simply_me:

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?

kenflipper:

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.

kenflipper:

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.

simply_me:

@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 [b]gangantuan [/b]mammals.

simply_me:

@Somze

Because thats what you're. A juxtaposed and supposedly kneopmatic yob.

Dis Guy:

Interview with Soludo-Naira transition

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

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?

[b]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.[/b]