IamFINESSE:



I think it should be what can 4 cedi buy and what can 4 naira buy


How can you be comparing 4 cedi to 400 naira

Compare 400 cedi to 400 naira and see weather shame no go kee you

LoL, read the thread again, understand what currency redenomination is, only then can we have a meaningful conversation.

gonkin:
Good morning

I came across a post on Facebook

https://m.facebook.com/story.php?story_fbid=10159131958657432&id=502177431

I then compared the cedi to the naira and its a big shame

Naira is 411 to a dollar , cedi is 4 to a dollar.

I remember when i was little sometime around 2004 we used to criticise the Ghanaian cedi. Cuz u would hear statements like 1 biscuit is worth 100000 cedis now how did they fix their currency and how can Nigeria fix theirs. Cuz its a big shame and the idiots in power are least concerned about it. They're more interested in twitter.

So what idea or clue can be used to reset the naira cuz them 2 no be mate.

Have you been to Ghana before? Things are more expensive in Ghana than Nigeria o.

budaatum:


It won't make a difference. Or do you think they will still pay you ₦30k after chopping off 2 zeros?

In your dreams, perhaps!

If you got paid ₦30k and they chopped off 2 zeros, your new pay will be ₦300, and a ₦500 loaf of bread will now be ₦5. And ₦500 to a $ will be ₦5 to a dollar too.

I love your explanation.

I've been to Ghana before, and things is more expensive in Ghana than Nigeria.

seunmsg:


Redenomination.



If you add back the 4 zeros they took away, 1USD= GHc40,000.

Can you please stop this unintelligent analysis you are displaying here? Do you know what 40K CEDI's is? We are talking of actual value of a currency and you are here deceiving yourself with your wuruwurunomics

seunmsg:


In simple terms, we don’t earn enough foreign exchange to keep the Naira strong. We don’t produce anything that other countries require other than crude oil. The little forex we earn from crude oil, we spend almost everything to import refined petroleum products and sell in Naira at subsidized rates.

Political elites and even the citizens are not helping matters. Our elites steal money and horde them in foreign currencies. Citizens also gave a very high taste for anything foreign. So, we keep using our little forex to meet all these demands.

There is, however, a green light at the end of the tunnel with Dangote refinery. Once it comes on board fully next year, we should be able to significantly reduce our importation bills. With other government policies in the Agric sector, mining etc, the Naira May start getting stronger by end of next year other things being equal. I’m just being optimistic.

Will the dangote refinery truly be ready next year? It will really help in taking lots of pressure off the Naira.

nigerianrevolut:
Why don't we imagine what the upcoming SOUTH NIGERIA currency will look like against the North's naira and the Ghanaian cedi?

A southern protectorate unified currency will definitely worth more than a Northern protectorate currency...

Almajiri is a brain disease

coolcharm:
What can 4 cedi buy? And what can 400 Naira buy?

That's the true measure of a currencies strength.

Don't be fooled by the 4 cedi narrative. Add four zeros (0000) in front of any cedi to get the actual value of it.

One of the most unintelligent comments I have seen in a long time

Go and add the zeros yourself in the international market...

DubaiLandLord:
Will the dangote refinery truly be ready next year? It will really help in taking lots of pressure off the Naira.

This is a shameful comment! Why is the NNPC not doing same for the country?

coolcharm:
What can 4 cedi buy? And what can 400 Naira buy?

That's the true measure of a currencies strength.

Don't be fooled by the 4 cedi narrative. Add four zeros (0000) in front of any cedi to get the actual value of it.

4 cedi can only buy you coke and small sized bread....N400 can buy you N300 medium sized bread and N100 coke

For the first time, someone here explained basic economics in simple terms. What's the essence of our learning if we can't explain it to lay men in the language they can understand? It shows the fellow has a good grasp of what he knows. Thanks bro.

Nukilia:



This is a shameful comment! Why is the NNPC not doing same for the country?

Nigeria is not a communist state.
A lot of responsibility the government put on itself is needless and the reason you're making this comment.
The government in a democratic settings should not owe us a refinery.

IamFINESSE:



[s]I think it should be what can 4 cedi buy and what can 4 naira buy


How can you be comparing 4 cedi to 400 naira

Compare 400 cedi to 400 naira and see weather shame no go kee you[/s]

Sheer lack of understanding is disturbing you. How can you compare 4 cedi to 4 naira? Did Nigeria redenominate her currency?
Read mature comments here and stop spewing ignorance.

Nukilia:


One of the most unintelligent comments I have seen in a long time

Go and add the zeros yourself in the international market...

It won't be long till you understand what you are ignorant of.

Nukilia:


[s]Can you please stop this unintelligent analysis you are displaying here? Do you know what 40K CEDI's is? We are talking of actual value of a currency and you are here deceiving yourself with your wuruwurunomics [/s]

You are the one deceiving yourself.

SIRAO:

You did not asked hid India, if not you shouldn't have said idiot in power when actually you 're the real idiot due to your illiteracy cum ignoramus.

Your affront response will neither add nor remove money from my pocket. It just shows how lame brained u are. I asked for public views and opinions sharing light onto a subject. I'm grateful no one shares fatuity like you're doing. If u wanna say something useful say it. Cuz your entire contribution is as ignoramus as u are. I know am already, no mean say i no fit still learn.
I'M NOT ASHAMED TO LEARN FROM OTHERS

Nukilia:



This is a shameful comment! Why is the NNPC not doing same for the country?

Have I ever tell you am working in NNPC? Abeg no dey ask me foolish question.

Yes, in theory it should because the money we make from the little crude oil we sell we blow on importing petrol, diesel, kerosene and subsidizing these products. Plus we import so many things which ordinarily we should be producing here to save forex. Oil imports I think account for about 70% of what we use our FX for. So in that regard the Dangote refinery would really be a big game changer not just in terms of FX saved but also in terms of providing an avenue to also earn FX because Nigeria will now be able to sell refined products overseas.

To improve the value of the naira like seunmsg rightly said we need to be productive. Sort out Ajaokuta so we can reduce having to import steel. Boost our farming productivity so we don't have to be importing maize, palmoil, tomato puree.

So many things can be sorted out but it's the political will that will get most of these things resolved.

gonkin:


So if we refined our own fuel the currency value would improve? Cuz i take it that strengthening the naira would be easy but why is it losing value.

chrisooblog:
Yes, in theory it should because the money we make from the little crude oil we sell we blow on importing petrol, diesel, kerosene and subsidizing these products. Plus we import so many things which ordinarily we should be producing here to save forex. Oil imports I think account for about 70% of what we use our FX for. So in that regard the Dangote refinery would really be a big game changer not just in terms of FX saved but also in terms of providing an avenue to also earn FX because Nigeria will now be able to sell refined products overseas.

To improve the value of the naira like seunmsg rightly said we need to be productive. Sort out Ajaokuta so we can reduce having to import steel. Boost our farming productivity so we don't have to be importing maize, palmoil, tomato puree.

So many things can be sorted out but it's the political will that will get most of these things resolved.

So its importation. But the land border was closed for a year to reduce smuggling and that didn't really change much, it only raised the cost of items. As for Petroleum product importation, it's really annoying. Cuz it won't really cost the FG much to put existing ones in order. Waiting on dangote (he has constantly proposed completion of the refinery but still slow). So in all of Nigeria isnt there any other refinery other than dangote?

Importation in itself is not a bad thing cos we live n a global village where countries buy and sell. For Nigeria we stupidly import what we can ordinarily produce which should ordinarily employ our people and earn us FX.

Like you rightly noted Nigeria ought to have had working refineries now that can meet our domestic need but from the time of Babangida till now no government has been able to take the bull by the horn so we keep siddon looking. What even makes our situation more annoying and pathetic is that we had the money to do it but some how we just kept twiddling our thumbs until we got to this state. Even if the refineries were working at full capacity today they still produce far below the country's domestic need.

Dangote has pumped so much into the project so it's in his interest to get it finished soon. Plus you need to appreciate the scale of the project. Dangote is building one of the biggest refineries in the whole world. Something that ordinarily governments should be embarking on one man is handling so deserves and needs every support and encouragement.

Apart from the NNPC refineries that are currently comatose there are a few modular refineries here and there but I think it's mostly diesel they produce besides that the capacity is quite small for a country like Nigeria.

gonkin:


So its importation. But the land border was closed for a year to reduce smuggling and that didn't really change much, it only raised the cost of items. As for Petroleum product importation, it's really annoying. Cuz it won't really cost the FG much to put existing ones in order. Waiting on dangote (he has constantly proposed completion of the refinery but still slow). So in all of Nigeria isnt there any other refinery other than dangote?

I'm currently living in Accra.....cedi got no strength. ....it's just a redenomination.....nothing else

Iriruaga100:
Very educative discussion. 1 dollar is 5.7 Cedis today. Don’t be fooled by the redenomination of the Cedis. Same goods and services you can buy for 100 Naira in Nigeria, you’re can’t buy same goods with the equivalent of the Naira in Ghana. We need a producing economy to keep the Naira strong.

Quite true tho...
Cedi is so weak inside Ghana but so strong outside Ghana ....
Last month I change two thousand Naira to 20 Cedis at Aflao Border .....Togo.....
End of discussion

Nigeria should be forcefully taken over and recolonized. Its obvious the leaders and even the followers have lost it.

Sipsum:


Tell them bro.
We only consume in the country we don't produce.
Na so so importation we dey do, look at all those ankara chinese, if the government decides to force the Chinese to come and buy and resuscitate our grounded textile factories, by banning the importation of those ankara factories, you will hear hue and cry as if heaven wan fall.
Yet they cry unemployment, things that we as a people should have rather try to produce, we prefare to import. We subject the little we produce, to unhealthy price competition by dumppers.
Give some artisans jobs they won't do it, they will eat your money and keep telling you stories.
The few who dare to produce will overprice their products and complain of poor sales.
Imagine a guy who went into animal husbandry, saying one ram is #300,000 because the rams are specially breed for Salah, I told him he will loose sales to cow sellers, the same mistake he made last year and blame Buhari, he's about to make it this year, these are rams that he fed with farm waste o, me I don already put our people matter for one side, I no get time for nonsense.
When our people are tired, they will use their heads.

Don't mind us. We are stupidly doing ourselves but irresponsibly stupidly we blame everything and everyone else for our own stupidity of doing ourselves except our own stupid selves who is stupidly doing ourselves.

But I can not put "our people matter for one side". I have time for "our people because "our people" is me, buda. And when I, buda, is tired of my suffering, then will I, buda, begin to use the brain inside my stupid head to cure my stupidity.

gonkin:


So if we refined our own fuel the currency value would improve? Cuz i take it that strengthening the naira would be easy but why is it losing value.

Yes, that's one way, and from this one might begin to understand why government will support Dangote.

But of course he is not doing it for your benefit, so expect fuel price to increase to make it worth his s while. UK price of petrol is approximately £1.20 a litre.

Nukilia:

A southern protectorate unified currency will definitely worth more than a Northern protectorate currency...

Almajiri is a brain disease

You see what I mean, Sipsum?

We are stupidly doing ourselves but irresponsibly stupidly we blame everything and everyone else for our own stupidity of doing ourselves except our own stupid selves who is stupidly doing ourselves.

gonkin:


So its importation. But the land border was closed for a year to reduce smuggling and that didn't really change much, it only raised the cost of items.

I think you should go and ask the farmer if the increase in price he earned for the sweat of his brow changed anything for the farmer or not instead of assuming it didn't, because I can tell you that that 'item' in "only raised the cost of items", was an increase in price of the sweat of the brow of the farmer!

udomonday:
Nigeria should be forcefully taken over and recolonized. Its obvious the leaders and even the followers have lost it.

So you want to be a slave? Don't you think you ought to be able to produce profit for your owner to be worth anything even as a slave? Or you think your buyer would feed you while you sit on your ass producing nothing? Would you keep a donkey that does not pay for its upkeep at least?

And before you start arguing that colonization is not slavery, perhaps ask why Britain decolonized and dumped your unprofitable ass!

gonkin:


Oga, i asked for ur idea on how to reset. Not ur negative response

You might not like his response but he is telling you the truth. With all due respect, you are an economic illiterate.

Ghana redenominated her currency, i.e took away a few decimal places, so the currency would become less unwieldy so that paying for even a few dozen tin milk would not involve millions of cedi as was the case before Redenominating of the Cedi.

If I had a kobo for every Nigerian who has made this simplistic argument you make, simply to disparage Nigeria and praise Ghana or others, then I would at least have perhaps 20k Naira now.

The value of the Cedi did not increase with redinomation to make it more valuable than Naira. Nigeria too can redenominate the naira today to make 500 Naira 5 naira. Perhaps the simplistic comparison of the new redinominated 5 Naira will show you it remains a more value-inherent currency than 5 cedis.

have you been to Norway before? Things are prohibitively expensive in Norway than in most parts of the world. Yet Norway is considered one of the world's richest countries in the world.

Prices alone is not yardstick for measuring anything.

okay, because a bottle of water is more expensive in the UK than Nigeria, does it make Nigeria better than the UK?

DubaiLandLord:
I love your explanation.

I've been to Ghana before, and things is more expensive in Ghana than Nigeria.

any time you happen to be in Ghana and want to change your naira into cedis, tell the money changer that Ghana removed four zeros from its currency and so he should add the 4 zeros to the money he is paying you

OneTemplate:


You might not like his response but he is telling you the truth. With all due respect, you are an economic illiterate.

Ghana redenominated her currency, i.e took away a few decimal places, so the currency would become less unwieldy so that paying for even a few dozen tin milk would not involve millions of cedi as was the case before Redenominating of the Cedi.

If I had a kobo for every Nigerian who has made this simplistic argument you make, simply to disparage Nigeria and praise Ghana or others, then I would at least have perhaps 20k Naira now.

The value of the Cedi did not increase with redinomation to make it more valuable than Naira. Nigeria too can redenominate the naira today to make 500 Naira 5 naira. Perhaps the simplistic comparison of the new redinominated 5 Naira will show you it remains a more value-inherent currency than 5 cedis.

seunsiju:
I'm currently living in Accra.....cedi got no strength. ....it's just a redenomination.....nothing else

Don't mind these illiterate and self-hating Nigerians. To disabuse all the many self-haters of their disgraceful illiteracy and ignorance I will use a simply example.

1 cedi is equal to 71 Naira today. 2 Cedis would be equal to 142 Naira today and 3 Cedis would be equal to 213 Naira today.

Yet Maltina or any other malt drink is 150 Naira,(just over 2 cedis) right now at Shoprite Nigeria whereas it is like 4 Cedis or more at Shoprite or Melcom in Accra. Almost double its cost in Nigeria!!! This applies to most things also be it foodstuff or electronics.

So which currency can buy more and is thus more valuable? Over to you self-hating olodos. Spend more time developing your intellect and knowledge instead of hating blindly and uselessly. Doing the latter adds absolutely zilch to your lives.

coolcharm:
What can 4 cedi buy? And what can 400 Naira buy?

That's the true measure of a currencies strength.

Don't be fooled by the 4 cedi narrative. Add four zeros (0000) in front of any cedi to get the actual value of it.

You just summarised it completely....people that haven't travelled out of their bedroom are always economic specialist. 400 naira can get you a meal of rice ,plantain ,meat and pure water in Nigeria,but 4 cedi can only get you one good fried titus fish head in ghana.