dondave61:
Olodo, what is misplaced about this priority?? ��‍♀️

no time to answer dumb baluba supporter ass

SILVERLINES:


Ooohhh I don suffer

So 1k notes will be only for senators and hon. Members and other criminals politicians

Just my thought, I wonder how this people reason sef

fergie001:


[url=https://www.google.com/amp/s/nairametrics.com/2022/11/22/breaking-cbn-to-reduce-the-volume-of-n500-n1000-in-circulation/%3famp=1]|SOURCE| [/url]

What is he doing to reduce foreign currency circulation in that hand of black marketer's? How and why did they get too much dollar, pounds and euro? We cannot get it in the banks !
Whatever it is being done that you did not reduce outflow of foreign currency to the black markets nothing is done that will be effective

Does Godwin Emefiele realize that N1,000 is barely £1.00?

When it was first introduced,it was worth $8.00.

The country needs a N5,000 rate. I very much doubt it increases inflation. Its the kind of myth pushed about by economic illiterates

Them dey compare UK to Naija... It's well

Smart

thebosstrevor1:
Nice

Bigbashiru, this what you have been saying since, seems like the cbn governor and the government are now thinking through.

Operation reduce inflation.

This also means CBDC and internet banking useage will increase, counterfeiting will reduce.

Kudos to Buhari and the CBN governor.


They should start tackling bdc and enacting anti money laundering laws now

Actually this is good news. I miss having to use 10 naira and 5 naira (if they still print 5 naira). People having to carry more wads of cash would result in many opting for mobile banking. I'm already fully into mobile banking due to the fact that conventional banks are untrustworthy and littered with thieves and crooks.
Let Nigeria have a similar system as China where most transactions are done using QR Codes on We Chat

Let them bring back the 1 naira and 50 kobo notes , it would be used for paying toll gates and tickets, tickets are known as tokens not to break the bank

grandstar:
Does Godwin Emefiele realize that N1,000 is barely £1.00?

When it was first introduced,it was worth $8.00.

The country needs a N5,000 rate. I very much doubt it increases inflation. Its the kind of myth pushed about by economic illiterates

Look towards Zimbabwe once you try to think your method works. They have a billion Zimbabwe dollar note in print, yet their country is wretched and seized by extreme hyper inflation.

MiaBeer:
Now, 500 and 1000 naira will likely be scarce. It will likely increase robbery because traders will have a hard time moving around with 100 and 200 naira notes.

Trader should open account for his or her money

This is one of the best decision of this administration. Let me see how ransom will b paid. If you like no sell your dollars ooo, the thing go crash for parallel market like kilode cos abiloki will have to load 100 and 200 Naira to pay you in cash. You will need Ghana must go to buy $10000.

But most bank Atm gives only N1000 notes

fergie001:


[url=https://www.google.com/amp/s/nairametrics.com/2022/11/22/breaking-cbn-to-reduce-the-volume-of-n500-n1000-in-circulation/%3famp=1]|SOURCE| [/url]

Imagine CBN governor saying " we are beginning to think...."

God, who did we offend.

[quote author=uvie66 post=118603392]I am shocked to hear what is coming out of this Man's mouth, how can he compare a poor country to a rich country, this is like v unlike.
The sole reason people carry naira notes in thousands is solely because of inflation. One can hardly see anything priced at 20 or 50 naira notes. a loaf of bread in the UK can still be bought for 50p while in Nigeria it is usually #500 and above.[/quYote]

You can pay with POS

Pwettylinda:


Good so that when Thief thiefnubuu want to release looted funds for campaign it won't hide

are you the one on ur Dp?

MadamVanessa:




Buhari government is the only government I saw cluelessness walking pure naked with so much pride.

Now the UK pounds this clown of CBN governor is comparing to worthless Naira of Nigeria are the same in value and worth shey?

How many people can used online banking even among learned old people they find it hard to. When these fools talks and make implementations you tend to wonder where they used in reasoning,if at all is their head or anus and you see why Buhari government is the worst ever government in the history of mankind.

He is not talking about exchange rate. In fact if you want to know the Naira is a stronger currency on a purchasing parity basis for selected goods and services in Nigeria.

What he is saying is that higher value currency fuel cash usage - lower values will support online transactions which are easier to track.

Finally he is saying that higher denominations create a rounding up effect e.g. instead of selling soming for 850 naira it gets rounded up to 900 or even 1000. Lower and smaller denomination will see the possibility of prices such as 280 naira. Those who round up will be pricing themselves out of the market. This will impact inflation. Not import inflation but locally price rounding up type inflation.

New Nigeria or new Zoogeriab is now left for the Nigerians to see!

BreconHills:


He is not talking about exchange rate. In fact if you want to know the Naira is a stronger currency on a purchasing parity basis for selected goods and services in Nigeria.

What he is saying is that higher value currency fuel cash usage - lower values will support online transactions which are easier to track.

Finally he is saying that higher denominations create a rounding up effect e.g. instead of selling soming for 850 naira it gets rounded up to 900 or even 1000. Lower and smaller denomination will see the possibility of prices such as 280 naira. Those who round up will be pricing themselves out of the market. This will impact inflation. Not import inflation but locally price rounding up type inflation.

inflation don’t just happened like that. What causes inflation is foreign currency exchange

Bobbiee:


Look towards Zimbabwe once you try to think your method works. They have a billion Zimbabwe dollar note in print, yet their country is wretched and seized by extreme hyper inflation.

That is not what causes hyperinflation.

Hyperinflation occurs when the central bank goes into a reckless printing of bank notes. This has no relevance to it.

For instance, when Bolivia faced hyperinflation, the paper used for printing the notes were the third largest import into the country.

hmmm.Nice one for reducing some notes denominations in circulation but here is the challenge ;How many people don't we have in this country. He don't know

Clueless government

Nice step

fineboynl:
inflation don’t just happened like that. What causes inflation is foreign currency exchange

Not always.
1. There is imported inflation which is what you are talking about. We import goods in say dollars with a weak local currency + port and distributioj inefficiencies= higher local prices. Correct.
2. But inflation also occurs domestically when you have too much money in circulation (M1) chasing too few goods. If there is an increase for instance in garri volumes and all things being equal, those volumes reach the market - the price of garri will fall.

At the end of the day it comes down to production. They more we produce domestic and especially export, the more our reserves rise. The higher our reserves the lower the disparity between the dollar and the Naira. If Nigeria were to have say $300 billion in reserve I imagine we would be looking at 100/1 or even less.

Production, production and production

Which is why the government has focused on infrastructure. In the short term its effect cannot be seen but in the mid term those trains will carry containerized agricultural produce, those new ports will lower the cost of exports and imports and better roads will allow for improved inter state trade do that market prices move towards equilibrum.

Before the introduction of 1000.. we were using 500..

Arnoldstine:
Na wao


Read passages of 100 to 150words without making mistakes. Can you do sound record with your phone. Is the idea of 5$ to 8$ per hour ok with you. To get more details on this. good a passive way you can earn with your reading skills send ur interest
To this number
Zero eight zero five two four one nine four thirty

See as Truecaller open your yansh
Idiot!

Pwettylinda:


Good so that when Thief thiefnubuu want to release looted funds for campaign it won't hide

e be like say na Tinubu frustrate you pa.pa for life.

BigBashiru:


The price of something is N6980 they will tell you "just make it N10,000" lol

Another issue that need to be tackled is over priced goods online.

Imagine selling pot of soup for 70k or 120k, something that was done for 10k

Or the vendor that will buy shoe worth 5k and want to sell it for 30k online

Too much greedy people in this country

MiaBeer:
Now, 500 and 1000 naira will likely be scarce. It will likely increase robbery because traders will have a hard time moving around with 100 and 200 naira notes.

Tell that to Onitsha businessmen

thebosstrevor1:


Another issue that need to be tackled is over priced goods online.

Imagine selling pot of soup for 70k or 120k, something that was done for 10k

Or the vendor that will buy shoe worth 5k and want to sell it for 30k online

Too much greedy people in this country

Boycott them, but unfortunately, there are fools who don't care. There's one guy who bought one fake ass shoe for 12k. Something I can get at Onitsha mainmarkt
for half of the price and it will be of a superior quality.

Why do we even have 1000 and 500 in the first place? If not to steal

So that PDp and Lp won't have money to share.
Na only APC go get assess to new note.
Nice strategy.

Will that change anything? Nor the prices of food in the market lazy people making policies for us