By Ken Asinobi

A distinguished management consultant and seasoned administrator, Prince Dr. Ubani Ifeanyi, has described the planned move by the Central Bank of Nigeria (CBN) to re-denominate the Naira, as a welcome strategy aimed at boosting international trade and enhance economic stability.

Speaking during an interview with newsmen in Abuja on Monday, Ubani who is the Executive Director of British Nigeria Business Network Ltd. as well as Country Rep of British African Business Alliance UK said if well implemented, the new policy will revitalize the nation’s economy and bolster confidence both domestically and internationally.

“The re-denomination policy, when implemented thoughtfully and efficiently, would pave the way for Nigeria to engage in more robust trade relations with other nations.  By simplifying monetary transactions and fostering a more transparent financial environment, the policy is expected to encourage foreign investment and stimulate growth”, he said, adding that a re-denominated Naira is a vital step towards modernizing the country’s financial infrastructure.

“One of the core objectives of this policy is to enhance the ease of doing business within and outside Nigeria”, he went on, adding, “We aim to make the Naira more competitive on the global stage by ensuring that the monetary unit is aligned with international standards and conventions.”

The proposed re-denomination would involve significant changes, including reducing the number of zeros in the currency to make transactions more manageable and easier to understand.  This simplification is anticipated to streamline accounting and financial reporting processes for businesses, leading to increased efficiency and accuracy.

Additionally, Dr. Ubani emphasized that the new policy would bolster economic stability by curbing inflation and ensuring the Naira’s value remains stable. This stability, he said, would provide a favorable environment for businesses to plan and invest, thereby stimulating growth across various sectors.

“The re-denomination will create a sense of financial stability and trust, both internally and externally,” Dr. Ubani explained. “A stable currency fosters investor confidence, making Nigeria an attractive destination for foreign investment and trade partnerships.”

Prince Dr. Ubani Ifeanyi further noted that the re-denomination policy would signal to investors and international markets that the government is taking proactive steps to address economic challenges. This can enhance the perception of economic stability and attract foreign direct investments, leading to the creation of jobs and expansion of industries.

“While these potential benefits exist, it’s important to note that the success of any currency re-denomination policy depends on various factors, including effective implementation, proper communication, and overall economic stability.

“The CBN should ensure a smooth transition, educate and prepare businesses and consumers, and work in close collaboration with relevant stakeholders to maximize the potential positive impacts”, he said.


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