New #1000 Naira note, What Good Will it Do To The Common Man?

The Federal government just introduced the New #1000 Naira note into the capital market. In some quarters, it is seen as an easier way to syphone, devalue and make the Naira unaccessible to the common man. What do you think as a Nairalander?

What do you all feel about the one thousand naira note out now in Nigeria? Don't you feel it is a way of eradicating 20 naira note the way they stopped using five naira and the coins? Won't it bring inflation to things if you want to buy?

Front
[img]http://www.cenbank.org.nyud.net:8090/images/money/1000f.jpg[/img]

Back
[img]http://www.cenbank.org.nyud.net:8090/images/money/1000b.jpg[/img]

How to Identify a Genuine 1000 Naira Banknote
[list]
[li]The raised print (thick ink texture) can be felt on the numeral 1000, the letters, the portraits and the building.[/li]
[li]THe security thread is the metallic stripe on the back of the note. When tilted, the color changes with the letters CBN visible. Held under the light, the stripe will appear as a continuous dark line with the letters CBN more visible. [/li]
[li]There is a subtle shiny stripe running down the back of the note. It is a shimmery gold color showing '1000 NAIRA'. [/li]
[li]The watermark is in the pinkish area in the front of the note. Held against the light, the portraits, the letters CBN and the numeral 1000 can be seen in the watermark. [/li]
[li]The triangular shape in the middle of the front of the note changes its colour from green to blue when tilted. [/li]
[li]The gold foil (kinegram) on the front of the note, with the Nigerian Coat of Arms and numerals 1000, changes color when tilted under sunlight [/li]
[li]The title CENTRAL BANK OF NIGERIA on the top left corner of the front is underlined by two tiny lines. Under a magnifying lens, the uppeer tiny line reads CENTRAL BANK OF NIGERIA continuously [/li]
[li]WIth the naked eyes, the serial number on each note is black, but under ultraviolet light the number turns green. [/li]
[/list]

Source: Thisday Newspaper, Friday October 7, 2005 Page 20 (paid advert by the Central Bank of Nigeria)

The faces on the note are Alhaji Aliyu Mai - Bornu and Dr Clement Isong. Note: Clement Isong seems to be an Ibo name, so there's no "marginalization" here. See http://www.cenbank.org/currencymgt/N1000.asp

Pictures On the New 1000 Naira Note (locked)
1000 Naira Note: Will There Be Inflation? (locked)

Do you notice that there's no Naira sign before the 1000 unlike in other notes?

i still have not seen it not that i care anyway

you guyz are not geeting me right. I mean, what effects will it be to the economy and to the common man?

The Man ISONG!!!

Dr. Clement Nyong Isong was about the first Nigerian to be seconded from a high position in the World bank to help in putting up a sound economic development program from Nigeria.

A seasoned economist, The National Rolling Plan which was the bedrock of Nigeria's investment in infrastructures was one the programmes that he pushed into National consciousness and implementation. Most of Nigeria's current infrastructures are a product of this rolling plans.  Industrial Investments in Basic industry that could form development foundations like the steel rolling mills, paper plants, fertilizer plants, sulphuric acid plants, all the refineries, to mention a few also came out of this rolling plan.  
Indeed, Isong's hand is evident in every Major economic infrastructure... most having been conceived or built in his time.

After the Obasanjo-Shagari handover in 1979. He was handpicked (He was never a politician-- too quiet to be one) to become the Governor of Old Cross Rives State (Current Cross River and Akwa Ibom States). As Governor he continued with the same policies - thus came the biscuit, brewing, rubber processing, steel,  crown cork, large printing presses, asbestos, cement , companies that were built around that state at that time... all within 4 years.

He strongly believed in the provision of basic industries as an indispensable step towards growth.

Certainly, he never realised that tribalism and corruption would be the twin evil that would destroy or taint all of his efforts.

Worthy of note is the fact that by the time he died (not sure of the year... guess about 5 yrs ago)... he had only his family house. By Nigerian Stardards he died a Pauper.... very poor indeed.  

Good deed always outlive loud talk.  Like other great men (Justice Udo Udoma, Prof Eyo Ita etc)in his generation propaganda was never a tool to be used.

Little wonder that men who did nothing except to claim credit for what they did not do and  corner National wealth either thro' outright stealing or during the companies' nationalisation era had national 'honours'  while the folks that worked died unsung.

Little is known about his family... because he bequethed nothing except a good name to them.
He hailed from the current Akwa Ibom State

"...A good name is better than Silver and Gold"

Nigeria should be viewed as comedy show. Here is a country that does not do the proper research before a trend is copied, Americans use the 1000 dollar bill to transfer huge funds across banks, such moneys are not in the individual hands at such, but here its only done because of the selfish ends of some individuals, the same statement is made all over again, "'it wont devalue the naira" whereas even b4 the release the naira started to devalue when it heard it was having a senior brother, I pity Nigeria, if we do not act now then when will we, it reminds me of the song of Femi Kuti, "as them dey dabaru am dey go, my people just dey follow. 'I sorry sorry o, I sorry for Nigeria, I sorry sorry o, I sorry for Africa." Let’s act right now so we don’t have to fight right.

@ jally; that's all bullshit. How much is 1000 naira these days? how can you compare that to a 1000$?. The higher bills are needed in the society, especially in cash based society like Nigeria. I remember before the introduction of the higher denominations, I have to carry the 20 or 50N notes in bales, just to have dinner with friends.

Devaluation and denominations are completely different things.

Thats true, but one still needs the smaller denominations

When one goes to the market or enters public transport, the drivers usually don't take the 500 naira notes for fear of incurring huge losses in case the notes are forged.

I guess we may not be able to spend the 1000 naira note that easily

if you enter bus in Lagos already, the conductor is shouting in many cases "No change for 500N note O!"

bibi,'thats all [very wrong]' Why are you talking like that? You are talking of more money compounded into one note so it can be easy to launder money in Nigeria. From your yarns I can tell you have a very poor knowledge of history.

Where are the coins? Where is the one naira note? Soon there'll be no 5 naira, 10 naira, twenty naira note. Thats typical of the nature of Nigerians. Open your eyes and see <snip> If its because you want to carry more money with less burden then you can as well get a value card or some of these cards you load money on.

Remember that it was this same dispensation that intorduced the N500 note. Nigeria is sinking and all you can talk about is dinner with your friends.

5 Naira is going to be faced out because it cost the CBN 7 Naira to produce it. 2 naira lost on every 5 Naira note. So please get your facts clear. On the issue of higher dominations, I don't think there should be a problem, as long as the government control the economy. Especially in the areas of the D and S ratio

did u also find out that it cost N8000 to manufacture one N1000 note,you shuld get your facts right,i think we av a very insensitive govt and the earlier we start to resist their policies the better, but hey ,i do not support violence.it only brings more destruction,
word

ladies and gentlemen, the 1000 naira note has been intoduced and i was oppurtuned to see one i must confess if that note gets to the hands of our bus conductors "e o hear nwi" what i mean is its too light.Although the note looks tech.but i'll like to know what you all feel about it and most especially do you all think we need that denomination.

well my proof is here

http://allafrica.com/stories/200509300006.html

give us your proof for the 1000 Naira notes that cost 8000 Naira. Thank you.

i really dont know what the fuss is about dis 1000 note. jingles are still being run on d radio all in the name of awareness! na wa!

I need documentary evidence on the cost of the 1000 naira note please.

whoah! whoah!!! I don't think that is what we really need now for the growth of a dying economy like ours. Will it put food on our table? A shame that our government is chasing shadows. Have we not heard our finance minister say that inflation is on the rise now. and I bet you, it will keep rising till the issue is addressed not with this paper they call N1000 note. It is high time they stopped wearing OVERSIZED shoes instead of their normal size. It will do them no good. IN US or UK, u can still find and use their cents and shillings. Here u no longer see kobo not to talk of using them for ordinary pure water.My fear is that within a short time, in the no distant future, N5, N10, N20 and senior brother N50 will be FAZED out. GOD HELP US!!!!!!!!!!!!!!!

delarontus, the 1000 naira note will cost the CBN about the same as the 5 naira note: 7 naira! Isn't this cool?

If the N1000 will introduce inflation or not...time will tell.

Seun:

delarontus, the 1000 naira note will cost the CBN about the same as the 5 naira note: 7 naira! Isn't this cool?

That is trouble o.

So what was all the figures in Euros about? I thought it was 4.9 euros or thereabout.

.

Seun:

delarontus, the 1000 naira note will cost the CBN about the same as the 5 naira note: 7 naira! Isn't this cool?

the quality of the 1000 Naira note is higher than any other note produced
so i guess the cost of production would be higher

but it may be cheaper to produce one 1000 naira note than producing five 200 naira notes

also with the quality of the 1000 naira note and the expected useage (it may not be as rampant as other notes),
the life span may be higher than other notes making it cheaper on the long run

gbengaijot: You're right about the missing Naira sign on the note; I don't know what they were thinking.

This note seems to be a bit of a rush job - remember they were planning a polymer note, but decided to use a paper note instead so they can go ahead and launch it this year?

It's different from all other naira notes I've handled. Maybe a different team of designers?

Seun, i hope you'r wrong about removing the naira symbol. nevertheless, there is no mistking the naira. ultimately this wont matter if we all adopt the ECO as a west african currency

Please forgive my gross ignorance, but I share Esiayo's curiosity as to the identity of the guy in the Mobutu-style leopard-skin cap whose picture adorns the new 1000 naira currency note.  Is he a statesman of some sort or were the currency printers merely instructed to insert pictures of a couple of generic African men on the new currency note ?

The man in the Mobutu-style cap is Dr. Clement Isong, a former governor of the Central Bank of Nigeria. The man on the left is Alhaji Aliyu Mai - Bornu, also a former governor of the CBN.

What i can't believe is the gross mistake of the missing naira sign on the note, if it is meant for such a reason as huge sum transaction why make such mistake? I don't think those and those in Nigeria incharge of these things are serious at all, if we really are then these kind of mistakes wil not be associated with us. Or were they in so much haste to get the money out that the party could get started?

I don't know jare, they made a mess of the whole system. The paper sorry currency itself is laughable.