₦airaland Forum

Auladimeji:
When you are not fasting,you can stay till afternoon without feeling hungry....But during fasting, even the TV remote will start looking like Gala in your eyes

my brother no be small thing

#Bullsh*t
this is not news na
*next!!

we're getting there

AlfaSeltzer:
So cooking soup while hiding behind cement bags is now a measure of braveness?
Only the zoo.

I just wanted to be relevant yunno

I'm done abeg

funny

who carry baba enter field

funny

my Hausa brothers though

brave men

this is the clear picture of anti-corruption war in Nigeria...it's totally stupid
Corruption has come to stay let's embrace it with open arm

(APC) always contradicting themselves...
anyway I don't give a

This is how PDP left Nigeria

whenever I see viewers discretion

And this made front page

I don't give a

nice one

Philpham:
Men are nothing but pigs. This is someones so called husband. God forbid!

you're a fool,your dad,brothers are pigs and you'll die like a pig.in fact your generation will live like pigs

bad news everyday ,all these is affecting me psychologically

Nigeria na India version 2.0,I salute them

Olumyco:
No Sir its not.

It is true that 1 cedis = 80 naira but this is just the effect of recalibration (redomination). This is the full analysis

10, 000 cedis = 80 naira

I put this up so that you will know the original value. Ghana removed four zeros from their money. It only refaced the numerical stance of their money but did not affect its value.

The value of a currency is in its purchasing power. What it can do in the market.

80 naira can buy more tins than 1 cedis. I know much about this (first hand tins)...

Exchange rate many a time can be misleading thats why its good to know the history of every currency and its purchasing power plus the economy of the country controlling the currency.

As regards what the OP wrote... he tried and I can only say his method works best when our economy becomes healthy and infact we do not need to discontinue them manually.... naturally based on economic principles they would be discontinued. We must all know that when the economy is bad and the price of tins goes up... (inflation) it means higher denomination would be highly demanded... that is why we have all these denominations. When the price of tins go down... lower currencies would gain more value and if this continues for up to like 10 years (stability) then naturally 1000 naira notes would not be much demanded and the circulation of it would reduce and as time goes on the Govt. can decide to face it out.. like this 500 euro that EU is planning to remove.

The idea of OP is applicable in the area of cost reduction in printing these notes but still the economy needs to be healthy for it to work. In a situation where we have lower currency and there is inflation/high demand for money it means the Govt. would have to print more lower currencies... and this will come at a high cost. Like for instance lets say we dont have 1000 naira notes and the highest is 100 naira note and now there is inflation.....if Govt increases the printing of 100 naira from 5 to 10 and each cost 10 naira to print it means the govt will be spending 1000 naira printing ten 100 naira notes. And when this happens the Govt. will then result to higher denomination to save cost. Now printing a single 1000 naira notes would just cost 10 naira (same amount)... this means Govt. has saved 990 naira. Note this that when there is no inflation and the economy is good then higher denomination is not needed / would fade out with time you can see this with countries that have good economy.

Also coins usage in a country like Nigeria might not work. They re-introduced coins around 2007/2008...pple detest it... they dont want to spend it. This is human behaviour and it is psychological... most countries still using coins have been using it right from the beginning (like when they started their currency/independence). This is different from Nigeria we were using it from scratch but suddenly it fizzle into the tin air and for sometime we didnt use it and now you are reintroducting it.. how will pple adapt... and by character most Nigerians are proud and live big... they wont like such a tin... in my schl when the coin was reintroduced students dont want to collect the money as 'change' from bus conductors... though there is no doubt that the Govt. too have there own too in it... they seem not back the coin idea strongly... probably we would have adjusted now if they have enforced it but well Nigeria will always be Nigeria.... we are unique

Lastly, many people have talked about exportation... that we shud export more than we import...then let me say this that what you are exporting too matters if your economy must grow sporadically. We export tins in this country many of us might not know... go and check you will see that we are really exporting so many tins but our problem is that we export too many raw materials. Finished goods have more value than raw materials. Infact the moment you are processing a raw material it is said that you are adding value to the material. If we can be refining our oil, processing our cocoa, and so on our return on exportation will increase and the price of tins would be cheap in the country. Also fixing our light issue will help attract foreign investors.. exporting technology too will helps greatly. There is nothing stopping us from manufacturing our phones, laptops etc. Then we need to develop our hospitals and tertiary institutions to high standard like those in abroad so that pple will not be going abroad to go and be depleting our foreign reserve.... and so on.
My prayer is that God will help Nigeria and give us a good leaders.

Thanks

you said it all

FarahAideed:
When the y want to move a large cache of weapons into the country they start chasing SON and Nafdac from the ports only to return them when the consignment has passed thhrough quietly...Another thing the do is dismantling police check points on our highways to make make for passage of large numbers of fighters in the cover of dark

bro you sharp.I was thinking the same

Equal2DeTask:
ONLY BUT IN ZOO..

shithole comment