₦airaland Forum

Kapeter:
the way forward, it's good the country is forcing tax(es) on citizens now, oil isn't just enough, if development is needed then the country needs to make the money. And also the re-evaluation of naira is also very important, yea, it should be something 36 after dropping one zero off. The zeros is just too ridiculously too much. Infact if they can drop two zeros, it will be good. And yes, re-introducing coins and forcing it on the citizens same way they forcing the tax(es) since that is the only language the citizens understand.

I don't support the coins...thats an easy way to kill a currency even abroad. Read my updated post again

By December every living citizens must hear am, sebi na the next level ....

Borders have been shut na
Local producers are trying to fleece everyone since as their major competition(importers) have been handicapped.
I only pity poor Nigerians on this new journey.
Goodluck everyone

greedy people with their selfish interest..
Nigerian population 180m
Nigeria farmer how many percentage %
poor people how many percentage %

middle class how many %
Rich people how many percentage!//
what are the category of rice farmers % rich or middle or poor.
tell me the most beneficial...
big hypocrites

tommykiwi:
Must he be a smuggler before the situation on ground affects him?

Are you his brother?
How do you know so much about things that affects him?

Fragility6:
Neatives of the border closure oga. Inflation rates increased, Nigeria manufacturers complaining of losses etc

Stfu!

Ernerstdavid55:
wise man God bless u

Amen.

God bless you too.

Unsmart people voted in unsmart government..I don't want to use the term foolish...

Una neva chichunchi

Commentor:
I invested 1 million Naira in the cultivation of Rice and another million in palm oil early this year.

This year would be good for me.

how did u invest on it can u tell me more sir

Bede2u:
I agree with this.
We should make 1usd to be equal to 36 naira
And we should bring back the 50 kobo and 1 naira notes

A sachet of pure water which is sold at 10 naira will now go for one naira.

A 5 naira chewing gum will be sold for 50 kobo

One thousand naira note will only be given to people withdrawing up to 1 million (remember that this one million will be the current equivalent of today's 10 million)

ATM would only dispense maximum of 500 naira notes

Bring back the pride of the naira

How would we do this ? If you mean print new currency so that 1 unit note of the new currency will equal 10 Naira then it's possible but not only will it be very expensive, the new currency will immediately undergo some devaluation because of speculation and peoples negative outlook on the economy. So 1 unit note will quickly become equal to 8 or 7 Naira which will devalue the economy. After that if inflation continues at current levels and gdp growth is slow then the currency will further devalue.

A better idea is to let the Naira remain where it is and focus on fixing the economy. The naira may or may not improve but 200,000 Indonesian Rupiah is equal to 1 USD but the Indonesian economy is much stronger than ours is and the people are richer..

Fallenhunter:
How would we do this ? If you mean print new currency so that 1 unit note of the new currency will equal 10 Naira then it's possible but not only will it be very expensive, the new currency will immediately undergo some devaluation because of speculation and peoples negative outlook on the economy. So 1 unit note will quickly become equal to 8 or 7 Naira which will devalue the economy. After that if inflation continues at current levels and gdp growth is slow then the currency will further devalue.

A better idea is to let the Naira remain where it is and focus on fixing the economy. The naira may or may not improve but 200,000 Indonesian Rupiah is equal to 1 USD but the Indonesian economy is much stronger than ours is and the people are richer..

Ghana did it when their inflation and economy was worse than ours is today. How come more than ten years later they haven't experienced the above.

Allowing the naira notes to keep being fazed out because of inflation is itself a dangerous economics.

Bede2u:
Ghana did it when their inflation and economy was worse than ours is today. How come more than ten years later they haven't experienced the above.

Allowing the naira notes to keep being fazed out because of inflation is itself a dangerous economics.

From wikipedia

"Decades of high inflation devalued the new cedi, so that in 2007 the largest of the "new cedi" banknotes, the 20,000 note, had a value of about US$2. The new cedi was gradually phased out in 2007 in favor of the "Ghana cedi" at an exchange rate of 1:10,000. By removing four digits, the Ghana cedi became the highest-denominated currency unit issued in Africa. It has since lost about 80% of its value."

So they experienced exactly what I described above. Ghana made 1 unit of its new currency equal to 10,000 units of its old currency. Thus, even though it lost 80% of value, 1 dollar is now 5.43 Ghanaian cedis instead of 10,000 cedis as in the old currency. However when the new Ghanian cedi was introduced, 1 USD was equal to 1 Cedi.

Now imagine they had not made 10,000 cedis equal to 1 new cedi but had made 10 cedis equal to 1 new cedi. In that case 1 dollar would have been 1000 new cedi at launch and would be 5430 cedis today, half of the value of the old currency. Thus the exact same thing happened to Ghana's currency as I said will happen to Naira. If we make a new Naira then let's at least make 200 Naira to 1 New Naira so it will still remain a low number even when it loses value. Unless we fix inflation and other economic issues the currency will continue to devaluate.

centboy123456:
how did u invest on it can u tell me more sir

I have my contacts in Cross River State.

Next Level loading

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Commentor:
I invested 1 million Naira in the cultivation of Rice and another million in palm oil early this year.

This year would be good for me.

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Commentor:
I put a million into tbe cultivation of rice early this year.

Between you and me who is the zombie?

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Commentor:
Amen.

God bless you too.

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Commentor:
I have my contacts in Cross River State.

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And one idiot still came out to say Nigerians are not a hungry

Yet, some mentally mal-functional assholes said there's no hunger in the land!

Bunch of deluded bastaaaaaaaards!

The shithole is fast plunging south.

Bad leadership

post=83149436:
To a new and better Nigeria we go.

Hope you dey hear am. Really sad for the masses.

Commentor:
I invested 1 million Naira in the cultivation of Rice and another million in palm oil early this year.

This year would be good for me.

well congratulation to you for having the oppotunity to invest you own don better

nwamabo247:
well congratulation to you for having the oppotunity to invest you own don better

We all do but it's the brave that survives.

I could have put in more but all the bad news many like to spin discouraged me.

Right now, I'm happy I wasn't completely fazed.

Truly, it is the brave that own tomorrow.

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Commentor:
We all do but it's the brave that survives.

I could have put in more but all the bad news many like to spin discouraged me.

Right now, I'm happy I wasn't completely fazed.

Truly, it is the brave that own tomorrow.

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Commentor:
We all do but it's the brave that survives.

I could have put in more but all the bad news many like to spin discouraged me.

Right now, I'm happy I wasn't completely fazed.

Truly, it is the brave that own tomorrow.

not all bussines minded people have such oppotunity it all bown down to finnace.without money no way.you say u invested in palm oil is buying already made one or planting palm plantation

nwamabo247:
not all bussines minded people have such oppotunity it all bown down to finnace.without money no way.you say u invested in palm oil is buying already made one or planting palm plantation

Bought already made oil.

That was about May this year.

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Commentor:
Bought already made oil.

That was about May this year.

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Commentor:
Bought already made oil.
That was about May this year.

oil busines in naija is profitable