₦airaland Forum

Intrepid01:
Bros, you really tried with your write up and I was relaxed when I saw that Caveat emptor...that guy you quoted and some other guys up there have said it all...if you read their write up carefully , you'll realise they were speaking from the position of undertanding rather than the position of 'mere observation'....you need to understand the difference between the 'face value'and 'purchasing value' of a currency.......

In as much as what you wrote as solution will improve the naira it won't have any significant impovement as you thought, until this fundamental factors mentioned by some writers up there are done.
"
You should also note thatthe biggest monetary corruption happening in Nigeria is largely "electronic
...the days of "Ghana must go" is gradually phasing out. so no matter the size of the money to be shared, your denominations will be of no effect.

Cromagnon:
God has helped you
the land is green
rain is falling
sun is shining
enter farm

nextstep:
Nice one and a decent argument, except of course that there are also strong economies with high denominations:
Japan: 10,000 Yen
Europe: 500 Euros
India: 1,000 Rupees
Russia: 5,000 Rubles
Korea: 50,000 Won
Mexico: 1,000 Pesos

As Ken4Christ said: "The major reason why out currency is low in values is because Nigeria is not a producing country. We import virtually everything."

All our troubles - even corruption stems from this. The only way for most people to get stupendously wealthy in Nigeria is control/contact with virtually the only source of foreign exchange - oil. And since it's so easy to control oil money when you're in government...

By the time we buy anything, so much value has been added by the manufacturing countries, with zero-multiplier effect in Nigeria the consumer. Everybody in the value chain in China (for instance) adds their profit and circulates the money within the country several times. In Nigeria's case, oil is exchanged for consumer goods and there's no circulation of that money once it leaves.

Nobody in Nigeria benefited from owning a lithium mine, or a smelting plant, or slurry making, or machine tooling, or anode production, or casing, or assembly or even the packaging industry that benefited from that battery being made and sold. So a Nigerian consumer comes in and with oil money (at the very low end of the value chain), buys a battery (at the very high end of the value chain). There's NO WAY your currency would get strong, no matter the denominations.

The other oil countries on the list that appear prosperous are artificially so because they have much more oil per capita than we do. If Nigeria had as much oil as Saudi Arabia (it has about 1/4 the production), it would still need to use that for is much larger population (6 times as many people), which means no matter what, based solely on money earned from oil, individual Nigerian buying power can only be 1/24 that of a Saudi. It's even more skewed if you consider Qatar (less than 3 million people).

nelklyn:
Japan economy is export dependent and they have to make their products affordable hence they take it upon themselves to devalue their currency against other currencies especially the USD through the BoJ's constant intervention in the foreign exchange market plus their interest rate is negative -0.10% to further encourage borrowing.

In fact one of the core aims of the BoJ is to achieve price stability keeping the Yen at a Limit Low and High, thus a currency's exchange rate cannot be used to measure the performance of an economy.

As you pointed out 1NGN is not equal to 1JPY they won't allow that, I mean Nigeria is not even among their trade partners

Raiyell:
You forgot to say this inhabitant of a sane clime lost her job as a result.

Godsgal:
Like seriously? Three threads on this topic moved to frontpage. Feels good to be an editor

sabama007:
They broke your iPad, torn your shirt... Do you have any picture of both?

By the way, I think courtesy comes with professionalism. It's appropriate to seek for permission before taking some pictures of law enforcement agencies while discharging their duties.

Thank God for you to have come back in piece from the Lions den

royalamour:
So she's finally healed and back to business? Fresher young girls are taking over.

See as one bobby big pass the other.

sinkhole:
Lalasticlala, Mynd44
Kidnap has been reported.

Just for taking picture ooo and not even picture of their station or their personel o

FluidQueen:
She's cute. Cute son too.


I don't get why the society frowns at single moms but praise single dads. I can't even fathom the hypocrisy, and outright sexism. Every single mom deserves to be celebrated. Women are Earth.

desreek9:
:oHow would a church declare itself bankrupt like its a business enterprise

NwaAmaikpe:



It has never fully dawned on me why Boko Haram has a problem with education.

They've gone from kidnapping students about to write WAEC to stealing JAMB's money.
I just hope they don't hijack Common Entrance question papers next.