The Central Bank of Nigeria has reacted to rumour that it plans to Redenominate the Naira..
In monetary economics, redenomination is the process of changing the face value of banknotes and coins in circulation.
Wednesday, November 01, 2023
CBN Debunks Rumoured Plan To Redenominate The Naira
In monetary economics, redenomination is the process of changing the face value of banknotes and coins in circulation.
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We are watching as we always do
ReplyDeleteIf na prayer we are here to support them
ReplyDeleteWhich face value again?
ReplyDeleteMoney that has already lost value.
Money that cannot purchase anything again.
If there's anything that needs to be changed, it's the face of this nation called Nigeria.
Well, to me, the naira should be redenominated once the world economy is more stable although it's would be quiet expensive and also difficult to do with Emefiele's notes now stuck in circulation.
ReplyDeleteEven in central American and east European countries, you have notes mirroring those of stronger currencies as this reflects international prices.
A currency note bearing ten naira costs as similarly as printing a 10,000 naira note.
We need at least, 5k, 10k and 20k notes. It would make it easier to move around with money and this does not affect the circulation of other notes by those who need them.