|Join Nairaland / LOGIN! / Trending / Recent / New|
Stats: 2,741,729 members, 6,502,985 topics. Date: Thursday, 23 September 2021 at 06:01 AM
Celebrating 12 Nigerian Women Who Deserve A Place On The Naira Note (Pictures) / Kingsley Moghalu: Subsidizing The Naira Blocks Nigeria’s Economic Takeoff / COVID-19 Will Make The Poor, Poorer – Buhari (2) (3) (4)
|How To Make The Naira Become #4 To $1 Within 24hrs Without Too Much Grammar by Ade3000yrs(m): 6:21pm On Oct 24, 2020|
*How To Make The Naira become #4 To $1 Within 24hours Without Too Much Grammar Using Simple Elementary Maths. By Adewale K.O.P*
*This is a Proposition For The Naira Currency Re Denomination Policy*
In The wake of agitation for systemic and government policy and administration reforms along the EndSARS Protest and for a better quality of life, Nigerians should not forget to make this one of the top priority on our list of agitation for system reform.
We need to redeem the integrity and image of our defaced and devalued Naira note amongst the committee of nations. This is not a tip off to burst open more concealed Covid 19 palliative centers by the government agents but for us to have a sense of purpose. As Nigerians, we should agitate for the implementation of this singular objective of currency re denomination for our seemingly lifeless Naira and kobo or purchasing power to be brought back to life once again. Our present and past leaders knows this but alot are not ready to speak up for the sake of selfish interest that further subvert and en thrench the economic importance of the country in a more worrisome financial mess and a night mare. Nothing is new under the sun as this was once a proposition chaired by the one time CBN governor Professor Chukwuma Charles Soludo. This not an idea cooked up out of the blues nor unfounded wishful dreams nor hallucination but an idea that has long been trending with feasible applications in many countries such as.
1. Ghana 2007
2. Croatia 1994
3. Finland 1963
4. Poland 1995
5. Uganda 1987
In the past several other countries have undertaken currency re-denomination including Israel, Turkey, Germany, South Korea, China, Brazil, etc.
*How Does This Work??*
This is simple as it involves simple elementary mathematics and logic.
All we need do is to simply remove two zeros from the last existing naira digits or divide the current market value of commodity by 100 to get an ideal value for our proposed currency.
Eg. If the current market value of a kilo of chicken were to be #1,500 Naira then the new market value would be #15 Naira after removing two Zeros from the value or dividing #1,500 naira by 100 or 1,500÷100= #15 naira,
If your house rent were #60,000 per year then the later when divided by 100 should #600 naira per year.
If you house rent were say #350,000 or #700,000 per year then simultenously it should be #3,500 or #7,000 naira per year.
If you earn #60,000 or #700,000 naira then in the new naira re denomination the salary equivalent should be #600 naira, or #7000 naira.
*The Naira Exchange Rate To The Dollars*
More so, if the so called dollars as were to be #400 = $1, then in the new re denomination currency the dollars would be 400÷100= #4=$1
The naira is also part of our national identity and a symbol of our national unity so lets not continue to treat it with disrespect. No more aboki give me leather or Ghana must go to carry this Naira any more because right now Ghanian Cedis is obviously the one smiling over our revered Naira in the name of trying to play catch up with the dollar. Enough is enough of this national insult on our beloved naira currency. Only enemies of Nigeria and enemy of the state would refute and try to kill this idea from seeing the light of the day as they have always been doing in the past internally and externally.
Like the one time CBN governor Professor Charles Soludo rightly once said and I quote, "Nigeria has long been living on a borrowed robe which is now looking like a rag that we all now share in its wanton shame and disgrace." Lets all together enjoin to fix things and proffer solution than to all continue contributing in its retrogression. It is out of share wickedness and conspiracy to sabotage the national interest that we came about the #1,000 naira note in print which Nigeria does not and would never need for now considering the global economic trend with a sense of patriotism at heart. The highest naira note in print and in circulation should be the #100 naira note. Our current naira denomination of #200, #500, and #1000 should be scrapped and considered obsolete in no distance time because they have all failed to serve the original intent of their purpose.
If your only interpretation tag to this is a Presidential Campaign flag for Professor Chukwuma Charles Soludo in 2023, then I just have to agree with you because this is one of the most credible national asset and brilliant mind of the eastern extract of Nigeria befitting to lead a nation like Nigeria as Anambra is just a small river for this great blue whale to swim. If you see number 6 from where you are standing, it could be number 9 from my end still leaving us both on the same page.
2 Likes 1 Share
|Re: How To Make The Naira Become #4 To $1 Within 24hrs Without Too Much Grammar by vanbonattel: 6:23pm On Oct 24, 2020|
Nigeria that doesn't even have monetary policy?
When we told you to elect president that has even ordinary WAEC result, you thought we were being mean.
|Re: How To Make The Naira Become #4 To $1 Within 24hrs Without Too Much Grammar by Okoroawusa: 6:25pm On Oct 24, 2020|
I quite agree with you.
|Re: How To Make The Naira Become #4 To $1 Within 24hrs Without Too Much Grammar by Nobody: 6:30pm On Oct 24, 2020|
Ade3000yrs:This is a brilliant proposition but I tell you nobody in APC can comprehend this simple solution to Nigeria's worthless monetary value.
|Re: How To Make The Naira Become #4 To $1 Within 24hrs Without Too Much Grammar by bolanto24(m): 6:31pm On Oct 24, 2020|
When Prof Soludo tried this so many uninformed people were against it. I think this should happen before our next elections.
|Re: How To Make The Naira Become #4 To $1 Within 24hrs Without Too Much Grammar by Generalkorex(m): 7:04pm On Oct 24, 2020|
Na only waec certificate he has na.
|Re: How To Make The Naira Become #4 To $1 Within 24hrs Without Too Much Grammar by Jafaar: 7:08pm On Oct 24, 2020|
I wish I had time to type but if you understood economics you would know there is no difference
|Re: How To Make The Naira Become #4 To $1 Within 24hrs Without Too Much Grammar by Horlufemi(m): 7:26pm On Oct 24, 2020|
There's no difference
What about the buying power?
You'll cause more inflation
|Re: How To Make The Naira Become #4 To $1 Within 24hrs Without Too Much Grammar by icebird25(m): 7:32pm On Oct 24, 2020|
Make I just book space
|Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health |
religion celebs tv-movies music-radio literature webmasters programming techmarket
Nairaland - Copyright © 2005 - 2021 Oluwaseun Osewa. All rights reserved. See How To Advertise. 101