₦airaland Forum

edeone:
""I'm always amazed at the position of some people shooting down ideas before it starts. Some people believe that nothing good can come out of a policy formulated by a Nigerian.

I guess we need to correct this mentality. Soludo knows what he's contending against, the international communities, and I believe he's not a rookie in this area he is navigating. The guy is brilliant , and you should know that he must have raised some of the "fears" being raised on this forum with his team. I remember when he was talking about capitalization of the banks, a lot of people on this forum shot down the idea and gave it no chance. If that area is not 100% perfect now, at least we could still score him more than 80% now. There's a surge in the belief we have in our banks these days.

While I will not say we shouldnt raise our "fears", we should try as much as possible to take a more optimistic stand and strongly hope it's going to bring out the desired result. This guy and his teams are not fools as some think, and I strongly consider this present action as a step in the right direction!. He must have his logistics to make it work and you should also remember that he's putting his integrity and career on the line here for the betterment of Nigeria.

He deserves to be encouraged! ""



i quite agree with u,its is a Gud idea and will be very nice if it wrks so lets jst hope for the best,and we should know that it has be carefully planed.

Finally someone with a Brain.

The only thing I hate about all this changes to the currency, is the fact that the Naira is changing. I haven't been in Naija in a while, and the Naira is a symbol of my past. It's been changing, so in essence, a part of me is been destroyed.


Apart from that, Kudos to Soludo.

black black black sheep.

[size=14pt]Nigeria set to free its currency[/size]

Analysts think the move will help strengthen Nigeria's currency
Nigeria's central bank has said it will make the country's currency, the naira, convertible by 2009.

Until now, the central bank has limited how much foreign currency can circulate by selling it through auctions. It has also set the exchange rate.

The change should help increase flows of money into the banking system and encourage investment into Nigeria.

The government will also redenominate its currency from August 2008, so that 100 old naira will become 1 naira.

This should help make the pricing of goods easier, as well as conversion into other currencies.

Gradual withdrawal

The naira has been appreciating against the dollar this year, thanks to Nigeria's high oil revenues.

Analysts think the naira will be further strengthened following the latest currency changes.

"This is very positive. I agree fully with all the initiatives," said Tony Elumelu of Nigerian bank UBA.

The central bank's governor Chukwuma Soludo said the bank would "gradually withdraw from the weekly auction system [of foreign currency] and only intervene in the market as may be required to achieve defined policy objectives."

The currency changes apply to commitments Nigeria has made under International Monetary Fund (IMF) rules regarding currency transfers.

http://news.bbc.co.uk/2/hi/business/6946604.stm

My Speculations have been clarified. A new currency will be introduced, and the initiative should naturally increase investments in the country.

Foreign investments into Nigeria stands at $140bn, making it Nigeria's 2nd largest Investment hub, and with the redomination the figure should increase.

gbade. x:
@ dblock,

who spits first?

Anyone.

The Naira is stable, but Nigeria remains a Country with one of the largest unofficial Markets. Nigeria remains one of many countries without a Nationwide Electronic Banking System. These things have to be achieved with various policies, and the re-denomination will help. It will make transactions easier, and accelerate Nigeria's "Cashless Economy" Goal. This will result in the alleviation of the size of the unofficial market, translating to more investments and confidence in the economy. Poverty will also be reduced as a result of the alleviation of the unofficial market, because it will integrate the black market with the Official economy, and strengthen it. Instead of having road side vendors, with their earnings kept in purses etc, we will have SMEs with recorded entries in Banking institutions.

The re-denomination will only be small part of this achievement and the major catalyst will lie in other policies such as Private Sector Reforms, but the re-denomination will help. The Naira is stable today, and due to the steady growth of the Nigerian economy, it will stay steady when the Naira has been renominated. The process of re denomination which we are seeing is decimalisation

Seun:
I keep shouting 'Japanese Yen!' but nobody is listening. The respect of a currency is not determined by its face value but its stability. The Yen is respected because it's stable, despite 1 yen being less than a cent. For a while, the naira has been relatively stable, and that's what we need. Perhaps someone wants to use this redenomination exercise as an excuse to devalue the naira in real terms? Let's not be taken in by our wishful thinking.

You mention Japan, as a point of reference, but; Russia, United States, France, Canada, Sri Lanka, India, South Africa, Australia, New Zealand, UK and Malta have all gone through the process of decimalisation

It is a misconception to think that re-denomination is child's play. The process is only achieved after economic policies have shaped the economy to strenghten the value of the currency.

Seun is Nairaland. a democracy.

Can I differ, without consequences?

Amen

[center][size=14pt][color=#006890]Dblock VS Gbade X[/color][/size]

Two Rounds, a third Round if it it's a draw.

First Round

15th August to 20th of August

Poll Coming Soon, [/center]

I'll set it up now.

With a Poll and errthing.

kenwhyte:
I have a question for the house and soludo. Please, can soludo or anybody in the house tell me what happens to existing amount in the bank of various individuals,will the division of 100 affect the total amount too ?

I believe the accounts will all be divided by 100, and a new currency will be introduced. The Naira will be re-dominated, August Next year. the naira will be worth more then, so due to the amount of Naira already in circulation, and the disastrous effect it wil have on the economy, a new Naira will have to be introduced. The Old naira will then be exchanged for New Naira, at a exchange rate of 100 Old Naira = 1 New Naira.

Your mums a Scab.


You're not hot.

It's a bit sad actually.

The only two words she's ever said to me are; "Maybe and Later"

50 Bucks will do. Want My Mail Box?


@ Sig. If you send the money, then you are hot.

It aint over yet.

She loves me.

Sarcastic Hey.

Well I'm out of this thread, before I get ban for going off topic.

She's not a monkey. Monkey's are Hot.

Dave Chappelle is a Black American Comedian.

That drug smuggler, is Aussie.

True that.

I'll see you there.

k0be:
pac
big
nas
jay-z
krs-one
rakim
chuck D
slick rick
big daddy kane
eminem/ice cube/ll cool j/run dmc

Wrong Thread.

HEy Acid

Dave Chappelle, sums it all up when he says that men, are not actually interested in the many things they do, but only do what they do, as "Bait" so that they can get women.

If it weren't for women, I wonder how many Chris Browns would even shower.

I bet you women never knew this.

Hey I'm African too, what part of Africa you from?

Well I very much hope that in the near future Bricklayers will earn enough dough to be able to afford Titus and 7up. Until this is achieved, Nigeria is nothing but a failed state, and the economic policies carried out by economic experts, are futile and very much political.

How sad.

Men get the better end of the deal.

Yous get, sweaty hairy muscular creatures.

Pervert.

What do girls see in guys anyways, Don't tell me.

I mean people are pessimistic. They perceive every decision made by the Nigerian Government as a bad one.

If the same decision was made, in another country with Denomination problems, people would laud the Government. Or at least be able to justify their protest if they opposed it.


The re-denomination, will mean easier Transactions, and less money in circulation. Less money in circulation, will mean less money been produced, and less money been produced, could potentially mean more durable money (Polymer), due to less money been spent on the production of money. The re-denomination will also accelerate the CBN's goal to make Nigeria a cashless economy.

The re-denomination is only achieved after numerous monetary policies. The re-denomination will mean that Naira figures will look less obscure, when presented in mediums such as Newspaper articles etc. It encourages confidence in the economy, and makes monetary figures appear more accurate.

I do Thirty Minutes of Weights, Non-stop.

It hurts in the Mornings though. It's hurting right now.

I'll get me a Job, just not now.


Yeah I think we should keep your hideousness a secret between me and you. (Jokes)

Ma Sigs a Subliminal Message (The "Send Money" in Parentheses, triggers a subconscious decision to send me money)

Bout your sig, well if you think you're hot that's cool.

Watch TV and work out.

Beauty is a matter of Opinion.

Still on My Break. Last day.