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Nairaland Forum / Nairaland / General / Business / FG Mulls Redenomination Option To Stabilise Naira (43100 Views)
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FG Mulls Redenomination Option To Stabilise Naira by dre11(m): 11:28am On Aug 20, 2023 |
• Economic team moves to table plan before President –Source • It’s ill-timed, doesn’t address problem of rising inflation or depreciation of currency –Prof Uwaleke • Only fresh injection of FX, extra revenues can check Naira’s fall –Idakolo The Federal Government may have concluded plans to revisit the Naira redenomination policy that failed to fly in 2007, during the Umar Musa Yar’Adua administration. Saturday Telegraph gathered that the aim of redenominating naira is part of the rescue measures to save the national currency from persistent slide. In the last one month, the Naira had been facing its worst fall against the dollar and other international currencies like United Kingdom’s Pound Sterling and the Euro. https://newtelegraphng.com/fg-mulls-redenomination-option-to-stabilise-naira/ 10 Likes 2 Shares
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Re: FG Mulls Redenomination Option To Stabilise Naira by successmatters(m): 11:28am On Aug 20, 2023 |
Redenomination ko, mumunification ni ![]() They want to copy what Soludo suggested over 15 years ago today, copy and paste trial and error people. When illiterates that forged certificate after damaging their brains with hard drugs are making policies ![]() E go enter all una body for this country one after the other. 220 Likes 23 Shares |
Re: FG Mulls Redenomination Option To Stabilise Naira by Macphenson: 11:30am On Aug 20, 2023 |
Confused government. Obviously Tinubu is highly overated. 42 Likes 7 Shares |
Re: FG Mulls Redenomination Option To Stabilise Naira by Racoon(m): 11:31am On Aug 20, 2023 |
• It’s ill-timed, doesn’t address problem of rising inflation or depreciation of currency –Prof UwalekeAbsolute truth! Nothing more! Nothing less. However, this new development even if it is being considered is a red flag that President Tinubu was never prepared for any meaningful governance as he campaigned. He is just another unfortunate phenomenon after Buhari to ever graced our national life. Unfortunately, his wayo wayo image makers did this country a great disfavour by shielding him from thorough public scrutiny in not appearing for media interactions or debates. Now, these are just the economic consequences not even talking of the other sides of our national that are still nose diving. Sudden removal of the fraudulent fuels subsidy( that the APC have been operating illegally for the past 8 years despite lying to Nigerians that it is a scam/fraud) and free floating the naira without any plans to cushion the outcome of the these major policies just paints a scary picture about his future policies. After he promised to continued Buhari’s disastrous policies. 87 Likes 8 Shares
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Re: FG Mulls Redenomination Option To Stabilise Naira by Racoon(m): 11:31am On Aug 20, 2023 |
The is the effects of overhyping a so called first class heroin drug baron criminal graduate of accountancy( who does not want his academic records displayed for public scrutiny) that was supposed to be a book keeper, but was garbbed in borrowed robes then criminally foist on a nation. Now he is running a trial and error government in a country where the economic value of the dollar is abysmally useless, more that 90% of the populace are living below a dollar daily, multi-dimentional poverty everywhere, double-digits galloping inflation with concommittant forex scarcity. No plans to encourage local production and enhanced export to balance out the trade deficits. Foreign mulit-conglomerate companies are folding up due to constricting economic realities. Welcome to balabloo-blu-bulava economics. Nigerians brace for impact. 83 Likes 14 Shares |
Re: FG Mulls Redenomination Option To Stabilise Naira by Taylor90: 11:32am On Aug 20, 2023 |
Jokers Useless country 43 Likes 3 Shares |
Re: FG Mulls Redenomination Option To Stabilise Naira by Isokotolopia: 11:35am On Aug 20, 2023 |
Try your luck government 85 Likes 5 Shares |
Re: FG Mulls Redenomination Option To Stabilise Naira by SpatialKing(m): 11:38am On Aug 20, 2023 |
Hope you guys are seeing that Tinubu is empty upstairs... 129 Likes 15 Shares |
Re: FG Mulls Redenomination Option To Stabilise Naira by ClearFlair: 11:38am On Aug 20, 2023 |
Confused 5 Likes |
Re: FG Mulls Redenomination Option To Stabilise Naira by Ofunaofu: 11:40am On Aug 20, 2023 |
When we are yet to come out of the Naira redesign debacle, they want to plunge this country into another disastrous policy of Naira re-denomination This is after they had removed subsidy from petrol, floated the Naira masking it as exchange rate unification which has further impoverished Nigerians thereby moving over 180 million Nigerians into multi dimensional poverty From one policy somersault to another. From one disaster to another Honestly, e no go better for those who supported and voted for this current calamitous Tinubu APC government 62 Likes 4 Shares |
Re: FG Mulls Redenomination Option To Stabilise Naira by budaatum: 11:43am On Aug 20, 2023 |
“Beyond that, it’s akin to painting the exterior of a building while the interior is filthy and uninhabitable. It doesn’t in itself address the problem of rising inflation or the depreciation of the domestic currency”. It's like putting a plaster on blood poisoning. The professor of Capital market advised that efforts should be geared towards addressing the root causes of declining purchasing power of the Naira. Another Expert in finance sector, Gabriel Idakolo said Naira re-denomination is certainly not an effective way to revamp national currency slide. Basically, remove the cause of the poisoning first. 5 Likes 2 Shares
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Re: FG Mulls Redenomination Option To Stabilise Naira by Racoon(m): 11:52am On Aug 20, 2023 |
budaatum:Brilliant! Well said! Same scenario with Nigeria today. 25 Likes 3 Shares |
Re: FG Mulls Redenomination Option To Stabilise Naira by BoldBrainz(m): 11:54am On Aug 20, 2023 |
successmatters: The drug trade requires the acute smartness to move products in the streets and gather every small buck and penny there is, to be able to have a money arsenal. It is brutally punitive and detailed as every penny counts and nothing is left to chance. That's the exact mentality Tinubu took to Lagos state for governance. All he did was treat the Lagos economy like the underworld and found avenues to squeeze every available penny from Lagosians, into his own pockets. Having gathered a money chest, he remitted what he liked to the Lagos coffers and handed down duties to commissioners and his "Yes sir" men, who did all the work while he retained his god-like status, and all the while deceiving Lagosians that he was a seasoned economist. Now Nigeria is exposing his total lack of anything resembling economic intelligence. Stupid ass man with a brain-dead cranium! 59 Likes 7 Shares |
Re: FG Mulls Redenomination Option To Stabilise Naira by okeysoninv: 12:11pm On Aug 20, 2023 |
Absolutely, there is no way we can survive with out redenomination of naira. Once naira close the maximum threshold of #1000 per a dollar we can remove a zero . Making 100 naira equal to $1. As of 2013 rate. 20 Likes 1 Share |
Re: FG Mulls Redenomination Option To Stabilise Naira by Penguin2: 12:11pm On Aug 20, 2023 |
And the trial and error continues… We told them that this dude is senile and brainless but they said he’s first class Accountant. Is this what his body double learnt in Chicago State University? So what happens if that doesn’t solve the problem? You further redominate? It will never be well to all those who conspired to foist this disaster on us. 45 Likes 5 Shares |
Re: FG Mulls Redenomination Option To Stabilise Naira by Nobody: 12:16pm On Aug 20, 2023 |
I support the measure, since Nigeria is a Cash Economy ... But I fear reduction in cash circulation.. because Oga Emefiele experiment shows that this economy has some thing wrong with it . I just hope some people are not printing money somewhere... Because it is one thing to be permutating economic theory , it is another thing for some people to be printing money with no productivity ... money is currency that moves toward value... 7 Likes 2 Shares |
Re: FG Mulls Redenomination Option To Stabilise Naira by Dreamhighnow(m): 12:22pm On Aug 20, 2023 |
Watch how they use trial and error finish our currency 15 Likes 1 Share |
Re: FG Mulls Redenomination Option To Stabilise Naira by starstaz(m): 12:36pm On Aug 20, 2023 |
Only option now. I wlcm it with all my heart. Imagine someone with 1000 USD in Nashville/ turning Millionaire in Zungeru due to Mal parity. If the west can manipulate us to turn our old currency to yoyo, we too must be wise to manipulate it back to the 1970s era where 1Usd = 60k or N 0.60 13 Likes 2 Shares |
Re: FG Mulls Redenomination Option To Stabilise Naira by starstaz(m): 12:40pm On Aug 20, 2023 |
starstaz: Have equally written on this in the past. It's not a new invention but an idea that is reputably driven by Mr Soludo while he was the CBN chief but was shot down by the BDC sponsors. 16 Likes 3 Shares |
Re: FG Mulls Redenomination Option To Stabilise Naira by Curious346: 12:42pm On Aug 20, 2023 |
This Regime is utterly ridiculously confused 19 Likes 1 Share |
Re: FG Mulls Redenomination Option To Stabilise Naira by vowiski(m): 12:45pm On Aug 20, 2023 |
starstaz: Stop exposing your foolishness 35 Likes 3 Shares |
Re: FG Mulls Redenomination Option To Stabilise Naira by starstaz(m): 1:00pm On Aug 20, 2023 |
vowiski: Really. If Professor Chukuma Soludo is foolish for projecting this idea and I support his foolishness, so be it . It's only a fool that will dream of flying a car to the moon as satellite. Elon musk too is a fool . Now , back to a Nonetity like you, with your overwise, kindly project a five words economic model that can turn Nigeria around . Am waiting for your wise reply . Mr Wise. 31 Likes 3 Shares |
Re: FG Mulls Redenomination Option To Stabilise Naira by godofuck231: 1:01pm On Aug 20, 2023 |
Open the boarders and let the local Refineries resume production under controlled environmental pollution preventive, repair the Refineries and reduce car import duties, Wickedness in APC no let them grow , witchcraft party 28 Likes 3 Shares |
Re: FG Mulls Redenomination Option To Stabilise Naira by maticar: 1:14pm On Aug 20, 2023 |
Master strategist isonu ![]() ![]() ![]() ![]() ![]() Nigeria I hail thee 14 Likes 2 Shares |
Re: FG Mulls Redenomination Option To Stabilise Naira by jmoore(m): 1:17pm On Aug 20, 2023 |
patch patch economics 3 Likes 1 Share |
Re: FG Mulls Redenomination Option To Stabilise Naira by jmoore(m): 1:27pm On Aug 20, 2023 |
That APC mouthpiece, Ajuri Ngelale should come and tell us that Nigeria has better exchange rate than all Africa countries. You know how they usually say that Nigeria has the cheapest petrol in Africa. They should use same propaganda for the FX. 1 United States Dollar = 60.55 Gambian Dalasi 1 United States Dollar = 186.25 Liberian Dollar 1 United States Dollar = 101.24 Cape Verdean Escudo While 1 Dollar is above 780 naira. 26 Likes 6 Shares |
Re: FG Mulls Redenomination Option To Stabilise Naira by Abagworo(m): 1:36pm On Aug 20, 2023 |
Redenomination shoild have been done that time Soludo suggested it as CBN Governor cause Naira was stable. If we attempt it now our case will be worse than Ghana . 21 Likes 1 Share |
Re: FG Mulls Redenomination Option To Stabilise Naira by FreeStuffsNG: 1:47pm On Aug 20, 2023 |
Abagworo:It should not even have been done then as well. It is just academic economics. The policy on ground now when effectively implemented, will stabilise naira. Dollars will not remain dominant for ever. 7 Likes |
Re: FG Mulls Redenomination Option To Stabilise Naira by successmatters(m): 1:52pm On Aug 20, 2023 |
FreeStuffsNG: Stories ![]() My poor 80 year old neighbour still dey hope to marry a 18 year old. That's Nigeria economics for you. 19 Likes 1 Share |
Re: FG Mulls Redenomination Option To Stabilise Naira by EconomistXplain: 2:00pm On Aug 20, 2023 |
its i called "RE-demimalization" instead..and at this stage..it is good for effective pricing, convenience ,and security the question now is it is upwards or downwrds |
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