₦airaland Forum

unite4real:
You are getting it all wrong. You can't separate the strength of a currency from its purchasing power.

https://en.m.wikipedia.org/wiki/Currency_strength

The link you provided is talking about international trade which is one of the reason why there is exchange rates not the price of a bottle of coke in country a or country b.

Please provide a link or document that states how the naira is stronger than the Cedi.

mekaboy:
My comparison is purchasing power of both currencies. And from my experience I can purchase more with the naira locally and internationally.

I have purchased online from both countries and I know what I spent from both.

bodejohn:
I don't seem to understand your point...you have not been consistent...
What point are you trying to make?
Between 1 Cedi and 1 Naira, which is more valuable? Which one do you think is higher?
These things are intentional trade, I do not need to go to ghana to find out what exchange rates are.

mekaboy:
Naira is more valuable.
http://mobile.ghanaweb.com/GhanaHomePage/NewsArchive/Cedi-returns-to-Africa-s-worst-currency-378119

I have told you to stay on a line of argument.
We are talking about the strength of the Cedi and Naira, not purchasing power of the currencies or cost of living in the two countries.

You cannot directly compare the face value of commodities across countries. The are different tax regimes in these countries...the VAT in Nigeria is 5%, do you know what it is in Ghana? It became 17.5% last year. Do you know if there are other luxury taxes in Ghana?

Answer this simple question...the cost of a coke in Germany is 1 Euro (about 300 naira) in Nigeria the same bottle of coke is 100 naira.

Will you say the naira is stronger than the euro?

mekaboy:
Ok you deal with the what's written, I go by my experience. I rather have 60 naira in Nigeria that 1 cedi in Ghana.

The tone of your response sounds defeatist...

I might not be able to change what you believe but it is a duty to correct misconceptions. This is the Internet, how can we be talking about investment when we don't even know how currencies compare on the International scene?

Like I have said...stay on one line of argument...we are not comparing living in Ghana with living in Nigeria. This discussion is about the strength of the Naira and the Cedi and I maintain that as at today...the Cedi as a currency is stronger than the Naira.

unite4real:
Guy, if you are so positive, go and invest in Ghana. The link I sent put the price of coke in Ghana to be 1.68 in dollars. In Nigeria it is 0.55$. Convert that to Naira and cedes respectively then you can decide to take your Naira there.

Before you joined the discussion, I gave an example of the same bottle of coke in Europe, Germany to be specific. It is more than 1 Euro but in Nigeria it is less than 0.5 Euro.

With this same example, will you say that naira is stronger than euro or that the economy of nigeria is better than that of Germany. Partly because the taxes and duties that apply on these items are different from country to country.

The strength of currencies as compared on the international scene is more than the cost of everyday items.

I have asked you guys to provide a link where I will find a sentence that says the Nigeria Naira is stronger than the new Ghanaian Cedi.

unite4real:
What you quoted was April last year. Meanwhile, it is not just looking at the figures and concluding. Purchasing power, cost of living, terms of trade, debt, inflation etc all are factors that determine the strength of a currency.

Find cost of living in Ghana below and tell me if you will be willing to take your Naira there because you feel cedes is stronger.

http://www.numbeo.com/cost-of-living/city_result.jsp?country=Ghana&city=Accra&seeThePricesForMobile=true

We are not comparing the cost of living here.
The argument is simple...the Naira or the Cedi, which is the stronger currency.

The link you provided is comparing Ghana with the US.

mekaboy:
Well since you are bent on comparing 1 cedi to 1 naira there is no point arguing till u visit Ghana with Naira or dollars.

You have to understand what happens when you remove zeros from a currency first to compare.

I guess the group that compiled the data that said the Cedi is the 4th or 3rd strongest currency in Africa did not visit Ghana before making their submission.

Whether you remove 10 zeros or not, there is an international guage of how each country's currency is doing against others. Do you know nigeria at one time in the past changed her currency? Nobody is talking about the old currency because it is no longer a legal tender.

The old Ghanaian Cedi is no longer a legal tender, you can't refer to it any more. The new Ghanaian as it is now is the third or fourth strongest currency in African and I repeat...the Nigeria naira is not even in the first 10.

Most if not all currencies are compared against the dollar, a few are higher while many are lower than the dollar. That is the only international standard that I know.

These things are not calculated by wishful thinking or a mere visit. Again...I say show me a verifiable link where it is clearly stated that the Naira is stronger than the Cedi.

mekaboy:
Naira is more valuable.

http://mobile.ghanaweb.com/GhanaHomePage/NewsArchive/Cedi-returns-to-Africa-s-worst-currency-378119

Thanks for the link...but it says performing. We all know the Cedi has been performing poorly in recent times but hello...it's still the 4th strongest in the whole of Africa and the Nigeria Naira is no where in the first 10...

http://www.africacradle.com/2015/04/03/top-10-strongest-african-currencies/7/

unite4real:
Have you imagine that while 100 Naira buys you coke in Nigeria, you might be needing 3 cedes to buy the coke. That's how the power of value interpretes

What does this imply?
The question is simple...here is the Cedi and that's the Naira...which one is higher? Which one is more valuable in the international market?

mekaboy:
Brother please have u been to Ghana? why will u compare 1 cedi to 1 naira are they the same? I just explained to you that they removed 2 zeros from their currency, so you can't compare 1 cedi to 1 naira , rather you compare 1 cedi to 60 naira . 1 dollar is over 300 Naira in cedis while it is 270 here.

Please use the example I gave if Nigeria govt removes 2 zeros from our currency, $1 will be equal to 2 naira 70 kobo. Does that mean the naira and dollars are almost equal now?

Before they removed the zeros, 10000 naira was 1.5million cedis.

I don't seem to understand your point...you have not been consistent...

What point are you trying to make?
Between 1 Cedi and 1 Naira, which is more valuable? Which one do you think is higher?

These things are intentional trade, I do not need to go to ghana to find out what exchange rates are.

Chukzyfcb:
My brothers, Naira has more value than cedis. You do not calculate the value of a currency merely by looking at their exchange rate, NO! You look at the PURCHASING POWER!
If 1cedi equals 60naira. The question is; what can 1cedi buy in ghana & what can 60naira get in Nigeria Say for example;
1 cedi can pay for 1bottle coke only @ ghana but
60naira can pay for 1bottle coke and 1 biscuit In nigeria.
It means the Naira has more value it has more worth to the masses than cedis.! Purchasing power should be your refrence point in determining any countrys currency not looking @ exchange rate! Its a wrong pratice!

No sir...that's not how the value of currencies are calculated. What you are referring to is the purchasing power of citizens in a particular place.

Nobody will exchange currencies for you based on what you can buy with them but on the prevailing exchange rates.

By the way...do you guys now how exchange rate values are arrived at?

mekaboy:
Lol, well that was then, as at today 1 cedi can't buy coke anymore. Things are more expensive in Ghana than Nigeria. Most things are even brought into the country from Nigeria.

When you visit u will understand that Naira is higher than Ghana.

There is a big difference between the cost of items in different countries and the value of their currencies.

That could be as a result of inflation and other economic management in these countries eg taxes and duties on the items you want to buy.

Comparing 1 cedi to 1 naira in terms of exchange rates...the Cedi is more valuable. I have given you the exchange rate table with a verifiable link xe.com.

In Germany, Netherlands and Belgium a bottle of coke is more than 1 Euro. That's more that 300naira...but same bottle of coke is 100 naira in Nigeria, will you say the economy of Nigeria is better than that of Germany or that the Naira is better than the Euro?

Please prove your point with verifiable link and stop asking me to visit Ghana.

mekaboy:
I don't know how else to explain it to you. That 1 cedi you are calling just is like 100 naira in Ghana. It's not easy to come by. Yes it's just 1 cedi, but u can't pick it on the ground. That 1 cedi can buy bread and coke.

Ok you know the value of 100 naira now, if the govt decides to remove 2 zeros from the naira, 100 naira becomes 1 naira. but that 1 naira now will still buy what you could buy with 100 naira then. So instead of you to buy something for 100 naira, you pay 1 naira for it.

The exchange rate then becomes $1 =2.50kobo . So 1 naira still has the value of 100 naira just that the zeros have reduced.

So initially 1 cedi was 100 naira but today 1 cedi which use to buy 100 naira can only buy 53 naira instead of 100. Hope u understand now.

You see...you just coroborated my point, 1 cedi can buy bread and coke in Ghana but 1 Naira cannot buy bread and coke here in Nigeria.

1 cedi in Ghana is big money but 1 Naira in Nigeria is almost worthless...that means 1 cedi has more value that 1 Naira.

So in essence, the Cedi is more valuable when compared to the Naira.

mekaboy:
ok maybe when u get to ghana you will understand. A lot of Nigerians have found themselves stranded in Ghana based on your calculation.

You responded to an incomplete post.
I do not need to go Ghana to understand the prevailing exchange rates.

Yes naira might have appreciated against the Cedi but it still doesn't change the fact that if I have 53 naira in my pocket now, it is just the value of 1 cedi in Ghana.

mekaboy:
Lol, bro it's not calculated like that.1 cedis was 100 naira before, today it's 53 naira. That means naira has is higher than the cedis by over 40%. Ghana removed some zeros from the currency does not mean 1 cedis is like 1 naira and 1 naira in cedis is now 53 naira in Nigerian currency.

If we go by your understanding, 1 US dollar is 3 cedis while 1 usd is 260 naira. Does it mean a cedi is almost 1 dollar?

So if a bottle of coke was 100 naira, then a bottle of coke would be 1 cedi. So 1 cedi is also as valuable as 53 naira.

The value has not changed just the zeros. Hope you understand what I mean. So Naira is still higher than the cedis.

Unfortunately...the lol is on you.
I don't know how to this explain to you because it looks to simple. Will you say that the Nigeria naira is still as powerful as the time only 2 of it exchanged for the one British pound?

For reference and understanding see below.

1 British pound = 289.5 Nigeria naira
1 euro = 217.8 Nigerian Naira
1 us dollar = 199.4 Nigerian Naira
I Ghana cedi = 52.1 Nigerian Naira
I south African rand = 12.2 Nigerian Naira

* official exchange rates as seen on xe.com.

mekaboy:
Before considering buying from Ghana, bear in mind that our currency is higher than theirs. You have to convert from Naira to cedis and loose some money. After you have bought, you will still have to convert your earnings from cedis to naira again.

You also have to be sure that the govt will be able to pay at maturity.

As I type this 1 Ghanaian Cedi is almost 53 Nigerian Naira...that means the Cedi is stronger than the naira...you might recall Ghana redinominated their currency some years back.

terrywales:
I have t bill of 6 month with maturity date of 7 of April 2016. I will like to auction it out for the remaining period. If anyone is interested. I can give 6percent for less than 91 days.

I am interested...kindly pm me.

Government of photos by the camera and for the Internet...

A second term governor that has not deemed it fit to constitute a cabinet after more than 7 months into his tenure, post more pictures when he is done learning how to govern a state.

A proud wailer!!!

If you are on the highway, I have only two words...

Slow down but don't stop...

My bad...that was more than two words and worst still bad advise!!!

monknaija:
thanks a lot , you are a life saver. I get the gist now. will keep you updated when through. you be the man...

If you are not familiar with simple electrical connections, I will suggest you seek the help of a professional.

You stand the risk of damaging your equipments and DC voltages can also be very dangerous...

Dear friends... compliments of the season.

I urgently need a fairly used 24v pure sine wave inverter with any power rating between one to two kva. Preferred location is ibadan but lagos will not be too far.

Kindly mention my user name in your reply if you have.

Best Regards.

You covered your own account balance and then revealed the full identity of the kind gentleman...

I just hope this will not become the style for the new year...you can just imagine nairalanders posting pictures of fake clothes...shoes...bags...chicken or even cow...

Some folks reapply shamelessly...

Oz4realsss:
If the card reader machines are standalone systems with independent memory, how does one machine in a polling unit differentiate a card that has been accredited by another machine in the same unit? I just like you to throw more light on this.

Very simple...if you noticed during the elections, the card readers had numbers on them...I suppose INEC will only load data of that particular polling on it...or maybe the data of a particular polling unit might have been stored on a flash card and then inserted into the card reader...

@ Frankie, this is why i have advised you to settle your matters before it gets to the thread.
You will not like the negative publicity it will give you and your business.
You might of course down play the amount of patronage you receive from members of the forum.

Frankie might be a bit impatient and rude, but he is in the class of people i can vouch for on the forum.
I sent 170k to him about 2 and half years ago when he was relatively unknown on the forum, I can say I must have been among the first few that placed order with him and he didn't disappoint.

Frankie, please settle the matter with your customer before I record this as number two for you.

Government of photos by the camera and for the Internet and social media...

Abeg call me back when these people are ready for the serious business of governance.

Future impossible tense...

Change....

Funny OP, of all the things that are necessary for minimum living and comfort...dstv?

Must you watch European games? How about supporting our local clubs so that our own league can compete with the others around the world?

EPL is luxury, if you can't afford it...please watch something else...

Funny OP,

How did you receive NSS 22W and the other satellites on the East together on same dish?

pitodenz:
Bodejohn na me oo longest time
Abeg are una put me through
I have prag 2kva 24v inverter 4pcs solar 130w mono solar panels
Mppt controller
Pls I need buy batteries now
Agm, flood n gel which is better
I need guidelines n best option
Money no dey oo I just want start with 12v x2 first

The most rugged according to the books is the flooded types...but the really good ones do not come cheap....

The are suppliers on the thread....I am sure they can give you discounted prices.

pitodenz:
Please between prag gel battery and flooded batteries which is better?

Oga Pitodenz....na you be this or someone dey impersonate? Where have you been my brother...?

Check the nearest KFC before it is dismantled like a stolen vehicle at Owode Onirin...