Index to Nigerian Newspapers

The Central Bank of Nigeria (CBN) publicly presented the Strategic Agenda for the Naira (SAN) in 2007, which aimed to lay the monetary foundation for a prosperous economy and become one of the world's 20 largest economies by 2020. However, the fate of the SAN was hung on the observation by the Attorney-General that former President Umaru Musa Yar'Adua had not received a procedural request for presidential approval of the redenomination of the naira. This effectively became the government policy choice, depriving Nigerians of the most important function of a central bank and its related duties. The initial SAN proposal deserves amendment, as the money illusion weighed heavily against it. The suspension of SAN has made it impossible to achieve any of the objectives set for 2020, but several lessons have become manifest, such as prolongation of the termite-like weakening of the naira economy through multiple currency co-habitation.

The Central Bank of Nigeria (CBN) publicly presented the Strategic Agenda for the Naira (SAN) in 2007, which aimed to lay the monetary foundation for a prosperous economy and become one of the world's 20 largest economies by 2020. However, the fate of the SAN was hung on the observation by the Attorney-General that former President Umaru Musa Yar'Adua had not received a procedural request for presidential approval of the redenomination of the naira. This effectively became the government policy choice, depriving Nigerians of the most important function of a central bank and its related duties. The initial SAN proposal deserves amendment, as the money illusion weighed heavily against it. The suspension of SAN has made it impossible to achieve any of the objectives set for 2020, but several lessons have become manifest, such as prolongation of the termite-like weakening of the naira economy through multiple currency co-habitation.