if u ask me .. i think ultimately SLS plans on redenominating the Naira, say by one decimal place. the advantages wld be quite enormous.
a case where;
N5000 = N500
N1000 = N100
N500 = N50
N100 = N10
N50 = N5
N5,N10,N20 = 50K, N1 AND N2 coins Respectively.
(1 dollar = approx N15)
If managed well it cld be the advent of a stronger economy. as per advantages of redenomination



(1) To restore the value of the Naira (in the short-term) close to what it was in 1985 before the commencement of the Structural Adjustment Programme (SAP) in 1986.
(2) To better anchor inflationary expectations
(3) To strengthen public confidence in the Naira
(4) To make for easier conversion to other currencies
(5) To reverse tendency for currency substitution
(6) To eliminate higher denomination notes with lower value.
(7) To reduce the cost of production, distribution and processing of currency.
( To promote the usage of coins and thus a more efficient pricing and payments system.
(9) To lay the foundation for the convertibility of the Naira as well as make it the ‘Reference currency’ in Africa.
(http://www.gamji.com/article6000/NEWS7367.htm)

Moderator, please, be kind enough to take this topic away from the FRONT PAGE please

Our politicians are looking for easy ways of carrying the Looted Money

Six wraps =3M...very easy.

So in their Babariga,you can easily carry 10M

shioooo!

Okija_juju: Nwokem... That news is fake..

You cant have a 5000 Naira denomination without first having a 2000 Naira denomination..

Also if your reason why the 5000 naira note is bad idea is because 'Some cant afford to spend 1000 Naira a week', then you have no business discussing the demerits of the 5000Naira note let alone opening an online thread about it...

MODS!! WHY DO YOU TAKE DELIGHT IN PUTTING USELESS THREADS ON THE FRONTPAGE?! We have already tackled this 5000 Naira issue over a month ago..

Do you really have a television?

Don't argue what you can't prove.

Didn't you listen to news last night.

For the masses? NO! For the looters? YES!

Sanusi Lamido is an imperialist with a suicide mission in Nigeria.in every economic indices of measurement, Nigeria do not need 5000 naira notes.There is a hidden agenda by Sanusi and only time will reveal it.

mdsocks: So much literate but illiterate people on this forum.

How would a bigger naira denomination lead to economy collapse?

And whats the ideal behind a stronger naira when your economy is not at par with the value of your money?

relax tilll 200 becomes the least naira denomination

Why is SANUSI so full of contradictions in his modus~operandi of running the apex bank?on one hand he is championing the cash~less policy,on the other hand he is introducing higher denominations of currency•from my own perspective,higher denominations like a single 5k note will only encourage the people to move and carry around huge amounts for biz transactions•imagine two bundles of 5 thousand naira note in my pocket,that`s one million,I will be encouraged by this convenience to carry cash arnd for huge transactions,where by defeating the purpose of the newly introduced cash~less policy• Sefinin•

stevenosa: Moderator, please, be kind enough to take this topic away from the FRONT PAGE please

why, is the topic not worth front page or better say please mod,ban this STEVENOSA forever

Okija_juju: Nwokem... That news is fake..

You cant have a 5000 Naira denomination without first having a 2000 Naira denomination..

Also if your reason why the 5000 naira note is bad idea is because 'Some cant afford to spend 1000 Naira a week', then you have no business discussing the demerits of the 5000Naira note let alone opening an online thread about it...

MODS!! WHY DO YOU TAKE DELIGHT IN PUTTING USELESS THREADS ON THE FRONTPAGE?! We have already tackled this 5000 Naira issue over a month ago..

Pls do urself a favour and get one T.V for ur shrine.

Confused government? Cashless policy and N5000 introductiOn??

Teebest82: Why are our leaders so stupid n senseless,creating a 5000 naira note?when some can't even afford to spend 1000naira in a week....i can't wait to leave this country before war breaks out

It is the solution to their( Corrupt leaders) problems. It will be easier to steal money.

What's wrong with 5k note and production of coin. Till tomoro USA still use cent, as well as sterlling in other countries. We need to adopt this mindset. Even is 1000naira is made a coin and the price garri drops to 10naira a cup. Wil that still make life miserable?

mdsocks: So much literate but illiterate people on this forum.

How would a bigger naira denomination lead to economy collapse?

And whats the ideal behind a stronger naira when your economy is not at par with the value of your money?

concise and intelligent reasoning.

Some idiots supporting this insane idea....
1) How does the introduction of N5000 make the naira stronger?
2) How does the delibrate attempt at making the N1 coin extint/irrelevant, or replacing it with N5, N10, e.t.c. stop $1 being compared to N1?
Why introduce cashless policy while at the same time reducing the need/benefits of same cashless policy?
I suspect this man..., i really do. I think there's more to this than meets the eye.

This is a very wrong ideal, another of disvalued naira.

Super1759: What's wrong with 5k note and production of coin. Till tomoro USA still use cent, as well as sterlling in other countries. We need to adopt this mindset. Even is 1000naira is made a coin and the price garri drops to 10naira a cup. Wil that still make life miserable?

Have you for once use 50kobo, 1 & 2 Naira coins here in Nigeria?

Soon what happened to 50kobo, 1 & 2 Naira coins will also happen to our 5, 10 and 20 Naira.
Lets watch and see.

WHAT IS THE ESSENCE OF PRODUCING NEW HIGH CURRENCY WHEN OUR FOREIGN RESERVES IS DOWN-SIZING EVERYDAY. OR ARE THEY TRYING TO CREATE MORE ROOMS FOR CORRUPT POLITICIANS? IT IS SO RIDICULOUS ON THE PART OF THE CBN GOV IF HE CANT EXPLAIN THE UNDERTONES BEHIND THIS NEW CURRENCY.PLS CBN SHOULD BE INVESTIGATED.

mdsocks: So much literate but illiterate people on this forum.

How would a bigger naira denomination lead to economy collapse?

And whats the ideal behind a stronger naira when your economy is not at par with the value of your money?

professor of economics, what sh*t did u just say??

Okija_juju: Nwokem... That news is fake..

You cant have a 5000 Naira denomination without first having a 2000 Naira denomination..

Also if your reason why the 5000 naira note is bad idea is because 'Some cant afford to spend 1000 Naira a week', then you have no business discussing the demerits of the 5000Naira note let alone opening an online thread about it...

MODS!! WHY DO YOU TAKE DELIGHT IN PUTTING USELESS THREADS ON THE FRONTPAGE?! We have already tackled this 5000 Naira issue over a month ago..

you can as well log off. is not by force to be reading first page threads.

talk true:

Its all over the news. SLS said so by himself
Watch AIT news or Watch Channels TV online.

[size=14pt]N1m = 2 bundles of N5000 note[/size]
very easy to carry

. Take note: N1m = 2packs and N5m = 2 bundles.

kutchs: So what do you think is the soln to our problem? Why dont you try to study and understand a policy b4 shouting its bad, that u cant afford to spend up to #1000 a week does not make it a bad policy. You forgot that some can spend that amount even in a second. If you have a better reason why it is bad spill it, this one is very naive and stupid.

e b lyk say na blood money you do abi?abi dem neva born you when kerosene na #2:50k

The guy is just a big fool... u are introducing cashless and at the same time introducing a 5000 note...men this is crazy.... what are u trying to turn nigeria into....

High denomination currency and its negative impact on the nation's economy:

It weakens formal economy and encourages parallel economy.
It encourages tax evasion.
It enables corruption.
It encourages non-traceable transactions. E.g. funding of terror plots - a social security risk.
It has adverse effects on banking system.
It slows GDP growth.
It affects capital formation.
It leads to poor credit and high import costs.
It makes trading uncompetitive and capital expensive.
It increases fake currency in the nation's economy. It costs more than #10 to print a fake #10 note. It costs more than #20 to print a fake #20 note. However, it is very profitable to print fake #5000 notes.

In Britain, the highest denomination is 50 pounds sterling and many Britons, if not most, have never seen it. And, this is an economy with 40, 000 dollars income per head.





Country -- Per Capita Income [A] --- HighestDenomination[B] --- A÷B


USA ----- --- $48,000 ------- $100 ------- 480


UK ---------- £ 40,000 ---------- £ 50 --- 800


Japan -------------- ¥ 40,00,000 --------- ¥10,000 ----400


NIGERIA ---------- #439, 680 ----------- #5,000 --------88




The main benefit of high denomination currency is that it makes transactions involving large amounts easy.

more about high denomination currency:
http://www.arthakranti.org/analysis/economic-reality/effects-of-taxation-system-and-high-denomination-currency

Guy, nobody is an island of knowledge. Try to consider your fellow nigerian reason before coming to a conclusion. Thanks

the rich will keep on getting richer...
the govt. people are only there to get themselves richer...
and majority of them are either touts or educated illiterates.


Now tell me why students will not fail SSCE & GCE...; why wouldnt there be mass failure?

The professionals have found that eduction is not helping them in this present day Nigeria society; so they are turning white to red in broad day light.

SLS said this will not lead to inflation; can u imagine...? that shows that the man is nt in touch with the masses...

So; No one wants to b among the masses; thats why u see the rat race to get rich quick in Nigeria.

Bank Note is not Nigerians problem

Acidosis: Is #1000, #500, #200 etc the solution to our problems? ?


This is not in anyway related to our problems. So lets leave Sanusi to do his job.

"So let leave Sanusi to enrich himself"

It is the prelude to plundering of the public treasury.

atleast my salary can be in my wallet...bank go dry die!

Youngzedd:

Have you for once use 50kobo, 1 & 2 Naira coins here in Nigeria?

Soon what happened to 50kobo, 1 & 2 Naira coins will also happen to our 5, 10 and 20 Naira.
Lets watch and see.

let me tell you what happened to 1naira and co. You know when 1naira and 50kobo came out. Its equivalence in d market is. Equal to nothing,unlike 20naira and 10naira even 50naira now. Inflation chocked it up and you can't seee yourself packing 5 metal strips for a paper 5naira. You have no choice than to use it now and by the way how will naira note control the economy of the nation?
Money is just a means of exchange and not a yardstick to determine the market value of goods