₦airaland Forum

kings59:
A guy at a bank was telling me that Nigeria is rich that see naira everywhere.

I asked him one question:

Outside Nigeria, where can you spend naira?

He went mute.

Your naira is only internal.

Asides Kuwait,where else can you spend Kuwaiti dinar?
Does it now make the currency useless?
Ha.

But Ghana currency is stable against dollar, abi?

Almunjid:
Lol. No let dem deceive you Ooo. The Nigerian Naira holds more value than the Ghanaian Cedi. Ghana's government revalued their currency by converting 10,000 Cedis to 1 Ghana Cedi, a process that involved removing four zeros from the old currency.

If Nigeria government were to follow suit and remove four zeros from the Naira, it would lead to 1 Naira being equivalent to the current 10,000 Naira. However, this could potentially result in the Naira becoming more valuable than the US Dollar, which might not be a strategically advisable move. Such drastic revaluation measures are typically reserved for countries whose currencies have undergone significant devaluation over time, as was the case with Ghana's Cedi.

Peace!

How do you mean? But Ghanaian currency is stronger against the dollar na, when compared to naira and dollar!

emmylight4u:
The Ghanaian currency is devalued...it shouldn't be on that list, please.

I work in Nigeria and Benin forget currency strength, Naira is far better than CFA in terms of usefulness

TechBaron:
I have lived in 4 African countries where the XOF (2.5 times the naira) is used as a legal tender.

I earned the equivalent of N1,250,000 monthly...

But damn.. I was always gasping.

In Nigeria, I would have been a mini god in Uyo with a N1.2m salary and have a better life than anyone living in Cotonou, Dakar and Bamako.

The worse part is the ancient way of life, language barrier and terrible food.

Forget.... Nigeria Sweet abeg!

Racoon:
Meanwhile, the value of the currency here have been greatly devalued that a dollar is now 1600 to the naira. No thanks to the economic cluelessness and incompetency of some idiots that were unfortunate to grace the national life of a country.

Developing countries are always the fastest growing economy nation.... they always fool us with such statistics

Ghana as I said is a broke nation.

Tunisia has a lot of issues as does Morocco. Tourism is what keeps them afloat

Most of the other countries are small countries with incomes of larger countries[/quote]I can see Ghana being on the list is giving u palpable pains see tears
So Ghana being broke is the reason why Nigeria is not on the list what a shame….!!! [quote author=nairalanda1 post=134857304]Libya produces same amount of oil as we do for ten million people.

That means there is more than enough money to spend on buffering their currency after they have spent on the people.

Botswana is a major exporter of diamonds and platinum. They also have less than 3 million people.

nairalanda1:
Libya produces same amount of oil as we do for ten million people.

That means there is more than enough money to spend on buffering their currency after they have spent on the people.

Botswana is a major exporter of diamonds and platinum. They also have less than 3 million people.

Ghana as I said is a broke nation.

Tunisia has a lot of issues as does Morocco. Tourism is what keeps them afloat

Most of the other countries are small countries with incomes of larger countries

I can see Ghana being on the list is giving u palpable pains see tears
So Ghana being broke is the reason why Nigeria is not on the list what a shame….!!!

Nigeria is not among first 20 let alone ten

Agbado people no go talk for this one…They’re still standing on his manhood..

Charbliss90:
I work in Nigeria and Benin forget currency strength, Naira is far better than CFA in terms of usefulness

…You’re confused inside the confusion..Your IQ is no better than a goat..

FreeStuffsNG:
Lol at Cedi forming strong. Smh.

Cedi was redenominated in 2007 by knocking off 4 zeroes and since then has lost more than 10 times in value such that 1 new cedi is today equivalent of almost 1 million old cedis.

From 2007 till date, Naira had nearly depreciated by 15 times yet the Ghanaian cedi had depreciated by more than x100,000!

So only ignorant folks will not see the folly of including the Ghanaian cedi on the list. Naira is far worth more! A million cedis in 2007 is now worth about $1 in Ghana whereas a million naira in 2007 is worth about between $600-700 today.

The Ghanaian cedi should not even be on the list in practical terms.

..200 cedis is 19k in Nigeria and you talk about worth?..You’re mad bro…20k cedis is 2m in Nigeria and you talk of worth,Na Ogun go kill you,idiot..

Almunjid:
Lol. No let dem deceive you Ooo. The Nigerian Naira holds more value than the Ghanaian Cedi. Ghana's government revalued their currency by converting 10,000 Cedis to 1 Ghana Cedi, a process that involved removing four zeros from the old currency.

If Nigeria government were to follow suit and remove four zeros from the Naira, it would lead to 1 Naira being equivalent to the current 10,000 Naira. However, this could potentially result in the Naira becoming more valuable than the US Dollar, which might not be a strategically advisable move. Such drastic revaluation measures are typically reserved for countries whose currencies have undergone significant devaluation over time, as was the case with Ghana's Cedi.

Peace!

I was shocked before. Thanks for the update.

Ganjafama:
The APC e-rat called hellinus won't comment in a thread of this nature.

That robot abi bot de very annoying

Naira no follow chaii, even Ghana currency pass our own hmmmm who do us

Almunjid:
Upon reevaluating the list of strongest currencies in Africa, the Ghanaian Cedi should be removed, as the Nigerian Naira holds a stronger value. Ghana's currency has undergone significant changes and devaluation since its introduction. By 2007, even the highest denomination, the 20,000 note, was worth only about 2 dollars.

In 2007, the Ghanaian government introduced a revaluation plan to address the devaluation of the then-existing "new Cedi." The result was the introduction of the "Ghana Cedi" as a replacement currency, with a conversion rate of 1 Ghana Cedi to 10,000 units of the former new Cedi. Essentially, the government only removed four zeros from the old currency, instead of 10,000 cedis it became 1 cedi. This process streamlined the currency system and made transactions more manageable by simplifying large numerical figures. Nevertheless, it has experienced a significant decline since then, losing over 90% of its initial value. Consequently, it is not accurate to list the Ghana Cedi among Africa's strongest currencies.

Peace!

Nigeria too should remove whatever zeros needed and do the same , until then you aren’t making no sense and can’t tell nobody shyt




Peace

I remember one of Buhari campaigns against Jonathan then was that he would strengthen our currencies against dollars. Man came and distabilised the whole thing. In return power to Tinubu, he turned it into stupid reforms. It shows that these guys have nothing to offer. Shioooooor!

That 🦛 helinus and yarimodiot will never jump on this one

Love800:
But Ghana currency is stable against dollar, abi?

In response to current economic reforms under President Tinubu, the federal government of Nigeria devalued the Naira. Despite this, the Naira still holds more value than the Ghanaian Cedi, as 1 Cedi equates to 10,000 units of the old Ghanaian currency. Currently, 1 Cedi is almost worthless in Ghana. In contrast, N100 Naira can buy two to three sachets of water, depending on the location in Nigeria.

Moreover, the Naira has begun to stabilise, maintaining an exchange rate between N1,500 and N1,700 to the US Dollar for several months now. However, the instability of the Cedi is less noticeable than the Naira due to its past revaluation. Last year, the Cedi fluctuated between 14 to 16 Cedis per dollar before reaching 15 Cedis per dollar this year. A 2 Cedi devaluation equals 20,000 of the old currency, which has a more significant impact on Ghanaians' purchasing power than the Naira's devaluation, which typically occurs in the hundreds rather than thousands of its original unit currency.

Shalom!

ribbit:
Currency strength is not about exchange rate to the dollar.


An illiterate from vanguard wrote this list.

Currency power is about purchasing power.

If Nigeria redenomiate it's currency like Ghana did and we removed 00 from 1k.
1usd = 1.50usd

Does that change the purchasing power?

Nigeria purchasing power is very weak, the country imports everything including refine oil that it produce

Ghana? I can't believe that.

Hndrrxxx:
Nigeria too should remove whatever zeros needed and do the same , until then you aren’t making no sense and can’t tell nobody shyt




Peace

Lol. It seems you're a bit skeptical about my submission, I encourage you to conduct your research to confirm my assertion. If the Nigerian government were to follow a similar approach and remove four zeros from the Naira, it would lead to 1 Naira becoming equivalent to the current 10,000 Naira. However, this could potentially result in the Naira becoming more valuable than the US Dollar, which might not be a strategically advisable move.

Moreover, our Naira has not devalued to the extent that such a measure would be necessary. Imagine the impact of revaluing the Naira in such a drastic manner: N10,000 becoming 1 Naira, and N20,000 becoming 2 Naira etc. Purchasing sachet water (pure water) with 1 Naira (formerly worth N10,000) would demonstrate just how severe the devaluation has become!

Shalom!

Alright.

Almunjid:
In response to current economic reforms under President Tinubu, the federal government of Nigeria devalued the Naira. Despite this, the Naira still holds more value than the Ghanaian Cedi, as 1 Cedi equates to 10,000 units of the old Ghanaian currency. Currently, 1 Cedi is almost worthless in Ghana. In contrast, N100 Naira can buy two to three sachets of water, depending on the location in Nigeria.

Moreover, the Naira has begun to stabilise, maintaining an exchange rate between N1,500 and N1,700 to the US Dollar for several months now. However, the instability of the Cedi is less noticeable than the Naira due to its past revaluation. Last year, the Cedi fluctuated between 14 to 16 Cedis per dollar before reaching 15 Cedis per dollar this year. A 2 Cedi devaluation equals 20,000 of the old currency, which has a more significant impact on Ghanaians' purchasing power than the Naira's devaluation, which typically occurs in the hundreds rather than thousands of its original unit currency.

Shalom!

Dzzzz:
..200 cedis is 19k in Nigeria and you talk about worth?..You’re mad bro…20k cedis is 2m in Nigeria and you talk of worth,Na Ogun go kill you,idiot..

Una mumu no be small.. How will they educate you gullible on simple Economics?

armadeo:
I was shocked before. Thanks for the update.

Good you have learn let those small children keep fooling themselves. Go school they won't.

Guestmale:
Some people may be lettered literate but certainly illiterate economically because they are going to be castigating the government without knowledge of how strong economy relate with currency.

China that spend yuan is not on this list,is it because they have weak economy or because dollar that's is at the bottom means America economy is not as strong as that of UAE .

If there are no topics like this from time to time on Nairaland, you will never know the level of ignorance on this platform and the depth of hatred for the country.
But most importantly, the ignorance is staggering.

wiseone28:
Una mumu no be small.. How will they educate you gullible on simple Economics?

Take that Economics and educate your village people.You sound stupid..

wiseone28:
Una mumu no be small.. How will they educate you gullible on simple Economics?

You see all that Economics shit coming out of your mouth,go and feed it to the fools who believe that shit..Are you any better than Business Day who published this eh?..You think it’s Chelsea vs Barca you analyzing..

Anytin wey dem no mention Nigeria put enh, na pure lie.... juju don catch us all

All of you talking about how Naira is valued are all mad…APC morons trying to defend the administrations failure with Economics..Ghana Cedis is more stronger than naira and you talk about value..Nigerians now travel abroad through Ghana just because ticket is cheaper and una Dey talk economics..You’re all mad..

wiseone28:
Una mumu no be small.. How will they educate you gullible on simple Economics?

So Naira has more value than Rand too ba?..

So does Naira have more value than Rand?..

TechBaron:
I have lived in 4 African countries where the XOF (2.5 times the naira) is used as a legal tender.

I earned the equivalent of N1,250,000 monthly...

But damn.. I was always gasping.

In Nigeria, I would have been a mini god in Uyo with a N1.2m salary and have a better life than anyone living in Cotonou, Dakar and Bamako.

The worse part is the ancient way of life, language barrier and terrible food.

Forget.... Nigeria Sweet abeg!

I love Nigeria, Nigeria is sweet if you earn like say 500k to 1M that you say you earn