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CBN To Inject More Lower Naira Denominations - Politics - Nairaland

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CBN To Inject More Lower Naira Denominations by rodeo0070(m): 6:31am On Apr 10, 2013
Central Bank of Nigeria (CBN) yesterday promised to inject lower denominations of the naira so as to resolve the shortage of the currency in the economy. This decision came against the backdrop of the problem the shortage is causing in the economy.

Speaking after the Bankers Committee meeting in Abuja, Director, Banking Supervision of the CBN, Mrs Tokunbo Martins disclosed that the apex bank was aware of the problems being encountered by the people on account of shortage of the lower naira denominations in the country. According to her, the scarcity of the currency was because of the truncation of the CBN’s currency restructuring exercise.

She, however, promised that plans are under way to print more lower naira denominations. Apart from flooding the economy with the currency, the director stated that the quality of the notes to be released would be higher than the existing ones. Also, the Bankers Committee expressed worry over the fragile security on bank premises nationwide saying that the banks would support the police to curb the insecurity in Nigeria.

The bankers committee at the meeting, which was attended by the Inspector General of Police discussed extensively on the poor state of security in the banks and resolved to improve the security situation in the country as it affects the banks by collaborating with the security agencies. Besides, the bank chiefs made up of Union Bank, Diamond Bank and Citi Bank, Messers Emeka Emuwa, Dr Alex Oti and Omar Hafiz respectively, also said that the banks are planning interest rate reduction for small and medium scale enterprises.

The Chief Executive Officer of Diamond Bank, Dr Alex Oti said the committee also deliberated on structural reform in the country. Specifically, he said the committee was worried over the situation whereby the portfolio investment coming into the country was short term in nature. He noted that with massive investment in power, oil and gas, there would be long-term investment in the country with the attendant boost on the economy through employment and income generation.

SOURCE: http://sunnewsonline.com/new/business/cbn-to-release-more-lower-naira-denominations-soon/
Re: CBN To Inject More Lower Naira Denominations by mrman2(m): 6:52am On Apr 10, 2013
Just redenominate the damn thing already. Make 100naira the highest denomination.

13 Likes

Re: CBN To Inject More Lower Naira Denominations by Nobody: 6:54am On Apr 10, 2013
Wetin dem dey use that one buy na?
Re: CBN To Inject More Lower Naira Denominations by Nobody: 7:07am On Apr 10, 2013
mr_man: Just redenominate the damn thing already. Make 100naira the highest denomination.
making 1000naira the highest denomination won't solve anything, rather the govt has to make policies that would encourage our local industries both Govt and private to produce goods that are to be sold at 1,2,3,4 and 5naira respectively.

4 Likes

Re: CBN To Inject More Lower Naira Denominations by vanstanzy(m): 7:14am On Apr 10, 2013
Can't this people just give this higher and lower denomination matter a rest? Why are they so hell bent on throwing money away? I mean, we havent finished managing the ones we have at hand.

2 Likes

Re: CBN To Inject More Lower Naira Denominations by slap1(m): 7:20am On Apr 10, 2013
The looters will have a little extra job on their hands.
Re: CBN To Inject More Lower Naira Denominations by ochukoccna: 8:25am On Apr 10, 2013
vanstanzy: Can't this people just give this higher and lower denomination matter a rest? Why are they so hell bent on throwing money away? I mean, we havent finished managing the ones we have at hand.
Read and understand
Is that too hard to ask
CBN is not releasing higher denominations
The lower denomination notes have been in short supply of late
That's what they want to flood the banks with

3 Likes

Re: CBN To Inject More Lower Naira Denominations by slap1(m): 8:30am On Apr 10, 2013
ochukoccna: Read and understand
Is that too hard to ask
CBN is not releasing higher denominations
The lower denomination notes have been in short supply of late
That's what they want to flood the banks with
What's your beef with punctuations, bro?
Re: CBN To Inject More Lower Naira Denominations by Tolexander: 8:33am On Apr 10, 2013
Ok
Re: CBN To Inject More Lower Naira Denominations by GraceBestowed(f): 8:52am On Apr 10, 2013
I agree with the first poster! Unless they are going to curb inflation, and allow the Naira garner spending power, this makes NO sense; they really should sort out the denominations!

Whatever happened to going along with technology, and aiming for an economy where most transactions are done via card payments?
Re: CBN To Inject More Lower Naira Denominations by Okijajuju1(m): 8:54am On Apr 10, 2013
Nigerians dont like those polymer denominations. They are weak, fade quick, tear and even melt. The smallest denomination in my wallet starts from 100 Naira and above.

God will severely punish the person that introduced that useless Polymer into our system.

Re: CBN To Inject More Lower Naira Denominations by GentleNaaz(m): 8:57am On Apr 10, 2013
I dnt need "FG to inject denomination of naira" , i need "FG has denominated naira"
Re: CBN To Inject More Lower Naira Denominations by wellmax(m): 9:01am On Apr 10, 2013
Okija_juju: Nigerians dont like those polymer denominations. They are weak, fade quick, tear and even melt. The smallest denomination in my wallet starts from 100 Naira and above.

God will severely punish the person that introduced that useless Polymer into our system.


Just listen to yourself, you are not making any sense at all. The polymer notes are the way they are because their frequency of circulation and exchange is higher than other notes, that was in fact the main reason why the notes where made of polymer.

7 Likes

Re: CBN To Inject More Lower Naira Denominations by Blazinraj01(f): 9:05am On Apr 10, 2013
Okija_juju: Nigerians dont like those polymer denominations. They are weak, fade quick, tear and even melt. The smallest denomination in my wallet starts from 100 Naira and above.

God will severely punish the person that introduced that useless Polymer into our system.

SMH :O
Re: CBN To Inject More Lower Naira Denominations by Chillypelly(m): 9:05am On Apr 10, 2013
Okija juju a.k.a unknown member try to be more reasonable with your brain while contributing to threads. You constituent more nuisance than all the militants groups put together... No hard feelings, just advising.
Re: CBN To Inject More Lower Naira Denominations by Okijajuju1(m): 9:10am On Apr 10, 2013
wellmax:

Just listen to yourself, you are not making any sense at all. The polymer notes are the way they are because their frequency of circulation and exchange is higher than other notes, that was in fact the main reason why the notes where made of polymer.

And their rate of wear and tear nko?!

Do you know how much UN-TENDERABLE Polymer notes we have in the system?! If those bills have the highest circulation, then change them to coins and save us the stress.

Polymer note is crap! Bring back the Paper bills or make them into coins.

1 Like

Re: CBN To Inject More Lower Naira Denominations by Nobody: 9:11am On Apr 10, 2013
Okija_juju: Nigerians dont like those polymer denominations. They are weak, fade quick, tear and even melt. The smallest denomination in my wallet starts from 100 Naira and above.

God will severely punish the person that introduced that useless Polymer into our system.

So what happens when you pay for something less than 100 naira? U no dey collect shange?? If I hear

1 Like

Re: CBN To Inject More Lower Naira Denominations by brownlord: 9:11am On Apr 10, 2013
Would they also inject more money into my bank account? If no Bleep all of them
Re: CBN To Inject More Lower Naira Denominations by Okijajuju1(m): 9:13am On Apr 10, 2013
clue:
So what happens when you pay for something less than 100 naira? U no dey collect shange?? If I hear

Polymer notes go into my glovebox. I currently have over 4000 Naira in 20s, 10s, 5s and 50s in my car. Meaning I dont carry them around in my wallet.
Re: CBN To Inject More Lower Naira Denominations by Tolexander: 9:20am On Apr 10, 2013
Okija_juju:

Polymer notes go into my glovebox. I currently have over 4000 Naira in 20s, 10s, 5s and 50s in my car. Meaning I dont carry them around in my wallet.
werey! I never knew wheel barrow self don dey gat glovebox.

4 Likes

Re: CBN To Inject More Lower Naira Denominations by Tsmooth1(m): 9:20am On Apr 10, 2013
Those lower denominations like fifty kobo & one naira should be use to stone birds and nt for transaction.

1 Like

Re: CBN To Inject More Lower Naira Denominations by Scarpon(m): 9:34am On Apr 10, 2013
whatever that will make Nigeria better I support
Re: CBN To Inject More Lower Naira Denominations by blkmum700: 9:38am On Apr 10, 2013
Tolexander: Must Sanusi Lamido Aminu Sanusi join the likes of Charles Chukwuma Soludo and Clement Isong that introduced new denomination note into circulation before he can see himself as an achiever?
Must he introduce new denomination bank note?

He declared an intention to release the 5000naira bank note last year base on the stand that it will help to facilitate the cashless policy i.e reduces the amount of notes in circulation.
It took the intervention of the president before he jettisoned the plan.

Now trying to introduce a lower denomination base on the ground that it will reduce the scarcity of money in circulation.
Does this justify the reason behind the cashless policy?

Why is this man so desperate?

D man is Not desperate but I think you are desperate reader because you don't read to understand,scrow up and read to understand,there is noting like introducing lower denomination except printing more to the one in circulation,simple has ABC.
Re: CBN To Inject More Lower Naira Denominations by Okijajuju1(m): 9:39am On Apr 10, 2013
Tolexander: werey! I never knew wheel barrow self don dey gat glovebox.

Bros cooldown na, me and you na guy men.. wink

Waistbag na Glovebox for wheelbarrow pushers na.. grin
Re: CBN To Inject More Lower Naira Denominations by deinmaafie(f): 9:42am On Apr 10, 2013
Chillypelly: Okija juju a.k.a unknown member try to be more reasonable with your brain while contributing to threads. You constituent more nuisance than all the militants groups put together... No hard feelings, just advising.
I understand your plight but next time try and use soft language
Re: CBN To Inject More Lower Naira Denominations by Nobody: 9:43am On Apr 10, 2013
mr_man: Just redenominate the damn thing already. Make 100naira the highest denomination.

That's right.
Re: CBN To Inject More Lower Naira Denominations by RiKKies: 9:59am On Apr 10, 2013
Plans are underway? CBN Should please do this thing on time.
Re: CBN To Inject More Lower Naira Denominations by otokx(m): 10:04am On Apr 10, 2013
confusing confusion, all denominations below 200 are currently scarce.
Re: CBN To Inject More Lower Naira Denominations by Nobody: 10:12am On Apr 10, 2013
Are u interested in making money online thru sport betting...mail me@okoya.monsuru@yahoo.com
Re: CBN To Inject More Lower Naira Denominations by NLGwoodey: 10:12am On Apr 10, 2013
Okija_juju:

Polymer notes go into my glovebox. I currently have over 4000 Naira in 20s, 10s, 5s and 50s in my car. Meaning I dont carry them around in my wallet.

My guy, abeg where u dey park your car?
Re: CBN To Inject More Lower Naira Denominations by Nobody: 10:13am On Apr 10, 2013
some forumites here need to have their brain properly sequestered and sequenced, the polymer noter is a better idea than the paper notes, its just that nigerians have a very, very, very poor maintenance culture. why should one be thinking of burn/melting these notes? apart from that they used more often than higher denomination notes. u can even acquire infection from some.

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