omohayek:

Nonsense. Devaluation of the "official" exchange rate only means recognising the reality that the Naira simply no longer has the same buying power it formerly did. This in turn means the FG no longer has to subsidize the purchase of US Dollars by a few lucky connected individuals (e.g. Dangote) by robbing all the ordinary people of the true value of their hard-earned forex through insisting on an artificially low price.

The real driver for the never-ending plunge in the value of the Naira is that Nigerian governments like to cover their obligations by printing more paper Idi-Amin style, even when the real economy isn't producing enough additional goods and services to justify the new paper. Nigerian governments count on just the sort of financial illiteracy you display to deflect the blame for their recklessness onto "devaluation", as if it simply happened on its own without any underlying reason. They expect you to mistake the symptom for the cause, and most of you fall for it again and again.

OdefaGirl:
I am scared of what Nigeria will become in the next five years.....

VeeVeeMyLuv:
accepted your "reason" or "cause" is valid. But should this "cause" be used as a justification to plunge the populace into perpetual penury and misery. Where is our humanity and conscience?

chatinent:
I have a feeling $0.00 is bigger than ₦0.00.

omohayek:

You still don't get it: devaluing the currency does not harm the populace, it simply recognises reality! On the contrary, refusing to devalue the currency is what harms the populace, by diverting funds that could be used for things like healthcare, clean water, good roads, schools, etc. into subsidizing a few USD for dollar billionaires. Or are you under the delusion that you or any ordinary Nigerian could ever have obtained serious amounts of forex at the "strong" official rate?

chatinent:
I have a feeling $0.00 is bigger than ₦0.00.

VeeVeeMyLuv:

The truth is that this devaluation has badly damaged the purchasing power to the extent that people (middle class) now only afford tokunbo items ranging from second hand under wears , shoes to second handautomobiles. The way things are going, we will soon start hearing of 2nd hand food.

livinbygrace:
With the way things are going in Nigeria ,it’s better to live/stay in Benin Republic than this country right now.In 2010,I changed 3000 naira to 10,000 Cefa but I was surprised this Monday when I changed same 3,000 naira and they gave me just 3,300 Cefa and with the level of infrastructures (good roads,stable electricity supply) ,security I saw there ,it’s better to leave this Nigeria and go there until this useless Nonsense Man is out of Aso Rock

ultimate73:
There was a country. Am happy I chose freelancing as a career

joyandfaith:
Nigcoin

chatinent:
I have a feeling $0.00 is bigger than ₦0.00.

ultimate73:
There was a country. Am happy I chose freelancing as a career

PetroDolla2020:
Keep on writing crap.

When you go and exchange your naira with Cedis, tell the person you are changing from that Ghana removed 4 zeros from their currency so he he should give you that value multiplied by 4. Na slap you go get. Some people are just too ...........

Ghana is not responsible for Nigeria's problems. So shut up and deal with your issues, and stop dragging other peopl3 into things they have no interest in.

Perpetual basket case indeed And the naira is what? Fuckeduppedness

grandstar:


No its not. Thank God for Ghana.

The Cedi is a perpetual basket case. Some years ago, 4 zeros was removed from the currency. It went from 10,000 Cedi to a dollar to 1 Cedi to a dollar.

Guess what the exchange rate is today? $1 = 5.67 Cedi

nurez305:
can you expansiate on this, how did they remove it? Why can't we also remove 2 zero and make it one dollar for 5naira ?

Skillsnigeria:
Very soon, NIGERIA naira and zimbabwe currency go be the same. CBN go closed down for Nigeria, we go begin dey spend ghana cedis or rand

grandstar:


It's called a redomination of the currency. Read up about it.

Soludo wanted to redenominate the Naira by removing 2 zeros.

When Soludo was there, $1= N120.

He want to make it $1 = N1.20.

However er,the government of the day was dead against it. One reason was that he had just introduced the 1,000 naira note. That mean all the expense on that was wasted.

Redenomination is good but what is really needed is the stability of the currency. If you don't take care, the issues that made your currency a multi-digit currency can do so again.

Ghana, Argentina, Turkey, Russia are examples of such countries.

nurez305:
but does it increases the value of currency or just the same?

I have a case of something like this but it is in cryptocurrency. A coin called DREP cancel 2 zeros from their price and change the price from 4cent to 4dollar but was still the same because the total supply was reduce as well and doesn't have any positive or negative effects on investor.

Is currency redomination like that as well... We there be any effect in the value of the currency or not? If yes, why are all country not doing it to equate their currency with us dollar.

Can you tell me more about it please

grandstar:


I'm not sure what you mean. The currency value "remains" the same after a redenomination.

So, let's say Naira was 120 to $1 and with 120, I can buy 2 gets

When redemominated its now 1.20 to $1, that 1.20 Naira can only buy me exactly 2 eggs.

So, if you have 900,000 in your bank account, it will now be 9,000.

Of course new notes would be printed for the redemominated currency. N100 will now be N1 note, N200 will now be N2 note and so on .

grandstar:


It's called a redomination of the currency. Read up about it.

Soludo wanted to redenominate the Naira by removing 2 zeros.

When Soludo was there, $1= N120.

He want to make it $1 = N1.20.

However er,the government of the day was dead against it. One reason was that he had just introduced the 1,000 naira note. That mean all the expense on that was wasted.

Redenomination is good but what is really needed is the stability of the currency. If you don't take care, the issues that made your currency a multi-digit currency can do so again.

Ghana, Argentina, Turkey, Russia are examples of such countries.

PetroDolla2020:
Keep on writing crap.

When you go and exchange your naira with Cedis, tell the person you are changing from that Ghana removed 4 zeros from their currency so he he should give you that value multiplied by 4. Na slap you go get. Some people are just too ...........

Ghana is not responsible for Nigeria's problems. So shut up and deal with your issues, and stop dragging other peopl3 into things they have no interest in.

Perpetual basket case indeed And the naira is what? Fuckeduppedness

GIANTPLUSHUB:
Shioor! Far above 490. When you need bulk, that's when reality will set on you.
My sincere sympathy to everyone who is a contractor. Some people are actually in pains or debt as a result of this sharp dollar increment. Was in my friend office yesterday and I saw the speed he left the office to go get some material of a job he got. sadly, there's increase in the materials b4 he got to the market far above the amount he got the job. I hope the client is an understanding client to give him more funds. God no go Shame us! Amen!

grandstar:


I actually meant no harm. I was just speaking naturally. I would love to live in Ghana one day.

The Cedi's suffering is primarily due to wasteful fiscal policies such as massive increases in workers salaries just before elections so as to win votes. Such recklessness partly explains why the Cedi keeps depreciating.

It's good to know why.

Nigeria's economy is suffering bitterly due to bad policies of the present president. The border closure explains a lot of things.

Peace.

buckeyemedia:
No matter the policy the lazy ones will always complain, the borders were closed to develop internal production, but you lazy ones are waiting for imported finished goods, or is there anything you export?

tonguengineer:

Come and teach me