


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

bunch of illiterates all over d place trying to say what they cannot defend. No mind those guys

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

$1=#1............
What u saying is he should make $1=#100 naira, then change the denomination i.e #100=#1 .

Therby making $1=#1. If i am right, that would simply mean my #1000 becomes #10. My #10 becomes becomes 1 kobo.

So pls explain hw the value was changed and not the DIGITS

Am I the only one who didn't grasp the silly analysis?

jstriker442:
$1=#1............
What u saying is he should make $1=#100 naira, then change the denomination i.e #100=#1 .

Therby making $1=#1. If i am right, that would simply mean my #1000 becomes #10. My #10 becomes becomes 1 kobo.

So pls explain hw the value was changed and not the DIGITS

it's called redecimalization.

[quote author=BALLOSKI post=41448349]

http://www.theheraldng.com/how-buhari-can-achieve-n1-to-1/?utm_source=&utm_medium=twitter[/quote
The Ex CBN Governor, Charles Soludo wanted to bring out this policy but the policy was rejected by the Senate.. the issue here is that a lot of people will keep there money themselves and not at the bank till the policy is implement.

I concur,PMB is on course

Bollinger:


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.

you are right.

Lol! For your mind now, you don solve econometrics abi?

Please go and educate yourself more about the difference between the nominal value and the real value of money

bigtt76:
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.

spot-on!


Again, I think , the yaradua administration then wasnt also in support of the plan then, but the senators made it worse out of their ignorance.


It seems to have worked in Ghana under Attah Mills, but it's causing a lot of setbacks under john cos it's not being managed properly.

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

pmb is only person that can do something in nigeria and he did nt do anythin and he lest upon d whole mouth he made naija d God hand 4 change

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

pmb is d only person that can do something in nigeria and if he did nt do anythin and he left upon d whole mouth he made naija d God hand 4 change

LivingDiamond:
After reading the Op's Article, All i can say is that "Even though it might be hard for man, but wth God, All things are possible "

it can't happen in naija. Soludo wanted to try it. The politicians we're against it. You wan turn billionaire to millionaire ni ke. Dem no go gree

BALLOSKI:
it's called redecimalization.

it can't happen and n naija. You wan then billionaire to millionaire and millionaires to thousandnaire. Our politicians no go gree.

coldsummer:
You are being deliberately silly

Hey! Which school did he attend?

Re-decimalization will destroy the naira. When Charles Soludo attempted it why did Obasanjo reject it? Or you think you are the only one who knows about this?

BALLOSKI:
it's called redecimalization.

but it actually doesnt change anything, except u want to broaden the meaning of $1=#1

We prayooooooo

emmygzy:
it can't happen and n naija. You wan then billionaire to millionaire and millionaires to thousandnaire. Our politicians no go gree.

that was how our senators frustrated the move when soludo came up with it.

Is there any fact in what the op wrote?? That by removing 2 zeros from our curency... y no remove 3 so 1 naira can be 10 dollars so the gullible like u can keep dreaming... SMH for the school yu went to... better ask ghanians hw far?

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

jstriker442:
but it actually doesnt change anything, except u want to broaden the meaning of $1=#1

it's there in the article. If we are able to stabilize the naira to make 100 naira =$1 , then we can take away two zeros by reviewing our currency profile- it means you have redecimalized it.

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

with all your big big unnecessary English, one can't counter your in comprehendible article.

I however knew how silly you are as soon as you ended your article with "redecimalization".

if you wanna make sense, break down your article to layman's understanding and not to an economist-guru-wanna-be that you are not.

BALLOSKI:
it's there in the article. If we are able to stabilize the naira to make 100 naira =$1 , then we can take away two zeros by reviewing our currency profile- it means you have redecimalized it.

no offence meant, bro it makes no sense

nairamaniac:


with all your big big unnecessary English, one can't counter your in comprehendible article.

I however knew how silly you are as soon as you ended your article with "redecimalization".

if you wanna make sencez break down your article to layman's understanding and not to an economist-guru-wanna-be that you are not.

charlatan is the word

SO SOMEONE THAT COLLECTS 5000 naira MONTHLY SALARY NOW WILL BE PAID HOW MUCH? OP do the arithmetic.

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

It is plain silly only people with no social know bow will engage with the OP.you want us to round up the naira like the Ghana s did?anyway I dnt hav e time for silly debates.

BALLOSKI:


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

i partially agree with you coz i also carried out my own research and some of my findingz were:


- To stablilize naira, we have to first reduce out highest denomination from #1000 to at most #200. Haba now, we have ATMz, POS available almost everywhere, Phone transactionz, and we are running a cashless economy, whatz the need of a thousand naira note again? One madt man wan con bring #5k note....#5k gbaku ogu

- if the government can harness all the economic resources we have, and put them into efficient use, nigeriaz economy will sky-rocket to the top. We have coalz, virginz landz (in large acres), gold, steel and many other resources....why concentrate on petroleum alone? Agriculture made us the giant of africa....why abandon it now?

- no one wantz to go into full-time agriculture but if government can subsidize the sector by giving scholarshipz to youthz to study agriculture in tertiary institutionz, people will volunteer to study agric...which in turn, gives admission to alot of admission seeking youthz thereby making them active in enhancing economic productivity.

- money being pumped into several irrelevant projectz can be used to develop the economy coz i see no reason why #496 billion naira should go into car funding for the house of repz and senate. That money will improve the standard of living of many nigerianz. Who sayz therez no light in nigeria? Have you asked what capitalism has done in that sector? Therez light in naija ooo! We supply part of benin republic and they have light there 24/7.....importerz of generatorz know that if we have constant power supply, they would have no target market and thatz why they came to termz with the government to cease power supply in nigeria.....no go jonze o oo!

I rest my case hear.....only God can touch the heartz of our leaderz to the the right thingz....funny enough, they know all these thingz but they dont wanna do them. God help us! One nigeria!!!!

am not an economist,all i know Ghana tried it and now where are they?
I think the issue is not shifting the zero or making $1=N1 , we should bring the whole world to Nigeria,let foreigners come and buy our creativity and innovations in Naira and let our currency be what is sort for.
Summary: lets leave crude oil and venture in to other things, palm oil,coconut oil,coal,groundnut, steel, mining,processed foods,education,medicine etc

Guessing you're smarter . Please counter intelligently.

coldsummer:
You are being deliberately silly

justmenoni:
Lol why u come go quote me

See fear o. Na so u de fear lalasticlala?

No mind me oooo Mods for nairaland these days get skushi for head pass naked mad man for highway



quote author=yjgm post=41485438]

See fear o. Na so u de fear lalasticlala?[/quote]

jstriker442:
no offence meant, bro it makes no sense

ok

Spendin Manager take note !!!!