A re-denomination, or, a revaluation, will lead to a resurgent and resilient Naira
Can you please tell us how this will happen Paul.
I am really disappointed with the quality of your article not that I expect any better from you. It is evident from your article that you do not really understand what changes are being made to the Naira. The Naira is not being revalued but redenominated which means nothing really changes. I post an extract from Prof Soludo's article which was reproduced here on NVS which outlines the advantages of 'redenomination'. It obviously doesnt say anything about a resurgent and resillient naira.
Re-denomination and re-introduction of totally new currency structure (notes and coins) following the progress so far with other reforms and the enabling conditions in the economy today are designed to better anchor inflationary expectations, strengthen public confidence in the Naira, make for easier conversion to other currencies, reverse tendency for currency substitution, eliminate higher denomination notes with lower value, reduce the cost of production, distribution and processing of currency, promote the usage of coins and thus a more efficient pricing and payments system, and lay the foundation for the convertibility of the Naira as well as make it the ‘Reference currency’ in Africa
Charles Soludo