Solution To The Continuous Fall In Naira - Politics (2) - Nairaland
Nairaland Forum › Nairaland General › Politics › Solution To The Continuous Fall In Naira (4361 Views)
| Re: Solution To The Continuous Fall In Naira by Nobody: 5:10am On Nov 19, 2014 |
If you got money in bank use it to buy an asset that does not depreciate |
| Re: Solution To The Continuous Fall In Naira by Nobody: 7:50am On Nov 19, 2014 |
acenazt:I like ur idea. I would prefer the N100 or N200 note as the highest denomination. However, I don't think Nigerians appreciate coins; so I think they should be phased out completely |
| Re: Solution To The Continuous Fall In Naira by acenazt: 7:56am On Nov 19, 2014 |
CFCfan:True but with the coins in use,the prices of commodities has to be reduced, there by raising the buying power of the naira. |
| Re: Solution To The Continuous Fall In Naira by BlackTechnology: 7:59am On Nov 19, 2014 |
If you are talking of Naira to Dollar You should know that our major source of dollar notes which is oil is experiencing a low demand. So the best thing to do is to prevent a depletion in foreign reserve since we pay our import products in dollars The best solutions are 1) Diversify our export trade so as a maintain new inflow of dollar notes 2) Establish industries whose products we import in order to reduce the demand for imported goods which drain our dollar reserve. Eg Electronics Mechanical products are major products we import. |
| Re: Solution To The Continuous Fall In Naira by Nobody: 8:03am On Nov 19, 2014 |
acenazt:Yes, the general price level would be lower. A N1 and/or N5 coin won't be a bad idea too. But will Nigerians accept coins like the Americans accept cents? |
| Re: Solution To The Continuous Fall In Naira by acenazt: 8:13am On Nov 19, 2014 |
CFCfan:The CBN should enforce its use,they have been Lax about it. From 1-10 naira should be in coins. |
| Re: Solution To The Continuous Fall In Naira by gnykelly(m): 8:20am On Nov 19, 2014 |
CFCfan:what can those denominations buy. even 5 naira i s becoming useless. can you tell us what 5 naira can buy this day. |
| Re: Solution To The Continuous Fall In Naira by Nobody: 8:25am On Nov 19, 2014 |
gnykelly:You mean N5 can't buy biscuit in Naija? |
| Re: Solution To The Continuous Fall In Naira by Nobody: 8:26am On Nov 19, 2014 |
acenazt:N10 as a coin could be too extreme. As a result most traders could jack up their prices to N20. |
| Re: Solution To The Continuous Fall In Naira by otokx(m): 8:37am On Nov 19, 2014 |
CFCfan:Can't buy biscuit or pure water in Port Harcourt |
| Re: Solution To The Continuous Fall In Naira by Nobody: 8:40am On Nov 19, 2014 |
| Re: Solution To The Continuous Fall In Naira by Orunto: 8:52am On Nov 19, 2014 |
When you succeed in driving away this senseless insurgency, called bokoharam and effectively warn its sponsors, Naira Currency will gain confidence. No money in war, it's all borrowings, No war more money to enjoy. When in war, you are fighting, so you cant enjoy but when you are enjoying, money in your pocket gain confidence and become more controllable by you to enjoy more. THE FALL OF NAIRA IS A DIRECT RESULT OF BOKOHARAM INSURGENCY, APC, BUHARI & CO. SPONSORING IT, THEREBY FORCING GEJ TO BORROW ONE BILLION US DOLLARS ON BEHALF OF NIGERIA TO FIGHT BACK BOKOHARAM AND ITS SPONSORS. |
| Re: Solution To The Continuous Fall In Naira by acenazt: 8:57am On Nov 19, 2014 |
CFCfan:they can't do that if the CBN imposes an effective monetary Policy. |
| Re: Solution To The Continuous Fall In Naira by acenazt: 8:58am On Nov 19, 2014 |
Orunto:Another GEJ tribal Bigot speaking |
| Re: Solution To The Continuous Fall In Naira by Nobody: 9:02am On Nov 19, 2014 |
acenazt:I remember Soludo wanted to make the N20 note the highest denomination in 2009, but that plan was prematurely scuttled by the powers that be. Though I think reverting to N20 as the top deno was a tad too radical. |
| Re: Solution To The Continuous Fall In Naira by acenazt: 9:04am On Nov 19, 2014 |
CFCfan:yes but if that step was taken,the Naira would have been powerful |
| Re: Solution To The Continuous Fall In Naira by walemoney007(m): 10:30am On Nov 19, 2014 |
gnykelly:5naira can buy pure water. |
| Re: Solution To The Continuous Fall In Naira by gnykelly(m): 10:47am On Nov 19, 2014 |
walemoney007:pure water cost 10 naira in all market in Lagos but five naira in in street. how many tangible product can 5naira buy. when you talk about value. it should be able to buy tangible things. check numbeo.com check the price of 1 liter of milk in Illinois state of USA. it is 0.92$ that is real value I'm talking about. the coins can buy real things not biscuits that has no nutritional value. thanks |
| Re: Solution To The Continuous Fall In Naira by gnykelly(m): 10:58am On Nov 19, 2014 |
CFCfan:CFCfan currency don't work like that the idea was a lofty one. we call it redecimalization that is knocking off two zero from all our currency. the value of 1000 naira will be on 10naira. that will only achieve carrying less bulky notes in your wallet. but the real value or buying power is the same. |
| Re: Solution To The Continuous Fall In Naira by Nobody: 2:45pm On Nov 19, 2014 |
[size=25pt]Important Public Service announcement:[/size] |
| Re: Solution To The Continuous Fall In Naira by Horus(m): 2:56pm On Nov 19, 2014 |
https://www.youtube.com/watch?v=vASfy1zZzD0 [size=15pt]Nigerian Central Bank Intervenes to Save the Naira[/size] Nigeria might be backed into a corner and compelled to devalue the Naira, as the currency remains weak against the US dollar and other major world currencies. With a consistently dwindling supply of foreign exchange reserves - which are now at their lowest since October 2012 - experts say the Central Bank of Nigeria has no low-hanging fruit left in its efforts to defend the naira and maintain price stability. |
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