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nateevs (m)
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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?
How do you talk like this about your own people? This is horrendous. Did you hear about protesters against the expansion of Heathrow Airport in the UK? Is England not a developed country? Why are people not just taking it and accepting? |
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kenflipper (m)
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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 please 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 don't need and let tomorrow take care of its self. when u know that 625naira is 500USD i m sure u would want to 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 don't buy a car because' u re living in the UK, because u know u don't 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 want to 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 yourself. 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 because 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 ur own land in preparation for farming because' 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.
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somze (m)
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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?
Saying you are unintelligent is simply a mild understatement. Which developed country are you talking of? Please just hush it if you do not know what you are talking about. I doubt if you have been in any developed country. I don't normally come out this hard but your incautious comments have been downright innocuous not to mention belligerent and impetuous. You and Watchung should exercise restraint in your future posts. |
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kenflipper (m)
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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 please 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 don't need and let tomorrow take care of its self. when u know that 625naira is 500USD i m sure u would want to 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 don't buy a car because' u re living in the UK, because u know u don't 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 want to 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 yourself. 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 because 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 ur own land in preparation for farming because' farmers would no doubt have a swell time too. We are blessed wit rain in Nigeria and our land are fertile. I have lived oversea and i know wht i m talking about.
Less i forget, there will be drastic drop wit the youths queening at embassies for visa and time will be money. I am sure u wouldnt want the embassies to steal ur 100naira because u now know the value. Day dreaming will stop and hard work will begin.
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.
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somze (m)
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ken flipper stop repeating your posts  Your issues have been dealt with earlier and you do not explain how all these advantages would happen so i chose not to reply earlier. Please we read your post the first time. |
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nateevs (m)
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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 please 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 don't need and let tomorrow take care of its self. when u know that 625naira is 500USD i m sure u would want to 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 don't buy a car because' u re living in the UK, because u know u don't 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 want to 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 yourself. 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 because 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 because' farmers would no doubt have a swell time too. We are blessed wit rain in Nigeria and our land are fertile. I have lived oversea and i know wht i m talking about.
Less i forget, there will be drastic drop wit the youths queening at embassies for visa and time will be money. I am sure u wouldnt want the embassies to steal your 100naira because u now know the value. Day dreaming will stop and hard work will begin.
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.
I don't understand how redenomination will cause all this you are talking about. 5,000naira' present worth will now be N50's future worth. Which means if you were earning N100,000 you will, by 1st august, 2008 earn N1,000 but what N1,000 will buy then is what N100,000 can by now. It doesn't make anything cheaper, more expensive or lucrative. And for you saying there won't be pricing confusion, please tell me, by 08/2008 what will be the stock quote of a company that is 65kobo assuming the the quote stays the same between now and then. To say that there will be pricing confusion is a massive understatement. |
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McKren (m)
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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 please 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 don't need and let tomorrow take care of its self. when u know that 625naira is 500USD i m sure u would want to 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 don't buy a car because' u re living in the UK, because u know u don't 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 want to 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 yourself. 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 because 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 because' farmers would no doubt have a swell time too. We are blessed wit rain in Nigeria and our land are fertile. I have lived oversea and i know wht i m talking about.
Less i forget, there will be drastic drop wit the youths queening at embassies for visa and time will be money. I am sure u wouldnt want the embassies to steal your 100naira because u now know the value. Day dreaming will stop and hard work will begin.
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.
 ? If this was an economics exam 0% would be injustice to the subject. I will rather give -ve10% |
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simply_me (f)
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@Somze & Nateevs
U are two stupid and ignorant non entities that I have ever been opportuned to know - u have misplaced potentials - u should both be in the bush laying eggs or eating bananas - one of the two - u are nothing but aphrodaisc gangantuan mammals.
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nateevs (m)
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You stun me. How come you put such grammar together in a single post? You must be a genius.
However you still haven't answered the question about england. I'm waiting
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debosky (m)
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which kain genius?
someone just did a dictionary sale to these people at 90% off.
so the new thing in vogue now is to blow grammar, even if it is senselessly used in the end.
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somze (m)
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@Somze & Nateevs
You are two stupid and ignorant non entities that I have ever been opportuned to know - u have misplaced potentials - u should both be in the bush laying eggs or eating bananas - one of the two - u are nothing but aphrodaisc gangantuan mammals.
I have never in my life seen such incorrectness of grammar buttressed so emphatically. You really made me laugh my arse out. Ok i'll ignore your wrong spellings. Can you tell me what aphrodisiac has to do with gargantuan mammals? |
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simply_me (f)
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@Somze
Because thats what u r. A juxtaposed and supposedly kneopmatic yob.
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nateevs (m)
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Debosky,
I did not mean she is a genius. Of course it was just a sacarstic expression of what a mess she made of herself trying to impress.
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somze (m)
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@Somze
Because thats what you're. A juxtaposed and supposedly kneopmatic yob.
Please girl, you seriously need to learn your spellings ok. kneopmatic does not exist and what does juxtaposed have to do with your sentence. Do you just write up any big word you have in your head? |
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Jackal (m)
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@ Somze,
That was a bit HARSH!!!!!!!!!!!!!
Let the little' lass be.
She's just juggling words, she's a wordsmith.
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debosky (m)
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It seems those dictionaries that fell off the back of a truck last week are being useful afterall
but sadly, a dictionary without a brain = senseless compositions and meaningless bollocks.
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somze (m)
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jackal Ok o, i've left her  Debo don't mind these folks jare  |
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I-man (m)
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Make una ignore Ferlie a.k.a Simply_Me |
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nateevs (m)
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abi ooo my brother.
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somze (m)
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haba why do folks like using multiple ids on Nl sef. ok o Nateevs, we need to talk about tomorrow o. |
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nateevs (m)
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somze,
Yes ooo
Let's meet on the other end.
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bimbor (m)
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If you want to revamp the economy, it should be a gradual process and i don't think redenomination of the naira should be the first step. there are so many other sectors that need to be dealt with first before talking of equating the naira to the USD. They better think about the pros and cons before diving into such huge decision.We better be prepared for the consequences, the gap between US and Nigeria today is not 100 metres. Please, Soludo should consullt the right before embarking the nation on this trip.
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israelite (m)
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this our government think we ar fools, they ar just putting the cart before the horse think of some the social amenities that ve to be in place before our naira can dine with US dollar, nitel whala, NEPA is messing up 24/7 we can not boast of good roads, poverty is still on the run what is then the enssence of that idiotic idea i don't buy into that idea so far the purshasing power of $1 will be more then 1naira. please let contiue with our current naira.
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naijaway (m)
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Thank God for this competitive government. Everyone better buckle up and be part of history or u can remain where u are. Naija is becoming a disciplined and determined place now. Roads, electricity, technology and food will also be a few things that we will have as national pride. Is nothing more than a welcome development. I want to ask all those that don't like this what they have been doing since the beginning of devaluation of our money? As if is not to be oppressing others and some sort of corruption.
Since we are used to big money, we should then use that same determination to get to big money without doing unnecessary corruption. Is it not development to know that we as citizen can now testify to some major developments that our leaders are now bringing, from satelites to foundations of all kinds of power supplies to implentations internally and externally to naira denomination. I really thank God for giving Nigeria hope again andd hopefully we don't mess up this time.
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Abeem (m)
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I believe the way we will want to do this will be to go almost like a big bang approach. It will be a big bang approach because we are not going to go with what we are having in Ghana or some others who have done it where you will have to get the old and the new notes. It is all manner of confusion, we don’t have a literate population that will get on to converting the old one and the new one and we would expect prices to adjust. It is going to be a big bang within he shortest operations. The duration of that we would have to work out with the banks and operators. We will work out the infrastructure to make sure that we have a seamless transition even within the big bang. - Thisday The big bang theory - whatever that term means - is a recipe for confusion especially with the large size of our illiterate population. How do you convince the average Nigerians that this denomination bode well for them? It is not big grammar that we need now but a lot of education and public awareness programs to convince the skeptics among us that this policy will help to firm up the economy. |
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bimbor (m)
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I'm sorry to sound this way but why do we always have to imitate others, remember what works for others might not work for you, i'm not saying this is a bad idea, but for pete's sake we are just not ready for it and a lot need to be tidied up before such mission can be conceived, we will display ourselves as objects of ridicule to the developed world trying to match up the naira against the dollar, when in the real sense their purchasing powers are never equivalent. A lot need to be done and please the ignorance of the populace should not be exploited anymore, this is democracy and the people have a say on issues concerning their future so the government should not think of implementing a program as this without consulting the people first.
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sultaan (m)
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Typical Nigerians  
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ifababa (m)
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I think youre all not getting what this naira re-denomination is all about, Its not enough to redenominate 1naira to $1, But will the economic value of the currencies match up with themself, ?
Now i know that soludo has been drinking too much of late or been taking another brand of beer like someone said earlier and its been affecting his financial development strategies,
Someone like me now that is so close to becoming a millionaire would have to go back again, Na waoooo
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ernal (m)
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kenflipper no be today,shine your eye.
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Seun (m)
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In very simple terms, the public still wants to understand what will happen to their foreign exchange, networth, their wage bill, their income and whatever… in the next one year
I agree a lot. The message to get to them is that it will only get better over time. It would mean it is going to be the same parity in terms of the reform; the exchange rate will be at the same level as it will be on the day that the exchange will start. The naira values, everything, all prices, all assets, all contracts (by prices I mean wages), all prices including the prices of goods and services; prices of labour and so on will all go two decimal places to the left.
So in nominal terms nothing changes?
Nothing changes
Nothing changes? But in real terms they do
No, no, no. Yes (laughs) in nominal terms everybody remains basically unchanged. We haven’t lost any value. Nobody loses any value but over time because we will pin down inflation expectation every body gains so the guy who is earning 50,000 today will start going home with 500.
So, it means that naira this time is of a different value?
Yes, (of) a different value. It is just pari passu. The bus fare that used to be 15 naira will now be 15 kobo
So everything comes down?
Yes, so we will move it that way he will still enter the same bus, instead of the 15 naira when he was earning 50,000 now he pays 15 kobo out of his 500 naira.
So fuel price will also come down
Yes
Won’t there be any cutting of corners?
No, no, no (laughs) it will be the same two decimal points to the left; everything all prices will be affected. On that particular date all the monies we have in the bank will go two decimals backwards. The old money you are going to drop, if you give them 50,000 naira, they are going to give you back 500 naira. Because it will be a totally new currency everybody will go through it. So what it means is that the value in nominal terms everything will just come down that way because everybody will go to the bank to exchange the old notes. Your old 50 naira, 100, 200, 500 and 1000 are out.
Does it mean that all currencies and coins will be changed? Will there a transition period where you will begin to introduce the new one or it will just happen on that day. When does the old currency cease to be legal tender? What are the challenges that you will face when people have the older currency in that transition period?
I believe the way we will want to do this will be to go almost like a big bang approach. It will be a big bang approach because we are not going to go with what we are having in Ghana or some others who have done it where you will have to get the old and the new notes. It is all manner of confusion, we don’t have a literate population that will get on to converting the old one and the new one and we would expect prices to adjust. It is going to be a big bang within he shortest operations. The duration of that we would have to work out with the banks and operators. We will work out the
infrastructure to make sure that we have a seamless transition even within the big bang.
http://www.thisdayonline.com/nview.php?id=86449 |
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