₦airaland Forum

Govt realigns the naira, phases out currencies next year
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.

naijaway:
very good news because if u make 20,000naira a month u are not far off from people in other parts of the world. It would encourage people to go back to Africa and also work .

Nigeria aims for naira convertibility in 2009
Tue 14 Aug 2007, 10:30 GMT

[-] Text [+] ABUJA, Aug 14 (Reuters) - The Nigerian central bank will eliminate all restrictions on capital account transfers and make its naira <NGN=> fully convertible by Jan. 1 2009, Goveror Chukwuma Soludo said on Tuesday.

The bank will gradually phase out its foreign exchange auctions in favour of interbank dealing and distribute fiscal revenues to states in dollars to deepen its foreign exchange market, Soludo told a gathering of press, government officials and diplomats.

Africa's top oil exporter will also re-denominate the naira from August 1 next year, removing two zeros, so that 100 old naira will become 1 new naira, he said.

Dios:
?@Temin, how do you support a family on $12000 a year?

Embattled former Abia State governor, Dr. Orji Uzor Kalu currently facing charges of laundering of N3.1 billion state funds may be charged for forgery in the United States of America. The ex-governor is being accused of forging a letter from Brigham Women’s Hospital, Massachusetts, US requesting his presence for his wife’s surgery.

This development is coming on the heels of claims by the counsel to the Economic and Financial Crimes Commission (EFCC), Rotimi Jacob that THE SUN Newspapers owned by the former governor remains the property of the Federal Government pending the determination of the case on the frozen assets of Kalu.

Kalu in a letter to an Abuja Federal High Court had sought for permission to travel to the United States on the ground that, “I have just received information through Victor Onochie (by fax) to the effect  that my wife is due for a major surgery on  8th August in Brigham and women’s Hospital in Massachusetts, USA.

But the Brigham and Women’s Hospital, MA, through Dr. Kwan and  Heather Black, both assistants to Dr. Peter Black, the alleged signatory to the Kalu’s letter denied knowledge of such letter.

babasin:
OBJ had N20,000 cash in 1999 after prison, now he has cash N180billion.

funfavour:
hi Nairaland users are u saying if you donot have more than 2yrs work experience u can't get a student visa to uk? wht if i have my school fees and i apply wont it be approved? not worked for over a yr post nysc

honest answers plsssssss

Nigeria begins usage of ECOWAS passport July 25
Beginning from July 25 this year, the Nigeria Immigration Service (NIS) will officially stop the issuance of the current Nigerian international passport and commence the issuance of the harmonised ECOWAS smart passport (e Passport). But the machine readable passport currently in use, will continue to exist alongside the harmonised ECOWAS passport for one year before being eventually phased out. Comptroller General of the Nigeria Immigration Service, Mr. Joseph Udeh on Thursday began a sensitisation campaign to create the needed awareness for the new regime. He told newsmen in Abuja that the project, which was initiated in 2003, would be officially flagged-off by President Umaru Yar'Adua on July 25. Udeh said the new passport would be driven by an electronic chip. It would contain biometric data including finger prints. Noting that Nigeria would be the first country in Africa to adopt the electronic passport system, Udeh is convinced that the new regime would go a long way to redeem the image of the Nigerian passport and make it more acceptable in the international community. The Immigration chief put the price of the new passport at N8,750, adding that the current version still goes for N5,100.