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Every Nigerian at some point in time has questioned why the Central bank of Nigerian (CBN) can’t print more money to subsidies the financial difficulty in the country. Others have the knowledge that the Nigerian government can’t print more money but not the why. Let’s explain the reason why the central bank of Nigerian can’t print more money to make Nigeria rich while explaining which country can.

Brief explaining of the Central Bank of Nigeria

Central Bank of Nigeria has a Currency Operations Department within the CBN that is responsible for the printing of money. And also, The Nigeria Security Printing and Minting (NSPM) Plc print/mint the Naira notes while CBN Mint Inspectorate office within the NSPM Plc carries out quality control and receipt of finished Naira banknote. There are some factors to consider before printing more currencies in Nigeria such as inflation rate, buffer stock, and Gross Domestic Product (GDP).

High Inflation rate

Printing of more money lies with the federal government, if the government prints more money in order to become rich while avoiding borrowing/debts or paying off debts, there would be too much money chasing few goods which will worsen inflation. Also, it is better to have national debt than printing more money because money borrowed can be offset through taxes at the end of the period and the burden falls evenly on the economy rather than devaluing (inflation) the money on the global level. 

The federal government of Nigeria influences the supply of money in circulation to avoid high inflation growth. Nigeria cannot be rich by printing more money because there are no economic activities to match the amount of money to be printed.

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In addition, there is no restriction on the amount of money Nigeria can print through Nigeria Security Printing and Minting (NSPM) Plc, if every citizen has more money at their disposal that means there will be a continuous rise in prices of goods. At the moment (2020), Nigeria inflation is around 12% compared to a preferred band of 6-9% and susceptibility of domestic price levels to exchange rate, there would be a sharp rise in inflation if more money is printed, the existing inflation problem (no economic activities) will escalate resulting to hyperinflation

For example, Venezuela tried to protect its citizen from hyperinflation by passing laws to keep a low price on essential goods which led to shops running out of stocks because more money was in circulation for low priced goods with inherent productivity issues in the economy.

Universal Currency

Nigeria banknote which is Naira is not a universal currency; therefore, printing more naira would trigger the demand for dollars, which would make the international value of the naira to fall causing imported inflation to rise in Nigeria given that Nigeria is not a producing country but importing (consumption) country.

Presently, the United State of America (USA) is the only country that can print more money to get richer given that the USA is already a wealthy country because all the valuable resources around the globe such as oil and gold are valued in US dollars. Therefore, the USA can print more money in order to buy more things, although the price of those things in dollars will still go up if excess money is printed. In other words, poorer countries even Nigeria cannot print more money to become rich or clear off their national debts.

For instance, in 2008, Zimbabwe in Africa printed more money to make their economies grow, the prices rose to an outrageous amount which triggered hyperinflation. Additionally, the amount used in printing the banknotes would be worth more than the value of the banknote itself, the value of the money is determined by the forces of demand and supply not by printing more money but diversifying in the various sector to derive multiple incomes rather than single-income just as Nigeria depends on oil production alone. 

Nigeria can print its own currency but not US dollars, even print a lot more while the prices of goods will go up and people will be forced to stop using the money rather prefer to be paid in the US dollar because Naira has forced the dollar to be in high demand.

Conclusion

Everybody needs money because of what money can purchase, the value of money would rise if money is a scarce commodity and the value of money will equally fall if more money is in circulation/printed. National debts don’t give birth to inflation but it goes on to show that printing more money will devalue the money whether saved or invested.

Therefore, Nigeria needs to learn from what happened in Zimbabwe in Africa and Venezuela in South America that printing more money is not a solution that will make it’s country rich or pay off national debts.

Understanding genes and homosexuality: is being gay a choice?

To understand whether homosexuality is genetics, we must first understand what genes are? Genes are simply a segment of DNA (Deoxyribonucleic Acid). They are so powerful that they control who we are: our height, the color of our skin, and probably behaviors like who we fall in love with. Identical twins are very good indicators of how powerful genes are. Not only do they look alike, but they have very similar mannerisms, preferences, and habits. This uncanny similarity is not just limited to twins but can be observed among siblings and even parents who share the same characteristic behaviors with their children. So basically we are doing the bidding of our genes and to betray that “bidding” will be betraying our very own nature.

To understand how genes work we first have to understand what they are. Basically, we are just a bunch of cells carefully arranged with cells combining to form corresponding tissues and organs. Almost every cell in our body has 23 pairs of chromosomes in the nucleus. These 23 pairs of chromosomes are made up of materials called histones wrapped around strands of DNA. A short section of that DNA is a “gene”.

These genes contain instructions of basically everything from how and when our cells are formed, to our height, the color of our eyes, to the creation of hormones that are responsible for emotions we feel. It is also good to note that we inherit our genes from our parents. Sperm cells(male gamete) and egg cells(female gamete) undergo meiosis with each gamete containing half the usual number of chromosomes and both gametes later combining to form 23 pairs chromosomes which carry the instructions to “build us” through a process called mitosis. Some times in the process of “copying our genes” mistakes happen. These “mistakes” are called mutation and may produce sickle cells or the 46 chromosomes becoming 47 a condition called trisomy. The point here is to show how powerful genes are and how the process of copying genetics can lead to mutation which has known to be a major recipe for big evolutionary changes.

Remarkably these genes only consist of a small percentage of 3 billion base pairs of DNA. The implication is that a very big chunk of DNA is doing something else other than coding instructions. Why is so much of our genome not being used to code for protein? Projects like the Human Genome Project have begun to unravel the complexity and size of the human genome and hopefully in the future answers to such questions will be known.

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How genes play their part in determining sexuality?

Scientists are still on the verge of properly figuring out which particular genes affect certain expressions, but it is very clear that genes are responsible for our nature. It shouldn’t then be a surprise that genes are responsible for our preference, and even our love choices. Animals have been seen engaging in same sex acts with same sex couples even stealing eggs and looking after them as observed in penguins. It has been estimated that a quarter of black swans pairing are of males. The paired males have been known to steal nests from females and also forming threesomes with females to obtain eggs. Mammals also display homosexual behaviour. Males of the American bison, a bovine mammal, engage in courtship, mounting and full anal penetration.

A new study from Science Magazine analyzed the genetics of same-sex sexual behaviors and found that genetics plays a role, responsible for a third of the influence on homosexuality. The influence does not come from one gene alone, but many genes each contributing small effects, and the rest of the influence coming from the environment. The study analyzed the genetic data of 408,000 men and women from a large British database, the U.K. Bio-bank, who answered extensive health and behavior questions between 2006 and 2010 when they were between the ages of 40 and 69.

The conclusion of the study was that genes are not solely responsible for same-sex behaviors, but the environment has some part to play. There have been fears concerning the study of genes and their linkage to homosexuality, with some LGBTQ activists concerned that anti-gay groups will misconstrue such findings like using the fact that environmental factors are also at play in determining homosexuality. What such groups fail to grasp is that no matter how the environment plays a part, genes also play a part, and who are we if not our genes?

Interesting facts about genetics

  • Some diseases are inherited through genes.
  • Doctors may be able to cure diseases in the future by replacing necessary genes.
  • DNA is a long molecule and there are lots of them in the human body. If you unraveled all the DNA molecules in your body, they would reach the sun and back several times.
  • Some inherited traits are determined by multiple different genes.
  • Genes make up only about 3 percent of your DNA. The rest of your DNA controls the activity of your genes.
  • The word gene wasn’t coined until the 20th century by Danish botanist Wilhelm Johannsen.
  • Genes can disappear as species evolve.
  • Octopuses can edit their own genes.