₦airaland Forum

So HiTV is now more of a monopoly than to DSTV. 4 times more!

The negative impact will be: (1) the enormous confusion it would cause (2) the enormous cost of reprinting all our currency, including the polymer notes just created (3) The cost of updating financial records of all kinds.

What part of 'it has no effect on the value of what you own or the salary you are earning' don't you understand?

The Agbani Darego in the magazine cover I lined to is a photoshopped version of the one above.
I can't believe that she has deteriorated so much. Beauty is indeed fleeting. Especially female beauty!

Eureka, I've found it! I've discovered a user-interfact that can be used to create an infinitely scalable discussion forum. I discovered it on the following website: www.43things.com and my dream of "Nairaland 2.0" is alive again!

I remember that woman. That's the woman that bared her boobs to the world, and she's definitely not Agbani.

This is the real Agbani: http://bellanaija..com/2006/07/agbani-in-essence.html. Wait a minute, it's her!!

it will cause confusion only if the logistics are not properly managed

Welcome to Nigeria. Put on your seatbelt and enjoy the ride. (You seem to be new to this country)

Thanks for the information. In other words, DSTV has monopoly of 20% and HiTV has a monopoly of 80%.

I didn't say anything about designer suits either.

And I didn't delete any posts until just now (offtopic posts), so let's go back to the topic please.

Tunde Bakare once came to OAU-Ife to bamboozle us with tall tales he would never tell an adult or TV audience. For example, he claimed that some people were disrupting his crusade and snakes came out of the ground to bite them.

I didn't say anything about designer suits. Don't group me and denex together. i only said he is deceiving people.

It will have no real effect on the value of your investments, but it will definitely cause a lot of confusion.

According to the true definition of monopoly, DSTV is not a monopoly.
According to the HiTV definition of monopoly, HiTV is now a monopoly.

I can't read most of what you wrote because you posted in all caps. Sorry.

I don't think it's wise to spend what should be your retirement money on the church so the pastor can buy more suits.

We don't need any new regulations. If a substandard building collapses, charge the contractor to court. Simple!

Nationwide electronic banking system <snip>, the re-denomination will help.

This is complete hogwash. Re-domination will not help electronic banking in any way.

t will make transactions easier,

This is utter nonsense. You should be ashamed of yourself.

Poverty will also be reduced

What are you smoking?

Instead of having road side vendors, with their earnings kept in purses etc,
we will have SMEs with recorded entries in Banking institutions.

Because of re-denomination? Really, what are you smoking?
Many people avoid banks because of poor customer service!

The Naira is stable today, and due to the steady growth of the
Nigerian economy, it will stay steady when the Naira has been renominated.

Nonsense. The naira has been steady without re-denomination. Will re-denomination make it more steady? No.

The process of re denomination which we are seeing is decimalisation

I'm not intimidated by big and meaningless words. The naira has been based on the decimal system for ages.

You mention Japan, as a point of reference, but; Russia, United States, France, Canada, Sri Lanka, India, South Africa, Australia, New Zealand, UK and Malta have all gone through the process of decimalisation

The naira is already decimalised, so your argument fails. Also, decimalization is not re-denomination!

Re-domination only makes sense in countries like Zimbabwe that have experienced hyper-inflation. Germany was one of those countries, and after the world war they had to re-denominate their bastardized currency, but the naira is not in need of that because (1) it's current value is about the same as the value of the Japanese Yen, and it's even appreciating (2) we have not experienced anything close to hyper-inflation. This policy is 100% unsmart.

i don't think this re-denomination or should i say re-decimalization is a right move.

You are right, but this is not decimalisation. The naira is already based on the decimal system. Don't let them confuse you! This re-denomination is a confusing and pointless, ridiculous exercise. A very shameful waste.

Hope this is a bit more sensible

Actually, this policy is 0% sensible. See Naira To Be Re-Denominated

There would be some initial teething admin/accounting and cost issues,

Are you kidding me? I'm a programmer, and I can assure you that this will be a major nightmare for IT and accounting departments. It'll be almost as troublesome as the y2k bug. For example, any accounting package that currently calculates to the nearest kobo will have to be updated to calculate to the nearest hundredth of a kobo. During the transition process, many companies will make mistakes and suffer nasty consequences. Government forms and business stationery will have to be thrown away and reprinted. Paper accounting records will have to be rewritten. And for what purpose? To make it easier to compare the naira to the dollar? To distract us from real work?

Like for like comparism with other economies will be more transparent,

This is completely false. First of all, the value of Japanese Yen is very close to the value of the Naira, so we can easily 'compare prices' of goods in japan to prices of goods in Nigeria. And Japan is a first world country. Secondly, many West African countries have currencies very similar to ours or less valuable than ours, so we can 'compare value' with them easily. Thirdly, exchange rates fluctuate all the time, so you can only "compare value" by using a calculator. That is why we study arithmetic in primary school, for goodness sake. Calculators are very cheap!

1 pence and 1 cent coins are widely used and accepted in the UK and US, this gives their respective currencies perceived value

I keep shouting 'Japanese Yen!' but nobody is listening. The respect of a currency is not determined by its face value but its stability. The Yen is respected because it's stable, despite 1 yen being less than a cent. For a while, the naira has been relatively stable, and that's what we need. Perhaps someone wants to use this redenomination exercise as an excuse to devalue the naira in real terms? Let's not be taken in by our wishful thinking.

We have so many real problems in this country. Why should our human and financial resources be wasted on this?

What the re-denomination will do is that a foreign investor knows how
much he will make on his investment without bringing out a calculator.

This is a ridiculous statement in so many ways. Tell me:
1) What kind of investor makes an investment decision without bringing out a calculator? Only a foolish investor!
2) The re-domination is not going to introduce a fixed exchange rate, so you will still need a calculator.
3) Why should our government make a decision that will cost us all so much pain just to satisfy lazy investors?

If re-domination is such a sensible idea, then why have the Japanese not considered it? Afterall, the Yen has a low face value too. The important thing is not the face value of your currency, but the stability of the exchange rate. Despite the fact that 1 U.S. dollar = 118.245241 Japanese yen, the Yen is respected as a reserve currency.

One pet theory is that the government plans to depreciate the Naira, and is using this re-denomination as a cover.

Will you tread the path of honour and let's know where you got this information from as well.?

NTA News. They were interviewing a Nigerian 'economist' who claimed to be the major supporter of the policy.

toshmann, I was a strong opposer of President Obasanjo's attempt to get a third term. I didn't "seem to" anything.

Hmm, sister pilgrim.1, the worth 'tithe' means 'tenth' which is the same as 'ten percent'.

Don't go to a church. Go to the best doctors that you can afford. Fibroid is nothing new to them.

Soludo is a qualified economist- he has his string of degrees and professorship to prove it.
Maybe he has been drinking a strange brand of coffee these days (apologies to Jimoh Ibrahim)

That may be so, but I learnt that he was initially opposed to the plan,
but for some reason decided to change his mind. Perhaps he was forced
to accept the plan? Perhaps he's bored and needs a new pointless project?

Ok, let me get this straight. Last year, new notes were introduced to replace old ones. The notes were supposed to be polymer notes, but because the polymer notes were too expensive, we ended up with the same kind of notes we had before - just a different design - and we were forced to switch to the new, uglier paper notes.

Now, those same billions of notes that were almost too expensive to produce are going to be thrown away in a re-denomination exercise that has no effect on the value of the naira. Companies will have to spend trillions of naira updating their accounting systems and previous accounting statements to be compatible with this currency.

And for what reason? In order to convert former millionaires into ten-thousand-aires, change the price of pure water from 5 naira to 5 kobo, and change the salary of an average graduate from 40,000 naira to 400 naira. Ahem.

All the people who supported this idiotic government decision should be rounded up and shipped to Ghana. My worst fears about Professor Charles Soludo have been confirmed. He is not qualified to be called an economist.

'Stolen Phone' Threads:

www.nairaland.com/nigeria/topic-597.0.html

www.nairaland.com/nigeria/topic-28101.0.html

www.nairaland.com/nigeria/topic-55114.0.html

www.nairaland.com/nigeria/topic-71619.0.html

'Returned Phone' Thread:

www.nairaland.com/nigeria/topic-70265.0.html

Python is easy to use. I prefer to spend my time thinking about my programs rather then fighting the compiler.

Wow, what an interesting promotion strategy. Can you tell us how you got this information? Thanks!

If you don't have enough connections to make it in Nigeria,
then you can't have enough connections to get to the US!

I think it was beans and I think it was barely edible. Apart from beans, the only meal I cook well is Indomie!