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.
One of the sources claimed that, though the President has not been given the option as an alternative, some members of the team are excited ahead of the meeting with the president, believing that they have valid points to convince Tinubu. “They are definitely going ahead, they are going to table it before the president, they have concluded their plans, they only need to have a perfect delivery strategy to convince him”, he said.
When probed on the veracity of the claim, he was emphatic that no fewer than three members of the economic team are in support of the idea. “I have been discussing with them and I know that they will do it, they are bent on seeing it through.
I just hope the president gives them audience”. The Central Bank of Nigeria had earlier tried the option but could not see it through because the Ministry of Finance and the business community kicked against it.
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