NewStats: 3,264,654 , 8,184,353 topics. Date: Wednesday, 11 June 2025 at 09:26 PM s641f

[octupus]I think lesser mortals should humbly listen carefully before commenting or acting[quote][/quote]

does that lesser mortals include the president of the country.

Lol @ 'lesser mortals'. Economics is a hard science like Mathematics or Physics. 'Experts' are not all that.

Seun:

Lol @ 'lesser mortals'. Economics is a hard science like Mathematics or Physics. 'Experts' are not all that.

Its better to listen to distinguished experts than to listen to "lesser mortals".

Once experts realize that you that their statements are accepted without questioning, they start to abuse their power. The only way to keep experts honest is to force them to explain their opinions. They don't deserve our if they cannot explain their opinions in a way that we can understand.


Soludo has bowed to the president's demands and suspended the program: Punch Report. Hip, hurray!

I think it's awful that people should see the redenomination thing as minatory 2 development when it's actually the opposite.

Soludo could not have woken up one morning, scratched his butt and come up with it, it must had been clearly thought out and planned but I guess we may never know how it could go, no thanks to the president and all other rather conservative minds.

From the much that was said about it, I think the process would have been smooth in the 1st place, safe, sweet and apt in the race to save the Naira and Nigeria in general.

The fact that the N20 was to be the highest denomination could possible have meant that higher denominations would later be introduced in due course and with far better values then. But again, we may never get to know, ever.

I personally feel that those in of extremely upholding the upper class syndrome stand to gain the most from the suspension of this scheme.

For those that feel Soludo didn't explain his opinion well enough, you may want to check your understanding and not the explanation coz it's crystal to a whole lot of well meaning, enlightened Nigerians like you - I really hope the attributes are not burdensome to you.

No hard feelings on my last entry

its better for thepolicy to be rested until we stop importing fuel.and start refining in the country.chikena

Please let's not start seeing this in of North and South and start seeing it in of Nigeria.
As I said before I am no economist but I know redenomination will not increase the purchasing power of
the Naira. Getting 1 Naira after redenomination will still be as difficult as getting 100 Naira of today.

Meristem Securities have published an analysis of the whole reform here http://www.meristem.com.ng/file/MERISTEM%20RESEARCH%20ECONOMIC%20ANALYSIS-%20CURRENCY%20REFORM.pdf

It's a pdf file so you may need to it. I believe we can consider them to be experts.
I got the link to the document from this page http://www.meristem.com.ng/detail.php?link=monthlyecoanalysis

Meristem's management team doesn't have a single Northerner, so all the North haters on this forum may wish to take the analysis without any bias.

Again, IG has made a good contribution with the article by Meristerm Securities and anybody who has interest should read it.

One of the interesting thing is that there is major economic reason to re-denominate our currency other than CBN proving that we have arrived and also to follow ghana(of which the economy is much more diffrent from Nigeria).

Also to play big boy role in Africa.

I have said it before and I will say it again, Nigeria has not got the economy or the infrastructure to play big boys. Unemployment is still very High.

Until we have a robust economy and infrastrutures, I am sorry the country is not yet ready.

like i said it will lead to chaos,its better not to start.

I intend to write my project on this topic
Does any one know how i can go about it
i really want to do it and any form of help would really be helpful n appreciated
it could either be on this site or it can be sent to [email protected]

The suspension of the Naira redenomination by the apex bank is uncalled for. The apex bank has the statutory responsibilty of ensuring economic growth and development through its monetary and fiscal policies. Be it politics or power tussle, the soft spoken president should have allowed the apex bank go on with redenomination.
Prof. Soludo has proven beyond all reasonable doubt that he is competent to run the affairs of the apex bank.
Aside the achievements recorded with bank recapitalization, other amcro economic indices are there to show that the apex bank is not slumbering. Exchange rate, inflation, GDP growth, price stability, job creation etc are among the economic papameters.
Our servant-leader pls forgive him if he neglected your office, at least for the sake of national development. no single individual is greater than the entity called NIGERIA.

The suspension of the Naira redenomination by the apex bank is uncalled for. The apex bank has the statutory responsibilty of ensuring economic growth and development through its monetary and fiscal policies. Be it politics or power tussle, the soft spoken president should have allowed the apex bank go on with redenomination.
Prof. Soludo has proven beyond all reasonable doubt that he is competent to run the affairs of the apex bank.
Aside the achievements recorded with bank recapitalization, other amcro economic indices are there to show  that the apex bank is not slumbering. Exchange rate, inflation, GDP growth, price stability, job creation etc are among the economic papameters.
Our servant-leader pls forgive him if he neglected your office, at least for the sake of national development. no single individual is greater than the entity called NIGERIA.

Fellow Nigerians if Naira redenomination is a big problem that it has given Prof. Chukwuma a new national title that all big men in nigeria are angry then we should watchout for outburst of Ghana's economy. THIS IS UNBILIVABLE ONE CIDI IS EXCHANGING FOR ONE DOLLAR.
Read more here http://www.thisdayonline.com/nview.php?id=87894

Umoiwa:

Fellow Nigerians if Naira redenomination is a big problem that it has given Prof. Chukwuma a new national title that all big men in nigeria are angry then we should watchout for outburst of Ghana's economy. THIS IS UNBILIVABLE ONE CIDI IS EXCHANGING FOR ONE DOLLAR.
Read more here http://www.thisdayonline.com/nview.php?id=87894

yes of course it is true.but wait a minite,
they are optimistic abt their economy,they respect themselves more than anything,they never take advantage of each other,they dont increase prices arbitrarily and finally,their govt is not corrupt like ours.

So what if one cedi exchanges for one dollar. How easy is it for an average Ghanian to earn one cedi?

thats the bottomline of the whole issue.

How ever people will like to look at it, its important to say it again that its not easy to be an Igbo man in this country.

They suspended it because Soludo is an Igbo man. Soon they will frustrate him out of that office.  His name is missing in the Nationa Economic Team, that just the begining.

They did it before and thats why Iweala resigned.

why are you being ignorant?

biggjoe:

How ever people will like to look at it, its important to say it again that its not easy to be an Igbo man in this country.

They suspended it because Soludo is an Igbo man. Soon they will frustrate him out of that office. His name is missing in the Nationa Economic Team, that just the begining.

They did it before and thats why Iweala resigned.

I think it's high time we learn to overcome our tribal instincts and look at the big picture. Once we engage tribalism
then it's inevitable to suspend reasoning. The same way you think Igbos are being marginalized that's how some non-igbos think they are marginalized.
A single state in the North has more than 50 ethnic groups, how about of those ethnic groups?, do we have to appoint people from each group just to make them happy ?.

Please, let's always that nobody chose his tribe, so it's not our faults that we belong to the ethnic groups we belonged to.

Back to the topic. All sensible expert comments I heard about the redenomination say that it's not needed. Why do we have to worry so much about it then ?. I believe there are more important issues like the Niger-Delta crisis and PHCN to worry about.
Am also not convinced by Soludo's explanation of it's advantages. As a lay man all I can understand is that the Naira is stronger if things in the market are cheaper or I can make more naira easier than I can make today without prices going up.

I knew that shit wont work at least not now

biggjoe:

How ever people will like to look at it, its important to say it again that its not easy to be an Igbo man in this country.

They suspended it because Soludo is an Igbo man. Soon they will frustrate him out of that office. His name is missing in the Nationa Economic Team, that just the begining.

They did it before and thats why Iweala resigned.

who b dis?

u guys are not seeing it from other perspetive. u see in Japan no one is talking about redinomination. the exchange rate is 115-116 jpn to $1. but the economy is strong and capital utilisation is high. we should be talking about our to make the economy strong and the value of the naira will rise along dat line. its not dat the naira is now so worthless like the cedi in ghana b4 they redinominated the cedi.this same set of pple just change the notes with billions of naira only to realise dat we need to redinominate it. it shows dat they are not on-top of the situation so i think wats best for them to do is to resign, which is a rearity in dis part of the world. the only durable denomination is the N20  note others are already going the way of the old ones

The president has spoken (100 days in power watched it last night), Redomination of the naira is not neccessary as we dont have hyper - inflation like Zimbabwe or Ghana where $1 changes for C18,000.00 b4 their recent re-denomonitaion. In Zimbabwe it is even worse where $1 is about Z$100,000.00 dollars.

Thank goodness. Now we can focus on things that matter. Like the under-funded police and legal system.

I'm all for the re-decimalisation of the Naira, but I think the CBN Governor should have made sure that the inflation rate is low before announcing such changes, besides i don't know if they really thought about the enlightenment of the ordinary man on the street who will not care about economic but the value of the notes in his pocket. Also, i do not see the wisdom in giving Soludo the boot from the Economic Team, I mean if the Head of the Apex Bank of a Country isn't a member of the Economic Team, what could the team possibly deliberate upon?

There was this interesting analysis I read on Daily Independent the other time - sorry I can't start searching to cite it right now.

In it, one Emmanuel Okoye said that what several people have failed to realise is that CBN's prerogative is fiscal policy. They can only effect changes in the value of the Naira, not in the price of things or in the minimum wage of the average Nigerian; that part is the government's prerogative.

So if N1,000 turns N10 in value and it's still not within reach for the common man, all eyes should be on the government, not CBN. Again, it does not make the improved value of the money useless. I mean check it out - improved value, what can be negative in a positive adjective?

Seun:

Thank goodness. Now we can focus on things that matter. Like the under-funded police and legal system.

ha,u do such injustice?
how about infrastructures,refineries,electricity, the list is long.

Has anybody wondered how wise the reasons for the suspension of the re-denomination are?

One reason, I heard, was that the presidency thinks it an unnecessarily expensive and wasteful venture. Whoa! Sounds technical, I guess I can't see that part from outside the circle.

Another was that Soludo jumped protocols. He failed to follow due process- that's what they said.

Man, how can a CBN governor who did not get into the office yesterday, and who has implemented other schemes in the past (the institution of the new notes and coins, 4 instance) suddenly go preposterous, forgetting absolutely how to go about a new scheme like this one? Well, I guess it's human nature, right? We all make mistakes sometimes.

Okay, assuming they're right and Soludo did make such a grievous mistake 4 real, don't u think he should have gotten more than a mere suspension of his scheme? Perhaps some penalty, you know, no matter how mild.

If their strongest reason is his failure to follow due process, then the scheme may be continued with in the future, right? Let's watch.

Quite a controversial topic, but at least the President was truthful yesterday wen he said it wasn't just because Soludo didn't follow due process. the presidency "wasn't convinced" about the whole issue. the truth will still come out on exactly what happened.

but to tell ourselves some home truths, Soludo has a proven track record. but for his innovation in the Banking Sector reforms, many of us wouldnt have been visiting Nairaland today talking of frequent bank tests, interviews and all that. our money is so secure now, we know that for a fact. am convinced that the plan would have meant better for the common man in the short and long run, but i guess some conservative nigerians who don't like progress and at the same time, don't like their present state, are not hapy with it.

not to mention those nigerians with loot stashed away abroad and in their houses in liquid naira cash, who would have been forced to carry it to the bank b4 Aug 1 2008. it's well, tho, excellence must triumph at the end of the day!!

Someone pls tell me about JV brokering.