₦airaland Forum

At this critical economics situation in Nigeria, any office holder performed bellow expectation must be fired, Emefiele is biased, he give full support to the traders which squandered the mediocre income of poor, and also lead to the depreciation of Naira all blame on inflation! if the CBN sided the traders(sellers) upon the buyers then CBN is intentional killing ₦aira. Rule of market stated that,the seller protected the value of commodities while the buyer protected the value of money(₦) CBN is the referee! why CBN backing the traders upon the consumer?:

At 21st century Nigerian is still yet to know how monetary system function, in the market trade is in all form of arrangement in transactions, although in any sound economics nation, transaction done to the nearest centimes, the buyer negotiates to the smallest amount he preferred the goods worth, and the seller bid for the highest price possible! when they get to the acceptable price, then that's the price of the goods and also the real value of the money paid!
To let this work,the money used in transaction must be in the smallest denomination to the the price of the smallest goods in the market of a given nation! The higher denomination in market force the price of the commodities upon the real value of the goods hereby rendered the money valueless, also the effect of no change leading to cheating and violated the rules of market, in which only negotiation--bid can determine the real price of any commodity!
In Nigeria market today the seller had been raised upon the buyer, they were the market gods, this is unfair and it's rendered the money valueless because, when goods value is protected by the seller, the value of the money is protected by the buyer! that's how the market function in the monetary system.
In a market where there is a goods worth's ₦1.50k, it's an abuse and violation of market rules to have ₦5 as the least denomination. It means we intentionally empowered the seller against the buyer...that is upgrade the goods value against the money value in the market! it is criminal.

I have pushed for this before. .. Though there are demerits of redenominating our currency, the advantages far outweigh these challenges.

Infact, the least denomination in Nigeria today is N10.

dunkem21:
I have pushed for this before. .. Though there are demerits of redenominating our currency, the advantages far outweigh these challenges.

Infact, the least denomination in Nigeria today is N10.

isn't this show the incompetence of Emefiele, what type of economics reform he want to do that will left 70% of Nigerian population that live bellow poverty line that will work, if ₦5 is dead we will take on the ₦10 and kill it and blame inflation; do you tell me emefiele didn't knows all this? I thing the next thing is to fired him!

oyinkinola:
isn't this show the incompetence of Emefiele, what type of economics reform he want to do that will left 70% of Nigerian population that live bellow poverty line that will work, if ₦5 is dead we will take on the ₦10 and kill it and blame inflation; do you tell me emefiele didn't knows all this? I thing the next thing is to fired him!

I refused to blame anybody for this worrisome development because the president detest honest criticism.

In the coming weeks, the N10 will also die. Can you name 5 things that N10 can buy?

dunkem21:
I refused to blame anybody for this worrisome development because the president detest honest criticism.

In the coming weeks, the N10 will also die. Can you name 5 things that N10 can buy?

..the wrong impression we given our money kills it, and economics is not work like that, that is why that I said we killed our currency intentionally, it should not because ₦1 can't buy anything, that we will simply remove it from market! if it is removed, the next currency will die because there will be pressure on it , we didn't leave market to decide on the value of our money, we intervene that's what kill our currency not inflation!

oyinkinola:
..the wrong impression we given our money kills it, and economics is not work like that, that is why that I said we killed our currency intentionally, it should not because ₦1 can't buy anything, that we will simply remove it from market! if it is removed, the next currency will die because there will be pressure on it , we didn't leave market to decide on the value of our money, we intervene that's what kill our currency not inflation!

Exactly. Example, you can hear people tell you that buscuits sell for N50 for 4 packets but you won't hear them tell you that one is N12.50. Infact, I think CBN should stop minting N5 notes because it amounts to economic wastage.

Do you also notice that smaller notes(change) i.e N50 below is scarce these days? These days you only see torn, patched and worn out polymer notes that causes fight on bus stops.

We need to take urgent steps.

oyinkinola:
At this critical economics situation in Nigeria, any office holder performed bellow expectation must be fired, Emefiele is biased, he give full support to the traders which squandered the mediocre income of poor, and also lead to the depreciation of Naira all blame on inflation! if the CBN sided the traders(sellers) upon the buyers then CBN is intentional killing ₦aira. Rule of market stated that,the seller protected the value of commodities while the buyer protected the value of money(₦) CBN is the referee! why CBN backing the traders upon the consumer?:

At 21st century Nigerian is still yet to know how monetary system function, in the market trade is in all form of arrangement in transactions, although in any sound economics nation, transaction done to the nearest centimes, the buyer negotiates to the smallest amount he preferred the goods worth, and the seller bid for the highest price possible! when they get to the acceptable price, then that's the price of the goods and also the real value of the money paid!
To let this work,the money used in transaction must be in the smallest denomination to the the price of the smallest goods in the market of a given nation! The higher denomination in market force the price of the commodities upon the real value of the goods hereby rendered the money valueless, also the effect of no change leading to cheating and violated the rules of market, in which only negotiation--bid can determine the real price of any commodity!
In Nigeria market today the seller had been raised upon the buyer, they were the market gods, this is unfair and it's rendered the money valueless because, when goods value is protected by the seller, the value of the money is protected by the buyer! that's how the market function in the monetary system.
In a market where there is a goods worth's ₦1.50k, it's an abuse and violation of market rules to have ₦5 as the least denomination. It means we intentionally empowered the seller against the buyer...that is upgrade the goods value against the money value in the market! it is criminal.

nwokem, zuzuru manye aka na nsi aboky!!!!

Emefiele: Naira may fall to 1,000 to the $1. http://www.naijiant.com/photos/central-bank-governor-godwin-emefiele-naira-may-fall-1000-per-dollar/

Gozzzy:
nwokem, zuzuru manye aka na nsi aboky!!!!

Nwanne m hapu ya..

Though he champions tribalism, this is an urgent issue that concerns the masses.

Shoprite uses this psychology to beat competitors whereas they sell the same price with shops on the street.

I have fought them severally on this and lost. How could they tag a product N495.99 and end up collecting N500?

dunkem21:
Exactly. Example, you can hear people tell you that buscuits sell for N50 for 4 packets but you won't hear them tell you that one is N12.50. Infact, I think CBN should stop minting N5 notes because it amounts to economic wastage.

Do you also notice that smaller notes(change) i.e N50 below is scarce these days? These days you only see torn, patched and worn out polymer notes that causes fight on bus stops.

We need to take urgent steps.

good of you, I feel mad that those countries that their economy depend on our's live decent life than us, it's because their money as they know it intact in the market, no one complain of any hike of foreign currency against their's, but here in Nigeria it's a reverse info!

dunkem21:
Nwanne m hapu ya..

Though he champions tribalism, this is an urgent issue that concerns the masses.

Shoprite uses this psychology to beat competitors whereas they sell the same price with shops on the street.

I have fought them severally on this and lost. How could they tag a product N495.99 and end up collecting N500?

you are right, I can tell you that 1/5 of your income got missing in this way! and if you smart, is this how to run economics?

Naijiant:
Emefiele: Naira may fall to 1,000 to the $1. http://www.naijiant.com/photos/central-bank-governor-godwin-emefiele-naira-may-fall-1000-per-dollar/

This is not the issue, do you know how many denomination claimed by CBN currently in circulation? how many left, the worst, the symbol of our money(₦1) known globally is among the missing currency! how can we take the ₦1 that is not in our pocket to Forex market for exchange of other world money in circulation and expect it to have the same value, it's like taken a dead animal to market and expect some one to pay you the life animal price!

Nigeria is a capitalist state, so you should know what goes with it..
It means " Do what thou will"

masterpower:
Nigeria is a capitalist state, so you should know what goes with it..

It means " Do what thou will"

...yah! but this is the responsibility of the poor masses to call for our missing currency, that is our money that deserve to be preserve by all means, if ₦1 worth nothing in the market 5 of it is ₦5! these petty moneys missing in circulation is the poor money!...70% of Nigerian population.