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Nairaland Forum / Nairaland / General / Politics / Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! (17106 Views)
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Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by LikeAking: 10:05pm On Sep 24, 2020 |
Biodun556: Take this piece of vrap down. Economic ilitrate. Millions of Nigerians cant be wrong. You go buy orrenge and water. U nid deliverance Apc member. |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by PeacenLove2: 10:07pm On Sep 24, 2020 |
Nigsrdumb: It doesn't make any sense if my take home is 30,000 naira against the continuous rise in prices of commodities. You cannot separate cost/standard of living and inflation. Purchasing power does not lie, it tells you the state of your economy. The strength of your currency is open knowledge. The CBN has been implementing different policies to get some stability in that area to no avail. With globalization, and the International trading currency being mostly the dollars, the Naira is at a serious disadvantage. Unless we turn into an island and isolate ourselves if only we were self sufficient and don't depend on any other for survival. Quality of life in Nigeria and these countries mentioned are not even close. It's not like Nigerians enjoy living under <$1 a day. It's just the reality. Look I like the angle of this write up but it is erroneous, non-factual and basically untrue. |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by LikeAking: 10:08pm On Sep 24, 2020 |
Their are some states in the USA wia things are also very cheap. This post is rubish. The naira doesnt have more value than the usd n co. |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Nobody: 10:09pm On Sep 24, 2020 |
Openbusiness: Oga you have missed the point. Isn't it clear that the dollar is more valuable than naira? The point is that with the way Nigeria is structured now, let's assume they even bump up the wages a bit , say another 25 percent increase, the Naira can be as valuable if there's innovation in the country. I'm talking about real innovation, where we can build our own machines, robot's etc. We have a leg up. Simple. 3 Likes |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Openbusiness: 10:20pm On Sep 24, 2020 |
Nigsrdumb:bro, whether Nigeria has potential for greatness or not is another topic entirely. This article and this particular thread centers on Naira Is More Valuable Than Dollar And Pound and this premise, claim and the article that followed it is a lie. There's no truth in the claim that Naira is more valuable than Dollar and Pounds. That's my point. 1 Like |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Nobody: 10:38pm On Sep 24, 2020 |
Openbusiness: Ok , i agree. The argument falls with the minimum wage. If the minimum wage could cover living expenses, then it would make sense. |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by SIRTee15: 11:17pm On Sep 24, 2020 |
Nigsrdumb: If we become innovative n an industrialised exporting nation, our currency will rise. The value of naira to dollar or pound will increase, it won't remain static at #500 to 1 dollar. That's the point people are missing. The value of a currency is directly proportional to the strength of the economy. |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Nobody: 11:24pm On Sep 24, 2020 |
SIRTee15: Yes, to be honest I didn't even read the full article You're correct, plus the minimum wage in Nigeria defeats d premise the argument. |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Obas101(m): 11:24pm On Sep 24, 2020 |
rottennaija:What are you saying sef. How is the money earned? That's what you should be really looking at. Your minimum wage is just 30k compared that to the US. What country earns you more? Also what you are getting is quality. Come to transcorp hilton in Abuja and buy a bottle water... E go shock you say you go pay 3k for 1 bottle |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Nobody: 11:28pm On Sep 24, 2020 |
The minimum wage in Nigeria has to be around 600k per month for this argument to make sense, in which case there'll be more money chasing less goods, hence back to square one. |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Nobody: 11:30pm On Sep 24, 2020 |
In summary, work abroad (earn those crisp nice notes) then spend it in Nigeria. Oh you don't have to travel out to get jobs that pay in USD. Even the smallest amount in USD people abroad see as peanuts will unbelievably spread in your purse after converting to naira. Posts like this are very interesting. 1 Like |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by edoairways: 11:33pm On Sep 24, 2020 |
seanblaise:Hmmmm! Nairalanders are beginning to bring reasonable constructive, well-done |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Nobody: 11:33pm On Sep 24, 2020 |
Kweensavvy: You will earn abroad but not spend abroad? How does that work |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by edoairways: 11:39pm On Sep 24, 2020 |
engrsyer:They will still complain, reason been that human wants are insatiable. 1 Like |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Aflix(m): 11:47pm On Sep 24, 2020 |
Tunde835:It's easier to make 1 dollar in America than to make 360 naira in Nigeria. |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Aflix(m): 11:57pm On Sep 24, 2020 |
seanblaise:Yep they do all that inhumane work. But if you convert what they earn monthly to naira, it's more than what our permanent secretaries or commissioner earn monthly. The perm sec will do more with the money in Nigeria than the sweeper will do with his because it's easier to make such money over there. 1 Like |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by tboy2233: 5:26am On Sep 25, 2020 |
why don't you counter those point he mad? , you're ignorant and still loud at displaying it jeez! |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by appishani1(m): 6:22am On Sep 25, 2020 |
calculate it in thausand and millions. a car of one million dollar and a car of one million naira. a house of ten million dollars and a house of ten million naira.. |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Nobody: 6:27am On Sep 25, 2020 |
To start with, we nigerians dont value what we have, maybe because we lack infrastructural development and good leadership thats why we think we are very poor as a country. |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Raalsalghul: 7:44am On Sep 25, 2020 |
This Op is foolish and I would have replied him, but a lot of folks have done justice to that. |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Raalsalghul: 7:53am On Sep 25, 2020 |
maynia: What is your source? 2 Likes |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by jude79(m): 9:12am On Sep 25, 2020 |
aremuforlife: Dispute which facts, nobody pays you a dollar in US an hour, now how many people in Nigeria earns 500 per hour here. Bottom line, the earning power of Nigerians is so low that it cancels whatever advantage you think you might have in naira having more purchasing power on only! indigenous goods and services, but has nothing to do with imported goods and even indigenous goods and services that have some foreign input. 2 Likes 1 Share |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by alphaNomega: 11:24am On Sep 25, 2020 |
freeborn02:I don't miss those GEJ era end-of-year fuel scarcities. It has happened twice under this new administration with the most recent being Nov-Feb 2018. So far, no single fuel scarcity even when the Lord and saviour unions of tanker drivers association, Nupeng and pengassan threaten their usual strike |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Olumyco(m): 11:50am On Sep 25, 2020 |
This thread is very educative and I think as Nigerians we still need to research and learn more about economics. The understanding of the demand and supply of anything that has to do with price is still much needed in our days. Let me try and throw some lights here I want you people to see dollar like a product within the goods and services domain. Dollar flow architecture in any country is rooted in Dollar trading that is, buying and selling of Dollars. Because of this Dollar itself has a price. CBN regulates Dollar price based on demand and supply. When the demand for dollar is more than the supply of dollar... there is need to increase the price of dollar. That is increase the amount of money that will be used to purchase one of it ($1). This is when devaluation of Naira or a country's currency happens. Note: The easiest way to reduce the demand for any good and service if you cant help from the angle of supply is to increase the price for that good and service. [/b]Demand for Dollar Activities in Nigeria[/b] 1. Importation of goods and services into the country: You need dollar to buy these things in the international market. And when you do this, you are demanding for dollar. And it means when you use dollar, you are using the available dollar that is in the country and when you keep demanding for dollar and you finish all the available dollars in the country... it means no dollar will be in our forex reserve again and then wahala go gas. 2. Studying Abroad: You need dollar here too. Each time Nigerians goes out to study, you are buying from the dollar available in the country. 3. Tourism: Going out to overseas for fun trip and so on takes away our dollar too 4. Medical treatment: Same thing In short anything that will require you to use the dollar to meet a need will definitely reduce the dollar available in the country's reserve. Suplly of Dollar Activities (More like a factory or event that produces dollar for the country) 1. Exportation of Goods And Services: When we export our goods and services it will help to supply dollars into the country. Like the exportation of crude oil is the highest earner of dollars for the country. Also producing stuffs and exporting them to other countries. 2. Nigerians in Diaspora Sending Money Home: When Nigerians abroad send money home...they send in Dollars and this help supply dollar into the country 3. International Businesses: When people buys your goods from outside the country, the transaction is in dollars and it helps to infuse dollar into the system. It can also be in form of branches. If you have branches outside the country in overseas, the revenue sent to the headquarters in Nigeria is in dollars and it helps increase our forex reserve. 4. Foreign Investors: Like a company abroad investing into a company in Nigeria. E.g VISA buying shares in any of the Fintech companies 5. Tourism: People living abroad coming to Nigeria to tour the country or come to seek support or help whether spiritually or in any form. In short any activities that involves being paid or being given money or coming down to the country as an abroad person will supply dollars into the country Activity That Doesn't Supply Dollar But Reduces The Demand For Dollar 1. Producing and consuming most of our goods and services locally... meaning we dont import much things. We produce somethings locally and consume. 2. Avoid unnecessary travelling... especially going for medical stuff, educational stuff etc abroad. 3. Total banning of distribution of dollars by politicians and the rich within the country. And so on... Now with these information above the value of Nigeria is always calculated based on the demand and supply of this product called DOLLAR. When our dollar is getting depleted and reducing, know for surety that devaluation of Naira is eminent because the need to reduce the depletion is necessary. Take for example if I need 1 naira to buy 1 dollar it means more people will buy it because it's cheap. But since I know that my dollars is finishing and I don't want it to finish quickly all I need is to increase the price of it... like saying you need 5 naira to buy 1 dollar. This will drop the demand a little... as I increase the price of dollar ... what I am doing is that I am protecting it. I dont want the demand to be so overwhelming to the extent that it will finish and since Nigeria imports many things so we need to defend the forex reserve by increasing the price of dollars... this is just a simple analogy to aid understanding. So if Nigeria drops the price of dollar to 100 naira now... within a week our forex reserve which is in dollars will finish and the country will become a mess economically... infact things will collapse. You dare not allow your reserve to finish hence the need to keep defending it. However if our dollars supply is now very high, then we can decide to upgrade the naira gradually because we know it wont finish. And also if we don't depend on importation too much it will also help us preserve our reserve and this will help upgrade naira. In conclusion, if we reduce our importation of goods and services, it means we have reduced the demand for dollar. So by this, our Dollar is not going out anyhow. It will help upgrade the Naira gradually. And to those comparing naira and dollar by digit head to head is wrong. Currency can be calibrated in any digit. It doesn't matter. What matters is economic value of that currency. Ghana Cedis was calibrated sometimes ago... it still does not give economic value. Nigeria can re-dominate naira in any digit format and ot wont change anything... what matters most is value. Thanks. 3 Likes |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Olumyco(m): 12:03pm On Sep 25, 2020 |
Some factors to also consider in terms of how the economy of a country works. 1. Importation/exportation 2. Earning Power of a Country's Currency within its economy 3.. Social Amenities which give quality of life 4. Type of Cash System practiced (Debit or Credit) 5. Factors of production 6. Government Policy (Minimum Wage, Minimum Capital for investment etc) Just to comment of some of them.... if we look at it very well things that are produced locally in Nigeria are cheap because factors of production like labour is cheap and then we pay a little for fuel, electricity and co. Let us also know that America practice credit cash system... Nigeria cant be compared with them... the quality of life they enjoy there cant be achieved by praciticing the debit cash system we practice in Nigeria. Most of their houses, cars etc are purchased on credit. Most Nigerians pay to get these things... also let us know that Nigeria can upgrade quality of life by providing constant electricity, water, good roads etc and when we are asked to pay for them... we will complain... and we will start shouting... See things are cheap in Nigeria because we dont pay the real value... for us to get quality of life we need to pay more... When a country wants to provide quality of life for her citizens you need to either subsidize or you implement credit cash system. That's the only two ways. |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by freeborn02: 12:26pm On Sep 25, 2020 |
alphaNomega: When you guys make comments like this, I just wonder if something is wrong with your Brains. Is it that you have short memory span or you are just dumb or intentionally blind? There had been fuel scarcity under buhari https://www.premiumtimesng.com/news/headlines/257917-buhari-fails-to-end-worsening-fuel-scarcity-across-nigeria.html. |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by laiperi: 12:43pm On Sep 25, 2020 |
Compare your country, yourselves and NAIRA all you want. You cannot change the facts that: 1. You are not wanted in any country no matter who you are or achievements there. 2. On top of that, some Nigerians are nuisance soiling other Nigerians, even in Africa countries. 3. You are known Internationally and locally as empty vessels that make the most sound. In other words, Chest Beaters. 4. You celebrate even dogcatchers once outside your country. 5. You have no other country but Promised Land in the sky. 6. You lie to yourselves and exaggerate your selfworth. Finally somebody gave you a simple way to reassess what you have, which is NAIRA and ask you to turn it into valuable currency within your borders. You bark! Live in your ISLAND because you cannot survive outside looking for Salvation. You have been rejected over and over. Yet, you are looking for all types of rationalize excuses to escape. To where? Londoner, Berliner and New Yorkers would rather live in their villages than anywhere else. So stay in your villages appreciate and spend NAIRA to make it stronger before others can even look at it as a means of exchange. You have been spending Oil Income like a drunken sailor since the eighties, now you are hooked experiencing withdrawal symptoms. 1 Like |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Arda1000(m): 2:14pm On Sep 25, 2020 |
Biodun556:people like you are the reason why Nigeria will never progress and why we Biafrans want out, instead to find the guy who take his time to analyze this rubbish and give him a serious beating you are here defending it, so if i put 1 naira and 1 dollar on a table you will go for the 1 naira? Iyi |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Nobody: 2:23pm On Sep 25, 2020 |
Nigsrdumb: You will earn in USD not work abroad. Some people here in Nigeria earn in USD. |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Nobody: 2:49pm On Sep 25, 2020 |
Kweensavvy: Okay makes sense 1 Like |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by laiperi: 4:52pm On Sep 25, 2020 |
Ada, why are you always licking and following Nigerians everywhere? Everyone is holding on to the only home they belong to. Leave you won't, stay home you won't but you get high on Nigeria. You have been kicked out of every country soiling other Nigerians. In the country you live, they treat you and everyone that looks like you as dirty thrash. Yet after been scorned by Yoruba boyfriend, you still circle around them sabotaging their sites and organizing the destruction of their honest livelihoods. Devil, stay within your people. Save your wish for your Promised land. Arda1000: |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Biodun556(m): 5:54pm On Sep 26, 2020 |
Notatribalist: Good |
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