UyaiIncomparabl:

Save it.

UyaiIncomparabl:


Save it.

remsonik:
Our currency rate is really dropping down this days and this has been bothering me for a long while. I saw some five naira notes. It's been in my purse for some few weeks but I don't see what five naira can buy this days. Yet the CBN still prints it out. Is the five naira note going extinct?

SirMichael1:
Didn't your momma teach you manners?

BigBashiru:


U wee meet your target!

Silentgroper:
my name is kofoworola oladapo emmanuel,i am an internet troll that begs for living,i have no job at my age and still planning to retake jamb because I'm a failure,i have numerous monikers i use to beg which are koffos,bighap(deactivated)princeofagoäre etc
Trolling is the only way to feel good about my miserable life.below are evidence of my numerous accounts nd hw i beg with it

LikeAking:


Export is not the problem here.

Many countries export less but they have a stable economy.A good eg are some middle east countries that depend on only oil like Nigeria,but them get good packaging and good leaders.

Make I name some of those countries?.
Qatar
jordan
Dubai
UAE nations
dem plenty

Notatribalist:
What point are you trying to make?use Ghana economy as a reference

BennyDGreat:


Export is the major problem sef

Check the earnings of these nations you mentioned versus their imports, you will get the point-These nations try to balance their imports Vs exports.

It's like saying you earn 50,000 but you order for product worth 100,000. For you to say you are financially stable, your earnings must increase. Do you get the point now?

LikeAking:


We manufacture and export more than all those over hype UAE nations.

These nations relay on export more than Nigeria a million times.

Imagine Dubai importing even sand.

Nigeria imports less sef.

The world has been taking Africans for a ride for the past 500 years because we a are not wise.

What are those nations exporting sef?

My bro everything na wisdom.

We Africans are allowing the west tell us how to run our economy,while those UAE guys are smart they dont give a shit.

Nigeria is not doing badly as we think.
Despite all our shortcoming our economy is the most powerful in Africa.You know what that means?.

We are just too naive to use our creative faculties and also make the best decisions.
Bad leadership is also a P.

Every nation has the right to fix their ex change rate.

Due you know how the guys in Dubai have managed to keep their currency stable despite all these crude oil wahala?.

It involves some legit wayo.

Dem and the USA and co dey deceive them selfs with econs.

BennyDGreat:


Well, there might be some manipulation but I did check their 2018 export Vs Import. It would surprise you their export quite outweighs their import with 10billion USD even with massive trade volume and lower population than Nigeria.

They export crude oil, refined petroleum, jewellery, gold, diamond...etc. They also re-export dried fish and dates.

To be honest with you, Nigeria is not doing well. What I am driving at is simple: We need to earn more. Also, Our resources is being mismanaged too much.

LikeAking:


We need to earn more.

True.

We should also review and create our economic policies to favor us.

If you observe the guys in the UAE are not exporting any sophisticated stuffs as one might think.

Its similar to most African nations,but they are serious and organised than us.

Its very similar to Naija.

They are not too better than than Naija.

The diff is leadership,honesty and using their brains.

We even export more than them self.
We export lots of stuffs than them.

BennyDGreat:


The strength of a currency is not in the re-denomination. It's in balance of trade.i.e a balance between your import and export. The higher your exports(which translates to considerable earnings), which when compared to import, the export is far higher, is a major determinant of your currency value

Notatribalist:
You can't compare economy without Puting purchasing power purity (PPP) in consideration.. That's the real deal.This your explanation still didn't bring out any point..I asked you to use Ghana economy as a case study, yet nothing substantial from your end..

BennyDGreat:


When Ghana did a re-denomination in 2007, you could exchange 1 dollar for as about 0.9 cedis but they never dealt with the main economic problems.

Just a year after, there was massive inflation in the country! Did it help their purchasing power?

My major point is:
Its only at the point where you're export ready, that you devalue your currency to make your goods attractive in the international market.

So, for Nigeria's re-denomination to work, we must look for a way to EARN more which would give our currency value(not mere nominal value) but the real purchasing value. Do you get me now?