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tabakyl
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When Charles Soludo was thinking of re-inventing the Nigeria;s coins, why did'nt he also come up with the list of things we can buy with them?
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deor03 (m)
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When Charles Soludo was thinking of re-inventing the Nigeria;s coins, why did'nt he also come up with the list of things we can buy with them?
, because it is not his JOB. |
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tabakyl
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, because it is not his JOB.
whose job is it? |
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otokx (m)
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are those coins in use?
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deor03 (m)
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whose job is it?
Do you reall mean what you are writing, i.e, Soludo should come up with a list like this below 1. TomTom = N2.35K 2. Maggi = N4.30K 3. Cup of Garri= N3.20K 4. Pencil = N1.20K 5. Okro = N0.20K 6. 7. 8. 9. I am very sure that you don't mean it, lol  |
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ow11 (m)
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Coins are used in every major economy in the west and it somehow slows down inflation. It is only in Nigeria where the people affected by 'big man syndrome' cannot carry coins else they be labelled poor. Rather than increase goods in multiples of 5 or 10. It can be done in 1's or 2's.
Pure water for example, may have jumped to 7 naira rather than 10. The effect of the 3 naira would be seen in a bulk purchase. These apparent loose change when added up in an entire year can save Nigerians thousands of naira.
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Sky Blue
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LOL, @ow11 please give the coins value first before you assume it is "big man" syndrome. So you want people to be carrying a bag of coins to by tom tom?
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dnex (m)
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Make Soludo go use the coins, because no one else can.
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otesy
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A collossal waste of money if you ask me. Imagine insisting that banks should pay out a certain percentage of money withdrawn in coins and instructing them not to accept deposits in coins. You can force a horse to the stream but you can't force it to drink water. I have a stack of coins somewhere that I can't do anything with. They were forcefully given to me at the bank but no one agrees to accept them, even the banks. Please how on earth has this improved my economy??? Before you embark on certain policies, one should ensure that certain things are in place for such policies to work.
For those comparing us with foreign economies where coins are used, they should note that, they have stuff they can buy with these coins without necessarily having to count out a hundred coins to acheive this. I Naija, with the prices of items, Imagine how many N2 coins you'D have to carry around to pay your bus fare of say N150?
Be true to yourself, how many of you have actually been spending or accepting these coins?
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Kobojunkie
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I believe Ow11 is right.
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Truequest (m)
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I believe Ow11 is right.
Even with no money in the pocket some of us like to play the big shots aside that why shouldn't Nigerians be using coins, rather, we round off every transaction to the nearest note. |
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Kobojunkie
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Even with no money in the pocket some of us like to play the big
shots aside that why shouldn't Nigerians be using coins, rather,
we round off every transaction to the nearest note.
A debate on whether to get rid of the penny is happening as we speak here in the United States. And If is estimated that getting rid of it, allowing businesses to round up will cost the american people billions. I believe the penny works to check inflation and we should work to bring it back instead of doing away with it. I remember taking my penny jar to the bank once, only to discover I had saved up over 80 bucks in there. That is an Ipod right there .LOL!! |
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Truequest (m)
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Even with no money in the pocket some of us like to play the big
shots aside that why shouldn't Nigerians be using coins, rather,
we round off every transaction to the nearest note.
Hopefully one day we will see reason and take a cue from others. God help Nigeria
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RedHotChic (f)
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Coins are used in every major economy in the west and it somehow slows down inflation. It is only in Nigeria where the people affected by 'big man syndrome' cannot carry coins else they be labelled poor. Rather than increase goods in multiples of 5 or 10. It can be done in 1's or 2's.
Pure water for example, may have jumped to 7 naira rather than 10. The effect of the 3 naira would be seen in a bulk purchase. These apparent loose change when added up in an entire year can save Nigerians thousands of naira. Good point. |
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Radiant (f)
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Ow11, very true. 
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tabakyl
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Do you reall mean what you are writing, i.e, Soludo should come up with a list like this below 1. TomTom = N2.35K 2. Maggi = N4.30K 3. Cup of Garri= N3.20K 4. Pencil = N1.20K 5. Okro = N0.20K 6. 7. 8. 9. I am very sure that you don't mean it, lol that is exactly what i want him to do. because if the money is not accepted anywhere,it means we can;t spend it. and if we can;t spend it, meaning their aim of re-inventing the coins is defeated |
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tabakyl
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Coins are used in every major economy in the west and it somehow slows down inflation. It is only in Nigeria where the people affected by 'big man syndrome' cannot carry coins else they be labelled poor. Rather than increase goods in multiples of 5 or 10. It can be done in 1's or 2's.
Pure water for example, may have jumped to 7 naira rather than 10. The effect of the 3 naira would be seen in a bulk purchase. These apparent loose change when added up in an entire year can save Nigerians thousands of naira.
excellent point |
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Sky Blue
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The thing is that people are assuming that not lspending of coins is all down to "big manism". If everyone was made to understand that coins mare legal tender and that hence they cannot just be refused because the person receiving it doesn't feel like, then we are talking. Because i won't be surprised if not a lot of traders don't take it. But if not, it is a very useful tool for controlling inflation, as will be redomination and more use of cards as a means of payment.
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tabakyl
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LOL, @ow11 please give the coins value first before you assume it is "big man" syndrome. So you want people to be carrying a bag of coins to by tom tom?
if tom tom goes for 2.35k u would not be needing a wallet talkless of a bag |
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tabakyl
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The thing is that people are assuming that not lspending of coins is all down to "big manism". If everyone was made to understand that coins mare legal tender and that hence they cannot just be refused because the person receiving it doesn't feel like, then we are talking. Because i won't be surprised if not a lot of traders don't take it. But if not, it is a very useful tool for controlling inflation, as will be redomination and more use of cards as a means of payment.
why would a trader accept coins when the bank won;t accept it? if by the end of the day all her customers pays her in coins and she wants to deposit her days' proceeds in bank, won't she run into problems? |
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tabakyl
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Even with no money in the pocket some of us like to play the big
shots aside that why shouldn't Nigerians be using coins, rather,
we round off every transaction to the nearest note.
poverty of the mind, is actually d prob of those of us with little or no money in their pockets, yet want to round off every transaction to the nearest note. |
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tabakyl
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Hopefully one day we will see reason and take a cue from others.
God help Nigeria
Amen, Amen and Amen. |
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McKren (m)
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people want to spend coins but they don't want Naira re-decimalised. If 50k can buy a cup of garri or a stick of cigarett or even tomtom , tell me why people wont spend it?  ? All this people wey dey make gragra about coins if them reach UK them go begin carry coins about. |
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tabakyl
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people want to spend coins but they don't want Naira re-decimalised. If 50k can buy a cup of garri or a stick of cigarett or even tomtom , tell me why people wont spend it? ? All this people wey dey make gragra about coins if them reach UK them go begin carry coins about. that is the point. the powers that be should provide for us what we can spend our coins on. in UK they carry coins about because they have use for it. |
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