₦airaland Forum

In 2007 CBN under the leadership of Prof Charles Soludo announced the strategic agenda for the Naira which generated a lot of national debate especially on the issue of Currency Redomination. See below definition.



What is currency redenomination?

Currency redenomination is the process where a new unit of money replaces the old unit with a certain ratio. It is achieved by removing zeros from a currency or moving some decimal points to the left, with the aim of correcting perceived misalignment in the currency and pricing structure, and enhancing the credibility of the local currency.


The CBN cited alot of countries where it suceeded eg.


Country

Year




1.

Ghana

2007



2.

Croatia

1994



3.

Finland

1963



4.

Poland

1995



5.

Uganda

1987

A case of Ghana less than seven years down the line the cedi's is facing serious crises. Just learnt their MRR is 21%.

I just wonder what would have happened to the Naira today if soludo's policy was implemeted because i know that there is a correlation between purchasing power of currency, inflation rate and curerency redomination. Economist over to you


Pls read below thread to get more info.

https://www.nairaland.com/1966823/p-downgrades-ghana-cedi-junk/3#27874783



http://www.cenbank.org/redenomination/Newpolicy.asp

conspiracy theorist every where

HMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM

Revealing, there is a strange connection as all of them are sympathizers of APC.

I need to confirm the source sha, but this is utterly revealing.

Pls how do i become a member of CFA. what basic qualifications are necessary.

Good News

The transformation process in UBN is on course, this are good signs.

Union Bank Nigeria Plc, one of the Nigeria lenders bailed out by the Central Bank in 2009 has released third quarter results which show improvement at the bottom line level.

For the nine months through September 2014, Union bank’s net income increased by 6.73 percent to N8.0 billion compared with N7.57 billion the same period of the corresponding year (Q3) 2013

The bank’s share price closed at N8.26 on the floor of the Nigeria stock exchange while market capitalization was N139.88 billion.

http://businessdayonline.com/2014/10/union-bank-9-month-pretax-profit-falls-9-8-percent/

Booked

umuihe:
It all depends on the type of service you want. For Payment Guarantees, I think Zenith is great. For International Fund Transfers you could try Enterprise or Ecobank. For retail banking, First bank, StanbicIBTC, Fidelity & Diamond are all good. For local funds transfers, FCMB is your best bet my dear. The ones I wouldn't recommend include GTB, UBA & UNION. I'm very sorry about that

union bank is a lot better now. They are rebranding. Also their online banking is second to none. Very user friendly n robust.

I just hope that jonathan will look beyound raising a 2015 execution squad as ministers (eg nyeson wike) and get square pegs for square whole

Kai!!! This joke too expensive. I was reading it with so much enthusiasm. Lol, can't believe I fell for it. @op I go hunt u down

@op the solution to your problem is not farfetched. Just ask you self some few questions, like
Who have u promised marriage to and disappointed the person?
Who u dey owe money?
Whose heart did you break?
U will be surprise u will hit the bulls eye sooner than u imagine

superstar1: Another worthy investments that surpasses the whole of investments of 2 by 2inches shop owners.

We give glory to God.

We are progressing, they are wailing.

It could have been in any part of 9ja subject to availabilty of raw material etc.

We don't need to be tribal.

Laudable project, with dangote refinery SW will be an industrial hub

Pls does any one knw union bank's pay package?

Free globe wait by tomorrow the inconclusive will become conclusive.

Thanks gifted hands, we will keep our fingers crossed. I think you all should just follow him

Sincere 9gerian: Very wrong step. Govt must not be seen to be going back and forth like a yoyo. There must be consistency. No amount of blackmail and smuggling should force govt to reverse the rice self-sufficiency policy. If there is smuggling, then govt should fix it. I doubt if the agric minister or minister of finance will support this move. If the price of foreign rice is expensive, people should go local. That is the essence of the policy, isn't it? Wrong step, if the report is true.

Well said, but the cause of this forward and backward policy is poor planning. FG should have given a 5yrs plan whr they encourage millers and farmers of paddy rice by creating a market for them. Then gradually increase tarriff of imported rice. Once the standard are almost same people will ordinarily buy local rice because of price difference.

I really don't knw who is advising GEJ, the automotive policy is also dead on arrival.

I read thru comments of pple on anambra state election, I just laugh how pple just form opinion from comments by losers.

I was on ground, yes there was pocket cases of violence and disenfranchisement here and thr, but does this invalidates evry other place whr elections was free and fair? NO

Money for vote was not only done by one party, pdp were the highest payers on the day. Even prince arthur eze openly promised N5m for any ward that delivered tony nwoye. Money played a crucial role, pple sold their votes, others collected money and voted for who they wanted. Does it make anambra state the worse election? NO. Pls Google enugu local council elections 2013


APC still have a chance to send anambra guber election to a runoff, let them concentrate on the election on nov 30th, since idemmili is their strong hold

As for ifeanyi ubah, he was sorrounded by praise singers that only wanted to eat a part of his money. In most polling units I visited he didn't have an agent. He should stop crying, we only ate a little of the subsidy money he stole.

As november 16 draws close and the political game in Anambra state is highest. Politicials have adopted different winning strategies while black listing opponents.

Apga has adopted the image of Dim Odimegwu ojukwu to drive home their igbo (Biafran) ideology.

I just wonder if Dim oodimegwu ojukwu was alive and was running for Anambra state guber election if he will win.


Will you vote for him

Congratulations to all sucessful candidate, I really look forward to working with you. The induction will be for one month. Tighten your sit belts we are about to take off,

No one can say he doesn't or haven't heard of immunity clause. The guy just dodge the question.

Pls he visited the road to do a ground breaking ceremony on the road. Respite has finally come to pple resided in the area.

Pls development is progressive and u can't do every thing at once. Peter obi has made gaint strides in anambra state. In every state there are places worse off than this.

When we condemn or critisize let's be objective

I just want to keep my fingers crossed hoping sale of PHCN works this time

Gumi should talk to his BH brothers to stop insulting the sensibility of humanity by their senseless killing
He didn't see anything wrong with yardua or other president going for priglimage to mecca or the needless amount of money spent by FG on priglims.

Smh, see as insanity dey make news 4 9ja

PES 13 is tight, players intelligence is mad, game play outta this world n jon champion n jim beglin commentary kills it.

We can't. All be stupid. Why sign a document like that when it can't be tended in a court of law.dumb ass post smh

Nice move, improves security and fasttrack development

Which station do we tune too

cowleg: I beg your pardon, NNEWI in ANAMBRA STATE is the foremosts JAPAN of Africa.

Why are we queueing up to anwser japan or taiwan or dubai. Smh, we should be looking at times when nigeria will be used as reference

I saw this coming, they termed moderate islamist goverment terrorist and aided in toppling them over. Now the whole Region is in turmoil, radical islamist have taken over north africa.

Guns from the north have found its way to radicalist in niger, mali and nigeria.

US wrong move!!!

Source: http://www.npr.org/2013/10/10/231179107/official-libya-prime-minister-kidnapped-by-gunmen?f=1001&ft=1

TRIPOLI, Libya (AP) — Libyan Prime Minister Ali Zeidan was snatched by gunmen before dawn Thursday from a Tripoli hotel where he resides, the government said. The abduction appeared to be in retaliation for the U.S. special forces raid over the weekend that seized a Libyan al-Qaeda suspect from the streets of the capital.

Zeidan's abduction reflected the weakness of Libya's government, which is virtually held hostage by powerful militias, many of which are made up of Islamic militants. Militants were angered by the U.S. capture of the suspected militant, known as Abu Anas al-Libi, and accused the government of colluding in or allowing the raid.

In a sign of Libya's chaos, Zeidan's seizure was depicted by various sources as either an "arrest" or an abduction.

That is because the militias are interwoven in Libya's fragmented power structure. With the police and army in disarray, many are enlisted to serve in state security agencies, though their loyalty is more to their own commanders than to government officials and they have often intimidated or threatened officials. The militias are rooted in the brigades that fought in the uprising that toppled autocrat Moammar Gadhafi in 2011, and are often referred to as "revolutionaries."

A statement on the government's official website said Zeidan was taken at dawn to an "unknown location for unknown reasons" by a group believed to be "revolutionaries" from a security agency known as the Anti-Crime Committee. The Cabinet held an emergency meeting Thursday morning, headed by Zeidan's deputy, Abdel-Salam al-Qadi.

Abdel-Moneim al-Hour, an official with the Anti-Crime Committee, told The Associated Press that Zidan had been arrested on accusations of harming state security and corruption. The public prosecutor's office said it had issued no warrant for Zidan's arrest.

A government official said gunmen broke into the luxury hotel in downtown Tripoli where Zeidan lives and abducted him and two of his guards. The two guards were beaten but later released. The official spoke to AP on condition of anonymity for fear of retaliation.

State Department spokeswoman Jen Psaki, traveling with Secretary of State John Kerry in Brunei, said, "We are looking into these reports and we are in close touch with senior US and Libyan officials on the ground."

The snatching of Zeidan came hours after he met with the family of Nazih Abdul-Hamed al-Ruqai, the al-Qaida suspect seized by the Americans, now being held in a U.S. warship.

Umunnem n ummunnam, why have we all sold our selves our for a plate of porridge. We younger generation should aggressively reachout to politicials that has given us evil and mediocres to run for governorship. Are there no better people from anambra state?

Btw a stooge (obiano), a 419er (ubah), a faliure (ukachukwu)/ an urchin (nwoye) and a lier(ngige) who is the lesser evil.