If we redominate the Naira back to one to one and develued by 15 we would be where Ghana is today.

But if we leave as it is and it devalues by 15 times that would push it to 15,000 to 1.

So redomination is better then devalue afterwards.

Or we just love sound of having one billion Naira that is not more than 1 million dollars.

KnowAll:
Or we just love sound of having one billion Naira that is not more than 1 million dollars.

Redenominating the naira won't make it stronger. Is just going to be a waste of money printing new naira notes. The naira is okay with the way it is now. What we need to do is find a way to strengthen it and tinubu administration is working on strengthening the naira.

In the 80s and 90s, Nigerians were spending paper kobos, but as the naira started losing value, kobos became useless in the 90s.

#5 is going the kobo route and #10 and 20# are following it behind. If nothing is done about the horrible economy, by 2030, there will be no more #5,#10 and #20 in Nigeria.

When our economy and currency start becoming better, which I know it will on the long run, prices will fall.

Ikaeniyan0:
Redenominating the naira won't make it stronger. Is just going to be a waste of money printing new naira notes. The naira is okay with the way it is now. What we need to do is find a way to strengthen it and tinubu administration is working on strengthening the naira.

There's no shortcut to success. It's a very simple thing to make our currency stronger, the only problem we have is clueless and wicked leadership in all sectors.

Very cosmetic solution to a very very serious issue.

The time spent in thinking up this solution and the useless amount to be spent on it should be better spent on creating items for export. Be an export country like China, India or Japan and see if it is not the US that will themselves try to bring that our exchange rate so that they would have to spent more to get our products.

Ikaeniyan0:
Redenominating the naira won't make it stronger. Is just going to be a waste of money printing new naira notes. The naira is okay with the way it is now. What we need to do is find a way to strengthen it and tinubu administration is working on strengthening the naira.

Even if it devalues from 1 to 1 to the dollar to 1 to 15 it is better than devaluing from 1000 to 1 to 15,000 to 1

Will that increase standard of living, or you are just concerned about the face value?

Re-denomination is just beautiful nonsense and only fit for accounting convenience to avoid too many zeros , it doesn't in any way strengthen the currency ..if we redominate by one zero it's means your salary of 30k will now be paid as 3k , it doesn't mean your employer will still give U 30k oo

SalamRushdie:
Re-denomination is just beautiful nonsense and only fit for accounting convenience to avoid too many zeros , it doesn't in any way strengthen the currency ..if we redominate by one zero it's means your salary of 30k will now be paid as 3k , it doesn't mean your employer will still give U 30k oo

That is a lie, why does d Ghanaian currency seems stronger than d Naira. I love such beautiful nonsense.

KnowAll:
If we redominate the Naira back to one to one and develued by 15 we would be where Ghana is today.

But if we leave as it is and it devalues by 15 times that would push it to 15,000 to 1.

So redomination is better then devalue afterwards.

Can you please highlight the economic benefits of redenomination of naira?

Agreed, the zeroes will go away. But this idea will only give false sense of Naira strength. Overall, the idea will create higher inflation rate, devaluation, more economic pain.

The best way to solve this problem is to review and improve all the factors that affect economic production including; power, road infrastructure, taxes, monetary policies (interest rates), fiscal policies and others. This is to encourage production economy and general brick & mortar investments. Harnessing this fundamental change is the only way to save the Naira.

courage89:


Can you please highlight the economic benefits of rede nomination

What is the benefit of this 1000 to 1 we have at moment.

To be sincere d benefit would be any devaluations would move from 1 to 1 to probably 20 to 1 and not 1 to 20,000

We have not yet recovered from the last confusion of Emefiele "sip and paint", please, please.

KnowAll:
If we redominate the Naira back to one to one and develued by 15 we would be where Ghana is today.

But if we leave as it is and it devalues by 15 times that would push it to 15,000 to 1.

So redomination is better then devalue afterwards.

Redomination leads to higher inflation.

Argentina has been doing it since the 70's and it only worsened inflation. They have done about four redomination so far since the late 70s and it has only made Argentina an IMF customer

Take for example a product that goes for 120 naira .

And assume you knock off two zeros like Ghana did, that means that product will be sold for 1.20.

But knowing Nigerians they will round it up to #2.

Hence the product will appreciate in value by an extra #80 or 80k.

Knowing Nigerians will never return to coinage, this will see most goods being rounded up to the nearest whole value.

Ghana suffered this and now their currency is even far worse than it was before redomination.

It's a silly and senseless policy as Argentina and Ghana can attest.

Solodu was ridiculed for even suggesting this as CBN governor.

The only solution is to mop up the excess 23 Trillion printed by Emefile , increase production and cut import dependence.

There is no other way round this but the hard way


All those opposing the fuel subsidy removal and floating of the naira are selfish bastards who want to shift the debt to future unborn generation.

Cut debt , reduce govt spending ,mop up excess liquidity , ensure all our refineries are functioning and increase both agricultural and industrial production to meet both our needs and to provide employment

KnowAll:
If we redominate the Naira back to one to one and develued by 15 we would be where Ghana is today.

But if we leave as it is and it devalues by 15 times that would push it to 15,000 to 1.

So redomination is better then devalue afterwards.

It will be worse hehehehehe

Ikaeniyan0:
Redenominating the naira won't make it stronger. Is just going to be a waste of money printing new naira notes. The naira is okay with the way it is now. What we need to do is find a way to strengthen it and tinubu administration is working on strengthening the naira.

You made sense till your last sentence smh

DomPerignon:


Redonination leads to higher inflation.

Argentina has been doing it since the 70's and it only worsened inflation.

Take for example a product that goes for 120 naira .

And assume you knock off two zeros like Ghana did, that means that product will be sold for 1.20.

But knowing Nigerians they will round it up to #2.

Hence the product will appreciate in value by an extra #80 or 80k.

Knowing Nigerians will never return to coinage, this will see most goods being rounded up to the nearest whole value.

Ghana suffered this and now their currency is even far worse than it was before redomination.

It's a silly and senseless policy as Argentina and Ghana can attest.

The only solution is to mop up the excess 23 Trillion printed by Emefile , increase production and cut import dependence.

There is no other way round this but the hard root.

All those opposing the fuel subsidy removal and floating of the naira are selfish bastards who want to shift the debt to future unborn generation.

Cut debt , reduce govt spending ,mop up excess liquidity , ensure all our refineries are functioning and increase both agricultural and industrial production to meet both our needs and to provide inflation.

See your mouth 23 trillion. We just love to hear that word trillion in Nigeria. Never heard d word trillion when it comes to budgeting in d UK.

And again the Ghanaian economy grew from 40 billion dollars to 80 billion dollars after recombination while ours is on standstill.

KnowAll:


See your mouth 23 trillion. We just love to hear that word trillion in Nigeria. Never heard d word trillion when it comes to budgeting in d UK.

Ohu , that's how much fiat money Emefile printed in 8ys .

His currency swap and cashless policy was a covet move to mop up all that paper money he printed.

KnowAll:


That is a lie, why does d Ghanaian currency seems stronger than d Naira. I love such beautiful nonsense.

Salamrushdie is right and you're wrong.

If 1 zero is remove from the naira like Salamrushdie claim, if you're earning 100k as salary, your salary will become 10k. If you're earning 20k in a month, your salary will become 2k in a month.

Ikaeniyan0:
Salamrushdie is right and you're wrong.

If 1 zero is remove from the naira like Salamrushdie claim, if you're earning 100k as salary, your salary will become 10k. If you're earning 20k in a month, your salary will become 2k in a month.

What is wrong with that, it simply means re-adjusting every single item, a bank claiming to have made 60 billion Naira last would = £60.00 million pounds which in d grand scheme of things is not a great deal of money for credible financial institutions.

Thank God they I thinking of doing it.

$1 = 990.00 black market yesterday. Once it hits 1000 time to remove 3 000’s making it 1 = 1