Naira To Be Re-Denominated

 :)i am delighted that some at the top know that soludo and others like him will turn the fortunes of nigeria around.there was a time i thought that we had no educated people anymore,i now they were only prevented from doing their work

wait and see? can you really afford to?

The number of countries that re-dominated their currency have been listed but the situation leading to the re-domination AND the effect of the policy on their economy afterwards have not been discussed.

I personally don't think there is anything wrong questioning policies made by 'experts' after all some other 'experts' are questioning this policy, it is not about being pessimistic or negative per say!

Quote @Seun
Please amidst all this economics terms, please can someone explain in layman's language the advantages of this re-denomination.
The advantages of the naira re-denomination include:
(1) widespread confusion making corruption easier.  (2) exorbitant costs of compliance.  (4) CBN in the news again!!

Na waa o! Seun is so angry that he even forgot that what follows 2 is 3 and not 4??? Omo boy take am easy o! 

i agree to the comment about the intinsic value of the naira is what should be the major concern.
though Soludo's  idea is not a bad one at all, i believe it would work.
but other sectors should also be involved in the problem of this our economy.
if only the banking sector bring out measures like this and think that it will reduce inflation, it won't, other sectors too should introduce measures to correct our problems of devaluation of naira, inflation etc.

i also believe that to the value of naira can be made better if the authorities can look into how we can increase export production and other methods of correcting the balance of payments/trade problems.

all sectors should be involved and not fold their hands while the banking sector takes a major step such as this
(or maybe there are reformations in other sectors that i am not aware of)

Naira will always be Naira, I don't expect any change in the name. Naira is the most prestigious currency on the African continent.

We need to be careful here Gambia tried implimenting these same policy almost 2 decade ago it was not successful,Ghana just introduced it we've not heard of its success.although i pray it works

To me i can say that it is in two perspective i.e 1. good & 2. bad
It is good in the sense that it will increase the value of the money of Nigeria
it is bad in the sense that it have no immediate advantage to the value of Nigeria. i.e The standard of living will still remain the same. The Hardship in the country will still remain the same, the economic standard will still remain the same. Talk about any thing you can say in this country will still remain the same.

No more story. Redomination of Naira is not Nigeria's problem. I see this whole thing as a political agenda being perpectuated by Politicians in order to divert taxpayers money to their own pocket.

No knowledge of Economics is needed to analyse this. Economic activities will not change.

See this.
                               Present                            After 01/08/2008
Income/Month        50,000.00                            500.00

Less Exp.
     1Food                10,000.00                            100.00
     2Cloth                30,000.00                            300.00
     3Shelter              10,000.00                           100.00

Any change in my purchasing power?

Soludu should wake up'

@ all
it sounds interesting to see how everybody has been trying to show off some hidden academic brilliance by trying to analyse the soludo new policy in the offing.

Nigeria obviously needs more than what has been written in the texts for us to move forward. Banks recapitalization has proven that some things are better analysed when hatched. As for seun, i think even if you study from now for 10 years, Soludo will still be a better economist than u are.

Lets give him the benfit of doubt and lets support whatever vision he feels he has for this country. i prefer a soludo to the many billionaires that are not courageous enough to help this economy. He has proven that he knows his onions and i cannot underestimate his heroics at all.

Professor Soludo is not just an economist anymore.  He's a politician.  That explains a lot:
Even if he knows in his heart of hearts that the policy is wrong, he may have a political reason.

We are in this challenge together whether we like it or not, every Nigerian and their descendants regardless of location and conviction is also part of this. We cannot be down and complain, in the middle and complain, then when is time to be of high standard we also complain as if the rest of the world cares. Is time for us to be strong and at the same time not a bully to our brothers around us; the bottom line is we are also capable of surpassing this standard. That japanese is watever to the dollar is not our business, our business is to strengthen ourselves financially, structurally, physically, intelligently, skillfully, unitedly, regionally, continentally, peacefully, innovativily, culturally, prayerfully, democratically, equally, respectfully, sometimes racially(not tribally), logicly, etc 
  There will be sabotage by others that hate but we shouldn't be dettered. Is time for us to dress our bed the way we want to lay on it, and just like that saying, ask what u can do for your country and not everytime what your country can do for u.
   That Nigerians will not be too desperate to travel out and live will be a boost to the country, that Nigeria will be an advanced country is good and it needs to be started and sustained, that I(love Nigeria) and those that hate Nigeria are witnessing the beginning of a Greater Nigeria aka a greater west Africa is really monumental and exciting, we have no choice but to get it right this time.  Kudos to yar adua and soludo for even thinking about this genius way of  country esteem, opportunity and hope, is time for naijas to contribute their A-game or remain stagnant(God forbid stagnant). 
 

i no think that can be possible. cause i based my income on selling e-gold what will happen to me

It is not respectful for you to call someone dumb on a public forum. As well as using words like stupid posts.

If you read very well, you would have seen that "For goodness sake redenomination doesn't mean that your N50000 will now be worth what N500 currently is". is a blunder by you. The guy was clearly stated 50,000 now and then 500 with the date 1st August 2008 on it.

u have forgotten that Nigerians are nin compoops, argumentative, daft, unbeleiving and outright stupid?

In the developed countries, policies and lawas are enacted and the citizens simply obey without battling an eyelid, but in Nigeria - thats when u will see all sorts of argumnets and nonsense talks and opinions - what u call empty barells - isint it?

Bros & Sisters, weather u all like it or not, this is a welcome development.
To answer some of the question on naira re-domination.
1. some say there will be pricing confusion - Certainly not, if you were born before 1985 or if you started spending the the naira before 1985 u would understand that there will be no confusion. When the naira was devalued Nigerians adjusted, Nigerians are smart i tell u.
2.Exchange rate- The exchange rate is not being pegged!!! it is still dsame as while we used the old naira, it a matter of putting on a new shirt for an old one, nothing changes pls nairaland landers its simple. While there will be no added purchasing power immediately, overtime the purchasing power of the naira will improve. Did i hear you ask how?? ok, right now Nigerians are not consious of the future, we buy what we need and dont need and let tomorrow take care of its self. when u know that 625naira is 500USD i m sure u would wanna think twice before u spend. And by the time we all get consious of wht we spend and stop spending on things we can really do wit out, that will certainly bring about drastic price fall.
Those of you who live overseas understand wht i m saying, u dont buy a car cos' u re living in the UK, cos u know u dont need it and its expensive to fuel to u go on local transport, yes some would say they have a better system when it comes to transportation, but ours will only get better. We have gotten to a level in the country where things have gotten to the bottom and there is no worse it can get, rather than for things to gradually pick up.
People will return to the farms, city life wuld no longer be the in thing, for every profession, there will be value. Robbery will certain reduce!!! because if u have a small business u might wanna think twice than take the risk. Corruption wit police will reduce, will the police ask u to bribe them wit 1naira when they are so used to 20 naira?? can u bribe police 20 naira when u know its almost 16usd. Its for the better!!! I m glad nigeria is taking a new turn.
Employment opportunities wont readily change, it will be gradual but you can all help urself. Self employment will go a long way. Hair dressers, barbers, caterers will no longer have to cry over small income. if u take 10naira home a day. that day will need to be celebrated cos at the end of the month u would have 300 naira which will be good.

If you are thinking of where to invest your money before August 1 2008, i would simply advise u to go for landed properties. Property owners will have a swell time.
Also self employment is another way to go, If u have 50,000 today, the ultimate would be to go to the village and get your own land in preparation for farming cos' farmers would no doubt have a swell time too. We are blessed wit rain in Nigeria and our land are fertile. I have loved oversea and i know wht i m talking about.

Lets clap for soludo and Y'aradua i always knew the a Northern President will be the one to deliver Nigeria, i 'm from the south south!! going by history. I m sure Obasanjo surpressed Soludo's plan.