Nigeria money don change o!!!

Now i know I'm a slacker. How come i get the news last. Anyways for those who ain't heard yet, Niger money is to change.

THE Central Bank of Nigeria (CBN) on Tuesday announced a major foreign exchange policy, declaring that from August next year, N1.25 will exchange for one dollar. The bank also announced that the Federal Government would phase out N100, N200, N500, and N1,000 notes, saying that N20 notes will be the highest denomination in circulation. I think this just make shifting large sums of money easier but then that the opinion of a jaded nigerian. lol.

The CBN governor, Professor Chukwuma Soludo, announced this at a press conference held on the “Strategic Agenda for the Naira.” Soludo said at the end of the exercise next year, the coins that will be available in the economy will be 1kobo, 2kobo, 5kobo, 10kobo, 20kobo coins while the 50kobo note would return, in addition to having N1, N5, N10 and N20 notes.

He said the overall intention was to restructure the entire currency by dropping two zeroes or moving two decimal points to the left from the currency and issuing more coin denominations. At the current exchange rate, he said the new policy would mean that the naira/dollar exchange rate would be around N1.25 to $1. Consequently, the apex bank boss disclosed that all naira assets, prices and contracts would be re denominated by dropping two zeroes or two decimal points to the left with effect from this date.

Also, the Federal Government and the 36 state governments are to receive their monthly statutory allocations in dollars as against the practice of paying in naira. “In other words, the governments cannot withdraw dollar cash but may utilise part of their domiciliary account for settlement for external debt obligations,” Soludo said.

Professor Soludo said the new policy thrust was expected to deepen the foreign exchange market, promote financial market development and improve the degree of integration among the domestic markets and with international markets.