American Professor of Applied Economics at John Hopkins, Steve Hanke has suggested that the Central Bank of Nigeria should be suspended and kept in a museum.…CONTINUE READING
This he believes will save the Naira. He also urged the government to install a currency board as was done in 1912 to 1959.
He wrote this on his X page (formerly Twitter) on Wednesday, November 15.
“The Nigerian Naira is history.
The Central Bank of Nigeria should be mothballed and put in a MUSEUM. To save the Naira, NGA should install a CURRENCY BOARD, like the one it had from 1912-1959.”
Recall that prior to the establishment of the West African Currency Board, Nigeria had used various forms of money including cowries and manilas.
The Central Bank of Nigeria on July 1, 1959 issued the Nigerian currency notes and coins and the West African Currency Board notes and coins were withdrawn.
On 31st March, 1971, the then Head of State, General Yakubu Gowon announced that Nigeria would change to decimal currency as from January 1, 1973 and the major currency unit would be called Naira and the minor unit would be called kobo.
The decision to change to decimal currency followed the recommendations of the Decimal Currency Committee set up in 1962 which submitted its report in 1964.
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