₦airaland Forum

May or May not is left for God to decide but as much as I perceive about the economic situation of this country can be traced to some of the atrocities committed financially by the former president of Nigeria.

The above paragraph will serve as a disclaimer to my opinion concerning the pandemic that fall massively to the inflation level of this country as at the time when Nigeria was freed from millitary Government in 1999.

Let me give you a quick remembrance of how 100,200,500 and 1000 naira note was introduced to the economy without consideration for the negative impact.

I am not an Economist, but it is very understandable to see how we find ourselves in this mess since the beginning of modern era Democracy in this country.........Have you ever noticed how inflation started. It is a natural cause for seller to be attracted to your big currency when you want to buy something.

For instance, this morning, I walked to a mini mart in my street to buy some items with my 1000 note. The comments that came out of the sellers shows that if he have the opportunity, she will not want me to collect any change from the money because it is big. A milk that is supposed to be 100 was immediately tagged to 120 with the lamentations that everything is now costly. I can explain again if you don't understand that little encounter with a typical market woman in the street.

It is understandable that many people don't patronize road side seller. Instead they will buy all thier needs from the supermarket with a fixed price that they don't change anyhow just like the market woman on the street.

Back to Chief Olusegun Obasanjo, Baba Iyabo introduced 100 in 1999, 200 in 2000, 500 in 2001 and 1000 in 2005. Within the period of Obasanjo's tenure, he introduced 4 different naira denomination which has really help to skyrocket inflation, Money laundering and corruption.

A sane country don't introduce currency denomination anyhow based on political gains or because Awolowo is in 100 and you must put the rest of the Nigeria hero in another currency.

If I become the president of this country, I will scrap 200-1000 naira note and introduce 1 naira note. It will not reduce our image as a country while it will be a bedrock for economic balance.



Please quote my errors for corrections and don't hesitate to share if you believe it is a solution

BNLR:
May or May not is left for God to decide but as much as I perceive about the economic situation of this country can be traced to some of the atrocities committed financially by the former president of Nigeria.

The above paragraph will serve as a disclaimer to my opinion concerning the pandemic that fall massively to the inflation level of this country as at the time when Nigeria was freed from millitary Government in 1999.

Let me give you a quick remembrance of how 100,200,500 and 1000 naira note was introduced to the economy without consideration for the negative impact.

I am not an Economist, but it is very understandable to see how we find ourselves in this mess since the beginning of modern era Democracy in this country.........Have you ever noticed how inflation started. It is a natural cause for seller to be attracted to your big currency when you want to buy something.

For instance, this morning, I walked to a mini mart in my street to buy some items with my 1000 note. The comments that came out of the sellers shows that if he have the opportunity, she will not want me to collect any change from the money because it is big. A milk that is supposed to be 100 was immediately tagged to 120 with the lamentations that everything is now costly. I can explain again if you don't understand that little encounter with a typical market woman in the street.

It is understandable that many people don't patronize road side seller. Instead they will buy all thier needs from the supermarket with a fixed price that they don't change anyhow just like the market woman on the street.

Back to Chief Olusegun Obasanjo, Baba Iyabo introduced 100 in 1999, 200 in 2000, 500 in 2001 and 1000 in 2005. Within the period of Obasanjo's tenure, he introduced 4 different naira denomination which has really help to skyrocket inflation, Money laundering and corruption.

A sane country don't introduce currency denomination anyhow based on political gains or because Awolowo is in 100 and you must put the rest of the Nigeria hero in another currency.

If I become the president of this country, I will scrap 200-1000 naira note and introduce 1 naira note. It will not reduce our image as a country while it will be a bedrock for economic balance.



Please quote my errors for corrections and don't hesitate to share if you believe it is a solution

You have poor knowledge of economy.
Foreign debt is bad for economy of any country.

Amen!!!!

Afonja demon.

joyandfaith:
You have poor knowledge of economy.
Foreign debt is bad for economy of any country.

I accept that I have poor knowledge of Economy, but your response to my post shows that you are not getting my point

I was talking about the Nigeria currency denomination and you are talking about foreign debt. No problem, continue.

Baba Iyabo paid of the paris debt which we all hail him at that time, but what about the introduction of 4 different denomination within the period of 5years. Have you look at the impact.

BNLR:
I accept that I have poor knowledge of Economy, but your response to my post shows that you are not mentally balance.

I was talking about the Nigeria currency denomination and you are talking about foreign debt. No problem, continue.

Baba Iyabo paid of the paris debt which we all hail him at that time, but what about the introduction of 4 different denomination within the period of 5years. Have you look at the impact.

Current denominations is not cause of inflation or bad economy. Even in Japan , there are 1000, 2000, 10,000 notes. Circulation of money is another factor.
Foreign debt is a major problem causing inflation because our economy is export-dependent. We consume everything but we produce nothing. There is Poor earning from crude oil export

No point arguing with you, you already stated it clear that you are an ignoramus when it comes to the economy

People that dont know things shouldnt come out to the public and speak.

You just came here to display your high reaching ignorance hereby embarrassing urself.

DonEd:
People that dont know things shouldnt come out to the public and speak.

You just came here to display your high reaching ignorance hereby embarrassing urself.

I am entitled to my opinion. But you should have stay mute rather than attacking me like a hungry lion.

Very soon, we will all see the reason of understanding little things before big things