I heard the weirdest thing last night. The Central Bank Governor, Professor Soludo announced that from the Ist of August 2008, N20 will be the highest denomination of notes, while 20 kobo will be the highest denomination of coins. This means that the N1, 000, N500, N200, N100 notes will be scrapped!
The CBN Governor listed the proposed currency as one kobo, two kobo, five kobo, 10 kobo and 20 kobo coins, while notes will now begin from 50 kobo to one naira, five naira, N10 and N20. He noted that from then, all naira assets, prices and contracts will be re-denominated by dropping two zeroes or two decimal points to the left. It means if you were earning N100, 000 before, your salary now will be N1, 000 and now we can buy a car for N5, 000, N10, 000 etc
The biggest shocker is that from August 08, the Naira will be put at N1. 25k to a Dollar...is this crazy or what? So if you live abroad and send money home to family...from August 08, that money won't be such a big deal. I mean if a dollar which is around N130 now, is put at N1. 25k, whats the point living abroad? Most of y'all are coming back home...yeeeeeh! This country is about to get betteeeeeeeeeeeeeer!!! This was how it was over 30 years ago, until the Naira depreciated drastically in the early '80's.
Is this feasible? Who thinks this is good news?
