Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,152,457 members, 7,816,068 topics. Date: Friday, 03 May 2024 at 02:04 AM |
Nairaland Forum / Nairaland / General / Politics / If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 (5048 Views)
If Kids Can Defend Their Families in Mexico, Why Can’t Nigerians? - Adebayo / Insecurity Has Started Again Why Can’t State Govs Take FG To Court? - Rufai / Why Can’t We Put 1000 Police Men & 1000 Military Men In Every LG In Nigeria??? (2) (3) (4)
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Saao(m): 7:13am On Aug 24, 2018 |
kayfra:haha what's your problem with ipob? If you hate them this much, why not let them go? |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Okoroawusa: 7:23am On Aug 24, 2018 |
KnowAll:When you guys make these your Ghana currency statements I just laugh. In 2007,it was 10000 Cedis to 1 dollar.Then Ghana did a redenomination removing four zeros to make it 1 cedis to 1 dollar.A decade later,its now 4 Cedis to 1 dollar.Do the math n add back the zeros. The fact is that the Ghanaian economy is an appendage of the Nigerian economy. If Nigeria sneezes,Ghana catches cold. How many Ghanaians have businesses in Nigeria,? how many Ghanaian banks have branches in Nigeria? 2 Likes |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by madridguy(m): 7:36am On Aug 24, 2018 |
https://www.thenewamerican.com/economy/markets/item/4630-gadhafi-s-gold-money-plan-would-have-devastated-dollar wickyyolo: |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Nobody: 7:37am On Aug 24, 2018 |
omohayek: you are right but also , when you remove -let's assume 2 zeros from the nigerian currency,it makes physical handling of cash which is pervalent in Nigeria cumberson-especially in large transactions.Such a scenario would theoritically,increase the employment of cashless alternatives in payment. |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by lereinter(m): 8:48am On Aug 24, 2018 |
an extremely import based economy cant have a strong economy and currency |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Just30: 8:54am On Aug 24, 2018 |
Okoroawusa:Ghanaian don't want to be in Nigeria because Nigeria is too poor why should they waste their investment in a country where total savings at bank is around 100 billion dollars? That is far below the amount of money circulating on mobile money in Ghana |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by omohayek: 8:56am On Aug 24, 2018 |
eduj:Again, this concern with the number of zeros in a currency is simply an irrelevance. Right now Google indicates that the US Dollar to South Korean Won trading rate is $1 USD to W1,118.70, while $1 USD is currently buying N363.94, but can any sane person compare Nigeria with South Korea along any index of development whatsoever? The real obstacles to adoption of cashless transactions in Nigeria have nothing to do with the Naira's nominal value, and everything to do with the usual issues of rampant corruption and rank incompetence - not least due to a CBN which refuses to allow the telecoms firms to create their own version of Kenya's MPesa, even though Nigeria's domestic banks are too focused on the risk-free profits from round-tripping government-subsidized dollars (which is possible due to more incompetence, this time Buhari's) to care about dealing with retail customers. 2 Likes |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Just30: 8:57am On Aug 24, 2018 |
Sirjamo:in New York, a loaf of bread cost 12 cedis How better is the Naira to the dollar? 1 Like |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Just30: 9:01am On Aug 24, 2018 |
agadez007:Just stick to the fact, even without the redenomination the cedi is still valuable than the naira. redenomination is mostly just for accounting problems and to make the currency handy |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by revolt(m): 9:22am On Aug 24, 2018 |
I'm really shocked some so called economists here do not see any advantages with redecimalisation . They say it's purely psycological. The dynamics of redecimalisation even affects price mechanism, cash mop up, money laundering etc...all we do is read theory...application is impossible for the Blackman she.. |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Okoroawusa: 9:24am On Aug 24, 2018 |
Just30:ignored 1 Like |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Okoroawusa: 9:28am On Aug 24, 2018 |
Just30:u r not still getting it 1 Like |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Okoroawusa: 9:32am On Aug 24, 2018 |
Just30:just add four zeros to that 12 to get the real value 1 Like |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by edoman2016: 9:57am On Aug 24, 2018 |
Just30:You are a fool. Mention one single Ghana company operating in Nigeria and I will give you thousands of Nigerian companies with branches in Ghana. Thereby creating jobs for Ghanaian. Even Alomo Bitters producer was chased out of Nigerian market due to competition. The fact is Nigeria is richer than Ghana and accept the truth. Nigeria is a big brother to Ghana just as America is a big brother to Canada. I hate people that argue based on sentiment 3 Likes |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by kayfra: 10:24am On Aug 24, 2018 |
Saao:Does it look like I am holding them back? Who really wants them? Not me 2 Likes |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Just30: 12:35pm On Aug 24, 2018 |
Okoroawusa:you mean ? there is no such thing as adding zeros to a currency to get value |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Just30: 12:36pm On Aug 24, 2018 |
Okoroawusa:so the naira has value than the dollar ? 1 Like |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Just30: 12:40pm On Aug 24, 2018 |
edoman2016:wow even your foolish leaders wont make the kind of comment you just made here why should any company leave or expand from a very lucrative country into a place where total money in circulation is less than 100 billion dollars not forgetting, they will have to invest 6 times as much as they are investing in their current location Just to make less than they are making ? |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by kennypoju04: 12:44pm On Aug 24, 2018 |
Their situation is saddening,I don't pray we get to that level before we start reasoning normal 1 Like |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Okoroawusa: 1:03pm On Aug 24, 2018 |
Just30:The value of that bread u bought for 12 cedis. 1 dollar =4 Cedis( no black market price) 1 dollar= 305( no black market price) 12 cedis ÷ 4= 3 Then 3× 305= 915 #915 that is the price for that your loaf of bread. Then,in real terms a loaf of bread is more expensive in Ghana than Nigeria. 2 Likes |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Just30: 2:27pm On Aug 24, 2018 |
Okoroawusa:yeah a loaf of bread in New York cost 12 cedis how is the naira better than the dollar? do you have problems reading? Just so you know a dollar is 361 |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by justtoodark: 2:43pm On Aug 24, 2018 |
dont try it in nigeria....nigerians will get used to it.... bad idea.... venezuela is not doing well a tall.... produce more goods.... grow more food.... |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by justtoodark: 2:45pm On Aug 24, 2018 |
Tolexander: tell am....leaders would only remove zeros than solving the problem.... |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by greenmonk: 3:49pm On Aug 24, 2018 |
KnowAll:Even if you remove two zeroes the naira still won't equal the dollar besides how sre sure that the zeroes won't come back on their own. I`d rather wish you sell petrol at 40 naira first |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Paretomaster1(m): 3:55pm On Aug 24, 2018 |
Ogah, how does dis improve the value of the naira? Abi I no sani economics again....OP, pls stick to hawking your okpa, and Abatcha |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by edoman2016: 4:04pm On Aug 24, 2018 |
Just30:You know nothing about business. Nigerian companies are very ambitious and pan African. Our companies such as Dangote, Zenith Bank, UBA bank, GTB, and so on have expanded to several African countries. Have you wondered why Nigerian companies are finding it difficult to expand and dominate south African market? It's because South African is a match for Nigeria in all ramifications. South Africa is richer than Nigeria and that's why only south African companies such as DSTV, ShopRite, MTN have the guts to come to Nigeria and dominate it's market. I am not crucifying Ghana as a poor country but the fact is Nigeria is richer than Ghana. The size of our economy is bigger than Ghana's. |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Just30: 6:29pm On Aug 24, 2018 |
edoman2016:the size of Nigerias economy is bigger doesnt necessarily make Nigeria richer just check Nigeria tax revenue on the yearly basis |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by Nobody: 7:16pm On Aug 24, 2018 |
omohayek:bro,I didn't claim that what you posted is wrong,I only pointed out a possible reason to remove the zeros.Cashless policy is being mitigated by a whole lot of reasons ranging from ineptitude to ignorance.If you are a regular shopper at outfits like shoprite etc,you must have noticed some folks prefer using their atm cards for payment to avoid the coins often given as balances. |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by banku: 7:37pm On Aug 24, 2018 |
It is a struggle whether to reply someone that takes to name calling instead of reasonable logic against whatever he disagreed with. Your types are the ones that brought us to our knees. It started with Structural Adjustment, you backed them up. They later apologized for the way it was implemented. Then came devaluation, you backed them up each time promising increased trade and exports for one commodity exporter. Before you talk about forefathers like someone without home training, ask yourself if these same fathers should have been exchanging gold and diamond for mirrors. The same gold they used to back up their worthless currencies in The Bank Of England or US Treasury. What is the difference between mirrors then and the colored papers now (there are more one hundred US note outside than inside)? You are not going to hear from me again. I have no time arguing with your types. May be you need to attend a culture or training class. BTW, find out why they killed Gadhafi over Dinar, Lumumba over shunning dollar, Mugabe subdued over dollar, Nyerere reduced over Ujama and Saudi Arabia supported over pegging dollar to petrol. Call yourself economist? omohayek: |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by samleey(m): 11:06pm On Aug 24, 2018 |
It wouldn't change anything... Price of things in Ghana is still the same. Price of things either food stuff or cloths, building materials are times two of Nigeria market price. KnowAll: |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by samleey(m): 11:10pm On Aug 24, 2018 |
Have you been to Ghana? If yes, for how many months. Then you will be able to understand what you said. KnowAll: |
Re: If Venezuela Can Remove 5 Zeros Why Can’t We Remove 2 by samleey(m): 11:13pm On Aug 24, 2018 |
You are 100% right. Don't mind them, they only made there conclusion about Ghana in what those that have not been there are saying. Nigeria economy is far better than Ghana 100%. Butterflyle0: |
Top Ten Most Beautiful Cities In Nigeria / Is Tinubu nigeria's greatest politician? / See The New Look Of Ijebu Ode-Epe Expressway, Ogun State (PHOTOS)
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 66 |