Just last month, and in furtherance of this same objective, Ghana redenominated its national currency, the cedi, by the removal of four zeroes. In effect 10,000 cedis is now equivalent to one New Ghana Cedi. This is to make the currency portable and easily convertible, not just across the sub region but also in the international market.

From the CBN pronouncements, it seems, government wants the naira to exchange at a unit close to the dollar and become a benchmark currency in Africa.

Assets come in various forms but for easy identification, tangible assets, equity assets, fixed income assets and cash assets are being looked at.

In the new dispensation, these assets will now be expressed in much lower denominations. Several scenarios are being envisaged. For example, a N2m bank balance will read N20,000, while a plasma TV set, which cost N260,000 will sell for N2,600 when the redenomination takes effect.

A lecturer on a monthly salary of N63,000 will now go home with just N630, while a stock portfolio worth N3.5m will be reduced to N35,000 in nominal terms. Indeed, most stocks will be reduced to penny stocks, trading for less than N10. A bottle of coke, which cost N40 at present, will cost 40kobo.

The rent for a flat, which cost N120,000 per annum will be sliced to N1,200, while the actual amount repayable on a N5,000 interest free loan obtained from a friend, will be N50.

Some of the problems could start with change for transport fare, for example. Will bus conductors accept a 50k coin for a trip that cost N50, rather than go for the convenient option of a N1 note?