Several CBN governors, from Mr Joseph Sanusi in the early 2000s to the current governor, Godwin Emefiele, have at some point advocated for a "cashless" economy. Of course, these CBN chiefs know that there is no economy in the world that is totally cashless.

The "cashless economy" mantra is only a message to Nigerians to use less cash and more checks or e-payment means in daily transactions.

To further the aims of the "cashless economy" project, the CBN and the Mint could withdraw the N500 and/or N1000 note from circulation. The resultant burden of carrying N1 million in denominations of N200 or lower may discourage the massive movement of cash by individuals.

I concur

With little or no use of the coins, the Mint and CBN can as well do away with them. Nigerian would then be the only country in the world without coins.

Good if it could be achieved. At least this market women will be reduced the stress of change giving

excellencyabia1:
Good if it could be achieved. At least this market women will be reduced the stress of change giving

Very true. Buying a N50 item with a N1000 note may not be a good idea if change no dey

CFCman:
With little or no use of the coins, the Mint and CBN can as well do away with them. Nigerian would then be the only country in the world without coins.

its dangerous...money must be backed by something or else the naira will become useless...withdraw the coins and instead issue silver-coins..this will balance the naira...

Which means inflation will be reduced as well

Endorsed. Those dirty thieves who hide raw cash would be forced to bring it out.

nice idea

DaBullIT:
Which means inflation will be reduced as well

Well, that could be a possible good side effect of the policy. But proponents of the current denomination structure would say that Nigeria has had periods of single-digit inflation with the N1000 note in circulation.

That's one of the ways we can manage the Recession.

Okanokan:
That's one of the ways we can manage the Recession.

Well, I don't see a correlation between denomination and health of the economy. Although money supply, exchange rate, availability of credit could all be contributory factors to a recession.

Xsolutions:
This would be a great move...

I believe so

CFCman:
Several CBN governors, from Mr Joseph Sanusi in the early 2000s to the current governor, Godwin Emefiele, have at some point advocated for a "cashless" economy. Of course, these CBN chiefs know that there is no economy in the world that is totally cashless.

The "cashless economy" mantra is only a message to Nigerians to use less cash and more checks or e-payment means in daily transactions.

To further the aims of the "cashless economy" project, the CBN and the Mint could withdraw the N500 and/or N1000 note from circulation. The resultant burden of carrying N1 million in denominations of N200 or lower may discourage the massive movement of cash by individuals.

The cashless policy is to discourage the movements of large amounts of cash. It is not meant to stop paper transactions. I am not in full support of it because lots of busineses are deprndent on large volumes of cash.

For instance you want to go to the bush to buy minerals, its strictly cashbased most of the time.

grandstar:


The cashless policy is to discourage the movements of large amounts of cash. It is not meant to stop paper transactions. I am not in full support of it because lots of busineses are deprndent on large volumes of cash.

For instance you want to go to the bush to buy minerals, its strictly cashbased most of the time.

I know it won't stop paper transactions, and is designed to reduce the volume of cash transactions in the economy. Of course, some businesses would still be cash-only businesses.

It will be a great way to enforce Nigerians to adopt cashless policy, however, I see unlearned market women suffering from this.

beejaygree:
It will be a great way to enforce Nigerians to adopt cashless policy, however, I see unlearned market women suffering from this.

The cashless policy is mainly aimed at reducing the volume of cash transactions in the formal economy, as is the case in many developed and developing economies. The bole, suya and roasted corn sellers would still transact business via cash, just as the road-side hot-dog seller in the US receives only cash payments.

If it will increase the value of naira , I concur.

BALLOSKI:
If it will increase the value of naira , I concur.

I would have suggested the N100 note as the highest, but that would be extreme

Japan's highest denomination is the ¥10,000

But can it make N100 = $1?