5,000 Naira Note.. Take A Minute To Read This. - Politics - Nairaland
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| 5,000 Naira Note.. Take A Minute To Read This. by crown777(m): 10:30pm On Aug 26, 2012 |
It is no longer news that CBN plans to introduce N5,000 note by January 2013 . The crux of the matter is the implication that this will have on our individual lives and national economy. One of the indices of a GROWING INFLATION, is the creation of Higher Local Currency Bill, NO matter what CBN or the Managers of our economy say, they know too well in their minds. The highest bill in the US is $100, Britain is €50, Ghana 50 Cedi, Have ever had a scene where you're forced to spend N100 or above for a service that's worth N50, all because the service provider claims ;"No Change"? This in itself is inflationary. Ask them in Zimbabwe where the highest currency in circulation is $100 Trillion Bill, but no one spends it. Instead, people use the US dollars and South African rands for their daily transactions! We will soon be buying things now sold for about N3,000 - N4,500; for N5,000.00! It is terrible! Why are we not emulating Ghana where they just redenominated their currency? Why can't we do same to manage our economy? The answer is clear; if we redenominate THEY will lose the money already stolen and kept abroad. For instance if we redenominate by cutting down two zeros, N1,000 becomes N10 while N100 becomes N1. In a similar way one dollar will exchange for N1.55k. Therefore $100m will be N1.5m. Naira will become stronger against many currencies and stealing money abroad will become unattractive. Why are we going for higher denomination when CBN is spending billions to promote a cashless economy? Join to say no to introduction of higher denomination of naira . Let's save our economy. If we have 2 re-occupy Nigeria or CBN (this time), let's do it....even if ₪o† for ourselves then let's do it for d future of our children and their unborn children!! Before they turns us to millionaires that can't buy bread We elected them we don't need a higher currency. 7 Likes |
| Re: 5,000 Naira Note.. Take A Minute To Read This. by ayobase(m): 10:58pm On Aug 26, 2012 |
First time u r speaking my mind. @@muaah@@ |
| Re: 5,000 Naira Note.. Take A Minute To Read This. by OAM4J: 11:20pm On Aug 26, 2012 |
While am indifferent about the introduction of N5,000 notes, I still believe the fear of it's introduction causing inflation is exaggerated. If well managed it shouldn't cause inflation especially now that Nigeria is tending more and more to a cashless society. Also you comparison of Naira to US dollar does not count. $100 = N16,000. I will rather lose a N5000 bill than lose a $100 bill. There is also no reason you pay N5000 for N4,000 or less valued goods and services, no one should be that foolish. Introduction of N5,000 notes does not remove N1000, N500, N100 notes from circulation. |
| Re: 5,000 Naira Note.. Take A Minute To Read This. by ayobase(m): 12:48am On Aug 27, 2012 |
Common OAMJ4......we have been having inflation issues at every introduction of new denominations over the years and this cant prove otherwise. . Where are our coins today? . They are gonna be turning some of these notes to coins once N5K note is being implemented...inflation all the way. . Abi u be politician also? 2 Likes |
| Re: 5,000 Naira Note.. Take A Minute To Read This. by OAM4J: 2:15am On Aug 27, 2012 |
^The inflation we've been having is not because of introduction of new currency notes but because of poor management of our economy, inflation increases even when new currencies are not introduced. Also coins are not the problem, but management of our currency and economy. £2 is a coin and that is more than our N500. Hehehe, when I decide to become a politician, you will be among the 1st to know  |
| Re: 5,000 Naira Note.. Take A Minute To Read This. by Royals1st: 4:16am On Aug 27, 2012 |
@. crown777 God will bless u my brother. Out of all the prb this country is this what this so called leaders should be seating down and talk abt that is to show all 9ja say them no dey think about any impovement only money way dey wan carry go buy masion 4 ovesea keep moni for acct and them go die oyinbo go use the money do there own country them be fools |
| Re: 5,000 Naira Note.. Take A Minute To Read This. by jamace(m): 5:51am On Aug 27, 2012 |
OP, thank you for the analysis. You have said the truth and nothing but the truth. I pity this country.  |
| Re: 5,000 Naira Note.. Take A Minute To Read This. by ayobase(m): 8:19am On Aug 27, 2012 |
OAM4J: ^The inflation we've been having is not because of introduction of new currency notes but because of poor management of our economy, inflation increases even when new currencies are not introduced. And we still have the ''poor management'', they cant still manage the crisis thats gonna be surrounding the introduction of N5K in year 2013. . Its just for their selfish interests...Sanusi and Co are failures.....no one can prove me otherwise....Im dogged on that point! . If there is gonna be N5K (of which Im still not in support of), let our other gone currencies, 50K and N1 'and' to-be-converted-to-coins ones be respectively re-introduced making use of ''paper'' 'and' be left without being minted! |
| Re: 5,000 Naira Note.. Take A Minute To Read This. by idupaul: 8:32am On Aug 27, 2012 |
OAM4J: While am indifferent about the introduction of N5,000 notes, I still believe the fear of it's introduction causing inflation is exaggerated. If well managed it shouldn't cause inflation especially now that Nigeria is tending more and more to a cashless society. Saddened by this post .. Its either you have never stepped foot in Nigeria, heard about Nigeria, Sanusi himself or you are not a smart person at all... So which one is it .Pls tell me oo |
| Re: 5,000 Naira Note.. Take A Minute To Read This. by Nobody: 8:40am On Aug 27, 2012 |
@OAM4J, u claim mismanagement s d problem? has mismanagment problm ben solved n Nigeria now? |
| Re: 5,000 Naira Note.. Take A Minute To Read This. by dplordx(m): 8:44am On Aug 27, 2012 |
OAM4J: Some warped logic your spewing here. If this is your basis and logic, then you should have simply shut the hell up, go to the joke section to post. We are talking about the most dysfunctional regime in the history of Nigeria; this admin is planning to spend 40billion naira, to print 5k note currency, to destroy an already weakened naira, and your here talking authoritatively about management. Whatever has this regime gotten right so far or managed properly? |
| Re: 5,000 Naira Note.. Take A Minute To Read This. by luvinhubby(m): 9:01am On Aug 27, 2012 |
Why are serious countries revaluating & Nigeria is devaluating , we have irresponsible political leaders. |
| Re: 5,000 Naira Note.. Take A Minute To Read This. by kay9(m): 12:38pm On Aug 27, 2012 |
Fellow NLanders, we've pontificated and knacked enuf grammar; my question is: WHAT CAN WE DO ABOUT IT?? Or is it a lost cause already? Apart from taking to the streets (which i view as worst case scenario), what else can we do to avert this wicked and inhumane scheme? Does anyone have the contacts of our senators and reps in the house? Can they be prevailed upon to act before Sanusi worsens our inflation problems, or is it a lost cause already?? We've debated enough, abeg.  On a sidenote, i'd like to send a message to Beaf, JohnDoe, and the rest of the 40 laptops: If u truly have human feelings and care about this country, then kindly tell ur boss that nigerians are NOT in support of this hare-brained idea. |
| Re: 5,000 Naira Note.. Take A Minute To Read This. by OAM4J: 12:46pm On Aug 27, 2012 |
idupaul: dplordx: Please read Sanusi answers to your questions Here Didn't see his answers before saying almost the same thing he said. But like I sad, am indifferent about it. |
| Re: 5,000 Naira Note.. Take A Minute To Read This. by jamace(m): 1:05pm On Aug 27, 2012 |
So this post has failed to make Front Page, eh? Na wa o!  |
| Re: 5,000 Naira Note.. Take A Minute To Read This. by kay9(m): 1:16pm On Aug 27, 2012 |
OAM4J: ^^ Thanks for the link above; i've just read through it. Here's what i think: 1. Sanusi says both coin and note versions of N5, N10, and N20 will used. My question is, for how long?? Decades ago when the 50k and N1 coins were first introduced, their note counterparts were also allowed in circulation...for a while! We all know what happened when the notes were withdrawn. And as sure as the sun rises the east, IT WILL HAPPEN AGAIN with these new set of coins. I mean, c'mon, this Nigeria for chrissakes, so who's fooling who? 2. Sanusi insists the N5,000 note has no effect on corruption. Look, we all know ''they'' have been looting (and are STILL looting), but why in God's name are u making it EASIER?? Jeez. 3. What about the COST of all this?? Forty fccking billion naira. Bros, do u know how many Nigerians whose life that amount can change forever? *smh* Look bro, the ONLY good thing about these proposed coins (from the link u posted) is payment of tolls and all such ish about coin usage. My problem with it is that WE HAVE MORE PRESSING ISSUES IN THIS COUNTRY. Education, Health care, Inflation/high cost of living... If the FG/CBN has so much money and doesnt know what to do with it anymore, why not compile the names of ALL nigerian undergraduates and pay their tuition and accomodation fees for 1 school year?? I dont have any figures but i bet if N40bn doesnt cover it, it'll definitely go a long way. Haba! For crying out loud, the gospel truth is that ONLY politicians need this N5,000 note; u think am, who else wants it??  Once again i ask, how do we stop this? I am truly out of ideas and i'm terrible at scouring for people's contacts online. I've only been able to find out the names of the senator and rep representing my area, but no contacts. |
| Re: 5,000 Naira Note.. Take A Minute To Read This. by kay9(m): 1:34pm On Aug 27, 2012 |
dplordx: @OAM4J: See? And just like u, i also did not see this fella's comment before suggesting putting the money elsewhere. The comment is from the link u posted. |
| Re: 5,000 Naira Note.. Take A Minute To Read This. by OAM4J: 2:04pm On Aug 27, 2012 |
kay9: No, in the contrary what Sanusi said was that the cost of printing and managing currency will also reduce. Billions are spent printing the existing ones yearly. Imagine printing N1tr in N100 notes and N1tr in N5000 notes; which will be cheaper? In the long run Nigeria will be saving money printing N5000 notes cos there is a limit to the amount of money that should be in circulation. |
| Re: 5,000 Naira Note.. Take A Minute To Read This. by kay9(m): 2:32pm On Aug 27, 2012 |
OAM4J: In the long run, in the long run, everything in the long run. Gives me bad memories of madam iweala's empty ''in the long run'' arguments. Meanwhile in the short run, Sanusi will have a cut from whoever the printing is contracted to. Think this thing through; additional costs will actually be incurred cos the other currencies will STILL be printed in MORE amounts (so that our impoverished shop owners and retailers can make change for ordinary nigerians who cant afford to blow 5k in one day). Bro, learn to look @ these things from the AVERAGE nigerian's point of view. U imply that less amounts of the lower denomination will be printed, and i ask u: Will the new N5k note make the AVERAGE struggling paid employee need LESS lower denominations than he normally does? |
| Re: 5,000 Naira Note.. Take A Minute To Read This. by emma4milan: 10:15pm On Oct 14, 2012 |
this pple are mad in there tinking,can,t they see our africa brother ghana,formaly ghana 5000 cedis is about 100 naira,but now look at now 1 ghana cedis is 100 naira,u see our leaders devils on the earth,god we do with u soon. |
| Re: 5,000 Naira Note.. Take A Minute To Read This. by Nobody: 7:50pm On Nov 11, 2012 |
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