₦airaland Forum

divineappo:
money can be printed without it causing inflation, its not a rocket science. d money will not be injected into d system/populace. it wont be used to pay salaries. it will be strictly for d purpose of infrastructural development. if d money is used to construct all federal roads in nigeria, how wil constructed roads, standard healthcare facilities, bridges, cctv surveillance technologies in major cities, security facilities for police, helicopters for police & SSS e.t.c. how can these cause inflation. i support d printing of enough money. but there must be mechanisms in place and oversight functions to ensure dat people like orubebe and diezziani does not divert d funds into personal accounts. #shikena

Sometimes, I baffle at some economic theories that are being prescribed for an economy like ours!How can you print Naira money(not dollars ooo...) in an import dependent economy like ours??!!!!!!!

are all the equipment required to build bridges,roads and CCTV technologies,locally available in Nigeria,without importation??If we are to pay contractors in Naira,how would the latter get the equivalent dollar amounts to import?

America and Japan can afford to print money because their currencies are globally traded and accepted.

mazeltov:
diversification is part of the solution not the main solution.

If diversification Is not d main solution, den what is d main solutions? Educate me sir

deltateam:
"You can't get dollars unless you have something to sell''.

What if that naira is exchanged for more dollars outside the country say Benin Republic.

You'll tell me about money laundering? Let's say you exchange the legally required amount and enter bus drop at Lagos. It can be a 3 months operation, the fewer the people the better.
People like FFK shouldn't be part of it cos they have leaking mouths.

Hahahaha LWTMB

Guy. I love your enthusiasm. It shows you're really passionate about Nigeria getting out of this mess.

The truth is that it is not possible. The Naira you print is only useful in Nigeria.

Think of it. What will Benin republic use Naira for?

No one will exchange large quantity of Naira for you outside the country. We are talking about Billions of dollars and trillions of Naira. How many bullion vans will u carry.

Also the more Naira outside the country, the less valuable the Naira is.

scofieldsimba:
The money won't be used to pay salaries na...

But would be used to pay labourers' wage, buy goods and pay management? Is the wage not salary to the labourer? Would the profits realised from the sale of equipment not amount to income?

yhemsy62:
If diversification Is not d main solution, den what is d main solutions? Educate me sir

lol. Well my opinion is this. Effective management of resources and blockage and reduction of financial wastage. Even if we divert and there is no coordinated financial management, our problem will still persist. A man that is earning N50,000 per month may be successful than a man earning N300,000 per month. That's why I said diversification is part not the main solution. Even if all what i have said are wrong, one thing that we cnt argue is that there is glowing financial misappropriation in our country

divineappo:
money can be printed without it causing inflation, its not a rocket science. d money will not be injected into d system/populace. it wont be used to pay salaries. it will be strictly for d purpose of infrastructural development. if d money is used to construct all federal roads in nigeria, how wil constructed roads, standard healthcare facilities, bridges, cctv surveillance technologies in major cities, security facilities for police, helicopters for police & SSS e.t.c. how can these cause inflation. i support d printing of enough money. but there must be mechanisms in place and oversight functions to ensure dat people like orubebe and diezziani does not divert d funds into personal accounts. #shikena

Once money is printed there would be inflation, even if its used to build infrastructure, since the money eventually goes into the circulation. Abi u no go pay the contractors, workers, people you import the materials from, or buy from ... Etc

the one that gives me concern is the way our polymer notes are being condemned by bus drivers, taxi drivers, petty traders and consumers or citizens. they just split it into two or more when they confirm it has a tear, I begin to wonder how the CBN will get to recover those notes, mind you if you do the math which I locally do, if one million people condemn a twenty naira note it amounts to twenty million naira in a day and if they do this everyday you need to do the maths yourself, and if CBN doesn't have a back up plan to recover those notes it means our economy will be sliding from there as well...... I used this thoughts to run my hourglass and hmmmmm Nigeria we have a lot to do for our economy to grow it is not only diversifying, we need to protect our notes, protect our micro financial institutions and so on. but my point is still on the polymer notes and it's reincarnation or recycling process, if it doesn't have, then my common sense has told me that we are doomed, because the moment a one thousand naira note breaks down to the polymer its not going up again........simple

3kay945:
What if the money is mainly use for infrastructures. ?
What if money is printed to build power plants? How will it affect the above you stated, having it in mind that either we print or not, we still going to import the material needed.

this is our problem..we have everything in nigeria already to do anything we want......we like too much to admire western-nations.......if you dont have apples,then you eat bananas,this fill your stomach too...the same with workers,we have a lot of nigerian-engineers,but we will still hire foreign-engineers....we have too little self-confidence...

good example is cars.....as innoson motors started,i thought nigerians would only buy innoson cars now,,pahhh,,,forget it,wishful thinking..

what paind me most is our yeye celebrities...accept make them be a good example and buy nigerian made cars,they still dey buy very expensive foreighn cars.....

me,i dont have respect whatsoever for our celebrities...very stvpid he-basttards and she-basttards....

buzquet:
Inflation

so is there no inflation now?

scofieldsimba:
I just want to know if it is right for our Central bank to print more monies in order to heal our wounded economy..


We are deficit infrastructural. I think it won't be a bad idea if there is a special fund created by CBN to build roads,improve power, improve health care, and create more industries..

I heard most countries at some point in time had to resort to this....

Seasoned economics in the House, I need your contributions..

This is how d APC tries to hoodwink Nigerians by misleading people. Printing more naira equals devaluation but since majority of d populace dont know dis they might be deceived to support this. Bunch of lying bastards

scofieldsimba:
The money won't be used to pay salaries na...

But even USA and other developed coutries tried it and it worked...

I remember one article by BAT on this same issue.
The point is our economy is going down and I just feel we need urgent steps else......

my guess is dat u really hated economics, commerce, and government while in school.

I also guess u studied CRK or IRK in university.
I have no other comment because educating u will take too much time. Just suffice it to say it does not work d way u think

mazeltov:
A dwindling economy is different from scarcity of money. They are two different things which requires different approah.
So which one do you want to solve.?
The man has given you the best and the most suitable answer, simply INFLATION . In fact, the little money you have in your bank account is still relevant and useful till today because we are able to keep inflattion down at the lowest possible rate but I won't tell you the effect if inflation it is high and galloping.

You mean America printed more money? Lolzz. It's fat lie. An economic giant like America can never try that. It defies the rules of economics. You don't print more money to solve the problem of scarcity of money.
You don't add salt to a food that is already salty

U really tried to explain to the OP, in terms which even a toddler will understand, the implications of the rubbish he is suggest.
More grease to ur elbow. I am so speechless that I. Any start educating him. I would have started from the abc of economics

Federalism- All states should fend for themselves using what they have. That's the only way out. This will reduce importation as Nigerians will be forced to industrialize, This will also lead to the growth of more cities and take pressure off the capital and Lagos and will also improve patriotism.

And since the Nigerian entertainment industry is banging right now and is worth over 100 billon dollars, the government needs to take advantage and tap into it. I don't know what they ve been waiting for and why thy haven't done this yet, this should even be considered before agriculture. They can invest in it and take the industry to mars making Nigeria more attractive to foreigners same way the US is. It won't take much cos the entertainment industry is already up there. And these celebs should be stopped from spending unnecessarily abroad. They should be stopped especially from shooting videos abroad enriching other countries. South Africans don't come here to shoot. If you shoot ur videos abroad sell it there. Or pay tax to play it here. And the affairs of MTN and Multichoice should n the likes should be looked into, these companies are not Nigerian. We must always remember this. Time for play is over, this is a desperate situation, desperate measures must be implied. Days of crude oil spoils are gone, we need to start acting like a proper nation or Nigeria will become a jungle in coming years.

mazeltov:
A dwindling economy is different from scarcity of money. They are two different things which requires different approah.
So which one do you want to solve.?
The man has given you the best and the most suitable answer, simply INFLATION . In fact, the little money you have in your bank account is still relevant and useful till today because we are able to keep inflattion down at the lowest possible rate but I won't tell you the effect if inflation it is high and galloping.

You mean America printed more money? Lolzz. It's fat lie. An economic giant like America can never try that. It defies the rules of economics. You don't print more money to solve the problem of scarcity of money.
You don't add salt to a food that is already salty

hmm bross...what he is saying is that the money should be used for infrastructure only... And nothing like salary or kiniko.. And by the way.... America did it.... Read the rise of the wild west.... Altho it affected them but they somehow regained balance during the 2nd world War... E no bad if we use the money buy robots to build ooh..

TheMascot:
hmm bross...what he is saying is that the money should be used for infrastructure only... And nothing like salary or kiniko.. And by the way.... America did it.... Read the rise of the wild west.... Altho it affected them but they somehow regained balance during the 2nd world War... E no bad if we use the money buy robots to build ooh..

many people have mentioned me, finding faults in my post, some even insulted me but I chose not to reply back. I further explained what I meant on the Page 2 of this page.

When they say America prints more money to pay off its debt, it does not mean a physical printing of money. This is what I rejected. Well, Some economic terms could be very confusing anyway.
America as a big economy has attained the level advanced internet banking.
While money is created electronically, not by printing, yes printing is a reasonable
analogy for what happens. The important thing to keep in mind is that the U.S. Federal Reserve's books are always balanced and to
put more money into circulation, they buy up US government debt. Cash is a liability for the Federal Reserve, while the bonds they hold are an asset, and the two sides balance. The end result is that the price of government
debt (the inverse of interest rates) goes up or down in response to the Federal Reserve's actions and generally, when a foreign individual or government wants to hold U.S. Dollars, they don't just hold cash or put it in a checking
account somewhere. Cash pays nothing, so instead they loan the money back to the US government and hold US bonds. By lowering interest rates, the Fed makes dollars less attractive to foreigners, encouraging them
to hold something other than dollar- denominated debt, which causes the dollar to lose value. Since US debt is denominated
in dollars, this doesn't change the dollar amount owed on debt.Well, I may be wrong but Economics 101 says that printing more
oney is a short-term fix to a financial problems and downside to doing it is inflation. The more money there is in
circulation, the less value a dollar has. The issue of monetry policy and its economic effect are complicated. This is the little I
know.

scofieldsimba:
The money won't be used to pay salaries na...

But even USA and other developed coutries tried it and it worked...

I remember one article by BAT on this same issue.
The point is our economy is going down and I just feel we need urgent steps else......

Excellent idea as long as it's for infractural development purpose, but USA and world Bank will be the first to shout inflation while in actual sense that's what they do. US pays all their citizens stipends still there's no inflation but let our own govt just increase workers salary and you will see them through their agencies (world Bank and imf shouting inflation, it's about time Nigeria ignore them and be to Asia what China is.

jeffizy:
[color=#004400] It's nice to raise your concern.
But printing more money will lead to inflation. [/color]

They ve been printing more money before you were born , how dyu think we have the mints you see around, thats what cbns are for to print new money and manage inflation.

NaijaTalkTown:
I think the OP made sense. Some people are screaming inflation without even analysing what the OP said.
Anyways, it is true that Nigeria's infrastructure is poor just like it is in most African countries. Printing about 1.60% money above normal rate(or 1.60% of GDP) to develop the infrastructure of the country cannot cause any serious effect to the economy in the immediate future, and the better the economy is managed, the fewer the chances that it would even affect our economy at all in the long run.

You are joking right?

Most of the products that would be used to close the infrastructural deficit in Nigeria, are they produced in Nigeria? No! If you print 1.60 above normal rate, you will still have to change that naira to dollars (or other international currencies) to purchase the machinery, arrange the manpower (because let us be sincere, no Nigerian construction company can manage such a gargantuan project of closing the infrastructural deficit across Nigeria at once) as well as other implements that would be used to close the infrastructural gap.

Considering that the Nigerian economy depends on oil receipts for as much as 95% of its forex needs, and juxtaposing it witrh the recent slump in oil prices for about ear now, the supply of that critical forex has reduced. Now imagine that extra 1.60% in circulation chasing an already depleting forex reserves? Your answer is good as mine.

To all, i know this argument is a multi dimensional one, i have just provided one angle to it, and others can follow suit. Thank you.

P.S. I just became an economics graduate last week. E still dey shack me

GoodGovernance:
Sometimes, I baffle at some economic theories that are being prescribed for an economy like ours!How can you print Naira money(not dollars ooo...) in an import dependent economy like ours??!!!!!!!

are all the equipment required to build bridges,roads and CCTV technologies,locally available in Nigeria,without importation??If we are to pay contractors in Naira,how would the latter get the equivalent dollar amounts to import?

America and Japan can afford to print money because their currencies are globally traded and accepted.

I wonder o! Some people self!!

NellyGhenghen:
Federalism- All states should fend for themselves using what they have. That's the only way out. This will reduce importation as Nigerians will be forced to industrialize, This will also lead to the growth of more cities and take pressure off the capital and Lagos and will also improve patriotism.

And since the Nigerian entertainment industry is banging right now and is worth over 100 billon dollars, the government needs to take advantage and tap into it. I don't know what they ve been waiting for and why thy haven't done this yet, this should even be considered before agriculture. They can invest in it and take the industry to mars making Nigeria more attractive to foreigners same way the US is. It won't take much cos the entertainment industry is already up there. And these celebs should be stopped from spending unnecessarily abroad. They should be stopped especially from shooting videos abroad enriching other countries. South Africans don't come here to shoot. If you shoot ur videos abroad sell it there. Or pay tax to play it here. And the affairs of MTN and Multichoice should n the likes should be looked into, these companies are not Nigerian. We must always remember this. Time for play is over, this is a desperate situation, desperate measures must be implied. Days of crude oil spoils are gone, we need to start acting like a proper nation or Nigeria will become a jungle in coming years.

That talk about forcing Nigerian celebs to shoot videos in Nigeria is not possible,. We are in a democracy, and anyone can do what he or she wants, as long as it is not illegal. American artistes shoot their videos anywhere they want without being sanctioned for it. What we should advocate for is that these celebs should pay their dues to the Nigerian coffers, simple and short.

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