WHEN SIERRA LEONE IS CURRENTLY BUSY ON REVERSING THE HIGH NOTE OF LEONE TO MAKE THEIR CURRENCY ADD VALUE, AND GHANA RETURNED BACK FROM THE SAME, A SO CALLED GIANT OF AFRICA NOW BUSY, PLANING TO CLIMB THE SAME LADDER THAT OTHERS CLIMBS AND FELL, NA WA FOR THIS SINKING TITANIC CALL 9JA OOOOOOOOOOOOOOOO

N20 coin, N5,000k note. This is the dumbest most ridiculous. SMH. Infact, this government is hopelessly stupid. SMH. I am speechless. . When we should be getting rid of any currency over N100? Another how many years of this illiterate government?

recipe for inflation.

Ajanlekoko or wetin u call urself ,yes they use coins in european coutries but how many people spend coins in naija?better still when next a policeman demands for ROGER give him coins,walahi na panti u go sleep.Una go dey copy europe half way come dey talk nonesense.Europe wey u dey use do case study,anytym a person in authority fails they resign,how many people don ever resign for naija for failure?GEJ and co are failures,infact they are CABALS

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.

Itz obvious u hardly c beyond ur nose. I'll overlook ur predicament if u r under 10yrs.
Now,to d meat of d issue,is dat why dis senseless,wasteful,clueless n satanic venture by d GEJ government to improvish d already poverty-striken populace d more? We don't nd 2 go 2 Harvard to knw dat Nigerians don't like carrying coins. Must we import other countries(i.e. Japan and South Korea) currency policies hook line n sinker without domesticating/adapting such policies to soothe our culture/lifestyle?
Itz obvious dat our Rulers refuse to learn 4rm dia past mistakes as long as they r not directly affected.
This 'intended' currency notes review exercise is simply an avenue to cause self-inflicted inflation cum currency devaluation.
My Suggestion:
1. Abolish N1000 notes.
2. print more of 50k & N1 notes than their coin equivalent.
The benefits of these ideas:
1. dis will encourage massive acceptance of d so-called 'Cashless Economy' datz is still crawling on d floor of objection due to high surcharges.
2. businesses n transactions will b attractive to these new currency denominations thereby reducing/stabilizing d inflation rate while curbing d high rate of mindless stealing of our common wealth by dsame policy makers masqurading as:
1. Your Excellencies,
2. Distinguished Senators,
3. Honourable Reps.,
4. Public Office holders,
5. Civil servants.
Nigerians,Wake up! SLS is playing d World bank/IMF Card. In d long run,executing d plans to have a Unified Western Currency,preparing e way for d Anti-Christ.

sombodi once told me dat coins are melted and used 4 other purpose. no surprise u can hardly find it within 2 weeks when released.

adeshina86: It will increase Embezzlement............

I doubt that, those who Embezzle do it mostly in USD Dollars $$$$ not in Naira. cos Naira Embezzlers always get caught.. Bode George, Pension people.. see Farouk is still at large..

In fact, these people in Govt just want to destroy this country finally. The purpose of creating the 5,000 note is to make it easy for them to be stealing our money. 5 naira note is already gone by the time the 5,000 note comes out, 10 naira will disappear while 20 naira would follow suit. We should not allow it because it will affect us but it will not affect them because it will be easier for them to be stealing our money.

B̲̣̣̣̥​Ʊ†̥‎​ ℓ̊ tot naija's aim was to go cashless ,so ♓Ѽώ does making higher denominations help us as α̲̅ nation to go cashless...
These our Leaders A̶̲̥̅̊я̲̣̥ε̲̣̣̣̥ just plain senseless

Abeg o! when z d next protest scheduled to hold abi na honly fuel subsidy we go dey protest for?

May God help us!

Why will d rich not get richer n d poor poorer. May God deliever us from the hands of corrupt leaders

The yet to be N5000 note is just another red flag about the real state of the Nigeria economy - on life support. The next CBN Governor after SLS will probably introduce N2000 and N10,000 notes before his own tenure ends in 2019 (if we still have a country called Nigeria by then). If you re-denominate upwards or downwards without executing sound fiscal policies then you are just playing to the gallery. A loss to Nigeria but a gain to the currency printers.

these people are funny, they were talking about cashless society and GEJ and sanusi are producing 5000 naira note how can they reconcile this

NO

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

There is no correlation bros. I wonder the type and kind of Economics Sanusi read in the university. GEJ is even in support of this. Funny enough N20, N10, and N5 will become coins and will disappear like 10kobo, 25kobo, etc. This will surely devalue the naira and cause hyper inflation in the economy.

Well, at d end of SLS's tenure am sure we'd have achieved a cashless state; or what do u call an economy where der's no money to spend? Until we all put aside our differences and speak in one voice against dez vampires, its #backwardevernaija.

No, it will only add to our problems cos ritualists will want to renew their blood money by killing innocent souls.

Compromising the cashless policy? What is worth doing at all is worth doing well.

mdsocks:


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.

absolute thrash/nonsense. *yawns n cracks neck*

The lunatic Sanusi is at it again

ishmael: There is no correlation bros. I wonder the type and kind of Economics Sanusi read in the university. GEJ is even in support of this. Funny enough N20, N10, and N5 will become coins and will disappear like 10kobo, 25kobo, etc. This will surely devalue the naira and cause hyper inflation in the economy.

...saying one and doing another! Where do we realy BEGIN to START from or START to BEGIN from?

...lol! Naija na where we dey go o?

halleluyah ,may God helo sls and grj to bring out this new currency.where are the shallow thinking dumbs nigerians that were shouting on nl that gej is rhe best president and that he will win again?i remember vividly well almost 96% supported that he should rule till 2019,so why are u complaining now ?or isnt he the best again?if tomorrow he saypower generation has increased ppl will comeback here and say he should be a life president.well we all dey there

2 me dis is neva d best way 2 improve Nigeria rather it is d best way to steal large quantity of money bt in a small bag. #5000 note cn neva mk dis country improve bt wuld only bring abt an increase in corruption. There is enough money in Nigeria bt it is only readily available 2 those in position. Nevertheless the only way 2 sort out Nigeria's problem is 2 reduce corruptn cos i knw corruptn cn neva b stop bt can b reduced. PERIOD.

due to a weak naira i think the Cbn should quickly take the initiative and start printing the new monetary tender. the value of the naira has drastically deteriorated to very low levels that can almost be equated to the zimbabwen dollar. the nigerian unit of exchange is hardly the choice of many international traders. its valuation has been enjoying poor reviews and can hardly contrast to the neighbouring states.

Instead of adding value 2 our naira by creating or ploting dea uselllless agenda 2 bring back d N1, 50kobo nd 10kobo coins 2 neutralise our nairda 2 d dollar (as d case were in those days) they've decised, rather, to downgrade our naira, throw it 2 d ground and cast dea filty corrupt feet on it in front of d global stage.

What a shame nd pitty 2 our moda land! Euw... Naija... Ajo le da bi ile.

Abegi... Gud9t 2 u all jawre! U guyz re d best. Let's continue or debate 2mrw...
... I dey feel u guyz...... Lol!

Sanusi is in control,Gej is in charge!
According to lagbaja 200million Mumu de follow.

This is a very good medium to scoop the nation's wealth.Thieves go come plenty for govt.

AjanleKoko: This is kind of a really stoopid thread.
And all the arguments make no sense either. There's nothing hypothetically wrong with a N5,000 notes. Price of goods won't increase automatically because people have to carry coins. Don't they spend coins in Europe and the USA?

Besides, there is the cashless policy. So what does it matter what notes are out there? Better get yourselves ATM cards or Mobile Money accounts, and stop carrying money around in Ghana-must-go bags.

Naijas

First, the issue of counterfeit currency is not something you can wave aside just like that. Even in well structured economies, fake currency is a big issue. I have been to many clubs and pubs in Britain. It may interest you to know that most don't accept 50 pounds notes. Being the highest denomination in the country, the note is preferred by counterfeiters. They are even very wary of 20 pounds notes. And, this is a highly regulated economy.
Also, why do we really need this high denomination currency? Most inter-bank transactions are done through what a layman would describe as IOU. Even central bank settlements. When economists talk about money in circulation, I consider it imperative to inform people on this thread that a good percentage of this isn't currency - as in its physical sense. They aren't notes. So, what are we talking about.




What you haven't done, however, is proffer benefits/advantages of a high denomination currency

And, in Britain, thousands of 1 pound coins are fake. It is a big issue in serious economies. They can't even contemplate higher denominations

So, it is even worse than I thought.

They have 556, 000 counterfeit notes in the Britain. 95% of these notes are the nation's 2nd highest denomination.


There are 30-40 million fake 1 pound coins in circulation (2.8% of the total)

One in every 5, 000 notes is fake.

And, this is Britain!

So, fake currency is a big issue

Read more: http://www.bbc.co.uk/news/business-12578952

slimdiggi: Mehn! Imagine you loose 5000# note,na craze be dat o!

Lol