Which investor? So investors is coming here to do hoarding business or what

Wow

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:
True. Tinubu FG always come up with archaic policy to address hunger.

naijaboy756:


Person tell una at ALL COST, FIGHT for it, GRAB it, SNATCH it & RUN with it.

Una still rig am in

Oya na deal with the consequences

Wait o! Lagosians, is this how Lagos was built? because ayam not understanding

Trash as usual.

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.

henryadex:
Do you want the traders to sell their goods at give away price because of your ineptitude and run out of business?

traders should Play according to the rules.

nlfpmod:


Atedo Peterside

Previous thread https://www.nairaland.com/8002490/fg-seals-off-sahad-store#128482783

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.

Are the so called investors are here to be hoarding food?

tony0806:
100% correct.

As a business man that chose to invest in foodstuffs just like ANY OTHER BUSINESS MAN. When price of foodstuffs were low, I used my hard earned money to buy them in bags and stored. And when prices are higher, I bring them out to sell.

And you open your dirty mouth to say i am "hoarding"? Come to my ware house let me tell you something first!

Thieves!

The thieves are coming out of their shells now,you are nothing but a crook,all this fake scarcity are created by your types.

Kushites:
Atedo Peterside, Shebi you be multi millionaire? Hunger no dey waya you, so na “investors” your own mind dey, even if people no see food chop.

Out of touch, over-fed foolish man.

Grow up and learn how to communicate, you called your father's mate foolish man? You will be fine , take a deep breath.

What rights have been violated by the business owners to warrant the sealing?

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

Dem say make dem shutdown country... You dey tok about investors... Outvestors nko?

mrrandomguy:
I won't be surprised if all this challenges Nigeria is facing is sponsored by these bankers. Peter Obi himself is a banker.

Your brain is full of sawdust.

eddynaira125:
It will only frighten Corrupt investors

So what is frightening the non corrupt ones.

it will ...its simple economics. it wont even address the price problem

mrrandomguy:
I won't be surprised if all this challenges Nigeria is facing is sponsored by these bankers. Peter Obi himself is a banker.

Ohh, he is no more a business man?

Una mind go touch ground soon, no worry

Blazebond:


The thieves are coming out of their shells now,you are nothing but a crook,all this fake scarcity are created by your types.

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

tony0806:
100% correct.

As a business man that chose to invest in foodstuffs just like ANY OTHER BUSINESS MAN. When price of foodstuffs were low, I used my hard earned money to buy them in bags and stored. And when prices are higher, I bring them out to sell.

nd you open your dirty mouth to say i am "hoarding"? Come to my ware house let me tell you something first!

Thieves!

I dare you to paste your business address!
Na nigerians go first level you before govt show

Kushites:
Atedo Peterside, Shebi you be multi millionaire? Hunger no dey waya you, so na “investors” your own mind dey, even if people no see food chop.

Out of touch, over-fed foolish man.

You don't need to insult your father's role model to make a point.

Kushites:
Atedo Peterside, Shebi you be multi millionaire? Hunger no dey waya you, so na “investors” your own mind dey, even if people no see food chop.

Out of touch, over-fed foolish man.

The staff of that store are not millionaires or investors but now, their families would stave.

Maybe they should seal SPAR, ShopRite and Co for "hoarding" too....
Nonsense

tempex88:
it will ...its simple economics. it wont even address the price problem

It's just official stealing they government the government wants to embark on.

Omenlon:
yes, you in a capitalist economy but not a lawless economy.

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

Lawalemi:
True. Tinubu FG always come up with archaic policy to address hunger.

Obviously they can't tackle the mean issue cos it will affect all the big guns in the country.

arantess:
Maybe they should seal SPAR, ShopRite and Co for "hoarding" too....
Nonsense

Don't mind them. They want to regularize massive looting of warehouse now. Thieves

They will condemn every moves without offering a better one .

nlfpmod:


Atedo Peterside

Previous thread https://www.nairaland.com/8002490/fg-seals-off-sahad-store#128482783

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.

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.

spiSeyi:
One of the hoarders spotted , I heard from a reliable source that the inflation in commodity price is artificially by big men who serve as middle men to Indias and Chinco. The Indias and the Chinese guys pay them in USD to buy massive local rice, grains and cassava then repackage the rice as imported, use the cassava for garri production and cassava flakes then sell back to Nierians at outrageous price.
The best way to curb the current commondity the crisis is to halt every form of food export and stop every means of cash transaction in FX

eddynaira125:
It will only frighten Corrupt investors

Lovenorth:
Shut up if you don't have reasonable thing to say. There are a lot of useless people in Nigeria

EverythingPhone:


Seal any store or ware house hoarding
We don’t need hoarding at this point
We need equal distribution of food

Meanwhile I track lost or stolen phones or devices at at an affordable fee
A trial will definitely convince you
Contact me via siggy below

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

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