₦airaland Forum

onegig:
They don't read and even listen. Lower exchange rates doesn't equate to stronger purchasing power.

The Japanese yen exchanges for $1 to Y107. Still yet it is one of the top 10 economies of the world.

What universal commodity would 1Cedi buy you and what would 67naira buy you. Those are the more common mam indicators of the strength of a currency not numbers.

It costs 3.85 cedis to buy a 35cl bottle of coke in Ghana. That is equivalent of 258 naira.

Same 35cl bottle of coke is sold for N70 in Nigeria. Tells you that 1 Naira is worth times 4 of whatever the Cedi is even after factoring in taxes and inflation

and las las aren't you ashamed that 3.85 cedis can buy you what 70 Naira can buy?

You check am nah, as a great reader and intellect you are (eistentein); isn't your explanation just like saying "penny wise pound foolish"

What is special about the country, can you educate me please.

jansonn:
Namibia!! My dream country!! Abeg if youre in Namibia or you know a thing or two about the country, please, mention me!! Am planning on relocating there in 2 or 3 years from now!! Pls!!

chrisagyei:
35 cl bottle of coca cola and pepsi bottles are sold for 1 cedis in Ghana and am in Accra and buy them everyday. Stop copying and pasting that old lie on that website. Ask any person living in Ghana to confirm that to you and.Also in Ghana we pay 18% Value Added Tax(VAT) on all products sold on the markets. In addition to other taxes such as national health insurance tax on all products and so automatically, things will be slightly expensive in Ghana than Nigeria, aside that 1 cedis is always 67 naira and it's fixed.Send 1 cedis to Nigeria and you will be 67 naira rich.There's nothing as higher value buh naira more valuable than dollars.

The fact that you buy a product made in example Nigeria buh exported to USA for 10 dollars in USA buh same product is sold for 1 dollar equivalent in Nigeria does not mean naira is more valuable than dollars. Ask yourself, larger production of such products locally and very little taxation makes a product less expensive that's why cost of living in UK is more than that of Nigeria or Gambia because they pay more taxes and more quality goods and other factors

The Naira is actually higher than the Cedi, a lot of Nigerians have this misconception that it is the other way round, something a simple google search easily rebuff. The cedi is actually heavily denominated, with four zeros being removed . The current exchange rate is about 1 cedi=67 Naira, in reality it is 10,000 cedis=67 Naira.

How do you explain this?

chrisagyei:
35 cl bottle of coca cola and pepsi bottles are sold for 1 cedis in Ghana and am in Accra and buy them everyday. Stop copying and pasting that old lie on that website. Ask any person living in Ghana to confirm that to you and.Also in Ghana we pay 18% Value Added Tax(VAT) on all products sold on the markets. In addition to other taxes such as national health insurance tax on all products and so automatically, things will be slightly expensive in Ghana than Nigeria, aside that 1 cedis is always 67 naira and it's fixed.Send 1 cedis to Nigeria and you will be 67 naira rich.There's nothing as higher value buh naira more valuable than dollars.

The fact that you buy a product made in example Nigeria buh exported to USA for 10 dollars in USA buh same product is sold for 1 dollar equivalent in Nigeria does not mean naira is more valuable than dollars. Ask yourself, larger production of such products locally and very little taxation makes a product less expensive that's why cost of living in UK is more than that of Nigeria or Gambia because they pay more taxes and more quality goods and other factors

If you want to know the real value of the Ghanaian Cedis, add four zeros to the amount of the currency figure being displayed. On paper the cedi might seem strong but that is the essence of re-domination, it is mostly for ease of transaction and aesthetic. With the new Ghanaian Cedi issued in 2007, four zeros were removed while the value of the currency remains the same. In actuality, 1 cedi = 10,000 Ghanaian Cedis.

50 cedis is actually 500,000 cedis and so on . Nigeria dabbled with the idea of redominating our currency but decided against it, if we had done so, 1000 naira would’ve been say N10, which doesn’t change what N1000 would’ve gotten you before


How do you explain this?

FExchange rate, GDP & Purchasing Power Parity(PPP) are all as different as they sound. Oga Op take note. If you care we can turn it to intellectual argument so that everyone will learn

jansonn:
Namibia!! My dream country!! Abeg if youre in Namibia or you know a thing or two about the country, please, mention me!! Am planning on relocating there in 2 or 3 years from now!! Pls!!

do u know that poverty abound that country

Quelme:
The Naira is actually higher than the Cedi, a lot of Nigerians have this misconception that it is the other way round, something a simple google search easily rebuff. The cedi is actually heavily denominated, with four zeros being removed . The current exchange rate is about 1 cedi=67 Naira, in reality it is 10,000 cedis=67 Naira.

How do you explain this?

currency redomination is a concept used by countries who do more import buh with minimum foreign reserve so value of their currency against world major currency such as the dollar falls cos you have to exchange your currency for dollars in order to buy in the international market and import into your country. If your country does more export than import then it's advisable to rather devalue your currency to make it less attractive for businesses who set up in your country and later practice capital flight or taking out all the profits or earnings or foreign exchange earnings made in the country out of the country. Example is the Chinese yuen,Japan and South Korea.They have intentionally devalue their currencies to promote export than import into their countries.

So what Ghana and Nigeria did when they first discovered and mined their rich resources was to intentionally devalue their currencies which then was higher than the dollar and also later due to instability and oil prices crushing, inflation further devalued both currencies.Argentina ,Ghana some Asian and other European and African countries also then decided to redenominate their currencies because devaluation had not helped reduce capital flight and importation of goods was getting cumbersome due to more local currencies chasing few dollars.

Nigeria considered and planned to do it buh rescinded due to fears unknown to them.Ghana and the rest went ahead to redenominate their currencies and Argentina and Zimbabwe for example have had to redominate theirs again and again because hyper inflation rate has once again devalued their currencies that Zimbabwe has stopped issueing their currencies again and now spending the US dollars.

Ghana since 2007 has managed to keep the value of the currency high against the dollar buh the dollar is very strong because Ghana does more import although now Ghana export more than it imports,capital flight by huge multinational corporations keeps devalueing the cedis.In 2007 it was 1 cedis to 1 dollars buh now it's 5 cedis to 1 dollars. Naira was then 150 to 1 dollars in 2007 buh it's now over 400 naira to 1 dollars. The same high importation and capital flight is troubling your naira.

McTobe:
What is special about the country, can you educate me please.

Seriously , I dont know!! Thats why am also asking!! Just heard a thing or two

yuswrld20:
do u know that poverty abound that country

Really , please educate me abeg

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chrisagyei:
currency redomination is a concept used by countries who do more import buh with minimum foreign reserve so value of their currency against world major currency such as the dollar falls cos you have to exchange your currency for dollars in order to buy in the international market and import into your country. If your country does more export than import then it's advisable to rather devalue your currency to make it less attractive for businesses who set up in your country and later practice capital flight or taking out all the profits or earnings or foreign exchange earnings made in the country out of the country. Example is the Chinese yuen,Japan and South Korea.They have intentionally devalue their currencies to promote export than import into their countries.

So what Ghana and Nigeria did when they first discovered and mined their rich resources was to intentionally devalue their currencies which then was higher than the dollar and also later due to instability and oil prices crushing, inflation further devalued both currencies.Argentina ,Ghana some Asian and other European and African countries also then decided to redenominate their currencies because devaluation had not helped reduce capital flight and importation of goods was getting cumbersome due to more local currencies chasing few dollars.

Nigeria considered and planned to do it buh rescinded due to fears unknown to them.Ghana and the rest went ahead to redenominate their currencies and Argentina and Zimbabwe for example have had to redominate theirs again and again because hyper inflation rate has once again devalued their currencies that Zimbabwe has stopped issueing their currencies again and now spending the US dollars.

Ghana since 2007 has managed to keep the value of the currency high against the dollar buh the dollar is very strong because Ghana does more import although now Ghana export more than it imports,capital flight by huge multinational corporations keeps devalueing the cedis.In 2007 it was 1 cedis to 1 dollars buh now it's 5 cedis to 1 dollars. Naira was then 150 to 1 dollars in 2007 buh it's now over 400 naira to 1 dollars. The same high importation and capital flight is troubling your naira.

leave our poor Nigeria alone ooo,we are poor we agree,pls let us be

JasonScoolari:
Very soon, the weak Zimbabwean dollar will be more valuable than the Naira.... No thanks to General Muhammadu "Borrow Borrow" Buhari who has plunged this country into massive debt.

Zimbabwean dollar is more valuable than naira, make resarch about it

fk001:
Lies

1 dollar = 5 Cedis?


I laugh in Mensah

1 dollar= 5.72 cedis..why don’t you simply google rather than argue baselessly?

chrisagyei:
35 cl bottle of coca cola and pepsi bottles are sold for 1 cedis in Ghana and am in Accra and buy them everyday. Stop copying and pasting that old lie on that website. Ask any person living in Ghana to confirm that to you and.Also in Ghana we pay 18% Value Added Tax(VAT) on all products sold on the markets. In addition to other taxes such as national health insurance tax on all products and so automatically, things will be slightly expensive in Ghana than Nigeria, aside that 1 cedis is always 67 naira and it's fixed.Send 1 cedis to Nigeria and you will be 67 naira rich.There's nothing as higher value buh naira more valuable than dollars.

The fact that you buy a product made in example Nigeria buh exported to USA for 10 dollars in USA buh same product is sold for 1 dollar equivalent in Nigeria does not mean naira is more valuable than dollars. Ask yourself, larger production of such products locally and very little taxation makes a product less expensive that's why cost of living in UK is more than that of Nigeria or Gambia because they pay more taxes and more quality goods and other factors

Don’t mind the liar. A bottle of coke 3 cedis 80 pesewas. What a delusional guy.

Joystark:
Na wa...
Naira no get value again.

Y'all ugly.boo. Fix your hair and make up pleasi

Naira need anointing oil...

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