₦airaland Forum

800 cedis is roughly 80 thousand naira...

I'm I missing something here?🤷

The Nigerian guy be Mumu. Ghana cedis remains the same like it was 20 years ago. The only difference between then and now is just that the government of Ghana decided to save the cedis from disgrace by striking out 4 zeros out of it. Which means 10,000 cedis becomes 1cedis. Not that the money became stronger.

So the guy that changed 600 cedis to naira and was rejoicing and disgracing the Naira changed 6,000,000 cedis. ( 6 million Cedis)
E shock you?
E shock me too
Yes! 6million cedis.

All you have to do is to add four zeros back to every amount of cedis and you'll get the exact value. Cedis is one of the worst currencies of the world. And it still remains so.

It is a mind game just to save Cedis from the shame it was facing from severe inflation.

Nigeria was debating to do the same about 15 years ago and the then, CBN Governor and some economists advised the government not to do so.
People should get educated.

If Nigerian government does same that means if you hold 100,000 naira it will be 10 naira you are holding but the purchasing power remains the same

Check the photo below. Ask Google and you will be educated

The guy can lie for Africa…. Come and cee dis guy ooo!!!

Richtaiwo:
Contrary to the drama he’s trying to stage, nothing, absolutely nothing, is easy anywhere in the world. Life is not a roadside promo where currencies are exchanged with vibes and confidence.

So, since he’s proudly waving that bundle of naira and announcing it equals 800 cedis, perhaps he should also enlighten us, how long did it take him to earn it? Or is he implying that the same sweat that coughs out N800 in Nigeria will magically summon 800 cedis in Ghana?

Yes, a thousand dollars today is roughly N1.5 million. Very impressive. But let’s not insult basic reasoning, is the effort required to earn N1,000 the same effort needed to earn $1,000? Is it equally likely that someone will casually gift you N1,000 the same way an American will casually gift you $1,000? If that were true, birthdays in Lagos would look like Wall Street bonuses.

We constantly hear of people earning $2,500–$3,000 monthly abroad. Fair enough. But has anyone ever heard of someone in US, same job category, same skill level as Nigeria, earning $300,000 monthly in the US? If yes, please provide evidence, not vibes.

Yes, the naira is weak. Nobody is disputing that. But turning every exchange rate comparison into a circus act is unnecessary exaggeration. Currency value is not a comedy skit, and economics is not impressed by social media mockery. Let’s tone down the theatrics and apply a little sense, just a little.

Meanwhile, Ghana redominated its currency not quite long ago. I know most don't even understand what that means.

You invested so much energy in writing rubbish

Richtaiwo:
Care to know the meaning of redomination? Ghana did that not quite long ago. Check that out and know who dey cap rubbish.

Why you leave your analysis of Naira-to dollar? You see now how leaving naira-cedis conversation, go dey analyze dollar wey you no no about be?

Peace ✌🏿

Dreal1247:
When the head is valueless, every other part of the body automatically be comes valueless. We need to go back to the drawing board and upgrade the value of the Nigerian Naira.

If u re not intelligent u re not intelligent

Chai. Did we really Cedis coming ?

Richtaiwo:
Contrary to the drama he’s trying to stage, nothing, absolutely nothing, is easy anywhere in the world. Life is not a roadside promo where currencies are exchanged with vibes and confidence.

So, since he’s proudly waving that bundle of naira and announcing it equals 800 cedis, perhaps he should also enlighten us, how long did it take him to earn it? Or is he implying that the same sweat that coughs out N800 in Nigeria will magically summon 800 cedis in Ghana?

Yes, a thousand dollars today is roughly N1.5 million. Very impressive. But let’s not insult basic reasoning, is the effort required to earn N1,000 the same effort needed to earn $1,000? Is it equally likely that someone will casually gift you N1,000 the same way an American will casually gift you $1,000? If that were true, birthdays in Lagos would look like Wall Street bonuses.

We constantly hear of people earning $2,500–$3,000 monthly abroad. Fair enough. But has anyone ever heard of someone in US, same job category, same skill level as Nigeria, earning $300,000 monthly in the US? If yes, please provide evidence, not vibes.

Yes, the naira is weak. Nobody is disputing that. But turning every exchange rate comparison into a circus act is unnecessary exaggeration. Currency value is not a comedy skit, and economics is not impressed by social media mockery. Let’s tone down the theatrics and apply a little sense, just a little.

Meanwhile, Ghana redominated its currency not quite long ago. I know most don't even understand what that means.

Many of our people don't travel. Many of the ones that travel don't seize it as an opportunity to educate themselves.

What Ghana did to their currency is same thing Sierra Leone did. They simply debased (if that's the right term) their currency.

It's like Nigeria dividing our current money by a thousand so a dollar will be 1.45 naira instead of 1,4500 naira. And minimum wage becomes 70 naira instead of of 70k. And a litre of fuel becomes 77kobo instead 770 naira.

To the naive, the naira may seem to gain value. But in reality, a teacher must still work for a full month to earn 70 naira. And that 70naira will still be 101.5 dollars.

So nothing special. The only advantage is the ease of calculation.

njokuuche77:
Let’s be factual and not emotional. Ghana’s currency situation is often misunderstood. Ghana redenominated its currency in 2007 (₵10,000 old Ghana cedis became ₵1 new Ghana cedis), which reduced note volume but did not magically make the economy stronger. What matters is the purchasing power and macro-economic stability, not how many notes you hold.

Nigeria, on the other hand, did not redenominate the naira, and combined with heavy import dependence, FX shortages, inflation, and weak productivity, the naira has lost significant value over time. That’s why you see large bundles of cash that buy less in real terms.

In practical terms, Ghana’s economy is smaller than Nigeria’s, but it has benefited from relatively better fiscal discipline, clearer monetary signaling, and export diversification (gold, cocoa, oil). Nigeria’s economy is larger but structurally weaker due to over-reliance on oil, low industrial output, and FX mismanagement.

So this video is not a victory. It’s a reminder that currency strength is about confidence, production, and policy, not bundle size.

You started your defence well until reality forced you to state the obvious..A more larger economy with no discipline and relative stability..so from your own assertion, which country is better managed, Ghana or Nigeria? And who is to blame for the continuous mismanagement, the leaders of the the citizens? Offcourse it's the citizens comprising of fake patriots like you that always make excuses for the bunch of failures you put you into a precarious economic situation , while you can't say the truth cos you are being paid stipends that can not get you a bag of rice

Dreal1247:
When the head is valueless, every other part of the body automatically be comes valueless. We need to go back to the drawing board and upgrade the value of the Nigerian Naira.

Hahahahaha... illiteracy is very bad...do you know the exact work you will put to get 800 cedis, is also the same exact work you will put to earn that bundles of naira ? ...oga the value and effort ratio does not change... it is only the name that change...ask Ghanaians what kind of work will pay you 800 cedis, by then, you Will know is just name

It's high time we take Economics studies very serious in our basic high schools curriculum.
He would have understood the terms of purchasing power.

kaltonga:
You started your defence well until reality forced you to state the obvious..A more larger economy with no discipline and relative stability..so from your own assertion, which country is better managed, Ghana or Nigeria? And who is to blame for the continuous mismanagement, the leaders of the the citizens? Offcourse it's the citizens comprising of fake patriots like you that always make excuses for the bunch of failures you put you into a precarious economic situation , while you can't say the truth cos you are being paid stipends that can not get you a bag of rice

You’re conflating explanation with defence. Explaining why something is happening is not the same as justifying it. I never argued that Nigeria is better managed than Ghana; in fact, I explicitly pointed out Nigeria’s structural weaknesses and policy failures.

On management, Ghana has shown relatively better fiscal discipline at different points, while Nigeria has struggled with consistency, FX management, and productivity. That’s a policy issue, not a patriotism issue.

Blaming citizens wholesale or accusing critics of being paid avoids the real conversation. Economies don’t fail because people explain facts; they fail because of poor policy choices, weak institutions, and lack of accountability at leadership level.

We can criticize mismanagement without reducing serious economic discussions to insults. If you want to debate policy and data, I’m open. If not, let’s keep it respectful.

Stephen0mozzy:
Even in analysis of earning power against purchasing power, the naira is STILL useless. Let's call a spade a spade. Make una no dey formm rubbhesh patriot.

The dollar you're talking about, at an average of $17/hr; that 17dollars can get you a decent lunch or some groceries ( so you can work one 8hr-day and and be able to feed yourself for almost 4 days - in Nigeria, at minimum wage of #70k (#2,500 per day, roughly #300 per hour - #300 can only buy you two coaster biscuits of 4pieces each).

So if you're calculating, be detailed.

Please educate the patriotic illiterates ..This bunch of Nigerians are worst than the Political class, JESUS!

Stupidity of the highest order. Hatest of government are busy applauding the ignorance being displayed by the skit maker. The purchasing power of that N106k in Nigeria is far higher than the purchasing power of that 800 Ghana cedis in Ghana. Ghanaian are everywhere in Nigeria, working in hotels and informal sector, sending money to their people in Ghana. Nigerian economy is far more buoyant and resilient than that of Ghana.

Richtaiwo:
Contrary to the drama he’s trying to stage, nothing, absolutely nothing, is easy anywhere in the world. Life is not a roadside promo where currencies are exchanged with vibes and confidence.

So, since he’s proudly waving that bundle of naira and announcing it equals 800 cedis, perhaps he should also enlighten us, how long did it take him to earn it? Or is he implying that the same sweat that coughs out N800 in Nigeria will magically summon 800 cedis in Ghana?

Yes, a thousand dollars today is roughly N1.5 million. Very impressive. But let’s not insult basic reasoning, is the effort required to earn N1,000 the same effort needed to earn $1,000? Is it equally likely that someone will casually gift you N1,000 the same way an American will casually gift you $1,000? If that were true, birthdays in Lagos would look like Wall Street bonuses.

We constantly hear of people earning $2,500–$3,000 monthly abroad. Fair enough. But has anyone ever heard of someone in US, same job category, same skill level as Nigeria, earning $300,000 monthly in the US? If yes, please provide evidence, not vibes.

Yes, the naira is weak. Nobody is disputing that. But turning every exchange rate comparison into a circus act is unnecessary exaggeration. Currency value is not a comedy skit, and economics is not impressed by social media mockery. Let’s tone down the theatrics and apply a little sense, just a little.

Meanwhile, Ghana redominated its currency not quite long ago. I know most don't even understand what that means.

You are grossly ignorant on your take about the dollar , naira . No need engaging you

I dont see the sense in what you are saying.

I live and work in Ontario, Canada and I make $35 and hour and yes, I dont do same job i used to do in Nigeria but when I was doing general labour job, I was earning more than a doctor in Nigeria. I simply dont understand what you are trying to say. Nigeria has depleted, the economy is in shambles. You buy a kilo of chicken at much higher price than I do here and yet you dont see the reason to blame those mismanagement your economy. You want to reduce these into comparison. Comparing what? Your currency is becoming toilet paper than even CFA is higher than Naira and you are here defending the defenseless. Someone like you will be among those asking Tinubu to remain.

Richtaiwo:
Contrary to the drama he’s trying to stage, nothing, absolutely nothing, is easy anywhere in the world. Life is not a roadside promo where currencies are exchanged with vibes and confidence.

So, since he’s proudly waving that bundle of naira and announcing it equals 800 cedis, perhaps he should also enlighten us, how long did it take him to earn it? Or is he implying that the same sweat that coughs out N800 in Nigeria will magically summon 800 cedis in Ghana?

Yes, a thousand dollars today is roughly N1.5 million. Very impressive. But let’s not insult basic reasoning, is the effort required to earn N1,000 the same effort needed to earn $1,000? Is it equally likely that someone will casually gift you N1,000 the same way an American will casually gift you $1,000? If that were true, birthdays in Lagos would look like Wall Street bonuses.

We constantly hear of people earning $2,500–$3,000 monthly abroad. Fair enough. But has anyone ever heard of someone in US, same job category, same skill level as Nigeria, earning $300,000 monthly in the US? If yes, please provide evidence, not vibes.

Yes, the naira is weak. Nobody is disputing that. But turning every exchange rate comparison into a circus act is unnecessary exaggeration. Currency value is not a comedy skit, and economics is not impressed by social media mockery. Let’s tone down the theatrics and apply a little sense, just a little.

Meanwhile, Ghana redominated its currency not quite long ago. I know most don't even understand what that means.

Dreal1247:
When the head is valueless, every other part of the body automatically be comes valueless. We need to go back to the drawing board and upgrade the value of the Nigerian Naira.

The 800 Cedis that they removed many 000. That 800 is actually 800,000. Nigeria can make our 1,000 become #10. In all of these it doesn't add any value to the economy.

Devaluation has pros and cons.

Relative to the dollar, how much is:
One Japanese yen?
One Italian lira?
Indian rupy?
Chinese currency?

Does it mean that all these economies are weak?

Jakarta:
Not surprised, when official exchange rate is #133 to 1 Ghanaian cedi. No be our disgraced country of concern again? Nothing dey surprise me again.

Actual value is #133 to 1000 Cedis. They removed zeros without value. Nigeria can do the same but it's meaningless.

Lies.

800 cedis is not more than 120,000

Incognito403:
Many of our people don't travel. Many of the ones that travel don't seize it as an opportunity to educate themselves.

What Ghana did to their currency is same thing Sierra Leone did. They simply debased (if that's the right term) their currency.

It's like Nigeria dividing our current money by a thousand so a dollar will be 1.45 naira instead of 1,4500 naira. And minimum wage becomes 70 naira instead of of 70k. And a litre of fuel becomes 77kobo instead 770 naira.

To the naive, the naira may seem to gain value. But in reality, a teacher must still work for a full month to earn 70 naira. And that 70naira will still be 101.5 dollars.

So nothing special. The only advantage is the ease of calculation.

Now why did Nigeria devalue its currency in the first place? And the Ghanaian rebasing their currency based on your explanations here , does it make any economic sense?if yes, what and what and if No, who is fooling who ?

800 Cedis simply means 8000 000 Cedis in real term. Shikena. Hope you all get it. And if you don't get it, forget about it. EOD.

njokuuche77:
Let’s be factual and not emotional. Ghana’s currency situation is often misunderstood. Ghana redenominated its currency in 2007 (₵10,000 old Ghana cedis became ₵1 new Ghana cedis), which reduced note volume but did not magically make the economy stronger. What matters is the purchasing power and macro-economic stability, not how many notes you hold.

Nigeria, on the other hand, did not redenominate the naira, and combined with heavy import dependence, FX shortages, inflation, and weak productivity, the naira has lost significant value over time. That’s why you see large bundles of cash that buy less in real terms.

In practical terms, Ghana’s economy is smaller than Nigeria’s, but it has benefited from relatively better fiscal discipline, clearer monetary signaling, and export diversification (gold, cocoa, oil). Nigeria’s economy is larger but structurally weaker due to over-reliance on oil, low industrial output, and FX mismanagement.

So this video is not a victory. It’s a reminder that currency strength is about confidence, production, and policy, not bundle size.

No evidence.
I swear, you go explain tire.

Accept it thematic tinubu buried our economy.

Vision101:
Actual value is #133 to 1000 Cedis. They removed zeros without value. Nigeria can do the same but it's meaningless.

Way you fly lost from my mention. Folks like you are the problems of this country. Given our vast natural resources and human capital, should we be comparing anything with Ghana? So if they ask you what is the exchange rate for NGN - GHS you will say it is ₦133 - 1000GHS? A failure will never run out of excuses.

silibaba:
No evidence.
I swear, you go explain tire.

Accept it thematic tinubu buried our economy.

Saying no evidence doesn’t make evidence disappear. Inflation, FX volatility, fuel subsidy removal shocks, and policy inconsistency are documented realities, before and after Tinubu. One administration didn’t bury the economy; decades of structural weaknesses did.

That said, Tinubu’s policies have clearly worsened short-term pain due to poor sequencing and weak buffers. Acknowledging history doesn’t absolve the present, but blaming everything on one man also avoids serious analysis.

Princelumide:
The guy can lie for Africa…. Come and cee dis guy ooo!!!

And that 800 cedis is 8million cedis in the original value. Just add four zeros that their Central Bank struck out of cedis back and Gbam! Yould get the original value.
The government did that to make movement of money easy. That guy would have carried loads of cedis notes. He would have needed a whil-barrow.

So the guy changed 8 million cedis to 100,624naira not 800 cedis.
So which currency is stronger.

So,If Nigerian government decides to strike four zeros off naira too. That means the fake 800 cedis would be new Nigerian naira= 10naira.

Hogwash jubilation...... That's 800,000 Cedis.

He who knows what's up won't fall for this fraudulent currency manipulations sponsored by federal government of Ghana.

I am sure the guy is an obidient! That's the same way Obi reasons. This is an example of the difference between a first class accountant and a 3rd class philosophy graduate. That guy will completely crash Nigerias economy in 6months if given the power. Thank God we dodged a bullet.

njokuuche77:
Saying no evidence doesn’t make evidence disappear. Inflation, FX volatility, fuel subsidy removal shocks, and policy inconsistency are documented realities, before and after Tinubu. One administration didn’t bury the economy; decades of structural weaknesses did.

That said, Tinubu’s policies have clearly worsened short-term pain due to poor sequencing and weak buffers. Acknowledging history doesn’t absolve the present, but blaming everything on one man also avoids serious analysis.

In tinubu voice:
Shey na statistics we go chop?

Emilocorn hun ba anikiachime 🤣😅😁

Richtaiwo:
Contrary to the drama he’s trying to stage, nothing, absolutely nothing, is easy anywhere in the world. Life is not a roadside promo where currencies are exchanged with vibes and confidence.

So, since he’s proudly waving that bundle of naira and announcing it equals 800 cedis, perhaps he should also enlighten us, how long did it take him to earn it? Or is he implying that the same sweat that coughs out N800 in Nigeria will magically summon 800 cedis in Ghana?

Yes, a thousand dollars today is roughly N1.5 million. Very impressive. But let’s not insult basic reasoning, is the effort required to earn N1,000 the same effort needed to earn $1,000? Is it equally likely that someone will casually gift you N1,000 the same way an American will casually gift you $1,000? If that were true, birthdays in Lagos would look like Wall Street bonuses.

We constantly hear of people earning $2,500–$3,000 monthly abroad. Fair enough. But has anyone ever heard of someone in US, same job category, same skill level as Nigeria, earning $300,000 monthly in the US? If yes, please provide evidence, not vibes.

Yes, the naira is weak. Nobody is disputing that. But turning every exchange rate comparison into a circus act is unnecessary exaggeration. Currency value is not a comedy skit, and economics is not impressed by social media mockery. Let’s tone down the theatrics and apply a little sense, just a little.

Meanwhile, Ghana redominated its currency not quite long ago. I know most don't even understand what that means.

while I agree with you that it requires more effort to earn $1000 than to ear 1000 naira, but I would to point out that it is relatively easier to earn a thousand dollars than it is to earn 1.5ish million.a Starbuck worker or burger king worker earns between 12 to 15 dollars an hour. That give about 70 to 75 dos per day ( on a 5 hour workday), so in 20 days people can ear about $1500 just flipping burger (one of the lowest jobs in the USA) but here in Nigeria there are top civil servants and middle management workers who don't earn 1 million naira in 3 months.