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Let Us Tie Our Currency To D Ounce Of Gold Or D Gold Standard?????? - Business - Nairaland

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Let Us Tie Our Currency To D Ounce Of Gold Or D Gold Standard?????? by KnowAll(m): 8:21pm On Aug 06, 2016
If our currency is tied to d ounce of gold then 1 Naira wold be 1025. That is the current price for an ounce of gold is 1025.

What it simply means in real terms.

If for e.g we go for 1 to 1 to d price of gold it would mean that

1 naira = 1025 dollars.

If we go for 1/2 d price of an ounce of gold it would mean 1 Nairaland would be = 513 dollars.

If we go for 1 to 10 - 1 naira = 10.2 dollars

If we go for 1 to 5 -1 naira= 5.1 dollars

If we go for 1 to 2.5 -1 Naira = 2.6 dollars

If we go for 1 to 1.25-1 Naira = 1.3 dollars.

Our currency would be tied to gold. That is what is called d gold standard. With gold being d standard currency flutation would be at a minimal level.
Re: Let Us Tie Our Currency To D Ounce Of Gold Or D Gold Standard?????? by KnowAll(m): 8:34pm On Aug 06, 2016
It is high time we teach d west economics. They want us to follow their economic theorise by reading their books therby enslaving us in Africa.

In Africa we have commodoties we can tie our currency to those commodities. We can tie our currency to d price of a barrel of oil. This one theory oyinbo man will not teach you.
A barrel of oil is $ 40 dollars per barrel there is nothing stopping us tieing our currency to cost of a barrel of oil which is determined by d avarice of world price.

If we tie our currency to a barrel of oil what it would mean is

1 Naira= 40 dollars?

And we can decide at what value we pitch our currency to d value of oil. We can say for e.g 1 to 10

That would meat 40 รท 10 = 4
So 1 naira = 4 dollars.

Either way we are a winning. It is high time we start using our brains and stop following those economic books written by d west to enslave African countries.

Have you wondered why does D American dollars or d British pounds don't fall like African and other 3rd world countries currency.

We need to start using our grey matter abi I lie. cool
Re: Let Us Tie Our Currency To D Ounce Of Gold Or D Gold Standard?????? by KnowAll(m): 9:09pm On Aug 06, 2016
To effect this if we are going for 1 to 1 for the price of an ounce it would meat assets and currency will be divided by 1025.t


If you have 1 billion Naira that would be divided by 1025. I don't know how much will be but u get d gist.

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