When it comes to economic matters,i may be an illiterate, but my illiteracy on that subject matter doesn't take away my ordinary reasoning.



These questions arise from the responses of The CBN governor, Mallam Sanusi Lamide to the question a Nigerian asked him via the phone.

According to the response of the CBN governor in a post titled My Conversation with SLS on the New Currency Policy on naira land forum. According to the writer (suraj), he said he spoke with Sanusi Lamido on the issue.



Suraj: sir. I just needed your clarifications on some of the issues my friends have been inundating me on this CBN new policy. First, don't you think it is counterproductive that at this time that we are advocating cashless Nigeria, we are introducing another currency, a higher one, N5000.



SLS: See, Suraj. It is not. First, know that this is not a monetary policy but just currency management. Our cashless policy never says there should not be any cash at all. It only discourages heavy cash in the system. Whether in N5 notes or N5000 notes, the limit of N500,000 will still be N500,000. So what are we saying? It also enhances operational efficiencies. The number of times banks load their ATM machines will also reduce. Banks can now load up to 5 times the value in their ATM and reduces rate of stocking and associated costs. The cost of printing and managing currency will also reduce. We

My Question for SLS: If our cashless policy never says there should not be any cash at all,it only discourages heavy cash in the system..Dont you think that the new N500 note and the coin being introduce side by side with the note of N5,N10 etc would contradict the discouragement of heavy cash in the system? According the information I heard, the maximum a bank's cash officer can load in any ATM is 2million. Anything above that is at the risk of the cash officer and that amount is the maximum NDIC can cover in the event ATM theft should arise.

So the issue of loading more money into the ATM doesn't arise here......unless that policy is reviewed.



Suraj (cut in): But sir, don't you think this will ease corruption and movement of funds among our politicians?



SLS: Well, is there no corruption now that there are no N5000 denomination? It is not the duty of CBN to fight corruption among political class, you know. We are trying our best to block all holes of corruption, but that doesn't stop CBN from introducing a currency management policy that it deems fit. Fighting corruption is the work of EFCC, Police etc

My Question for SLS: I agree with SLS that it is not the duty of the CBN to fight corruption, but i disagree with him that is there no corruption now that there are no N5000 denomination? Yes there is...But don't you think introducing this new note would increase the corrupt tendencies? Just like the EFCC,the CBN is also a part of the government seeking solution to our national financial challenges which corruption is a major setback, don’t you think that every policy to be introduced by the CBN is suppose to put guiding against corrupt tendencies first in its consideration?



Suraj: What of this scenario: an item that is worth say N4, 800 will be forced to be rounded up to N5000?.



SLS: But we have not phased out N1000, N500, and N200 now? So you mean it is only N5000 you can use to pay for a N4800 good? How have you been paying before? (Laughter)

On coins, Suraj, at CBN we are forward-looking. Look, in the next few years, even when I must have left as governor, people will look back and realize this is a good policy. We are looking at not only currency management but also modernization. A time will come, in very near future, when we will be paying tolls, paying for newspaper vending, with just coins at vending machine points. That is why we are promoting coin culture now.

My question for SLS: Why do we need coin to pay for tolls, newspaper vending? What is wrong with paying with the note? How can paying toll gate fee with coin improve our system? What does it contribute to the discouragement of heavy cash in the system as the CBN stated?

SLS: Also note that, we are not cancelling the notes. We are introducing the coins side by side. So you will still have N20 notes, for example, with N20 coins, until it gains acceptability.

My question for SLS: If the CBN said it is discouraging heavy cash flow in the system, yet it is introducing new note N5k, introducing coins of N5, N10, N20, N50 etc without withdrawing the previous once, it would also be reproducing the previous note along side with the new coins, how has it discourage the heavy cash flow by bringing in more cash to the system? I really care to know as i am an illustrate on this subject.

You opened same topic last week and it got a miserable acceptance. The topic died a natural death. Rather than resuscitate it, even by soliloquising a la Becomrich, you opened another one here, which is also not creative enough to attract a single response except you bumping the thread up every hour.

Na by force to open thread. Why not go to the main thread and drop your comment, rather than spam the forum which same post. Na wa o

lol! might as well help the poor OP out. . .

BTW I hope Ill be pardoned for not bothering to read through b4 contributing?

nawa 4 this Jarus self..How this topic take contribute to your sleepless night?

bilms: nawa 4 this Jarus self..How this topic take contribute to your sleepless night?

1, Count the number of times you typed my name up there and see how it doesn't concern me

2, You're spamming the forum, by duplicating threads, which, as the Mod, I should even punish you for, but waived it.

i didnt type your name,i quoted your topic. About spaming,if u genuinely believe it was a spam and deserve punishment,why not simply punish me as a general rule instead of this personal attack?. If you think that i dont deserve sanction and you prefer to give advice,you should do it politely not attack.