[quote author=JuanDeDios post=126056003]
How does using the cassava to commodify the naira amount to "building our currency around" it or stop you from using it for other things? Is it either or?[/quote
What is commodify and naira doing in the same sentence then. If the so called idea is even as you described, it still makes zero sense.

JuanDeDios:

I've seen the figures. We produce 25%. We eat a lot of it, so we don't export 25%. But we're still the largest player as far as that commodity goes - so we can still go for it.

I like to entertain thoughts and ideas, but this your convo is something i'll humbly decline.
How can someone be suggesting we hinge our export bargaining power around something that is worth less than 0.5bn annually. Na wa o

JuanDeDios:

That's what will happen if this policy suggestion is implemented and it succeeds. Right now, you, rex21, can't just show up asking a Vietnamese trader to pay in cassava - he doesn't have it. But if our government makes a policy around it, our trade minister will reach out to other cassava-producing countries, and once they agree, bingo, anybody coming to buy cassava, whether American or Russian or Vietnamese, will already knows that he has to find naira to pay for it. That way, the naira is tied to a commodity (cassava) and that is "commodification".

Bro, we should build our currency around something that is worth less than $4bn annually ??
Something our own share isn't even up to $1bn
Wetin you dey explain sef.
Moreover, we can always ask for naira in exchange for our goods. Nobody is stopping us, the question is the economic feasibility.

JuanDeDios:

Do you even understand the policy suggestion?


He is. Crude oil is priced in US dollar, forcing you to change your money to USD to buy crude oil. Palm oil is priced in Malaysian currency. Why can't cassava be priced in naira since we produce 25% of the world's output, forcing other countries to change their money to naira to buy cassava?

So, what is stopping us from requesting for the naira in exchange for our cassava ??
Look at the figures i googled, how true are they ??

CloudTrees:

Corruption, hatred and disloyalty is what is bringing Nigeria down

Selfishness sums it all

I saw a lot of tweets on X explaining and supporting this so called Commodification of the naira policy. Some events this year strongly affirms my claim that Most Nigerians do not actually want good leadership. They just want to be part of the so called 'share the national cake' .

Jackson619007:


Should we place a fatal bet?!🙄

You win

Jackson619007:

Should we place a bet?

Do you doubt the master of all 4 elements

Jackson619007:
I haven't seen who can restore balance in this country.

The avatar can

Rayban25:


No matter how traumatized a lady is, if she truly likes you she will open up to you. Shes just not comfortable with you. And you already said your relationship is platonic so why trying to go the extra mile? She go soon cast you to your girlfriend

Make una dey talk from a point of knowledge. Some people are like that. Maybe from past experience, nor be all this 'she is not into you' bruhaha. I know someone with very similar experience.

AllenSpencer:
🤣🤣🤣🤣


Same Russia that is still struggling in Ukraine 🤣🤣🤣

Putin should be thinking of how to revive the Ruble as it keeps tanking against the dollar! Economy in ruins, and still wants to delve into issues that’s none of his business!

It’s good at some point! May be that will finally nail his coffin and make Russians revolt!

What was the exchange rate before the war ??
We can just like to make nonsense comments ehh.
Nigeria that is not at war with the US, how is our own exchange rate

Petrol subsidy was removed and import restrictions was also removed. What do you expect in an open market where the major players(importers) are united. Do you think there will be any healthy competition that will lead to price reduction ??

The restrictions on the dollar was stretched
/removed in a nation where our living is more than 90% dependent on importation. Do you expect the pressure on the dollar to reduce now that anyone can access them to import anything.

This government should rethink their economic policies please.

kokoBoii:
Honestly, I feel like if most of the subjects we struggled to understand in secondary school e.g Mathematics, were taught in pidgin English, alot of us would have become mathematics wizards...

You can't go to China or Japan and find their teachers teaching their students in English, that is one of the reasons I believe these guys are witches and wizards when it comes to anything Maths and Sciences...

Why do our parents feel like pidgin English is a forbidden language..

Sometimes you see some parents seriously warning Their kids never to speak pidgin else they get flogged...

In all honesty, this write up makes no sense. What if you were taught in your very own native language, will you still be a whiz ??.
Pidgin english is chaos. What good can come out of chaos ??

Iykopee:
When you decide to float the naira without deep economic afterthought, this is what you get.

Untill we start producing that which we consume, there is no way out of this mess.

Until we move from consumption to production, we can never come out of this mess. Fact bro!

Johnrake69:
Myopic understanding of the impact of fuel subsidy in our economy.

Fuel subsidy did subsidize everything in our economy.

Transportation, food, Healthcare, Education, Laundry, saloons, housing, car maintenance, home appliances, etc.

We should expect 50% -200% increment on some of these things.

We should also be ready for a recession. Many Nigerians can’t afford to go to work anymore.

Especially people earning minimum wage because it doesn’t make any economic sense. Earning 30K then spending over #1000 daily on transportation.

Many businesses will close up shop.

You get sense bro.

post=123514453:

To do WHATEVER their delusional heads wanna do.


Don't mind the terrorists supporter.
The man in black ALWAYS.

Ipob unknown gunmen are not terrorists, they are my brothers and neighbors, they live with me..........PandoraObi

Seun is not doing anything to sanitise this platform.

Subsidy should not be removed, there is no justification for its removal. Are we stupid in this Nigeria sef. There is no economic gain to its removal, only nonsense fairy tale stories.

Karma doesn't exist as we perceive it to be. Man's life is determined largely by God's will. Even Jesus a good man was killed and before his death, he asked God if this cup can be taken from him, but ultimately, let GOD'S WILL prevail. This is simply how our lives is determined.

nlreserve:
I trade. Buying and selling. The hardest part is securing and monitoring my sales staff. But after computerizing the stocks and mounting simple plug and play cameras, it became easier for me.
I used router to connect the cameras so I am able to watch the shop from any where via the camera provided there's internet.

Good day sir. I'll like to know how you went about this

The CBN is just worsening the whole saga with their silence on the use of the old naira notes

BluntCrazeMan:
Ok naa.
..

Even INEC’s Doctored IREV-Portal is totally working against them..

The labour party hurdle will now be the 25% votes in 2/3 of the states. Did they get it

Parachoko:
If we are to go by what you're saying, why OPAY never foldup?

And their is no crime in CBN subsidising the startups that depends on money on online transfer till this mess we are in is solve

Opay they charge for transactions o, they charge agents for each transfer made. Their overall charges are small though. But they generate alot of money from it bro.

stonemasonn:
wow, so charges on transactions is the only way they make money.
Interesting!

Opay charges for transfers o (agent accounts). They do not have much expenditures like conventional banks, hence less financial burden is on them. My suggestion is to reduce some transaction charges, then remove some completely. The banks are charging too much and its scaring people to go cashless. Imagine being charged for receiving money.

Elliotwaveforec:
POS machine is for sellers not for dispensing cash. If you don't have what you're selling, you don't need a POS! They've turned POS machines to a bank in naija.

Nothing should be charged for using POS to receive payment from customers.

I render a service, I charge you, I input the amount charged, you insert your card, input your PIN, I get paid without cash. I'm not supposed to charge you N100 again for paying me with your card nah.

So the charges that comes with using the POS machine should fall on the seller ??
After you must have priced his profit to below minimum, you want him to still pay for your convenience ??
We really need a lot of orientation on how things work in this country.

I'v never taken what is not mine, i will not start even for a million dollars. God nor dey bless like this

TinubuShet:
Now Messi is the only GOATALIVE

Una even know the meaning of this over abused word GOAT

We are greedy Christians

Evilblakman2:

Greatest of all time

The other meaning everyone is using now

Evilblakman2:
The new Goat in town , happy birthday

Wetin be d meaning of this GOAT, you'll talk about

chatinent:
Mbappe is magnificent!

..in Peter Drury's voice.

All of a sudden, CR7 fans have left him to calling Mbappe the GOAT!

Messi is struggling to end his career with a legacy ..already building the legacy by winning the Qatar cup. The season isn't favouring CR7 at all!

Anyways, y'all seeing the future GOAT of football.

Wetin be the meaning of this GOAT you'll talk about

capetownboyz:
all this you quoted falls under marriage..what happened to being moderate with your orders..does she have to show case her glutony..such a distatse for a partner..ladies needs to read the room..you cant just lead a man on a date and take lead at the food on the table..

Guy, u deserve one cold bottle of beer. Spot on!

obembet:



Why can't you just type RIP and save your self from this foolishness.

Don't you have human feeling at all?

Wetin come dey wrong in what he typed. Na wa o ??