The possible gain on re-denomination of the Naira on the long run that I can see is a term called "Seigniorage". This is the profit gained from issuing coinage (the minting of monies costs less than the actual value of the coinage).

I'm not saying precisely that it would not work, but not in Nigeria for NOW.

[color=#990000]In agreement with "Knowall", who would force the informal and/or black market economy to accept the re-denominated Naira. To be fair to Soludo, he has tried his best so far, but the re-denomination thingy is about to blow up every good deed. Re-denomination is predominant in countries with hyper inflation.

I'm not an economist, but a floating exchange rate with minimal intervention from the CBN and a little dollarisation would be ideal for now to boost the economy. From trusted sources, as at Monday 13 August when the news about liberalization of the foreign exchange market and payment to state accounts in dollars, a dollar dropped to a naira before peaking up.

Advantages of partial dollarisation include reduction of country risk, thereby providing a stable and secure economic and investment climate, possible devaluation of the local exchange rate, credible economic climate, increased investment from local and foreign investors and therefore a reduction in interest rates on foreign burrowing.

As for a floating exchange rate, the demand and supply of foreign currency by the private market would determine what the exchange rate would be at any point in time. As such, if demand for a currency is low, its value will decrease, which will in turn make imported goods more expensive and thus stimulate demand for local goods and services thereby, generating more jobs.
In a floating regime, the central bank may also intervene when it's necessary to ensure stability and to avoid inflation; however, it is less often that the central bank of a floating regime will interfere.
Although, the floating exchange rate regime is not without flaws, it has been proven as amore efficient way of determining the long term value of a currency and creating equilibrium in the international market.

My Naija people, I just talk from the very little knowledge of economics wey I know. I pray, Soludo reconsiders the effects both positive and negative of re-denomination on Nigeria in particular before next year. At least he has a year.