Several years ago we had a Central bank governor called Professor Charles Soludo under the PDP government of Obasanjo. He put forward policies that helped stabilize our banks and stop the losses incurred by millions of Nigerians. He introduced coins and proposed re denomination of the naira. With re denomination two zeros from the right would be taken off to strengthen our naira against the dollar and other currencies.

This idea was countered by some economists who believed that it would not work for our economy and politicians. Economists were of the line of thought that it would hurt foreign investors, etc. For many politicians it was a massive disadvantage to them because they had stolen naira in billions hidden in their homes. The fear of Ribadu ensured that such monies could not be taken to banks. So it was that the idea was killed at the assembly by the politicians that included today's APC and PDP members. Even the idea of coins was dismantled.

The question now is whether re denomination is workable in Nigeria. If it is why can't we use it as a tool to curb looting. Can't it be used as a tool to deal with the politicians who have 'banks' in their homes?

Cantonese:
Several years ago we had a Central bank governor called Professor Charles Soludo under the PDP government of Obasanjo. He put forward policies that helped stabilize our banks and stop the losses incurred by millions of Nigerians. He introduced coins and proposed re denomination of the naira. With re denomination two zeros from the right would be taken off to strengthen our naira against the dollar and other currencies.

This idea was countered by some economists who believed that it would not work for our economy and politicians. Economists were of the line of thought that it would hurt foreign investors, etc. For many politicians it was a massive disadvantage to them because they had stolen naira in billions hidden in their homes. The fear of Ribadu ensured that such monies could not be taken to banks. So it was that the idea was killed at the assembly by the politicians that included today's APC and PDP members. Even the idea of coins was dismantled.

The question now is whether re denomination is workable in Nigeria. If it is why can't we use it as a tool to curb looting. Can't it be used as a tool to deal with the politicians who have 'banks' in their homes?

Very simple matter.
Not jumping upandan and shouting kworropshon when ministers are forging NYSC certificates and governors are on video looting dollars.
Back to Daura.

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Re-denomination was a golden opportunity we lost due to vested interests and leaders who failed to see beyond their noses. They were all interested in protecting the billions they had looted. i am not sure any CBN governor would ever be able to pull it off especially now that our economy is in dire straits. Sad really.