Topic: C𝐮𝐫𝐫𝐞𝐧𝐜𝐲 R𝐞𝐝𝐞𝐧𝐨𝐦𝐢𝐧𝐚𝐭𝐢𝐨𝐧 & Di Use of Di Old Coins in Naija - page 2. (Read 284 times)

There is nothing that changed. But if all refineries are working and the government are not importing refined oils but making it themselves and selling it to other countries, the economy may be better. This might be the government plan. But we do not have to depend on only petroleum, the government needs to let progress be in other sectors.

If the government make this plan and appreciate the price of naira, we should know that nothing has yet changed. I do not think this will let people to start to prefer naira. People should also know that for dollar to naira to move from ₦500 to ₦1000 is the same for dollar to naira to move from ₦1 to ₦2.

If Nigeria is still more dependent on imports, nothing will change.

Well lemme not discouraged you on this our topic as I believe say this one like dis dey give us hope but you go shock say na false hope be this, we country don too promise us plenty things but of all nothing come out at all. Any how them like make dem plan and talk am e no move me body na until dem implement am before I go accept say things don change as because me see all this news as nothing wey no fit dey fruitful at all. But how kontri man go do na make we just hope for a better economy and country.

How can dis matter reduce the rate of suffering in this country? Because if I understand the whole thing proper, e just be like say na new cloth them wan carry put for our existing problem wey we de face.

If they can keep to the promise of monitoring the price of goods and services in related to this new policy of Naira e go better small and we fit get some changes but with the way economy hard like this e no go they easy to implement this new policy.

Furthermore, our people no de quick respond to new developments or changes and as we see as the new Naira note put us for problem in this country, I think this one go bring more problems because e no do de easy to change the system.

Na the last thing wey this our government suppose put attention to be this. This one no fit change anything at all... this go just be another way to spoil our December and Christmas be this. Our government are very confused... weda them remove two zeros or or ten zeros, e no go bring employment, security, easy of doing business and better infrastructure.  This one na another office them wan open for some people to take chop the country wetin no good.

Wetin me been dey expect na for them to fix electricity, face infrastructure, improve the economy, tackle insecurity and develop our plenty gas and mineral reserves... hundred days don pass o, Tinubu no go fit point one single achievement. Soon those his sycophants will start praising him for making one naira equal to one dollar. Na God go help us for this our country.

Na wa oh, dis is like having two currency in a country. If dey wan do redomination why dem go still dy reference di new currency note wey dey don remove two zeros to di old ones. Dis tin na confusion e go bring for people o, and to me dem neva still achieve anything to reduce di price of goods for di country. If I get two currency of the same unit of measurement but come get different value, wat am I getting at, like how e go take sup. Maybe dem wan get at something with dis method but di process wey dem wan use achieve am go suffer we for di country wey dey use di money and dis tin go affect people wey no sabi calculation or know book before.

𝐂𝐞𝐧𝐭𝐫𝐚𝐥 𝐁𝐚𝐧𝐤 𝐨𝐟 𝐍𝐢𝐠𝐞𝐫𝐢𝐚 e don tok say dem wan Change Nigerian money from 𝐍𝐨𝐯𝐞𝐦𝐛𝐞𝐫 𝟐𝟎𝟐𝟑 dat go 𝐦𝐚𝐤𝐞 $𝟏 𝐔𝐒𝐃 𝐞𝐱𝐜𝐡𝐚𝐧𝐠𝐞 rate equal to 𝐍𝟏.𝟐𝟓

Today nai I come received dis news in my WhatsApp and as I read am finished omen di thing sweet me for belle. So I come dey make some research about am. Nai make I bring am come here make deliberate am. Na like dis di matter go.

Na di new agenda and policy for di Naira. CBN come announced say for dem to do Health Economic debate, dey have to enlighten di General Public di thing dem want do on di November 2, 2023. And for dem to kick start di process, dey have to unveil di 4 point agenda as a package to di citizens. And di thing dem wan do na:

• Better Anchor Inflation Expectations,
• Strengthen Public Confidence in the Naira,
• Make for Easier Conversion to Other Major Currencies,
• The Reverse Tendency for Currency Substitution,
• Eliminate Higher Denomination notes with lower Purchasing Power,
  
• Reduce the cost of Production, Distribution, and Processing of Currency,
• Promote the usage of coins and thus a more Efficient Pricing and Payments System,
• Promote the Availability of Cleaner Notes,
• Deepen the Forex Market,
• Ensure More Effective Liquidity Management and Monetary Policy,
• position the Naira to become the ‘Reference currency’ in Africa.

These are the things to discuss in the economic submit. As it is said, and di discussion of the agenda were coin from other African countries which Ghana is also implementing it in their country now.

In the 𝐫𝐞𝐝𝐞𝐧𝐨𝐦𝐢𝐧𝐚𝐭𝐢𝐨𝐧 new money will be use to replace the old money and di policy wey the CBN want to do be say, dem go remove 2 digits (zeros) from the old naira and create the new one so if you remove 2 zero from #1000 then you go know how much go remain and that is how dem want to do. And in the process of implementing this change the two currencies go coexist which will be called old naira and di new naira. Example:
50 kobo   Half kobo
N 1   = 1 kobo coin
N 2   = 2 kobo coin
N 5 =    5 kobo coin
N 10    = 10 kobo coin
N 20    = 20 kobo coin
N 50 =    50 kobo coin or note***
N 100   = N 1 note
N 200   N 2 note**
N 500   = N 5 note
N 1000 =    N 10 note
N 2000*   = N 20 note
That is 2 zeros have been removed from each naira to create the new naira. And according to di CBN all the assets that connected to naira will be 𝐫𝐞𝐝𝐞𝐧𝐨𝐦𝐢𝐧𝐚𝐭ed. That's if the house was #5000 monthly as of the old naira it will be #50 from the new naira policy. And in the transition period prices of things will be stated clearly in both the old and the new naira. Example: if the goods are sold in #3000 in the old naira then it will be #30 in the new naira. And this change will start effect from January 2024. The old naira go stop after 5 months of implementation of the new naira currency.

Exchange rate: N to US$ will be like:
N125
Or N130
Or N100 to US$1.   
N1.25 = US$1
Or N1.30 = US$1
Or N1  = US$1
Dis action discussion was taking by the CBN which was directed by the president Tinubu to reduce the suffering of the citizens.

How una see this matter we dey come up now?
Sources:
CBN https://www.cbn.gov.ng/FAQS/FAQ.asp?Category=Naira

https://thenationonlineng.net/naira-currency-redenomination-still-outweighs-redesigning/