#800 Minimum Wage, Plus $1 to #1 Rate Is Possible With These Monetary Policies

If the policies suggested in this writeup are put in place, #800 will have high purchasing power (worth the current #800,000) which will be enough for workers monthly expenses.1. Redenomination is the first answer: WE NEED TO DELETE ZEROS (at least 3 zeros) FROM OUR CURRENCIESIn monetary economics, redenomination is the process of changing the face value of banknotes and coins in circulation. It may be done because inflation has made the currency unit so small that only large denominations of the currency are in circulation. In such cases the name of the currency may change or the original name may be used with a temporary qualifier such as "new". Redenomination may be done for other reasons such as changing over to a new currency such as the Euro or during decimalisation.Redenomination itself is considered symbolic as it does not have any impact on a country's exchange rate in relation to other currencies. It may, however, have a psychological impact on the population by suggesting that a period of hyperinflation is over, and is not a reminder of how much inflation has impacted them. The reduction in the number of zeros also improves the image of the country abroad.Inflation over time is the main cause for the purchasing power of the monetary unit decreasing; but there are a variety of political reasons for the government not reining in inflation or for not redenominating the currency when its value has depreciated significantly. There are some economic and social benefits of redenominating, including improved efficiency in processing routine transactions. Redenomination typically involves the substitution of new banknotes in place of the old ones, which usually cease being legal tender after the end of a short transition period.https://en.wikipedia.org/wiki/RedenominationMany countries have done it.2. We should discontinue the use and printing of #1000 notes and #500 notes and then reintroduce Kobos3. Encourage Investment: Creating a favorable environment for both domestic and foreign investment can help boost economic productivity. More emphasis should be laid on local investors and small and medium businesses.4. Payment scale of politician should be greatly reduced. (Or just be left as it is currently is)5. Increase Interest Rates: Central bank of Nigeria should raise interest rates to make borrowing more expensive, thereby reducing the amount of money in circulation.6. Control Money Printing: Central bank of Nigeria should stop printing excessive amounts of money, which is often a direct cause of hyperinflation.7. Social Safety Nets: Implementing or strengthening social safety nets can help protect the most vulnerable populations from the effects of hyperinflation.8. Subsidies and Price Controls: Temporary subsidies and price controls on essential goods can provide short-term relief, although these should be used cautiously to avoid long-term market distortions.9. Heavy National Reorientation: Government of Nigeria should heavily invest in the National Orientation Agency of Nigeria NOA's activity. They should use all the following media to reoriented people about the ongoing developments: Print Media: Newspapers, Magazines, Newsletters, Brochures; Broadcast Media: Television, Radio; Digital Media: Websites; Blogs, Social Media, Podcasts, Online Videos, Digital News Platforms; Film: Movies, Documentaries, Short Films; Music: Albums, Singles, Streaming Platforms; Visual Arts: Paintings, Sculptures, Photography; Performing Arts: Theater, Dance, Opera, Musicals; Advertising Media: Billboards, Advertisements (Print, Broadcast, Digital), Product Placements and lastly Literature: Novels, Short Stories, Poetry, Plays.Public Awareness Campaign: Nigeria government should launch extensive campaigns to educate the public about the redenomination process, its reasons, and its benefits.Transparency: They should clearly explain how the transition will occur, the conversion rates, and the timeline.Several countries have done these in the past and they are enjoying the result today.More about the redenomination:- The old 1000NGN note will now be equal to new 1NGN Note; (The new 1NGN note, will have temporary alias as "Old #1000" )- The old 500NGN will now be equal to new 50kobo(note or coin); (The new 50kobo note or coin, will have temporary alias as "Old #500" )- The old 200NGN will now be equal to new 20Kobo(note or coin); (The new 20kobo note or coin, will have temporary alias as "Old #200" )- The old 100NGN will now be equal to new 10Kobo(note or coin); (The new 10kobo note or coin, will have temporary alias as "Old #100" )- The new 5NGN will be equivalent to sum worth of old #5000- The new 10NGN currency note will be equivalent to sum worth of old #10,000- The new 100NGN currency note will be equivalent to sum worth of old #100,000You se, we may not even need 200 naira note again, because it will be too big.Here is a list of countries that have removed zeros from their currencies and whose currencies later performed better:1. Brazil - 1967: 3 zeros removed (Cruzeiro to Cruzeiro Novo) - 1986: 3 zeros removed (Cruzeiro to Cruzado) - 1989: 3 zeros removed (Cruzado to Cruzado Novo) - 1993: 3 zeros removed (Cruzado Novo to Cruzeiro Real) - 1994: 6 zeros removed (Cruzeiro Real to Real) - Performance: The Brazilian Real stabilized and performed better compared to previous currencies.2. Turkey - 2005: 6 zeros removed (Old Turkish Lira to New Turkish Lira) - Performance: The New Turkish Lira initially stabilized and showed better performance than the Old Turkish Lira.3. Israel - 1980: 3 zeros removed (Old Israeli Pound to Shekel) - 1985: 3 zeros removed (Shekel to New Shekel) - Performance: The New Israeli Shekel (NIS) became one of the more stable and stronger currencies in the region.4. Kazakhstan - 1993: 1 zero removed (Soviet Ruble to Tenge) - Performance: The Tenge performed relatively well, contributing to Kazakhstan’s economic stabilization post-Soviet Union.These countries not only removed zeros from their currencies but also experienced improved currency performance and greater economic stability in the following years. So if the redenomination is put in place #800 minimum wage will worth the current #800,000 and will be enough for wokrer monthly use.Updated