Friday, August 17, 2007

EFFECT OF REDENOMINATION ON WONDER BANK

Due to the up coming redenomination of the Naira coming up in August 1st 2008, investors in wonder banks are beginning to ponder on the effect of this, on their ROI from Prime banks. Based on CBN Press Release that the redenomination will be by 2 decimal point (dividing the value of ROI by 100).
Investors now wonder if the purchasing power of the Naira will be affected by this effect but due to analysis given by economist, there is nothing to worry about.
Based on this, 100NGN (Nigerian Naira)= 1New Nigerian Naira
Question that might result from Redenomination.
1. What is the relationship between the old and new note and their denomination?
Denomination of new notes are: 20Naira,10Naira,5Naira,1Naira,50kobo,20kobo,10kobo,5kobo,1kobo and the rate is fixed as stated earlier.
2. What do I stand to loose in changing old note to new note?
The purchasing power of the new note is the same as the old note; the only difference is change in decimal point.
3 Will it lead to decrease in ROI by wonder banks?
No, since this is just a mathematical adjustment of decimal point (100 Naira=1New Naira)
4. Will the ROI be divided by 100 as well?
Yes, it will be subject to comply with the New Naira.
5. Will the redenomination affect wonder banks doing business in USD$?
No, the exchange rate to the dollar will also conform to this changes as CBN as laid out that by August 1st 2008 1USDollar=1.25NGNaira

24 comments:

joshua said...

I enjoy reading your post. It keeps me updated. Keep this good work on.

Joshua Ehimen Idemudia.
www.richernigeria.com

IBRAHIM MOHAMMED TUKUR said...

what can one invest in that will not be affected by the redenomination of the naira?.this is the right time to know.i await your response.

Anonymous said...

I BELIEVE THIS REDENOMINATION WILL CAUSE INFLATION SO I INTEND TO CONVERT MY TO FOREIGN CURRENCY BEFORE THIS HAPPEN

Anonymous said...

I BELIEVE THIS REDENOMINATION WILL CAUSE INFLATION SO I INTEND TO CONVERT MY TO FOREIGN CURRENCY BEFORE THIS HAPPENS

paul otabor said...

I THINK REDENOMINATION IS A BAD IDEA WHEN WE NEED TO FOCUS MORE ON PURCHASING POWER OF THE NAIRA.

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