Friday, August 17, 2007

You Must Have Heard...1,000,000NGN will become 10,000 NGN

Announcing the Proposed Death of These Notes:

(Most Painful because demise is too sudden)

Sure you must have heard of redenomination of the Naira by CBN (Central bank of Nigeria). As a result of this new policy, from August 1, 2008:
  • The naira would be redenominated to knock off two zeros to the left
  • The exchange rate would be N1.25 Kobo to $1
  • N20 would be the highest denomination
  • State allocations would be shared in dollars.

Read below what the the economical effect of this policy will be according to the Economists:

  • Easier manageability of the currency
  • Internationally benchmarking of value for easy cross boarder understanding of transaction value
  • Possibly the speeding up of the move to a less cash intensive economy because of the shear inconvenience of having to transact tangible purchases in coins.
  • Reduction of CBN's influence in the market and letting the Naira find its level by a way of demand and supply

All that one na big big grammar, this is the girl next door's economical point of view about the redenomination of the Naira:

1) Now that means my salary wil become how many just dont want to hear it.

2) How much will I be giving to my mum..(hmmm...) now that sounds scary

3) Will the iya onigari (cassava flakes sellers), pepper sellers and suya mallams agree to sell for kobo kobo, wont they turn everything to one naira?

4) How much will all those Italian shoes and Gucci bags sell for in Abuja shops.........dem wan kill me finish

6)Finally, the kobos will find their way back to churches' offering baskets

At this point, I am considering relocating to Japan and marrying a Samurai or the Shogun, at least the Japanese Yen still changes 117 to the dollar.

Koinichi Wa!......Hai!!!!!!!!!!!

See you in Tokyo :).


Beauty said...

Fast forward into the very near future 25/08, BBC News headline. ==Nigeria freezes currency change==

My Thots said...

Dear Beauty,

I have silently watched all the FEC/CBN autnomy politricks.

So that now means that i can still have my x-digit salary and the one thousand naira note can still raise its head in public.

Kudos to Nigeria and dramas....