Nigeria is going in the way of zimbabwe, we'll soon have 1 million naira note that wont be even worth a toilet paper.

From all I have read, majority welcome the introduction of N5000 for portability of our legal tender. But on a second thought, the near-cashless policy was to address the same issue.
Secondly, the conversion of our N20,N10,N5 to coins spells an obituary on those denominations because no one love coins.
Coins are always victims in the blacksmith's furnace since it is easily smelted into fashion items and sold for profit. These are the worst case scenario.
But, looking into the crystal ball, Many Nairalanders decry about the inflationary effects that the policy will bring. I wanna ask; Why are we afraid of devaluation of our currency ? In fact, our currency can do better if the Chinese currency, industry and export policy is fully implemented. Sanusi has explanations to do to Nigerians. Let us know the prospects of this policy. May be there is something we need to know which we are yet to be told.

Well, this is what you get when you have in-box thinkers occupying big offices! In modern times, countries develop by enacting policies and laws that reflect the reality of it's people and developmental phase. There's no way Nigeria can develop with the kind of policies these unreasonable occupiers of offices in Nigeria keep churning out! And then before you know it, the next CBN governor will come and introduce N10,000 note to 'correct' Sanusi's error and so on until we surpass Robert Mugabe's Zimbabwe.

Pls sombody hepl me out on how my post can be featured on front page. On d thread weda n5k is our problem, obviously d answer is no. Leadership is our problem. Hence we hav a clueless leader who doesnt and is not ready to knw dat some people in his cabinet, their aims and objectives are to giv his govt a very bad name so as to frustrate his 2015 presidential ambition, particularly those ones frm d north (hausas), on the other hand, some persons in his cabinet believ its their own turn to loot. So the whole thin has becom like vultures on a an elephant's dead body. Eat and take as much as you can. God wil save us.

It's becoming more difficult to share Ghana-Must-Go bags filled with 1000 Naira notes. I think 5000 notes will greatly help the Senate and House of Assembly.

Na wa for Sanusi, I think all he wants is to add to the suffering of the masses. Time will come when N200 will be changed to coins and only the naira notes will be for the politicians and money bags, Nigerians let's get up and stand for our right, enough of this wickedness. we dont want this kind of innovation, it will not favour the masses.

HELLL NOOOOO!

Its such a shame to see a website I learned so much from degenerate into a beer parlour. So not one single economist to explain the pros and cons? Just agbero comments smh.

Some guys don't earn 5000naira in a month.

bootstrap: 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)

This your write-up make no sense at all.Is this not the same person clamoring for cashless society?When we are productive that is when we can compete with other nations

omashe oh 9ja am short of words

MISPLACED PRIORITY....its only relevant to the bourgeoisie around us. To SLS is one of his Reform achievement as d CBN governor...i wonder how managed he allowed himself to be lured by these educated illiterates

omodapson: Some guys don't earn 5000naira in a month.

No be small thing, their Oga will give them just a single paper as salary lol.

kutchs: Ur post here is making me feel like hitting you (am sorry sha). For now our highest denomination is #1000 does it take that much to get a cup of garri or stuffs like that? Why should a cup of garri now sell for #5000 simply bc it is the highest in existence? Pls once again offer better reasons why #5000 shudnt be.

Did U̶̲̥̅̊
even grow up Ť☺ meet coins? Just asking

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

You should rather say

2packets of N5,000 notes = N1,000,000.

2bundles of N5,000 notes = N5,000,000.

Chrisbenogor: Its such a shame to see a website I learned so much from degenerate into a beer parlour. So not one single economist to explain the pros and cons? Just agbero comments smh.

Bros u need ∂ refill of ur glass

Demdem: Govt is talking about a cashless society and yet still thinking of bringing in #5000 notes. Does this go together?

My broda, nah Cashloot society.

Ola one: 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 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

And where did you get the bullshit stats from?

You don't just argue for the fact that you just feel like.

Even the so called developed countries are trying to devalue their currencies so as to spur economic growth and export. I ain't for or against the new

denominations but stop pelting this idea that an higher denomination automatically means a collapsing economy.

Maybe you need to look at money management and other indices.

After all, money is just a means of exchange and not a determinant of how strong r weak an economy is in the real sense.

Each country has its peculiar problems and comparisons won't augur well when arguing your points.

My fellow nairalanders!!...my own na eye o...wit dis thng wey dey happn 4 dis country,..boko rams prblm,ethnic crises,blood sheding evrywer,..dis tym na 5000 naira note.. wey b say boys are not smilin.. me undastand say any country wey d gods go cause,..e go first make dem mad.. Make GOD c us through..

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.

I can't stop laughing at your ignorance,Sanusi doing his job? Sanusi has done more harm to the banking sector than all the past CBN governor combined,a man who single handedly turned the banking to the most sacking sector from being the most employing sector.
Sanusi with all his failed policies carved of plagiarised items,that islamist scholar is a failure.

immagine wat wil happen if you use okada to an isolated area whea u are to pay 45 naira and u give the man 5000 naira note what mouth wil you use to ask for ur change.;-( this is just wrong ;-(dont fix it if it not broken

Nigerians and their usual attitude of pushing their blames on others.

For those of you complaining that it would lead to easier transit of loot by politicians,

Why not just tell the CBN not to even print any money so that no politician would be able to steal?

CBN's duty is money management and other sundry activities related to the economy.

The leadership of a country is a reflection of the followers.

Aren't the politicians looting the country dry someone's brother ,sister or dad?

Or aren't they Nigerians.

Please Channel your aggression to the right authorities.

Will there still be N5/N10 pure water?. Sanusi has outlived his stay in that office. I only hope this is not a subtle way to re-introduce arabic inscription on our naira notes because i heard they are re-designing N50, N100, N200, N500 and N1000 notes too.

There are some positions u don't give to an aboki.
Don't blame sanusi, na aboki don't expect anything but mess from him.

Truman155: immagine wat wil happen if you use okada to an isolated area whea u are to pay 45 naira and u give the man 5000 naira note what mouth wil you use to ask for ur change.;-( this is just wrong ;-(dont fix it if it not broken

Just tell him to forget the balance now.
Na government cos am.

I jus op dat farouk's face wil b on d new N5,000 note

Ashawo topic, for ashawo pple.

See how senseless our government are,instead of trying to make Nigeria great,they are causing inflation by creating 5000 naira notes n making naira less valuable.
For example,d highest denomination of dollars is 100 dollar, Americans knows y dey don't wanna increase d denomination because increase in denomination leads to inflation thereby reducing d monetary value of ur currency.

1. Cashless Policy & Inflation Control Vs N5,000 note
2. War on Corruption Vs "I dont give a damn about asset declaration"
3. NIPP Project & 10,000MW Vs. Generator Budget for all Public Sector Buildings & Residents
4. Death Penalty for Petty Theft Vs 1 Year in Executive Wing of Kirikiri for Embezzling Billions
5. Zero Investments in Sports Development Vs Medal Expectations at Olympics
6. Countless Foreign Investor (FDI) trips Vs Creating enabling environment to promote exports
7. Neglecting Lagos-Ibadan-Benin Motorway Vs Multiple Launch/Refurbishment of airport terminals
8. Zero Investment in crumbling education infrastructure Vs Launch of yet more "universities"
9. 50% of budget on fuel subsidy payments Vs Evidence of infrastructure implementation from SURE project
10. On to the next topic jare...

Sanusi lamido is killing the Nigerian economy by his recent introduction of the 5000 naira note-this simply devalued the naira the more.