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Federal Government Girls College Owerri • View topic - CURRENCY RE-DENOMINATION POSTPONED

CURRENCY RE-DENOMINATION POSTPONED

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CURRENCY RE-DENOMINATION POSTPONED

Postby darinka » Sun Aug 26, 2007 5:53 am

Nigerian government stops currency re-denomination plan

Fri 24 Aug 2007, 14:39 GMT

By Felix Onuah
ABUJA, Aug 24 (Reuters) - Nigerian Justice Minister Michael Aondoakaa on Friday froze a plan to re-denominate the naira currency which the central bank announced last week, saying the bank had violated the law.

Aondoakaa said Central Bank Governor Chukwuma Soludo should have sought President Umaru Yar'Adua's written approval before announcing the plan, which involves removing two zeros from price tags from Aug. 1 next year.

"I, as the chief law officer of the federation, hereby stop all actions on the re-denomination of the naira," Aondoakaa told reporters after a meeting with Yar'Adua.

Festus Odoko, the central bank's chief spokesman, said it would discuss the issue with the justice minister. "It is certainly not true that the bank did not consult with the president about the re-denomination," Odoko said.
Re-denomination was one of a number of policies announced by Soludo on Aug. 14, some of which financial markets considered more significant.(…)
Critics had questioned the cost and benefits of the re-denomination plan, announced just a few months after the central bank introduced new 50, 20, 10 and 5 naira notes. These notes, which cost millions of dollars to print, would become useless after the proposed re-denomination.(…)

"ILL-CONCEIVED"

"The federal government has done the right thing in halting the ill-conceived policy. The whole policy was not well thought out," said Ayo Teriba, head of consultancy Economic Associates in Lagos.(…)

The re-denomination was the measure that attracted most criticism. "Given the limited economic benefits, as well as the high fiscal cost associated with the re-denomination, there was always going to be some level of uncertainty attached to it," said Razia Khan, regional head of research for Africa at Standard Chartered Bank in London.

The naira depreciated on Friday to 126.41 to the dollar from 126.38 on Thursday, dealers in Lagos said, but they added it was not in response to freezing of the re-denomination plan.
< God loves me immensely (John 3:16)
HE thinks about me all the time. Ps.139:17-18
HE knows my name. John 10:13
Therefore, I am not anonymous to God.
Alleluia!!! >
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Postby seniorgwachy » Sun Aug 26, 2007 1:55 pm

WELL I DONT UNDERSTAND IT SO WELL BUT THOSE WHO DO CLAIM ITWILL HELP STABILISE NAIRA AND WILL CHECK INFLATION. I WAS LOOKING FORWARD TO IT.WE HOPE THEY WORK IT OUT IN THE BEST INTEREST OF NIGERIANS.......
EVERY GOOD AND PERFECT GIFT COMETH FROM THE LORD
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Postby dubem » Mon Aug 27, 2007 1:19 pm

Shocking.....
I agree with you Gwatch.
Make we continue to dey pray.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Whatever I allow into my world becomes my reality

To the degree that we seek the approval of men, we will compromise our obedience to Christ - Rick Joyner
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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Postby darinka » Tue Aug 28, 2007 4:46 am

I find the situation really ridiculous, people not consulting together
b/4 very important decisions such as this one can be announced to
the whole world. Lord, I pray that you grant our leaders wisdom.
< God loves me immensely (John 3:16)
HE thinks about me all the time. Ps.139:17-18
HE knows my name. John 10:13
Therefore, I am not anonymous to God.
Alleluia!!! >
darinka
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Postby horizon » Tue Aug 28, 2007 5:52 am

SHABA TO CBN :? :roll:
e don happen
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Postby dubem » Tue Aug 28, 2007 12:26 pm

Amen Rinkus :!:
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Whatever I allow into my world becomes my reality

To the degree that we seek the approval of men, we will compromise our obedience to Christ - Rick Joyner
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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Postby sandy » Tue Aug 28, 2007 1:01 pm

WELL, I WILL SAY I WAS KINDA RELIEVED WHEN I READ IN D PAPERS THAT THE STEP HAS BEEN HALTED.

TO REDUCE DENOMINATION IN A CURRENCY, PRODUCTION N MANUFACTURING LEVEL SHOULD INCREASE AND SINCE THAT WASNT HAPPENING, IT WAS FRIEGHTENING TO IMPLEMENT SUCH A STEP COS IT WOULD CAUSE INFLATION.

LET THEM RETURN TO THE DRAWING BOARD AND WHEN SOME MEASURES HAVE BEEN EFFECTED OR TIGHTENED THE CURRENCY REDUCTION WOULD GLADEN OUR ECONOMY :D .
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