But some key operators in the country's economic sector allayed fears that the proposal could lead to a crisis.

Several attempts to get the Bank officials and the Director-General of the NESG, Dr. Ahmed Mansur, to comment on the initiative were futile yesterday.

The telephone of the World Bank Country Director in Nigeria, Dr. Hafez Ghanem, rang busy throughout the day.

The Bank's Communications Officer, Mr. Obadiah Tohomdek, later told The Guardian that Ghanem was out of the country and promised to get the Bank's Chief Economist to comment on it. But it never came. By around 7.00 p.m., Tohomdek told The Guardian that he was attending a seminar outside Abuja but attempted to explain why the bank was not commenting. Just then, the line went off and all attempts to get him back on phone failed.

Calls to Tohomdek's Assistant, Miss. Nneka Okereke were also not picked.

Similarly, Mansur kept parrying the question. When The Guardian first called about 5.30 p.m. he asked for one hour to tidy up some transactions. By around 7.00 p.m. when he was called back,

Mansur apoligised that he would not be able to speak still because it was his prayer time.

Stock market operators yesterday said that the planned redenomination of the naira next year would have major effects on the pricing of equities quoted on the Nigerian Stock Exchange (NSE), as well as returns on investment and all the operators' fees, market operators have said.

They also gave assurance that the policy would have no negative effect.

Under the proposed regime, according to the President of the Chartered Institute of Stockbrokers (CIS), Mr. Dipo Aina, the nominal value of all the quoted companies which currently stands at 50 kobo will be adjusted downwards.

Also, share prices of stocks will be adjusted, while the commissions due to the Securities and Exchange Commission (SEC), and the NSE and return on investment would be adjusted accordingly.

Aina who noted that Ghana had undergone a similar process said. "It was suggested to the Finance Minister seven years ago. "Nominal value of stocks would be adjusted downwards. Share prices would be adjusted. Commission due to SEC, NSE and brokers will be adjusted. Also return on investment will be affected."

He added: "Since the currency is adjusted and redenominated, every other thing will be adjusted accordingly. The market will adjust itself and there can't be crisis."

To the President of the Nigerian Shareholders Solidarity Association (NSSA), Chief Akintunde Asalu, there is nothing special about the U.S. dollar, to make it attractive to the level of dictating the pace of our currency.

He queried: "What is really special about the U.S. dollar that everything we do must reflect the dollar," he said adding: "It looks like the Federal Government is very much unaware of the hardship the new system will cause."

Asalu added: "I don't see any practical thing we can get from it. Goodluck to those who toy with our national currency, but I am not impressed by it."

Yet another shareholder group leader and President. Independent Shareholders Association of Nigeria (ISAN), Chief Sunny Nwosu said: "I believe that Nigerians are looking for a bigger denomination. They need to tell us the effect on inflation and how it will help to curtail inflation.

"It is going to be a difficult idea, but since it is just being announced, we should await more explanations on what they intend to achieve with it. However, I think it is uncalled for," he said.