Breaking News: N100 To Become N1 By August 1, 2008

The redenomination does not put money in our pockets. On the contrary it reduces that which we have in terms of quantity but not value.
I learnt they wont be printing new notes. Thats not possible. New note of especially of the N20 denomination will have to be printed. Otherwise, they CBN is technically telling Nigerian to horde to N20 naira notes and bring then out after redenomination (by that time the value would have increased)


Good Side:
1. Nigerians will again learn to use coins. It will check inflation, but then we must also learn to export manufactured goods.
2. Strong naira (though not as strong as Ghana Cedi)


Negatives:

1.  Naira will become more valuable, and robbers may become more daring
2.  Ease of Accounting, ATM transactions etc
3.  The inevitable reprinting of notes will become another heavy budget
4.  Educating the people - the masses will be a no mean task. Power cuts wont help with information desimination
5.  What becomes of ECO - the proposed common currency?