kayfra:
iPob folks lack knowledge of economics or simple common sense. Redomination of the currency does nothing to the fundamentals

KnowAll:
It does, Ghana did and seems all of a sudden Ghana has a stronger currency while we wallow in our worthless currency.

wickyyolo:


Gaddafi wanted a gold dinar currency to be Africa common currency, but African leaders foolishly refused.
The fiat money America use is not backed by any standard and stupid leaders don't want to think.

Terrorism, kidnapping is as a result of economic instability and America is a major cause in this .
One day they will pay the price.

omohayek:

What economically illiterate drivel! Isn't the very currency you want to see renominated also coming from "theory from the Western countries' point of view"? Were your illiterate forefathers in the 19th century using fractional reserve banking? If removing zeros from a currency affected a nation's wealth, wouldn't South Korea and Japan, with their "weak" currencies, be far poorer than the same Ghana one of you economic illiterates is praising? It's laughable to see people still repeating the same sort of nonsense that came out of the mouth of an uneducated ape like Idi Amin back in the 1970s.

Those who have noted that lopping off zeros would change nothing are 100% in the right, and anyone arguing otherwise is speaking from rank ignorance and a room-temperature IQ. Unless the Nigerian government was able to find new sources of funding for all of its obligations, all that would happen is that the same number of zeros would come off both salaries and the prices of goods and services, making no one better off in any meaningful way. A man who earns N50,000 and has N48,000 in monthly expenses is no better or worse off than a man who earns N500 a month yet has expenses of N480.

Okoroawusa:

When you guys make these your Ghana currency statements I just laugh.

In 2007,it was 10000 Cedis to 1 dollar.Then Ghana did a redenomination removing four zeros to make it 1 cedis to 1 dollar.A decade later,its now 4 Cedis to 1 dollar.Do the math n add back the zeros.


The fact is that the Ghanaian economy is an appendage of the Nigerian economy. If Nigeria sneezes,Ghana catches cold.

How many Ghanaians have businesses in Nigeria,? how many Ghanaian banks have branches in Nigeria?

eduj:


you are right but also , when you remove -let's assume 2 zeros from the nigerian currency,it makes physical handling of cash which is pervalent in Nigeria cumberson-especially in large transactions.Such a scenario would theoritically,increase the employment of cashless alternatives in payment.

Sirjamo:
You can imagine how surprised I was when my mum told me that she bought a loaf of bread with three thousand Ghana cedies in Takoradi, and that was two years ago o.

agadez007:
When tundeednut posted about a Ghanaian musician who gave his mum 50,000 Ghana cedis which he gave the equivalent of 4 million in naira,some dumb Nigerians joined Ghanaians in dissing Nigeria
What they don't know is that Ghana redominated their currency,they knocked off 4 whole zeros from their currency,i remember when I asked a Ghana friends in 2001 to dash me 200,000 cedis and he told me that that was just 200naira,how did the cedi Magically gain against the Naira
Whenever you hear 50cedis,just add 4 zeros to that amount and that is the real amount, the 50 is just a facade, it is actually 500,000 cedis actually

Just30:
Ghanaian don't want to be in Nigeria because Nigeria is too poor
why should they waste their investment in a country where total savings at bank is around 100 billion dollars?
That is far below the amount of money circulating on mobile money in Ghana

Just30:
Just stick to the fact, even without the redenomination
the cedi is still valuable than the naira.

redenomination is mostly just for accounting problems and to make the currency handy

Just30:
in New York, a loaf of bread cost 12 cedis How better is the Naira to the dollar?

Just30:
Ghanaian don't want to be in Nigeria because Nigeria is too poor
why should they waste their investment in a country where total savings at bank is around 100 billion dollars?
That is far below the amount of money circulating on mobile money in Ghana

Saao:
haha what's your problem with ipob? If you hate them this much, why not let them go?

Okoroawusa:

just add four zeros to that 12 to get the real value

Okoroawusa:

just add four zeros to that 12 to get the real value

edoman2016:

You are a fool. Mention one single Ghana company operating in Nigeria and I will give you thousands of Nigerian companies with branches in Ghana. Thereby creating jobs for Ghanaian. Even Alomo Bitters producer was chased out of Nigerian market due to competition.

The fact is Nigeria is richer than Ghana and accept the truth. Nigeria is a big brother to Ghana just as America is a big brother to Canada.

I hate people that argue based on sentiment

Just30:
so the naira has value than the dollar ?

Okoroawusa:

The value of that bread u bought for 12 cedis.


1 dollar =4 Cedis( no black market price)

1 dollar= 305( no black market price)

12 cedis ÷ 4= 3


Then 3× 305= 915


#915 that is the price for that your loaf of bread.
Then,in real terms a loaf of bread is more expensive in Ghana than Nigeria.

Tolexander:
It doesn't change anything on the economy.
Only creates a problem of trying to adjust the whole system to the new currency.

KnowAll:
Venezuela has just removed 5 zeros from their currency exchanging against the dollar. Why can’t we remove two zeros. So that one dollar being 350 Naira would now be N3.50 kobo.

Abi I lie�

Just30:
wow
even your foolish leaders wont make the kind of comment you just made here
why should any company leave or expand from a very lucrative country into a place where total money in circulation is less than 100 billion dollars
not forgetting, they will have to invest 6 times as much as they are investing in their current location
Just to make less than they are making ?

edoman2016:

You know nothing about business. Nigerian companies are very ambitious and pan African. Our companies such as Dangote, Zenith Bank, UBA bank, GTB, and so on have expanded to several African countries.

Have you wondered why Nigerian companies are finding it difficult to expand and dominate south African market? It's because South African is a match for Nigeria in all ramifications. South Africa is richer than Nigeria and that's why only south African companies such as DSTV, ShopRite, MTN have the guts to come to Nigeria and dominate it's market.

I am not crucifying Ghana as a poor country but the fact is Nigeria is richer than Ghana. The size of our economy is bigger than Ghana's.

omohayek:

Again, this concern with the number of zeros in a currency is simply an irrelevance. Right now Google indicates that the US Dollar to South Korean Won trading rate is $1 USD to W1,118.70, while $1 USD is currently buying N363.94, but can any sane person compare Nigeria with South Korea along any index of development whatsoever?

The real obstacles to adoption of cashless transactions in Nigeria have nothing to do with the Naira's nominal value, and everything to do with the usual issues of rampant corruption and rank incompetence - not least due to a CBN which refuses to allow the telecoms firms to create their own version of Kenya's MPesa, even though Nigeria's domestic banks are too focused on the risk-free profits from round-tripping government-subsidized dollars (which is possible due to more incompetence, this time Buhari's) to care about dealing with retail customers.

omohayek:

What economically illiterate drivel! Isn't the very currency you want to see renominated also coming from "theory from the Western countries' point of view"? Were your illiterate forefathers in the 19th century using fractional reserve banking? If removing zeros from a currency affected a nation's wealth, wouldn't South Korea and Japan, with their "weak" currencies, be far poorer than the same Ghana one of you economic illiterates is praising? It's laughable to see people still repeating the same sort of nonsense that came out of the mouth of an uneducated ape like Idi Amin back in the 1970s.

Those who have noted that lopping off zeros would change nothing are 100% in the right, and anyone arguing otherwise is speaking from rank ignorance and a room-temperature IQ. Unless the Nigerian government was able to find new sources of funding for all of its obligations, all that would happen is that the same number of zeros would come off both salaries and the prices of goods and services, making no one better off in any meaningful way. A man who earns N50,000 and has N48,000 in monthly expenses is no better or worse off than a man who earns N500 a month yet has expenses of N480.

KnowAll:
It does, Ghana did and seems all of a sudden Ghana has a stronger currency while we wallow in our worthless currency.

KnowAll:
It does, Ghana did and seems all of a sudden Ghana has a stronger currency while we wallow in our worthless currency.

Butterflyle0:


Ghanaian currency is not stronger as you allude.

Nigerian economy is 2 times stronger than that of Ghana

What you buy here for 30k, in Ghana you buy it for 55k to 60k.

Forget the removal of zeros it does not affect the economy in any way.