Imagine you gave a child N100, he took it to the shop to buy Fanta, the woman look at the money and said it's not enough, 'Fanta is N200 you need two of these'.
The child left, changed the N100 to N50 notes and came back to the shop. The woman told him again that he needs N200. 'You said I should bring two money and I did yet you don't want to give me my drink?' Well the two money you brought is still N100, you just changed it to two notes the woman replied.

There's an amount your economy is worth. How many pieces of paper you choose to print to represent it doesn't matter. If Nigerian economy is worth 1bn Dollars and you choose to print 2bn Naira it will still be worth 1bn dollars but in 2bn Naira notes.

Nigeria export crude oil. What do the countries we sell oil to give us in return?
Dollars. We buy rice from Thailand and India, what do we use to pay for the rice?
Dollars.
Let’s assume we sold crude oil to Britain and we made 1bn Dollars but the rice we planted and harvested here will not be enough to feed us so what do we do?
Buy.
From where?
Other countries let's say India. Now why would Indians suffer themselves to plant rice and then give it to us?
Well because we are going to pay for it. What are we going to pay with?
The Dollars we were paid in when we sold our oil. Remember we got 1bn dollars when we sold our oil? Yes we take from it. Now what if we bought rice 800m Dollars, medicines 200m dollars but we still need to buy other things and we only had1bn dollars? Then we have to borrow money from other countries.

Money is paper, it is worthless on its own. The only reason money exists is because it is not convenient for you to carry your yam or cassava from one place to another looking for someone whom you will exchange it with for some fish so instead you give me your yam instead of me to give you fish, I give you a piece of paper, you take this paper to someone selling fish and he gives you fish. The important things here are the fish and the yam which are what we need to eat. You can't eat money. Money just represents the yam and the fish and makes it easy for people who have those things to exchange to actually exchange them.

You want to be rich as a country what you need do is produce things which you will sell to other countries and they will give you Dollars for the goods you sold to them. What you do with your local currency (Naira) is nobody's business. If you are worth 1bn Dollars but choose to print 2bn Naira to represent your 1bn Dollars economy you are still worth 1bn Dollars just that 1 Dollars will now be worth 2 Naira.
Now whether the 1bn dollars you are worth is enough to make you wealthy is an entirely different question. A country of 1m people having a 1bn Dollars economy will normally be richer than a country of 10m people with a 1bn dollars economy.

I'm not an economist. This is just logic and common sense

Mynd44 Seun
This is a response to the thread about printing more money that was on front page few days ago

This one na ECN101

Well done, OP.