C𝐮𝐫𝐫𝐞𝐧𝐜𝐲 R𝐞𝐝𝐞𝐧𝐨𝐦𝐢𝐧𝐚𝐭𝐢𝐨𝐧 & Di Use of Di Old Coins in Naija

[Agbe]

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/

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[Adams0001]

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.

[Odohu]

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.

[Abu-Naim]

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/

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.

[Adbitco]

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.

[Charles-Tim]

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.

[Hyphen(-)]

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.

I don stop to de believe all d lies wey our politicians dem de give us because dem de use our attention play na why I prefer to Dey my side and hustle for my daily bread.

Last last we go come hear say dem allocate one kind big money for this process wey dem wan do which me and u know say na dem go chop d money, and dis process go make d hardship more strong because our technology no de work perfectly if dem wan de change money now transfer and cashless transactions no go de go again as we experience during Emefele.

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.

Exactly! I think if the government focus on making sure our refineries are working properly, the country will not more depend on importation of fuel and this will help the economic situation of this country and it will play a very significant role in stabilizing our currency’s value and also create job opportunities among Nigerians.

[rachael9385]

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.

My brother, this matter tire me well well, but watin I as a 1 person go fit do? Nothing, but nah to keep on hoping for God to help us. The whole matter nah just for the Christian to suffer as you talk, just imagine say nah time way for the Muslims to celebrate their normal salla, abi the Nigerian government go still make this kind of decision? No, I no sure because as that period nah for their own enjoyment alone them no go want make their fellow Muslims suffer.
The worst part of the matter be say, way thing happen for time of cashless policy nai go still happen again so that Christians no go for celebrate the Christmas wela.
This country don reach the extent way Christian nai go rule us, since way nah Muslim start to dey rule, the country no dey in the right shape like the way e been dey before way GOODLUCK EBELE JONATHAN dey rule us, as of that time things good well well, but because of say good person no dey last, them comot am for seat, and since then nai country bad.

[Davidvictorson]

I don tok this tin before say the goal of say  N1 = $1 nor be a measure of whether we dey do well as a country or not. Make our government first fix our corruption wey don destroy the fabric of the nation, make dem fix the electricity wahala nd create more industries so that people go dey employed and we go turn from consumer nation to producer nation. Another thing wey dem fit do na to echange one goods or products for another for the foreign market. Like We exchange oil for equipment from US instead of to use Naira or Dollar.

This na wetin dem suppose pursue and not the redenomination or the naira.

[Ruttoshi]

It is easier said than done. Let all these leaders stop saying things that they don't know how to go about on achieving it. The country don't need all these to strengthen the economy but a productive government. I wouldn't believe anything that these people are saying because anything that they do successfully, is to benefit themselves only and not for the benefit of the citizens.

• position the Naira to become the ‘Reference currency’ in Africa.

How is this possible, when Ghana cedes is has value than the naira. We don't produce anything that other countries depend majorly on,and that if we don't sell,there will be lack of it. Our refineries are not working. If only one can be put to use,it will help to reduce some unnecessary expenses and the money will be uses to tackle one problem. We have abundant natural resources but the government is only focused on crude oil.

Common farming, we can't and the country imports almost all that we eat. Making Naira the power currency in Africa is a dream and I don't think it will be easy to achieve because there are other Africa countries that their currency is valuable than ours and their economy is in a good shape than ours. For example South Africa,only if we can make proper use of our natural resources and stop corruption or jail/kill any corrupt leader that stole money doing his stay in office,so that any leader that gets into power will be useful.

[DaNNy001]

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.

My broda I dey feel your pain as me too dey carry the same pains. This country no just no watin to do ? Or abi e dey hard them to understand say no be all this things nai the nation need okay just imagine as you talk say dem come remove and implement this plans of theirs wey Job no dey and employment sef no dey how we wan take still cope. Na so the previous CBN governor and their adminstration do rubbish go cause havoc for the country and till now we still dey recover, now dem don start with another idea wey no be the major issue for the country. Make them build infrastructure like active refinery, good roads and create job opportunities then the country economy go speak for itself interms of growth.

[Majestic-milf]

• 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.

I believe say this nah the same words them use wen dem bin wan do th naira redesign. You know, we naija politicians no go stop to look for avenue to take loot funds and I'm not surprised about this one. E look promising on the outside but this nah pure scam and another means to suffer the poor masses.
 The other day, nah so them discover over $300m for CBN deputy governor, Aisha Ahmad custody wey she wan move go different banks. Who knows if them bring in this suggestions just to cover for losses she fit don bring?
See, something we suppose don understand be say we government no fit do anything good for us without having to benefit inside. See the naira redesign for instance na, after all the sufferings e come be like say the new naira don run into hiding..

[Charles-Tim]

I believe say this nah the same words them use wen dem bin wan do th naira redesign. You know, we naija politicians no go stop to look for avenue to take loot funds and I'm not surprised about this one. E look promising on the outside but this nah pure scam and another means to suffer the poor masses.

This is not scam at all. What I probably think that you are thinking is that some people will lose if naira is denominated, but no. This is how it would be, money that everyone is having will be divided by 100.

For illustration:
Anyone that is having ₦50000 in bank or at home, or you have a property worth of ₦50000, or you want to buy an item that is worth ₦50000. The ₦50000 will be divided by 100 which makes it ₦500. So the amount of naira that you will spend will be less and the amount of naira that you will receive will also be less, but in a way that it is as of before which is now.

We are not the first country that has done something like this. Ghana, Germany, South Korea, China and many other countries have done something like this before. If you can remember very well, you will remember when Ghana did it in 2007.

[Antotena]

Fake News

I was just looking out for Central Bank official page after the announcement of the New CBN governor that was appointed by president Bola Ahmed Tinubu and I found out that this post that was pushed here is false and fake according to CBN Twitter page.

They posted with the screenshot below.



Source: https://x.com/cenbank/status/1701869656833761742

The CBN don't have anything of such in their plan. Thank you.

[Marykeller]

Fake News

The CBN don't have anything of such in their plan. Thank you.

I suspect as much cos I never use my ears hear such news. By the way how the expect such a thing to happen wey be sae we get so many outstanding problems for this country and you wan come bring another confusion give people now wey everybody d complain of hardship.

If this is to happen, enough provision suppose d on ground so that people no go end up suffering themselves again as they do during the scarcity of naira notes. Nigeria's supposed get the info before hand(6 months notice) so that everyone go get themselves prepare of how to cope with the new development. No be to give peso 2 months notice and expect us to accept am with an open hand wey be sae we get pressing issues like insecurity,  unemployment, high tariffs of electricity, fuel increase and high cost of living.

I believe sae all this things wey d happen for this country supposed to be one step at a time, no be wetin FG suppose to the rush us like sae their 4years tenure don d end so

[rachael9385]

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.

My broda I dey feel your pain as me too dey carry the same pains. This country no just no watin to do ? Or abi e dey hard them to understand say no be all this things nai the nation need okay just imagine as you talk say dem come remove and implement this plans of theirs wey Job no dey and employment sef no dey how we wan take still cope. Na so the previous CBN governor and their adminstration do rubbish go cause havoc for the country and till now we still dey recover, now dem don start with another idea wey no be the major issue for the country. Make them build infrastructure like active refinery, good roads and create job opportunities then the country economy go speak for itself interms of growth.

@DaNNy001, you don talk Wella for the matter, this our politicians know no watin good for this country, instead of them to think of how them go take create good job opportunities and good roads then make our refinery them they work but them they do another thing way go make the country hard more and more for the citizens.
Since the previous issue way happen for this our country (endsars) way even the whole world hear about am self nothing still happen, so even if the yours talk nothing go change for the country.
The only thing way fit make 9ja good again, na for God to come down from heaven just watch the citizen of the country one after the other.
Just early this year, things hard for this country way people go get money them no go fit collect am, even if them go fit nah buy them go buy am, now another one dey front they wait.

[Sim_card]

Thank God say na fake news because this one na nonsense wey them bin won do. We need to dey careful with wetin we dey read and they hear so that person no go dey vex for wetin e hear. The first time wey I see this post na so I just dey park because, he dey clear say na low mentality project na him federal government won embark on and e no go easy to achieve am. I beg make OP lock this thread since na fake news and nothing to discuss again on this topic.

[Kelward]

Fake News



The CBN don't have anything of such in their plan. Thank you.

Thank you for drawing our attention to di truth say CBN no get anything to do with dat publication, di rate wey fake news de fly now no get mate. Aldo why Nigerians easily believe di fake news be say we no go de surprised if our government talk dat kind thing, because na dem way, always de put di cart before di horse. Di root of why naira de loose value, wey de cause inflation be say we be consuming nation, even di crude oil wey we de export, we de still import am back as finished product, wey be fuel. All di money wey dem spend for subsidy never reach for every state to get dem refineries? Abi na power supply wey suppose de steady and cut cost of productions for di country, our underlying problems de plenty but na secondary matters like naira redesign, how to tax cryptocurrency, how to borrow money pay dept, dash citizens money wey no fit change dem lives, na im dem de focus on. Di koko of our problems for Nigeria, na corruption, as di country no de move forward as e suppose, e de favour some people in high places, sodiafo, dem go sabotage anything wey go bring meaningful development for di country.

[Broadanbig]

Omo when I see this post I go begin do research by force to find out the authenticity of this post. Lo and behold CBN don come out come debunk the news say na fake and them no get anything to with am say nothing of that nature dey exist.  I believe say this platform na to educate us well and to update us of happenings but at least make we try dey verify information and their source before casting so as not to give out wrong update wey no suppose be. Here na global platform as well anything we say hear international community dey also see too.

[Mpamaegbu]

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

These EeePCee people sef. E bi like sey na comedians plenty pass serious minded people for there. See d type of talk wey dey comot from a whole CBN. So, for dem mind na to redenominate d naira go make am compete with the US dollar, ba? Jokers. Instead of this government to find ways of creating export, they're there talking about irrelevant stuff. Create export of owa goods and services and people go need d naira to pay for them. Dat way, the naira will be strengthened and in high demand.