National Telescope national telescope newspaper
Olatunde Oluwasola
The Registrar, Chartered Institute of Treasury Management (CITM), Mr. Olumide Adedoyin, has warned the Federal Government on the alleged plan to re-denominate the naira, saying it would threaten economic stability.
Adedoyin said this in a statement in Abuja on Tuesday against the backdrop of an alleged plan to re-denominate the naira.
He said, “A strategic focus on government investment for economic stability rather than currency re-denomination would suffice.
“Re-denomination may provide a temporary solution to the exchange rate fluctuation, but it does not address the root causes of the volatility.
“Re-denominating the naira could potentially undermine the confidence of investors, both domestic and foreign.”
“The sudden change in currency denomination could lead to concerns about the stability of the economy and the government’s management of monetary policy.
“The country possessed the resources necessary to navigate these uncertainties and foster sustainable economic growth.
“Naira re-denomination would only be seen as a quick fix that neglected the need for structural reforms and responsible fiscal policies.
” Re-denomination would create inflationary pressures on the economy, adding that rounding up prices and recalibrating monetary values might lead to confusion and adjustments in the pricing of goods and services.
“This could disrupt consumer and business behaviour, adding that the process of re-denomination involved significant administrative and logistical challenges.
“The costs associated with printing new currency, updating financial systems, and educating the public about the changes could be substantial.”
Speaking on economic diversification and investment, he said, “it could be achieved by leveraging external financing.
“Nigeria could fund infrastructure projects, improve education and healthcare, and stimulate economic growth.
“This approach lays the foundation for sustainable development rather than focusing on a singular currency change.
“Mr. President, I strongly believe that our country’s funds are sufficient to finance our activities and drive economic progress.
“Focusing on prudent government investment, Nigeria can tap into the nation’s potential, insulate the country from external economic volatility and create a legacy of sustainable growth for future generations.
“President Bola Tinubu should consider this strategic perspective as the country navigates the complex economic landscape.
The Registrar, Chartered Institute of Treasury Management (CITM), Mr. Olumide Adedoyin, has warned the Federal Government on the alleged plan to re-denominate the naira, saying it would threaten economic stability.
Adedoyin said this in a statement in Abuja on Tuesday against the backdrop of an alleged plan to re-denominate the naira.
He said, “A strategic focus on government investment for economic stability rather than currency re-denomination would suffice.
“Re-denomination may provide a temporary solution to the exchange rate fluctuation, but it does not address the root causes of the volatility.
“Re-denominating the naira could potentially undermine the confidence of investors, both domestic and foreign.”
“The sudden change in currency denomination could lead to concerns about the stability of the economy and the government’s management of monetary policy.
“The country possessed the resources necessary to navigate these uncertainties and foster sustainable economic growth.
“Naira re-denomination would only be seen as a quick fix that neglected the need for structural reforms and responsible fiscal policies.
” Re-denomination would create inflationary pressures on the economy, adding that rounding up prices and recalibrating monetary values might lead to confusion and adjustments in the pricing of goods and services.
“This could disrupt consumer and business behaviour, adding that the process of re-denomination involved significant administrative and logistical challenges.
“The costs associated with printing new currency, updating financial systems, and educating the public about the changes could be substantial.”
Speaking on economic diversification and investment, he said, “it could be achieved by leveraging external financing.
“Nigeria could fund infrastructure projects, improve education and healthcare, and stimulate economic growth.
“This approach lays the foundation for sustainable development rather than focusing on a singular currency change.
“Mr. President, I strongly believe that our country’s funds are sufficient to finance our activities and drive economic progress.
“Focusing on prudent government investment, Nigeria can tap into the nation’s potential, insulate the country from external economic volatility and create a legacy of sustainable growth for future generations.
“President Bola Tinubu should consider this strategic perspective as the country navigates the complex economic landscape.”
