₦airaland Forum

Ikaeniyan0:
It won't solve the issue at hand

SadiqBabaSani:
Like you even understand what he is saying

Horus:
How will the Naira be redenominated?

It is by dropping two zeros from the currency or moving two decimal places to the left. The name of the national currency will still be the Naira. However, during the transition period, the existing Naira will be referred to as the "Old Naira", and the new one to be called the "New Naira". After the transition period, the word "New" may be dropped.

Source: Central Bank of Nigeria

KnowAll:
Nigeria should revisit it . Removing two zeros from the current value whereby 1500 to 1 dollars would become 15 to 1

Ghana did in 2009, Seirra Leone did it just last July 2023 . What is stopping Nigeria from doing it.

Asonaijaaso:

Zimbabwe currently has Trillion dollar notes.

Horus:
That was long time ago. Zimbabwe launched a new gold-backed currency, The ZiG to replace the Zimbabwean dollar

Asonaijaaso:
ZiG is a digital currency back by "physical" gold.

SadiqBabaSani:
Like you even understand what he is saying

Horus:
Below is the picture of a 10 ZIG note. The ZiG banknotes come in denominations of between 1 and 200

DeLaRue:
It is not about denomination.

1 USD = 1,350 South Korean Won

1 USD = 16 Ghanaian Cedis

Does it mean Cedis is stronger than the Won. No.

Is the Ghanaian economy better than S.Korean economy. Ofcourse No.

You can change Naira's denomination overnight to 1 USD to N160. It will make no difference to the underlying economic problems.

Ghana's situation is even worse than Nigeria. It is no wonder they're also having protests.

Asonaijaaso:
I see, are you familiar with the concept of it being backed with gold ?

Do you know the US Dollar was historically pegged to gold as well before the bretton woods summit.

Where Nixon "de-pegged" it from Gold....Giving genuine reasons.

KnowAll:
Nigeria should revisit it . Removing two zeros from the current value whereby 1500 to 1 dollars would become 15 to 1

Ghana did in 2009, Seirra Leone did it just last July 2023 . What is stopping Nigeria from doing it.

Parable007:
Thank you OP... Right now Nigerian leaders don't need any advice, you really think they don't know what to do to make Nigeria better? Our leaders are not as clueless as we think, they know better than us the only problem is they won't do it. Because they fear the wealth of a common man.
The west is seriously controlling our govt because Nigeria as it stands is the biggest market in the whole world. Once we begin to get it right now more markets for china, US, UK Etc and they don't want that.... It's too much threat for them.