Central Banking

Nigeria halts currency redenomination

The Central Bank of Nigeria has suspended its redenomination of the Naira at the request of the country's president, Alhaji Umaru Musa Yar'Adua.

Charles Soludo, the chairman of the central bank, said: "The board recognises and reaffirms Mr President's authority in matters relating to the denomination of our national currency, as enshrined in Section 19 of the CBN Act 2007."

Soludo added that the central bank is committed to the president's goal to make Nigeria one of the 20 largest economies

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