₦airaland Forum

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.

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.

courage89:
Can you please highlight the economic benefits of rede nomination

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

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.

Never4getU:
To think there's mind blowing poverty is ravaging the country amidst fuel price hike plus high cost of living couple with high rate of hunger. I can't imagine the number of families this vanity would help fix their future n end poverty in those family

Physicist:
President Tinubu and CBN Governor, Please Leave Diasporans' Remittances Alone!!!!

I suspect President Tinubu in connivance with the CBN Governor may want to force Diasporans’ remittances to be received in Naira. This is a wicked idea.

Buhari administration mandated remittances to be received in Naira in the early stage of its first term, but the administration later reversed the decision. Diasporans worked hard for their money that they send to their family members or friends in Nigeria. Diasporans are not responsible for the free fall of the Naira.

Rich Nigerians and their family members, whether through legal or illegal means are the people that take the hard-earned Dollars and other foreign currencies in Nigeria to buy multiple million dollars properties abroad. They are the ones that stash the funds in multiple foreign accounts.

If you blame Nigerians that they import too much stuff, why can’t the Federal government ensures 24 hour electricity supply, good roads, and good infrastructures. This will enable Nigeria to produce some of the stuffs it imports.

President Tinubu, and CBN Governor, please leave Diasporans’ remittances alone!!!!!!!.

YouandiAllofus:
Ghana lacks in military capabilities to invade a stronger faso successfully.

Depriest2020:

A good example of a benevolent dictator is muammar Gaddafi of Libya.

pansophist:
You are right.

No African country will grow with democracy. Even the West was not democratic during its developing stage, and even now, it is still not democratic.

Also, democracy keeps leaders occupied with lining the pockets of their political sponsors, and fighting for the next election circle, wasting money, time, and the population's interest is not important. D it

Democracy makes you evade responsibility. You can just say that the country was bad because the previous administration destroyed it. It's the APC's fault, not PDP's.

Also with democracy, long-term national planning is impossible since a new administration can just come and destroy everything.

Also, democracy has a loophole for infiltration, and external forces will exploit it (I am looking at you USA). They will fund another person no matter how of a sellout he is, then sponsor him with their big money to power, then he will reverse everything the previous leaders have done.

Democracy is also expensive. Look at the billions spent with every election circle. It is disastrous for a poor country like Nigeria.

Democracy is also not unifying. Fun fact. It is only in a democracy that you see leaders throwing chairs and punching at each other.

Democracy is also an imposed political system. And the west deliberately wants their ex-colony to be democratic, for easy infiltration. Hence they hate China for its close political system.

I can go on and on, but you get the gist

Wainey:
It is Tinubus responsibility to bring peace to the west African countries

tolue42:
Anyways, fighting terrorists ( gorilla war) is different from fighting solders