Central Bank of Nigeria revalues Naira

The Central Bank of Nigeria (CBN) has announced a revaluation of the Naira, according to NigeriaFirst.org

Central Bank of Nigeria (CBN) Governor, Prof. Chukwuma Soludo on August 14, in a landmark policy briefing, unveiled plans for a comprehensive and revolutionary reworking of the Nigerian economy, which will return the Naira to its pre-1986 value.

According to Professor Soludo, implementing the impending re-denomination of the Naira would involve dropping two zeroes or moving two decimal points to the left from the prevailing currency, and issuing more coin denominations.

By implication, the move would in nominal terms shrink all naira denominated assets, prices, transactions and contracts, while in real terms their value would rise 100-fold.

My beef with this redenomination would have easily been that what happens to the proposed Eco currency? (The Eco is the proposed name for the common currency that the West African Monetary Zone plans to introduce by 2009 in the framework of ECOWAS.) But then, the last paragraph of the Governor’s speech to the legislature addresses that question:

Are these policies consistent with the drive towards a single currency in West Africa? Yes: Nigeria remains committed towards the ECOWAS goal. Currently, the Nigerian economy constitutes about 70 percent of the entire ECOWAS economy and accounts for about 80 percent of the total external reserves. It therefore goes without saying that if the Naira is properly aligned and can become the ‘Reference Currency’, the goal of a monetary union becomes all the more credible and sustainable. Nigeria has met all the primary convergence criteria and hopes that the other countries will do same on a sustained basis. In the meantime, Nigeria must continue to make progress.

What is your opinion on this issue?

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Oluniyi D. Ajao
Oluniyi D. Ajao is an Internet Entrepreneur and Tech Enthusiast based in South Africa. Follow him on twitter @niyyie for more tech updates.


  1. The rich don’t want the poor to get to their level.Let me remind you all that the rich will soon cry as all nigerian masses are in full support of the new naira policy of prof. charles soludo.Just the same way they tried to silence Prof. Dora Akunyili and failed,so also shall they fail in stopping prof. soludo from implementing the new naira policy.

  2. this naira policy will actually help nigeria to attain most of her macroeconomic targets.and thus reduce income disparity as well as promoting economic development.if allowed to thrive

  3. I know whatever happens, Nigeria is going somewhere better. And God is committed to bring those who will take us there in to power.

  4. i love your page but i want to know more about the revaluation of the naira that prof., Charles Soludo announced–

  5. 🙄
    I believe Soludo,but the policy needs to be pursuit parri-passu with sectoral and institutional economy resurgency.Shifting decimal in our demonination is like bitting around the bush.Take Bull by the Horn.

  6. it,s a wellcome idea by me however,it will improve our industrial,real,even manufacturing sector of the economy to attains fullemployment of its productive resources.

  7. i’am a Banking and Finance Student of Federal Polytechnic Auchi.

    I like this wonderful Move by CBN governor, Charls Soludo, its step in the right Direction, He should be encouraged for him to do more for Nigeria.

    I would Love to have his Profil in my email box, please send me his profil, His achevement and lots more about him and CBN at large


  8. this revaluation will help nigeria a lot,, both economically and socially. Kudos to prof. Charles, the amiiable Governor of the Central bank: its a good incentive but it all depends on the government to appreciate this idea and wellcome it. :mrgreen:

  9. The solution incóme seeker by cbn governor soludu of his half percentage which is 1 _2figure and African American coperative without dout this a comprehensive initiative insight governing peace ecónomy.also estate as it deal with community affairs in 1.5_1.4_3(5 incentives all are welcome window development.more of this as contact will be geting me on facebook.4rm Abuja .

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