A group, Society for the Youth and the Downtrowdden, SOYD, has called on Federal Government for immediate redenomination of the nation’s currency to enable stable economic environment.
A press release issued by the SOYD President/ CEO, Comrade Gabriel Ogwuche, stated that if this was done, it will address the current hyperinflation, boost economic activities and restore Naira’s confidence.
Ogwuche added that there should be trade-off between inflation and unemployment, but presently in Nigeria, the reverse was the case, hence the need for this call.
The statement read, “Our determination to ensure a stable economic environment in
Nigeria, we wish to use this medium to call on the Federal Government and Central Bank of Nigeria in particular, to embark on the immediate redenomination of the country’s currency.
“If this is done, it will address the current hyperinflation, boost economic activities and restore Naira’s confidence. We feel there should be trade-off between inflation and unemployment, but presently in Nigeria, the reverse is the case, hence the need for this call.
“We are confident that if the country’s currency is recalibrated in conjunction with effective macroeconomic policy, structural reforms and strong financial sector, Nigeria as a nation will quickly overcome the current economic instability. Although, this require a very strong political will and courage.
“Globally, what help many countries out of this similar situations that we are experiencing now in Nigeria is POLICY and TRADE. Today,
trading at the Nigeria Stock Exchange is deficient and fraudulent due to weak banking system, while in many cases in Nigeria, policies and programs of government tends to protect the interest/businesses of the rich at the expenses of exploitation of vulnerable Nigerians in poverty.
“Naira is our common identity and interest of the nation supersede everything and should be protected.
“We are asking the government to just simply remove one zero from the following currency notes #1,000, #500, #200, #100, #50, #20 and #10, while the value remains the same and make use of monetary/fiscal policy to monitor and address its attendant reactions on the economy. Many countries like Zimbabwe, Turkey, Ghana, Venezuela to mention, but a few, redenominated their currencies in 2008, 2005, 2007, and 2018 respectively and they all achieved the desired result by saving many citizen’s lives and businesses that would have been lost to economic downturn and hardship.”
He added that, “As a group, we believe that the current economic hardship in Nigeria is a temporary set-back and will soon be addressed by the present administration.”
