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

Is Ghanian money really strong?
Ghaninas are still as poor as ever... Go there and see for yourself

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

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.

WTF!!! is Venezuela currency now a Ghanaian currency feels like the envy is deep

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.

Chigold101:
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.

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!

kayfra:


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!

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.

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 ?

Ghana is less than 30m and Nigeria is less than 200m.

Minjim:


Ghana is less than 30m and Nigeria is less than 200m.

what is the essence
when there's less money in the 200m country
compare to the 29m country

Chigold101:
Is Ghanian money really strong?
Ghaninas are still as poor as ever... Go there and see for yourself

i guess you dont know Nigeria is the poverty capital of the world

samleey:
It wouldn't change anything... Price of things in Ghana is still the same.
Price of things either food stuff or cloths, building materials are times two of Nigeria market price.

so the prices of things are expensive in USA than in Nigeria so the Nigerian economy is better than the USA?

Just30:
what is the essence
when there's less money in the 200m country
compare to the 29m country

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

Just30:
i guess you dont know Nigeria is the poverty capital of the world

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.

Just30:
i guess you dont know Nigeria is the poverty capital of the world

But our currency is still a little above tissue paper...

Chigold101:
But our currency is still a little above tissue paper...

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

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

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.

kennypoju04:
Their situation is saddening,I don't pray we get to that level before we start reasoning normal

That's why we need to restructure. The power at the centre needs to be decentralised. It's simply Management 101.

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.

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

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 get that strong
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

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.

KnowAll:
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.

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.

Minjim:


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

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

Minjim:


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.

Tell that to an illiterate

Chigold101:

But our currency is still a little above tissue paper...

good you could only compare it to Tissue paper
cos thats how good it is
as good as tissue paper

Just30:
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

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.

greenmonk:

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.

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