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Nairaland Forum / Nairaland / General / Politics / Crackdown On "Hoarding" Will Frighten Investors - Peterside (20399 Views)
FG Seals Off Sahad Store, Abuja As Crackdown On Hoarding, Price Fixing Begins / EndSARS: Joe Biden To Buhari & Military, "Stop Violent Crackdown On Protesters" / Governor Wike & Dakuku Peterside Meet In Okrika (Photo) (2) (3) (4)
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Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by Jayhome24: 7:22pm On Feb 16 |
Which investor? So investors is coming here to do hoarding business or what 2 Likes |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by Shikini: 7:22pm On Feb 16 |
Wow |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by seunjungle1(m): 7:22pm On Feb 16 |
They should allow those investors to be hoarding food so that you and I can continuing in hunger....people like you are unfortunate to humanity Lawalemi: 1 Like |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by badoh(m): 7:22pm On Feb 16 |
naijaboy756:Trash as usual. 1 Like |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by UncleAyo: 7:22pm On Feb 16 |
World's Top Performing Currency and Insight for Naira * Government/CBN should stop the printing 500 NGN notes and 1,000 NGN notes (the use of #200 note should be sparingly) and officially discontinue the use of these currencies! * Reintroduction of Nigeria coins, 50Kobo, 1 NGN and 2 NGN. * Focus should be on Local Business and not call for foreign investment; as foreigner will eventually and continually repatriate their profits in USD. (learning from what is happening in China) Welcome, lets get started by examining the top 10 performing currencies in the world to gain necessary insights before drawing our conclusions. *.Kuwait Dinar KWD: ( 1 KWD = 4,920.49 NGN ) Bank notes: 1/4, 1/2, 1, 5, 10, 20 Dinars -------------- Highest denomination == 20 Dinars; Coins == Yes Coins: 5, 10, 20, 50, 100, 200 Fils *.Bahraini Dinar BHD: ( 1 BHD = 4,021.64 NGN ) Bank note: BD 1/2, BD 1, BD 5, BD 10, BD 20 --------------- Highest denomination == BD 20; Coins == Yes Coins: 5, 10, 25, 50, 100 Fils, BD 1/2 *.Omani Rial OMR: ( 1 OMR = 3,937.77 NGN ) Bank note: 1/2, 1, 5, 10, 20, 50 Rials --------------- Highest denomination == 50 Rials; Coin == Yes Coin: 50, 10, 20, 50, 100 baisa and rarely used 200 biasa *.Jordanian Dinar JDD: ( 1 JDD = 507,65070 NGN ) Bank notes: 1, 5, 10, 20, 50, Dinars ------------------- Highest denomination == 50 Dinars; Coin == Yes Coins: 1/2, 1, quirsh, 21/2, 5, 10 Piastras *.British Pound GBP: ( 1 GBP = 2,135.49 NGN ) Bank notes: €5, €10, €20, €50 ----------------------- Highest denomination == €50; Coin == Yes Coins: 1P, 2P, 5P, 10P, 50P, €1, €2 *.Caymanian dollar KYD: ( 1 KYD = 1,815.81 NGN ) Bank notes: 1, 5, 10, 25, 50, 100 Dollars ------------------- Highest denomination == 100 Dollars; Coin == Yes Coin: 1, 5, 10, 25 Cents *.Euro EUR: ( 1 EUR = 1,631.43 NGN ) Bank notes: €5, €10, €20, €50, €100, and €200 --------------- Highest denomination == €200; Coin == Yes *.Swiss Franc CHF: ( 1 CHF = 1,719.44 NGN ) Bank note: 10, 20, 50, 100, 200, 1000 francs ------------------- Highest denomination == 200 francs; Coin == Yes Coins: 5, 10 and 20 Rp/cts, 1/2, 1, 2 and 5 Fracs *.United State dollar USD: ( 1 USD = 1600 NGN ) Bank note: $1, $2, $5, $10, $20, $50, $100 ----------------- Highest denomination == $100; Coin == Yes Coins: 1C, 5C, 10C, $1/4, $1/2, $1. Go back to the list once again and check what's the highest denominations of each currency (and population of users of each currency), You will discover that the top performing currencies do not have high face value like we have 500 NGN and 1,000 NGN in Nigeria. Also, you will notice that the top performing currencies have coins form of currency with denomination of very low face value. The highest of the denomination is 1000 Franc followed by 500 EUR. 1000 Franc is not in frequent use and the highest Franc denomination next to it is 200 Frank ( not like 500 NGN as we have here in nigeria ). Also the use of 500 EUR was discontinue in year 2018. Get a hold on history of exchange rate in Nigerian, you will find out that every introduction of new high (face value) denomination currency note has adverse effect on exchange rate. Why High Denominational Currency Note Is Bad: 1. Increase in prints of currency notes with high face value e.g 1000 NGN makes other lower currency of less important and less useful. This can gradually lead to upgrade of price of goods and services in market. 2. It makes stealing, looting and hoarding of cash easier as larger amount of money value can be packed into a very small space. 3. 500 NGN and 1000 NGN are no money for the common man, go to the market and examine what denomination are most in use. 4. It's in a way opposing the cashless policy by the federal government of Nigeria. What The Wise Nations Did: 1. United State of Ameria used to have $500, $1000, $2000 currency notes until December 14, 1945, when the high denominational bills were last printed and officially discontinued on July 14, 1969 by the Federal Reserve System. 2. Europian Central Bank announced on 4 May, 2016 that it would phase out the 500 Euro notes by the end of 2018. Other Factors That May Affect The Exchange Rate Of A Currency Include: 1. Ratio of goods/services importation to exportation 2. Availability of currency and number of complying users. The Illegal illegal printing of currency by the CBN according to as reported by some news media outlets has a long way to desctroy value on our cash. 3. Inflation rate 4. Government debts and federal reserve. 5. Political policies and stability 6. And many more My Recomendations: Nigerian government should permanently discontinue and remove 500 NGN and 1,000 NGN currency notes from circulation. Reintroduction of 50 Kobo, 1 NGN and 2 NGN coins should also be done. A government fighting corruption will yield to this advice as abundance of lower denomination currency will discourage looters from hoarding and keeping cash in a safe instead of bank. Caveat emptor: This writeup is a personal opinion resulting from my many observations. It is not a scholarly work and should not be treated as one. Copy-and-paste bloggers should please reference the link and author of the article. TOP PERFORMING CURRENCY (UPDATED CONVERSION RATEs) 1. Kuwaiti dinar (KWD) The Kuwaiti dinar is the strongest currency in the world with 1 Kuwaiti dinar buying 3.26 US dollars (or, put another way, US$1 equals 0.31 Kuwaiti dinars). Kuwait is located between Saudi Arabia and Iraq, earning much of its wealth from being a leading global exporter of oil. The Kuwaiti dinar was introduced in the 1960s and was initially pegged to the British pound before being re-pegged to an undisclosed basket of currencies. 2. Bahraini dinar (BHD) The Bahraini dinar is the second strongest currency in the world with 1 Bahraini dinar buying 2.65 US dollars (or US$1 equals 0.38 Bahraini dinars). Bahrain is an island nation in the Persian Gulf off the coast of Saudi Arabia. Like Kuwait, the country earns much of its wealth from oil and gas exports. The Bahraini dinar entered circulation in 1965 and is pegged to the US dollar. 3. Omani rial (OMR) The Omani rial is the third strongest currency in the world with 1 Omani rial buying 2.60 US dollars (or US$1 equals 0.38 Omani rial). Oman sits between the United Arab Emirates and Yemen at the tip of the Arabian peninsula. As with its other wealthy neighbours, Oman is a major exporter of oil and gas. The Omani rial was introduced in the 1970s and is pegged to the US dollar. 4. Jordanian dinar (JOD) The Jordanian dinar is the fourth strongest currency in the world with 1 Jordanian dinar buying 1.41 US dollars (or US$1 equals 0.71 Jordanian dinar). Jordan is largely land-locked country in the Middle East. Jordan is less dependent on oil and gas exports than its neighbours and has struggled with sluggish economic growth and rising debt. The Jordanian dinar entered circulation in 1950 and is pegged to the US dollar. 5. British pound (GBP) The British pound is the fifth strongest currency in the world with 1 British pound buying 1.28 US dollars (or US$1 equals 0.78 British pounds). Britain is the sixth largest country by Gross Domestic Product (GDP), according to the World Bank. The pound was first introduced in the 1400s before being decimalised in 1971. It is free-floating and thus not pegged to other currencies. 5. (Tie) Gibraltar pound (GIP) The Gibraltar pound is the joint fifth strongest currency in the world with 1 Gibraltar pound buying 1.28 US dollars (or US$1 equals 0.78 Gibraltar pounds). Gibraltar is located at the southern tip of Spain and is officially a British territory. The Gibraltar pound was first introduced in the 1920s and is pegged to the British pound (at par, meaning that one GIP equals one GBP). 6. Cayman Islands dollar (KYD) The Cayman Islands dollar is the sixth-strongest currency in the world with 1 Cayman Islands dollar buying 1.20 US dollars (or US$1 equals 0.83 Cayman Islands dollars). The Cayman Islands is a British territory in the Caribbean and is an offshore financial centre. The Cayman Islands dollar was first introduced in the 1970s and is pegged to the US dollar. 7. Swiss franc (CHF) The Swiss franc is the seventh strongest currency in the world with 1 Swiss franc buying 1.15 US dollars (or US$1 equals 0.87 Swiss francs). The Swiss franc is the official legal tender of Switzerland and Liechtenstein and is seen as a safe haven due to Switzerland’s political stability. The Swiss franc was introduced in 1850 and was later briefly pegged to the Euro before moving to a free-float. 8. Euro (EUR) The Euro is the eighth strongest currency in the world with 1 Euro buying 1.10 US dollars (or US$1 equals 0.91 euros). The Euro is the official currency of the Eurozone, being 20 out of the 27 countries that form part of the European Union. The physical currency entered circulation in 2002 and is free-floating. Related: Euro to AUD forecast 10. US dollar (USD) The US dollar is the 10th strongest currency in the world, worth exactly 1 against itself. All other units of currency across the globe are worth less than a US dollar. Created in the 1700s, the US dollar is legal tender in the USA, other US territories and sovereign nations including Ecuador and Zimbabwe. The US is the world’s largest economy by GDP and the US dollar is by far the most-traded currency globally. The US dollar is also the largest reserve currency in the world (the currency most held by central banks) and is the currency used to price many commodities, including oil, gold and copper. https://www.forbes.com/advisor/au/investing/currencies/top-10-strongest-currencies-in-the-world/ My piece of contribution. 1 Like |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by Omenlon: 7:23pm On Feb 16 |
henryadex:traders should Play according to the rules. 1 Like |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by albert2512: 7:23pm On Feb 16 |
nlfpmod: Who invest in food hoarding at a time like this? It is exactly like hoarding fuel during fuel scarcity. Not all investment is to be encouraged especially when it is crippling the economy. 2 Likes |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by Oluyole74: 7:24pm On Feb 16 |
Are the so called investors are here to be hoarding food? 2 Likes |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by Blazebond(m): 7:24pm On Feb 16 |
tony0806: The thieves are coming out of their shells now,you are nothing but a crook,all this fake scarcity are created by your types. 6 Likes |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by ExudeLoveToAll: 7:25pm On Feb 16 |
Kushites: Grow up and learn how to communicate, you called your father's mate foolish man? You will be fine , take a deep breath. 2 Likes |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by killsmith(f): 7:26pm On Feb 16 |
What rights have been violated by the business owners to warrant the sealing? 3 Likes |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by Lanre1st(m): 7:27pm On Feb 16 |
Which investors are you talking about, they are hoarding to make life unbearable for masses. Bust their warehouse, sell for people at low price. Awon were 1 Like |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by Tonididdyx: 7:28pm On Feb 16 |
Dem say make dem shutdown country... You dey tok about investors... Outvestors nko? 1 Like |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by ogbe88(m): 7:28pm On Feb 16 |
mrrandomguy:Your brain is full of sawdust. 1 Like |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by tctrills: 7:30pm On Feb 16 |
eddynaira125:So what is frightening the non corrupt ones. |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by tempex88(m): 7:30pm On Feb 16 |
it will ...its simple economics. it wont even address the price problem 3 Likes |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by arantess: 7:30pm On Feb 16 |
mrrandomguy:Ohh, he is no more a business man? Una mind go touch ground soon, no worry 2 Likes |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by tony0806: 7:31pm On Feb 16 |
Blazebond: After you and them finish looting the "hoarded" food stuffs and there's no more warehouse to loot, then you'll know that you were actually having stealing in your blood. Just that the APC you voted for didn't let you know this on time |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by Tonididdyx: 7:31pm On Feb 16 |
tony0806: I dare you to paste your business address! Na nigerians go first level you before govt show 3 Likes |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by slim75d(m): 7:31pm On Feb 16 |
Kushites: You don't need to insult your father's role model to make a point. |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by tctrills: 7:31pm On Feb 16 |
Kushites:The staff of that store are not millionaires or investors but now, their families would stave. |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by arantess: 7:32pm On Feb 16 |
Maybe they should seal SPAR, ShopRite and Co for "hoarding" too.... Nonsense 5 Likes |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by tony0806: 7:32pm On Feb 16 |
tempex88: It's just official stealing they government the government wants to embark on. |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by michlins(m): 7:32pm On Feb 16 |
Omenlon:is there a law mandating me to sell? It's my business and I know how best to handle it to stay afloat. If my business goes under,no government is coming to save it 4 Likes |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by Funkyswagzz(m): 7:32pm On Feb 16 |
Lawalemi: Obviously they can't tackle the mean issue cos it will affect all the big guns in the country. 1 Like |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by tony0806: 7:33pm On Feb 16 |
arantess: Don't mind them. They want to regularize massive looting of warehouse now. Thieves 1 Like |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by BlocksNG(m): 7:34pm On Feb 16 |
You are an idiot for anticipating price hike, that's felony. tony0806: |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by FatherLord: 7:35pm On Feb 16 |
They will condemn every moves without offering a better one . |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by psalmsjob: 7:36pm On Feb 16 |
nlfpmod: Yes it should frighten local and foreign investors who like to hoard goods to create scarcity and price hike for their own selfish gain. Of what use is an investor who steals from his host? If you are one of those hoarding food in warehouses you better fear God and sell. |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by 3rdeyeNigeria: 7:36pm On Feb 16 |
Nigeria is running at high speed toward Communism. That's how Venezuela started with confiscation of private goods and destroyed their country. If they burst all the warehouse and obviously they won't be replenish what will burst. Government failed woefully because constant electricity and affordable fuel will crash the price of goods instantly not stealing from Investors. |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by YourKarma: 7:36pm On Feb 16 |
spiSeyi: eddynaira125: Lovenorth: EverythingPhone: All these things wey una dey talk is simply bullshit. I just don't understand, is it that you guys are blind to what's happening in this country abi wetin? Wholesellers didn't start hoarding products today. They've always bought during harvest and stores to sell during scarce periods. It's normal. The cause of food scarcity is because farmers are unable to go to their farms anymore due to the terrorists murdering them at their farms. The government has chosen to do nothing about this menace so who's going to produce food? Instead of fixing this menace of terrorists (baptized as "bandits" by the Yoruba media), the government is busy chasing shadows. Didn't you see the news on FP yesterday about an entire village in Benue State (the food basket of the nation) getting sacked by terrorist herders? Just take a look at all the monikers supporting this nonsense, they're all from a particular section of this country. I just don't understand how incredibly daft you guys have chosen to be 2 Likes |
Re: Crackdown On "Hoarding" Will Frighten Investors - Peterside by Honestey: 7:36pm On Feb 16 |
This will lead to much more scarcity of foodstuffs. Instead of the government to engage these people and discuss how things can work out well for everyone they are going to make people even more vulnerable. Tinubu should reach out to Dangote, he is the one man battalion who can help crash the food prices. But doing all these primary school boys ideas will only make life a living hell for people |
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