This research investigated the conditions under which Nigeria as a nation should engage in currency redenomination. Comparative analysis was employed on some countries that have redenominated. There are obvious potential economic costs and benefits to the exercise as well as political risks and social challenges. What is clear is that, the implementation of this policy must go along side stabilization policy to make it more effective. In conclusion, if Nigeria finally decides to choose this policy course, the chances of success depends a lot on how it handles the socio-political and economic challenges attendant to the policy. For instance, in the case of the Turkish government, its redenomination program was well publicised and thus great cooperation was acheived in the implementation of the policy. This resulted in a huge success in the macroeconomy . So, whenever the Nigerian government intends to redenominate the Naira, it should be well publicised, and this will create trust between the public and the government and eventually bring economic stability.