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The Federal Government may have concluded plans to revisit the Naira redenomination policy that failed to fly in 2007, during the Umar Musa Yar’Adua administration. Saturday Telegraph gathered that the aim of redenominating naira is part of the rescue measures to save the national currency from persistent slide. In the last one month, the Naira had been facing its worst fall against the dollar and other international currencies like United Kingdom’s Pound Sterling and the Euro.
Information available to Saturday Telegraph shows that the economic team of the Bola Tinubu administration is reconsidering the idea as a way out of the present economic logjam, after different options embarked upon failed.
Sources close to the corridors of power informed that, in order to arrest the free fall of the Naira against the dollar, the team is thinking of placing the redenomination option on the table, among other alternatives.
According to information monitored on the CBN website, the ‘Strategic Agenda for the Naira’ announced by the Central Bank of Nigeria on August 14, 2007 generated a healthy national debate.
The CBN had announced a 4-point agenda designed to make the Naira the “Reference Currency in Africa”, as part of the Financial System Strategy 2020 (FSS2020), which included; Currency Re-Denomination, Adoption of Inflation-Targeting Framework for the conduct of monetary policy, sharing part of the Federation Account funds in US Dollars to Deepen the Forex Market and for Liquidity Management, and Current Account liberalization/convertibility and accession to Article VIII of the IMF.
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