4Play:
It's depressing to see how uninformed some Nigerians can be in their bid to justify the indefensible.

Nigeria cannot afford to print money like developed economies because Nigeria's currency does not command the same respect/value as the dollar, euro, yen, sterling, etc. No one outside Nigeria, unless out of necessity, wishes to be paid in naira and arguably many Nigerians would prefer to hold forex like dollars or euro. We have seen our currency fall in value from $1 to 1 naira to $1 to 460 naira. In such an environment, printing more naira will cause the naira to depreciate further increasing inflation (look at the stories about the rising cost of goods).

It's in recognition of the damage to confidence that money printing can cause that prompted the finance minister to deny the claims.

If money printing was the panacea to our problems, we would easily solve poverty. The alarming thing is that money printing was normal during military rule (which is when the naira lost most of its value) but it doesn't seem to have dawned on many Nigerians that it was an abject failure and one of the reasons Nigeria is impoverished today.

As long as USA prints dollars, Nigeria has to print naira whether we like it or not
The naira is backed by dollar and the dollar is backed by debt

darediamond:
This Is WHY YOU AS AN INDIVIDUAL MUST CONVERT YOUR MONEY TO crypto currency now!

Government In Every Nation Is The Same In Idealogies And Aims Which Is To Keep Making Poor The More The General Public or Subjects.

Puting Your MONEY IN BANKS Is One Of The Most Foolish Thing To Do.

Quit Central System Now And Embrace Decentralized System So As To Stop Allowing Any Government To Keep 100% Scamming You.

Stop Trading FOREX! Yes, I REPEAT, stop trading forex!!!!

If You Stop, This Cult Of Private Family Group you commons do call Government will have No more power to steal or rob you and I.

They have Ijacked the God Given Natural Resources From Everyone not in the cacus via there Central government systems, Now Crypto currency they hate is the only way to Hijack it back from them legally.

Stop saving your money in the Banks. Convert Your Naira to USDT or TUSD or USDC and any other Stable Crypto currency not Bitcoin nor Etherum nor XRP nor VET etc. but rather, stable CrytoCoin.

Open an account with Binance.

You can additionally learn to Buy Sell Crypto Daily for Profit making. You can even automate the process.

Government Controlled banks are established purposely to keep the Ruled or Commons POOR!!!!!!!!

THAT IS THE BLATANT TRUTH YOU WILL NEVER BE TOLD!!!

BE WISE. ACT LIKE A CONTINUALLY EDUCATED PERSON.

FREE YOURSELF FROM BONGAGE.

Cryptocurrency is a big fraud and bubble

neyohh:

So what's your solution?

Development is a slow and steady process, there are no shortcuts.

Tackling corruption, infrastructure (transport, electricity, communication), security challenges, reducing government intervention in currency and businesses like running ports and refineries, etc.

These are the sorts of things Nigeria ought to concentrate on. Printing money in the mistaken belief that you are in the same position as the US, the EU, Japan is counterproductive as proved during the military era.

boogietrends:
There is nothing wrong in printing money especially when the country has a huge population to push the inflation over to. China did it, in fact China printed trillions to help build their economy and today they are better for it. If we have good economic managers in Nigeria, they should print trillions of naira to support infrastructure and not for recurrent expenditure.

So much for education, economics and finance. I have seen a lot of people justifying CBN and FGN on printing of money to support FGN obligations. I read many justifications and I could not stop laughing.

This Cable article presented a number of countries that created money, by printing or electronically. It mentioned US, UK, China, South Africa, Ghana, India etc. However, my question to the writer and everyone defending the FGN and CBN is this:

Did those countries print those monies or created those monies legally?

There is a process involved in creating money for the Federal Government of a Nation, the process requires the executive government to request for approval and make justifications for creating such emergency money by way of passing a bill to the national assembly to approve it and legalize the creation so it can be captured appropriately in the government books. This is expected before Central Banks or Federal Reserves can create the money.

This was done in all the US, UK and perhaps all the democratically governed countries you referred. Maybe China process could be different because of the style of government they operate moreover, any government of a Nation that does not go through the legal process of creating money has done illegal creation and that is actually fraud.

The monies CBN and FGN has been printing covertly in 2016/17 and most recently, that Emeifele is trying to justify can only be classified as illegal monies especially because there was no bill passed to that effect; no legal process supported the emergency printing.

It is a dangerous trend and regrettable action and I expect the government and CBN to be queried.

I also prefer the government create money by way of credits and loans to entrepreneurs, SMEs and artisans to improve productivity and create jobs rather than creating money to meet recurring expenditures like salary which will reccur every month.

Enceladus:
US didn't print money oga. The Central Bank has the capacity to give out digital non-existent bailout money in bonds that will payed back with interest in tax. What CBN did is total bullshit inflation is looming around the corner.

Why do you think what Nigeria did is different from what the US did? I didnt read anywhere that physical money was printed.

Most countries are printing more money due to the pandemic. There are two outcomes to the pandemic: a recession if they don't print more money or inflation if they do. Most have chosen the path of inflation.
Unfortunately for Nigeria, printing more naira doesn't really help us because we still need dollars for most of our needs. The exchange rate is a huge factor. Not going to go into the whole economics of it.
Very soon, we'll see N5,000 and N10,000 notes and be heading the way of Ghana and Italy.

We need strong leaders with good economic sense but I doubt we will find it.

plaindealer:
Unexposed wailers nd ignorant anti Nigerian Igbos are all illiterates..



.

You that doesn't produce and export except oil. Seems you are the big illiterate

Maybe North Korea.

Goodid:
If it's the same with what Nigeria did then it's okay.

They printed money to support their economy
We printed money to share with state governors

seunmsg:


Maybe you should tell us what they did to help their economy that we did not do.

Stupid question

seunmsg:


There was no denial. The Finance minister simply said money was not printed to be distributed at FAAC and she is right. Printed funds cannot be dumped into the federation account for distribution. Doing so would have been illegal.

Illegality is what Buhari government strive on

seunmsg:


We are now out of recession against the expectation of so many experts.

Oh really?

MansoryMX:
I bought a carton of sardine, peak milk and some cartons of indomie because they what my kids takes to school everyday on their lunch packs. I know how much I spent getting those items today and I can tell you that with the current price of foodstuffs in the market, everyone should brace up with this foolish and unthinkable action from the government. Hyperinflation loading!


No sane government will print money in times like this! This country isn’t productive enough, this country doesn’t export much so what exactly are they printing money for? Na wa o!

No vex but is the very day noodles healthy?

jaxxy:
Osinbajo won’t talk about this he will be talking about things on the moon and planet Pluto.

Na outsider him be

MansoryMX:



My brother I tire! I don talk tire but if my wife give them any other thing to take to school in the morning, they won’t eat it! It’s really getting on my nerves. What we normally do now is use spaghetti sometimes and chopped it like indomie with carrot, green beans, little seasoning and boiled egg.

Try and educate them on it, using small english they will understand

Jerryherd:


International transactions is done in dollars, so if you print naira and you want to buy a plane or a ship from China they won't accept your printed Naira, they would request for dollars, hence the major reason we borrow for projects

It would have been better if we were producing steel and other raw materials

kraftysprouts:


It would have been better if we were producing steel and other raw materials

Yes, atleast we won't need so much forex in a steel based economy

kraftysprouts:


No vex but is the very day noodles healthy?

No bro. It’s not healthy for kids to take noodles everyday. As a matter of fact I am trying to stop my kids from eating noodles

kraftysprouts:


Try and educate them on it, using small english they will understand

You cracked me up with this statement. My twin boys are damn stubborn

Exclusive101:
Of course Emefie shouldn't be held accountable for Buhari's failure. It is Tinubu Fashola or Osibanjo that can be held accountable according to sick Igbo reasoning.

What is ur own tribe?
No be only u sabi abuse other tribes.
Make I join u in d trade

Wow! My financial education just received a boost.

fergie001:





Printing money does not necessarily look like this — sometimes, it’s just an alert

Andrew Bailey was appointed BoE governor in the heat of the pandemic, March 2020.


Jerome Powell, Fed chair, did not always agree with Donald Trump, but they made money available for Americans


Lagarde’s ECB had no choice but QE


After US, India has had the worst numbers with the coronavirus pandemic


What is good for Emefiele is good for Kganyago


Nana Akufo-Addo’s government also had to tap its central bank



The Cable

GeneralPula:
If you watch money heist, you’ll see as dem dey print money for Bank of Spain..

Sure, all countries print money..

My own question be say... Why do government borrow money when theirs money printing machine?

do u think the money dey borrowed is in naira,they are paid in dollars,only american has that right to print money anyhow like church flyers,if naija try am inflation go come in

DEMZEE:


Cryptocurrency is a big fraud and bubble

Without Any Doubt, You Sure Have Some Reasons For Saying Crypto Is A SCAM or Fraud.

I will like to learn from you.

So would you mind letting me know why Crypto Is A "Fraud And Bubble"

boogietrends:
There is nothing wrong in printing money especially when the country has a huge population to push the inflation over to. China did it, in fact China printed trillions to help build their economy and today they are better for it. If we have good economic managers in Nigeria, they should print trillions of naira to support infrastructure and not for recurrent expenditure.

it good for them because they can produce their needs locally. can Nigeria produce all they want?,do we have to take our naira to the united state and buy what we can't produce?...these are the things to consider before saying that we can print money to sustain our economy which cannot stand the test of time....

Exclusive101:
Isn't that what all your foolish tribesmen on NL dedicate their pathetic life to. Why is your father worried sick others are entering the dirt with you.

Only foolish igbo should own the monopoly to bebabtruabl jingiost or what is Kanu's life long job again no be tribal jingiost ? How many times did your dead brain Igbo father wrote to caution him ?

I'm not Igbo, i don't care about Nnamdi Kanu.... I'm not from the North too...

The thing is, somehow i feel it's immature of people to relate everything to tribal sentiments and religious bigotry. For one thing, i am a Christian and a dedicated Traditionalist, though i don't worship idol officially, i still feel the need to respect my cultural inheritance even though i sometimes participate in Islamic rites too...

I won't engage in this useless tribal war with you, i don't see any sense in it. I just want you to think outside these.... Remove tribe and religion first before having an opinion..

Btw, my dad is a senator, an elder statesman and a respectable member of the Ijaw kingdom. it's very uncultured of you to direct your insult to him when i didn't say anything to dehumanize you.




#Myopinion

seunmsg:


Others printed money to stabilize their economy and we also did the same. What’s your point again?

And in April, you will still print to pay salaries, come May, another printing for salary payment. ......stabilising the economy.

Golan007:


Why did they print if they could always withstand?

Encourage your government to continue to print money. Sha don't run to Canada we you start feeling the heat

SMBH:


Encourage your government to continue to print money. Sha don't run to Canada we you start feeling the heat

Nigeria would print money so long other nations are.