BREAKING NEWS !!! the re-domination move has been suspended  for the time being by our president
follow the link to read on this

http://www.thisdayonline.com/nview.php?id=87570

Soludo want to redeem his image. mmmm!!!

Re-Denomination of the Naira would be a good turn-around in the economy of Nigeria provided well-grounded measures are put in place to prevent a runaway inflation, reduce unemployment, increase the productivity of our industries (by providing adequate infrastructures like good roads, constant power and water supply.

Those measures will be helpful with or without re-denomination, so why bother with re-denomination?

for those who think changing the naira name wnt be a bad idea, shld try changing their biological names to see hw much confusion they wld face.

this idea is retarded, yes you heard me it just the ministers taking advantage of yar' adua's position, as if they had brought this up last year obasanjo would have dismissed it. they are just trying to provide themselves with even more money. think about it the two strongest economies in africa have'nt done this. in egypt it is about 100 pounds to a dollar, and in south africa its about 6 rand to a dollar.  but just look at they YEn its doin' perfectly fine. knowing nigerians if this does come into effect the currency will begin to loose its value considerably within 7 months of the change. if they do change this currency, i and my family will personally pull out our assets from nigeria, stocks, personal accounts and savings. using just a bare minimal. this it the kind of rubbish that makes people consider leaving nigeria !!!!! the americans must be thinking who the hell are these nigerians with there few barrels of oil trying to put their currency at par with the dollar. this is a promise the dollar will eat up the naira, and then again the lack of education in nigeia, how are you going to tell people who have grown up their whole lifes knowing there to be 1000, 500, 200, 100, 50 naira notes. that all of a sudden the largest note will be 20 naira. I pray that for the sake of nigeria this does not come to pass it would be a huge step backwards, reminisent of the last time the naira 's value depreciated. instead of looking at the basic neccesities of just clean water alone. this is a country where tribes that do not wear clothing exsits and the thing on everybody's mind is the value of the currency. maybe itf nigeria has tackled the simple necesities of life the economy might be even more sustainable. without a sustainable economy this re-domination will not work. this is nothing but pure greediness. at the moment nigeria relies soley on oil as its best export, a commodity that is running out quickly. the fact that nigeria is doing considerably well is not due to the intellect of the government but the share grace of god. this countr has issues

I thought this issue is resolved?

lovemajek:

I thought this issue is resolved?

Na you resolve am? Matter just dey start you say wheather them never resolve am.

Issue has been suspended so why the debate?


Wldnt be a bad idea at all.

I don't think it should be suspended indefinitely, it has a good chance of improving our economy.

The Naira will appreciate anyway, but the redenomination will make the impact of the appreciation of Naira not to affect the Purchasing Power. _{That is the way I see it.}

I hear this demon is being invoked from its deep slumber.

otokx:

I hear this demon is being invoked from its deep slumber.

I hope that is only hearsay!

Re-denomination of the Naira is a waste of time and resources.
Currency re-denomination is mainly a cosmetic job, and is of no value if your currency and economy are still weak,and inflation is in double digits.
It was another one of Soludo's 'brilliant' theoretical ideas, that were of no real positive value to the economy.
In fact, if Soludo had implemented his idea, given our past history of prices defying gravity, we would have likely ended up with an alarming inflation rate that would have made effective prices much worse.
The yen has been trading to the dollar around the 100:1 mark for the past decade, and you dont hear the Japanese speaking of re-denomination.
The strength of your currency is more accurately revealed in its stability under open market. The weak nature of the Naira stem from our over dependence on crude oil for forex income and thus the value of the Naira fluctuates with crude oil prices
Nigerians should be grateful that the move was suspended, and hopefully it gets canceled permanently.

PS: The outcome of the poll is shocking.

So this never happend? a pity.