Saintinoo:

No one is acting God.... If China printed more currency, it is either their gold reserve is enough to contain the increase in currency or because they are an exporting country, just like US who can print money without it affecting their economy... You have to be well grounded on INFLATION first then you will understand this better.

Blazebond:
Most of the replies here about inflation ain't really right,world economics is ruining africa,China printed money,they are still printing money till today,infact China have refused to allow the yuan to rise to its real value (the Chinese yuan real value is as high as the u.s.a dollar currently)China is doin all these because they want their goods to be affordable around the world and that automatically makes goods of Europeans and Americans more expensive around the globe,Nigeria can print more naira to stabilize in critical times like these,we can print more money so as to boost our economy and enable the industrialization that we all yearn about,industrialization on a massive scale is the only way Nigeria can meet her dreams of exportation,you borrow a bit and you print a bit,the world ain't waiting for anybody,this wild goose dream of a dollar to match a naira that most of us yearn for is childish and stupid,the real secret is to toe the path of the crafty Chinese,allow your naira to trade at 100 to a dollar,but produce goods and provide services that will match the best of the best worldwide and see people flock to your goods and services,because yours would definitely be cheaper cause of your low cost of production,same quality but cheaper in prices,China is doing it is goods today and it is paying off for them,how did they start?they started by printing more of their currency in other to boost industrialization in their country.

FivePeas:




Why not work on researching the information I gave to you first. FYI China has in recent times never increased its gold reserve and print currency at the same time. Go do your research.

mrvitalis:

First you need to understand what naira means ....naira is a second level money meaning it is backed by first class money

Here is what I mean 100 naira is a receipt that I have 100 naira worth of dollars lodged with the CBN and can take it anytime

In Nigeria this receipt can serve as money ...but if I want to import u have to change it back to real money then import what you want

When you earn dollars , CBN gives u naira and keeps the dollars ....printing more naira means CBN owing more people

More people would demand dollars , based on the fact no equivalent dollar was earned the price of dollars would raise

The naira I your hands lose value so you lose money ..so printing more money is like robbing you of your hard earned money

mrvitalis:

First you need to understand what naira means ....naira is a second level money meaning it is backed by first class money

Here is what I mean 100 naira is a receipt that I have 100 naira worth of dollars lodged with the CBN and can take it anytime

In Nigeria this receipt can serve as money ...but if I want to import u have to change it back to real money then import what you want

When you earn dollars , CBN gives u naira and keeps the dollars ....printing more naira means CBN owing more people

More people would demand dollars , based on the fact no equivalent dollar was earned the price of dollars would raise

The naira I your hands lose value so you lose money ..so printing more money is like robbing you of your hard earned money

Dangrace01:


Looks like a Robert kiyosaki lecture.

From the history of money. Gold was used as money before paper money came into existence. Previously every American dollar was to represent Gold in vault. In 1971 America moved out of the gold standard and started printing paper money backed by nothing.

So the Op is making sense. We have to stop calling our currency 2nd class currency because American dollar is just piece of paper it's us that is giving their dollar value.

You can imagine because of Corona Virus. America printed 2 trillion dollars. Somebody just printed money from thin air, it's d same money they would borrow us and we would pay with interest

I don't know the problem with we blacks we have the gold, why don't we store gold and print our money ourselves making it have real value.

China has a very large store of gold. Nigerian government supposed to do same. Gold is the real money forget paper

mrvitalis:

How can you force the world to use naira ...what do u produce ... would Europeans or Asians accept naira ? Bros relax....print more money naira loses value ...we don't have the reserve to back it

Dangrace01:


So you are saying America go to do the printer to print money because they produce something?

mrvitalis:

They can print because there is a demand for it

Dangrace01:


There is a huge demand for Naira in Nigeria. This people begging on NL no be demand?

I'm no economist just want to learn more.

There is this thing cbn nigeria does they inject money into the economy later they remove money from the economy to create scarcity. What is your take on this

mrvitalis:

People are begging naira ...when u use it to buy things the sellers get rich and want to buy car ...do u manufacturer car ?

They want a phone do u manufacture phone

Or cloths .

When the demand for this things increase with little doar in our reserve .the price of naira crashes we all lose money

Dangrace01:


So you are saying if Nigeria stops importing and Everyone buy made in Nigeria, our Naira would increase in value and compete with dollars

Mathscum:

This is the funniest thing I have heard this year

Saintinoo:

There are many thinhs you will not understand or rather end up getting yourself confused when you rely on newspaper articles on economic related matters.

FivePeas:



Go school yourself kid. I'm sure you didn't attain understanding from dreaming

Ekemeze:


I have gotten all the answers that I needed, not only from this post, buh also from experts and economists. and I clearly understand the situation.

my verdict: Nigeria isn't doing the right thing. There's abosutely nothing wrong in trying a different approach to problem solving. Its only a fool that keeps doing a particular thing everyday/year and expect a different outcome.

holocron:


...and can it create this demand...for instance, pressuring countries to accept loans through the international agencies, using AID programs to sabotage the economic production of weaker nations and conditioning the countries to be reliant on American imports, formenting wars here and there in order to sell arms and create a need for massive rebuilding (requiring imports) after the wars (fact: since the creation of the USA in 1776 no 5 years can pass by without the US being involved in a war, battle, or military conflict, many times several at the same time. They end one just to start another almost immediately without end)

NockMedia:


Your economics teacher in highschool deserves to be flogged.

Saintinoo:

There is no need.... But my advice to you is not to rely too much on newspaper articles when it comes to economic matters... No professional evaluted those articles.. And do some findings about Money and Inflation. Peace.

FivePeas:



My dear. Go get yourself educated. With my newspaper I'm employing close to 20 persons and seeking to expand to 50, this feat can't be achieved by someone with average psyche, it's you who needs thorough orientation. Go get yourself properly educated before you engage in public discussions next time. Do something of value with your life



Don't bother replying.im done with you

Dangrace01:


Looks like a Robert kiyosaki lecture.

From the history of money. Gold was used as money before paper money came into existence. Previously every American dollar was to represent Gold in vault. In 1971 America moved out of the gold standard and started printing paper money backed by nothing.

So the Op is making sense. We have to stop calling our currency 2nd class currency because American dollar is just piece of paper it's us that is giving their dollar value.

You can imagine because of Corona Virus. America printed 2 trillion dollars. Somebody just printed money from thin air, it's d same money they would borrow us and we would pay with interest

I don't know the problem with we blacks we have the gold, why don't we store gold and print our money ourselves making it have real value.

China has a very large store of gold. Nigerian government supposed to do same. Gold is the real money forget paper

mrvitalis:

First you need to understand what naira means ....naira is a second level money meaning it is backed by first class money

Here is what I mean 100 naira is a receipt that I have 100 naira worth of dollars lodged with the CBN and can take it anytime

In Nigeria this receipt can serve as money ...but if I want to import u have to change it back to real money then import what you want

When you earn dollars , CBN gives u naira and keeps the dollars ....printing more naira means CBN owing more people

More people would demand dollars , based on the fact no equivalent dollar was earned the price of dollars would raise

The naira I your hands lose value so you lose money ..so printing more money is like robbing you of your hard earned money

engrchykae:
who the hell made dollar a yardstick for world currency?
Isn't it annoying?
It means Africa must start continental economic co operation first.
When we became strong in terms of a strong market with one regional currency,we can now negotiate a better value for our currency and more importantly we have to abolish this nonsense Anglo phone and francophone nonsense of classifying Africa.
In fact the youths have to be mad in order to change this silly system that only serve the West.