AareGaa:


Soludo too copied it from Ghana.
Thank God that Yar'Adua rejected it.
It even failed in Ghana. .
These people are paper technocrats

You don't need all the degrees to run this economy .

Injecting more forex into the market and monitoring those doing laundering are what can stabilise forex

linearity:


hmmmm, that how the end effect would be with foreign currencies but, that is the sweet part on the surface, but it is not actually how currency Re domination is done….

This how it is done using your above example:

The CBN will create another currency, let’s call it xNaira, they can also create this currency with other Africa countries or the whole of Africa and call it whatever name they like…

Now CBN will say, 1 xNaira = 10 Naira.

Automatically, if you are holding 1000 Naira notes, your bank will collect them and give you 100 xNaira notes.

Exchange rate is not affected technically because 100 xNaira notes will now exchange for $1.

The problem now become, if you are working and assuming you are making 10,000Naira/monthly, the next time you go to collect your pay, you will be paid 1,000 xNaira instead of 100,000 Naira.

This will lead to further devaluation, because some goods and services are not going to be reviewed down at the same percentage rate….eg market women that use to sell one modu of garri for 400 Naira, would be cheated if you give her only 40 xNaira, even after explaining the whole thing for her, she might be only willing to take e.g. 60 to 80 xNaira, etc xNaira from you, which represents almost 100% inflection.

Racoon:
Absolute truth! Nothing more! Nothing less. However, this new development even if it is being considered is a red flag that President Tinubu was never prepared for any meaningful governance as he campaigned. He is just another unfortunate phenomenon after Buhari to ever graced our national life.

Unfortunately, his wayo wayo image makers did this country a great disfavour by shielding him from thorough public scrutiny in not appearing for media interactions or debates. Now, these are just the economic consequences not even talking of the other sides of our national that are still nose diving.

Sudden removal of the fraudulent fuels subsidy( that the APC have been operating illegally for the past 8 years despite lying to Nigerians that it is a scam/fraud) and free floating the naira without any plans to cushion the outcome of the these major policies just paints a scary picture about his future policies. After he promised to continued Buhari’s disastrous policies.

dre11:
• Economic team moves to table plan before President –Source

• It’s ill-timed, doesn’t address problem of rising inflation or depreciation of currency –Prof Uwaleke

• Only fresh injection of FX, extra revenues can check Naira’s fall –Idakolo



https://newtelegraphng.com/fg-mulls-redenomination-option-to-stabilise-naira/

Vision101:
I just pity president tinubu. The mess in the Nigerian economy started towards the end of Jonathan's regime. This was principally because of corruption and the weakness of the president to control those he appointed.

This led to the alarm bell rang by okonjo-iweala. They did not arrest the situation. Unfortunately buhari did nothing but compounded the situation.

Tinubu inherited a messed up economy. He's not talking because he's protecting buhari and his party. He's battling against odds.

The good thing is that he's sound and he has sound people around him. When a patient is in a critical condition the doctors will try several drugs and modes of treatment and watch the effect on the patient. Finally they will get the most responsive mode. In the process the patient will feel several pains.

The doctor will be called names by the patient and his relations. I'm feeling the pains too.

What will anybody honestly criticise a government that inherited the Nigerian mess, less than three months, ministers not yet sworn in and broad policies not yet in full implementation?

FYI I'm an Ibo, professional, religious leader detribalised and apolitical.

Macphenson:
Confused government. Obviously Tinubu is highly overlated.

starstaz:


Really. If Professor Chukuma Soludo is foolish for projecting this idea and I support his foolishness, so be it . It's only a fool that will dream of flying a car to the moon as satellite. Elon musk too is a fool .

Now , back to a Nonetity like you, with your overwise, kindly project a five words economic model that can turn Nigeria around . Am waiting for your wise reply . Mr Wise.

BoldBrainz:
Outside his undeniable intelligence and capabilities for running the cocaine business in the underworld, Bola Tinubu is a dunce on a normal day.

AareGaa:


Soludo too copied it from Ghana.
Thank God that Yar'Adua rejected it.
It even failed in Ghana. .
These people are paper technocrats

You don't need all the degrees to run this economy .

Injecting more forex into the market and monitoring those doing laundering are what can stabilise forex

okeysoninv:
Absolutely, there is no way we can survive with out redenomination of naira. Once naira close the maximum threshold of #1000 per a dollar we can remove a zero . Making 100 naira equal to $1. As of 2013 rate.

Vision101:
@sonnie10
They started on falsehood, no sincerity of purpose.
When they commissioned Dangote refinery that was not in any where ready, just to deceive Nigerians that they have a plan for subsidy removal, it was all games.
Actions have consequences. If they sincere, subsidy removal could have been in phases. Something like 25% at a time until we have functional refinery.
Now this, when Nigeria is still struggling with all the recent failed policies. It is an act of desperation, and hasty decisions often end up wrong.
Why can’t they wait for the first batch of locally refined product before attempting economic changes.


@me
The corruption around subsidy is huge and has been on for years. Any soft handling will not work. The refineries will not work so long as there is subsidy on imported petroleum products. The hand 👏 must be cut for the body to survive. That's the only way to treat cancer.

Unfortunately the ordinary people are suffering the effect of the collective rape of our common wealth by the political class and elites.

starstaz:


Really. If Professor Chukuma Soludo is foolish for projecting this idea and I support his foolishness, so be it . It's only a fool that will dream of flying a car to the moon as satellite. Elon musk too is a fool .

Now , back to a Nonetity like you, with your overwise, kindly project a five words economic model that can turn Nigeria around . Am waiting for your wise reply . Mr Wise.

Oakenshield:
Country without coins 😂🤣 and looking for ways to stabilize naira are dreaming. Due to our useless politicians and greedy lifestyle the removed coins in order to steal well. Because with coins in the economy larger denomination will be phase out and coins will check inflation instead of rounding up figures ,it will be increased by 1 or 2 naira,thereby if there is any increments it will be in kobo. Soludo wanted doing this all our useless NASS shouted the policy was dropped

tachia406:


You will soon heal from your pains of loosing 2023 elections. Wetin bring Tinubu come here? No be economic team de suggest am again? English hard sha!

okeysoninv:
stop bringing old news here. Cedi is stable than naira . 1usd is c11.2

okeysoninv:
very absolutely you don't know how precarious situation nigeria is in . Zimbabwe dollar is even better than your naira presently

Peppysco:



Enemy of the state. We all know that you and your people, after loosing the election, will do anything to burn down the country just to prove a nonsense point. No matter you all's wishes, Nigeria will be good, whether una pray to partake inside the goodness or the ruin you all wish the nation.

jumper524:
A serious govt keeps making moves against negativity and that's what the Tinubus govt is doing.
I appreciate it, keep trying and failing, keep tasking the CBN, they can do better.
We must get there by the grace of God.

MRMRMR:

Too many deluded wailers. A team wants to present a policy to the great Jagaban for consideration, these political wailers are crying loud. Even Jagaban has not even been presented with the idea yet talkmore of approving it.
By the way wat it wrong if the policy is tried. This a default policy in countries with hyperinflation which Nigeria has been grabbling with for close to three years now, which isn't Jagaban's making but the making of Nigerians who have insatiable taste for foreign goods/services.

obyno82:


It is obvious you smoked something before typing this trash talk. You want them to be doing trial and error while people's livelihoods are being ruined and destroyed abi. You people ehnnn because of greed and tribalism you would rather turn a blind eye when it is clear that this guys is sliding Nigeria down at a rate faster than Buhari's 8 inglorious years.

Vision101:
I just pity president tinubu. The mess in the Nigerian economy started towards the end of Jonathan's regime. This was principally because of corruption and the weakness of the president to control those he appointed.

This led to the alarm bell rang by okonjo-iweala. They did not arrest the situation. Unfortunately buhari did nothing but compounded the situation.

Tinubu inherited a messed up economy. He's not talking because he's protecting buhari and his party. He's battling against odds.

I hate people that delve in eye service and now claim religious he has made two gaffes that have sunk Nigeria's economy to a leve lower than Buhari's 8 years in under two months. See make una shun eye service oooo.

The good thing is that he's sound and he has sound people around him. When a patient is in a critical condition the doctors will try several drugs and modes of treatment and watch the effect on the patient. Finally they will get the most responsive mode. In the process the patient will feel several pains.

The doctor will be called names by the patient and his relations. I'm feeling the pains too.

What will anybody honestly criticise a government that inherited the Nigerian mess, less than three months, ministers not yet sworn in and broad policies not yet in full implementation?

FYI I'm an Ibo, professional, religious leader detribalised and apolitical.

BoldBrainz:


The drug trade requires the acute smartness to move products in the streets and gather every small buck and penny there is, to be able to have a money arsenal. It is brutally punitive and detailed as every penny counts and nothing is left to chance.

That's the exact mentality Tinubu took to Lagos state for governance. All he did was treat the Lagos economy like the underworld and found avenues to squeeze every available penny from Lagosians, into his own pockets. Having gathered a money chest, he remitted what he liked to the Lagos coffers and handed down duties to commissioners and his "Yes sir" men, who did all the work while he retained his god-like status, and all the while deceiving Lagosians that he was a seasoned economist.

Now Nigeria is exposing his total lack of anything resembling economic intelligence. Stupid ass man with a brain-dead cranium!