Perfect excuse to justify the coming #5000 naira note. And why is it that almost all policies hated by the populace has an element of "cabal" in it. Are they really running out of excuses? Besides of what good is the #5000 naira note to the common man?

Lobatan o!
Patent ke.....when Samsung and Apple never finish their drama!
.
Naija I hail thee.....I knew they are gonna come up with something......just to print this note abi?
Okay o!

it was quite shocking to us when we discovered that the patent rights of some of our notes are owned by non-Nigerians.”

They just discovered? After how many years? SMH! . Let us give a round of applause to the geniuses at CBN!

gistme24: The only thign I gather from this is that these people are hell bent on printing this new notes and are just coming up with reasons to justify their act.
Why are they telling us this now? Na today them enter office ?
And while we are still at it, every patent has an expiry date, so when will these patents expire? Why don't we just wait till then and redesign our notes?
SLS is on a quest, as usual.

#gbam#. So hell bent on introducing dis 5k bill against d wishes of majority of Nigerians so dey r shooting 4rm every angle.

adewaleafolabi:

Basic economics teaches about the types of forces that determine day-to-day activities: economic (invisible hand), social and political forces. 4 years in Economics school taught me that Economic principle and theories fail when it comes to Nigeria. Why? simple, Nigeria is riddled with a messy interplay of political forces driven by sheer and shameful greed.
Commonsense would tell us the simple use of the N5,000 - More of looting. Look at it what does the N5000 enable people to do? Is it not making it more. convenient to hold more of money in cash? isn't this negating the principles of a cashless economy? More cash being untraceable creates is just the perfect environment for criminals
Rather than making N5000 we should be withdrawing higher denominations from circulation, as well as properly implementing penalties for cash handling. That way people would be forced to use cashless methods. Eventually reducing illegalities and making people generally more accountable.


A branch of Economics that Nigeria needs is Common Sense Economics.

Bro I agree with u jor.. We're just a bunch of mediocres

What sort of Idiots do we keep having as leaders?
Alawada jatijati!

What has this got to do with the introduction of a 5000 naira note?
If the patent of the design is owned by foreigners, then redesign the notes only, don't add a new note because the patent is owned by foreigners. That's stupid.

The problem is not #5000 note introduction.the problem is phasing out 5,10,and 20notes and converting them to coins.it will be cumbersome to manage.i do not see anything bad about introduction fo #5000note

Whatever their motive is, which I know can never be good or positive, I speak death upon Sanusi and Co.
Woe unto Sanusi Lamido Sanusi.
Woe unto all his henchmen.
Woe to all the rabid supporters of this supposedly smart economy move.
Woe unto all the unfriendly friends of the highest office in Nigeria...the free citizens of Nigeria...Nigerians.
Woe unto all unscrupulous politicians, statesmen and rulers.
WOE!

In all, why is every1 focusing on the 5k note, when what would cause the most inflation is the conversion of 5, 10, and 20 naira notes to coins? We all know what they need the 5k note for, senseless and selfish bunch of people.

russellino: I am really sorry for nigerians if a cbn official can come out and tell us that there can be a patent on our national currency I mean is this crap possible. nigerians need to wake d hell up.

Sir/ma, did you read the reason by the CIBN guy why it was so? Just curious!

Nothing wey we no go hear for this kantry, very soon now some hypocrite go ask us sey make we dey pray for we leaders, sey we too dey curse dem. I think those foreigners were very right when they predicted 2015 for our break up, now i'm just counting the days.

5alive: If by 2moro GEJ wakes up& says Nigeria has been sold to China. Pls call me Jua chong chin

bros this is the funniest post I've ever seen here. I'm alone in my room and laughing like I'm crazy. You're funny bros

Fuckin.g idio.ts. Patent my foot. Patent differs by country. Do they own the patent in Nigeria too? Why is a foreign firm printing Nigeria's money. F.uck them all.

Defending the introduction of the N5,000 note, he said it is meant to serve big transactions, noting that it is not meant for everyday or minor transactions.

Is the above not a contradiction? How can big note serve big transactions when big transactions are already been conducted via electronic/cashless transaction?

Is CBN suggesting that the N5,000 Naira note will not be available at the ATM? If it is, how will the ATM be able to ascertain that a with ascertain that a 5k, 10k, or 20k transaction from ATM which might include this new not is for big transaction?

If the 5k note is not available at the ATM, is it's purpose not defeated? Will the CBN prevent ordinary Nigerians from using the 5K note to purchase garri and the new cassava bread from kiosk owner?

CBN please define big transaction in the context of cashless policy? This 5k note is utterly not needed, even 1000 note should be phased out as we continue to go cashless!

Abbott: Whatever their motive is, which I know can never be good or positive, I speak death upon Sanusi and Co.
Woe unto Sanusi Lamido Sanusi.
Woe unto all his henchmen.
Woe to all the rabid supporters of this supposedly smart economy move.
Woe unto all the unfriendly friends of the highest office in Nigeria...the free citizens of Nigeria...Nigerians.
Woe unto all unscrupulous politicians, statesmen and rulers.
WOE!

Woe unto you

Who is this fool Okoroafor? wtf is he talking about, this is like saying we have to redesign our flag because the color green has a patent and the patent owner for that color is a foreigner.

We got people who came out of ignoble background, void of ancestral pedigree, first generation in their family to wear shoe or eat at a formal table........they lack grace and uprightness in their dna and by stroke of luck they are in positions where traditionally their bloodline would never qualify for and so they lack the understanding and wisdom and are devoid of the grace that a position of leadership demand. They are leaders, not by birth, and despite that they speak like slaves. It is however painful that they view everyone in their audience to be in the slave class.

What a m or on!

Deacon Frost: Abeg madam give me 2 groundnuts, 1 sachet of kunu, 8 baskets of sugar and eeeem eeeem 2 basins of garri make i chop b4 d price go increase pass levels, make no man or woman remove dis post oh, hmm nah my mb i de use if nt 2day , make i stop 1st b4 dem do

Deacon Frost,vampire.I tot he feeds on blood.lol

adewaleafolabi:

Basic economics teaches about the types of forces that determine day-to-day activities: economic (invisible hand), social and political forces. 4 years in Economics school taught me that Economic principle and theories fail when it comes to Nigeria. Why? simple, Nigeria is riddled with a messy interplay of political forces driven by sheer and shameful greed.
Commonsense would tell us the simple use of the N5,000 - More of looting. Look at it what does the N5000 enable people to do? Is it not making it more convenient to hold more of money in cash? isn't this negating the principles of a cashless economy? More cash being untraceable creates is just the perfect environment for criminals
Rather than making N5000 we should be withdrawing higher denominations from circulation, as well as properly implementing penalties for cash handling. That way people would be forced to use cashless methods. Eventually reducing illegalities and making people generally more accountable.


A branch of Economics that Nigeria needs is Common Sense Economics.

I totally agree with you, I am not in support of this 5000 note because its a recipe for inflation, if they were talking of re denomination of the naira by removing 2 zeroes I am in for that.

I believe you meant CBN not CIBN because they are two different bodies corporate. The answer is yes I read his reason which is as follows -

“it was quite shocking to us when we discovered that the patent rights of some of our notes are owned by non-Nigerians.”

Now as a right thinking person I am tempted to ask why a spokesperson for an institution as sensitive as the cbn would leave huge gaps for our thoughts to wander by being so cryptic. Who are the foreigners, do we pay them royalties for spending our own currency, most of all what is so special about our currency that it needs to be patented biko nu

Nigerians have gotten a bad deal. Are we citizens or frigging hostages?

PEREP:
Sir/ma, did you read the reason by the CIBN guy why it was so? Just curious!

Dudu_Negro: Who is this fool Okoroafor? wtf is he talking about, this is like saying we have to redesign our flag because the color green has a patent and the patent owner for that color is a foreigner.

We got people who came out of ignoble background, void of ancestral pedigree, first generation in their family to wear shoe or eat at a formal table........they lack grace and uprightness in their dna and by stroke of luck they are in positions where traditionally their bloodline would never qualify for and so they lack the understanding and wisdom and are devoid of the grace that a position of leadership demand. They are leaders, not by birth, and despite that they speak like slaves. It is however painful that they view everyone in their audience to be in the slave class.

What a m or on!

You got it man. Unfortunately almost all Nigerian politicians are from this same class. Remember they are products of Warrant Chiefs syndrome (handpicked sell outs) in Igbo land, the Osu's and Ohu's that was quick to join the Whitemen when the nobles avoided the foreigners; and the never do wells who their parents allowed to join the Whitemen.

This is the problem of leadership in the East in particular. These people are classless; they share no value, they are worthless.

GEJ in particular has a worse appalling history. God will deliver us

I don't believe that a country can be sold, not until today.

Why is the design so important that a foreigner had to design it and held the patent? Who wants the Naira for aesthetic uses?

Hmmmm! Unfortunately the CBN is yet to give us COGENT reasons on why a new currency denomination is needed.

When you design and print Naira note outside the country what do you expect? Of course the patent will be owned by non-nigerians. It is a huge shame and CBN officials are just noticing this now after many of them have been in employment for 25 years and we have had series of CBN governors in the past. If the patent is an issue, they can design the naira (no big deal). Introduction of N5000 may still be a problem whether it is meant for banks or heavy cash users. Has CBN forgotten that our Public Office Holders are heavy cash users? Before we know it, holding N5,000 will be seen as a prestige (big boy phenomenon) and every d.ick, tom and harry would want a piece of it in order to belong (I won't be surprised even if it becomes a sign of "I DON HAMMER" and well supported by our music videos (spraying of cash).

For me - Don't start what you cannot control. CBN should concentrate more on Naira appreciation, reduction of inflation rate, boosting productivity in the country by reducing their neck-cutting interest rate, developing framework for the growth of the Mortgage and Insurance industries.

Sanusi is one slick mofo. He didnt just know about this - why didnt he tell Nigerians about this before if he is so patriotic. I like how he slides this in to further his own agenda.

That CBN official should be arrested for spewing such civil heresy .. I mean that man really looks as Nigerians as a gullible lot to whom U can tell any tale and it would stick ... So they should ask him if the patent for the constitution is also owned by foreigners .....does this animal even know what a patent is ?

Hmm! Smell something fishy here...One thing these politicians should know is that one day the elastic limit will be exceeded and Nigerian will rise up...Mubarak ruled egypt for 30 years, then the unthinkable happened, we don't want that in 9ja but at the rate things are going, i cant bet against an uprising someday

Nigeria, a season film titled "Nigeria".
The chapters never end.
Can't believe all these.
So many things are wrong.
2015 knocking.

5alive: If by 2moro GEJ wakes up& says Nigeria has been sold to China. Pls call me Jua chong chin

LWKMD

Don' t be surprise, that's part of the reason few particular syndicate don' t want you to divide the particle termed Nigeria, or allow it to function well because any of the two options would affect the objective of Project Nigeria.

Project Nigeria is run by those that set it up.

What is the cashless policy for?