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Nairaland Forum / Nairaland / General / Politics / If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 (5371 Views)
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Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Chigold101(m): 12:55am On Aug 25, 2018 |
KnowAll:Is Ghanian money really strong? Ghaninas are still as poor as ever... Go there and see for yourself |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Chigold101(m): 1:01am On Aug 25, 2018 |
kayfra:Do you even know anything at all? Professor Charles Soludo first suggested this the then President Yar'dua but the president rejected it before Soludo's tenure elapsed. I know you don't even what happens in the world. Brazil, Argentina has done it severally but still things kept going from bad to worst. Redenominating your currency is not a very good economic sense. You have to reprint all your currency from A-Z, Thats another economic loss. You have to pay to destroy all existing currency. Another economic waste. |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by wizzzmike: 2:16am On Aug 25, 2018 |
WTF!!! is Venezuela currency now a Ghanaian currency feels like the envy is deep |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by KnowAll(m): 4:20am On Aug 25, 2018 |
Bottom-Line if a country is doing the right thing, fighting corruption, building critical infrastructure that will enable growth in the economy I don’t see any reason why they cannot remove the zeros from their currency given it a semblance of strength. Which to me is an effective strength. Secondly we are not a manufacturing country like South Korea someone mentioned south korea’s exchange rate against the dollar. They are a manufacturing country and they & China deliberately under-value their currency so that there goods will be cheap in the world market when compared to those manufactured in western nations. The USA has consistently accused China of deliberately under-valuing their currency. |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by kayfra: 10:14am On Aug 25, 2018 |
Chigold101: You need a lesson in English comprehension if you don't realize that I am not for redomination. I'll type it in iPob dramatic language next time so it's clear to you. Pathetic and sad! |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by greenmonk: 10:29am On Aug 25, 2018 |
kayfra: Don't mind the economic illitrates who also think that saving and investment are the same thing. Praising buhari for ruining our economy while beating his chest that he has shored up our foreign reserve. He should go and ask the US how much debt they incur every year to keep their economy affloat but theirs is still the biggest economy in the world. |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Minjim: 10:57am On Aug 25, 2018 |
Just30: Ghana is less than 30m and Nigeria is less than 200m. |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Just30: 11:13am On Aug 25, 2018 |
Minjim:what is the essence when there's less money in the 200m country compare to the 29m country |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Just30: 11:17am On Aug 25, 2018 |
Chigold101:i guess you dont know Nigeria is the poverty capital of the world |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Just30: 11:20am On Aug 25, 2018 |
samleey:so the prices of things are expensive in USA than in Nigeria so the Nigerian economy is better than the USA? |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Minjim: 11:26am On Aug 25, 2018 |
Just30: I dont how you ppl in.Ghana get ur facts büt Ghana is not even among the top 10 biggest ecomomy in Africa. https://answersafrica.com/largest-economies-africa.html https://businesstech.co.za/news/finance/257337/the-biggest-economies-in-africa/ I shouldnt really be arguing this , coş its a known fact. Büt since you dont know better in Ghana...there you have ıt. Go tell everyone in Ghana |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Minjim: 11:31am On Aug 25, 2018 |
Just30: The population of millioniare in Nigeria is more than the entire population of Ghana. Because of our population, we get both positives and negatives here. 1 Like |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Chigold101(m): 12:11pm On Aug 25, 2018 |
Just30: But our currency is still a little above tissue paper... |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by wizzzmike: 5:22pm On Aug 25, 2018 |
Chigold101:10. Swaziland (1$=13.58szl) 9. Namibian Dollars (1$=13.66nad) 8. Seychelles Rupee (1$=13rs) 7. Botswana Pula (1$=10pula) 6. Zambian Kwacha (1$=10.2kw) 5. Moroccan Dirham (1$=9.4Dirham) 4. Sudanese Pounds (1$=6.6sp) 3. Ghanaian Cedis (1$=4.49cedis) 2. Tunisian Dinar (1$ = 2.6t.dinar) 1. Libyan Dinar (1$= 1.36l.dinar) I think the tissue paper is naira lol |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by bobnatlo(m): 5:25pm On Aug 25, 2018 |
KnowAll:Ghana is one of the fastest growing economy in Africa n beyond for some yrs now. They achieved millennium development goals recently n have moved into a medium income earning country. They have achieved stable power to some extent, esp for industries. Because of that, most industries (Dunlop, Michelin, nascow, Unilever etc) in Nigeria before now have moved their production base to Ghana. While exploiting ECOWAS treaty of free movement of goods n humans to still import same goods to sell in Nigeria. So in economic growth n sound political leadership, Ghana is not our mateoo According to IMF data about 4 or 3 african countries are among the fastest growing economies in d world. And Ghana is d fastest in west Africa. While we are still practising nomadic husbandry, killing people for meat, and producing greatest number of poor people in d world. |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Nobody: 6:07pm On Aug 25, 2018 |
kennypoju04:That's why we need to restructure. The power at the centre needs to be decentralised. It's simply Management 101. |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by grandstar(m): 6:11pm On Aug 25, 2018 |
omohayek: Ghana's currency, Africa's foremost example of re-denomination has seen the cedi go from parity to the dollar to 4 Cedis to a dollar, a loss of 75% of value! As long as the fiscal and monetary indiscipline that caused the former currency to plummet is not addressed, the re-denominated one will suffer the same fate whether its is the Argentine Peso or the Russian Rouble 2 Likes |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by CodeTemplar: 6:40pm On Aug 25, 2018 |
agadez007:Knocking off zeros won't strengthen the economy. it will only ensure that the country prints less currency for circulation. it cost money to print currency and govt around the world are always avoiding spending too much to create less value. imagine a situation where due to inflation the cost of buying a basket is higher than the total amount that basket can hold. That is what the govt around the world are doing. debasing currency doesn't improve economy as you are inferring here. |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by CodeTemplar: 6:50pm On Aug 25, 2018 |
KnowAll: rebasing currency doesn't strengthen it. it only ensures the govt is printing less currency. Imagine a situation where it cost N7 to print N5 note. That is what the govt is avoiding. they prefer to use less than N1 to print it. That is what knocking off of zeroes does. It ensures less expense is incurred in maintaining a currency system and that is why it an offense to deliberately destroy currency even when they belong to you. |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Just30: 9:50pm On Aug 25, 2018 |
Minjim:having a so called big economy does not mean theres money in your economy Nigeria is poor that is why there's only 100B dollars held in deposits |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Just30: 9:50pm On Aug 25, 2018 |
Minjim:Tell that to an illiterate |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Just30: 10:04pm On Aug 25, 2018 |
Chigold101:good you could only compare it to Tissue paper cos thats how good it is as good as tissue paper |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by greenmonk: 10:08pm On Aug 25, 2018 |
Just30:Do you really know the meaning of 100b dollars in deposit. What is Nigeria's annual earning in exports per annum. What is the value of Nigeria's foreign reserve. What is the value of the currency in circulation. Your rantings is just like that of s taxi driver taunting a chief in their village because the taxi driver takes breakfast of cornflakes while the chief couldn't forgetting that the cornflakes was made with the corn from the chief's farm. That is the comparison of Ghana to Nigeria; a bechelor taxi driver to a chief. |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Just30: 10:13pm On Aug 25, 2018 |
greenmonk:what ever makes you sleep at night if you knew what it meant to have just 100B in deposit you will understand why your country is the poverty capital of the world |
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