Nice writeup.

However, wealth is not limited to natural resources. There is also human resources. In this time and age, technology is wealth itself. That is why a country like Japan with no much natural resources but abundant human resources and technology are doing better than us.

I would dare say that human resources and technology payoff more than natural resources.

sorority11:
Firstly, a country's economy is being run like a business. Inflation, debt, depreciation are what determines the country's economy. For you to understand money, first you must know money is just an illusion, it isn't real at all, just keep reading I will explain why.
But first why is naira loosing against dollars? Printing more money is not the major cause of inflation actually.
When a country is in debt, let say Nigeria is owing USA $50billion dollars and they are unable to pay, how then will USA get back their money back? they get back their money by devaluing our currency. For those that don't understand, let us say your neighbor who you buy sachet milk at the rate of #50 naira is owing you 500, and he is unable to pay the money, so you strike a deal to buy that same milk at #30 naira till your neighbor's debt is paid. the milk didn't loose its value, but the Neighbour's selling power that was lost.. That is why a country rich as Nigeria is poor. As the exchange rate of a country increase, if the country solely depends on foreign goods, then the prices of the commodities will increase so also the prices of domestic commodities follow suite including labour.

Secondly, money like I said is an illusion, it isn't stable. The wealth of a nation is not in its money but in it is its resources, selling power and purchasing power and wealth is gotten from the ground(oil, coal, minerals, agricultural raw materials e.t.c.) A country without wealth has nothing to sell or trade with, will become poor. A country that spends more than it earns will go into debt (common economics). For you to increase the value of your currency, increase your production(converting wealth to useful consumables), increase your science and technology.
Do not keep your money in the bank, it will loose value, money(illusion) isn't stable including dollars. Spend money, so you can make more money. Set your money on motion, money when it is on motion is a magnet that pulls more money.
If you get #10million for account buy 3 cars and use it for uber, sit down in your house and let this drivers be submitting money to you every month. If it is in your bank, it won't do you any good. Bye

Nice writeup.

However, wealth is not limited to natural resources. There is also human resources. In this time and age, technology is wealth itself. That is why a country like Japan with no much natural resources but abundant human resources and technology are doing better than us.

I would dare say that human resources and technology payoff more than natural resources.

selemempe:
Only dollars, euro and yen can be printed like that because they are traded currencies. Those poor countries have currencies of no value outside their country. They can't print money

Modified

You can print money if your currency itself is demanded for transactions abroad. That is why u.s and Europeans have gone far. They can afford to print their money and spend it abroad...not in their own country.

So if u.s needs to buy oil from Nigeria...it can print the money and buy the oil and that way, they keep their economy alive. That is neo colonialism

selemempe:
Only dollars, euro and yen can be printed like that because they are traded currencies. Those poor countries have currencies of no value outside their country. They can't print money

Modified

You can print money if your currency itself is demanded for transactions abroad. That is why u.s and Europeans have gone far. They can afford to print their money and spend it abroad...not in their own country.

So if u.s needs to buy oil from Nigeria...it can print the money and buy the oil and that way, they keep their economy alive. That is neo colonialism

selemempe:
Only dollars, euro and yen can be printed like that because they are traded currencies. Those poor countries have currencies of no value outside their country. They can't print money

Modified

You can print money if your currency itself is demanded for transactions abroad. That is why u.s and Europeans have gone far. They can afford to print their money and spend it abroad...not in their own country.

So if u.s needs to buy oil from Nigeria...it can print the money and buy the oil and that way, they keep their economy alive. That is neo colonialism

The US would rather have you exchange your oil with there finished goods. That is why Donald Trump has been complaining of trade deficit (i.e purchasing more than you sell) between them and China.

The purchasing power of the dollar against any other currency lies in its general acceptance and scarcity.

dprpikin:
[b][/b]

The US would rather have you exchange your oil with there finished goods. That is why Donald Trump has been complaining of trade deficit (i.e purchasing more than you sell) between them and China.

The purchasing power of the dollar against any other currency lies in its general acceptance and scarcity.

but because dollar is still a traded good, the u.s can afford to print it and exchange it for goods abroad. In fact they even print it and spend it in their country and call it stimulus package

Mazikic:
Hahahahahaha!!! print money kwa?! Money is just paper!. The real wealth of a country is the value of the goods and services it produces. If you don't increase your productivity and go ahead to print more money, you'll end up having too much money chasing few products(demand-pulled inflation). The situation might degenerate to hyper-inflation where one loaf of bread will go for as high as 100k! lolz

This is very true, just imagine every household in Nigeria having 100 million naira in their family bank account, the question is who would want to go and work, and the production rate will be zero, which would lead to inflation.

oglalasioux:


Chai!

So you think PayPal and the rest accept your naira?

Get educated here:

Your bank pays them with dollars through the CBN and bills you heavily. Go to Dubai. You can use your Nigerian ATM card and withdraw dirhams. But check your alert later and see how your bank will bill you because of the international transaction.

yes PayPal accept naira but it will enter your PayPal account as dollar when u load ur PayPal account. Payoneer also allow you to load your account with naira......all you just need to do is, lodge your printed cash into ur Nigeria bank account then load your PayPal account with your card then start buying.

Fathai:
yes PayPal accept naira but it will enter your PayPal account as dollar when u load ur PayPal account. Payoneer also allow you to load your account with naira......all you just need to do is, lodge your printed cash into ur Nigeria bank account then load your PayPal account with your card then start buying.

Why the bolded? Why not pay it into a Ghanaian account?

selemempe:
but because dollar is still a traded good, the u.s can afford to print it and exchange it for goods abroad. In fact they even print it and spend it in their country and call it stimulus package

Every country prints their currency from time to time to serve their economic need. Granted.

However, the idea that the US prints their currency with reckless abandon just because their currency is a global legal tender is what I'm objecting to. Because at the long run, the dollar would become excessively abundant in the global market and its value will nose-dive. And the US knows better than to create such scenerio.

dprpikin:


Every country prints their currency from time to time to serve their economic need. Granted.

However, the idea that the US prints their currency with reckless abandon just because their currency is a global legal tender is what I'm objecting to. Because at the long run, the dollar would become excessively abundant in the global market and its value will nose-dive. And the US knows better than to create such scenerio.

I know. But sometimes they do it during an economic slowdown. They pump dollars into the world markets and get valuable goods in return.... something which poor countries like Nigeria can't do. So the rich countries keep getting richer

selemempe:
I know. But sometimes they do it during an economic slowdown. They pump dollars into the world markets and get valuable goods in return.... something which poor countries like Nigeria can't do. So the rich countries keep getting richer

Now I get where you coming from. Of course in such critical times they can do that to stimulate their economy.

oglalasioux:


Why the bolded? Why not pay it into a Ghanaian account?

see me see trouble, are u trying to build Ghana economy or Nigeria economy and moroval, I'm only telling you how cash can be converted to dollar.