Redenomination and New Naira Notes

The Central Bank of Nigeria intends to mint 1.3 billion pieces of new Naira notes, as part of a continuing process to move from circulating short-lived paper notes to circulating more durable polymer notes.

I do wish we had spent the last two years discussing the issue of redenomination, and had come to a conclusion on it before embarking on replacing our stock of paper currency with the new polymers. I would hate to think we would come to a decision on redenomination and then have to entirely replace the polymer notes we have been ordering in the present to replace the paper notes.

I did not agree with Professor Soludo's intention to redenomination by a factor of 100. It would be more appropriate to our economy and our continent if we redenominated by a factor of 10 ( but that is a whole other argument, which we can have another day).

One way or the other we should discuss it politically, and come to an open decision ... one way or the other.

And THEN we replace the paper with polymer.

Oh well.