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Summary rating: 5 stars
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words : 300
Newspaper Review by:
ODOGWU
Published: August 29, 2007
Nigeria have been one country that had suffered economic set backs due to low value of the
naira
and inflation was in the worst state even ordinary poor can`t afford three square meals an day.The banking sector also lacked some discipline and had a
capital
of ten billion naira as reserved account in the central bank,professor charles chukwuma soludo stepped up save the back dropping
economy
of Nigeria.He swung in the action by telling every bank to have a capital base of 25 billion naira as reserved capital.He also pioneered the naira rise a little compare to the previous years when the
currency
keep on falling each day in the currency exchange market.He revetilise some notes of 50, 20,10 and 5 naira.he was determined to make naira a strong and hard currency both in Nigeria,Africa and the world in general.He took a giant step to announce the re-domination of the naira to save the country`s economy.To many
people
it was a welcome development as the naira will be a standard currency in the west Africa sub region as from August,2008.some experts in economics see this as a better plan to give the economy of Nigeria a moderate stand to reach the vision 2020 to make Nigeria one of the top ten economies of the world.To many people,it became a plan to creat a confusion for them as they cried foul that the new
policy
won`t work.
president
umaru musa yarauda cancelled the new policy,but i will advise mr president to look back and see then huge diviends of the new naira policy.
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