Nigerian Government Announces Currency Reform

1 Comment » August 16th, 2007 posted by // Categories: Favorite Articles

Nigeria has won praise from the international community for free-market reforms that have spurred high levels of growth, slashed inflation and earned the country significant debt relief. And as Gilbert da Costa reports for VOA from Abuja, it is now planning to restructure the country’s currency.

In an effort to reform Nigeria’s financial sector, the country’s central bank has announced Tuesday plans to restructure the currency, the naira, starting in August 2008.

Central Bank Governor Chukwuma Soludo says the plan involves dropping two zeroes off the naira. Soludo says the change will make it easier to manage inflation, cut back on production costs, and promote the use of small-denomination coins. He says it will also alleviate the burden on consumers, who have to carry large bundles of naira bills just to purchase daily staples…

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One Response to “Nigerian Government Announces Currency Reform”

  1. Chukwuemeka Chukwu says:

    It is going to compel people o patronize the Banks more than ever before.
    Stealing of huge sums of money, in cash will be discouraged.
    I hope we are thiking of ways and means of realistically assessing our people for TAX purposes. Somethingmustbe done and fast too, with respect to personal income tax collection. Remembr that as the Politicians are declaring the jumbo assets, we are interested in knowing how much TAX they paid in the past 3years, at least.

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