"The Central Bank of Nigeria (CBN) on Tuesday announced plans for the revaluation and realignment of the naira to make it competitive with the United States (US.) dollar. Under the new plan, announced by the CBN governor, Prof. Chukwuma Soludo in Abuja, the naira is to be realigned to the Pre- Structural Adjustment Programme (SAP) regime of 1986 where it was at par with the US. dollar. Consequently, the existing N1000; N500; N200; N100 will revert to N10; N5; N2 and N1 respectively while a higher note of N20 denomination is to be introduced. Also, the current N5 note is to revert to 50 kobo while coins are to be re-introduced ranging from one kobo; two kobo; five kobo ; 10 kobo to 20 kobo. The new plan which will come into full force from the of August 1 next year, is to form the basis of wages; naira assets; prices and contract regimes in Nigeria"

If this was allowed to be implemented then, we will not be having the fx wahala we are having now?

I totally agree with you

I have always been an advocate of lower denomination.. It gives more value to the currency most especially the coins.

BTW, when would Nigeria banks start standard mobile money?

I have always say it and i will keep on saying it:

Weather we like it or not, ONLY AN IGBO PERSON CAN FIX THIS COUNTRY!

CALL ME A TRIBALIST NA YOU SABI - BUT THE FACT WILL STILL BE THE FACT.

WE WILL KEEP WALKING ROUND IN THE WILDERNESS FOR 70 YEARS UNTIL WE ALL WAKE UP TO REALITY.



OBJ made impact during his tenure because he smartly placed Igbos at all the strategic economic positions:
CBN - Igbo
Finance - Igbo
Education - Igbo


Go figure.








The only person that gave bokoharam hell and almost eliminated them was IHEJIRIKA - AN IGBO MAN!

He almost obliterate them until their northern brothers started complaining to high heaven (including El-rufai and Buhari) that an Igbo man want to kill all their sons! AND HE WAS REPLACE - THEN BOKO HARAM GREW TO BE A MONSTER!

Nigeria, and pillar to post policies. confused fellows everywhere. another scam loading

Till today I don't understand why the FG led by yaradua stopped soludo from doing that

Though there won't really be a difference so far some things are not put in place.

And again, once inflation can't be controlled and we still import most of what we consume there won't really be any difference.

What an Igbo boy sees while sitting on the floor, an afonja and fulani elders will never see it even while standing on the tallest iroko tree

It's was beautiful nonsense , the only way to improve the Naira is to Produce more of produccts we have comparative advantage in internationally ... By moving decimal point you have done nothing value

SarkinYarki:
It's was beautiful nonsense , the only way to improve the Naira is to Produce more of produccts we have comparative advantage in internationally ... By moving decimal point you have done nothing value

atleast it would reduce the quantity of naira printed.

obiekunie2:
I have always say it and i will keep on saying it:

Weather we like it or not, ONLY AN IGBO PERSON CAN FIX THIS COUNTRY!

CALL ME A TRIBALIST NA YOU SABI - BUT THE FACT WILL STILL BE THE FACT.

WE WILL KEEP WALKING ROUND IN THE WILDERNESS FOR 70 YEARS UNTIL WE ALL WAKE UP TO REALITY.



OBJ made impact during his tenure because he smartly placed Igbos at all the strategic economic positions:
CBN - Igbo
Finance - ugbo
Education - Igbo


Go figure.








The only person that gave bokoharam hell and almost eliminated them was IHEJIRIKA - AN IGBO MAN!

He almost obliterate them until their northern brothers started complaining to high heaven (including El-rufai and Buhari) that an Igbo man want to kill all their sons! AND HE WAS REPLACE - THEN BOKO HARAM GREW TO BE A MONSTER!

King Kong

Soludo and Okonjo are Vodoo economists

JAMO84:
Soludo and Okonjo are Vodoo economists

Yes no wonder they are world renowned ....and the none vodo economist are no where

Compare the economy under them to what we have now

Igbochief001:

Yes no wonder they are world renowned ....and the none vodo economist are no where

Compare the economy under them to what we have now

High price of crude caused by the 2nd Iraq war made them look good.

hasyak:

"The Central Bank of Nigeria (CBN) on Tuesday announced plans for the revaluation and realignment of the naira to make it competitive with the United States (US.) dollar. Under the new plan, announced by the CBN governor, Prof. Chukwuma Soludo in Abuja, the naira is to be realigned to the Pre- Structural Adjustment Programme (SAP) regime of 1986 where it was at par with the US. dollar. Consequently, the existing N1000; N500; N200; N100 will revert to N10; N5; N2 and N1 respectively while a higher note of N20 denomination is to be introduced. Also, the current N5 note is to revert to 50 kobo while coins are to be re-introduced ranging from one kobo; two kobo; five kobo ; 10 kobo to 20 kobo. The new plan which will come into full force from the of August 1 next year, is to form the basis of wages; naira assets; prices and contract regimes in Nigeria"

If this was allowed to be implemented then, we will not be having the fx wahala we are having now?

That is not revaluation, but re-denomination. Objective then was to remove 2 zeros from higher denomination currencies. How will this solve our problem? Removing zeros from higher currencies will not eliminate inflation, nor stop high interest rate.

Rubbish


Redomination is a total futile waste of time and only accelerates inflation.

Knock zeros off and prices of goods will be rounded up there y creating hyper inflation


Soludu was an idiot and a terrible mistake as CBN governor.

Igbochief001:

Yes no wonder they are world renowned ....and the none vodo economist are no where

Compare the economy under them to what we have now

They didn't do anything special, they had oil money to spend and nothing more. The moment oil crashed, Okonjo began to cry.

stonemasonn:
atleast it would reduce the quantity of naira printed.

Rubbish.

If you want to reduce the volume of physical cash you simply go digital or cashless.

This is where Sanusi trumped Soludu.

The same stupid Soludu that wanted to redemoninare the naira went and rolled out his polymer notes

Does that sound like someone with consistency and sense?

PaJamesN:
What an Igbo boy sees while sitting on the floor, an afonja and fulani elders will never see it even while standing on the tallest iroko tree

What people like us warned about demonination is what Ghana is going through now.

Ghana knocked about 3 zeros off their worthless cedees and then equated their currency to the dollar.

Now this automatically led to hyperinflation as goods and services simply rounded up prices and given the equal valuation to the dollar made it more painfully obvious how poor ghanians are.

Now assuming you are earning 100k and they knock off 3 zeros you end up earning 1000.


What you paid 100 naira for you now pay equivalent of 1 Kobo

With no coins in circulation how do you pay for something worth 1 kobo?

South American countries have done this several times in the past and it only caused more inflation and fheir central banks kept issuing higher notes.

It is like trying to stop the water in the kettle from boiling without removing it from the stove. You keep adding water hoping to prevent it reaching boiling point

Soludu remains an idiot

BabaOwen:
Till today I don't understand why the FG led by yaradua stopped soludo from doing that

Though there won't really be a difference so far some things are not put in place.

And again, once inflation can't be controlled and we still import most of what we consume there won't really be any difference.

Too bad to read this from you. Changing of denomination or color of money will never change the values. Soludo only wanted to fraud Nigeria of printing contract.

PaJamesN:
What an Igbo boy sees while sitting on the floor, an afonja and fulani elders will never see it even while standing on the tallest iroko tree

Shame on this country, so this is Mumu that want to be president? How changing color of naira will change the value? You're dumb sir.

Would this have solved our problems? NO

I am igbo at heart but I don't get the hype of an igbo president doing better. If we are so good, why are our states in these deplorable conditions? Let's forget Lagos revenue, because it also has the highest expense too, but why is Lagos doing better than all other states? Isn't it because of their vision and commitment to developing the state? Igbos are known for making a way where there is none, but why is this not reflecting in the states?

egopersonified:
Igbos are known for making a way where there is none, but why is this not reflecting in the states?

It takes more than a way out of nowhere to govern a complex country like Nigeria. An average Igbo president will only try his best like his predecessors, we need more than average be it Igbo or Fulani

Soludo goofed.!

Op, I suppose you read about that and never followed economic happenings that time.soludo's approach was very wrong,hence yar' adua halted his decisions

I blame soludo till 2day

[s]

obiekunie2:
I have always say it and i will keep on saying it:

Weather we like it or not, ONLY AN IGBO PERSON CAN FIX THIS COUNTRY!

CALL ME A TRIBALIST NA YOU SABI - BUT THE FACT WILL STILL BE THE FACT.

WE WILL KEEP WALKING ROUND IN THE WILDERNESS FOR 70 YEARS UNTIL WE ALL WAKE UP TO REALITY.



OBJ made impact during his tenure because he smartly placed Igbos at all the strategic economic positions:
CBN - Igbo
Finance - ugbo
Education - Igbo


Go figure.








The only person that gave bokoharam hell and almost eliminated them was IHEJIRIKA - AN IGBO MAN!

He almost obliterate them until their northern brothers started complaining to high heaven (including El-rufai and Buhari) that an Igbo man want to kill all their sons! AND HE WAS REPLACE - THEN BOKO HARAM GREW TO BE A MONSTER!

[/s]
This is what we're talking about. You're naturally proud.

HOW MANY OF YOUR STATE HAS BEEN TURNED INTO HEAVEN BY YOUR GOVERNORS?

hasyak:

"The Central Bank of Nigeria (CBN) on Tuesday announced plans for the revaluation and realignment of the naira to make it competitive with the United States (US.) dollar. Under the new plan, announced by the CBN governor, Prof. Chukwuma Soludo in Abuja, the naira is to be realigned to the Pre- Structural Adjustment Programme (SAP) regime of 1986 where it was at par with the US. dollar. Consequently, the existing N1000; N500; N200; N100 will revert to N10; N5; N2 and N1 respectively while a higher note of N20 denomination is to be introduced. Also, the current N5 note is to revert to 50 kobo while coins are to be re-introduced ranging from one kobo; two kobo; five kobo ; 10 kobo to 20 kobo. The new plan which will come into full force from the of August 1 next year, is to form the basis of wages; naira assets; prices and contract regimes in Nigeria"

If this was allowed to be implemented then, we will not be having the fx wahala we are having now?

it is the most unrealistic solution to the problem of the stabilization of naira to dollar pricing.
Thank God it did not hapen

obiekunie2:
I have always say it and i will keep on saying it:

Weather we like it or not, ONLY AN IGBO PERSON CAN FIX THIS COUNTRY!

CALL ME A TRIBALIST NA YOU SABI - BUT THE FACT WILL STILL BE THE FACT.

WE WILL KEEP WALKING ROUND IN THE WILDERNESS FOR 70 YEARS UNTIL WE ALL WAKE UP TO REALITY.



OBJ made impact during his tenure because he smartly placed Igbos at all the strategic economic positions:
CBN - Igbo
Finance - Igbo
Education - Igbo


Go figure.








The only person that gave bokoharam hell and almost eliminated them was IHEJIRIKA - AN IGBO MAN!

He almost obliterate them until their northern brothers started complaining to high heaven (including El-rufai and Buhari) that an Igbo man want to kill all their sons! AND HE WAS REPLACE - THEN BOKO HARAM GREW TO BE A MONSTER!

Fix your region first

favor914:
High price of crude caused by the 2nd Iraq war made them look good.

Asslickers like you will always find a way to disparage products of intellects and good intentions but cant find a reason why your zombie commander has failed ceaselessly.....